Pacific Premier Bancorp Inc. in Costa Mesa, Calif., on Tuesday reported that its fourth-quarter earnings rose 63% from a year earlier, to $2.6 million, largely due to the purchase of a failed bank.
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The $961 million-asset company bought Canyon National Bank from the Federal Deposit Insurance Corp. in February 2011.
Pacific Premier’s net interest income rose 38% from a year earlier, to $10.4 million. The net interest margin expanded 93 basis points from a year earlier, to 4.84%. The company’s noninterest expenses rose 32% from a year earlier, to $6.6 million.
Full-year 2011 net income rose 152% from a year earlier, to $10.6 million.
