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Costa Mesa-based Pacific Premier Bancorp Inc. has gotten approval from its board of directors to buy back nearly 10% of its common stock.

The move follows and replaces a smaller stock repurchase plan that was first approved in 2007, which resulted in the bank buying back more than 4% of its stock.

A stock buyback shrinks the number of shares outstanding, boosting the value for shareholders.

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Pacific Premier’s shares closed at $8.29 today. That’s up roughly 30% so far this year.

The company can buy up to 1 million shares of its stock under the just-approved plan.

“The current share price is at a discount to tangible book value,” said Steven Gardner, president and chief executive.

Pacific Premier ended the first quarter with $985.2 million in total assets and $2.7 million in net income.

The bank recently acquired Palm Desert National Bank from the Federal Deposit Insurance Corp, a buy that added $125.8 million in assets. The additions are expected to be reflected in the second-quarter results, for a total that’s likely to nudge Pacific Premier’s place up among the largest banks based in Orange County.

Costa Mesa-based Pacific Mercantile Bancorp and First Pactrust Bancorp Inc. in Irvine each have assets slightly above $1 billion. Irvine-based Opus Bank is the largest bank based here, with about $2.4 billion in assets.