Subordinated Debentures (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of outstanding subordinated debentures

The following table summarizes activities in other borrowings for the periods indicated:

	Year Ended December 31,
	2019			2018
	(dollars in thousands)
Average balance outstanding	$	229		$	29,193
Weighted average rate	0.63		%	1.69		%
Maximum amount outstanding at any month-end during the year	10,000			52,091
Balance outstanding at end of year	—			75
Weighted average interest rate at year-end	—		%	0.01		%

The following table summarizes our outstanding subordinated debentures as of December 31:

						2019		2018
	Stated Maturity	Current Interest Rate		Current Principal Balance		Carrying Value
				(dollars in thousands)
Subordinated notes
Subordinated notes due 2024, 5.75% per annum	September 3, 2024	5.75	%	$	60,000	$	59,432	$	59,312
Subordinated notes due 2029, 4.875% per annum until May 15, 2024, 3-month LIBOR +2.5% thereafter	May 15, 2029	4.875	%	125,000		122,622		—
Subordinated notes due 2025, 7.125% per annum	June 26, 2025	7.125	%	25,000		25,133		25,158
Total subordinated notes				210,000		207,187		84,470
Subordinated debt
PPBI Trust I, 3-month LIBOR+2.75%	April 6, 2034			—		—		10,310
Heritage Oaks Capital Trust II (junior subordinated debt), 3-month LIBOR+1.72%	January 1, 2037	3.82	%	5,248		4,054		3,986
Santa Lucia Bancorp (CA) Capital Trust (junior subordinated debt), 3-month LIBOR+1.48%	July 7, 2036	3.47	%	5,155		3,904		3,829
Mission Community Capital Trust (junior subordinated debt), 3-month LIBOR+2.95%	October 7, 2033			—		—		2,787
First Commerce Bancorp Statutory Trust I (junior subordinated debt), 3-month LIBOR+2.95%	September 17, 2033			—		—		4,931
Total subordinated debt				10,403		7,958		25,843
Total subordinated debentures				$	220,403	$	215,145	$	110,313

Schedule of summarizes activities for our subordinated debentures

The following table summarizes activities for our subordinated debentures for the periods indicated:

	Year Ended December 31,
	2019			2018
	(dollars in thousands)
Average balance outstanding	$	183,383		$	107,732
Weighted average rate	5.82		%	6.23		%
Maximum amount outstanding at any month-end during the year	233,119			110,313
Balance outstanding at end of year	215,145			110,313
Weighted average interest rate at year-end	5.37		%	6.04		%