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Pacific Premier Bancorp Q3 profit surges YOY

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Pacific Premier Bancorp Q3 profit surges YOY

Irvine, Calif.-based Pacific Premier Bancorp Inc. reported third-quarter net income of $41.4 million, or 69 cents per share, an increase from $28.4 million, or 46 cents per share, in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 62 cents.

Core net interest margin, which excludes the impact of accretion, for the third quarter stood at 4.12%, an increase from 4.08% in the previous quarter but a decrease from 4.19% in the year-ago period. Pacific Premier attributed the increase in core NIM to higher loan-related fees and lower funding costs.

The company expects fourth-quarter core NIM to range from 4.00% to 4.10%.

Net interest income for the quarter was $112.3 million, a slight decrease from the year-ago figure of $112.7 million. The bank attributed the decrease to higher funding costs since the end of the year-ago period, which were partially offset by an increase in average interest-earning asset balances.

Third-quarter noninterest income, however, increased on a year-over-year basis to $11.4 million from $8.2 million.

Provision for credit losses was $1.6 million, an increase from $334,000 in the second quarter and a decrease from $2.0 million in the year-ago quarter. Net loan charge-offs for the quarter sharply increased on a year-over-year basis to $1.4 million from $87,000.

Net loans held for investment at the end of the third quarter totaled $8.72 billion, compared with $8.74 billion at the end of the previous quarter and $8.73 billion at the end of the year-ago period.

Total deposits at the end of the third quarter were $8.86 billion, compared with $8.50 billion in the year-ago period.