Pacific Premier’s Profits UpThursday, October 20, 2011
Costa Mesa-based Pacific Premier Bancorp Inc. reported increased profits for the third quarter.
The holding company of Pacific Premier Bank posted net income of $2.5 million, or 23 cents per diluted share, up from 17 cents for the year-earlier period.
Pacific Premier is the third-largest bank based in Orange County, with assets of $928.5 million.
The bank saw net interest income of $8.9 million in the third quarter after setting aside $1.3 million for potential bad loans. The same quarter last year, the bank reported net interest income of $7 million after putting aside $397,000 for loan losses.
Pacific Premier assets rose by $106.8 million from a year earlier, with its February acquisition of Canyon National Bank in Palm Springs from the Federal Deposit Insurance Corp. accounting for the gain.
The deal added about $209 million to the bank’s assets.
Non-interest income more than tripled to $2.1 million from $674,000 from the year-ago quarter. The gains were driven by increased profit from sale of investment securities along with fees.
The bank saw a better quarter for loans, with an increase of $26.4 million in total loans held for investment.
Loans originated from and purchased by the bank in the third quarter totaled $77 million, nearly doubled the $39 million in the year-ago period.
The bank’s deposits totaled $797.4 million at the end of September, up from $656.8 million a year ago.
The bank also saw its sour loans increase.
As of September 30, the bank had delinquent loans totaling $10.8 million, representing 1.5% of its loan portfolio.
That’s up from $3.5 million a year earlier, when delinquencies made up 0.64% of its portfolio.