Pacific Premier Bancorp, the holding company of Pacific Premier Bank, recorded almost $100 million in net income in the second quarter, a year after losing a similar amount, according to a quarterly report released July 27.
The Irvine-based bank has seven branches in San Luis Obispo County and two in Santa Barbara County. Its net income of $96.3 million, or $1.01 per share, represents a sharp rise from its position in the second quarter of 2020, when the bank reported a net loss of $99.1 million, or $1.41 per diluted share.
Pacific Premier attributed the rise in net income to $1.58 billion in net loan commitments in the second quarter, as well as additional deposits from all sectors.
“While we are seeing signs of improving demand, there continue to be uncertainties surrounding the COVID-19 pandemic,” Steven R. Gardner, the chairman, president and CEO of the bank, said in a news release. “However, we believe that we are well positioned to deliver consistent financial performance and to capitalize on stronger credit demand as the economy progresses.”
The bank declared a dividend of 33 cents per share, which is payable on Aug. 13 to stockholders of record as of Aug. 6. Pacific Premier Bancorp’s board also authorized the repurchase of up to 4.725 million shares of its common stock.
During the first quarter of the year, the bank repurchased 199,674 shares of common stock at an average price of $34.51 per share, with a total value of $6.9 million.