UNITED STATES SECURITIES AND EXCHANGE COMMISSION
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(X)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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DELAWARE
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33-0743196
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(State or other jurisdiction of incorporation or organization)
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(I.R.S Employer Identification No.)
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1600 SUNFLOWER AVENUE, 2ND FLOOR, COSTA MESA, CALIFORNIA 92626
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(Address of principal executive offices and zip code)
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(714) 431-4000
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(Registrant’s telephone number, including area code)
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Large accelerated filer
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[ ]
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Accelerated filer
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[ ]
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Non-accelerated filer
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[ ]
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Smaller reporting company
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[ X ]
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(Do not check if a smaller
reporting company)
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PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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||||||||||||
(dollars in thousands, except share data)
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||||||||||||
June 30,
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December 31,
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June 30,
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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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$ | 36,034 | $ | 63,433 | $ | 34,645 | ||||||
Federal funds sold
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10,998 | 29 | 29 | |||||||||
Cash and cash equivalents
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47,032 | 63,462 | 34,674 | |||||||||
Investment securities available for sale
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141,304 | 155,094 | 163,470 | |||||||||
FHLB stock/Federal Reserve Bank stock, at cost
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13,492 | 13,334 | 14,277 | |||||||||
Loans held for investment
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708,096 | 564,417 | 552,192 | |||||||||
Allowance for loan losses
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(8,517 | ) | (8,879 | ) | (9,169 | ) | ||||||
Loans held for investment, net
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699,579 | 555,538 | 543,023 | |||||||||
Accrued interest receivable
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3,984 | 3,755 | 3,680 | |||||||||
Other real estate owned
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4,447 | 34 | 1,860 | |||||||||
Premises and equipment
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10,108 | 8,223 | 8,543 | |||||||||
Deferred income taxes
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8,960 | 11,103 | 10,989 | |||||||||
Bank owned life insurance
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12,714 | 12,454 | 12,195 | |||||||||
Intangible assets
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2,183 | - | - | |||||||||
Other assets
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4,308 | 3,819 | 4,531 | |||||||||
TOTAL ASSETS
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$ | 948,111 | $ | 826,816 | $ | 797,242 | ||||||
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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$ | 122,539 | $ | 47,229 | $ | 38,973 | ||||||
Interest bearing:
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||||||||||||
Transaction accounts
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283,565 | 203,029 | 198,906 | |||||||||
Retail certificates of deposit
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398,985 | 407,108 | 392,191 | |||||||||
Wholesale/brokered certificates of deposit
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10,896 | 1,874 | 1,973 | |||||||||
Total deposits
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815,985 | 659,240 | 632,043 | |||||||||
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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11,499 | 10,164 | 12,885 | |||||||||
TOTAL LIABILITIES
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866,294 | 748,214 | 721,738 | |||||||||
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 June 30, 2011, 10,033,836 shares at December 31, 2010 and June 30, 2010 issued and outstanding
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101 | 100 | 100 | |||||||||
Additional paid-in capital
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76,509 | 79,942 | 79,917 | |||||||||
Retained earnings (accumulated deficit)
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5,031 | (526 | ) | (3,971 | ) | |||||||
Accumulated other comprehensive income (loss), net of tax (benefit) of $123 at June 30, 2011, ($639) at December 31, 2010, and ($379) at June 30, 2010
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176 | (914 | ) | (542 | ) | |||||||
TOTAL STOCKHOLDERS’ EQUITY
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81,817 | 78,602 | 75,504 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
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$ | 948,111 | $ | 826,816 | $ | 797,242 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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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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Six Months Ended
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June 30, 2011
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June 30, 2010
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June 30, 2011
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June 30, 2010
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|||||||||||||
INTEREST INCOME
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||||||||||||||||
Loans
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$ | 11,750 | $ | 8,842 | $ | 22,283 | $ | 17,997 | ||||||||
Investment securities and other interest-earning assets
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1,059 | 1,148 | 2,260 | 2,177 | ||||||||||||
Total interest income
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12,809 | 9,990 | 24,543 | 20,174 | ||||||||||||
INTEREST EXPENSE
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||||||||||||||||
Interest-bearing deposits:
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||||||||||||||||
Interest on transaction accounts
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369 | 476 | 814 | 889 | ||||||||||||
Interest on certificates of deposit
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1,792 | 1,910 | 3,615 | 4,078 | ||||||||||||
Total interest-bearing deposits
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2,161 | 2,386 | 4,429 | 4,967 | ||||||||||||
FHLB advances and other borrowings
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235 | 685 | 523 | 1,553 | ||||||||||||
Subordinated debentures
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77 | 77 | 153 | 152 | ||||||||||||
Total interest expense
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2,473 | 3,148 | 5,105 | 6,672 | ||||||||||||
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES
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10,336 | 6,842 | 19,438 | 13,502 | ||||||||||||
PROVISION FOR LOAN LOSSES
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1,300 | 639 | 1,406 | 1,695 | ||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
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9,036 | 6,203 | 18,032 | 11,807 | ||||||||||||
NONINTEREST INCOME (LOSS)
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||||||||||||||||
Loan servicing fees
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160 | 142 | 377 | 212 | ||||||||||||
Deposit fees
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635 | 208 | 1,083 | 396 | ||||||||||||
Net loss from sales of loans
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(2,547 | ) | (1,625 | ) | (2,461 | ) | (2,640 | ) | ||||||||
Net gain from sales of investment securities
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316 | 287 | 480 | 374 | ||||||||||||
Other-than-temporary impairment loss on investment securities, net
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(154 | ) | (330 | ) | (368 | ) | (656 | ) | ||||||||
Gain on FDIC transaction
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- | - | 4,189 | - | ||||||||||||
Other income
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497 | 280 | 846 | 550 | ||||||||||||
Total noninterest income (loss)
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(1,093 | ) | (1,038 | ) | 4,146 | (1,764 | ) | |||||||||
NONINTEREST EXPENSE
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||||||||||||||||
Compensation and benefits
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3,489 | 2,052 | 6,670 | 4,065 | ||||||||||||
Premises and occupancy
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878 | 645 | 1,678 | 1,271 | ||||||||||||
Data processing and communications
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347 | 229 | 648 | 413 | ||||||||||||
Other real estate owned operations, net
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167 | 537 | 430 | 832 | ||||||||||||
FDIC insurance premiums
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303 | 334 | 567 | 682 | ||||||||||||
Legal and audit
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501 | 264 | 893 | 389 | ||||||||||||
Marketing expense
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328 | 208 | 557 | 357 | ||||||||||||
Office and postage expense
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194 | 128 | 361 | 251 | ||||||||||||
Other expense
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648 | 411 | 1,410 | 870 | ||||||||||||
Total noninterest expense
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6,855 | 4,808 | 13,214 | 9,130 | ||||||||||||
NET INCOME BEFORE INCOME TAXES
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1,088 | 357 | 8,964 | 913 | ||||||||||||
INCOME TAX
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303 | 20 | 3,407 | 120 | ||||||||||||
NET INCOME
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$ | 785 | $ | 337 | $ | 5,557 | $ | 793 | ||||||||
EARNINGS PER SHARE
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||||||||||||||||
Basic
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$ | 0.08 | $ | 0.03 | $ | 0.55 | $ | 0.08 | ||||||||
Diluted
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$ | 0.08 | $ | 0.03 | $ | 0.52 | $ | 0.07 | ||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING
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Basic
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10,084,626 | 10,033,836 | 10,067,066 | 10,033,836 | ||||||||||||
Diluted
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10,578,928 | 11,059,994 | 10,717,257 | 11,040,612 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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||||||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 30, 2011 AND 2010
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(dollars in thousands)
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||||||||||||||||||||||||||||
(unaudited)
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||||||||||||||||||||||||||||
Common Stock Shares
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Amount
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Additional Paid-in Capital
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Accumulated Retained
Earnings (Deficit)
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Accumulated Other Comprehensive Income (Loss)
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Comprehensive Income
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Total Stockholders’ Equity
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||||||||||||||||||||||
Balance at December 31, 2010
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10,033,836 | $ | 100 | $ | 79,942 | $ | (526 | ) | $ | (914 | ) | $ | 78,602 | |||||||||||||||
Comprehensive Income:
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||||||||||||||||||||||||||||
Net income
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5,557 | $ | 5,557 | 5,557 | ||||||||||||||||||||||||
Unrealized holding gains on securities
arising during the period, net of tax
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1,426 | |||||||||||||||||||||||||||
Reclassification adjustment for net gain on sale
of securities included in net income, net of tax
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(336 | ) | ||||||||||||||||||||||||||
Net unrealized gain on securities, net of tax
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1,090 | 1,090 | 1,090 | |||||||||||||||||||||||||
Total comprehensive income
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$ | 6,647 | ||||||||||||||||||||||||||
Share-based compensation expense
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196 | 196 | ||||||||||||||||||||||||||
Common stock repurchased and retired
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(10,610 | ) | (1 | ) | (69 | ) | (70 | ) | ||||||||||||||||||||
Warrants purchased and retired
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(3,660 | ) | (3,660 | ) | ||||||||||||||||||||||||
Warrants exercised
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41,400 | 1 | 31 | 32 | ||||||||||||||||||||||||
Stock options exercised
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20,000 | 1 | 69 | 70 | ||||||||||||||||||||||||
Balance at June 30, 2011
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10,084,626 | $ | 101 | $ | 76,509 | $ | 5,031 | $ | 176 | $ | 81,817 | |||||||||||||||||
Balance at December 31, 2009
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10,033,836 | $ | 100 | $ | 79,907 | $ | (4,764 | ) | $ | (1,741 | ) | $ | 73,502 | |||||||||||||||
Comprehensive Income:
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||||||||||||||||||||||||||||
Net income
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793 | $ | 793 | 793 | ||||||||||||||||||||||||
Unrealized holding gains on securities
arising during the period, net of tax
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1,122 | |||||||||||||||||||||||||||
Reclassification adjustment for net loss on sale
of securities included in net income, net of tax
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77 | |||||||||||||||||||||||||||
Net unrealized gain on securities, net of tax
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1,199 | 1,199 | 1,199 | |||||||||||||||||||||||||
Total comprehensive income
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$ | 1,992 | ||||||||||||||||||||||||||
Share-based compensation expense
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10 | 10 | ||||||||||||||||||||||||||
Balance at June 30, 2010
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10,033,836 | $ | 100 | $ | 79,917 | $ | (3,971 | ) | $ | (542 | ) | $ | 75,504 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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||||||||
(in thousands)
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||||||||
(unaudited)
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||||||||
Six Months Ended
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||||||||
June 30,
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||||||||
2011
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2010
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|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
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||||||||
Net income
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$ | 5,557 | $ | 793 | ||||
Adjustments to net income:
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||||||||
Depreciation and amortization expense
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561 | 489 | ||||||
Provision for loan losses
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1,406 | 1,695 | ||||||
Share-based compensation expense
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196 | 10 | ||||||
Loss on sale and disposal of premises and equipment
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63 | 12 | ||||||
Loss on sale of other real estate owned
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21 | 191 | ||||||
Write down of other real estate owned
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- | 504 | ||||||
Amortization of premium/discounts on securities held for sale, net
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389 | 233 | ||||||
Amortization of mark-to-market discount
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(807 | ) | - | |||||
Gain on sale of investment securities available for sale
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(480 | ) | (374 | ) | ||||
Other-than-temporary impairment loss on investment securities, net
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368 | 656 | ||||||
Loss on sale of loans held for investment
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2,461 | 2,640 | ||||||
Gain on FDIC transaction
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(4,189 | ) | - | |||||
Deferred income tax provision
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265 | 476 | ||||||
Change in accrued expenses and other liabilities, net
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(3,695 | ) | (392 | ) | ||||
Income from bank owned life insurance, net
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(260 | ) | (269 | ) | ||||
Change in accrued interest receivable and other assets, net
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4,152 | (1,067 | ) | |||||
Net cash provided by operating activities
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6,008 | 5,597 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES
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||||||||
Proceeds from sale and principal payments on loans held for investment
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49,386 | 54,431 | ||||||
Net change in undisbursed loan funds
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11,096 | (4,326 | ) | |||||
Purchase and origination of loans held for investment
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(58,938 | ) | (34,196 | ) | ||||
Proceeds from sale of other real estate owned
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9,626 | 4,355 | ||||||
Principal payments on securities available for sale
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8,977 | 6,328 | ||||||
Purchase of securities available for sale
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(19,612 | ) | (106,048 | ) | ||||
Proceeds from sale or maturity of securities available for sale
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43,141 | 60,796 | ||||||
Purchases of premises and equipment
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(2,471 | ) | (331 | ) | ||||
Redemption (purchase) of Federal Reserve Bank stock
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155 | (420 | ) | |||||
Redemption of Federal Home Loan Bank of San Francisco stock
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1,009 | - | ||||||
Cash acquired in FDIC transaction
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26,389 | 473 | ||||||
Net cash provided by (used in) investing activities
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68,758 | (18,938 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES
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||||||||
Net increase (decrease) in deposit accounts
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(47,568 | ) | 13,309 | |||||
Repayment of FHLB advances and other borrowings
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(40,000 | ) | (25,000 | ) | ||||
Proceeds from exercise of stock options
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32 | - | ||||||
Warrants purchased and retired
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(3,660 | ) | - | |||||
Net cash used in financing activities
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(91,196 | ) | (11,691 | ) | ||||
NET DECREASE IN CASH AND CASH EQUIVALENTS
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(16,430 | ) | (25,032 | ) | ||||
CASH AND CASH EQUIVALENTS, beginning of period
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63,462 | 59,706 | ||||||
CASH AND CASH EQUIVALENTS, end of period
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$ | 47,032 | $ | 34,674 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
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||||||||
(in thousands)
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||||||||
(unaudited)
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||||||||
Six Months Ended
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||||||||
June 30,
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||||||||
2011
|
2010
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|||||||
SUPPLEMENTAL CASH FLOW DISCLOSURES
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||||||||
Interest paid
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$ | 5,030 | $ | 6,658 | ||||
Income taxes paid
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2,445 | 1,035 | ||||||
Assets acquired (liabilities assumed) in acquisition:
|
||||||||
Investment securities
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14,076 | - | ||||||
FDIC receivable
|
2,838 | - | ||||||
Loans
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149,739 | - | ||||||
Core deposit intangible
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2,270 | - | ||||||
Other real estate owned
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11,953 | - | ||||||
Fixed assets
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42 | - | ||||||
Other assets
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1,599 | - | ||||||
Deposits
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(204,678 | ) | - | |||||
Other liabilities
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(39 | ) | - | |||||
NONCASH INVESTING ACTIVITIES DURING THE PERIOD
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||||||||
Transfers from loans to other real estate owned
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$ | 2,107 | $ | 3,530 | ||||
Investment securities available for sale purchased and not settled
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$ | 5,083 | $ | 8,275 |
June 30, 2011
|
December 31, 2010
|
June 30, 2010
|
||||||||||
(in thousands)
|
||||||||||||
Real estate loans:
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||||||||||||
Multi-family
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$ | 231,604 | $ | 243,584 | $ | 258,021 | ||||||
Commercial non-owner occupied
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155,419 | 130,525 | 136,053 | |||||||||
One-to-four family (1)
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64,550 | 20,318 | 14,243 | |||||||||
Land
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8,752 | - | - | |||||||||
Business loans:
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||||||||||||
Commercial owner occupied
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147,186 | 113,025 | 108,465 | |||||||||
Commercial and industrial
|
92,502 | 54,687 | 33,743 | |||||||||
SBA
|
4,682 | 4,088 | 3,346 | |||||||||
Other loans
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6,497 | 1,417 | 1,869 | |||||||||
Total gross loans (2)
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711,192 | 567,644 | 555,740 | |||||||||
Less loans held for sale
|
- | - | - | |||||||||
Total gross loans held for investment
|
711,192 | 567,644 | 555,740 | |||||||||
Less (plus):
|
||||||||||||
Deferred loan origination costs (fees) and premiums (discounts)
|
(3,096 | ) | (3,227 | ) | (3,548 | ) | ||||||
Allowance for loan losses
|
(8,517 | ) | (8,879 | ) | (9,169 | ) | ||||||
Loans held for investment, net
|
$ | 699,579 | $ | 555,538 | $ | 543,023 | ||||||
(1) Includes second trust deeds.
|
||||||||||||
(2) Total gross loans for June 30, 2011 is net of the mark-to-market discount on Canyon National loans of $10.5 million.
|
June 30, 2011
|
||||
(in thousands)
|
||||
Real estate loans:
|
||||
Commercial non-owner occupied
|
$ | 463 | ||
One-to-four family
|
1,350 | |||
Construction
|
- | |||
Land
|
2,523 | |||
Business loans:
|
||||
Commercial owner occupied
|
4,227 | |||
Commercial and industrial
|
1,907 | |||
Total purchase credit impaired
|
$ | 10,470 |
Six Months Ended
|
||||
June 30, 2011
|
||||
(in thousands)
|
||||
Balance at the beginning of period
|
$ | - | ||
Accretable yield at acquisition
|
4,692 | |||
Accretion
|
(296 | ) | ||
Disposals and other
|
(1,130 | ) | ||
Change in accretable yield
|
- | |||
Balance at the end of period
|
3,266 |
Impaired Loans
|
||||||||||||||||||||||||||||
Recorded Investment
|
Unpaid Principal Balance
|
With Specific Allowance
|
Without Specific Allowance
|
Specific Allowance for Impaired Loans
|
Average Recorded Investment
|
Interest Income Recognized
|
||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||
June 30, 2011
|
||||||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||
Multi-family
|
$ | 4,149 | $ | 4,149 | $ | - | $ | 4,149 | $ | - | $ | 2,786 | $ | 52 | ||||||||||||||
Commercial investor
|
3,427 | 3,427 | 462 | 2,965 | 44 | 2,736 | 82 | |||||||||||||||||||||
One-to-four family
|
1,569 | 1,567 | - | 1,567 | - | 2,893 | 42 | |||||||||||||||||||||
Construction
|
- | - | - | - | - | 309 | - | |||||||||||||||||||||
Land
|
2,523 | 2,523 | - | 2,523 | - | 2,627 | 54 | |||||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||||||
Commercial owner occupied
|
5,267 | 5,124 | - | 5,124 | - | 5,945 | 124 | |||||||||||||||||||||
Commercial and industrial
|
2,143 | 2,143 | - | 2,143 | - | 4,200 | 61 | |||||||||||||||||||||
SBA
|
1,659 | 930 | - | 930 | - | 1,001 | 28 | |||||||||||||||||||||
Other loans
|
22 | 22 | - | 22 | - | 9 | 2 | |||||||||||||||||||||
Totals
|
$ | 20,759 | $ | 19,885 | $ | 462 | $ | 19,423 | $ | 44 | $ | 22,506 | $ | 445 |
Impaired Loans
|
||||||||||||||||||||||||||||
Recorded Investment
|
Unpaid Principal Balance
|
With Specific Allowance
|
Without Specific Allowance
|
Specific Allowance for Impaired Loans
|
Average Recorded Investment
|
Interest Income Recognized
|
||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||
December 31, 2010
|
||||||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||
Multi-family
|
$ | 1,156 | $ | 1,156 | $ | - | $ | 1,156 | $ | - | $ | 2,114 | $ | 94 | ||||||||||||||
Commercial investor
|
2,068 | 2,068 | 465 | 1,603 | 47 | 1,949 | 127 | |||||||||||||||||||||
One-to-four family
|
223 | 224 | - | 223 | - | 249 | 15 | |||||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||||||
Commercial owner occupied
|
2,225 | 2,342 | - | 2,225 | - | 1,332 | - | |||||||||||||||||||||
Commercial and industrial
|
54 | 169 | - | 54 | - | 270 | 14 | |||||||||||||||||||||
SBA
|
1,092 | 1,751 | - | 1,092 | - | 970 | 14 | |||||||||||||||||||||
Totals
|
$ | 6,818 | $ | 7,710 | $ | 465 | $ | 6,353 | $ | 47 | $ | 6,882 | $ | 264 |
June 30, 2010
|
||||
(in thousands)
|
||||
Impaired loans without a valuation allowance
|
$ | 5,028 | ||
Imparied loans with a valuation allowance
|
$ | 476 | ||
Valuation allowance related to impaired loans
|
$ | 56 | ||
Average recorded investment in impaired loans for the six months ended June 30, 2010
|
$ | 7,517 |
June 30, 2011
|
December 31, 2010
|
June 30, 2010
|
||||||||||
(in thousands)
|
||||||||||||
Nonaccruing loans
|
$ | 10,808 | $ | 3,270 | $ | 5,504 | ||||||
Accruing loans
|
9,077 | 3,548 | 42 | |||||||||
Total impaired loans
|
$ | 19,885 | $ | 6,818 | $ | 5,546 |
Credit Risk Grades (1)
|
||||||||||||||||
Special
|
Total Gross
|
|||||||||||||||
Pass
|
Mention
|
Substandard
|
Loans
|
|||||||||||||
June 30, 2011
|
(in thousands)
|
|||||||||||||||
Real estate loans:
|
||||||||||||||||
Multi-family
|
$ | 211,734 | $ | 13,058 | $ | 6,812 | $ | 231,604 | ||||||||
Commercial non-owner occupied
|
149,974 | 604 | 4,841 | 155,419 | ||||||||||||
One-to-four family
|
59,991 | 1,951 | 2,608 | 64,550 | ||||||||||||
Land
|
8,367 | - | 385 | 8,752 | ||||||||||||
Business loans:
|
||||||||||||||||
Commercial owner occupied
|
131,777 | 6,376 | 9,033 | 147,186 | ||||||||||||
Commercial and industrial
|
85,903 | 1,665 | 4,934 | 92,502 | ||||||||||||
SBA
|
4,474 | - | 208 | 4,682 | ||||||||||||
Other loans
|
6,396 | - | 101 | 6,497 | ||||||||||||
Totals
|
$ | 658,616 | $ | 23,654 | $ | 28,922 | $ | 711,192 | ||||||||
(1) Amounts are net of the mark-to-market discount on Canyon National loans of $10.5 million.
|
Credit Risk Grades
|
||||||||||||||||
Special
|
Total Gross
|
|||||||||||||||
Pass
|
Mention
|
Substandard
|
Loans
|
|||||||||||||
December 31, 2010
|
(in thousands)
|
|||||||||||||||
Real estate loans:
|
||||||||||||||||
Multi-family
|
$ | 226,270 | $ | 13,161 | $ | 4,153 | $ | 243,584 | ||||||||
Commercial non-owner occupied
|
124,513 | 577 | 5,435 | 130,525 | ||||||||||||
One-to-four family
|
19,823 | - | 495 | 20,318 | ||||||||||||
Business loans:
|
||||||||||||||||
Commercial owner occupied
|
104,475 | 4,074 | 4,476 | 113,025 | ||||||||||||
Commercial and industrial
|
53,188 | 360 | 1,139 | 54,687 | ||||||||||||
SBA
|
2,956 | - | 1,132 | 4,088 | ||||||||||||
Other loans
|
1,417 | - | - | 1,417 | ||||||||||||
Totals
|
$ | 532,642 | $ | 18,172 | $ | 16,830 | $ | 567,644 |
Credit Risk Grades
|
||||||||||||||||
Special
|
Total Gross
|
|||||||||||||||
Pass
|
Mention
|
Substandard
|
Loans
|
|||||||||||||
June 30, 2010
|
(in thousands)
|
|||||||||||||||
Real estate loans:
|
||||||||||||||||
Multi-family
|
$ | 227,777 | $ | 26,376 | $ | 3,868 | $ | 258,021 | ||||||||
Commercial non-owner occupied
|
128,484 | 3,167 | 4,402 | 136,053 | ||||||||||||
One-to-four family
|
13,713 | - | 530 | 14,243 | ||||||||||||
Business loans:
|
- | |||||||||||||||
Commercial owner occupied
|
99,540 | 5,827 | 3,098 | 108,465 | ||||||||||||
Commercial and industrial
|
33,743 | - | - | 33,743 | ||||||||||||
SBA
|
2,072 | 384 | 890 | 3,346 | ||||||||||||
Other loans
|
1,869 | - | - | 1,869 | ||||||||||||
Totals
|
$ | 507,198 | $ | 35,754 | $ | 12,788 | $ | 555,740 |
Days Past Due (1)
|
||||||||||||||||||||
Total
|
Non-
|
|||||||||||||||||||
30-59 | 60-89 | 90+ |
Past Due
|
Accruing
|
||||||||||||||||
June 30, 2011
|
(in thousands)
|
|||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||
Multi-family
|
$ | - | $ | - | $ | 2,705 | $ | 2,705 | $ | 3,011 | ||||||||||
Commercial investor
|
328 | 989 | 822 | 2,139 | 2,502 | |||||||||||||||
One-to-four family
|
116 | 518 | 325 | 959 | 332 | |||||||||||||||
Land
|
62 | - | 257 | - | 257 | |||||||||||||||
Business loans:
|
- | |||||||||||||||||||
Commercial owner occupied
|
852 | 1,709 | 1,869 | 4,430 | 1,869 | |||||||||||||||
Commercial and industrial
|
1,089 | 20 | 1,078 | 2,187 | 2,063 | |||||||||||||||
SBA
|
72 | - | 720 | 792 | 834 | |||||||||||||||
Other loans
|
37 | 26 | 19 | 82 | 20 | |||||||||||||||
Totals
|
$ | 2,556 | $ | 3,262 | $ | 7,795 | $ | 13,294 | $ | 10,888 | ||||||||||
(1) Amounts are net of the mark-to-market discount on Canyon National loans.
|
Days Past Due
|
||||||||||||||||||||
Total
|
Non-
|
|||||||||||||||||||
30-59 | 60-89 | 90+ |
Past Due
|
Accruing
|
||||||||||||||||
December 31, 2010
|
(in thousands)
|
|||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||
Commercial investor
|
$ | 617 | $ | - | $ | - | $ | 617 | $ | - | ||||||||||
One-to-four family
|
402 | 17 | 20 | 439 | 26 | |||||||||||||||
Business loans:
|
- | |||||||||||||||||||
Commercial owner occupied
|
184 | - | 2,225 | 2,409 | 2,225 | |||||||||||||||
Commercial and industrial
|
- | - | - | - | 54 | |||||||||||||||
SBA
|
- | - | 846 | 846 | 971 | |||||||||||||||
Totals
|
$ | 1,203 | $ | 17 | $ | 3,091 | $ | 4,311 | $ | 3,277 |
Days Past Due
|
||||||||||||||||||||
Total
|
Non-
|
|||||||||||||||||||
30-59 | 60-89 | 90+ |
Past Due
|
Accruing
|
||||||||||||||||
June 30, 2010
|
(in thousands)
|
|||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||
One-to-four family
|
$ | 69 | $ | - | $ | 66 | $ | 135 | $ | 85 | ||||||||||
Business loans:
|
||||||||||||||||||||
Commercial owner occupied
|
- | - | 957 | 957 | 957 | |||||||||||||||
Commercial and industrial
|
- | - | 37 | 37 | 37 | |||||||||||||||
SBA
|
238 | - | 780 | 1,018 | 863 | |||||||||||||||
Totals
|
$ | 307 | $ | - | $ | 1,840 | $ | 2,147 | $ | 1,942 |
·
|
Changes in national, regional and local economic conditions, including trends in real estate values and the interest rate environment,
|
·
|
Changes in volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans, and
|
·
|
The existence and effect of concentrations of credit, and changes in the level of such concentrations.
|
·
|
Changes in national, regional and local economic conditions, including trends in real estate values and the interest rate environment,
|
·
|
Changes in the nature and volume of the loan portfolio, including new types of lending,
|
·
|
Changes in volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans, and
|
·
|
The existence and effect of concentrations of credit, and changes in the level of such concentrations.
|
·
|
Changes in national, regional and local economic conditions, including trends in real estate values and the interest rate environment.
|
Multi-family
|
Commercial non-owner occupied
|
One-to-four family
|
Land
|
Commercial owner occupied
|
Commercial and industrial
|
SBA
|
Other loans
|
Total
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
Balance, December 31, 2010
|
$ | 2,730 | $ | 1,580 | $ | 332 | $ | - | $ | 1,687 | $ | 2,356 | $ | 145 | $ | 49 | $ | 8,879 | ||||||||||||||||||
Charge-offs
|
(321 | ) | - | (274 | ) | (161 | ) | (98 | ) | (712 | ) | (52 | ) | (55 | ) | (1,673 | ) | |||||||||||||||||||
Recoveries
|
- | - | 1 | - | - | - | 5 | 5 | 11 | |||||||||||||||||||||||||||
Provisions for (reduction in) loan losses
|
47 | (90 | ) | 265 | 161 | (53 | ) | 917 | (1 | ) | 54 | 1,300 | ||||||||||||||||||||||||
Balance, June 30, 2011
|
$ | 2,456 | $ | 1,490 | $ | 324 | $ | - | $ | 1,536 | $ | 2,561 | $ | 97 | $ | 53 | $ | 8,517 | ||||||||||||||||||
Amount of allowance attributed to:
|
||||||||||||||||||||||||||||||||||||
Specifically evaluated impaired loans
|
$ | - | $ | 44 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 44 | ||||||||||||||||||
General portfolio allocation
|
$ | 2,456 | $ | 1,446 | $ | 324 | $ | - | $ | 1,536 | $ | 2,561 | $ | 97 | $ | 53 | $ | 8,473 | ||||||||||||||||||
Loans individually evaluated for impairment
|
$ | 4,149 | $ | 3,427 | $ | 1,567 | $ | 2,523 | $ | 5,124 | $ | 2,143 | $ | 930 | $ | 22 | $ | 19,885 | ||||||||||||||||||
Specific reserves to total loans individually evaluated for impairment
|
0.00 | % | 1.28 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.22 | % | ||||||||||||||||||
Loans collectively evaluated for impairment
|
$ | 227,455 | $ | 151,992 | $ | 62,983 | $ | - | $ | 142,062 | $ | 90,359 | $ | 3,752 | $ | 15,227 | $ | 693,830 | ||||||||||||||||||
General reserves to total loans collectively evaluated for impairment
|
1.08 | % | 0.95 | % | 0.51 | % | 0.00 | % | 1.08 | % | 2.83 | % | 2.59 | % | 0.35 | % | 1.22 | % | ||||||||||||||||||
Total gross loans
|
$ | 231,604 | $ | 155,419 | $ | 64,550 | $ | 8,752 | $ | 147,186 | $ | 92,502 | $ | 4,682 | $ | 6,497 | $ | 711,192 | ||||||||||||||||||
Total allowance to gross loans
|
1.06 | % | 0.96 | % | 0.50 | % | 0.00 | % | 1.04 | % | 2.77 | % | 2.07 | % | 0.82 | % | 1.20 | % |
Six Months Ended
|
||||
June 30, 2010
|
||||
(in thousands)
|
||||
Balance, beginning of period
|
$ | 8,905 | ||
Provision for loan losses
|
1,695 | |||
Charge-offs:
|
||||
Real estate:
|
||||
Multi-family
|
(334 | ) | ||
Commercial non-owner occupied
|
(405 | ) | ||
One-to-four family
|
(107 | ) | ||
Business loans:
|
||||
Commercial and industrial
|
(515 | ) | ||
SBA
|
(240 | ) | ||
Total charge-offs
|
(1,601 | ) | ||
Recoveries :
|
||||
Real estate:
|
||||
One-to-four family
|
22 | |||
Business loans:
|
||||
Commercial owner occupied
|
10 | |||
SBA
|
131 | |||
Other loans
|
7 | |||
Total recoveries
|
170 | |||
Net loan charge-offs
|
(1,431 | ) | ||
Balance at end of period
|
$ | 9,169 |
Three Months Ended June 30,
|
||||||||||||||||||||||||
2011
|
2010
|
|||||||||||||||||||||||
Net
|
Per Share
|
Net
|
Per Share
|
|||||||||||||||||||||
Income
|
Shares
|
Amount
|
Income
|
Shares
|
Amount
|
|||||||||||||||||||
(dollars in thousands, except per share data)
|
||||||||||||||||||||||||
Net income
|
$ | 785 | $ | 337 | ||||||||||||||||||||
Basic income available to common stockholders
|
785 | 10,084,626 | $ | 0.08 | 337 | 10,033,836 | $ | 0.03 | ||||||||||||||||
Effect of warrants and dilutive stock options
|
- | 494,302 | - | 1,026,158 | ||||||||||||||||||||
Diluted income available to common stockholders plus assumed conversions
|
$ | 785 | 10,578,928 | $ | 0.08 | $ | 337 | 11,059,994 | $ | 0.03 |
Six Months Ended June 30,
|
||||||||||||||||||||||||
2011
|
2010
|
|||||||||||||||||||||||
Net
|
Per Share
|
Net
|
Per Share
|
|||||||||||||||||||||
Income
|
Shares
|
Amount
|
Income
|
Shares
|
Amount
|
|||||||||||||||||||
(dollars in thousands, except per share data)
|
||||||||||||||||||||||||
Net income
|
$ | 5,557 | $ | 793 | ||||||||||||||||||||
Basic income (loss) available to common stockholders
|
$ | 5,557 | 10,067,066 | $ | 0.55 | $ | 793 | 10,033,836 | $ | 0.08 | ||||||||||||||
Effect of warrants and dilutive stock options
|
- | 650,191 | - | 1,006,776 | ||||||||||||||||||||
Diluted income (loss) available to common stockholders plus assumed conversions
|
$ | 5,557 | 10,717,257 | $ | 0.52 | $ | 793 | 11,040,612 | $ | 0.07 |
|
At June 30, 2011
|
At December 31, 2010
|
At June 30, 2010
|
|||||||||||||||||||||
Carrying
|
Estimated
|
Carrying
|
Estimated
|
Carrying
|
Estimated
|
|||||||||||||||||||
Amount
|
Fair Value
|
Amount
|
Fair Value
|
Amount
|
Fair Value
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 47,032 | $ | 47,032 | $ | 63,462 | $ | 63,462 | $ | 34,674 | $ | 34,674 | ||||||||||||
Securities available for sale
|
141,304 | 141,304 | 155,094 | 155,094 | 163,470 | 163,470 | ||||||||||||||||||
Federal Reserve Bank and FHLB stock, at cost
|
13,492 | 13,492 | 13,334 | 13,334 | 14,277 | 14,277 | ||||||||||||||||||
Loans held for investment, net
|
699,579 | 779,001 | 555,538 | 603,749 | 543,023 | 545,716 | ||||||||||||||||||
Accrued interest receivable
|
3,984 | 3,984 | 3,755 | 3,755 | 3,680 | 3,680 | ||||||||||||||||||
Liabilities:
|
||||||||||||||||||||||||
Deposit accounts
|
815,985 | 820,232 | 659,240 | 670,776 | 632,043 | 647,373 | ||||||||||||||||||
FHLB advances
|
- | - | 40,000 | 40,032 | 38,000 | 38,690 | ||||||||||||||||||
Other borrowings
|
28,500 | 30,925 | 28,500 | 30,052 | 28,500 | 29,917 | ||||||||||||||||||
Subordinated debentures
|
10,310 | 5,119 | 10,310 | 5,232 | 10,310 | 7,715 | ||||||||||||||||||
Accrued interest payable
|
176 | 176 | 125 | 125 | 181 | 181 | ||||||||||||||||||
Notional Amount
|
Cost to Cede
or Assume
|
Notional Amount
|
Cost to Cede
or Assume
|
Notional Amount
|
Cost to Cede
or Assume
|
|||||||||||||||||||
Off-balance sheet commitments and standby letters of credit
|
$ | 65,495 | $ | 6,550 | $ | 34,706 | $ | 3,471 | $ | 18,187 | $ | 1,819 |
June 30, 2011
|
||||||||||||||||
Fair Value Measurement Using
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Securities at
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||
U.S. Treasury
|
$ | 161 | $ | - | $ | - | $ | 161 | ||||||||
Municipal bonds
|
23,184 | - | - | 23,184 | ||||||||||||
Mortgage-backed securities:
|
||||||||||||||||
Government Sponsored Enterprise
|
113,150 | 1,536 | - | 114,686 | ||||||||||||
Private label securities
|
- | 2,019 | 1,254 | 3,273 | ||||||||||||
Total securities available for sale
|
$ | 136,495 | $ | 3,555 | $ | 1,254 | $ | 141,304 | ||||||||
Stock:
|
||||||||||||||||
FHLB stock
|
$ | 2,019 | $ | - | $ | - | $ | 2,019 | ||||||||
Federal Reserve Bank stock
|
11,473 | - | - | 11,473 | ||||||||||||
Total stock
|
$ | 13,492 | $ | - | $ | - | $ | 13,492 | ||||||||
Total securities
|
$ | 149,987 | $ | 3,555 | $ | 1,254 | $ | 154,796 |
Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3)
|
||||
Marketable securities
|
||||
(in thousands)
|
||||
Beginning Balance, January 1, 2011
|
$ | 1,505 | ||
Total gains or losses (realized/unrealized):
|
||||
Included in earnings (or changes in net assets)
|
(394 | ) | ||
Included in other comprehensive income
|
(189 | ) | ||
Purchases, issuances, and settlements
|
(256 | ) | ||
Transfer in and/or out of Level 3
|
588 | |||
Ending Balance, June 30, 2011
|
$ | 1,254 |
June 30, 2011
|
||||||||||||||||
Fair Value Measurement Using
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Assets at
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Assets
|
||||||||||||||||
Impaired loans
|
$ | - | $ | 19,885 | $ | - | $ | 19,885 | ||||||||
Other real estate owned
|
- | 4,447 | - | 4,447 | ||||||||||||
Total assets
|
$ | - | $ | 24,332 | $ | - | $ | 24,332 |
·
|
The strength of the United States economy in general and the strength of the local economies in which we conduct operations;
|
·
|
The effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System (the “Federal Reserve”);
|
·
|
Inflation/deflation, interest rate, market and monetary fluctuations;
|
·
|
The timely development of competitive new products and services and the acceptance of these products and services by new and existing customers;
|
·
|
The willingness of users to substitute competitors’ products and services for our products and services;
|
·
|
The impact of changes in financial services policies, laws and regulations, including those concerning taxes, banking, securities and insurance, and the application thereof by regulatory bodies;
|
·
|
Technological changes;
|
·
|
The effect of acquisitions we may make, if any, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions;
|
·
|
Changes in the level of our nonperforming assets and charge-offs;
|
·
|
Oversupply of inventory and continued deterioration in values of California real estate, both residential and commercial;
|
·
|
The effect of changes in accounting policies and practices, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters;
|
·
|
Possible other-than-temporary impairments (“OTTI”) of securities held by us;
|
·
|
The impact of current governmental efforts to restructure the U.S. financial regulatory system, including enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act;
|
·
|
Changes in consumer spending, borrowing and savings habits;
|
·
|
The effects of our lack of a diversified loan portfolio, including the risks of geographic and industry concentrations;
|
·
|
Ability to attract deposits and other sources of liquidity;
|
·
|
Changes in the financial performance and/or condition of our borrowers;
|
·
|
Changes in the competitive environment among financial and bank holding companies and other financial service providers;
|
·
|
Geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad;
|
·
|
Unanticipated regulatory or judicial proceedings; and
|
·
|
Our ability to manage the risks involved in the foregoing.
|
·
|
Centralize responsibility for consumer financial protection by creating a new agency, the Consumer Financial Protection Bureau, responsible for implementing, examining and enforcing compliance with federal consumer financial laws.
|
·
|
Require federal bank regulators to seek to make their capital requirements countercyclical so that capital requirements increase in times of economic expansion and decrease in times of economic contraction.
|
·
|
Require bank holding companies and banks to be both well-capitalized and well-managed in order to engage in interstate bank acquisitions.
|
·
|
Impose comprehensive regulation of the over-the-counter derivatives market, which would include certain provisions that would effectively prohibit insured depository institutions from conducting certain derivatives businesses in the institution itself.
|
·
|
Implement corporate governance revisions, including with regard to executive compensation and proxy access by shareholders.
|
·
|
Make permanent the $250,000 limit for federal deposit insurance and increase the cash limit of Securities Investor Protection Corporation protection from $100,000 to $250,000 and provide unlimited federal deposit insurance through December 31, 2012 for non-interest bearing demand transaction accounts at all insured depository institutions.
|
·
|
Repeal the federal prohibitions on the payment of interest on demand deposits, thereby permitting depository institutions to pay interest on business transaction and other accounts.
|
·
|
Amend the Electronic Fund Transfer Act to, among other things, give the Federal Reserve the authority to establish rules regarding interchange fees charged for electronic debit transactions by payment card issuers having assets over $10 billion and to enforce a new statutory requirement that such fees be reasonable and proportional to the actual cost of a transaction to the issuer.
|
·
|
Increase the authority of the Federal Reserve to examine bank holding companies, such as the Corporation, and their non-bank subsidiaries.
|
·
|
Exempt non-accelerated filers, such as the Company, from the auditor attestation requirements on management’s assessment of internal controls. However, the requirement of an assessment by management of the issuer’s internal controls is not affected by this amendment.
|
·
|
A $3.5 million increase in net interest income due to a higher level of interest earning assets and a higher net interest margin;
|
·
|
A $427,000 increase in deposit fee income;
|
·
|
A $370,000 decrease in other real estate owned (“OREO”) operations, net expense; and
|
·
|
A $217,000 increase in other income.
|
·
|
A $2.4 million increase in noninterest expense, excluding OREO operations, net, primarily associated with higher expenses in compensation and benefits, legal and audit, other and premises and occupancy;
|
·
|
A $922,000 increase in loss from sales of loans; and
|
·
|
A $661,000 increase in provision for loan loss.
|
·
|
Interest income earned from average interest-earning assets and the resultant yields; and
|
·
|
Interest expense incurred from average interest-bearing liabilities and resultant costs, expressed as rates.
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||
June 30, 2011
|
June 30, 2010
|
|||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
Balance
|
Interest
|
Yield/Cost
|
Balance
|
Interest
|
Yield/Cost
|
|||||||||||||||||||
Assets
|
(dollars in thousands)
|
|||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 63,393 | $ | 32 | 0.20 | % | $ | 57,575 | $ | 33 | 0.23 | % | ||||||||||||
Federal funds sold
|
10,406 | 2 | 0.08 | % | 29 | - | 0.00 | % | ||||||||||||||||
Investment securities
|
145,503 | 1,025 | 2.82 | % | 143,325 | 1,115 | 3.11 | % | ||||||||||||||||
Loans receivable, net (1)
|
684,346 | 11,750 | 6.87 | % | 531,753 | 8,842 | 6.65 | % | ||||||||||||||||
Total interest-earning assets
|
903,648 | 12,809 | 5.67 | % | 732,682 | 9,990 | 5.45 | % | ||||||||||||||||
Noninterest-earning assets
|
49,164 | 42,969 | ||||||||||||||||||||||
Total assets
|
$ | 952,812 | $ | 775,651 | ||||||||||||||||||||
Liabilities and Equity
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Transaction accounts
|
$ | 405,096 | $ | 369 | 0.37 | % | $ | 227,042 | $ | 476 | 0.84 | % | ||||||||||||
Retail certificates of deposit
|
410,022 | 1,777 | 1.74 | % | 389,488 | 1,903 | 1.96 | % | ||||||||||||||||
Wholesale/brokered certificates of deposit
|
11,792 | 15 | 0.51 | % | 2,559 | 7 | 1.10 | % | ||||||||||||||||
Total interest-bearing deposits
|
826,910 | 2,161 | 1.05 | % | 619,089 | 2,386 | 1.55 | % | ||||||||||||||||
FHLB advances and other borrowings
|
28,676 | 235 | 3.29 | % | 66,852 | 685 | 4.11 | % | ||||||||||||||||
Subordinated debentures
|
10,310 | 77 | 3.00 | % | 10,310 | 77 | 3.00 | % | ||||||||||||||||
Total borrowings
|
38,986 | 312 | 3.21 | % | 77,162 | 762 | 3.96 | % | ||||||||||||||||
Total interest-bearing liabilities
|
865,896 | 2,473 | 1.15 | % | 696,251 | 3,148 | 1.81 | % | ||||||||||||||||
Non-interest-bearing liabilities
|
5,948 | 4,856 | ||||||||||||||||||||||
Total liabilities
|
871,844 | 701,107 | ||||||||||||||||||||||
Stockholders' equity
|
80,968 | 74,544 | ||||||||||||||||||||||
Total liabilities and equity
|
$ | 952,812 | $ | 775,651 | ||||||||||||||||||||
Net interest income
|
$ | 10,336 | $ | 6,842 | ||||||||||||||||||||
Net interest rate spread (2)
|
4.52 | % | 3.64 | % | ||||||||||||||||||||
Net interest margin (3)
|
4.58 | % | 3.74 | % | ||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
104.36 | % | 105.23 | % |
(1)
|
Average balance includes loans held for sale and nonperforming loans and is net of deferred loan origination fees, unamortized discounts and premiums, and ALLL.
|
(2)
|
Represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
|
(3)
|
Represents net interest income divided by average interest-earning assets.
|
Six Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||
June 30, 2011
|
June 30, 2010
|
|||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
Assets
|
Balance
|
Interest
|
Yield/Cost
|
Balance
|
Interest
|
Yield/Cost
|
||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 59,779 | $ | 61 | 0.21 | % | $ | 58,663 | $ | 66 | 0.23 | % | ||||||||||||
Federal funds sold
|
8,165 | 3 | 0.07 | % | 29 | - | 0.00 | % | ||||||||||||||||
Investment securities
|
158,125 | 2,196 | 2.78 | % | 138,643 | 2,111 | 3.05 | % | ||||||||||||||||
Loans receivable, net (1)
|
658,365 | 22,283 | 6.77 | % | 543,365 | 17,997 | 6.62 | % | ||||||||||||||||
Total interest-earning assets
|
884,434 | 24,543 | 5.55 | % | 740,700 | 20,174 | 5.45 | % | ||||||||||||||||
Noninterest-earning assets
|
46,658 | 43,153 | ||||||||||||||||||||||
Total assets
|
$ | 931,092 | $ | 783,853 | ||||||||||||||||||||
Liabilities and Equity
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Transaction accounts
|
$ | 372,804 | $ | 814 | 0.44 | % | $ | 217,341 | $ | 889 | 0.82 | % | ||||||||||||
Retail certificates of deposit
|
410,602 | 3,590 | 1.76 | % | 397,265 | 4,053 | 2.06 | % | ||||||||||||||||
Wholesale/brokered certificates of deposit
|
9,841 | 25 | 0.51 | % | 3,451 | 25 | 1.46 | % | ||||||||||||||||
Total interest-bearing deposits
|
793,247 | 4,429 | 1.13 | % | 618,057 | 4,967 | 1.62 | % | ||||||||||||||||
FHLB advances and other borrowings
|
41,793 | 523 | 2.52 | % | 74,450 | 1,553 | 4.21 | % | ||||||||||||||||
Subordinated debentures
|
10,310 | 153 | 2.99 | % | 10,310 | 152 | 2.97 | % | ||||||||||||||||
Total borrowings
|
52,103 | 676 | 2.62 | % | 84,760 | 1,705 | 4.06 | % | ||||||||||||||||
Total interest-bearing liabilities
|
845,350 | 5,105 | 1.22 | % | 702,817 | 6,672 | 1.91 | % | ||||||||||||||||
Non-interest-bearing liabilities
|
6,034 | 6,771 | ||||||||||||||||||||||
Total liabilities
|
851,384 | 709,588 | ||||||||||||||||||||||
Stockholder equity
|
79,708 | 74,265 | ||||||||||||||||||||||
Total liabilities and equity
|
$ | 931,092 | $ | 783,853 | ||||||||||||||||||||
Net interest income
|
$ | 19,438 | $ | 13,502 | ||||||||||||||||||||
Net interest rate spread (2)
|
4.33 | % | 3.54 | % | ||||||||||||||||||||
Net interest margin (3)
|
4.40 | % | 3.65 | % | ||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
104.62 | % | 105.39 | % |
(1)
|
Average balance includes loans held for sale and nonperforming loans and is net of deferred loan origination fees, unamortized discounts and premiums, and ALLL.
|
(2)
|
Represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
|
(3)
|
Represents net interest income divided by average interest-earning assets.
|
·
|
Changes in interest rates (changes in interest rates multiplied by prior volume);
|
·
|
Changes in volume (changes in volume multiplied by prior rate); and
|
·
|
The net change or the combined impact of volume and rate changes allocated proportionately to changes in volume and changes in interest rates.
|
Three Months Ended June 30, 2011
|
Six Months Ended June 30, 2011
|
|||||||||||||||||||||||
Compared to
|
Compared to
|
|||||||||||||||||||||||
Three Months Ended June 30, 2010
|
Six Months Ended June 30, 2010
|
|||||||||||||||||||||||
Increase (decrease) due to
|
Increase (decrease) due to
|
|||||||||||||||||||||||
Rate
|
Volume
|
Net
|
Rate
|
Volume
|
Net
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Interest-earning assets
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$ | (4 | ) | $ | 3 | $ | (1 | ) | $ | (6 | ) | $ | 1 | $ | (5 | ) | ||||||||
Federal funds sold
|
2 | - | 2 | 3 | - | 3 | ||||||||||||||||||
Investment securities
|
(107 | ) | 17 | (90 | ) | (197 | ) | 282 | 85 | |||||||||||||||
Loans receivable, net
|
300 | 2,608 | 2,908 | 415 | 3,871 | 4,286 | ||||||||||||||||||
Total interest-earning assets
|
$ | 191 | $ | 2,628 | $ | 2,819 | $ | 215 | $ | 4,154 | $ | 4,369 | ||||||||||||
Interest-bearing liabilities
|
||||||||||||||||||||||||
Transaction accounts
|
$ | (356 | ) | $ | 249 | $ | (107 | ) | $ | (531 | ) | $ | 456 | $ | (75 | ) | ||||||||
Retail certificates of deposit
|
(223 | ) | 97 | (126 | ) | (599 | ) | 136 | (463 | ) | ||||||||||||||
Wholesale/brokered certificates of deposit
|
(6 | ) | 14 | 8 | (24 | ) | 24 | - | ||||||||||||||||
FHLB advances and other borrowings
|
(117 | ) | (333 | ) | (450 | ) | (492 | ) | (538 | ) | (1,030 | ) | ||||||||||||
Subordinated debentures
|
- | - | - | 1 | - | 1 | ||||||||||||||||||
Total interest-bearing liabilities
|
$ | (702 | ) | $ | 27 | $ | (675 | ) | $ | (1,645 | ) | $ | 78 | $ | (1,567 | ) | ||||||||
Change in net interest income
|
$ | 893 | $ | 2,601 | $ | 3,494 | $ | 1,860 | $ | 4,076 | $ | 5,936 |
June 30, 2011
|
December 31, 2010
|
June 30, 2010
|
||||||||||||||||||||||||||||||||||
Amount
|
Percent of Total
|
Weighted Average Interest Rate
|
Amount
|
Percent of Total
|
Weighted Average Interest Rate
|
Amount
|
Percent of Total
|
Weighted Average Interest Rate
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||||||||||
Multi-family
|
$ | 231,604 | 32.6 | % | 6.15 | % | $ | 243,584 | 42.9 | % | 6.21 | % | $ | 258,021 | 46.4 | % | 6.17 | % | ||||||||||||||||||
Commercial non-owner occupied
|
155,419 | 21.9 | % | 6.64 | % | 130,525 | 23.0 | % | 6.66 | % | 136,053 | 24.5 | % | 6.82 | % | |||||||||||||||||||||
One-to-four family (1)
|
64,550 | 9.1 | % | 5.22 | % | 20,318 | 3.6 | % | 5.44 | % | 14,243 | 2.6 | % | 6.69 | % | |||||||||||||||||||||
Construction
|
- | 0.0 | % | 0.00 | % | - | 0.0 | % | 0.00 | % | - | 0.0 | % | 0.00 | % | |||||||||||||||||||||
Land
|
8,752 | 1.2 | % | 5.64 | % | - | 0.0 | % | 0.00 | % | - | 0.0 | % | 0.00 | % | |||||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||||||||||||||
Commercial owner occupied (2)
|
147,186 | 20.7 | % | 6.51 | % | 113,025 | 20.0 | % | 6.55 | % | 108,465 | 19.5 | % | 6.56 | % | |||||||||||||||||||||
Commercial and industrial
|
92,502 | 12.9 | % | 6.14 | % | 54,687 | 9.6 | % | 6.32 | % | 33,743 | 6.1 | % | 6.56 | % | |||||||||||||||||||||
SBA
|
4,682 | 0.7 | % | 5.99 | % | 4,088 | 0.7 | % | 5.92 | % | 3,346 | 0.6 | % | 5.87 | % | |||||||||||||||||||||
Other loans
|
6,497 | 0.9 | % | 5.84 | % | 1,417 | 0.2 | % | 4.54 | % | 1,869 | 0.3 | % | 1.87 | % | |||||||||||||||||||||
Total gross loans
|
711,192 | 100.0 | % | 6.23 | % | 567,644 | 100.0 | % | 6.35 | % | 555,740 | 100.0 | % | 6.43 | % | |||||||||||||||||||||
Less loans held for sale
|
- | - | - | |||||||||||||||||||||||||||||||||
Total gross loans held for investment
|
711,192 | 567,644 | 555,740 | |||||||||||||||||||||||||||||||||
Less (plus):
|
||||||||||||||||||||||||||||||||||||
Deferred loan origination costs (fees) and premiums (discounts)
|
(3,096 | ) | (3,227 | ) | (3,548 | ) | ||||||||||||||||||||||||||||||
Allowance for loan losses
|
(8,517 | ) | (8,879 | ) | (9,169 | ) | ||||||||||||||||||||||||||||||
Loans held for investment, net
|
$ | 699,579 | $ | 555,538 | $ | 543,023 | ||||||||||||||||||||||||||||||
(1) Includes second trust deeds.
|
||||||||||||||||||||||||||||||||||||
(2) Majority secured by real estate.
|
Six Months Ended
|
||||||||
June 30, 2011
|
June 30, 2010
|
|||||||
(in thousands)
|
||||||||
Beginning balance gross loans
|
$ | 567,644 | $ | 576,268 | ||||
Loans originated:
|
||||||||
Real estate loans:
|
||||||||
Multi-family
|
2,018 | - | ||||||
Business loans:
|
||||||||
Commercial owner occupied (1)
|
1,363 | - | ||||||
Commecial and industrial
|
26,070 | 11,065 | ||||||
SBA
|
3,604 | 600 | ||||||
Other loans
|
3,907 | 4,671 | ||||||
Total loans originated
|
36,962 | 16,336 | ||||||
Loans purchased:
|
||||||||
Multi-family
|
3,075 | - | ||||||
Commercial non-owner occupied
|
28,732 | - | ||||||
Commercial owner occupied
|
45,557 | 18,251 | ||||||
Commecial and industrial
|
28,536 | 363 | ||||||
One-to-four family
|
28,987 | 2,398 | ||||||
Construction
|
5,592 | - | ||||||
Land
|
9,414 | - | ||||||
Other loans
|
21,578 | - | ||||||
Total loans purchased
|
171,471 | 21,012 | ||||||
Total loan production
|
208,433 | 37,348 | ||||||
Principal repayments
|
(30,049 | ) | (34,274 | ) | ||||
Change in Canyon National mark-to-market discount
|
4,062 | - | ||||||
Change in undisbursed loan funds
|
(11,096 | ) | 4,326 | |||||
Sales of loans
|
(23,852 | ) | (22,797 | ) | ||||
Charge-offs
|
(1,843 | ) | (1,601 | ) | ||||
Transfer to other real estate owned
|
(2,107 | ) | (3,530 | ) | ||||
Net increase (decrease) in gross loans
|
143,548 | (20,528 | ) | |||||
Ending balance gross loans
|
$ | 711,192 | $ | 555,740 | ||||
(1) Majority secured by real estate.
|
June 30, 2011
|
||||||||||||||||
Weighted
|
Weighted
|
|||||||||||||||
Number
|
Average
|
Average Months
|
||||||||||||||
of Loans
|
Amount
|
Interest Rate
|
to Reprice
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
1 Year and less
|
537 | $ | 318,168 | 6.11 | % | 2.34 | ||||||||||
Over 1 Year to 3 Years
|
140 | 128,895 | 6.61 | % | 19.45 | |||||||||||
Over 3 Years to 5 Years
|
27 | 31,873 | 6.55 | % | 47.46 | |||||||||||
Over 5 Years to 7 Years
|
18 | 15,541 | 6.39 | % | 78.01 | |||||||||||
Over 7 Years to 10 Years
|
19 | 20,523 | 4.86 | % | 218.80 | |||||||||||
Total adjustable
|
741 | 515,000 | 6.22 | % | 20.33 | |||||||||||
Fixed
|
258 | 92,511 | 6.46 | % | ||||||||||||
Total
|
999 | $ | 607,511 | 6.25 | % |
30 - 59 Days
|
60 - 89 Days
|
90 Days or More (1)
|
Total
|
|||||||||||||||||||||||||||||
# of
Loans
|
Principal
Balance
of Loans
|
# of
Loans
|
Principal
Balance
of Loans
|
# of
Loans
|
Principal
Balance
of Loans
|
# of
Loans
|
Principal
Balance
of Loans
|
|||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||
At June 30, 2011
|
||||||||||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||||||
Multi-family
|
- | $ | - | - | $ | - | 3 | $ | 2,705 | 3 | $ | 2,705 | ||||||||||||||||||||
Commercial non-owner occupied
|
1 | 328 | 2 | 989 | 3 | 822 | 6 | 2,139 | ||||||||||||||||||||||||
One-to-four family
|
2 | 116 | 4 | 518 | 5 | 325 | 11 | 959 | ||||||||||||||||||||||||
Land
|
1 | 62 | - | - | 6 | 257 | 7 | 319 | ||||||||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||||||||||
Commercial owner occupied
|
2 | 852 | 1 | 1,709 | 4 | 1,869 | 7 | 4,430 | ||||||||||||||||||||||||
Commercial and industrial
|
6 | 1,089 | 1 | 20 | 4 | 1,078 | 11 | 2,187 | ||||||||||||||||||||||||
SBA
|
1 | 72 | - | - | 7 | 720 | 8 | 792 | ||||||||||||||||||||||||
Other
|
2 | 37 | 2 | 26 | 2 | 19 | 6 | 82 | ||||||||||||||||||||||||
Total
|
15 | $ | 2,556 | 10 | $ | 3,262 | 34 | $ | 7,795 | 59 | $ | 13,613 | ||||||||||||||||||||
Delinquent loans to total gross loans
|
0.36 | % | 0.46 | % | 1.10 | % | 1.91 | % | ||||||||||||||||||||||||
At December 31, 2010
|
||||||||||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||||||
Commercial non-owner occupied
|
2 | $ | 617 | - | $ | - | - | $ | - | 2 | $ | 617 | ||||||||||||||||||||
One-to-four family
|
3 | 402 | 1 | 17 | 1 | 20 | 5 | 439 | ||||||||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||||||||||
Commercial owner occupied
|
1 | 184 | - | - | 3 | 2,225 | 4 | 2,409 | ||||||||||||||||||||||||
SBA
|
- | - | - | - | 7 | 846 | 7 | 846 | ||||||||||||||||||||||||
Total
|
6 | $ | 1,203 | 1 | $ | 17 | 11 | $ | 3,091 | 18 | $ | 4,311 | ||||||||||||||||||||
Delinquent loans to total gross loans
|
0.21 | % | 0.00 | % | 0.54 | % | 0.76 | % | ||||||||||||||||||||||||
At June 30, 2010
|
||||||||||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||||||
One-to-four family
|
2 | $ | 69 | - | $ | - | 3 | $ | 66 | 5 | 135 | |||||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||||||||||
Commercial owner occupied
|
- | - | - | - | 2 | 957 | 2 | 957 | ||||||||||||||||||||||||
Commercial and industrial
|
- | - | - | - | 1 | 37 | 1 | 37 | ||||||||||||||||||||||||
SBA
|
1 | 238 | - | - | 6 | 780 | 7 | 1,018 | ||||||||||||||||||||||||
Total
|
3 | $ | 307 | - | $ | - | 12 | $ | 1,840 | 15 | $ | 2,147 | ||||||||||||||||||||
Delinquent loans to total gross loans
|
0.06 | % | 0.00 | % | 0.33 | % | 0.39 | % | ||||||||||||||||||||||||
(1) All loans that are delinquent 90 days or more are on nonaccrual status and reported as part of nonperforming loans.
|
June 30, 2011
|
December 31, 2010
|
June 30, 2010
|
||||||||||||||||||||||||||||||||||
Balance at End of Period Applicable to
|
Amount
|
Allowance as a % of Category Total
|
% of Loans in Category to Total Loans
|
Amount
|
Allowance as a % of Category Total
|
% of Loans in Category to Total Loans
|
Amount
|
Allowance as a % of Category Total
|
% of Loans in Category to Total Loans
|
|||||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||||||||||
Multi-family
|
$ | 2,456 | 1.06 | % | 32.6 | % | $ | 2,730 | 1.12 | % | 42.9 | % | $ | 3,350 | 1.30 | % | 46.4 | % | ||||||||||||||||||
Commercial non-owner occupied
|
1,490 | 0.96 | % | 21.9 | % | 1,580 | 1.21 | % | 23.0 | % | 1,933 | 1.42 | % | 24.5 | % | |||||||||||||||||||||
One-to-four family
|
324 | 0.50 | % | 9.1 | % | 332 | 1.63 | % | 3.6 | % | 222 | 1.56 | % | 2.6 | % | |||||||||||||||||||||
Land
|
- | 0.00 | % | 1.2 | % | - | -- | 0.0 | % | - | 0.00 | % | 0.0 | % | ||||||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||||||||||||||
Commercial owner occupied
|
1,536 | 1.04 | % | 20.7 | % | 1,687 | 1.49 | % | 20.0 | % | 1,170 | 1.08 | % | 19.5 | % | |||||||||||||||||||||
Commercial and industrial
|
2,561 | 2.77 | % | 12.9 | % | 2,356 | 4.31 | % | 9.6 | % | 2,303 | 6.83 | % | 6.1 | % | |||||||||||||||||||||
SBA
|
97 | 2.07 | % | 0.7 | % | 145 | 3.55 | % | 0.7 | % | 179 | 5.34 | % | 0.6 | % | |||||||||||||||||||||
Other Loans
|
53 | 0.82 | % | 0.9 | % | 49 | 3.46 | % | 0.2 | % | 12 | 0.65 | % | 0.3 | % | |||||||||||||||||||||
Total
|
$ | 8,517 | 1.20 | % | 100.0 | % | $ | 8,879 | 1.56 | % | 100.0 | % | $ | 9,169 | 1.65 | % | 100.0 | % |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
Balance, beginning of period
|
$ | 8,879 | $ | 9,169 | $ | 8,879 | $ | 8,905 | ||||||||
Provision for loan losses
|
1,300 | 639 | 1,406 | 1,695 | ||||||||||||
Charge-offs:
|
||||||||||||||||
Real estate:
|
||||||||||||||||
Multi-family
|
(321 | ) | - | (349 | ) | (334 | ) | |||||||||
Commercial non-owner occupied
|
- | (405 | ) | - | (405 | ) | ||||||||||
One-to-four family
|
(274 | ) | (97 | ) | (416 | ) | (107 | ) | ||||||||
Land
|
(161 | ) | - | (161 | ) | - | ||||||||||
Business loans:
|
||||||||||||||||
Commercial owner occupied
|
(98 | ) | - | (98 | ) | - | ||||||||||
Commercial and industrial
|
(712 | ) | - | (712 | ) | (515 | ) | |||||||||
SBA
|
(52 | ) | (240 | ) | (52 | ) | (240 | ) | ||||||||
Other loans
|
(55 | ) | - | (55 | ) | - | ||||||||||
Total charge-offs
|
(1,673 | ) | (742 | ) | (1,843 | ) | (1,601 | ) | ||||||||
Recoveries :
|
||||||||||||||||
Real estate:
|
||||||||||||||||
One-to-four family
|
1 | 2 | 55 | 22 | ||||||||||||
Business loans:
|
||||||||||||||||
Commercial owner occupied
|
- | 10 | - | 10 | ||||||||||||
SBA
|
5 | 88 | 11 | 131 | ||||||||||||
Other loans
|
5 | 3 | 9 | 7 | ||||||||||||
Total recoveries
|
11 | 103 | 75 | 170 | ||||||||||||
Net loan charge-offs
|
(1,662 | ) | (639 | ) | (1,768 | ) | (1,431 | ) | ||||||||
Balance at end of period
|
$ | 8,517 | $ | 9,169 | $ | 8,517 | $ | 9,169 | ||||||||
Ratios:
|
||||||||||||||||
Net charge-offs to average total loans, net
|
0.97 | % | 0.48 | % | 0.54 | % | 0.53 | % | ||||||||
Allowance for loan losses to gross loans at end of period
|
1.20 | % | 1.65 | % | 1.20 | % | 1.65 | % |
June 30, 2011
|
||||||||||||||||
Amortized Cost
|
Unrealized
Gain
|
Unrealized
Loss
|
Estimated
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||
U.S. Treasury
|
$ | 147 | $ | 14 | $ | - | $ | 161 | ||||||||
Municipal bonds
|
23,069 | 297 | (182 | ) | 23,184 | |||||||||||
Mortgage-backed securities
|
117,789 | 1,411 | (1,241 | ) | 117,959 | |||||||||||
Total securities available for sale
|
141,005 | 1,722 | (1,423 | ) | 141,304 | |||||||||||
Stock:
|
||||||||||||||||
FHLB stock
|
11,473 | - | - | 11,473 | ||||||||||||
Federal Reserve Bank stock
|
2,019 | - | - | 2,019 | ||||||||||||
Total stock
|
13,492 | - | - | 13,492 | ||||||||||||
Total securities
|
$ | 154,497 | $ | 1,722 | $ | (1,423 | ) | $ | 154,796 | |||||||
December 31, 2010
|
||||||||||||||||
Amortized Cost
|
Unrealized
Gain
|
Unrealized
Loss
|
Estimated
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||
U.S. Treasury
|
$ | 148 | $ | 11 | $ | - | $ | 159 | ||||||||
Municipal bonds
|
20,555 | 7 | (803 | ) | 19,759 | |||||||||||
Mortgage-backed securities
|
135,944 | 1,292 | (2,060 | ) | 135,176 | |||||||||||
Total securities available for sale
|
156,647 | 1,310 | (2,863 | ) | 155,094 | |||||||||||
Stock:
|
||||||||||||||||
FHLB stock
|
11,315 | - | - | 11,315 | ||||||||||||
Federal Reserve Bank stock
|
2,019 | - | - | 2,019 | ||||||||||||
Total stock
|
13,334 | - | - | 13,334 | ||||||||||||
Total securities
|
$ | 169,981 | $ | 1,310 | $ | (2,863 | ) | $ | 168,428 | |||||||
June 30, 2010
|
||||||||||||||||
Amortized Cost
|
Unrealized
Gain
|
Unrealized
Loss
|
Estimated
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||
U.S. Treasury
|
$ | 147 | $ | 13 | $ | - | $ | 160 | ||||||||
Municipal bonds
|
21,861 | 189 | (15 | ) | 22,035 | |||||||||||
Mortgage-backed securities
|
142,384 | 1,114 | (2,223 | ) | 141,275 | |||||||||||
Total securities available for sale
|
164,392 | 1,316 | (2,238 | ) | 163,470 | |||||||||||
Stock:
|
||||||||||||||||
FHLB stock
|
12,258 | - | - | 12,258 | ||||||||||||
Federal Reserve Bank stock
|
2,019 | - | - | 2,019 | ||||||||||||
Total stock
|
14,277 | - | - | 14,277 | ||||||||||||
Total securities
|
$ | 178,669 | $ | 1,316 | $ | (2,238 | ) | $ | 177,747 |
June 30, 2011
|
||||||||||||||||||||||||||||||||||||||||
One Year
|
More than One
|
More than Five Years
|
More than
|
|
||||||||||||||||||||||||||||||||||||
or Less
|
to Five Years
|
to Ten Years
|
Ten Years
|
Total
|
||||||||||||||||||||||||||||||||||||
Weighted
|
Weighted
|
Weighted
|
Weighted
|
Weighted
|
||||||||||||||||||||||||||||||||||||
Fair
|
Average
|
Fair
|
Average
|
Fair
|
Average
|
Fair
|
Average
|
Fair
|
Average
|
|||||||||||||||||||||||||||||||
Value
|
Yield
|
Value
|
Yield
|
Value
|
Yield
|
Value
|
Yield
|
Value
|
Yield
|
|||||||||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||||||||||||||||||||||||||
U.S. Treasury
|
$ | - | 0.00 | % | $ | 78 | 3.53 | % | $ | 83 | 4.15 | % | $ | - | 0.00 | % | $ | 161 | 3.84 | % | ||||||||||||||||||||
Municipal bonds
|
- | 0.00 | % | - | 0.00 | % | 1,229 | 3.89 | % | 21,955 | 3.90 | % | 23,184 | 3.90 | % | |||||||||||||||||||||||||
Mortgage-backed securities:
|
||||||||||||||||||||||||||||||||||||||||
Government Sponsored Enterprise
|
- | 0.00 | % | 198 | 2.41 | % | 88 | 4.63 | % | 114,400 | 2.87 | % | 114,686 | 2.87 | % | |||||||||||||||||||||||||
Private label securities
|
- | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 3,273 | 6.38 | % | 3,273 | 6.38 | % | |||||||||||||||||||||||||
Total investment securities available for sale
|
- | 0.00 | % | 276 | 2.73 | % | 1,400 | 3.96 | % | 139,628 | 3.11 | % | 141,304 | 3.14 | % | |||||||||||||||||||||||||
Stock:
|
||||||||||||||||||||||||||||||||||||||||
FHLB
|
2,019 | 0.00 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 2,019 | 0.00 | % | |||||||||||||||||||||||||
Federal Reserve Bank
|
11,473 | 6.00 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 11,473 | 6.00 | % | |||||||||||||||||||||||||
Total stock
|
13,492 | 5.10 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 13,492 | 5.10 | % | |||||||||||||||||||||||||
Total securities
|
$ | 13,492 | 5.10 | % | $ | 276 | 2.73 | % | $ | 1,400 | 3.96 | % | $ | 139,628 | 3.11 | % | $ | 154,796 | 3.31 | % |
·
|
An evaluation of the present value of estimated cash flows from the security using the current yield to accrete beneficial interest and including assumptions in the prepayment rate, default rate, delinquencies, loss severity and percentage of nonperforming assets;
|
·
|
An evaluation of the estimated payback period to recover principal;
|
·
|
An analysis of the credit support available in the underlying security to absorb losses; and
|
·
|
A review of the financial condition and near term prospects of the issuer.
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||||||||||
June 30, 2011
|
June 30, 2010
|
|||||||||||||||||||||||||||||||
Rating
|
Number
|
Fair Value
|
OTTI Credit Loss
|
Non Credit Gain (Loss) in AOCL
|
Number
|
Fair Value
|
OTTI Credit Loss
|
Non Credit Loss in AOCL
|
||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||
C | 1 | $ | 149 | $ | (13 | ) | $ | 38 | 4 | $ | 240 | $ | (80 | ) | $ | (4 | ) | |||||||||||||||
CC
|
2 | 13 | (43 | ) | (103 | ) | 3 | 127 | (104 | ) | (136 | ) | ||||||||||||||||||||
CCC
|
3 | 140 | (66 | ) | (92 | ) | 3 | 87 | (125 | ) | (118 | ) | ||||||||||||||||||||
D | 3 | 162 | (32 | ) | (2 | ) | 2 | 204 | (21 | ) | (60 | ) | ||||||||||||||||||||
9 | $ | 464 | $ | (154 | ) | $ | (159 | ) | 12 | $ | 658 | $ | (330 | ) | $ | (318 | ) | |||||||||||||||
Six Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||||||||||
June 30, 2011
|
June 30, 2010
|
|||||||||||||||||||||||||||||||
Rating
|
Number
|
Fair Value
|
OTTI credit loss
|
Non Credit Gain (Loss) in AOCL
|
Number
|
Fair Value
|
OTTI credit loss
|
Non Credit Loss in AOCL
|
||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||
BB
|
1 | $ | 7 | $ | (7 | ) | $ | 3 | - | $ | - | $ | - | $ | - | |||||||||||||||||
C | 2 | 152 | (37 | ) | 40 | 5 | 257 | (195 | ) | (15 | ) | |||||||||||||||||||||
CC
|
3 | 504 | (82 | ) | (124 | ) | 5 | 365 | (217 | ) | (350 | ) | ||||||||||||||||||||
CCC
|
5 | 158 | (91 | ) | (86 | ) | 3 | 87 | (125 | ) | (118 | ) | ||||||||||||||||||||
C | 9 | 168 | (151 | ) | (32 | ) | 4 | 204 | (119 | ) | (60 | ) | ||||||||||||||||||||
20 | $ | 989 | $ | (368 | ) | $ | (199 | ) | 17 | $ | 913 | $ | (656 | ) | $ | (543 | ) |
June 30,
|
December 31,
|
June 30,
|
||||||||||
2011
|
2010
|
2010
|
||||||||||
(dollars in thousands)
|
||||||||||||
Nonperforming assets
|
||||||||||||
Real estate:
|
||||||||||||
Multi-family
|
$ | 3,011 | $ | - | $ | - | ||||||
Commercial non-owner occupied
|
2,502 | - | - | |||||||||
One-to-four family
|
332 | 27 | 85 | |||||||||
Land
|
257 | - | - | |||||||||
Business loans:
|
||||||||||||
Commercial owner occupied
|
1,869 | 2,225 | 957 | |||||||||
Commercial and industrial
|
2,063 | 54 | 37 | |||||||||
SBA (1)
|
834 | 971 | 863 | |||||||||
Other loans
|
20 | - | - | |||||||||
Total nonaccrual loans
|
10,888 | 3,277 | 1,942 | |||||||||
Other real estate owned:
|
||||||||||||
Commercial non-owner occupied
|
1,410 | - | - | |||||||||
One-to-four family
|
1,765 | 34 | - | |||||||||
Construction
|
263 | - | - | |||||||||
Land
|
716 | - | 1,860 | |||||||||
Commercial owner occupied
|
293 | - | - | |||||||||
Total other real estate owned
|
4,447 | 34 | 1,860 | |||||||||
Total nonperforming assets, net
|
$ | 15,335 | $ | 3,311 | $ | 3,802 | ||||||
Allowance for loan losses
|
$ | 8,517 | $ | 8,879 | $ | 9,169 | ||||||
Allowance for loan losses as a percent of total nonperforming loans, gross
|
78.22 | % | 270.95 | % | 472.14 | % | ||||||
Nonperforming loans as a percent of
gross loans receivable
|
1.53 | % | 0.58 | % | 0.35 | % | ||||||
Nonperforming assets as a percent of total assets
|
1.62 | % | 0.40 | % | 0.48 | % |
(1)
|
The SBA totals include the guaranteed amount, which was $216,000 as of June 30, 2011, $245,000 as of December 31, 2010, and $377,000 as of June 30, 2010.
|
June 30, 2011
|
December 31, 2010
|
June 30, 2010
|
|||||||||||||||||||||||||||
Balance
|
% of Total Deposits
|
Weighted Average Rate
|
Balance
|
% of Total Deposits
|
Weighted Average Rate
|
Balance
|
% of Total Deposits
|
Weighted Average Rate
|
|||||||||||||||||||||
(dollars in thousands)
|
|||||||||||||||||||||||||||||
Transaction accounts:
|
|||||||||||||||||||||||||||||
Non-interest bearing checking
|
$ | 122,539 | 15.0 | % | 0.00 | % | $ | 47,229 | 7.2 | % | 0.00 | % | $ | 38,973 | 6.2 | % | 0.00 | % | |||||||||||
Interest bearing checking
|
58,090 | 7.1 | % | 0.24 | % | 21,137 | 3.2 | % | 0.14 | % | 19,174 | 3.0 | % | 0.34 | % | ||||||||||||||
Money market
|
119,286 | 14.6 | % | 0.57 | % | 113,333 | 17.2 | % | 0.97 | % | 105,380 | 16.7 | % | 0.95 | % | ||||||||||||||
Regular passbook
|
106,189 | 13.0 | % | 0.49 | % | 68,559 | 10.3 | % | 0.96 | % | 74,352 | 11.7 | % | 1.11 | % | ||||||||||||||
Total transaction accounts
|
406,104 | 49.8 | % | 0.34 | % | 250,258 | 38.0 | % | 0.72 | % | 237,879 | 37.6 | % | 0.77 | % | ||||||||||||||
Certificates of deposit accounts:
|
|||||||||||||||||||||||||||||
Less than 1.00%
|
69,348 | 8.5 | % | 0.55 | % | 46,528 | 7.1 | % | 0.46 | % | 55,037 | 8.7 | % | 0.42 | % | ||||||||||||||
1.00 - 1.99 | 195,183 | 23.9 | % | 1.56 | % | 172,974 | 26.2 | % | 1.61 | % | 112,364 | 17.8 | % | 1.75 | % | ||||||||||||||
2.00 - 2.99 | 138,183 | 16.9 | % | 2.30 | % | 186,173 | 28.2 | % | 2.31 | % | 222,930 | 35.3 | % | 2.32 | % | ||||||||||||||
3.00 - 3.99 | 1,745 | 0.2 | % | 3.50 | % | 984 | 0.1 | % | 3.24 | % | 1,022 | 0.2 | % | 3.28 | % | ||||||||||||||
4.00 - 4.99 | 2,024 | 0.2 | % | 4.45 | % | 1,097 | 0.2 | % | 4.41 | % | 1,600 | 0.3 | % | 4.44 | % | ||||||||||||||
5.00 and greater
|
3,398 | 0.4 | % | 5.22 | % | 1,226 | 0.2 | % | 5.30 | % | 1,211 | 0.2 | % | 5.30 | % | ||||||||||||||
Total certificates of deposit accounts
|
409,881 | 50.2 | % | 1.69 | % | 408,982 | 62.0 | % | 1.82 | % | 394,164 | 62.4 | % | 1.91 | % | ||||||||||||||
Total deposits
|
$ | 815,985 | 100.0 | % | 1.02 | % | $ | 659,240 | 100.0 | % | 1.40 | % | $ | 632,043 | 100.0 | % | 1.49 | % |
·
|
Three inverse putable reverse repurchase agreements totaling $28.5 million at a weighted average rate of 3.04% and secured by approximately $37.3 million of GSE mortgage backed securities; and
|
·
|
Subordinated debentures used to fund the issuance of trust preferred securities in 2004 of $10.3 million with a rate of 3.03%.
|
June 30, 2011
|
December 31, 2010
|
June 30, 2010
|
||||||||||||||||||||||
Balance
|
Weighted Average Rate
|
Balance
|
Weighted Average Rate
|
Balance
|
Weighted Average Rate
|
|||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
FHLB advances
|
$ | - | 0.00 | % | $ | 40,000 | 0.61 | % | $ | 38,000 | 4.92 | % | ||||||||||||
Reverse repurchase agreements
|
28,500 | 3.04 | % | 28,500 | 3.04 | % | 28,500 | 3.04 | % | |||||||||||||||
Subordinated debentures
|
10,310 | 3.03 | % | 10,310 | 3.04 | % | 10,310 | 3.05 | % | |||||||||||||||
Total borrowings
|
$ | 38,810 | 3.03 | % | $ | 78,810 | 1.81 | % | $ | 76,810 | 3.97 | % | ||||||||||||
Weighted average cost of
borrowings during the quarter
|
3.21 | % | 4.40 | % | 3.96 | % | ||||||||||||||||||
Borrowings as a percent of total assets
|
4.1 | % | 9.5 | % | 9.6 | % |
·
|
Proceeds of $52.1 million from the sale and principal payments on securities available for sale;
|
·
|
Proceeds of $49.4 million from the sale and principal payments on loans held for investment;
|
·
|
Proceeds of $26.4 million received from the FDIC for the acquisition of certain assets and assumption of certain liabilities of Canyon National;
|
·
|
Proceeds from the sale of other real estate owned of $19.4 million; and
|
·
|
A net change in undisbursed loan funds of $11.1 million.
|
·
|
Purchase and originate loans held for investment of $58.9 million;
|
·
|
Absorb deposit outflows of $47.6 million
|
·
|
Reduce FHLB advances by $40.0 million; and
|
·
|
Purchase securities available for sale of $19.6 million.
|
June 30, 2011
|
||||||||||||||||||||
Less Than 1 year
|
1 to 3 years
|
3 to 5 years
|
More than 5 years
|
Total
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Contractual obligations
|
||||||||||||||||||||
FHLB advances
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Other borrowings
|
- | - | - | 28,500 | 28,500 | |||||||||||||||
Subordinated debentures
|
- | - | - | 10,310 | 10,310 | |||||||||||||||
Certificates of deposit
|
355,493 | 39,941 | 13,653 | 794 | 409,881 | |||||||||||||||
Operating leases
|
791 | 1,479 | 1,242 | 3,346 | 6,858 | |||||||||||||||
Total contractual cash obligations
|
$ | 356,284 | $ | 41,420 | $ | 14,895 | $ | 42,950 | $ | 455,549 |
June 30, 2011
|
||||||||||||||||||||
Less than 1 year
|
1 to 3 years
|
3 to 5 years
|
More than 5 years
|
Total
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Other unused commitments
|
||||||||||||||||||||
Home equity lines of credit
|
$ | - | $ | - | $ | 3 | $ | 5,502 | $ | 5,505 | ||||||||||
Commercial lines of credit
|
28,356 | 1,067 | 84 | 27,709 | 57,216 | |||||||||||||||
Other lines of credit
|
652 | 309 | - | 10 | 971 | |||||||||||||||
Standby letters of credit
|
903 | 900 | - | - | 1,803 | |||||||||||||||
Total commitments
|
$ | 29,911 | $ | 2,276 | $ | 87 | $ | 33,221 | $ | 65,495 |
Tier-1 Capital to
|
Tier-1 Risk-Based Capital to
|
Total Capital to
|
||||||||||||||||||||||
Adjusted Tangible Assets
|
Risk-Weighted Assets
|
Risk-Weighted Assets
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
June 30, 2011
|
||||||||||||||||||||||||
Bank:
|
||||||||||||||||||||||||
Regulatory capital
|
$ | 83,266 | 8.80 | % | $ | 83,266 | 11.47 | % | $ | 91,782 | 12.64 | % | ||||||||||||
Adequately capitalized requirement
|
37,836 | 4.00 | % | 29,049 | 4.00 | % | 58,098 | 8.00 | % | |||||||||||||||
Well capitalized requirement
|
47,296 | 5.00 | % | 43,573 | 6.00 | % | 72,622 | 10.00 | % | |||||||||||||||
Consolidated regulatory capital
|
84,102 | 8.90 | % | 84,102 | 11.69 | % | 92,619 | 12.88 | % | |||||||||||||||
December 31, 2010
|
||||||||||||||||||||||||
Bank:
|
||||||||||||||||||||||||
Regulatory capital
|
$ | 82,784 | 10.29 | % | $ | 82,784 | 14.03 | % | $ | 90,180 | 15.28 | % | ||||||||||||
Adequately capitalized requirement
|
32,183 | 4.00 | % | 23,608 | 4.00 | % | 47,216 | 8.00 | % | |||||||||||||||
Well capitalized requirement
|
40,229 | 5.00 | % | 35,415 | 6.00 | % | 59,020 | 10.00 | % | |||||||||||||||
Consolidated regulatory capital
|
83,711 | 10.41 | % | 83,711 | 14.07 | % | 91,167 | 15.32 | % | |||||||||||||||
June 30, 2010
|
||||||||||||||||||||||||
Bank:
|
||||||||||||||||||||||||
Regulatory capital
|
$ | 79,375 | 10.30 | % | $ | 79,375 | 13.88 | % | $ | 86,551 | 15.13 | % | ||||||||||||
Adequately capitalized requirement
|
30,827 | 4.00 | % | 22,881 | 4.00 | % | 45,763 | 8.00 | % | |||||||||||||||
Well capitalized requirement
|
38,533 | 5.00 | % | 34,322 | 6.00 | % | 57,204 | 10.00 | % | |||||||||||||||
Consolidated regulatory capital
|
80,484 | 10.44 | % | 80,484 | 13.95 | % | 87,720 | 15.20 | % |
Exhibit 31.1
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15(d)-14(a) under the Securities Exchange Act of 1934, as amended
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Exhibit 31.2
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Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15(d)-14(a) under the Securities Exchange Act of 1934, as amended
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Exhibit 32
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Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002
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Exhibit 101.INS
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XBRL Instance Document (1)
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Exhibit 101.SCH
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XBRL Taxonomy Extension Schema Document (1)
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Exhibit 101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document (1)
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Exhibit 101.DEF
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XBRL Taxonomy Extension Definitions Linkbase Document (1)
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Exhibit 101.LAB
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XBRL Taxonomy Extension Label Linkbase Document (1)
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Exhibit 101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document (1)
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August 15, 2011
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By:
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/s/ Steven R. Gardner
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Date
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Steven R. Gardner
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President and Chief Executive Officer
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(principal executive officer)
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August 15, 2011
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By:
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/s/ Kent J. Smith
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Date
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Kent J. Smith
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Executive Vice President and Chief Financial Officer
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(principal financial and accounting officer)
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Index to Exhibits
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Exhibit No.
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Description of Exhibit
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Exhibit 31.1
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Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15(d)-14(a) under the Securities Exchange Act of 1934, as amended
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Exhibit 31.2
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Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15(d)-14(a) under the Securities Exchange Act of 1934, as amended
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Exhibit 32
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Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002
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Exhibit 101.INS
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XBRL Instance Document (1)
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Exhibit 101.SCH
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XBRL Taxonomy Extension Schema Document (1)
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Exhibit 101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document (1)
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Exhibit 101.DEF
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XBRL Taxonomy Extension Definitions Linkbase Document (1)
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Exhibit 101.LAB
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XBRL Taxonomy Extension Label Linkbase Document (1)
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Exhibit 101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document (1)
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1.
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I have reviewed this quarterly report on Form 10-Q of Pacific Premier Bancorp, Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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1.
|
I have reviewed this quarterly report on Form 10-Q of Pacific Premier Bancorp, Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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a)
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the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
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b)
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the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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Earnings Per Share
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Earnings Per Share | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share |
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Canyon National Bank Acquisition
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6 Months Ended | |
---|---|---|
Jun. 30, 2011
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Canyon National Bank Acquisition | Â | |
Canyon National Bank Acquisition |
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Fair Value Disclosures
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Fair Value Disclosures | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures |
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Document and Entity Information
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6 Months Ended | |
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Jun. 30, 2011
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Aug. 15, 2011
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Document and Entity Information | Â | Â |
Entity Registrant Name | PACIFIC PREMIER BANCORP INC | Â |
Entity Central Index Key | 0001028918 | Â |
Document Type | 10-Q | Â |
Document Period End Date | Jun. 30, 2011 | |
Amendment Flag | false | Â |
Current Fiscal Year End Date | --12-31 | Â |
Entity Current Reporting Status | Yes | Â |
Entity Filer Category | Smaller Reporting Company | Â |
Entity Common Stock, Shares Outstanding | Â | 10,084,626 |
Document Fiscal Year Focus | 2011 | Â |
Document Fiscal Period Focus | Q2 | Â |
Fair Value of Financial Instruments
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Fair Value of Financial Instruments | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments |
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Basis of Presentation
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6 Months Ended | |
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Jun. 30, 2011
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Basis of Presentation | Â | |
Basis of Presentation |
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Loans Held for Investment
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Loans Held for Investment | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Held for Investment |
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Allowance for Loan Losses
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Allowance for Loan Losses | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses |
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Subordinated Debentures
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6 Months Ended | |
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Jun. 30, 2011
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Subordinated Debentures | Â | |
Subordinated Debentures |
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Recently Issued Accounting Pronouncements
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6 Months Ended | |
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Jun. 30, 2011
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Recently Issued Accounting Pronouncements | Â | |
Recently Issued Accounting Pronouncements |
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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $)
In Thousands, except Share data |
3 Months Ended | 6 Months Ended | 12 Months Ended |
---|---|---|---|
Jun. 30, 2011
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Jun. 30, 2010
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Dec. 31, 2010
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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | Â | Â | Â |
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred Stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 15,000,000 | 15,000,000 | 15,000,000 |
Common stock, shares issued | 10,084,626 | 10,033,836 | 10,033,836 |
Common stock, shares outstanding | 10,084,626 | 10,033,836 | 10,033,836 |
Accumulated other comprehensive income (loss), tax expense (benefit) (in dollars) | $ 123 | $ (379) | $ (639) |