logo
Share SHARE
FONT-SIZE Plus   Neg

Pacific Premier Bancorp Q1 Profit Down - Quick Facts

Pacific Premier Bancorp Inc. (PPBI) , 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
H&R Block reported a smaller loss for the first quarter, driven by a four percent increase in revenues, partly offset by foreign currency fluctuations. The company announced a $3.5 billion stock buyback, and its shares gained 7% in after-hours trade... About nine-tenths of the world's sea birds are likely to have consumed pieces of plastic which continue to remain in their guts, a study shows. Automakers reported some mixed U.S. sales for August, marked by fewer working days and a delayed Labor Day, even as the month was largely bullish, spurred by lower interest rates, cheaper gas, and some strong employment data that buoyed consumer confidence.
comments powered by Disqus
Follow RTT