Pacific Premier Bancorp, Inc. reported a net loss of $7,000, or $0.01 per share, in its third quarter ending 9/30/2009. The company earned $1 million, or $0.16 per share, in the same quarter last year.
Pacific Premier Bancorp, Inc. attributed the loss to a $1.3 million increase in the provision for loan losses, and a $0.4 million other-than-temporary impairment charge on part of its securities holdings. The bank also saw a slight increase in insurance premiums payable to the Federal Deposit Insurance Corporation (FDIC).
Pacific Premier Bancorp, Inc had total assets of $808 million and deposits of $567 million at the end of the third quarter. Both these metrics showed strong growth on a year over year and sequential basis.
“We have conservatively managed the Company over the past several years which has put us in a position to take advantage of opportunities presenting themselves in the current environment,” said Steven R. Gardner, the CEO of Pacific Premier Bancorp, Inc.
Pacific Premier Bancorp, Inc. is headquartered in California, and is the holding company for Pacific Premier Bank. The bank has six branches located in Orange and San Bernardino counties.