Pacific Premier Bancorp Inc. (PPBI: Quote) , the holding company of Pacific Premier Bank, reported net income for the first quarter of 2012 of $2.7 million or $0.25 per share, down from $4.8 million or $0.44 per share in the first quarter of 2011. Analysts polled by Thomson Reuters expected the company to report earnings of $0.25 per share for the quarter. Analysts' estimates typically exclude special items.
The decrease in its net income was primarily related to a $4.2 million pre-tax gain recorded on the acquisition of Canyon National Bank from the Federal Deposit Insurance Corporation as receiver, on February 11, 2011.
Net interest income totaled $10.0 million in the first quarter of 2012, up $939,000 or 10.32% from the first quarter of 2011, reflecting both an increase in average interest-earning assets of $66.3 million or 7.7% and a higher net interest margin.
Noninterest income totaled $939,000 in the first quarter of 2012, a decrease of $4.3 million from the first quarter of 2011. The decrease primarily resulted from the following gains in the first quarter of 2011 which did not occur in 2012: $4.2 million from the Canyon National acquisition, $164,000 from sales of securities available for sale and $86,000 from sales of loans.
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by RTT Staff Writer
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