Pacific Premier Bancorp, Inc. in Costa Mesa reports net income of $1 million for the third quarter ended Sept. 30, compared to $851,000 for the same period a year ago.
Net charge-offs were $64,000 compared to $46,000 a year earlier. The bank’s provision for loan losses was $664,000 for the quarter, compared to $403,000 for the same period in 2007.
The increase in the provision is primarily attributable to management’s expectation that, with the weakening economy and the constraints on the financial markets, borrowers and their businesses and/or the collateral securing their loans could be adversely impacted, the bank said.
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