Despite the challenges of 2020, Pacific Premier generated $646 million in total revenue—a 34% increase over the prior year—driven by the successful execution of our long-term growth strategy and focus on efficiency. Shareholder value, represented by tangible book value per share plus dividends paid, has increased by 126% since 2013, and during 2020 we returned $80 million in capital to shareholders through quarterly cash dividends while prudently managing capital levels during the COVID-19 pandemic.

Total Revenue

($ in millions)

+38.14% CAGR

Tangible Book Value per Share w/Dividends1

Total Assets

($ in millions)

Capital Returned to Shareholders in 2020

($ in thousands)

1A reconciliation of the non-GAAP measures of tangible book value per share and efficiency ratio derived from GAAP measures are set forth in the “Non-GAAP Reconciliation” section included herein.

Non-GAAP Reconciliations

Tangible Book Value per Share

  For the Year Ended December 31,
(Dollars in thousands, except per share data) 2013 2014 2015 2016 2017 2018 2019 2020
Total stockholders' equity $175,226 $199,592 $298,980 $459,740 $1,241,996 $1,969,697 $2,012,594 $2,746,649
Less: intangible assets (24,056) (28,564) (58,002) (111,941) (536,343) (909,282) (891,634) (984,076)
Tangible common equity $151,170 $171,028 $240,978 $347,799 $705,653 $1,060,415 $1,120,960 $1,762,573
Basic shares outstanding 16,656,279 16,903,884 21,570,746 27,798,283 46,245,050 62,480,755 59,506,057 94,483,136
Book value per share $10.52 $11.81 $13.86 $16.54 $26.86 $31.52 $33.82 $29.07
Less: intangible book value per share (1.44) (1.69) (2.69) (4.03) (11.60) (14.55) (14.98) (10.42)
Tangible book value per share $9.08 $10.12 $11.17 $12.51 $15.26 $16.97 $18.84 $18.65

Efficiency Ratio

  For the Year Ended December 31,
(Dollars in thousands) 2013 2014 2015 2016 2017 2018 2019 2020
Total noninterest expense $50,815 $54,938 $73,332 $98,063 $167,958 $249,905 $259,065 $381,119
Less: amortization of intangible assets (764) (1,014) (1,350) (2,039) (6,144) (13,594) (17,245) (17,072)
Less: other real estate owned operations, net (618) (75) (121) (385) (72) (4) (160) (1)
Less: merger-related expense (6,926) (1,490) (4,799) (4,388) (21,002) (18,454) (656) (49,129)
Noninterest expense, adjusted $42,507 $52,359 $67,062 $91,251 $140,740 $217,853 $241,004 $314,917
Net interest income before provision for loan losses $58,444 $73,635 $106,299 $153,075 $247,502 $392,711 $447,301 $574,211
Add: total noninterest income 8,811 13,377 14,388 19,602 31,114 31,027 35,236 71,325
Less: net gain from investment securities (1,544) (1,547) (290) (1,797) (2,737) (1,399) (8,571) (13,882)
Less OTTI impairment - securities 4 29 - 205 (1) (4) (2) (2)
Less: net (gain) loss from other real estate owned - - - (18) (46) (281) (52) 112
Less: net loss from debt extinguishment - - - - - - 612 -
Revenue, adjusted $65,715 $85,494 $120,397 $171,067 $275,832 $422,054 $474,524 $631,764
Efficiency Ratio 64.7% 61.3% 55.9% 53.6% 51.0% 51.6% 50.8% 49.8%