Orange County Business Journal

Pacific Premier Earnings Up 41%

Jane Yu Thursday, October 11, 2012

Costa Mesa-based Pacific Premier Bancorp Inc. earned $3.5 million in the third quarter, a 41% increase compared with a year earlier.

The company’s share rose 3.6% in early trading today, to a market value of about $103 million.

Analyst had expected profit of about $2.7 million.

The parent company of Pacific Premier Bank saw net interest income from loans and other investment securities total $11.7 million, up 31% from a year ago.

The company had $145,000 set aside in the latest quarter in provision for possible losses on loans, down 89% from $1.3 million in the same quarter last year.

Noninterest income from fees fell 9% to $1.9 million.

Pacific Premier originated or purchased more than $132.5 million worth of loans in the third quarter. That compares with $77 million during the same time a year ago.

The company had $1.09 billion in assets as of September 30, up 17% from a year-ago check.

It held net loans of $851.7 million at the end of the quarter, also up 17%.

Pacific Premier has seen profit of nearly $12 million for the first nine months of this year, up 49% from the same period a year ago.

Net interest income for the nine months topped $33 million, up more than 22%. Noninterest income was $9.4 million, up 50%.