logo
Share SHARE
FONT-SIZE Plus   Neg

Pacific Premier Bancorp Q1 Profit Down - Quick Facts

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Fiat Chrysler Automobiles NV (FCAU) is recalling nearly 26 thousand Chrysler 200s to fix a transmission issue that may prevent the vehicle from shifting into "park." Chrysler said that certain 2015-model year Chrysler 200 vehicles with V6 engines were affected. Chrysler blamed "inconsistent assembly... Gap reported an increase in fourth-quarter profit, as same store sales climbed 11 percent at its Old Navy brand, partly offset by currency impact. Earnings for the quarter topped Wall Street estimates by a penny, while sales were in line with expectations. J.C. Penney Co. Inc. (JCP) Thursday reported a swing to loss in the fourth-quarter from a profit last year, reflecting the absence of benefits from hefty tax gains recorded last year, despite a higher-than-expected revenue growth. Shares of the struggling department store chain plunged a near 10 percent,...
comments powered by Disqus
Follow RTT