Date of Report (Date of earliest event reported) October 11, 2012 (September 30, 2012)
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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 11, 2012 with respect to the Registrant's financial results for the third quarter and year-to-date ended September 30, 2012.
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Dated:
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October 11, 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 41% from the Prior Year-ago Quarter
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·
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Return on Average Equity of 14.19%
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·
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Loans Increase 8.4%
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·
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Noninterest Bearing Mix Increases to 24% of Total Deposits
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·
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Tangible Book Value Increases to $9.40 per share
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PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
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(dollars in thousands, except share data)
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ASSETS
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September 30, 2012
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December 31, 2011
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September 30, 2011
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|||||||||
(Unaudited)
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(Audited)
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(Unaudited)
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||||||||||
Cash and due from banks
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$ | 58,216 | $ | 60,207 | $ | 37,780 | ||||||
Federal funds sold
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27 | 28 | 28 | |||||||||
Cash and cash equivalents
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58,243 | 60,235 | 37,808 | |||||||||
Investment securities available for sale
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114,250 | 115,645 | 107,761 | |||||||||
FHLB stock/Federal Reserve Bank stock, at cost
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12,191 | 12,475 | 12,982 | |||||||||
Loans held for sale, net
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4,728 | - | - | |||||||||
Loans held for investment
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859,373 | 738,589 | 734,474 | |||||||||
Allowance for loan losses
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(7,658 | ) | (8,522 | ) | (8,522 | ) | ||||||
Loans held for investment, net
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851,715 | 730,067 | 725,952 | |||||||||
Accrued interest receivable
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3,933 | 3,885 | 3,732 | |||||||||
Other real estate owned
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5,521 | 1,231 | 2,846 | |||||||||
Premises and equipment
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10,067 | 9,819 | 9,977 | |||||||||
Deferred income taxes
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5,515 | 8,998 | 9,047 | |||||||||
Bank owned life insurance
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13,362 | 12,977 | 12,827 | |||||||||
Intangible assets
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2,703 | 2,069 | 2,126 | |||||||||
Other assets
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7,108 | 3,727 | 3,444 | |||||||||
TOTAL ASSETS
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$ | 1,089,336 | $ | 961,128 | $ | 928,502 | ||||||
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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$ | 211,410 | $ | 112,313 | $ | 109,194 | ||||||
Interest bearing:
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Transaction accounts
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266,478 | 287,876 | 285,829 | |||||||||
Retail certificates of deposit
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417,982 | 428,688 | 398,101 | |||||||||
Wholesale certificates of deposit
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- | - | 4,254 | |||||||||
Total deposits
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895,870 | 828,877 | 797,378 | |||||||||
Other borrowings
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75,500 | 28,500 | 28,500 | |||||||||
Subordinated debentures
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10,310 | 10,310 | 10,310 | |||||||||
Accrued expenses and other liabilities
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7,770 | 6,664 | 7,694 | |||||||||
TOTAL LIABILITIES
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989,450 | 874,351 | 843,882 | |||||||||
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; 25,000,000 shares authorized; 10,343,434 shares at September 30, 2012, 10,337,626 shares at December 31, 2011, and 10,084,626 shares at September 30, 2011 issued and outstanding
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103 | 103 | 101 | |||||||||
Additional paid-in capital
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76,414 | 76,310 | 76,517 | |||||||||
Retained earnings
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22,011 | 10,046 | 7,491 | |||||||||
Accumulated other comprehensive income, net of tax of $950 at September 30, 2012, $221 at December 31, 2011, and $357 at September 30, 2011
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1,358 | 318 | 511 | |||||||||
TOTAL STOCKHOLDERS’ EQUITY
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99,886 | 86,777 | 84,620 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
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$ | 1,089,336 | $ | 961,128 | $ | 928,502 |
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, 2012
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September 30, 2011
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September 30, 2012
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September 30, 2011
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INTEREST INCOME
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Loans
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$ | 12,847 | $ | 11,695 | $ | 36,182 | $ | 33,978 | ||||||||
Investment securities and other interest-earning assets
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779 | 850 | 2,606 | 3,110 | ||||||||||||
Total interest income
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13,626 | 12,545 | 38,788 | 37,088 | ||||||||||||
INTEREST EXPENSE
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Interest-bearing deposits:
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Interest on transaction accounts
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280 | 364 | 832 | 1,178 | ||||||||||||
Interest on certificates of deposit
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1,164 | 1,636 | 3,815 | 5,251 | ||||||||||||
Total interest-bearing deposits
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1,444 | 2,000 | 4,647 | 6,429 | ||||||||||||
Other borrowings
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247 | 237 | 717 | 760 | ||||||||||||
Subordinated debentures
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81 | 77 | 247 | 230 | ||||||||||||
Total interest expense
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1,772 | 2,314 | 5,611 | 7,419 | ||||||||||||
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES
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11,854 | 10,231 | 33,177 | 29,669 | ||||||||||||
PROVISION FOR LOAN LOSSES
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145 | 1,322 | 145 | 2,728 | ||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
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11,709 | 8,909 | 33,032 | 26,941 | ||||||||||||
NONINTEREST INCOME
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Loan servicing fees
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224 | 324 | 615 | 701 | ||||||||||||
Deposit fees
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486 | 558 | 1,459 | 1,641 | ||||||||||||
Net gain (loss) from sales of loans
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(41 | ) | 16 | (31 | ) | (2,445 | ) | |||||||||
Net gain from sales of investment securities
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857 | 845 | 1,031 | 1,325 | ||||||||||||
Other-than-temporary impairment loss on investment securities, net
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(36 | ) | (170 | ) | (118 | ) | (538 | ) | ||||||||
Gain on FDIC transaction
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- | - | 5,340 | 4,189 | ||||||||||||
Other income
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420 | 537 | 1,082 | 1,383 | ||||||||||||
Total noninterest income
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1,910 | 2,110 | 9,378 | 6,256 | ||||||||||||
NONINTEREST EXPENSE
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Compensation and benefits
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4,367 | 3,363 | 11,834 | 10,033 | ||||||||||||
Premises and occupancy
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1,063 | 903 | 2,922 | 2,581 | ||||||||||||
Data processing and communications
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582 | 387 | 1,766 | 1,035 | ||||||||||||
Other real estate owned operations, net
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244 | 557 | 981 | 987 | ||||||||||||
FDIC insurance premiums
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165 | 86 | 466 | 653 | ||||||||||||
Legal and audit
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473 | 385 | 1,511 | 1,278 | ||||||||||||
Marketing expense
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225 | 379 | 704 | 936 | ||||||||||||
Office and postage expense
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232 | 244 | 612 | 605 | ||||||||||||
Other expense
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680 | 770 | 2,081 | 2,180 | ||||||||||||
Total noninterest expense
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8,031 | 7,074 | 22,877 | 20,288 | ||||||||||||
NET INCOME BEFORE INCOME TAXES
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5,588 | 3,945 | 19,533 | 12,909 | ||||||||||||
INCOME TAX
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2,126 | 1,485 | 7,568 | 4,892 | ||||||||||||
NET INCOME
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$ | 3,462 | $ | 2,460 | $ | 11,965 | $ | 8,017 | ||||||||
EARNINGS PER SHARE
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Basic
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$ | 0.34 | $ | 0.25 | $ | 1.16 | $ | 0.80 | ||||||||
Diluted
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$ | 0.32 | $ | 0.23 | $ | 1.12 | $ | 0.75 | ||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING
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Basic
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10,330,814 | 10,084,626 | 10,332,223 | 10,072,984 | ||||||||||||
Diluted
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10,832,934 | 10,570,267 | 10,709,822 | 10,667,722 |
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, 2012
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September 30, 2011
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September 30, 2012
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September 30, 2011
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Profitability and Productivity
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Net interest margin
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4.61 | % | 4.62 | % | 4.52 | % | 4.45 | % | ||||||||
Noninterest expense to average total assets
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3.02 | 3.03 | 2.98 | 2.88 | ||||||||||||
Efficiency ratio (1)
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60.14 | 56.77 | 60.46 | 58.74 | ||||||||||||
Return on average assets
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1.30 | 1.06 | 1.56 | 1.14 | ||||||||||||
Return on average equity
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14.19 | 11.89 | 17.23 | 13.24 | ||||||||||||
Asset and liability activity
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Loans originated and purchased
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$ | 132,509 | $ | 77,034 | $ | 342,583 | $ | 285,467 | ||||||||
Repayments
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(42,597 | ) | (40,309 | ) | (134,783 | ) | (70,358 | ) | ||||||||
Loans sold
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(13,806 | ) | (3,040 | ) | (14,390 | ) | (26,892 | ) | ||||||||
Increase in loans, net
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66,381 | 26,373 | 126,376 | 170,414 | ||||||||||||
Increase (decrease) in assets
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24,301 | (19,609 | ) | 128,208 | 101,686 | |||||||||||
Increase (decrease) in deposits
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(17,321 | ) | (18,607 | ) | 66,993 | 138,138 | ||||||||||
Increase (decrease) in borrowings
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47,000 | - | 47,000 | (40,000 | ) | |||||||||||
(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, 2012
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September 30, 2011
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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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$ | 40,459 | $ | 17 | 0.17 | % | $ | 65,587 | $ | 33 | 0.20 | % | ||||||||||||
Federal funds sold
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27 | - | 0.00 | % | 9,866 | 2 | 0.08 | % | ||||||||||||||||
Investment securities
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150,198 | 762 | 2.03 | % | 125,717 | 815 | 2.59 | % | ||||||||||||||||
Loans receivable, net (1)
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837,070 | 12,847 | 6.14 | % | 684,023 | 11,695 | 6.84 | % | ||||||||||||||||
Total interest-earning assets
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1,027,754 | 13,626 | 5.30 | % | 885,193 | 12,545 | 5.67 | % | ||||||||||||||||
Noninterest-earning assets
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34,379 | 47,183 | ||||||||||||||||||||||
Total assets
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$ | 1,062,133 | $ | 932,376 | ||||||||||||||||||||
Liabilities and Equity
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Deposit accounts:
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Noninterest-bearing
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$ | 164,777 | $ | - | 0.00 | % | $ | 113,098 | $ | - | 0.00 | % | ||||||||||||
Interest-bearing:
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Transaction accounts
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313,673 | 280 | 0.36 | % | 286,924 | 364 | 0.50 | % | ||||||||||||||||
Retail certificates of deposit
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425,879 | 1,164 | 1.09 | % | 395,187 | 1,626 | 1.63 | % | ||||||||||||||||
Wholesale certificates of deposit
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- | - | 0.00 | % | 7,678 | 10 | 0.52 | % | ||||||||||||||||
Total deposits
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904,329 | 1,444 | 0.64 | % | 802,887 | 2,000 | 0.99 | % | ||||||||||||||||
Other borrowings
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42,690 | 247 | 2.30 | % | 28,500 | 237 | 3.30 | % | ||||||||||||||||
Subordinated debentures
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10,310 | 81 | 3.13 | % | 10,310 | 77 | 2.96 | % | ||||||||||||||||
Total borrowings
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53,000 | 328 | 2.46 | % | 38,810 | 314 | 3.21 | % | ||||||||||||||||
Total deposits and borrowings
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957,329 | 1,772 | 0.74 | % | 841,697 | 2,314 | 1.09 | % | ||||||||||||||||
Other liabilities
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7,235 | 7,911 | ||||||||||||||||||||||
Total liabilities
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964,564 | 849,608 | ||||||||||||||||||||||
Stockholders' equity
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97,569 | 82,768 | ||||||||||||||||||||||
Total liabilities and equity
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$ | 1,062,133 | $ | 932,376 | ||||||||||||||||||||
Net interest income
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$ | 11,854 | $ | 10,231 | ||||||||||||||||||||
Net interest rate spread (2)
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4.56 | % | 4.58 | % | ||||||||||||||||||||
Net interest margin (3)
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4.61 | % | 4.62 | % | ||||||||||||||||||||
Ratio of interest-earning assets to deposits and borrowings
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107.36 | % | 105.17 | % |
(1)
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Average balance includes loans held for sale and nonperforming loans and is net of deferred loan origination fees, unamortized discounts and premiums, and allowance for loan losses.
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(2)
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Represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
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(3)
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Represents net interest income divided by average interest-earning assets.
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Average Balance Sheet
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Nine Months Ended
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Nine Months Ended
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September 30, 2012
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September 30, 2011
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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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$ | 70,743 | $ | 96 | 0.18 | % | $ | 61,344 | $ | 94 | 0.20 | % | ||||||||||||
Federal funds sold
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27 | - | 0.00 | % | 9,110 | 5 | 0.07 | % | ||||||||||||||||
Investment securities
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149,836 | 2,510 | 2.23 | % | 146,658 | 3,011 | 2.74 | % | ||||||||||||||||
Loans receivable, net (1)
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757,373 | 36,182 | 6.37 | % | 671,734 | 33,978 | 6.74 | % | ||||||||||||||||
Total interest-earning assets
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977,979 | 38,788 | 5.29 | % | 888,846 | 37,088 | 5.56 | % | ||||||||||||||||
Noninterest-earning assets
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44,136 | 51,594 | ||||||||||||||||||||||
Total assets
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$ | 1,022,115 | $ | 940,440 | ||||||||||||||||||||
Liabilities and Equity
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Deposit accounts:
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Noninterest-bearing
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$ | 141,494 | $ | - | 0.00 | % | $ | 105,424 | $ | - | 0.00 | % | ||||||||||||
Interest-bearing:
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Transaction accounts
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310,844 | 832 | 0.36 | % | 281,980 | 1,178 | 0.56 | % | ||||||||||||||||
Retail certificates of deposit
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421,918 | 3,813 | 1.21 | % | 406,986 | 5,216 | 1.71 | % | ||||||||||||||||
Wholesale certificates of deposit
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730 | 2 | 0.45 | % | 9,745 | 35 | 0.48 | % | ||||||||||||||||
Total deposits
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874,986 | 4,647 | 0.71 | % | 804,135 | 6,429 | 1.07 | % | ||||||||||||||||
Other borrowings
|
33,316 | 717 | 2.87 | % | 37,313 | 760 | 2.72 | % | ||||||||||||||||
Subordinated debentures
|
10,310 | 247 | 3.20 | % | 10,310 | 230 | 2.98 | % | ||||||||||||||||
Total borrowings
|
43,626 | 964 | 2.95 | % | 47,623 | 990 | 2.78 | % | ||||||||||||||||
Total deposits and borrowings
|
918,612 | 5,611 | 0.82 | % | 851,758 | 7,419 | 1.16 | % | ||||||||||||||||
Other liabilities
|
10,901 | 7,943 | ||||||||||||||||||||||
Total liabilities
|
929,513 | 859,701 | ||||||||||||||||||||||
Stockholders' equity
|
92,602 | 80,739 | ||||||||||||||||||||||
Total liabilities and equity
|
$ | 1,022,115 | $ | 940,440 | ||||||||||||||||||||
Net interest income
|
$ | 33,177 | $ | 29,669 | ||||||||||||||||||||
Net interest rate spread (2)
|
4.47 | % | 4.40 | % | ||||||||||||||||||||
Net interest margin (3)
|
4.52 | % | 4.45 | % | ||||||||||||||||||||
Ratio of interest-earning assets to deposits and borrowings
|
106.46 | % | 104.35 | % |
(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
|
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STATISTICAL INFORMATION
|
||||||||||||
September 30, 2012
|
December 31, 2011
|
September 30, 2011
|
||||||||||
Pacific Premier Bank Capital Ratios
|
||||||||||||
Tier 1 leverage ratio
|
9.48 | % | 9.44 | % | 9.29 | % | ||||||
Tier 1 risk-based capital ratio
|
11.04 | % | 11.68 | % | 11.57 | % | ||||||
Total risk-based capital ratio
|
11.88 | % | 12.81 | % | 12.71 | % | ||||||
Pacific Premier Bancorp, Inc. Capital Ratios
|
||||||||||||
Tier 1 leverage ratio
|
9.58 | % | 9.50 | % | 9.35 | % | ||||||
Tier 1 risk-based capital ratio
|
11.09 | % | 11.69 | % | 11.56 | % | ||||||
Total risk-based capital ratio
|
11.93 | % | 12.80 | % | 12.71 | % | ||||||
Tangible common equity ratio (1)
|
8.94 | % | 8.83 | % | 8.91 | % | ||||||
Share Data
|
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Book value per share (Basic)
|
$ | 9.66 | $ | 8.39 | $ | 8.39 | ||||||
Book value per share (Diluted)
|
9.53 | 8.34 | 8.11 | |||||||||
Tangible book value per share (1)
|
9.40 | 8.19 | 8.18 | |||||||||
Closing stock price
|
9.55 | 6.34 | 5.90 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
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STATISTICAL INFORMATION
|
||||||||||||
(dollars in thousands, except per share data)
|
||||||||||||
September 30, 2012
|
December 31, 2011
|
September 30, 2011
|
||||||||||
Total shareholders' equity
|
$ | 99,886 | $ | 86,777 | $ | 84,620 | ||||||
Less: Intangible assets
|
2,703 | 2,069 | 2,126 | |||||||||
Tangible common equity
|
$ | 97,183 | $ | 84,708 | $ | 82,494 | ||||||
Book value per share (Basic)
|
$ | 9.66 | $ | 8.39 | $ | 8.39 | ||||||
Less: Intangible book value per share
|
(0.26 | ) | (0.20 | ) | (0.21 | ) | ||||||
Tangible book value per share
|
$ | 9.40 | $ | 8.19 | $ | 8.18 | ||||||
Total assets
|
$ | 1,089,336 | $ | 961,128 | $ | 928,502 | ||||||
Less: Intangible assets
|
2,703 | 2,069 | 2,126 | |||||||||
Tangible assets
|
$ | 1,086,633 | $ | 959,059 | $ | 926,376 | ||||||
Tangible common equity ratio
|
8.94 | % | 8.83 | % | 8.91 | % |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
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STATISTICAL INFORMATION
|
||||||||||||
(dollars in thousands)
|
||||||||||||
September 30, 2012
|
December 31, 2011
|
September 30, 2011
|
||||||||||
Loan Portfolio
|
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Real estate loans:
|
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Multi-family
|
$ | 173,484 | $ | 193,830 | $ | 211,514 | ||||||
Commercial non-owner occupied
|
262,046 | 164,341 | 164,797 | |||||||||
One-to-four family (1)
|
62,771 | 60,027 | 62,638 | |||||||||
Construction
|
308 | - | - | |||||||||
Land
|
11,005 | 6,438 | 8,496 | |||||||||
Business loans:
|
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Commercial owner occupied (2)
|
148,139 | 152,299 | 164,268 | |||||||||
Commercial and industrial
|
88,105 | 86,684 | 74,434 | |||||||||
Warehouse facilities
|
112,053 | 67,518 | 42,644 | |||||||||
SBA
|
4,736 | 4,727 | 4,870 | |||||||||
Other loans
|
2,191 | 3,390 | 2,215 | |||||||||
Total gross loans (3)
|
864,838 | 739,254 | 735,876 | |||||||||
Less loans held for sale, net
|
4,728 | - | - | |||||||||
Total gross loans held for investment
|
860,110 | 739,254 | 735,876 | |||||||||
Less:
|
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Deferred loan origination costs/(fees) and premiums/(discounts)
|
(737 | ) | (665 | ) | (1,402 | ) | ||||||
Allowance for loan losses
|
(7,658 | ) | (8,522 | ) | (8,522 | ) | ||||||
Loans held for investment, net
|
$ | 851,715 | $ | 730,067 | $ | 725,952 | ||||||
Asset Quality
|
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Nonaccrual loans
|
$ | 6,280 | $ | 6,093 | $ | 9,357 | ||||||
Other real estate owned
|
5,521 | 1,231 | 2,846 | |||||||||
Nonperforming assets
|
11,801 | 7,324 | 12,203 | |||||||||
Allowance for loan losses
|
7,658 | 8,522 | 8,522 | |||||||||
Allowance for loan losses as a percent of total nonperforming loans
|
121.94 | % | 139.87 | % | 91.08 | % | ||||||
Nonperforming loans as a percent of gross loans
|
0.73 | 0.82 | 1.27 | |||||||||
Nonperforming assets as a percent of total assets
|
1.08 | 0.76 | 1.31 | |||||||||
Net loan charge-offs for the quarter ended
|
$ | 145 | $ | 527 | $ | 1,317 | ||||||
Net loan charge-offs for quarter to average total loans, net
|
0.07 | % | 0.29 | % | 0.77 | % | ||||||
Allowance for loan losses to gross loans
|
0.89 | 1.15 | 1.16 | |||||||||
Delinquent Loans:
|
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30 - 59 days
|
$ | 2,565 | $ | 699 | $ | 3,152 | ||||||
60 - 89 days
|
164 | 731 | 937 | |||||||||
90+ days (4)
|
4,154 | 4,260 | 6,669 | |||||||||
Total delinquency
|
$ | 6,883 | $ | 5,690 | $ | 10,758 | ||||||
Delinquency as a % of total gross loans
|
0.80 | % | 0.77 | % | 1.46 | % | ||||||
(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, 2012 is net of the mark-to-market discounts on Canyon National loans of $3.1 million and on Palm Desert National loans of $6.3 million.
|
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(4) All 90 day or greater delinquencies are on nonaccrual status and reported as part of nonperforming assets.
|