Date of Report (Date of earliest event reported)
|
July 23, 2013
|
|||
PACIFIC PREMIER BANCORP, INC.
|
||||
(Exact name of registrant as specified in its charter)
|
||||
DELAWARE
|
0-22193
|
33-0743196
|
||
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
||
17901 Von Karman Avenue, Suite 1200, Irvine, CA
|
92614
|
|||
(Address of principal executive offices)
|
(Zip Code)
|
|||
Registrant’s telephone number, including area code
|
(949) 864-8000
|
|||
Not Applicable
|
||||
(Former name or former address, if changed since last report.)
|
||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
|
||||
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
||||
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
||||
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
||||
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
99.1
|
Press Release dated July 23, 2013 with respect to the Registrant's unaudited financial results for the second quarter ended June 30, 2013.
|
PACIFIC PREMIER BANCORP, INC.
|
|||
Dated:
|
July 23, 2013
|
By:
|
/s/ STEVEN R. GARDNER
|
Steven R. Gardner
|
|||
President and Chief Executive Officer
|
● | Total assets increase 32.8% from December 31, 2012 to $1.6 billion |
● |
Successfully closed acquisition of San Diego Trust Bank
|
● |
Net loss of $0.02 per diluted share includes $5.0 million of merger-related expense
|
● |
Adjusted earnings of $0.19 per diluted share, before non-recurring merger-related expense
|
● |
Total loans increase 12% from end of first quarter 2013
|
● |
Total loan production increases to $124 million during the second quarter of 2013
|
● |
Non-interest bearing deposits increase $28.5 million from end of first quarter of 2013 to 26% of the overall deposit base
|
● |
Non-Performing Assets to Total Assets of 0.21%
|
● |
Net interest margin of 4.01% reflects excess liquidity following acquisitions
|
●
|
One-time merger related expenses increased by $3.2 million;
|
●
|
Compensation and benefits costs increased by $590,000, primarily due to the increase in employees for a full quarter from the First Associations acquisition and new hires in the lending and credit areas to increase our production of commercial and industrial (“C&I”) loans, commercial real estate (“CRE”) loans, Small Business Administration (“SBA”) loans, homeowner association (“HOA”) loans, and construction loans;
|
●
|
Other real estate owned operations increased by $537,000.
|
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
|
||||||||||||||||||||
(dollars in thousands, except share data)
|
||||||||||||||||||||
June 30,
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
||||||||||||||||
ASSETS
|
2013
|
2013
|
2012
|
2012
|
2012
|
|||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||||||
Cash and due from banks
|
$ | 103,946 | $ | 99,431 | $ | 59,325 | $ | 58,216 | $ | 64,945 | ||||||||||
Federal funds sold
|
26 | 27 | 27 | 27 | 27 | |||||||||||||||
Cash and cash equivalents
|
103,972 | 99,458 | 59,352 | 58,243 | 64,972 | |||||||||||||||
Investment securities available for sale
|
313,047 | 301,160 | 84,066 | 114,250 | 146,134 | |||||||||||||||
Securities held to maturity
|
11,917 | 10,974 | 11,247 | 12,191 | 12,744 | |||||||||||||||
Loans held for sale, net
|
3,617 | 3,643 | 3,681 | 4,728 | 2,401 | |||||||||||||||
Loans held for investment
|
1,055,430 | 941,828 | 982,207 | 859,373 | 795,319 | |||||||||||||||
Allowance for loan losses
|
(7,994 | ) | (7,994 | ) | (7,994 | ) | (7,658 | ) | (7,658 | ) | ||||||||||
Loans held for investment, net
|
1,047,436 | 933,834 | 974,213 | 851,715 | 787,661 | |||||||||||||||
Accrued interest receivable
|
5,766 | 4,898 | 4,126 | 3,933 | 3,968 | |||||||||||||||
Other real estate owned
|
1,186 | 1,561 | 2,258 | 5,521 | 9,339 | |||||||||||||||
Premises and equipment
|
9,997 | 8,862 | 8,575 | 10,067 | 9,429 | |||||||||||||||
Deferred income taxes
|
8,644 | 2,646 | 6,887 | 5,515 | 5,585 | |||||||||||||||
Bank owned life insurance
|
23,674 | 17,701 | 13,485 | 13,362 | 13,240 | |||||||||||||||
Intangible assets
|
7,135 | 4,463 | 2,626 | 2,703 | 2,781 | |||||||||||||||
Goodwill
|
18,234 | 11,854 | - | - | - | |||||||||||||||
Other assets
|
3,833 | 5,601 | 3,276 | 7,108 | 6,781 | |||||||||||||||
TOTAL ASSETS
|
$ | 1,558,458 | $ | 1,406,655 | $ | 1,173,792 | $ | 1,089,336 | $ | 1,065,035 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||||||||||||||
LIABILITIES:
|
||||||||||||||||||||
Deposit accounts:
|
||||||||||||||||||||
Noninterest bearing
|
$ | 345,063 | $ | 316,536 | $ | 213,636 | $ | 211,410 | $ | 150,538 | ||||||||||
Interest bearing:
|
||||||||||||||||||||
Transaction accounts
|
631,951 | 519,828 | 329,925 | 266,478 | 327,556 | |||||||||||||||
Retail certificates of deposit
|
332,015 | 344,968 | 361,207 | 417,982 | 435,097 | |||||||||||||||
Wholesale certificates of deposit
|
5,160 | 4,387 | - | - | - | |||||||||||||||
Total deposits
|
1,314,189 | 1,185,719 | 904,768 | 895,870 | 913,191 | |||||||||||||||
FHLB advances and other borrowings
|
48,082 | 44,191 | 115,500 | 75,500 | 28,500 | |||||||||||||||
Subordinated debentures
|
10,310 | 10,310 | 10,310 | 10,310 | 10,310 | |||||||||||||||
Accrued expenses and other liabilities
|
17,066 | 8,846 | 8,697 | 7,770 | 16,965 | |||||||||||||||
TOTAL LIABILITIES
|
1,389,647 | 1,249,066 | 1,039,275 | 989,450 | 968,966 | |||||||||||||||
STOCKHOLDERS’ EQUITY:
|
||||||||||||||||||||
Common stock, $.01 par value; 25,000,000 shares authorized; shares issued and outstanding of 16,635,786, 15,437,531, 13,661,648, 10,343,434 and 10,329,934 at June 30, 2013, March 31, 2013, December 31, 2012, September 30, 2012 and June 30, 2012, respectively
|
166 | 154 | 137 | 103 | 103 | |||||||||||||||
Additional paid-in capital
|
142,759 | 128,075 | 107,453 | 76,414 | 76,258 | |||||||||||||||
Retained earnings
|
27,545 | 27,794 | 25,822 | 22,011 | 18,549 | |||||||||||||||
Accumulated other comprehensive income (loss), net of tax (benefit) of ($1,160), $1,095, $772, $950 and $810 at June 30, 2013, March 31, 2013, December 31, 2012, September 30, 2012 and June 30, 2012, respectively
|
(1,659 | ) | 1,566 | 1,105 | 1,358 | 1,159 | ||||||||||||||
TOTAL STOCKHOLDERS’ EQUITY
|
168,811 | 157,589 | 134,517 | 99,886 | 96,069 | |||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$ | 1,558,458 | $ | 1,406,655 | $ | 1,173,792 | $ | 1,089,336 | $ | 1,065,035 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||||||
(dollars in thousands, except per share data)
|
||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||||||
June 30, 2013
|
March 31, 2013
|
June 30, 2012
|
June 30, 2013
|
June 30, 2012
|
||||||||||||||||
INTEREST INCOME
|
||||||||||||||||||||
Loans
|
$ | 13,688 | $ | 13,396 | $ | 12,098 | $ | 27,084 | $ | 23,335 | ||||||||||
Investment securities and other interest-earning assets
|
1,248 | 839 | 948 | 2,087 | 1,827 | |||||||||||||||
Total interest income
|
14,936 | 14,235 | 13,046 | 29,171 | 25,162 | |||||||||||||||
INTEREST EXPENSE
|
||||||||||||||||||||
Interest-bearing deposits:
|
||||||||||||||||||||
Interest on transaction accounts
|
280 | 218 | 223 | 498 | 552 | |||||||||||||||
Interest on certificates of deposit
|
753 | 801 | 1,224 | 1,554 | 2,651 | |||||||||||||||
Total interest-bearing deposits
|
1,033 | 1,019 | 1,447 | 2,052 | 3,203 | |||||||||||||||
FHLB advances and other borrowings
|
238 | 240 | 235 | 478 | 470 | |||||||||||||||
Subordinated debentures
|
76 | 77 | 82 | 153 | 166 | |||||||||||||||
Total interest expense
|
1,347 | 1,336 | 1,764 | 2,683 | 3,839 | |||||||||||||||
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES
|
13,589 | 12,899 | 11,282 | 26,488 | 21,323 | |||||||||||||||
PROVISION FOR LOAN LOSSES
|
322 | 296 | - | 618 | - | |||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
13,267 | 12,603 | 11,282 | 25,870 | 21,323 | |||||||||||||||
NONINTEREST INCOME
|
||||||||||||||||||||
Loan servicing fees
|
318 | 326 | 214 | 644 | 391 | |||||||||||||||
Deposit fees
|
457 | 440 | 472 | 897 | 973 | |||||||||||||||
Net gain from sales of loans
|
222 | 723 | 10 | 945 | 10 | |||||||||||||||
Net gain from sales of investment securities
|
1,068 | - | 174 | 1,068 | 174 | |||||||||||||||
Other-than-temporary impairment loss on investment securities, net
|
(5 | ) | (30 | ) | (45 | ) | (35 | ) | (82 | ) | ||||||||||
Gain on FDIC transaction
|
- | - | 5,340 | - | 5,340 | |||||||||||||||
Other income
|
371 | 265 | 364 | 636 | 662 | |||||||||||||||
Total noninterest income
|
2,431 | 1,724 | 6,529 | 4,155 | 7,468 | |||||||||||||||
NONINTEREST EXPENSE
|
||||||||||||||||||||
Compensation and benefits
|
5,687 | 5,097 | 3,947 | 10,784 | 7,467 | |||||||||||||||
Premises and occupancy
|
1,329 | 1,293 | 981 | 2,622 | 1,859 | |||||||||||||||
Data processing and communications
|
755 | 635 | 817 | 1,390 | 1,184 | |||||||||||||||
Other real estate owned operations, net
|
574 | 37 | 590 | 611 | 737 | |||||||||||||||
FDIC insurance premiums
|
196 | 140 | 168 | 336 | 301 | |||||||||||||||
Legal, audit and professional expense
|
249 | 595 | 552 | 844 | 1,038 | |||||||||||||||
Marketing expense
|
264 | 206 | 264 | 470 | 479 | |||||||||||||||
Office and postage expense
|
322 | 263 | 217 | 585 | 380 | |||||||||||||||
Loan expense
|
184 | 248 | 177 | 432 | 413 | |||||||||||||||
Deposit expense
|
515 | 160 | 34 | 675 | 97 | |||||||||||||||
Merger related expense
|
4,978 | 1,745 | - | 6,723 | - | |||||||||||||||
Other expense
|
803 | 760 | 458 | 1,563 | 891 | |||||||||||||||
Total noninterest expense
|
15,856 | 11,179 | 8,205 | 27,035 | 14,846 | |||||||||||||||
NET INCOME (LOSS) BEFORE INCOME TAXES
|
(158 | ) | 3,148 | 9,606 | 2,990 | 13,945 | ||||||||||||||
INCOME TAX
|
91 | 1,176 | 3,795 | 1,267 | 5,442 | |||||||||||||||
NET INCOME (LOSS)
|
$ | (249 | ) | $ | 1,972 | $ | 5,811 | $ | 1,723 | $ | 8,503 | |||||||||
EARNINGS (LOSS) PER SHARE
|
||||||||||||||||||||
Basic
|
$ | (0.02 | ) | $ | 0.14 | $ | 0.56 | $ | 0.12 | $ | 0.82 | |||||||||
Diluted
|
$ | (0.02 | ) | $ | 0.13 | $ | 0.54 | $ | 0.11 | $ | 0.80 | |||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING
|
||||||||||||||||||||
Basic
|
15,516,537 | 14,355,407 | 10,329,934 | 14,939,179 | 10,332,935 | |||||||||||||||
Diluted
|
15,516,537 | 15,117,216 | 10,669,005 | 15,721,262 | 10,647,590 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
STATISTICAL INFORMATION
|
||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||||||||||
June 30, 2013
|
March 31, 2013
|
June 30, 2012
|
June 30, 2013
|
June 30, 2012
|
||||||||||||||||
Profitability and Productivity
|
||||||||||||||||||||
Net interest margin
|
4.01 | % | 4.62 | % | 4.64 | % | 4.28 | % | 4.48 | % | ||||||||||
Noninterest expense to average total assets
|
4.51 | 3.82 | 3.21 | 4.19 | 2.98 | |||||||||||||||
Efficiency ratio (1)
|
69.95 | 67.60 | 61.98 | 68.81 | 60.64 | |||||||||||||||
Return on average assets
|
(0.07 | ) | 0.67 | 2.28 | 0.27 | 1.71 | ||||||||||||||
Return on average equity
|
(0.63 | ) | 5.65 | 25.21 | 2.30 | 18.88 | ||||||||||||||
Asset and liability activity
|
||||||||||||||||||||
Loans originated and purchased
|
$ | 189,443 | $ | 116,258 | $ | 176,769 | $ | 305,701 | $ | 210,074 | ||||||||||
Repayments
|
(33,375 | ) | (45,244 | ) | (56,967 | ) | (78,619 | ) | (92,186 | ) | ||||||||||
Loans sold
|
(2,172 | ) | (5,048 | ) | (584 | ) | (7,220 | ) | (584 | ) | ||||||||||
Increase (decrease) in loans, net
|
113,576 | (40,417 | ) | 102,921 | 73,159 | 59,995 | ||||||||||||||
Increase in assets
|
151,803 | 232,863 | 79,864 | 384,666 | 103,907 | |||||||||||||||
Increase in deposits
|
128,470 | 280,951 | 66,474 | 409,421 | 84,314 | |||||||||||||||
Increase (decrease) in borrowings
|
3,891 | (71,309 | ) | - | (67,418 | ) | - | |||||||||||||
(1) Represent the ratio of noninterest expense less OREO operations and merger related expense to the sum of net interest income before provision for loan losses and total noninterest income less gains/(loss) on sale of securities, and gain on FDIC transactions.
|
Average Balance Sheet
|
||||||||||||||||||||||||||||||||||||
Three Months Ended
|
Three Months Ended
|
Three Months Ended
|
||||||||||||||||||||||||||||||||||
June 30, 2013
|
March 31, 2013
|
June 30, 2012
|
||||||||||||||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||||||||||||
Balance
|
Interest
|
Yield/Cost
|
Balance
|
Interest
|
Yield/Cost
|
Balance
|
Interest
|
Yield/Cost
|
||||||||||||||||||||||||||||
Assets
|
(dollars in thousands)
|
|||||||||||||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 98,451 | $ | 60 | 0.24 | % | $ | 69,143 | $ | 37 | 0.22 | % | $ | 72,988 | $ | 35 | 0.19 | % | ||||||||||||||||||
Federal funds sold
|
26 | - | 0.00 | % | 27 | - | 0.00 | % | 27 | - | 0.00 | % | ||||||||||||||||||||||||
Investment securities
|
297,912 | 1,188 | 1.60 | % | 134,895 | 802 | 2.38 | % | 163,151 | 913 | 2.24 | % | ||||||||||||||||||||||||
Loans receivable, net (1)
|
964,486 | 13,688 | 5.69 | % | 928,577 | 13,396 | 5.85 | % | 736,178 | 12,098 | 6.57 | % | ||||||||||||||||||||||||
Total interest-earning assets
|
1,360,875 | 14,936 | 4.40 | % | 1,132,642 | 14,235 | 5.09 | % | 972,344 | 13,046 | 5.36 | % | ||||||||||||||||||||||||
Noninterest-earning assets
|
44,064 | 38,911 | 48,880 | |||||||||||||||||||||||||||||||||
Total assets
|
$ | 1,404,939 | $ | 1,171,553 | $ | 1,021,224 | ||||||||||||||||||||||||||||||
Liabilities and Equity
|
||||||||||||||||||||||||||||||||||||
Deposit accounts:
|
||||||||||||||||||||||||||||||||||||
Noninterest-bearing
|
$ | 309,311 | $ | - | 0.00 | % | $ | 237,081 | $ | - | 0.00 | % | $ | 140,352 | $ | - | 0.00 | % | ||||||||||||||||||
Interest-bearing:
|
||||||||||||||||||||||||||||||||||||
Transaction accounts
|
521,784 | 280 | 0.22 | % | 379,638 | 218 | 0.23 | % | 323,813 | 223 | 0.28 | % | ||||||||||||||||||||||||
Retail certificates of deposit
|
336,165 | 745 | 0.89 | % | 349,471 | 800 | 0.93 | % | 416,818 | 1,221 | 1.18 | % | ||||||||||||||||||||||||
Wholesale certificates of deposit
|
4,690 | 8 | 0.68 | % | 833 | 1 | 0.49 | % | 3,514 | 3 | 0.34 | % | ||||||||||||||||||||||||
Total deposits
|
1,171,950 | 1,033 | 0.35 | % | 967,023 | 1,019 | 0.43 | % | 884,497 | 1,447 | 0.66 | % | ||||||||||||||||||||||||
FHLB advances and other borrowings
|
53,891 | 238 | 1.77 | % | 44,769 | 240 | 2.17 | % | 28,588 | 235 | 3.31 | % | ||||||||||||||||||||||||
Subordinated debentures
|
10,310 | 76 | 2.96 | % | 10,310 | 77 | 3.03 | % | 10,310 | 82 | 3.20 | % | ||||||||||||||||||||||||
Total borrowings
|
64,201 | 314 | 1.96 | % | 55,079 | 317 | 2.33 | % | 38,898 | 317 | 3.28 | % | ||||||||||||||||||||||||
Total deposits and borrowings
|
1,236,151 | 1,347 | 0.44 | % | 1,022,102 | 1,336 | 0.53 | % | 923,395 | 1,764 | 0.77 | % | ||||||||||||||||||||||||
Other liabilities
|
9,645 | 9,766 | 5,627 | |||||||||||||||||||||||||||||||||
Total liabilities
|
1,245,796 | 1,031,868 | 929,022 | |||||||||||||||||||||||||||||||||
Stockholders' equity
|
159,143 | 139,685 | 92,202 | |||||||||||||||||||||||||||||||||
Total liabilities and equity
|
$ | 1,404,939 | $ | 1,171,553 | $ | 1,021,224 | ||||||||||||||||||||||||||||||
Net interest income
|
$ | 13,589 | $ | 12,899 | $ | 11,282 | ||||||||||||||||||||||||||||||
Net interest rate spread (2)
|
3.96 | % | 4.56 | % | 4.59 | % | ||||||||||||||||||||||||||||||
Net interest margin (3)
|
4.01 | % | 4.62 | % | 4.64 | % | ||||||||||||||||||||||||||||||
Ratio of interest-earning assets to deposits and borrowings
|
110.09 | % | 110.81 | % | 105.30 | % |
(1)
|
Average balance includes loans held for sale and nonperforming loans and is net of deferred loan origination fees, unamortized discounts and premiums, and allowance for loan losses.
|
(2)
|
Represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
|
(3)
|
Represents net interest income divided by average interest-earning assets.
|
Average Balance Sheet
|
||||||||||||||||||||||||
Six Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||
June 30, 2013
|
June 30, 2012
|
|||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
Balance
|
Interest
|
Yield/Cost
|
Balance
|
Interest
|
Yield/Cost
|
|||||||||||||||||||
Assets
|
(dollars in thousands)
|
|||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 83,879 | $ | 98 | 0.24 | % | $ | 84,583 | $ | 86 | 0.20 | % | ||||||||||||
Federal funds sold
|
27 | - | 0.00 | % | 27 | - | 0.00 | % | ||||||||||||||||
Investment securities
|
216,854 | 1,989 | 1.83 | % | 149,683 | 1,741 | 2.33 | % | ||||||||||||||||
Loans receivable, net (1)
|
946,631 | 27,084 | 5.77 | % | 717,551 | 23,335 | 6.50 | % | ||||||||||||||||
Total interest-earning assets
|
1,247,391 | 29,171 | 4.71 | % | 951,844 | 25,162 | 5.28 | % | ||||||||||||||||
Noninterest-earning assets
|
41,789 | 44,690 | ||||||||||||||||||||||
Total assets
|
$ | 1,289,180 | $ | 996,534 | ||||||||||||||||||||
Liabilities and Equity
|
||||||||||||||||||||||||
Deposit accounts:
|
||||||||||||||||||||||||
Noninterest-bearing
|
$ | 273,440 | $ | - | 0.00 | % | $ | 129,269 | $ | - | 0.00 | % | ||||||||||||
Interest-bearing:
|
||||||||||||||||||||||||
Transaction accounts
|
451,104 | 498 | 0.22 | % | 309,614 | 552 | 0.36 | % | ||||||||||||||||
Retail certificates of deposit
|
342,782 | 1,545 | 0.91 | % | 420,226 | 2,649 | 1.27 | % | ||||||||||||||||
Wholesale certificates of deposit
|
2,772 | 9 | 0.65 | % | 1,757 | 2 | 0.23 | % | ||||||||||||||||
Total deposits
|
1,070,098 | 2,052 | 0.39 | % | 860,866 | 3,203 | 0.75 | % | ||||||||||||||||
FHLB advances and other borrowings
|
49,355 | 478 | 1.95 | % | 28,577 | 470 | 3.31 | % | ||||||||||||||||
Subordinated debentures
|
10,310 | 153 | 2.99 | % | 10,310 | 166 | 3.24 | % | ||||||||||||||||
Total borrowings
|
59,665 | 631 | 2.13 | % | 38,887 | 636 | 3.29 | % | ||||||||||||||||
Total deposits and borrowings
|
1,129,763 | 2,683 | 0.48 | % | 899,753 | 3,839 | 0.86 | % | ||||||||||||||||
Other liabilities
|
9,685 | 6,689 | ||||||||||||||||||||||
Total liabilities
|
1,139,448 | 906,442 | ||||||||||||||||||||||
Stockholders' equity
|
149,732 | 90,092 | ||||||||||||||||||||||
Total liabilities and equity
|
$ | 1,289,180 | $ | 996,534 | ||||||||||||||||||||
Net interest income
|
$ | 26,488 | $ | 21,323 | ||||||||||||||||||||
Net interest rate spread (2)
|
4.23 | % | 4.42 | % | ||||||||||||||||||||
Net interest margin (3)
|
4.28 | % | 4.48 | % | ||||||||||||||||||||
Ratio of interest-earning assets to deposits and borrowings
|
110.41 | % | 105.79 | % |
(1)
|
Average balance includes loans held for sale and nonperforming loans and is net of deferred loan origination fees, unamortized discounts and premiums, and allowance for loan losses.
|
(2)
|
Represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
|
(3)
|
Represents net interest income divided by average interest-earning assets.
|
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
STATISTICAL INFORMATION
|
||||||||||||||||||||
June 30, 2013
|
March 31, 2013
|
December 31, 2012
|
September 30, 2012
|
June 30, 2012
|
||||||||||||||||
Pacific Premier Bank Capital Ratios
|
||||||||||||||||||||
Tier 1 leverage ratio
|
10.97 | % | 12.55 | % | 12.07 | % | 9.48 | % | 9.48 | % | ||||||||||
Tier 1 risk-based capital ratio
|
13.34 | % | 14.43 | % | 12.99 | % | 11.04 | % | 11.28 | % | ||||||||||
Total risk-based capital ratio
|
14.07 | % | 15.23 | % | 13.79 | % | 11.88 | % | 12.18 | % | ||||||||||
Pacific Premier Bancorp, Inc. Capital Ratios
|
||||||||||||||||||||
Tier 1 leverage ratio
|
11.15 | % | 12.84 | % | 12.71 | % | 9.58 | % | 9.60 | % | ||||||||||
Tier 1 risk-based capital ratio
|
13.54 | % | 14.61 | % | 13.61 | % | 11.09 | % | 11.35 | % | ||||||||||
Total risk-based capital ratio
|
14.27 | % | 15.40 | % | 14.43 | % | 11.93 | % | 12.26 | % | ||||||||||
Tangible common equity ratio (1)
|
9.36 | % | 10.16 | % | 11.26 | % | 8.94 | % | 8.78 | % | ||||||||||
Share Data
|
||||||||||||||||||||
Book value per share
|
$ | 10.15 | $ | 10.21 | $ | 9.85 | $ | 9.66 | $ | 9.30 | ||||||||||
Tangible book value per share (1)
|
8.62 | 9.15 | 9.65 | 9.40 | 9.03 | |||||||||||||||
Closing stock price
|
12.22 | 13.15 | 10.24 | 9.54 | 8.40 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
STATISTICAL INFORMATION
|
||||||||||||||||||||
(dollars in thousands, except per share data)
|
||||||||||||||||||||
June 30, 2013
|
March 31, 2013
|
December 31, 2012
|
September 30, 2012
|
June 30, 2012
|
||||||||||||||||
Total stockholders' equity
|
$ | 168,811 | $ | 157,589 | $ | 134,517 | $ | 99,886 | $ | 96,069 | ||||||||||
Less: Intangible assets
|
(25,369 | ) | (16,317 | ) | (2,626 | ) | (2,703 | ) | (2,781 | ) | ||||||||||
Tangible common equity
|
$ | 143,442 | $ | 141,272 | $ | 131,891 | $ | 97,183 | $ | 93,288 | ||||||||||
Book value per share
|
$ | 10.15 | $ | 10.21 | $ | 9.85 | $ | 9.66 | $ | 9.30 | ||||||||||
Less: Intangible book value per share
|
(1.53 | ) | (1.06 | ) | (0.20 | ) | (0.26 | ) | (0.27 | ) | ||||||||||
Tangible book value per share
|
$ | 8.62 | $ | 9.15 | $ | 9.65 | $ | 9.40 | $ | 9.03 | ||||||||||
Total assets
|
$ | 1,558,458 | $ | 1,406,655 | $ | 1,173,792 | $ | 1,089,336 | $ | 1,065,035 | ||||||||||
Less: Intangible assets
|
(25,369 | ) | (16,317 | ) | (2,626 | ) | (2,703 | ) | (2,781 | ) | ||||||||||
Tangible assets
|
$ | 1,533,089 | $ | 1,390,338 | $ | 1,171,166 | $ | 1,086,633 | $ | 1,062,254 | ||||||||||
Tangible common equity ratio
|
9.36 | % | 10.16 | % | 11.26 | % | 8.94 | % | 8.78 | % |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
STATISTICAL INFORMATION
|
||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||
June 30, 2013
|
March 31, 2013
|
December 31, 2012
|
September 30, 2012
|
June 30, 2012
|
||||||||||||||||
Loan Portfolio
|
||||||||||||||||||||
Business loans:
|
||||||||||||||||||||
Commercial and industrial
|
$ | 146,240 | $ | 140,592 | $ | 115,354 | $ | 88,105 | $ | 84,191 | ||||||||||
Commercial owner occupied (1)
|
201,802 | 166,571 | 150,934 | 148,139 | 150,428 | |||||||||||||||
SBA
|
5,820 | 5,116 | 6,882 | 4,736 | 3,995 | |||||||||||||||
Warehouse facilities
|
135,317 | 138,935 | 195,761 | 112,053 | 61,111 | |||||||||||||||
Real estate loans:
|
||||||||||||||||||||
Commercial non-owner occupied
|
295,767 | 256,015 | 253,409 | 262,046 | 242,700 | |||||||||||||||
Multi-family
|
172,797 | 139,100 | 156,424 | 173,484 | 183,742 | |||||||||||||||
One-to-four family (2)
|
84,672 | 87,109 | 97,463 | 62,771 | 56,694 | |||||||||||||||
Construction
|
2,135 | - | - | 308 | 281 | |||||||||||||||
Land
|
10,438 | 7,863 | 8,774 | 11,005 | 11,191 | |||||||||||||||
Other loans
|
4,969 | 4,690 | 1,193 | 2,191 | 4,019 | |||||||||||||||
Total gross loans (3)
|
1,059,957 | 945,991 | 986,194 | 864,838 | 798,352 | |||||||||||||||
Less loans held for sale, net
|
(3,617 | ) | (3,643 | ) | (3,681 | ) | 4,728 | (2,401 | ) | |||||||||||
Total gross loans held for investment
|
1,056,340 | 942,348 | 982,513 | 860,110 | 795,951 | |||||||||||||||
Less:
|
||||||||||||||||||||
Deferred loan origination costs/(fees) and premiums/(discounts)
|
(910 | ) | (520 | ) | (306 | ) | (737 | ) | (632 | ) | ||||||||||
Allowance for loan losses
|
(7,994 | ) | (7,994 | ) | (7,994 | ) | (7,658 | ) | (7,658 | ) | ||||||||||
Loans held for investment, net
|
$ | 1,047,436 | $ | 933,834 | $ | 974,213 | $ | 851,715 | $ | 787,661 | ||||||||||
Asset Quality
|
||||||||||||||||||||
Nonaccrual loans
|
$ | 2,032 | $ | 3,102 | $ | 2,206 | $ | 6,280 | $ | 8,426 | ||||||||||
Other real estate owned
|
1,186 | 1,561 | 2,258 | 5,521 | 9,339 | |||||||||||||||
Nonperforming assets
|
$ | 3,218 | 4,663 | $ | 4,464 | 11,801 | $ | 17,765 | ||||||||||||
Allowance for loan losses
|
7,994 | 7,994 | 7,994 | 7,658 | 7,658 | |||||||||||||||
Allowance for loan losses as a percent of total nonperforming loans
|
393.41 | % | 257.70 | % | 362.38 | % | 121.94 | % | 90.89 | % | ||||||||||
Nonperforming loans as a percent of gross loans
|
0.19 | 0.33 | 0.22 | 0.73 | 1.06 | |||||||||||||||
Nonperforming assets as a percent of total assets
|
0.21 | 0.33 | 0.38 | 1.08 | 1.67 | |||||||||||||||
Net loan charge-offs for the quarter ended
|
$ | 322 | $ | 296 | $ | 270 | $ | 145 | $ | 458 | ||||||||||
Net loan charge-offs for quarter to average total loans, net
|
0.13 | % | 0.13 | % | 0.12 | % | 0.07 | % | 0.25 | % | ||||||||||
Allowance for loan losses to gross loans
|
0.75 | 0.85 | 0.81 | 0.89 | 0.96 | |||||||||||||||
Delinquent Loans:
|
||||||||||||||||||||
30 - 59 days
|
$ | 669 | $ | 58 | $ | 106 | $ | 2,565 | $ | 399 | ||||||||||
60 - 89 days
|
580 | 1,077 | 303 | 164 | 2,885 | |||||||||||||||
90+ days (4)
|
1,073 | 1,881 | 482 | 4,154 | 3,423 | |||||||||||||||
Total delinquency
|
$ | 2,322 | $ | 3,016 | $ | 891 | $ | 6,883 | $ | 6,707 | ||||||||||
Delinquency as a % of total gross loans
|
0.22 | % | 0.32 | % | 0.09 | % | 0.80 | % | 0.84 | % | ||||||||||
(1) Majority secured by real estate.
|
||||||||||||||||||||
(2) Includes second trust deeds.
|
||||||||||||||||||||
(3) Total gross loans for June 30, 2013 is net of the mark-to-market discounts on Canyon National loans of $2.1 million, on Palm Desert National loans of $4.0 million, and on SDTB loans of $560,000 and of the mark-to-market premium on FAB loans of $103,000.
|
||||||||||||||||||||
(4) All 90 day or greater delinquencies are on nonaccrual status and reported as part of nonperforming assets.
|