Date of Report (Date of earliest event reported) April 28, 2011 (March 31, 2011)
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PACIFIC PREMIER BANCORP, INC.
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(Exact name of registrant as specified in its charter)
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DELAWARE
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0-22193
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33-0743196
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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1600 Sunflower Ave, Second Floor, Costa Mesa, CA
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92626
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code (714) 431-4000
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Not Applicable
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(Former name or former address, if changed since last report.)
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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):
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[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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99.1
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Press Release dated April 28, 2011 with respect to the Registrant's financial results for the first quarter and year-to-date ended March 31, 2011.
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Dated:
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April 28, 2011
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By:
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/s/ STEVEN R. GARDNER
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Steven R. Gardner
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President and Chief Executive Officer
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·
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A $4.2 million increase from the gain recorded on the acquisition of certain assets and liabilities of the former Canyon National Bank (“Canyon National”) from the Federal Deposit Insurance Corporation (“FDIC”) as receiver;
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·
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A $2.4 million increase in net interest income due to a higher net interest margin and a higher level of interest earning assets;
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A $1.1 million favorable change in net gain (loss) from the sale of loans; and
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A $950,000 decrease in provision for loan losses.
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PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
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(dollars in thousands, except share data)
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March 31,
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December 31,
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March 31,
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ASSETS
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2011
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2010
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2010
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(Unaudited)
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(Audited)
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(Unaudited)
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Cash and due from banks
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$ | 46,302 | $ | 63,433 | $ | 49,541 | ||||||
Federal funds sold
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10,578 | 29 | 29 | |||||||||
Cash and cash equivalents
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56,880 | 63,462 | 49,570 | |||||||||
Investment securities available for sale
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140,927 | 155,094 | 120,270 | |||||||||
FHLB stock/Federal Reserve Bank stock, at cost
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14,161 | 13,334 | 14,330 | |||||||||
Loans held for investment
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699,953 | 564,417 | 547,051 | |||||||||
Allowance for loan losses
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(8,879 | ) | (8,879 | ) | (9,169 | ) | ||||||
Loans held for investment, net
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691,074 | 555,538 | 537,882 | |||||||||
Accrued interest receivable
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4,014 | 3,755 | 3,592 | |||||||||
Other real estate owned
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10,509 | 34 | 6,169 | |||||||||
Premises and equipment
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8,166 | 8,223 | 8,697 | |||||||||
Deferred income taxes
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8,977 | 11,103 | 11,546 | |||||||||
Bank owned life insurance
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12,583 | 12,454 | 12,060 | |||||||||
Other assets
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9,191 | 3,819 | 3,528 | |||||||||
TOTAL ASSETS
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$ | 956,482 | $ | 826,816 | $ | 767,644 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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LIABILITIES:
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Deposit accounts:
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Noninterest bearing
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$ | 118,241 | $ | 47,229 | $ | 38,084 | ||||||
Interest bearing:
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Transaction accounts
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287,694 | 203,029 | 174,644 | |||||||||
Retail certificates of deposit
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413,126 | 407,108 | 397,121 | |||||||||
Wholesale/brokered certificates of deposit
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13,725 | 1,874 | 3,052 | |||||||||
Total deposits
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832,786 | 659,240 | 612,901 | |||||||||
FHLB advances and other borrowings
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28,500 | 68,500 | 66,500 | |||||||||
Subordinated debentures
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10,310 | 10,310 | 10,310 | |||||||||
Accrued expenses and other liabilities
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5,217 | 10,164 | 3,812 | |||||||||
TOTAL LIABILITIES
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876,813 | 748,214 | 693,523 | |||||||||
STOCKHOLDERS’ EQUITY:
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Preferred Stock, $.01 par value; 1,000,000 shares authorized;
no shares outstanding
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- | - | - | |||||||||
Common stock, $.01 par value; 15,000,000 shares authorized; 10,084,626 shares at March 31, 2011, 10,033,836 shares at December 31, 2010 and March 31, 2010 issued and outstanding
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101 | 100 | 100 | |||||||||
Additional paid-in capital
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76,326 | 79,942 | 79,928 | |||||||||
Retained earnings (accumulated deficit)
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4,246 | (526 | ) | (4,308 | ) | |||||||
Accumulated other comprehensive loss, net of tax benefit of $702 at March 31, 2011, $639 at December 31, 2010, and $1,118 at March 31, 2010
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(1,004 | ) | (914 | ) | (1,599 | ) | ||||||
TOTAL STOCKHOLDERS’ EQUITY
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79,669 | 78,602 | 74,121 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
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$ | 956,482 | $ | 826,816 | $ | 767,644 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(dollars in thousands, except per share data)
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(unaudited)
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Three Months Ended
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March 31, 2011
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March 31, 2010
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INTEREST INCOME
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Loans
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$ | 10,533 | $ | 9,155 | ||||
Investment securities and other interest-earning assets
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1,201 | 1,029 | ||||||
Total interest income
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11,734 | 10,184 | ||||||
INTEREST EXPENSE
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Interest-bearing deposits:
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Interest on transaction accounts
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445 | 413 | ||||||
Interest on certificates of deposit
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1,823 | 2,168 | ||||||
Total interest-bearing deposits
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2,268 | 2,581 | ||||||
FHLB advances and other borrowings
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288 | 868 | ||||||
Subordinated debentures
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76 | 75 | ||||||
Total interest expense
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2,632 | 3,524 | ||||||
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES
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9,102 | 6,660 | ||||||
PROVISION FOR LOAN LOSSES
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106 | 1,056 | ||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
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8,996 | 5,604 | ||||||
NONINTEREST INCOME
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Loan servicing fees
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217 | 70 | ||||||
Deposit fees
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448 | 188 | ||||||
Net gain (loss) from sales of loans
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86 | (1,015 | ) | |||||
Net gain from sales of investment securities
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164 | 87 | ||||||
Other-than-temporary impairment loss on investment securities, net
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(214 | ) | (326 | ) | ||||
Gain on FDIC transaction
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4,189 | - | ||||||
Other income
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349 | 270 | ||||||
Total noninterest income (loss)
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5,239 | (726 | ) | |||||
NONINTEREST EXPENSE
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Compensation and benefits
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3,181 | 2,013 | ||||||
Premises and occupancy
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800 | 626 | ||||||
Data processing and communications
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301 | 184 | ||||||
Other real estate owned operations, net
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263 | 295 | ||||||
FDIC insurance premiums
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264 | 348 | ||||||
Legal and audit
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392 | 125 | ||||||
Marketing expense
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229 | 149 | ||||||
Office and postage expense
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167 | 123 | ||||||
Other expense
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762 | 459 | ||||||
Total noninterest expense
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6,359 | 4,322 | ||||||
NET INCOME BEFORE INCOME TAX
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7,876 | 556 | ||||||
INCOME TAX
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3,104 | 100 | ||||||
NET INCOME
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$ | 4,772 | $ | 456 | ||||
EARNINGS PER SHARE
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Basic
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$ | 0.47 | $ | 0.05 | ||||
Diluted
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$ | 0.44 | $ | 0.04 | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING
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Basic
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10,049,311 | 10,033,836 | ||||||
Diluted
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10,857,123 | 11,021,014 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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STATISTICAL INFORMATION
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(dollars in thousands, except per share data)
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For the Three Months Ended
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March 31, 2011
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March 31, 2010
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Profitability and Productivity
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Net interest margin
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4.21 | % | 3.56 | % | ||||
Noninterest expense to average total assets
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2.80 | 2.18 | ||||||
Efficiency ratio (1)
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61.56 | 58.69 | ||||||
Return on average assets
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2.10 | 0.23 | ||||||
Return on average equity
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24.34 | 2.47 | ||||||
Asset and liability activity
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Loans originated/purchased
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$ | 170,926 | $ | 2,922 | ||||
Repayments
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8,079 | 15,395 | ||||||
Loans sold
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(12,142 | ) | (14,290 | ) | ||||
Increase (decrease) in loans
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135,536 | (28,702 | ) | |||||
Increase (decrease) in assets
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129,666 | (39,679 | ) | |||||
Increase (decrease) in deposits
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173,546 | (5,833 | ) | |||||
Decrease in borrowings
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(40,000 | ) | (25,000 | ) | ||||
(1) Efficiency ratio excludes other real estate operations, net and gains and losses from sales of loans and investment securities, and gain on FDIC transaction.
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Three Months Ended
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Three Months Ended
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March 31, 2011
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March 31, 2010
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Average
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Average
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Average
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Average
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Balance
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Interest
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Yield/Cost
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Balance
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Interest
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Yield/Cost
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Assets
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(dollars in thousands)
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Interest-earning assets:
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Cash and cash equivalents
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$ | 56,125 | $ | 29 | 0.21 | % | $ | 59,761 | $ | 34 | 0.23 | % | ||||||||||||
Federal funds sold
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5,899 | 2 | 0.14 | 29 | - | 0.00 | ||||||||||||||||||
Investment securities
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170,888 | 1,170 | 2.74 | 133,910 | 995 | 2.97 | ||||||||||||||||||
Loans receivable, net (1)
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632,092 | 10,533 | 6.67 | 555,106 | 9,155 | 6.60 | ||||||||||||||||||
Total interest-earning assets
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865,004 | 11,734 | 5.43 | 748,806 | 10,184 | 5.44 | ||||||||||||||||||
Noninterest-earning assets
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44,125 | 43,340 | ||||||||||||||||||||||
Total assets
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$ | 909,129 | $ | 792,146 | ||||||||||||||||||||
Liabilities and Equity
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Interest-bearing liabilities:
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Transaction accounts
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$ | 340,153 | $ | 445 | 0.53 | $ | 207,533 | $ | 413 | 0.81 | ||||||||||||||
Retail certificates of deposit
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411,189 | 1,813 | 1.79 | 405,128 | 2,150 | 2.15 | ||||||||||||||||||
Wholesale/brokered certificates of deposit
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7,868 | 10 | 0.52 | 4,352 | 18 | 1.68 | ||||||||||||||||||
Total interest-bearing deposits
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759,210 | 2,268 | 1.21 | 617,013 | 2,581 | 1.70 | ||||||||||||||||||
FHLB advances and other borrowings
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55,056 | 288 | 2.12 | 82,133 | 868 | 4.29 | ||||||||||||||||||
Subordinated debentures
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10,310 | 76 | 2.99 | 10,310 | 75 | 2.95 | ||||||||||||||||||
Total borrowings
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65,366 | 364 | 2.26 | 92,443 | 943 | 4.14 | ||||||||||||||||||
Total interest-bearing liabilities
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824,576 | 2,632 | 1.29 | 709,456 | 3,524 | 2.01 | ||||||||||||||||||
Non-interest-bearing liabilities
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6,120 | 8,708 | ||||||||||||||||||||||
Total liabilities
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830,696 | 718,164 | ||||||||||||||||||||||
Stockholders' equity
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78,433 | 73,982 | ||||||||||||||||||||||
Total liabilities and equity
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$ | 909,129 | $ | 792,146 | ||||||||||||||||||||
Net interest income
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$ | 9,102 | $ | 6,660 | ||||||||||||||||||||
Net interest rate spread (2)
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4.14 | % | 3.43 | % | ||||||||||||||||||||
Net interest margin (3)
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4.21 | % | 3.56 | % | ||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
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104.90 | % | 105.55 | % |
(1)
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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.
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(2)
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Represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
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(3)
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Represents net interest income divided by average interest-earning assets.
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PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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STATISTICAL INFORMATION
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March 31, 2011
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December 31, 2010
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March 31, 2010
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Pacific Premier Bank Capital Ratios
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Tier 1 leverage ratio
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9.09 | % | 10.29 | % | 10.01 | % | ||||||
Tier 1 risk-based capital ratio
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10.29 | 14.03 | 13.96 | |||||||||
Total risk-based capital ratio
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11.40 | 15.28 | 15.21 | |||||||||
Pacific Premier Bancorp, Inc. Capital Ratios
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Tier 1 leverage ratio
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9.19 | % | 10.41 | % | 10.17 | % | ||||||
Tier 1 risk-based capital ratio
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10.33 | 14.07 | 14.06 | |||||||||
Total risk-based capital ratio
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11.44 | 15.32 | 15.32 | |||||||||
Share Data
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Book value per share (Basic)
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$ | 7.90 | $ | 7.83 | $ | 7.39 | ||||||
Book value per share (Diluted)
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7.64 | 7.18 | 6.80 | |||||||||
Closing stock price
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6.82 | 6.48 | 4.90 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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STATISTICAL INFORMATION
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(dollars in thousands)
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March 31, 2011
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December 31, 2010
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March 31, 2010
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Loan Portfolio
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Real estate loans:
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Multi-family
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$ | 235,443 | $ | 243,584 | $ | 264,996 | ||||||
Commercial non-owner occupied
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156,616 | 130,525 | 139,953 | |||||||||
One-to-four family (1)
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48,291 | 20,318 | 8,364 | |||||||||
Construction
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5,631 | - | - | |||||||||
Land
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10,002 | - | - | |||||||||
Business loans:
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Commercial owner occupied
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156,379 | 113,025 | 96,336 | |||||||||
Commercial and industrial
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86,206 | 54,687 | 33,166 | |||||||||
SBA
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3,268 | 4,088 | 3,002 | |||||||||
Other loans
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1,264 | 1,417 | 1,770 | |||||||||
Total gross loans
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703,100 | 567,644 | 547,587 | |||||||||
Less:
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Deferred loan origination costs (fees) and premiums (discounts)
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(3,147 | ) | (3,227 | ) | (536 | ) | ||||||
Allowance for loan losses
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(8,879 | ) | (8,879 | ) | (9,169 | ) | ||||||
Loans held for investment, net
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$ | 691,074 | $ | 555,538 | $ | 537,882 | ||||||
Asset Quality
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Nonaccrual loans
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$ | 20,650 | $ | 3,277 | $ | 4,299 | ||||||
Other real estate owned
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10,509 | 34 | 6,169 | |||||||||
Nonperforming assets
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31,159 | 3,311 | 10,468 | |||||||||
Allowance for loan losses
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8,879 | 8,879 | 9,169 | |||||||||
Allowance for loan losses as a percent of total nonperforming loans
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43.00 | % | 270.95 | % | 213.28 | % | ||||||
Nonperforming loans as a percent of gross loans receivable
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2.94 | 0.58 | 0.79 | |||||||||
Nonperforming assets as a percent of total assets
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3.26 | 0.40 | 1.36 | |||||||||
Net loan charge-offs for the quarter ended
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$ | 106 | $ | 291 | $ | 792 | ||||||
Net loan charge-offs for quarter to average total loans, net
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0.07 | % | 0.21 | % | 0.57 | % | ||||||
Allowance for loan losses to gross loans
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1.26 | 1.56 | 1.67 | |||||||||
Delinquent Loans:
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30 - 59 days
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$ | 11,811 | $ | 1,203 | $ | 566 | ||||||
60 - 89 days
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2,820 | 17 | 3,905 | |||||||||
90+ days (2)
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11,990 | 3,091 | 1,536 | |||||||||
Total delinquency
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$ | 26,621 | $ | 4,311 | $ | 6,007 | ||||||
Delinquency as a % of total gross loans
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3.79 | % | 0.76 | % | 1.10 | % | ||||||
(1) Includes second trust deeds
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(2) All 90 day or greater delinquencies are on nonaccrual status and reported as part of nonperforming assets
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