Parent Company Financial Information

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Information

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,
	2019		2018
	(dollars in thousands)
Assets
Cash and cash equivalents	$	13,717	$	13,160
Investment in subsidiaries	2,217,903		2,068,077
Other assets	1,230		1,689
Total Assets	$	2,232,850	$	2,082,926
Liabilities
Subordinated debentures	$	215,145	$	110,313
Accrued expenses and other liabilities	5,111		2,916
Total Liabilities	220,256		113,229
Total Stockholders’ Equity	2,012,594		1,969,697
Total Liabilities and Stockholders’ Equity	$	2,232,850	$	2,082,926

PACIFIC PREMIER BANCORP, INC.
STATEMENTS OF OPERATIONS
(Parent company only)
	For the Year Ended December 31,
	2019			2018			2017
	(dollars in thousands)
Income
Dividend income from the Bank	$	54,118		$	—		$	—
Interest income	51			57			36
Total income	54,169			57			36
Expense
Interest expense on subordinated debentures	10,680			6,716			4,721
Compensation and benefits	3,106			2,757			2,832
Other noninterest expense	2,818			3,384			6,123
Total expense	16,604			12,857			13,676
Income (loss) before income tax provision	37,565			(12,800		)	(13,640		)
Income tax benefit	(4,695		)	(3,680		)	(5,417		)
Income (loss) before undistributed income of subsidiary	42,260			(9,120		)	(8,223		)
Equity in undistributed earnings of subsidiary	117,458			132,460			68,323
Net income	$	159,718		$	123,340		$	60,100

PACIFIC PREMIER BANCORP, INC.
SUMMARY STATEMENTS OF CASH FLOWS
(Parent company only)
	For the Year Ended December 31,
	2019			2018			2017
	(dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	159,718		$	123,340		$	60,100
Adjustments to reconcile net income to cash used in operating activities:
Share-based compensation expense	10,528			9,033			5,809
Equity in undistributed earnings of subsidiary and dividends from the bank	(117,458		)	(132,460		)	(68,323		)
Increase in current and deferred taxes	42			65			—
Change in accrued expenses and other liabilities, net	3,131			(4,149		)	(365		)
Change in accrued interest receivable and other assets, net	(4,826		)	2,461			817
Net cash provided by (used) in operating activities	51,135			(1,710		)	(1,962		)
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash acquired in acquisitions, net	—			2,985			—
Other, net	—			(5,467		)	601
Net cash (used in) provided by investing activities	—			(2,482		)	601
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of junior subordinated debt securities	(18,558		)	—			—
Proceeds from issuance of subordinated debt, net	122,453			—			—
Cash dividends paid	(53,867		)	—			—
Repurchase and retirement of common stock	(100,000		)	—			—
Proceeds from exercise of options	2,679			1,924			4,592
Restricted stock surrendered and canceled	(3,285		)	(1,669		)	(1,258		)
Net cash (used in) provided by financing activities	(50,578		)	255			3,334
Net increase (decrease) in cash and cash equivalents	557			(3,937		)	1,973
Cash and cash equivalents, beginning of year	13,160			17,097			15,124
Cash and cash equivalents, end of year	$	13,717		13,160			$	17,097