Parent Company Financial Information

12 Months Ended

Dec. 31, 2013

Parent Company Financial Information

Parent Company Financial Information

19. Parent Company Financial Information

The Corporation is a California-based bank holding company organized in 1997 as a Delaware corporation and owns 100% of the capital stock of the Bank, its principal operating subsidiary.  The Bank was incorporated and commenced operations in 1983.  Condensed financial statements of the Corporation are as follows:

PACIFIC PREMIER BANCORP, INC.

STATEMENTS OF FINANCIAL CONDITION

(Parent company only)

	At December 31,
	2013		2012
	(in thousands)
Assets:
Cash and cash equivalents	$	2,873	$	7,027
Deferred income taxes	3,280		4,129
Investment in subsidiaries	179,034		133,560
Other assets	611		411
Total Assets	$	185,798	$	145,127
Liabilities:
Subordinated debentures	$	10,310	$	10,310
Accrued expenses and other liabilities	262		301
Total Liabilities	10,572		10,611
Total Stockholders’ Equity	175,226		134,516
Total Liabilities and Stockholders’ Equity	$	185,798	$	145,127

PACIFIC PREMIER BANCORP, INC.

STATEMENTS OF OPERATIONS

(Parent company only)

	For the Years Ended December 31,
	2013			2012			2011
	(in thousands)
Income:
Interest income	$	20		$	4		$	4
Noninterest income	3			24			6
Total income	23			28			10
Expense:
Interest expense	307			326			310
Noninterest expense	2,141			1,138			546
Total expense	2,448			1,464			856
Loss before income tax provision	(2,425		)	(1,436		)	(846		)
Income tax benefit	(827		)	(591		)	(349		)
Net loss (parent only)	(1,598		)	(845		)	(497		)
Equity in net earnings of subsidiaries	10,591			16,621			11,069
Net income	$	8,993		$	15,776		$	10,572

PACIFIC PREMIER BANCORP, INC.

SUMMARY STATEMENTS OF CASH FLOWS

(Parent company only)

	For the Years Ended December 31,
	2013			2012			2011
	(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	8,993		$	15,776		$	10,572
Adjustments to reconcile net income to cash used in operating activities:
Share-based compensation expense	943			177			208
Equity in net earnings of subsidiaries	(10,591		)	(16,621		)	(11,069		)
Increase (decrease) in accrued expenses and other liabilities	(39		)	154			(192		)
Increase (decrease) in current and deferred taxes	1,153			93			352
Decrease (increase) in other assets	(504		)	44			(128		)
Net cash used in operating activities	(45		)	(377		)	(257		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividend from Bank	—			800			3,450
Proceeds from issuance of common stock, net of issuance cost	4,560			30,958			—
Repurchase Pacific Premier Bancorp Warrants	—			—			(3,660		)
Repurchase of common stock	(59		)	(195		)	(451		)
Proceeds from exercise of options and warrants	90			237			274
Capital contribution to Bank	(8,700		)	(25,000		)	—
Net cash provided by (used in) financing activities	(4,109		)	6,800			(387		)
Net increase (decrease) in cash and cash equivalents	(4,154		)	6,423			(644		)
Cash and cash equivalents, beginning of year	7,027			604			1,248
Cash and cash equivalents, end of year	$	2,873		$	7,027		$	604