PacTrust Q3 Profits UpFriday, November 9, 2012
Irvine-based First PacTrust Bancorp Inc. reported a 14-fold increase in profit in the third quarter, when the company had $9.2 million in net income. That compares with $644,000 a year ago.
Shares were about flat in morning trading.
The parent company of PacTrust Bank completed acquisitions of Beach Business Bank and Gateway Business Bank in the third quarter. Those deals helped boost the bank’s total assets to $1.67 billion as of September, an 80% increase from a year ago.
“We seek to further enhance core earnings by closing on the acquisition of The Private Bank of California, targeted to occur in the second quarter of 2013,” Chief Executive Steven Sugarman said in a statement.
First PacTrust is in process of integrating its subsidiary banks and transitioning from a thrift institution to a commercial bank, he added.
The bank doubled its net interest income to $13.4 million in the third quarter, when it put $1 million in provisions for loan losses.
Non-interest income grew from $2 million last year to $19.5 million in the latest quarter, including $12.1 million from the Gateway acquisition, according to the bank.
First PacTrust reported $8.1 million in profit for the first nine months of this year, nearly triple the amount for the same period last year.
Total loans as of September were $1.22 billion, up 73% year over year.