Pacific Premier Bancorp saw its net income more than double in the past year when it reported its first quarter financial earnings on April 27.
The Irvine-based bank, which has 11 branches in the tri-county region, had a net income of $68.7 million, or 72 cents per share, for the first quarter of 2021. In the first quarter of 2020, the bank’s net income was $25.7 million, or 43 cents per share.
The bank also almost doubled its assets in that time. In March 2020, the bank had almost $12 billion in assets; a year later, it had more than $20 billion.
“Our first quarter results reflect the strength and discipline of the organization we have built, as our ability to offset a challenging environment by reducing our deposit costs, tightly controlling operating expenses, and maintaining exceptional asset quality helped us to continue generating a high level of profitability,” Steven R. Gardner, the chairman, president and CEO of Pacific Premier Bancorp, said in the bank’s April 27 news release.
Pacific Premier Bancorp announced with its financial earnings that it is increasing its dividend amount from 30 cents to 33 cents per share. A year ago, the dividend was 25 cents.