Pacific Premier Bancorp (PPBI) has reported 11.30 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $9.52 million, or $0.34 a share in the quarter, compared with $8.55 million, or $0.33 a share for the same period last year.
The company has not recorded any revenues for the current as well as previous quarter. Net interest income for the quarter rose 21.94 percent over the prior year period to $41.70 million. Non-interest income for the quarter fell 3.40 percent over the last year period to $4.68 million.
Net interest margin contracted 4 basis points to 4.39 percent in the quarter from 4.43 percent in the last year period. Efficiency ratio for the quarter improved to 52.30 percent from 52.40 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Steven R. Gardner, chairman, president and chief executive officer of the Company, commented on the results, "We delivered another quarter of profitable balance sheet growth driven by well-balanced loan production and strong inflows of core deposits. As in the past, the first quarter benefited from the seasonal nature of the HOA deposit inflows. We had $455 million in loan originations, with more than $70 million in originations in each of our commercial, commercial real estate, construction and franchise lending businesses.
Deposits stood at $3,297.07 million as on Mar. 31, 2017, up 13.44 percent compared with $2,906.38 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $1,232.58 million or 37.38 percent of total deposits on Mar. 31, 2017, compared with $1,066.86 million or 36.71 percent of total deposits on Mar. 31, 2016.
Shareholders equity was at $471.02 million as on Mar. 31, 2017.
Return on average assets moved down 11 basis points to 0.94 percent in the quarter from 1.05 percent in the last year period.
Nonperforming assets moved down 83.74 percent or $5.01 million to $0.97 million on Mar. 31, 2017 from $5.98 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.02 percent in the quarter, down from 0.17 percent in the last year period.
Book value per share was $16.88 for the quarter, up 8.34 percent or $1.30 compared to $15.58 for the same period last year.
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