2021 marked a record year for Pacific Premier Bancorp, Inc., despite the impact of the ongoing pandemic, supply chain disruptions, and labor shortages. Our success over the past year reflects the effectiveness of our diversified commercial banking model and approach to technology-driven growth. We generated record revenue and net income for the year by leveraging the expanded capabilities of our larger and more diverse organization.
Net income for the full year was $340 million, or $3.58 per diluted share, while our pre-provision net revenue, which we consider our core earnings, increased 24% to $390 million.1 The combination of strong revenue growth and prudent expense management also resulted in the following positive trends across key metrics:
- Total revenue increased 19% year-over-year
- Noninterest income increased 51% in 2021
- Total cost of deposits declined to 0.04% in 4Q21
- Total loans held for investment increased 8% year-over-year
- Non-maturity deposits increased 10% year-over-year
- Asset quality remained excellent, with net charge-offs representing just 0.02% of average loans for the year
- Our efficiency ratio improved to 48.4%
Our consistently strong financial performance during the year resulted in tangible book value per share increasing 9%, while we returned $140 million in capital to stockholders through our quarterly cash dividend and stock repurchase program. In short, we delivered significant value for our stockholders in 2021.