Parent Company Financial Information

12 Months Ended

Dec. 31, 2011

Parent Company Financial Information

Parent Company Financial Information

20. Parent Company Financial Information

The Corporation is a California-based bank holding company organized in 1997 as a Delaware corporation and owns 100% of the capital stock of the Bank, its principal operating subsidiary. The Bank was incorporated and commenced operations in 1983.  Condensed financial statements of the Corporation are as follows:

PACIFIC PREMIER BANCORP, INC.

STATEMENTS OF FINANCIAL CONDITION

(Parent company only)

	At December 31,
	2011		2010
	(in thousands)
Assets:
Cash and cash equivalents	$	604	$	1,248
Investment in subsidiaries	91,952		83,101
Deferred income taxes	4,222		4,574
Other assets	456		328
Total Assets	$	97,234	$	89,251
Liabilities:
Subordinated debentures	$	10,310	$	10,310
Accrued expenses and other liabilities	147		339
Total Liabilities	10,457		10,649
Total Stockholders’ Equity	86,777		78,602
Total Liabilities and Stockholders’ Equity	$	97,234	$	89,251

PACIFIC PREMIER BANCORP, INC.

STATEMENTS OF OPERATIONS

(Parent company only)

	For the Years Ended December 31,
	2011			2010			2009
	(in thousands)
Income:
Interest income	$	4		$	9		$	23
Noninterest income	6			35			26
Total income	10			44			49
Expense:
Interest expense	310			314			368
Noninterest expense	546			488			642
Total expense	856			802			1,010
Loss before income tax provision	(846		)	(758		)	(961		)
Income tax benefit	(349		)	(312		)	(395		)
Net loss (parent only)	(497		)	(446		)	(566		)
Equity in net earnings of subsidiaries	11,069			4,684			106
Net income (loss)	$	10,572		$	4,238		$	(460	)

PACIFIC PREMIER BANCORP, INC.

SUMMARY STATEMENTS OF CASH FLOWS

(Parent company only)

	For the Years Ended December 31,
	2011			2010			2009
CASH FLOWS FROM OPERATING ACTIVITIES	(in thousands)
Net income (loss)	$	10,572		$	4,238		$	(460	)
Adjustments to reconcile net income to cash used in operating activities:
Share-based compensation expense	208			86			271
Equity in net earnings of subsidiaries	(11,069		)	(4,684		)	(106		)
Increase (decrease) in accrued expenses and other liabilities	(192		)	81			126
Increase (decrease) in current and deferred taxes	352			(1		)	(34		)
Decrease (increase) in other assets	(128		)	(53		)	3
Net cash used in operating activities	(257		)	(333		)	(200		)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in subsidiaries	—			—			(14,000		)
Net cash used in investing activities	—			—			(14,000		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividend from Bank	3,450			—			—
Proceeds from issuance of common stock, net of issuance cost	—			—			15,241
Repurchase Pacific Premier Bancorp Warrants	(3,660		)	—			—
Repurchase of common stock	(451		)	—			(383		)
Proceeds from exercise of warrants	274			—			150
Net cash provided by (used in) financing activities	(387		)	—			15,008
Net increase (decrease) in cash and cash equivalents	(644		)	(333		)	808
Cash and cash equivalents, beginning of year	1,248			1,581			773
Cash and cash equivalents, end of year	$	604		$	1,248		$	1,581