Those who have followed Pacific Premier over the years are aware that our culture is embodied in our Success Attributes: Achieve, Communicate, Improve, Integrity, and Urgency. These principles have been the drivers of our performance and have helped us build one of the strongest commercial banks in the United States. We drew upon these principles regularly in 2020 to help us navigate the COVID-19 pandemic and the social unrest experienced across much of our nation. The Pacific Premier team consistently found ways to deliver for our clients, communities, employees, and shareholders throughout 2020.
As the pandemic began to unfold, we implemented strategies to protect our clients, employees, and our franchise. Our Board of Directors played an active role in planning and deploying the organization’s pandemic response. As described in greater detail below, our timely actions enabled us to effectively serve the interests of all our stakeholders, while maintaining a distinct focus on prudent credit administration, disciplined capital management, and sustainable long-term shareholder value.
We Were There for Our Clients.
We were there for our clients during prior periods of economic uncertainty, and we were there again for our clients throughout the pandemic. Despite the challenges we faced during 2020, we continued to provide exceptional client service with minimal disruption. Our team worked quickly and tirelessly to develop and implement a robust loan modification program that enabled our clients to manage through the challenges posed by the pandemic, while balancing our commitment to prudent credit administration. As of June 30, 2020, we had over $2.2 billion in loans modified through this program. Over the ensuing months, our team worked with our clients to significantly reduce the amount of modified loans to $79.5 million, as of December 31, 2020. In addition, we helped approximately 3,800 clients access over $1.1 billion in funding through the Paycheck Protection Program (PPP). In July 2020, we sold our PPP loan portfolio to a third party, well-suited to service these types of loans and help our clients navigate the PPP loan forgiveness program. Through these initiatives, we learned a lot about the resiliency of the businesses we serve and our institution’s ability to adapt to a rapidly changing environment while maintaining an unwavering commitment to our clients.