Date of Report (Date of earliest event reported) January 24, 2012 (December 31, 2011)
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PACIFIC PREMIER BANCORP, INC.
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(Exact name of registrant as specified in its charter)
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DELAWARE
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0-22193
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33-0743196
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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1600 Sunflower Ave, Second Floor, Costa Mesa, CA
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92626
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code (714) 431-4000
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Not Applicable
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(Former name or former address, if changed since last report.)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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99.1
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Press Release dated January 24, 2012 with respect to the Registrant's financial results for the fourth quarter and year-to-date ended September 30, 2011.
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Dated:
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January 24, 2012
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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 149%
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·
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Return on Average Equity of 12.91%
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·
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Net Interest Margin expands 78 basis points to 4.55%
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·
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Loans Increase 31%
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·
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Nonperforming Assets Decline to 0.76% of Total Assets
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·
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Fully Diluted Book Value at $8.34 per share
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·
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Tangible Common Equity ratio at 8.83%
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PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
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(dollars in thousands, except share data)
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December 31,
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December 31,
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ASSETS
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2011
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2010
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(Unaudited)
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(Audited)
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Cash and due from banks
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$ | 60,207 | $ | 63,433 | ||||
Federal funds sold
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28 | 29 | ||||||
Cash and cash equivalents
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60,235 | 63,462 | ||||||
Investment securities available for sale
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115,645 | 155,094 | ||||||
FHLB stock/Federal Reserve Bank stock, at cost
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12,475 | 13,334 | ||||||
Loans held for investment
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738,589 | 564,417 | ||||||
Allowance for loan losses
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(8,522 | ) | (8,879 | ) | ||||
Loans held for investment, net
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730,067 | 555,538 | ||||||
Accrued interest receivable
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3,885 | 3,755 | ||||||
Other real estate owned
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1,231 | 34 | ||||||
Premises and equipment
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9,819 | 8,223 | ||||||
Deferred income taxes
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8,998 | 11,103 | ||||||
Bank owned life insurance
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12,977 | 12,454 | ||||||
Intangible assets
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2,069 | - | ||||||
Other assets
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3,727 | 3,819 | ||||||
TOTAL ASSETS
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$ | 961,128 | $ | 826,816 | ||||
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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$ | 112,313 | $ | 47,229 | ||||
Interest bearing:
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Transaction accounts
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287,876 | 203,029 | ||||||
Retail certificates of deposit
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428,688 | 407,108 | ||||||
Wholesale/brokered certificates of deposit
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- | 1,874 | ||||||
Total deposits
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828,877 | 659,240 | ||||||
FHLB advances and other borrowings
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28,500 | 68,500 | ||||||
Subordinated debentures
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10,310 | 10,310 | ||||||
Accrued expenses and other liabilities
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6,664 | 10,164 | ||||||
TOTAL LIABILITIES
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874,351 | 748,214 | ||||||
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; 10,337,626 shares at December 31, 2011, and 10,033,836 shares at December 31, 2010 issued and outstanding
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104 | 100 | ||||||
Additional paid-in capital
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76,310 | 79,942 | ||||||
Retained earnings (accumulated deficit)
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10,046 | (526 | ) | |||||
Accumulated other comprehensive income (loss), net of tax (benefit) of $222 at December 31, 2011, and ($639) at December 31, 2010
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317 | (914 | ) | |||||
TOTAL STOCKHOLDERS’ EQUITY
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86,777 | 78,602 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
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$ | 961,128 | $ | 826,816 |
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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Three Months Ended
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Twelve Months Ended
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December 31, 2011
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December 31, 2010
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December 31, 2011
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December 31, 2010
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(unaudited)
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(unaudited)
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(unaudited)
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(audited)
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INTEREST INCOME
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Loans
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$ | 12,391 | $ | 9,316 | $ | 46,369 | $ | 36,509 | ||||||||
Investment securities and other interest-earning assets
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746 | 1,133 | 3,856 | 4,594 | ||||||||||||
Total interest income
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13,137 | 10,449 | 50,225 | 41,103 | ||||||||||||
INTEREST EXPENSE
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Interest-bearing deposits:
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Interest on transaction accounts
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370 | 405 | 1,548 | 1,710 | ||||||||||||
Interest on certificates of deposit
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1,489 | 1,937 | 6,740 | 7,901 | ||||||||||||
Total interest-bearing deposits
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1,859 | 2,342 | 8,288 | 9,611 | ||||||||||||
FHLB advances and other borrowings
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238 | 495 | 998 | 2,741 | ||||||||||||
Subordinated debentures
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80 | 79 | 310 | 314 | ||||||||||||
Total interest expense
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2,177 | 2,916 | 9,596 | 12,666 | ||||||||||||
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES
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10,960 | 7,533 | 40,629 | 28,437 | ||||||||||||
PROVISION FOR LOAN LOSSES
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527 | - | 3,255 | 2,092 | ||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
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10,433 | 7,533 | 37,374 | 26,345 | ||||||||||||
NONINTEREST INCOME (LOSS)
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Loan servicing fees
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359 | 66 | 1,060 | 400 | ||||||||||||
Deposit fees
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554 | 214 | 2,195 | 817 | ||||||||||||
Net loss from sales of loans
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(1,160 | ) | (655 | ) | (3,605 | ) | (3,332 | ) | ||||||||
Net gain from sales of investment securities
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264 | 258 | 1,589 | 1,020 | ||||||||||||
Other-than-temporary impairment loss on investment securities, net
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(79 | ) | (179 | ) | (617 | ) | (1,087 | ) | ||||||||
Gain on FDIC transaction
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- | - | 4,189 | - | ||||||||||||
Other income
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319 | 310 | 1,702 | 1,106 | ||||||||||||
Total noninterest income (loss)
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257 | 14 | 6,513 | (1,076 | ) | |||||||||||
NONINTEREST EXPENSE
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Compensation and benefits
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3,172 | 2,348 | 13,205 | 8,483 | ||||||||||||
Premises and occupancy
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920 | 681 | 3,501 | 2,623 | ||||||||||||
Data processing and communications
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384 | 212 | 1,419 | 806 | ||||||||||||
Other real estate owned operations, net
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510 | 344 | 1,497 | 1,371 | ||||||||||||
FDIC insurance premiums
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156 | 193 | 809 | 1,258 | ||||||||||||
Legal and audit
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160 | 319 | 1,438 | 1,134 | ||||||||||||
Marketing expense
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351 | 216 | 1,287 | 786 | ||||||||||||
Office and postage expense
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245 | 121 | 850 | 530 | ||||||||||||
Other expense
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718 | 575 | 2,898 | 1,957 | ||||||||||||
Total noninterest expense
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6,616 | 5,009 | 26,904 | 18,948 | ||||||||||||
NET INCOME BEFORE INCOME TAXES
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4,074 | 2,538 | 16,983 | 6,321 | ||||||||||||
INCOME TAX
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1,519 | 938 | 6,411 | 2,083 | ||||||||||||
NET INCOME
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$ | 2,555 | $ | 1,600 | $ | 10,572 | $ | 4,238 | ||||||||
EARNINGS PER SHARE
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Basic
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$ | 0.25 | $ | 0.16 | $ | 1.05 | $ | 0.42 | ||||||||
Diluted
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$ | 0.24 | $ | 0.14 | $ | 0.99 | $ | 0.38 | ||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||||||||||
Basic
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10,149,148 | 10,033,836 | 10,092,181 | 10,033,836 | ||||||||||||
Diluted
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10,520,919 | 11,122,502 | 10,630,720 | 11,057,404 |
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 Twelve Months Ended
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December 31, 2011
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December 31, 2010
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December 31, 2011
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December 31, 2010
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Profitability and Productivity
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Net interest margin
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4.84 | % | 3.91 | % | 4.55 | % | 3.77 | % | ||||||||
Noninterest expense to average total assets
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2.79 | 2.48 | 2.85 | 2.38 | ||||||||||||
Efficiency ratio (1)
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50.41 | 58.72 | 56.50 | 59.24 | ||||||||||||
Return on average assets
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1.08 | 0.79 | 1.12 | 0.53 | ||||||||||||
Return on average equity
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11.98 | 8.12 | 12.91 | 5.57 | ||||||||||||
Asset and liability activity
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Loans originated/purchased
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$ | 50,168 | $ | 34,762 | $ | 335,635 | $ | 111,223 | ||||||||
Repayments
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(30,313 | ) | (26,438 | ) | (100,671 | ) | (61,983 | ) | ||||||||
Loans sold
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(15,309 | ) | (3,682 | ) | (42,201 | ) | (29,977 | ) | ||||||||
Increase (decrease) in loans, net
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4,115 | 12,254 | 174,529 | (11,046 | ) | |||||||||||
Increase in assets
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32,626 | 5,496 | 134,312 | 19,493 | ||||||||||||
Increase in deposits
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31,499 | 2,449 | 169,637 | 40,506 | ||||||||||||
Increase (decrease) in borrowings
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- | 2,000 | (40,000 | ) | (23,000 | ) | ||||||||||
(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 Sheets
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Three Months Ended
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Three Months Ended
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December 31, 2011
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December 31, 2010
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Average
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Average
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Average
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Average
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Balance
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Interest
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Yield/Cost
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Balance
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Interest
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Yield/Cost
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Assets
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(dollars in thousands)
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Interest-earning assets:
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Cash and cash equivalents
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$ | 60,040 | $ | 27 | 0.18 | % | $ | 44,814 | $ | 24 | 0.21 | % | ||||||||||||
Federal funds sold
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28 | - | 0.00 | % | 29 | - | 0.00 | % | ||||||||||||||||
Investment securities
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119,328 | 719 | 2.41 | % | 179,818 | 1,109 | 2.47 | % | ||||||||||||||||
Loans receivable, net (1)
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726,087 | 12,391 | 6.83 | % | 545,331 | 9,316 | 6.83 | % | ||||||||||||||||
Total interest-earning assets
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905,483 | 13,137 | 5.81 | % | 769,992 | 10,449 | 5.43 | % | ||||||||||||||||
Noninterest-earning assets
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42,651 | 39,300 | ||||||||||||||||||||||
Total assets
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$ | 948,134 | $ | 809,292 | ||||||||||||||||||||
Liabilities and Equity
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Interest-bearing liabilities:
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Transaction accounts
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$ | 401,303 | $ | 370 | 0.37 | % | $ | 246,708 | $ | 405 | 0.65 | % | ||||||||||||
Retail certificates of deposit
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413,864 | 1,488 | 1.43 | % | 412,393 | 1,934 | 1.86 | % | ||||||||||||||||
Wholesale/brokered certificates of deposit
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939 | 1 | 0.42 | % | 1,947 | 3 | 0.61 | % | ||||||||||||||||
Total interest-bearing deposits
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816,106 | 1,859 | 0.90 | % | 661,048 | 2,342 | 1.41 | % | ||||||||||||||||
FHLB advances and other borrowings
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28,652 | 238 | 3.30 | % | 51,402 | 495 | 3.82 | % | ||||||||||||||||
Subordinated debentures
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10,310 | 80 | 3.08 | % | 10,310 | 79 | 3.04 | % | ||||||||||||||||
Total borrowings
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38,962 | 318 | 3.24 | % | 61,712 | 574 | 3.69 | % | ||||||||||||||||
Total interest-bearing liabilities
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855,068 | 2,177 | 1.01 | % | 722,760 | 2,916 | 1.60 | % | ||||||||||||||||
Noninterest-bearing liabilities
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7,779 | 7,704 | ||||||||||||||||||||||
Total liabilities
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862,847 | 730,464 | ||||||||||||||||||||||
Stockholders' equity
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85,287 | 78,828 | ||||||||||||||||||||||
Total liabilities and equity
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$ | 948,134 | $ | 809,292 | ||||||||||||||||||||
Net interest income
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$ | 10,960 | $ | 7,533 | ||||||||||||||||||||
Net interest rate spread (2)
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4.80 | % | 3.83 | % | ||||||||||||||||||||
Net interest margin (3)
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4.84 | % | 3.91 | % | ||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
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105.90 | % | 106.53 | % |
(1)
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Average balance includes nonperforming loans and is net of deferred loan origination fees, unamortized discounts and premiums, and allowance for loan losses.
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(2)
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Represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
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(3)
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Represents net interest income divided by average interest-earning assets.
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Average Balance Sheets
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Twelve Months Ended
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Twelve Months Ended
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December 31, 2011
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December 31, 2010
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Average
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Average
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Average
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Average
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Balance
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Interest
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Yield/Cost
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Balance
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Interest
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Yield/Cost
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Assets
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(dollars in thousands)
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Interest-earning assets:
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Cash and cash equivalents
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$ | 61,014 | $ | 121 | 0.20 | % | $ | 53,322 | $ | 120 | 0.23 | % | ||||||||||||
Federal funds sold
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6,821 | 5 | 0.07 | % | 29 | - | 0.00 | % | ||||||||||||||||
Investment securities
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139,770 | 3,730 | 2.67 | % | 157,782 | 4,474 | 2.84 | % | ||||||||||||||||
Loans receivable, net (1)
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685,434 | 46,369 | 6.76 | % | 543,567 | 36,509 | 6.72 | % | ||||||||||||||||
Total interest-earning assets
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893,039 | 50,225 | 5.62 | % | 754,700 | 41,103 | 5.45 | % | ||||||||||||||||
Noninterest-earning assets
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49,340 | 41,349 | ||||||||||||||||||||||
Total assets
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$ | 942,379 | $ | 796,049 | ||||||||||||||||||||
Liabilities and Equity
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Interest-bearing liabilities:
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Transaction accounts
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$ | 390,906 | $ | 1,548 | 0.40 | % | $ | 232,567 | $ | 1,710 | 0.74 | % | ||||||||||||
Retail certificates of deposit
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408,720 | 6,704 | 1.64 | % | 400,556 | 7,871 | 1.97 | % | ||||||||||||||||
Wholesale/brokered certificates of deposit
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7,525 | 36 | 0.48 | % | 2,699 | 30 | 1.11 | % | ||||||||||||||||
Total interest-bearing deposits
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807,151 | 8,288 | 1.03 | % | 635,822 | 9,611 | 1.51 | % | ||||||||||||||||
FHLB advances and other borrowings
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35,130 | 998 | 2.84 | % | 66,678 | 2,741 | 4.11 | % | ||||||||||||||||
Subordinated debentures
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10,310 | 310 | 3.01 | % | 10,310 | 314 | 3.05 | % | ||||||||||||||||
Total borrowings
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45,440 | 1,308 | 2.88 | % | 76,988 | 3,055 | 3.97 | % | ||||||||||||||||
Total interest-bearing liabilities
|
852,591 | 9,596 | 1.13 | % | 712,810 | 12,666 | 1.78 | % | ||||||||||||||||
Noninterest-bearing liabilities
|
7,902 | 7,208 | ||||||||||||||||||||||
Total liabilities
|
860,493 | 720,018 | ||||||||||||||||||||||
Stockholders' equity
|
81,886 | 76,031 | ||||||||||||||||||||||
Total liabilities and equity
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$ | 942,379 | $ | 796,049 | ||||||||||||||||||||
Net interest income
|
$ | 40,629 | $ | 28,437 | ||||||||||||||||||||
Net interest rate spread (2)
|
4.49 | % | 3.67 | % | ||||||||||||||||||||
Net interest margin (3)
|
4.55 | % | 3.77 | % | ||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
104.74 | % | 105.88 | % |
(1)
|
Average balance includes 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.
|
(3)
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Represents net interest income divided by average interest-earning assets.
|
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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STATISTICAL INFORMATION
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December 31, 2011
|
December 31, 2010
|
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Pacific Premier Bank Capital Ratios
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Tier 1 leverage ratio
|
9.44 | % | 10.29 | % | ||||
Tier 1 risk-based capital ratio
|
11.49 | 14.03 | ||||||
Total risk-based capital ratio
|
12.59 | 15.28 | ||||||
Pacific Premier Bancorp, Inc. Capital Ratios | ||||||||
Tier 1 leverage ratio
|
9.50 | % | 10.41 | % | ||||
Tier 1 risk-based capital ratio
|
11.50 | 14.07 | ||||||
Total risk-based capital ratio
|
12.60 | 15.32 | ||||||
Share Data
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Book value per share (Basic)
|
$ | 8.39 | $ | 7.83 | ||||
Book value per share (Diluted)
|
8.34 | 7.18 | ||||||
Closing stock price
|
6.34 | 6.48 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
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STATISTICAL INFORMATION
|
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(dollars in thousands)
|
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December 31, 2011
|
December 31, 2010
|
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Loan Portfolio
|
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Real estate loans:
|
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Multi-family
|
$ | 193,830 | $ | 243,584 | ||||
Commercial non-owner occupied
|
164,341 | 130,525 | ||||||
One-to-four family (1)
|
60,027 | 20,318 | ||||||
Land
|
6,438 | - | ||||||
Business loans:
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Commercial owner occupied (2)
|
152,299 | 113,025 | ||||||
Commercial and industrial
|
86,684 | 42,077 | ||||||
Warehouse facilities
|
67,518 | 12,610 | ||||||
SBA
|
4,727 | 4,088 | ||||||
Other loans
|
3,390 | 1,417 | ||||||
Total gross loans (3)
|
739,254 | 567,644 | ||||||
Less:
|
||||||||
Deferred loan origination costs/(fees) and premiums/(discounts), net
|
(665 | ) | (3,227 | ) | ||||
Allowance for loan losses
|
(8,522 | ) | (8,879 | ) | ||||
Loans held for investment, net
|
$ | 730,067 | $ | 555,538 | ||||
Asset Quality
|
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Nonaccrual loans
|
$ | 6,093 | $ | 3,277 | ||||
Other real estate owned
|
1,231 | 34 | ||||||
Nonperforming assets
|
$ | 7,324 | $ | 3,311 | ||||
Allowance for loan losses
|
$ | 8,522 | $ | 8,879 | ||||
Allowance for loan losses as a percent of total nonperforming loans
|
139.87 | % | 270.95 | % | ||||
Nonperforming loans as a percent of gross loans receivable
|
0.82 | 0.58 | ||||||
Nonperforming assets as a percent of total assets
|
0.76 | 0.40 | ||||||
Net loan charge-offs for the quarter ended
|
$ | 527 | $ | 291 | ||||
Net loan charge-offs for the year ended
|
$ | 3,612 | $ | 2,118 | ||||
Net loan charge-offs for quarter to average total loans, net
|
0.29 | % | 0.21 | % | ||||
Allowance for loan losses to gross loans
|
1.15 | 1.56 | ||||||
Delinquent Loans:
|
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30 - 59 days
|
$ | 699 | $ | 1,203 | ||||
60 - 89 days
|
731 | 17 | ||||||
90+ days (4)
|
4,260 | 3,091 | ||||||
Total delinquency
|
$ | 5,690 | $ | 4,311 | ||||
Delinquency as a % of total gross loans
|
0.77 | % | 0.76 | % | ||||
(1) Includes second trust deeds.
|
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(2) Majority secured by real estate.
|
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(3) Total Gross Loans for December 31, 2011 is net of the mark-to-market discount of $4.8 million on loans which were acquired in connection with the acquisition of Canyon National Bank.
|
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(4) All 90 day or greater delinquencies are on nonaccrual status and reported as part of nonperforming assets.
|