Pacific Premier reports lower loan production, smaller assets than a year ago
Pacific Premier Bancorp saw its net income and assets take a sharp dip in its most recent quarter, the company announced Oct. 20.
The Irvine-based bank, which has nine branches in Santa Barbara and San Luis Obispo counties, reported net income of $73 million, or 77 cents per share. For the same quarter in 2021, Pacific Premier raked in $90.1 million, or 95 cents per diluted share, in net income.
Pacific Premier Bancorp, the parent company of Pacific Premier Bank, reported assets of $19.9 billion in the third quarter, down from $21.01 billion in total assets a year earlier.
The bank’s net interest income totaled $181.1 million in the third quarter of 2021, up from $169 million in the third quarter of 2021.
“We produced solid results in the third quarter, increasing earnings per share and pre-provision net revenue, while producing higher returns and further enhancing our already strong capital position. These results reflect the Pacific Premier team’s commitment to creating and maintaining long-term shareholder value, while proactively managing risk,” Steven Gardner, the chairman, president and CEO of Pacific Premier Bancorp, said in the bank’s news release. “Notwithstanding these positive results, the rising interest rate environment negatively impacted commercial real estate acquisition and refinancing activity, which resulted in overall lower loan production. … We believe we are entering this current period of economic uncertainty from a position of strength.”
Pacific Premier shares were down 2.3% on Oct. 20 after the earnings release, closing at $33.81.