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PPBI - Pacific Premier Bancorp Likely To Return To Profits After Second Quarter's Hit
Pacific Premier Bancorp Inc
Pacific Premier Bancorp, Inc. (PPBI) reported a loss of $1.41 per share in the second quarter due to merger-related expenses and a hike in provision expense. The bottom-line will likely return to being in the black in the second half of the year due to lower provision expense. Moreover, PPBI will record gains on the sale of Paycheck Protection Program loans in the third quarter, which will drive the earnings recovery. Furthermore, earnings will likely improve in 2021 due to cost savings following the system conversion of Opus Bank. For 2020, I'm expecting