Businessweek

Pacific Premier Bancorp Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company reported net income of $2.0 million or $0.13 per share on a diluted basis, down from $3.8 million or $0.32 per share on a diluted basis for the fourth quarter of 2012. Return on average assets was 0.67% and return on average equity was 5.65%, down from a return on average assets of 1.42% and a return on average equity of 14.07% for the fourth quarter of 2012. The decrease in company's net income and returns was primarily related to one-time costs of $2.0 million recorded in connection with the acquisition of First Associations Bank on March 15, 2013 and the pending merger with San Diego Trust Bank that is expected to close in the third quarter of 2013. Net interest income totaled $12.9 million, up $278,000 or 2.2% compared to the fourth quarter of 2012. The increase in net interest income reflected higher average interest-earning assets of $99.2 million, partially offset by a decrease in net interest margin to 4.62%. Compared to the first quarter of 2012, net interest income for the first quarter of 2013 increased $2.9 million or 28.5%. The increase in net interest income reflected an increase in average interest-earning assets of $201.3 million or 21.6% in the current quarter to $1.1 billion and a higher net interest margin of 4.62% in the current quarter, compared with 4.31% in the first quarter of 2012. At March 31, 2013, the company's ratio of tangible common equity to total assets was 10.16%, with a tangible book value of $9.15 per share, basic book value per share of $10.21 and diluted book value per share of $10.13 against ratio of tangible common equity to total assets of 8.90%, with a tangible book value of $8.47 per share, basic book value per share of $8.66 and diluted book value per share of $8.59 a year ago. Net interest income after provision for loan losses was $12.6 million against $10.0 million for the same period a year ago. Income before income taxes was $3.1 million against $4.3 million for the same period a year ago. Return on average assets was 0.67% against 1.11% for the same period a year ago. Return on average equity was 5.63% against 12.24% for the same period a year ago. The company announced impairment loss on investment securities, net for the first quarter ended March 31, 2013 was $30,000 against $37,000 a year ago.

Pacific Premier Bancorp Inc., Q1 2013 Earnings Call, Apr 24, 2013

Pacific Premier Bancorp Inc. announced that they will report Q1, 2013 results Pre-Market on Apr 24, 2013

Pacific Premier Bancorp Inc. announced that Dori L. Kagan and Michael A. Abalos have joined the Bank's Premier Property Banking Unit. Ms. Kagan and Mr. Abalos will each serve as a Vice President/Relationship Manager in the Premier Property Banking Unit, with responsibility for originating and managing property management, HOA and HOA management company loan and depository relationships. Ms. Kagan is based in Irvine and will focus on the Southern California market, while Mr. Abalos is based in Scottsdale and will focus on the Arizona market. Ms. Kagan has more than 30 years of experience in the property management and HOA industry. Prior to joining the Bank, she was Vice President and Relationship Manager at U. S. Bank's Southern California HOA Division for the last eight years. A member of the Community Association Institute for over 24 years, she currently serves on the boards of directors for CAI's Orange County and Inland Empire Chapters. Mr. Abalos has more than 23 years of banking experience, with the last 12 years spent working in the HOA field. Previously, he was the HOA Managing Director at BNC National Bank in Glendale, Arizona, and HOA Division Manager for Community Associations Bank. Mr. Abalos is currently a member of CAI's Arizona Chapter and the Arizona Association of Community Managers.

The boards of directors of the Pacific Premier Bancorp Inc. and First Associations Bank each elected Senator John Carona to serve as a member of the boards of directors of the corporation and the bank effective as of March 15, 2013. Senator Carona, age 57, has been the President and Chief Executive Officer of Associations Inc. since 1979, and has served as a director of FAB since its inception in 2007. Senator Carona has been a member of the Texas Legislature since 1990 and is currently in his fifth term in the Texas Senate, representing District 16 in Dallas County. Previously, Senator Carona was elected to three terms in the Texas House of Representatives. Senator Carona currently serves as Chairman of the Senate Business and Commerce Committee, Joint Chairman of the Legislative Oversight Board on Windstorm Insurance and as Co-Chairman of the Joint Interim Committee to Study Seacoast Territory Insurance. He also serves as a member of the Senate Select Committee on Redistricting and the Senate Criminal Justice, Education and Jurisprudence committees.