PBB Bancorp, the holding company of Premier Business Bank, reported Thursday that income for the nine months ending Sept. 30 increased by 344 percent compared to the same period a year earlier.
Net income for the period was $1.7 million, an increase of $1.3 million.
In the third quarter, the bank reported income totaling $559,000 (16 cents a share) compared to $183,000 (5 cents a share) in the same period of 2014.
According to the company, Premier’s increase in loans was a key factor driving growth.
“We are very proud of our continued loan growth and our efficiencies that have been reflected in our net income,” said PBB Chief Executive John Polen, in a statement.
Total loans increased to approximately $224 million in the third quarter, compared to approximately $161 million in the previous year, an increase of 39 percent.
PBB, a community bank headquartered in Los Angeles, has two other locations in Los Angeles County.