Date of Report (Date of earliest event reported) October 20, 2011 (September 30, 2011)
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PACIFIC PREMIER BANCORP, INC.
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(Exact name of registrant as specified in its charter)
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DELAWARE
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0-22193
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33-0743196
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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1600 Sunflower Ave, Second Floor, Costa Mesa, CA
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92626
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code (714) 431-4000
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Not Applicable
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(Former name or former address, if changed since last report.)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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99.1
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Press Release dated October 20, 2011 with respect to the Registrant's financial results for the third quarter and year-to-date ended September 30, 2011.
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Dated:
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October 20, 2011
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By:
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/s/ STEVEN R. GARDNER
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Steven R. Gardner
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President and Chief Executive Officer
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·
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Net Income Increases 33%
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·
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Net Interest Margin expands 76 basis points to 4.62%
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·
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Loans Increase 31% year-to-date
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·
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Nonperforming Assets Decline to 1.31% of Total Assets
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·
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Tangible Book Value at $7.82
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·
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Tangible Common Equity ratio at 8.91%
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PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
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(dollars in thousands, except share data)
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September 30,
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December 31,
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September 30,
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||||||||||
ASSETS
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2011
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2010
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2010
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|||||||||
(Unaudited)
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(Audited)
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(Unaudited)
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||||||||||
Cash and due from banks
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$ | 37,780 | $ | 63,433 | $ | 51,267 | ||||||
Federal funds sold
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28 | 29 | 29 | |||||||||
Cash and cash equivalents
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37,808 | 63,462 | 51,296 | |||||||||
Investment securities available for sale
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107,761 | 155,094 | 172,181 | |||||||||
FHLB stock/Federal Reserve Bank stock, at cost
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12,982 | 13,334 | 13,805 | |||||||||
Loans held for investment
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734,474 | 564,417 | 552,454 | |||||||||
Allowance for loan losses
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(8,522 | ) | (8,879 | ) | (9,170 | ) | ||||||
Loans held for investment, net
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725,952 | 555,538 | 543,284 | |||||||||
Accrued interest receivable
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3,732 | 3,755 | 3,556 | |||||||||
Other real estate owned
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2,846 | 34 | 1,700 | |||||||||
Premises and equipment
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9,977 | 8,223 | 8,358 | |||||||||
Deferred income taxes
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9,047 | 11,103 | 10,346 | |||||||||
Bank owned life insurance
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12,827 | 12,454 | 12,323 | |||||||||
Intangible assets
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2,126 | - | - | |||||||||
Other assets
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3,444 | 3,819 | 4,471 | |||||||||
TOTAL ASSETS
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$ | 928,502 | $ | 826,816 | $ | 821,320 | ||||||
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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$ | 109,194 | $ | 47,229 | $ | 51,798 | ||||||
Interest bearing:
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Transaction accounts
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285,829 | 203,029 | 198,788 | |||||||||
Retail certificates of deposit
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398,101 | 407,108 | 404,232 | |||||||||
Wholesale/brokered certificates of deposit
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4,254 | 1,874 | 1,973 | |||||||||
Total deposits
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797,378 | 659,240 | 656,791 | |||||||||
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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7,694 | 10,164 | 9,175 | |||||||||
TOTAL LIABILITIES
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843,882 | 748,214 | 742,776 | |||||||||
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 September 30, 2011, 10,033,836 shares at December 31, 2010 and September 30, 2010 issued and outstanding
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101 | 100 | 100 | |||||||||
Additional paid-in capital
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76,517 | 79,942 | 79,933 | |||||||||
Retained earnings (accumulated deficit)
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7,491 | (526 | ) | (2,126 | ) | |||||||
Accumulated other comprehensive income (loss), net of tax (benefit) of $357 at September 30, 2011, ($639) at December 31, 2010, and $446 at September 30, 2010
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511 | (914 | ) | 637 | ||||||||
TOTAL STOCKHOLDERS’ EQUITY
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84,620 | 78,602 | 78,544 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
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$ | 928,502 | $ | 826,816 | $ | 821,320 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(dollars in thousands, except per share data)
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(unaudited)
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Three Months Ended
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Nine Months Ended
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September 30, 2011
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September 30, 2010
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September 30, 2011
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September 30, 2010
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INTEREST INCOME
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Loans
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$ | 11,695 | $ | 9,196 | $ | 33,978 | $ | 27,193 | ||||||||
Investment securities and other interest-earning assets
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850 | 1,284 | 3,110 | 3,461 | ||||||||||||
Total interest income
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12,545 | 10,480 | 37,088 | 30,654 | ||||||||||||
INTEREST EXPENSE
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Interest-bearing deposits:
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Interest on transaction accounts
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364 | 416 | 1,178 | 1,305 | ||||||||||||
Interest on certificates of deposit
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1,636 | 1,886 | 5,251 | 5,964 | ||||||||||||
Total interest-bearing deposits
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2,000 | 2,302 | 6,429 | 7,269 | ||||||||||||
FHLB advances and other borrowings
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237 | 693 | 760 | 2,246 | ||||||||||||
Subordinated debentures
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77 | 83 | 230 | 235 | ||||||||||||
Total interest expense
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2,314 | 3,078 | 7,419 | 9,750 | ||||||||||||
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES
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10,231 | 7,402 | 29,669 | 20,904 | ||||||||||||
PROVISION FOR LOAN LOSSES
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1,322 | 397 | 2,728 | 2,092 | ||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
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8,909 | 7,005 | 26,941 | 18,812 | ||||||||||||
NONINTEREST INCOME (LOSS)
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Loan servicing fees
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324 | 122 | 701 | 334 | ||||||||||||
Deposit fees
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558 | 207 | 1,641 | 603 | ||||||||||||
Net loss from sales of loans
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16 | (37 | ) | (2,445 | ) | (2,677 | ) | |||||||||
Net gain from sales of investment securities
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845 | 388 | 1,325 | 762 | ||||||||||||
Other-than-temporary impairment loss on investment securities, net
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(170 | ) | (252 | ) | (538 | ) | (908 | ) | ||||||||
Gain on FDIC transaction
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- | - | 4,189 | - | ||||||||||||
Other income
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537 | 246 | 1,383 | 796 | ||||||||||||
Total noninterest income (loss)
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2,110 | 674 | 6,256 | (1,090 | ) | |||||||||||
NONINTEREST EXPENSE
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Compensation and benefits
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3,363 | 2,070 | 10,033 | 6,135 | ||||||||||||
Premises and occupancy
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903 | 671 | 2,581 | 1,942 | ||||||||||||
Data processing and communications
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387 | 181 | 1,035 | 594 | ||||||||||||
Other real estate owned operations, net
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557 | 195 | 987 | 1,027 | ||||||||||||
FDIC insurance premiums
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86 | 383 | 653 | 1,065 | ||||||||||||
Legal and audit
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385 | 426 | 1,278 | 815 | ||||||||||||
Marketing expense
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379 | 213 | 936 | 570 | ||||||||||||
Office and postage expense
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244 | 158 | 605 | 409 | ||||||||||||
Other expense
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770 | 512 | 2,180 | 1,382 | ||||||||||||
Total noninterest expense
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7,074 | 4,809 | 20,288 | 13,939 | ||||||||||||
NET INCOME BEFORE INCOME TAXES
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3,945 | 2,870 | 12,909 | 3,783 | ||||||||||||
INCOME TAX
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1,485 | 1,025 | 4,892 | 1,145 | ||||||||||||
NET INCOME
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$ | 2,460 | $ | 1,845 | $ | 8,017 | $ | 2,638 | ||||||||
EARNINGS PER SHARE
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Basic
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$ | 0.25 | $ | 0.18 | $ | 0.80 | $ | 0.26 | ||||||||
Diluted
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$ | 0.23 | $ | 0.17 | $ | 0.75 | $ | 0.24 | ||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING
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Basic
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10,084,626 | 10,033,836 | 10,072,984 | 10,033,836 | ||||||||||||
Diluted
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10,570,267 | 11,025,345 | 10,667,722 | 11,035,467 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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STATISTICAL INFORMATION
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(dollars in thousands)
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For the Three Months Ended
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For the Nine Months Ended
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September 30, 2011
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September 30, 2010
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September 30, 2011
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September 30, 2010
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Profitability and Productivity
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Net interest margin
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4.62 | % | 3.86 | % | 4.45 | % | 3.72 | % | ||||||||
Noninterest expense to average total assets
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3.03 | 2.38 | 2.88 | 2.35 | ||||||||||||
Efficiency ratio (1)
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56.77 | 59.73 | 58.74 | 59.42 | ||||||||||||
Return on average assets
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1.06 | 0.91 | 1.14 | 0.44 | ||||||||||||
Return on average equity
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11.89 | 9.62 | 13.24 | 4.68 | ||||||||||||
Asset and liability activity
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Loans originated/purchased
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$ | 76,984 | $ | 39,113 | $ | 285,467 | $ | 76,461 | ||||||||
Repayments
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(40,309 | ) | (55,333 | ) | (70,358 | ) | (35,545 | ) | ||||||||
Loans sold
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(3,040 | ) | (3,498 | ) | (26,892 | ) | (26,295 | ) | ||||||||
Increase (decrease) in loans
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26,378 | 261 | 170,414 | (23,300 | ) | |||||||||||
Increase (decrease) in assets
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(19,609 | ) | 24,078 | 101,686 | 13,997 | |||||||||||
Increase (decrease) in deposits
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(18,607 | ) | 24,748 | 138,138 | 38,057 | |||||||||||
Decrease in borrowings
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- | - | (40,000 | ) | (25,000 | ) | ||||||||||
(1) Efficiency ratio excludes other real estate operations, net; gains and losses from sales of loans and investment securities;
and gain on FDIC transaction.
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Average Balance Sheet
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Three Months Ended
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Three Months Ended
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September 30, 2011
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September 30, 2010
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Average
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Average
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Average
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Average
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|||||||||||||||||||||
Balance
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Interest
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Yield/Cost
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Balance
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Interest
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Yield/Cost
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Assets
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(dollars in thousands)
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Interest-earning assets:
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Cash and cash equivalents
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$ | 65,587 | $ | 33 | 0.20 | % | $ | 51,324 | $ | 29 | 0.22 | % | ||||||||||||
Federal funds sold
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9,866 | 2 | 0.08 | % | 29 | - | 0.00 | % | ||||||||||||||||
Investment securities
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125,717 | 815 | 2.59 | % | 173,398 | 1,255 | 2.90 | % | ||||||||||||||||
Loans receivable, net (1)
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684,023 | 11,695 | 6.84 | % | 542,201 | 9,196 | 6.78 | % | ||||||||||||||||
Total interest-earning assets
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885,193 | 12,545 | 5.67 | % | 766,952 | 10,480 | 5.46 | % | ||||||||||||||||
Noninterest-earning assets
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47,183 | 39,849 | ||||||||||||||||||||||
Total assets
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$ | 932,376 | $ | 806,801 | ||||||||||||||||||||
Liabilities and Equity
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Interest-bearing liabilities:
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Transaction accounts
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$ | 400,022 | $ | 364 | 0.36 | % | $ | 248,382 | $ | 416 | 0.66 | % | ||||||||||||
Retail certificates of deposit
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395,187 | 1,626 | 1.63 | % | 395,193 | 1,883 | 1.89 | % | ||||||||||||||||
Wholesale/brokered certificates of deposit
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7,678 | 10 | 0.52 | % | 1,973 | 3 | 0.60 | % | ||||||||||||||||
Total interest-bearing deposits
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802,887 | 2,000 | 0.99 | % | 645,548 | 2,302 | 1.41 | % | ||||||||||||||||
FHLB advances and other borrowings
|
28,500 | 237 | 3.30 | % | 66,663 | 693 | 4.12 | % | ||||||||||||||||
Subordinated debentures
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10,310 | 77 | 2.96 | % | 10,310 | 83 | 3.19 | % | ||||||||||||||||
Total borrowings
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38,810 | 314 | 3.21 | % | 76,973 | 776 | 4.00 | % | ||||||||||||||||
Total interest-bearing liabilities
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841,697 | 2,314 | 1.09 | % | 722,521 | 3,078 | 1.69 | % | ||||||||||||||||
Noninterest-bearing liabilities
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7,911 | 7,572 | ||||||||||||||||||||||
Total liabilities
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849,608 | 730,093 | ||||||||||||||||||||||
Stockholders' equity
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82,768 | 76,708 | ||||||||||||||||||||||
Total liabilities and equity
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$ | 932,376 | $ | 806,801 | ||||||||||||||||||||
Net interest income
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$ | 10,231 | $ | 7,402 | ||||||||||||||||||||
Net interest rate spread (2)
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4.58 | % | 3.77 | % | ||||||||||||||||||||
Net interest margin (3)
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4.62 | % | 3.86 | % | ||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
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105.17 | % | 106.15 | % |
(1)
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Average balance includes loans held for sale and nonperforming loans and is net of deferred loan origination fees, unamortized discounts and premiums, and allowance for loan losses.
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(2)
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Represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
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(3)
|
Represents net interest income divided by average interest-earning assets.
|
Average Balance Sheet
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Nine Months Ended
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Nine Months Ended
|
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September 30, 2011
|
September 30, 2010
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Average
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Average
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Average
|
Average
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|||||||||||||||||||||
Balance
|
Interest
|
Yield/Cost
|
Balance
|
Interest
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Yield/Cost
|
|||||||||||||||||||
Assets
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(dollars in thousands)
|
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Interest-earning assets:
|
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Cash and cash equivalents
|
$ | 61,344 | $ | 94 | 0.20 | % | $ | 56,189 | $ | 95 | 0.23 | % | ||||||||||||
Federal funds sold
|
9,110 | 5 | 0.07 | % | 29 | - | 0.00 | % | ||||||||||||||||
Investment securities
|
146,658 | 3,011 | 2.74 | % | 150,355 | 3,366 | 2.98 | % | ||||||||||||||||
Loans receivable, net (1)
|
671,734 | 33,978 | 6.74 | % | 542,973 | 27,193 | 6.68 | % | ||||||||||||||||
Total interest-earning assets
|
888,846 | 37,088 | 5.56 | % | 749,546 | 30,654 | 5.45 | % | ||||||||||||||||
Noninterest-earning assets
|
51,594 | 42,040 | ||||||||||||||||||||||
Total assets
|
$ | 940,440 | $ | 791,586 | ||||||||||||||||||||
Liabilities and Equity
|
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Interest-bearing liabilities:
|
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Transaction accounts
|
$ | 387,404 | $ | 1,178 | 0.41 | % | $ | 227,801 | $ | 1,305 | 0.77 | % | ||||||||||||
Retail certificates of deposit
|
406,986 | 5,216 | 1.71 | % | 396,567 | 5,937 | 2.00 | % | ||||||||||||||||
Wholesale/brokered certificates of deposit
|
9,745 | 35 | 0.48 | % | 2,953 | 27 | 1.22 | % | ||||||||||||||||
Total interest-bearing deposits
|
804,135 | 6,429 | 1.07 | % | 627,321 | 7,269 | 1.55 | % | ||||||||||||||||
FHLB advances and other borrowings
|
37,313 | 760 | 2.72 | % | 71,826 | 2,246 | 4.18 | % | ||||||||||||||||
Subordinated debentures
|
10,310 | 230 | 2.98 | % | 10,310 | 235 | 3.05 | % | ||||||||||||||||
Total borrowings
|
47,623 | 990 | 2.78 | % | 82,136 | 2,481 | 4.04 | % | ||||||||||||||||
Total interest-bearing liabilities
|
851,758 | 7,419 | 1.16 | % | 709,457 | 9,750 | 1.84 | % | ||||||||||||||||
Noninterest-bearing liabilities
|
7,943 | 7,041 | ||||||||||||||||||||||
Total liabilities
|
859,701 | 716,498 | ||||||||||||||||||||||
Stockholders' equity
|
80,739 | 75,088 | ||||||||||||||||||||||
Total liabilities and equity
|
$ | 940,440 | $ | 791,586 | ||||||||||||||||||||
Net interest income
|
$ | 29,669 | $ | 20,904 | ||||||||||||||||||||
Net interest rate spread (2)
|
4.40 | % | 3.61 | % | ||||||||||||||||||||
Net interest margin (3)
|
4.45 | % | 3.72 | % | ||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
104.35 | % | 105.65 | % |
(1)
|
Average balance includes loans held for sale and nonperforming loans and is net of deferred loan origination fees, unamortized discounts and premiums, and allowance for loan losses.
|
(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.
|
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
||||||||||||
STATISTICAL INFORMATION
|
||||||||||||
September 30, 2011
|
December 31, 2010
|
September 30, 2010
|
||||||||||
Pacific Premier Bank Capital Ratios
|
||||||||||||
Tier 1 leverage ratio
|
9.29 | % | 10.29 | % | 10.15 | % | ||||||
Tier 1 risk-based capital ratio
|
11.32 | 14.03 | 14.01 | |||||||||
Total risk-based capital ratio
|
12.44 | 15.28 | 15.26 | |||||||||
Pacific Premier Bancorp, Inc. Capital Ratios
|
||||||||||||
Tier 1 leverage ratio
|
9.35 | % | 10.41 | % | 10.28 | % | ||||||
Tier 1 risk-based capital ratio
|
11.31 | 14.07 | 14.23 | |||||||||
Total risk-based capital ratio
|
12.43 | 15.32 | 15.48 | |||||||||
Share Data
|
||||||||||||
Book value per share (Basic)
|
$ | 8.39 | $ | 7.83 | $ | 7.83 | ||||||
Book value per share (Diluted)
|
8.11 | 7.18 | 7.20 | |||||||||
Closing stock price
|
5.90 | 6.48 | 4.45 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
||||||||||||
STATISTICAL INFORMATION
|
||||||||||||
(dollars in thousands)
|
||||||||||||
September 30, 2011
|
December 31, 2010
|
September 30, 2010
|
||||||||||
Loan Portfolio
|
||||||||||||
Real estate loans:
|
||||||||||||
Multi-family
|
$ | 211,514 | $ | 243,584 | $ | 251,163 | ||||||
Commercial non-owner occupied
|
164,797 | 130,525 | 130,428 | |||||||||
One-to-four family (1)
|
62,638 | 20,318 | 19,668 | |||||||||
Land
|
8,496 | - | - | |||||||||
Business loans:
|
||||||||||||
Commercial owner occupied (2)
|
164,268 | 113,025 | 105,415 | |||||||||
Commercial and industrial
|
117,078 | 54,687 | 44,580 | |||||||||
SBA
|
4,870 | 4,088 | 3,482 | |||||||||
Other loans
|
2,215 | 1,417 | 3,520 | |||||||||
Total gross loans (3)
|
735,876 | 567,644 | 558,256 | |||||||||
Less:
|
||||||||||||
Deferred loan origination costs/(fees) and premiums/(discounts), net
|
(1,402 | ) | (3,227 | ) | (5,802 | ) | ||||||
Allowance for loan losses
|
(8,522 | ) | (8,879 | ) | (9,170 | ) | ||||||
Loans held for investment, net
|
$ | 725,952 | $ | 555,538 | $ | 543,284 | ||||||
Asset Quality
|
||||||||||||
Nonaccrual loans
|
$ | 9,357 | $ | 3,277 | $ | 3,078 | ||||||
Other real estate owned
|
2,846 | 34 | 1,700 | |||||||||
Nonperforming assets
|
12,203 | 3,311 | 4,778 | |||||||||
Allowance for loan losses
|
8,522 | 8,879 | 9,170 | |||||||||
Allowance for loan losses as a percent of total nonperforming loans
|
91.08 | % | 270.95 | % | 297.92 | % | ||||||
Nonperforming loans as a percent of gross loans receivable
|
1.27 | 0.58 | 0.55 | |||||||||
Nonperforming assets as a percent of total assets
|
1.31 | 0.40 | 0.58 | |||||||||
Net loan charge-offs for the quarter ended
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$ | 1,317 | $ | 291 | $ | 396 | ||||||
Net loan charge-offs for quarter to average total loans, net
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0.77 | % | 0.21 | % | 0.29 | % | ||||||
Allowance for loan losses to gross loans
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1.16 | 1.56 | 1.64 | |||||||||
Delinquent Loans:
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30 - 59 days
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$ | 3,152 | $ | 1,203 | $ | 566 | ||||||
60 - 89 days
|
937 | 17 | - | |||||||||
90+ days (4)
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6,669 | 3,091 | 2,981 | |||||||||
Total delinquency
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$ | 10,758 | $ | 4,311 | $ | 3,547 | ||||||
Delinquency as a % of total gross loans
|
1.46 | % | 0.76 | % | 0.64 | % | ||||||
(1) Includes second trust deeds.
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(2) Majority secured by real estate.
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(3) Total Gross Loans for September 30, 2011 is net of the mark-to-market discount on Canyon National loans of $9.3 million.
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(4) All 90 day or greater delinquencies are on nonaccrual status and reported as part of nonperforming assets.
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