Third quarter net income rises at Pacific Premier Bank
Pacific Premier Bancorp, parent company of Pacific Premier Bank, had diluted earnings per share of 50 cents for the third quarter of 2017, the company announced its earnings report on Oct. 23.
The company said it had net income of $20.2 million for the third quarter of 2017 that reflected an increase of $6.1 million, or 43 percent, over the prior quarter.
The company’s net interest income totaled $64.3 million for the third quarter of 2017, an increase of $25.3 million, or 65 percent, compared to the third quarter of 2017.
The increase was mostly related to a rise in average interest-earning assets of $2.4 billion, which was primarily a result of its organic loan growth since the end of the third quarter of 2016 and its acquisition of Heritage Oaks Bancorp during the second quarter of 2017.
For the quarter, Pacific Premier Bancorp’s return on average assets was 1.26 percent and return on average equity was 15.02 percent.
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