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| 8-K - PPBI 8-K 2015-Q2 EARNINGS RELEASE - PACIFIC PREMIER BANCORP INC | ppbi_8k2015q2.htm |
Exhibit 99.1
Pacific Premier Bancorp, Inc. Announces Second Quarter 2015 Results (Unaudited)
Second Quarter 2015 Summary
• | Net income of $7.8 million, up $3.2 million over the prior year quarter |
• | Diluted earnings per share of $0.36 |
• | Net interest margin of 4.26% |
• | Deposit costs reduced to 0.31% |
• | Loan originations of $284 million, an increase from $206 million in the prior quarter |
• | Efficiency ratio of 53.66% |
• | ROAA of 1.18% and ROATCE of 14.84% |
• | Tangible book value increased to $10.36 per share |
• | Completed systems conversion and consolidation of Independence Bank in April 2015 |
Irvine, Calif., July 22, 2015 -- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company”), the holding company of Pacific Premier Bank (the “Bank”), reported net income for the second quarter of 2015 of $7.8 million, or $0.36 per diluted share. This compares with net income of $1.8 million, or $0.09 per diluted share, for the first quarter of 2015 and net income of $4.6 million, or $0.27 per diluted share, for the second quarter of 2014.
For the first six months of 2015, the Company recorded net income of $9.6 million, or $0.46 per diluted share. This compares with net income of $7.3 million, or $0.42 per diluted share, for the first six months of 2014.
For the three months ended June 30, 2015, the Company’s return on average assets was 1.18% and return on average tangible common equity was 14.84%, compared with a return on average assets of 0.29% and a return on average tangible common equity of 4.04% for the three months ended March 31, 2015, and a return on average assets of 1.06% and a return on average tangible common equity of 11.96% for the three months ended June 30, 2014.
Steven R. Gardner, President and Chief Executive Officer of the Company, commented on the results, “We are pleased with our performance in the second quarter, as we delivered the most profitable quarter in our history and a 69% increase in earnings over the same period in 2014. This strong performance was driven by positive trends in loan production, deposit gathering, and an expansion in our net interest margin. In addition, following the integration of the Independence Bank acquisition, we are realizing a solid improvement in our operating leverage as reflected in our efficiency ratio of 53.66%.
“We are seeing good loan demand throughout our markets, which resulted in $284 million in new loan commitments during the second quarter, a record level for the Company. Our loan production is well diversified, with more than $20 million of originations in C&I, construction, franchise, and SBA lending businesses. The strong loan production enabled us to redeploy the excess liquidity we had built during the first quarter into higher yielding assets, which helped drive a 19 basis point improvement in our net interest margin compared to the prior quarter, excluding the impact from a special dividend received from the FHLB.
“We continue to utilize loan sales as part of our fee income and portfolio management strategies. During the second quarter, we sold $21 million in SBA loans - which generated $2.0 million in gain on sale income - and sold $68 million of other loans generating $700,000 in gain on sale income.
“We continue to have strong loan and deposit pipelines, which we expect will drive quality balance sheet growth that should further enhance our profitability over the second half of 2015. Our organic growth and acquisition strategy is generating attractive returns for our shareholders and positions us well for those management teams and board of directors that are seeking a high performing strategic partner," said Mr. Gardner.
Net Interest Income and Net Interest Margin
Net interest income totaled $26.8 million in the second quarter of 2015, up $3.6 million or 15.8% from the first quarter of 2015. The increase in net interest income reflected an increase in average interest-earning assets of $174.0 million, and an increase in the net interest margin of 27 basis points to 4.26%. The increase in average interest-earning assets during the second quarter of 2015 was primarily related to organic loan growth from new loan originations and higher utilization rates of warehouse mortgage lines of credit. Additionally, the increase was the result of a full quarter benefit of the loans acquired from the acquisition of Independence Bank, which added $332.9 million in loans at the end of January. The expansion in the net interest margin to 4.26% was mostly the result of an increase in the yield on earning assets. The increase in yield on earning assets was driven by a favorable asset mix arising from the $261.7 million growth in average loans and a $121.5 million decline in average cash balances. Lastly, the Company received a special dividend from the San Francisco Federal Home Loan Bank during the second quarter of approximately $500,000. This dividend had the impact of increasing the net interest margin by 8 bps.
Net interest income for the second quarter of 2015 increased $9.1 million or 51.2% compared to the second quarter of 2014. The increase was related to an increase in average interest-earning assets of $855 million, primarily related to our organic loan growth since the end of the second quarter of 2014 and our acquisition of Independence Bank during the first quarter of 2015, with our net interest margin remaining unchanged at 4.26%.
Provision for Loan Losses
We recorded a $1.8 million provision for loan losses during the second quarter of 2015, compared with $1.8 million for the first quarter of 2015 and $1.0 million for the second quarter of 2014. The provision for loan losses in the second quarter of 2015 was primarily related to growth in certain segments of the loan portfolio. Net loan charge-offs amounted to $379,000 in the second quarter of 2015, compared to $384,000 from the first quarter of 2015 and net loan recoveries of $18,000 from the second quarter of 2014.
Noninterest income
Noninterest income for the second quarter of 2015 was $4.7 million, an increase of $2.7 million or 132.6% from the first quarter of 2015. The increase from the first quarter of 2015 was primarily related to $2.7 million in net gain from the sale of loans.
Compared to the second quarter of 2014, noninterest income for the second quarter of 2015 increased $2.2 million or 90.7%. The increase was primarily related to an increase in gain on the sale of loans of $1.4 million and an increase in loan servicing fees of $442,000.
Noninterest Expense
Noninterest expense totaled $17.2 million for the second quarter of 2015, a decrease of $3.3 million or 15.9%, compared with the first quarter of 2015. The decrease was primarily related to the decrease in non-recurring merger-related expense of $4.0 million. Otherwise, non-interest expense grew by approximately $700,000 as the Company fully integrated the operations of Independence Bank during the quarter and incurred one-time severance costs unrelated to the merger of approximately $400,000.
Compared to the second quarter of 2014, noninterest expense for the second quarter of 2015 increased by $5.6 million or 47.9%. The increase in expense was primarily related to higher compensation and benefits costs of $3.0 million. Growth in non-interest expense is related to both the acquisition of Independence Bank and the continued investment in personnel and locations to support our organic growth in loans and deposits.
The Company’s efficiency ratio was 53.66%, 64.63%, and 56.56% for the quarters ended June 30, 2015, March 31, 2015 and June 30, 2014, respectively.
Income Tax
For the first and second quarter of 2015, our effective tax rate was 37.1%, compared with 38.08% for the second quarter of 2014. The decrease from our second quarter of 2014 effective tax rate primarily related to low income tax credits and increased interest income from municipal securities.
Assets and Liabilities
At June 30, 2015, assets totaled $2.6 billion, a decrease of $116.2 million or 4.2% from March 31, 2015 and up $597.9 million or 29.3% from December 31, 2014. The decrease in total assets from March 31, 2015 was primarily related to a decrease in cash and cash equivalents of $95.3 million. The increase in assets since December 31, 2014 was principally the result of the acquisition of Independence Bank in the first quarter of 2015, which added $449.6 million in assets including $332.9 million in loans, $56.1 million in investment securities available for sale, $28.0 million in goodwill and $11.3 million in bank owned life insurance. Additionally, organic loan growth, and an increase in investment securities contributed to the increase in assets during the second quarter of 2015. The increase in assets at June 30, 2015 as compared to June 30, 2014 was related to both organic and acquisitive loan growth of $651.8 million, as well as growth in investment securities.
Investment securities available for sale totaled $280.4 million at June 30, 2015, relatively unchanged from March 31, 2015, and an increase of $78.8 million or 39.1% from December 31, 2014. The $45.3 million increase in investment securities as compared to $235.1 million at June 30, 2014, was primarily due to the acquisition of Independence Bank, which added $56.1 million in investment securities in the first quarter of 2015, along with our purchases of $20.1 million, partially offset by sales of $7.2 million and principal paydowns of $9.1 million. In general, the purchase of investment securities primarily resulted from our investing excess liquidity from our banking operations and to maintain a certain level of securities to our overall asset size, while the sales were made to help fund loan production and improve our interest-earning asset mix.
Loans held for investment totaled $2.1 billion at June 30, 2015, a decrease of $12.8 million or 0.6% from March 31, 2015, and an increase of $489.9 million or 30.1% from December 31, 2014. The increase since December 31, 2014 was primarily related to loans acquired from Independence Bank of $332.9 million at acquisition date, as well as our organic loan originations. This included increases in multifamily of $137.3 million, commercial owner occupied loans of $171.5 million, warehouse facilities of $84.3 million, commercial non-owner occupied of $43.6 million, construction of $34.8 million and SBA of $21.9 million. The $652.0 million increase in loans from June 30, 2014, including loans acquired from Independence Bank, included increases in real estate loans of $231.0 million, commercial and industrial loans of $134.9 million, warehouse facilities loans of $84.1 million, commercial owner occupied loans of $165.8 million and SBA loans of $35.2 million. The total end of period weighted average interest rate on loans, excluding fees and discounts, at June 30, 2015 was 4.89%, compared to 4.90% at March 31, 2015 and 4.94% at June 30, 2014.
Loan activity during the second quarter of 2015 included organic loan originations of $283.7 million that were offset by $88.4 million in loans sold, $112.4 million in loan repayments, and a $95.5 million increase in undisbursed loan funds. The first quarter of 2015 included loans acquired from Independence Bank, organic loan originations of $206.3 million and loan purchases of $30.3 million and a decrease in undisbursed loan funds of $39.4 million, partially offset by loan repayments of $106.4 million. At June 30, 2015 our loan to deposit ratio was 101.1%, compared with 104.3% and 99.9% at March 31, 2015 and December 31, 2014, respectively.
At June 30, 2015, deposits totaled $2.1 billion, up $52.8 million or 2.6% from March 31, 2015 and $650.4 million or 45.0% from June 30, 2014. During the second quarter of 2015, deposit increases included $15.9 million of noninterest bearing deposits and wholesale/brokered certificate of deposits of $50.6 million. The increase in
deposits since the end of the second quarter of 2014 was due to organic growth and the acquisition of Independence Bank, which added $336.0 million in deposits.
The weighted average cost of deposits for the three month period ending June 30, 2015 was 0.31%, a decrease from 0.34% for both the first quarter of 2015 and the second quarter of 2014.
At June 30, 2015, total borrowings amounted to $237.7 million, a decrease of $176.0 million or 42.5% from March 31, 2015 and $27.9 million from June 30, 2014. At June 30, 2015, total borrowings represented 9.0% of total assets, compared to 15.0% and 13.8%, as of March 31, 2015 and June 30, 2014, respectively.
Asset Quality
Nonperforming assets totaled $5.1 million or 0.19% of total assets at June 30, 2015, down from $5.7 million or 0.21% at March 31, 2015. During the second quarter of 2015, nonperforming loans decreased $281,000 to total $4.4 million and other real estate owned decreased $286,000 to $711,000.
At June 30, 2015, our allowance for loan losses was $15.1 million, up $1.5 million from March 31, 2015. At June 30, 2015, our allowance for loan losses as a percent of nonaccrual loans was 344.59%, up from 292.64% at March 31, 2015. The increase in the allowance for loan losses at June 30, 2015 was mainly attributable to the growth in certain segments of the loan portfolio. At June 30, 2015, the ratio of allowance for loan losses to total gross loans was 0.71%, up from 0.64% at March 31, 2015 and 0.66% at June 30, 2014. Including the loan fair market value discounts recorded in connection with our acquisitions, the allowance for loan losses to total gross loans ratio was 0.94% at June 30, 2015, compared with 0.90% at March 31, 2015 and 0.87% at December 31, 2014.
Capital Ratios
At June 30, 2015, our ratio of tangible common equity to total assets was 8.65%, with a tangible book value of $10.36 per share and a book value per share of $13.09.
At June 30, 2015, the Bank exceeded all regulatory capital requirements with a ratio for tier 1 leverage capital of 10.94%, common equity tier 1 risk-based capital of 12.54%, tier 1 risk-based capital of 12.54% and total risk-based capital of 13.20%. These capital ratios exceeded the “well capitalized” standards defined by the federal banking regulators of 5.00% for tier 1 leverage capital, 6.5% for common equity tier 1 risk-based capital, 8.00% for tier 1 risk-based capital and 10.00% for total risk-based capital. At June 30, 2015, the Company had a ratio for tier 1 leverage capital of 8.98%, common equity tier 1 risk-based capital of 9.92%, tier 1 risk-based capital of 10.24% and total risk-based capital of 13.53%.
Conference Call and Webcast
The Company will host a conference call at 9:00 a.m. PT / 12:00 p.m. ET on July 22, 2015 to discuss its financial results. Analysts and investors may participate in the question-and-answer session. The conference call will be webcast live on the Investor Relations section of the Company’s website www.ppbi.com and an archived version of the webcast will be available in the same location shortly after the live call has ended. The conference call can be accessed by telephone at (866) 290-5977 and asking to be joined to the Pacific Premier Bancorp conference call. Additionally a telephone replay will be made available through July 29, 2015 at (877) 344-7529, conference ID 10068939.
About Pacific Premier Bancorp, Inc.
Pacific Premier Bancorp, Inc. is the holding company for Pacific Premier Bank, one of the largest community banks headquartered in Southern California. Pacific Premier Bank is a business bank primarily focused on serving small and middle market business in the counties of Los Angeles, Orange, Riverside, San Bernardino and San Diego, California. Pacific Premier Bank offers a diverse range of lending products including commercial,
commercial real estate, construction, residential warehouse and SBA loans, as well as specialty banking products for homeowners associations and franchise lending nationwide. Pacific Premier Bank serves its customers through its 16 full-service depository branches in Southern California located in the cities of Corona, Encinitas, Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, Riverside, San Bernardino, San Diego, Seal Beach and Tustin.
FORWARD-LOOKING COMMENTS
The statements contained herein that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These risks and uncertainties include, but are not limited to, the following: the strength of the United States economy in general and the strength of the local economies in which we conduct operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, market and monetary fluctuations; the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers; the willingness of users to substitute competitors’ products and services for the Company’s products and services; the impact of changes in financial services policies, laws and regulations (including the Dodd-Frank Wall Street Reform and Consumer Protection Act) and of governmental efforts to restructure the U.S. financial regulatory system; technological changes; the effect of acquisitions that the Company may make, if any, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from its acquisitions; changes in the level of the Company’s nonperforming assets and charge-offs; any oversupply of inventory and deterioration in values of California real estate, both residential and commercial; the effect of changes in accounting policies and practices, as may be adopted from time-to-time by bank regulatory agencies, the Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; possible other-than-temporary impairment of securities held by us; changes in consumer spending, borrowing and savings habits; the effects of the Company’s lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; ability to attract deposits and other sources of liquidity; changes in the financial performance and/or condition of our borrowers; changes in the competitive environment among financial and bank holding companies and other financial service providers; unanticipated regulatory or judicial proceedings; and the Company’s ability to manage the risks involved in the foregoing. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the 2014 Annual Report on Form 10-K of Pacific Premier Bancorp, Inc. filed with the SEC and available at the SEC’s Internet site (http://www.sec.gov).
The Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.
Contact:
Pacific Premier Bancorp, Inc.
Steve Gardner
President/CEO
949.864.8000
E. Allen Nicholson
Executive Vice President/CFO
949.864.8000
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
ASSETS | 2015 | 2015 | 2014 | 2014 | 2014 | |||||||||||||||
Cash and due from banks | $ | 82,552 | $ | 178,096 | $ | 110,650 | $ | 103,356 | $ | 120,016 | ||||||||||
Federal funds sold | 525 | 275 | 275 | 275 | 276 | |||||||||||||||
Cash and cash equivalents | 83,077 | 178,371 | 110,925 | 103,631 | 120,292 | |||||||||||||||
Investment securities available for sale | 280,434 | 280,461 | 201,638 | 282,202 | 235,116 | |||||||||||||||
FHLB and other stock, at cost | 22,843 | 30,586 | 17,067 | 18,643 | 18,494 | |||||||||||||||
Loans held for investment | 2,118,560 | 2,131,387 | 1,628,622 | 1,548,004 | 1,466,768 | |||||||||||||||
Allowance for loan losses | (15,100 | ) | (13,646 | ) | (12,200 | ) | (10,767 | ) | (9,733 | ) | ||||||||||
Loans held for investment, net | 2,103,460 | 2,117,741 | 1,616,422 | 1,537,237 | 1,457,035 | |||||||||||||||
Accrued interest receivable | 9,072 | 8,769 | 7,131 | 6,762 | 6,645 | |||||||||||||||
Other real estate owned | 711 | 997 | 1,037 | 752 | 752 | |||||||||||||||
Premises and equipment | 9,394 | 9,591 | 9,165 | 9,402 | 9,344 | |||||||||||||||
Deferred income taxes | 12,305 | 12,815 | 9,383 | 10,721 | 10,796 | |||||||||||||||
Bank owned life insurance | 38,665 | 38,377 | 26,822 | 26,642 | 26,445 | |||||||||||||||
Intangible assets | 7,858 | 8,203 | 5,614 | 5,867 | 6,121 | |||||||||||||||
Goodwill | 50,832 | 51,010 | 22,950 | 22,950 | 22,950 | |||||||||||||||
Other assets | 18,105 | 16,079 | 10,743 | 9,439 | 7,535 | |||||||||||||||
TOTAL ASSETS | $ | 2,636,756 | $ | 2,753,000 | $ | 2,038,897 | $ | 2,034,248 | $ | 1,921,525 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Deposit accounts: | ||||||||||||||||||||
Noninterest bearing | $ | 635,695 | $ | 619,763 | $ | 456,754 | $ | 425,166 | $ | 410,843 | ||||||||||
Interest-bearing: | ||||||||||||||||||||
Checking | 135,228 | 130,869 | 131,635 | 130,221 | 128,911 | |||||||||||||||
Money market/savings | 795,725 | 809,408 | 600,764 | 564,050 | 533,672 | |||||||||||||||
Retail certificates of deposit | 402,262 | 406,649 | 365,168 | 369,534 | 367,299 | |||||||||||||||
Wholesale/brokered certificates of deposit | 127,073 | 76,477 | 76,505 | 54,495 | 4,856 | |||||||||||||||
Total interest-bearing | 1,460,288 | 1,423,403 | 1,174,072 | 1,118,300 | 1,034,738 | |||||||||||||||
Total deposits | 2,095,983 | 2,043,166 | 1,630,826 | 1,543,466 | 1,445,581 | |||||||||||||||
FHLB advances and other borrowings | 167,389 | 343,434 | 116,643 | 195,561 | 255,287 | |||||||||||||||
Subordinated debentures | 70,310 | 70,310 | 70,310 | 70,310 | 10,310 | |||||||||||||||
Accrued expenses and other liabilities | 21,481 | 22,843 | 21,526 | 27,054 | 18,166 | |||||||||||||||
TOTAL LIABILITIES | 2,355,163 | 2,479,753 | 1,839,305 | 1,836,391 | 1,729,344 | |||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||
Common stock | 215 | 214 | 169 | 171 | 171 | |||||||||||||||
Additional paid-in capital | 220,759 | 218,528 | 147,474 | 150,062 | 149,942 | |||||||||||||||
Retained earnings | 61,044 | 53,220 | 51,431 | 47,540 | 42,090 | |||||||||||||||
Accumulated other comprehensive income (loss), net of tax (benefit) | (425 | ) | 1,285 | 518 | 84 | (22 | ) | |||||||||||||
TOTAL STOCKHOLDERS’ EQUITY | 281,593 | 273,247 | 199,592 | 197,857 | 192,181 | |||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 2,636,756 | $ | 2,753,000 | $ | 2,038,897 | $ | 2,034,248 | $ | 1,921,525 | ||||||||||
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(dollars in thousands, except per share data) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three Months Ended | Six months ended | |||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||
Loans | $ | 27,581 | $ | 24,513 | $ | 17,922 | $ | 52,094 | $ | 34,507 | ||||||||||
Investment securities and other interest-earning assets | 2,158 | 1,557 | 1,309 | 3,715 | 2,746 | |||||||||||||||
Total interest income | 29,739 | 26,070 | 19,231 | 55,809 | 37,253 | |||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||
Deposits | 1,589 | 1,606 | 1,203 | 3,195 | 2,272 | |||||||||||||||
FHLB advances and other borrowings | 407 | 375 | 255 | 782 | 498 | |||||||||||||||
Subordinated debentures | 982 | 971 | 75 | 1,953 | 150 | |||||||||||||||
Total interest expense | 2,978 | 2,952 | 1,533 | 5,930 | 2,920 | |||||||||||||||
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES | 26,761 | 23,118 | 17,698 | 49,879 | 34,333 | |||||||||||||||
PROVISION FOR LOAN LOSSES | 1,833 | 1,830 | 1,030 | 3,663 | 1,979 | |||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 24,928 | 21,288 | 16,668 | 46,216 | 32,354 | |||||||||||||||
NONINTEREST INCOME | ||||||||||||||||||||
Loan servicing fees | 724 | 901 | 282 | 1,625 | 1,138 | |||||||||||||||
Deposit fees | 634 | 582 | 463 | 1,216 | 917 | |||||||||||||||
Net gain from sales of loans | 2,721 | — | 1,298 | 2,721 | 1,846 | |||||||||||||||
Net gain from sales of investment securities | 139 | 116 | 98 | 255 | 160 | |||||||||||||||
Other income | 494 | 427 | 330 | 921 | 462 | |||||||||||||||
Total noninterest income | 4,712 | 2,026 | 2,471 | 6,738 | 4,523 | |||||||||||||||
NONINTEREST EXPENSE | ||||||||||||||||||||
Compensation and benefits | 9,486 | 9,522 | 6,485 | 19,008 | 13,376 | |||||||||||||||
Premises and occupancy | 2,082 | 1,829 | 1,566 | 3,911 | 3,154 | |||||||||||||||
Data processing and communications | 716 | 702 | 485 | 1,418 | 1,616 | |||||||||||||||
Other real estate owned operations, net | 56 | 48 | 41 | 104 | 54 | |||||||||||||||
FDIC insurance premiums | 363 | 314 | 266 | 677 | 503 | |||||||||||||||
Legal, audit and professional expense | 661 | 521 | 385 | 1,182 | 978 | |||||||||||||||
Marketing expense | 615 | 603 | 242 | 1,218 | 418 | |||||||||||||||
Office and postage expense | 505 | 499 | 345 | 1,004 | 714 | |||||||||||||||
Loan expense | 263 | 193 | 191 | 456 | 375 | |||||||||||||||
Deposit expense | 982 | 805 | 747 | 1,787 | 1,508 | |||||||||||||||
Merger related expense | — | 3,992 | — | 3,992 | 626 | |||||||||||||||
Other expense | 1,485 | 1,441 | 888 | 2,926 | 1,860 | |||||||||||||||
Total noninterest expense | 17,214 | 20,469 | 11,641 | 37,683 | 25,182 | |||||||||||||||
NET INCOME BEFORE INCOME TAX | 12,426 | 2,845 | 7,498 | 15,271 | 11,695 | |||||||||||||||
INCOME TAX | 4,601 | 1,056 | 2,855 | 5,658 | 4,420 | |||||||||||||||
NET INCOME | $ | 7,825 | $ | 1,789 | $ | 4,643 | $ | 9,613 | $ | 7,275 | ||||||||||
EARNINGS PER SHARE | ||||||||||||||||||||
Basic | $ | 0.36 | $ | 0.09 | $ | 0.28 | $ | 0.46 | $ | 0.43 | ||||||||||
Diluted | $ | 0.36 | $ | 0.09 | $ | 0.27 | $ | 0.46 | $ | 0.42 | ||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||||||||||||||
Basic | 21,493,641 | 20,091,924 | 17,124,337 | 20,796,655 | 17,083,194 | |||||||||||||||
Diluted | 21,828,876 | 20,382,832 | 17,476,390 | 21,126,542 | 17,422,928 | |||||||||||||||
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES | ||||||||||||
PROFITABILITY AND PRODUCTIVITY INFORMATION | ||||||||||||
(dollars in thousands) | ||||||||||||
Three Months Ended | ||||||||||||
June 30, | March 31, | June 30, | ||||||||||
2015 | 2015 | 2014 | ||||||||||
Profitability and Productivity | ||||||||||||
Net interest margin | 4.26 | % | 3.99 | % | 4.26 | % | ||||||
Noninterest expense to average total assets | 2.59 | 3.33 | 2.66 | |||||||||
Efficiency ratio (1) | 53.66 | 64.63 | 56.56 | |||||||||
Return on average assets | 1.18 | 0.29 | 1.06 | |||||||||
Return on average tangible common equity (2) | 14.84 | 4.04 | 11.96 | |||||||||
Adjusted return on average tangible common equity (2)(3) | 14.84 | 9.24 | 11.96 | |||||||||
Full-time equivalent employees, at period end | 329.0 | 343.0 | 253.0 | |||||||||
Asset and liability activity | ||||||||||||
Loans originated and purchased | $ | 283,676 | $ | 569,447 | $ | 206,409 | ||||||
Repayments | (112,414 | ) | (106,409 | ) | (45,449 | ) | ||||||
Loans sold | (88,416 | ) | — | (13,045 | ) | |||||||
Increase (decrease) in loans, net | (14,281 | ) | 501,319 | 140,348 | ||||||||
Increase (decrease) in assets | (116,244 | ) | 714,103 | 176,243 | ||||||||
Increase in deposits | 52,817 | 412,340 | 10,378 | |||||||||
Increase (decrease) in borrowings | (176,045 | ) | 226,791 | 159,781 | ||||||||
(1) Represents the ratio of noninterest expense less other real estate owned operations, core deposit intangible amortization and non-recurring merger related expense to the sum of net interest income before provision for loan losses and total noninterest income less gains/(loss) on sale of securities, other-than-temporary impairment recovery (loss) on investment securities, and gain on FDIC-assisted transactions. | ||||||||||||
(2) A reconciliation of the non-GAAP measures of average tangible common equity to the GAAP measures of common stockholders' equity is set forth at the end of this press release. | ||||||||||||
(3) Adjusted to exclude merger related and litigation expenses, net of tax. | ||||||||||||
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCES AND YIELD DATA | |||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||
June 30, 2015 | March 31, 2015 | June 30, 2014 | |||||||||||||||||||||||||||||||
Average Balance | Interest | Average Yield/ Cost | Average Balance | Interest | Average Yield/ Cost | Average Balance | Interest | Average Yield/ Cost | |||||||||||||||||||||||||
Assets | (dollars in thousands) | ||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 103,385 | $ | 62 | 0.24 | % | $ | 224,913 | $ | 129 | 0.23 | % | $ | 79,600 | $ | 37 | 0.19 | % | |||||||||||||||
Federal funds sold | 446 | — | — | 275 | — | — | 276 | — | — | ||||||||||||||||||||||||
Investment securities | 306,774 | 2,096 | 2.73 | 273,162 | 1,428 | 2.09 | 225,294 | 1,272 | 2.26 | ||||||||||||||||||||||||
Loans receivable, net (1) | 2,111,253 | 27,581 | 5.24 | 1,849,553 | 24,513 | 5.38 | 1,362,030 | 17,922 | 5.28 | ||||||||||||||||||||||||
Total interest-earning assets | 2,521,858 | 29,739 | 4.73 | % | 2,347,903 | 26,070 | 4.50 | % | 1,667,200 | 19,231 | 4.63 | % | |||||||||||||||||||||
Noninterest-earning assets | 140,446 | 114,132 | 84,845 | ||||||||||||||||||||||||||||||
Total assets | $ | 2,662,304 | $ | 2,462,035 | $ | 1,752,045 | |||||||||||||||||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||||||||||
Interest checking | $ | 147,620 | $ | 43 | 0.12 | % | $ | 145,813 | $ | 45 | 0.13 | % | $ | 134,051 | $ | 39 | 0.12 | % | |||||||||||||||
Money market | 695,935 | 604 | 0.35 | 695,369 | 562 | 0.33 | 456,466 | 343 | 0.30 | ||||||||||||||||||||||||
Savings | 87,706 | 35 | 0.16 | 87,439 | 36 | 0.17 | 74,406 | 27 | 0.15 | ||||||||||||||||||||||||
Time | 472,135 | 907 | 0.77 | 472,534 | 963 | 0.83 | 359,446 | 794 | 0.89 | ||||||||||||||||||||||||
Total interest-bearing deposits | 1,403,396 | 1,589 | 0.45 | 1,401,155 | 1,606 | 0.46 | 1,024,369 | 1,203 | 0.47 | ||||||||||||||||||||||||
FHLB advances and other borrowings | 263,633 | 407 | 0.62 | 201,700 | 375 | 0.75 | 103,813 | 255 | 0.99 | ||||||||||||||||||||||||
Subordinated debentures | 70,310 | 982 | 5.60 | 70,310 | 971 | 5.60 | 10,310 | 75 | 2.92 | ||||||||||||||||||||||||
Total borrowings | 333,943 | 1,389 | 1.67 | 272,010 | 1,346 | 2.01 | 114,123 | 330 | 1.16 | ||||||||||||||||||||||||
Total interest-bearing liabilities | 1,737,339 | 2,978 | 0.69 | % | 1,673,165 | 2,952 | 0.72 | % | 1,138,492 | 1,533 | 0.54 | % | |||||||||||||||||||||
Noninterest-bearing deposits | 627,674 | 523,859 | 408,318 | ||||||||||||||||||||||||||||||
Other liabilities | 21,431 | 23,367 | 15,562 | ||||||||||||||||||||||||||||||
Total liabilities | 2,386,444 | 2,220,391 | 1,562,372 | ||||||||||||||||||||||||||||||
Stockholders' equity | 275,860 | 241,644 | 189,673 | ||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 2,662,304 | $ | 2,462,035 | $ | 1,752,045 | |||||||||||||||||||||||||||
Net interest income | $ | 26,761 | $ | 23,118 | $ | 17,698 | |||||||||||||||||||||||||||
Net interest rate spread (2) | 4.04 | % | 3.78 | % | 4.09 | % | |||||||||||||||||||||||||||
Net interest margin (3) | 4.26 | % | 3.99 | % | 4.26 | % | |||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 145.16 | % | 140.33 | % | 146.44 | % | |||||||||||||||||||||||||||
(1) Average balance includes nonperforming loans and is net of deferred loan origination fees, unamortized discounts and premiums, and allowance for loan losses. | |||||||||||||||||||||||||||||||||
(2) Represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | |||||||||||||||||||||||||||||||||
(3) Represents net interest income divided by average interest-earning assets. | |||||||||||||||||||||||||||||||||
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||||||||
LOAN PORTFOLIO AND ASSET QUALITY INFORMATION | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2015 | 2015 | 2014 | 2014 | 2014 | ||||||||||||||||
Loan Portfolio | ||||||||||||||||||||
Business loans: | ||||||||||||||||||||
Commercial and industrial | $ | 454,463 | $ | 420,218 | $ | 428,207 | $ | 360,700 | $ | 319,541 | ||||||||||
Commercial owner occupied (1) | 382,537 | 352,351 | 210,995 | 237,996 | 216,784 | |||||||||||||||
SBA | 50,306 | 49,855 | 28,404 | 20,482 | 15,115 | |||||||||||||||
Warehouse facilities | 198,113 | 216,554 | 113,798 | 108,093 | 114,032 | |||||||||||||||
Real estate loans: | ||||||||||||||||||||
Commercial non-owner occupied | 402,786 | 452,422 | 359,213 | 355,984 | 360,288 | |||||||||||||||
Multi-family | 400,237 | 397,130 | 262,965 | 262,588 | 251,512 | |||||||||||||||
One-to-four family (2) | 84,283 | 116,735 | 122,795 | 125,326 | 132,020 | |||||||||||||||
Construction | 124,448 | 111,704 | 89,682 | 67,118 | 47,034 | |||||||||||||||
Land | 16,339 | 7,243 | 9,088 | 6,103 | 6,271 | |||||||||||||||
Other loans | 4,811 | 6,641 | 3,298 | 3,521 | 3,753 | |||||||||||||||
Total gross loans (3) | 2,118,323 | 2,130,853 | 1,628,445 | 1,547,911 | 1,466,350 | |||||||||||||||
Less loans held for sale, net | — | — | — | — | — | |||||||||||||||
Total gross loans held for investment | 2,118,323 | 2,130,853 | 1,628,445 | 1,547,911 | 1,466,350 | |||||||||||||||
Less: | ||||||||||||||||||||
Deferred loan origination costs/(fees) and premiums/(discounts) | 237 | 534 | 177 | 93 | 418 | |||||||||||||||
Allowance for loan losses | (15,100 | ) | (13,646 | ) | (12,200 | ) | (10,767 | ) | (9,733 | ) | ||||||||||
Loans held for investment, net | $ | 2,103,460 | $ | 2,117,741 | $ | 1,616,422 | $ | 1,537,237 | $ | 1,457,035 | ||||||||||
Asset Quality | ||||||||||||||||||||
Nonaccrual loans | $ | 4,382 | $ | 4,663 | $ | 1,444 | $ | 1,782 | $ | 1,941 | ||||||||||
Other real estate owned | 711 | 997 | 1,037 | 752 | 752 | |||||||||||||||
Nonperforming assets | $ | 5,093 | $ | 5,660 | $ | 2,481 | $ | 2,534 | $ | 2,693 | ||||||||||
Allowance for loan losses | 15,100 | 13,646 | 12,200 | 10,767 | 9,733 | |||||||||||||||
Allowance for loan losses as a percent of total nonperforming loans | 344.59 | % | 292.64 | % | 844.88 | % | 604.21 | % | 501.44 | % | ||||||||||
Nonperforming loans as a percent of gross loans | 0.21 | 0.22 | 0.09 | 0.12 | 0.13 | |||||||||||||||
Nonperforming assets as a percent of total assets | 0.19 | 0.21 | 0.12 | 0.12 | 0.14 | |||||||||||||||
Net loan charge-offs (recoveries) for the quarter ended | $ | 379 | $ | 384 | $ | (12 | ) | $ | 250 | $ | (18 | ) | ||||||||
Net loan charge-offs (recoveries) for quarter to average total loans, net | 0.07 | % | 0.08 | % | — | % | 0.07 | % | (0.01 | )% | ||||||||||
Allowance for loan losses to gross loans | 0.71 | 0.64 | 0.75 | 0.70 | 0.66 | |||||||||||||||
Delinquent Loans: | ||||||||||||||||||||
30 - 59 days | $ | 943 | $ | 645 | $ | 20 | $ | 20 | $ | 236 | ||||||||||
60 - 89 days | 28 | 375 | 24 | 43 | 994 | |||||||||||||||
90+ days (4) | 1,714 | 2,258 | 54 | 343 | 72 | |||||||||||||||
Total delinquency | $ | 2,685 | $ | 3,278 | $ | 98 | $ | 406 | $ | 1,302 | ||||||||||
Delinquency as a % of total gross loans | 0.13 | % | 0.15 | % | 0.01 | % | 0.03 | % | 0.09 | % | ||||||||||
(1) Majority secured by real estate. | ||||||||||||||||||||
(2) Includes second trust deeds. | ||||||||||||||||||||
(3) Total gross loans for June 30, 2015 are net of (i) the unaccreted mark-to-market discounts on Canyon National Bank loans of $1.1 million, on Palm Desert National Bank loans of $1.1 million, on San Diego Trust Bank loans of $144,000, and on Independence Bank loans of $6.3 million and (ii) the mark-to-market premium on First Associations Bank loans of $24,000. | ||||||||||||||||||||
(4) All 90 day or greater delinquencies are on nonaccrual status and reported as part of nonperforming assets. | ||||||||||||||||||||
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||||||||
DEPOSIT AND CAPITAL INFORMATION | ||||||||||||||||||||
(dollars in thousands, except per share data) | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2015 | 2015 | 2014 | 2014 | 2014 | ||||||||||||||||
Deposit Accounts | ||||||||||||||||||||
Noninterest-bearing checking | $ | 635,695 | $ | 619,763 | $ | 456,754 | $ | 425,166 | $ | 410,843 | ||||||||||
Interest-bearing: | ||||||||||||||||||||
Checking | 135,228 | 130,869 | 131,635 | 130,221 | 128,911 | |||||||||||||||
Money market | 708,214 | 720,510 | 526,256 | 488,677 | 459,118 | |||||||||||||||
Savings | 87,511 | 88,898 | 74,508 | 75,373 | 74,554 | |||||||||||||||
Retail certificates of deposit | 402,262 | 406,649 | 365,168 | 369,534 | 367,299 | |||||||||||||||
Wholesale/brokered certificates of deposit | 127,073 | 76,477 | 76,505 | 54,495 | 4,856 | |||||||||||||||
Total interest-bearing | 1,460,288 | 1,423,403 | 1,174,072 | 1,118,300 | 1,034,738 | |||||||||||||||
Total deposits | $ | 2,095,983 | $ | 2,043,166 | $ | 1,630,826 | $ | 1,543,466 | $ | 1,445,581 | ||||||||||
Core (Transaction/CDs < $250,000) | 1,866,947 | 1,869,569 | 1,472,751 | 1,409,930 | 1,367,766 | |||||||||||||||
Non-Core (Broker/CDARs/CDs > $250,000) | 229,036 | 173,597 | 158,075 | 133,536 | 77,815 | |||||||||||||||
Pacific Premier Bank Capital Ratios | ||||||||||||||||||||
Tier 1 leverage ratio (1) | 10.94 | % | 11.03 | % | 11.29 | % | 11.48 | % | 9.85 | % | ||||||||||
Common equity tier 1 risk-based capital ratio (1) | 12.54 | % | 11.46% | N/A | N/A | N/A | ||||||||||||||
Tier 1 risk-based capital ratio (1) | 12.54 | % | 11.46 | % | 12.72 | % | 12.77 | % | 10.83 | % | ||||||||||
Total risk-based capital ratio (1) | 13.20 | % | 12.07 | % | 13.45 | % | 13.42 | % | 11.46 | % | ||||||||||
Pacific Premier Bancorp, Inc. Capital Ratios | ||||||||||||||||||||
Tier 1 leverage ratio (1) | 8.98 | % | 9.43 | % | 9.18 | % | 9.50 | % | 10.04 | % | ||||||||||
Common equity tier 1 risk-based capital ratio (1) | 9.92 | % | 9.32% | N/A | N/A | N/A | ||||||||||||||
Tier 1 risk-based capital ratio (1) | 10.24 | % | 9.75 | % | 10.30 | % | 10.53 | % | 10.99 | % | ||||||||||
Total risk-based capital ratio (1) | 13.53 | % | 12.93 | % | 14.46 | % | 14.71 | % | 11.62 | % | ||||||||||
Tangible common equity ratio (2) | 8.65 | % | 7.95 | % | 8.51 | % | 8.43 | % | 8.62 | % | ||||||||||
Share Data | ||||||||||||||||||||
Book value per share | $ | 13.09 | $ | 12.78 | $ | 11.81 | $ | 11.59 | $ | 11.26 | ||||||||||
Tangible book value per share (2) | 10.36 | 10.01 | 10.12 | 9.90 | 9.56 | |||||||||||||||
Closing stock price | 16.96 | 16.19 | 17.33 | 14.05 | 14.09 | |||||||||||||||
(1) Beginning with March 31, 2015, the ratio is calculated under Basel III. For prior periods, the ratio was calculated under Basel I or not applicable. | ||||||||||||||||||||
(2) A reconciliation of the non-GAAP measures of tangible common equity and tangible book value per share to the GAAP measures of common stockholders' equity and book value per share is set forth below. | ||||||||||||||||||||
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES | ||||||||||||
GAAP RECONCILIATIONS | ||||||||||||
(dollars in thousands, except per share data) | ||||||||||||
GAAP Reconciliations | ||||||||||||
For periods presented below, adjusted net income, adjusted diluted earnings per share and adjusted return on average assets are non-GAAP financial measures derived from GAAP-based amounts. We calculate these figures by excluding merger related expenses in the period results. Management believes that the exclusion of such items from these financial measures provides useful information to an understanding of the operating results of our core business. However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these adjusted measures, this presentation may not be comparable to other similarly titled adjusted measures reported by other companies. | ||||||||||||
Three Months Ended | ||||||||||||
June 30, | March 31, | June 30 | ||||||||||
2015 | 2015 | 2014 | ||||||||||
Net income | $ | 7,825 | $ | 1,789 | $ | 4,643 | ||||||
Plus merger related expenses, net of tax | — | 2,510 | — | |||||||||
Adjusted net income | $ | 7,825 | $ | 4,299 | $ | 4,643 | ||||||
Diluted earnings per share | $ | 0.36 | $ | 0.09 | $ | 0.27 | ||||||
Plus merger related expenses, net of tax | — | 0.12 | — | |||||||||
Adjusted diluted earnings per share | $ | 0.36 | $ | 0.21 | $ | 0.27 | ||||||
Return on average assets | 1.18 | % | 0.29 | % | 1.06 | % | ||||||
Plus merger related expenses, net of tax | — | 0.41 | — | |||||||||
Adjusted return on average assets | 1.18 | % | 0.70 | % | 1.06 | % | ||||||
For periods presented below, return on average tangible common equity and adjusted return on average tangible common equity are non-GAAP financial measures derived from GAAP-based amounts. We calculate these figures by excluding merger related expenses and/or CDI amortization expense and exclude the average CDI and average goodwill from the average stockholders' equity during the period. Management believes that the exclusion of such items from these financial measures provides useful information to an understanding of the operating results of our core business. However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these adjusted measures, this presentation may not be comparable to other similarly titled adjusted measures reported by other companies. | ||||||||||||
Three Months Ended | ||||||||||||
June 30, | March 31, | June 30, | ||||||||||
2015 | 2015 | 2014 | ||||||||||
Net income | $ | 7,825 | $ | 1,789 | $ | 4,643 | ||||||
Plus tax effected CDI amortization | 216 | 160 | 157 | |||||||||
Net income for average tangible common equity | 8,041 | 1,949 | 4,800 | |||||||||
Plus merger related expenses, net of tax | — | 2,510 | — | |||||||||
Adjusted net income for average tangible common equity | 8,041 | 4,459 | 4,800 | |||||||||
Average stockholders' equity | $ | 275,860 | $ | 241,644 | $ | 189,673 | ||||||
Less average CDI | 8,080 | 6,909 | 6,248 | |||||||||
Less average goodwill | 51,008 | 41,657 | 22,950 | |||||||||
Average tangible common equity | $ | 216,772 | $ | 193,078 | $ | 160,475 | ||||||
Return on average tangible common equity | 14.84 | % | 4.04 | % | 11.96 | % | ||||||
Adjusted return on average tangible common equity | 14.84 | % | 9.24 | % | 11.96 | % | ||||||
Tangible common equity to tangible assets (the "tangible common equity ratio") and tangible book value per share are non-GAAP financial measures derived from GAAP-based amounts. We calculate the tangible common equity ratio by excluding the balance of intangible assets from common stockholders' equity and dividing by tangible assets. We calculate tangible book value per share by dividing tangible common equity by common shares outstanding, as compared to book value per share, which we calculate by dividing common stockholders' equity by shares outstanding. We believe that this information is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Accordingly, we believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our capital position and ratios. However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2015 | 2015 | 2014 | 2014 | 2014 | ||||||||||||||||
Total stockholders' equity | $ | 281,593 | $ | 273,247 | $ | 199,592 | $ | 197,857 | $ | 192,181 | ||||||||||
Less intangible assets | (58,690 | ) | (59,213 | ) | (28,564 | ) | (28,817 | ) | (29,071 | ) | ||||||||||
Tangible common equity | $ | 222,903 | $ | 214,034 | $ | 171,028 | $ | 169,040 | $ | 163,110 | ||||||||||
Book value per share | $ | 13.09 | $ | 12.78 | $ | 11.81 | $ | 11.59 | $ | 11.26 | ||||||||||
Less intangible book value per share | (2.73 | ) | (2.77 | ) | (1.69 | ) | (1.69 | ) | (1.70 | ) | ||||||||||
Tangible book value per share | $ | 10.36 | $ | 10.01 | $ | 10.12 | $ | 9.90 | $ | 9.56 | ||||||||||
Total assets | $ | 2,636,756 | $ | 2,753,000 | $ | 2,038,897 | $ | 2,034,248 | $ | 1,921,525 | ||||||||||
Less intangible assets | (58,690 | ) | (59,213 | ) | (28,564 | ) | (28,817 | ) | (29,071 | ) | ||||||||||
Tangible assets | $ | 2,578,066 | $ | 2,693,787 | $ | 2,010,333 | $ | 2,005,431 | $ | 1,892,454 | ||||||||||
Tangible common equity ratio | 8.65 | % | 7.95 | % | 8.51 | % | 8.43 | % | 8.62 | % | ||||||||||