Pacific Premier Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014
January 21, 2015 at 06:00 am EST
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Pacific Premier Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported total interest income of $22,037,000 against $17,973,000 a year ago. Net income before income tax was $6,780,000 against $6,678,000 a year ago. Net income was $3,891,000 or $0.23 per diluted share against $4,204,000 or $0.24 per diluted share a year ago. Return on average assets was 0.78% against 1.05% a year ago. Return on average equity was 7.88% against 9.69% a year ago. Return on average tangible common equity was 9.56% against 11.69% a year ago. Adjusted net income was $5,407,000 or $0.31 per diluted share. Adjusted return on average assets was 1.09%.
For the year, the company reported total interest income of $80,324,000 against $63,518,000 a year ago. Net income before income tax was $27,335,000 against $14,580,000 a year ago. Net income was $16,616,000 or $0.96 per diluted share against $8,993,000 or $0.54 per diluted share a year ago. Return on average assets was 0.91% against 0.62% a year ago. Return on average equity was 8.76% against 5.61% a year ago. Return on average tangible common equity was 10.70% against 6.63% a year ago. As at December 31, 2014, book value per share was $11.81 against $10.52 a year ago. As at December 31, 2014, tangible book value per share was $10.12 against $9.08 a year ago. Adjusted net income was $18,525,000 or $1.07 per diluted share against $13,265,000 or $0.80 per diluted share a year ago. Adjusted return on average assets was 1.01% against 0.92% a year ago. Adjusted return on average tangible common equity was 11.89% against 9.63% a year ago.
Pacific Premier Bancorp, Inc. is a bank holding company. The Company operates through its wholly owned subsidiary, Pacific Premier Bank (the Bank). The Bank provides banking products and services, including deposit accounts, digital banking, and treasury management services, to businesses, professionals, entrepreneurs, real estate investors, and nonprofit organizations. The Bank also offers a range of loan products, such as commercial business loans, lines of credit, commercial real estate loans, agribusiness loans, franchise lending, and construction loans. Pacific Premier Bank offers commercial escrow services and facilitates 1031 Exchange transactions through its Commerce Escrow division. The Bank offers clients individual retirement account (IRA) custodial services through its Pacific Premier Trust division. It conducts business throughout the Western Region of the United States from its 58 full-service depository branches located in Arizona, California, Nevada, and Washington.