8-K

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): December 1, 2004

PACIFIC PREMIER BANCORP, INC.
(Exact Name of Registrant as Specified in its Charter)

	0-22193 (Commission File No.)
DELAWARE		33-0743196
(State or Other Jurisdiction of Incorporation)		(IRS Employer Identification No.)

1600 Sunflower Ave, Second Floor, Costa Mesa, CA 92626
(Address of Principal Executive Offices) (Zip Code)

(714) 431-4000
(Registrant’s Telephone Number, Including Area Code)

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:

|_| 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))

Item 7.01 Regulation FD Disclosure

On December 1, 2004 Pacific Premier Bancorp, Inc. President and CEO, Steven R. Gardner, will be presenting at Friedman Billings Ramsey (“FBR”) 11th Annual Investor Conference on Wednesday, December 1, 2004, at 9:30am EST.

Item 9.01 Financial Statements and Exhibits

A copy of PPBI’s slide presentation as presented at the Friedman Billings Ramsey (“FBR”) 11th Annual Investor Conference on Wednesday, December 1, 2004, is attached hereto as Exhibit 99.1 and hereby incorporated by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	PACIFIC PREMIER BANCORP, INC.
Dated: December 1, 2004	By:	/s/ STEVEN R. GARDNER Steven R. Gardner President and Chief Executive Officer

EX-99.1

 

1

Forward Looking Statements

This presentation may include forward-looking statements. The statements contained herein that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties. These include, but are not limited to, the following risks: (1) changes in the performance of the financial markets, (2) changes in the demand for and market acceptance of the Company’s products and services, (3) changes in general economic conditions including interest rates, presence of competitors with greater financial resources, and the impact of competitive projects and pricing, (4) the effect of the Company’s policies, (5) the continued availability of adequate funding sources, (6) and various legal, regulatory and litigation risks.

 

2

PPBI Overview

Southern California Community Bank as of 9/30/04

• NASDAQ National Market	PPBI
• Assets	$488 million
• Fully diluted shares	6,652,867
• Fully diluted BV per share	$6.89
• Annualized ROAA	1.85
• Annualized ROAE	17.92

 

3

PPBI Overview

• Community bank business model - Thrift Charter

• Income Property lending focus

• New management repositioned the Company

• Exceptional growth prospects being realized

 

4

Comparison 9/30/03 - 9/30/04

Exceptional growth realized

• Net loans increased 111% - $192M to $405M

• Total Assets increased 90% - $257M to $488M

• Pre-tax income growth of 594% - $735k to $5.1M

• Net Income growth of 215% - $1.3M to $4.1M

 

5

Experienced Management Team

Name (Age)	Position	Years Experience
Steven Gardner (43)	President & Chief Executive Officer	21
John Shindler (49)	Chief Financial Officer	27
Eddie Wilcox (37)	Chief Lending Officer	16
Bruce Larson (47)	Chief Credit Officer	21
Kathi Duncan (47)	Director of Operations and Compliance	24
Jim Sanchez (41)	Director of Information Technology	20
Robert Johnson (60)	Director of Internal Audit	32

 

6

Growth and Operating Strategies

Lending:

• Maturing to full banking relationship

• Increase Commercial Real Estate Loans

• Continue to grow market share of MFR loans

• Commercial Business Lending

Deposit:

• Core deposit growth through relationship banking

• Opening of additional branches

• Business banking relationships

 

7

Southern California Marketplace

• Income Property Loan Markets

• Multi-family: $17.5B, Commercial Real Estate: $34.8B - 12 months ending 8/31/04

• Unemployment

• Los Angeles: 6.2%, Orange: 3.2%, San Diego: 3.8%, San Bernardino: 6.0%

• Vacancy Rates

• Los Angeles: 2.9%, Orange: 3.9%, San Diego: 3.5%, San Bernardino: 3.7%

• Median Home Prices

• Los Angeles: $459.7, Orange: $633.3, San Diego: $573.1, San Bernardino: $306.2

• Median Income

• Los Angeles: $53.5, Orange: $74.2, San Diego: $63.4, San Bernardino: $54.3

 

8

Lending Strategy

• Relationship focused

• Leverage MFR success to grow CRE

• MFR market share expansion

• Business Lending introduced in Q4 2004

• Asset quality directs our lending activities

 

9

Loan Portfolio Composition
(dollars in thousands)

 

10

Income Property
(dollars in thousands)

 

11

Loan Portfolio Characteristics

As of September 30, 2004

Multifamily
Average Loan to Value	63.5%
Average Debt Coverage Ratio	1.33:1
Average Balance	$    687,000
Commercial Real Estate
Average Loan to Value	60.9%
Average Debt Coverage Ratio	1.49:1
Average Balance	$    922,000

 

12

Improving Asset Quality Trends:
NPAs to Total Assets

 

13

Branch Banking Strategy

Grow core deposit base

• Reorganized in Q4 2004

• Relationship banking focus

• Opening of additional branches

• Enhanced product offerings

• Business banking relationship

 

14

Deposit Portfolio Composition
(dollars in thousands)

      


 

15

Deposit Transaction Accounts
(dollars in thousands)

 

16

Financial Performance

17

Balance Sheet
(in thousands)

	As of
	9/30/2004		12/31/2003		12/31/2002		12/31/2001
Assets:
Cash and Investments	69,656		44,715		61,833		42,365
Loans, net	405,853		247,600		158,231		187,176
Participation Contract	1,105		5,977		4,869		4,428
Other Assets	11,531		11,076		13,345		9,698
Total Assets	$ 488,145		$ 309,368		$ 238,278		$ 243,667
Liabilities:
Deposits	278,535		221,447		191,170		232,160
FHLB Advances and other borrowings	151,900		48,600		20,000		—
Notes Payable	—		—		11,440		—
Subordinated Debt	10,310		—		1,500		1,500
Other Liabilities	4,622		1,989		2,545		2,359
Total Liabilities	445,367		272,036		226,655		236,019
Stockholders’ Equity
Common Stock	53		53		13		13
Additional Paid-in Capital	67,564		67,546		43,328		42,628
Accumulated Deficit	(24,596	)	(30,021	)	(32,086	)	(34,964	)
Accumulated Other Comprehensive Income	(243	)	(246	)	368		(29	)
Total Stockholders’ Equity	42,778		37,332		11,623		7,648
Total Liabilities and Stockholders’ Equity	$ 488,145		$ 309,368		$ 238,278		$ 243,667
Fully Diluted Book Value per share	$       6.89		$       5.98		$       4.98		$       5.73

 

18

Income Statement
(dollars in thousands)

	9 Months Ended	12 Months Ended
	9/30/2004	12/31/2003		12/31/2002		12/31/2001
Interest Income
Loans	$13,820	$ 12,366		$ 12,345		$ 21,973
Other Int. Earning Assets	3,072	4,882		6,527		2,469
Total Interest Income	16,892	17,248		18,872		24,442
Interest Expense
Deposits	3,948	4,954		6,314		14,989
FHLB Advances	1,116	541		535		992
Notes and Debentures	218	2,162		2,061		210
Total Interest Expense	5,282	7,657		8,910		16,191
Net Int. Inc. Before Provision	11,610	9,591		9,962		8,251
Provision for Loan Losses	460	655		1,133		3,313
Non Interest Income	3,244	2,315		1,869		3,992
Non Interest Expense	8,544	9,783		10,165		14,340
Income Before Taxes	5,850	1,468		533		(5,410	)
Inc. Tax Provision/(Benefit)	425	(597	)	(2,345	)	642
Net Income	$  5,425	$   2,065		$   2,878		$(6,052	)
Diluted Earnings/(Loss) p er Share	$    0.82	$     0.61		$     1.16		$   (4.54	)

 

19

PPBI Overview

Southern California Community Bank

• Exceptional growth being realized

• Income Property lending focus

• Investing for the future

 

20

 

21