Parent Company Financial Information

12 Months Ended

Dec. 31, 2012

Parent Company Financial Information

Parent Company Financial Information

19. 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,
	2012		2011
	(in thousands)
Assets:
Cash and cash equivalents	$	7,027	$	604
Investment in subsidiaries	133,560		91,952
Deferred income taxes	4,129		4,222
Other assets	411		456
Total Assets	$	145,127	$	97,234
Liabilities:
Subordinated debentures	$	10,310	$	10,310
Accrued expenses and other liabilities	301		147
Total Liabilities	10,611		10,457
Total Stockholders’ Equity	134,516		86,777
Total Liabilities and Stockholders’ Equity	$	145,127	$	97,234

PACIFIC PREMIER BANCORP, INC.

STATEMENTS OF OPERATIONS

(Parent company only)

	For the Years Ended December 31,
	2012			2011			2010
	(in thousands)
Income:
Interest income	$	4		$	4		$	9
Noninterest income	24			6			35
Total income	28			10			44
Expense:
Interest expense	326			310			314
Noninterest expense	1,138			546			488
Total expense	1,464			856			802
Loss before income tax provision	(1,436		)	(846		)	(758		)
Income tax benefit	(591		)	(349		)	(312		)
Net loss (parent only)	(845		)	(497		)	(446		)
Equity in net earnings of subsidiaries	16,621			11,069			4,684
Net income	$	15,776		$	10,572		$	4,238

PACIFIC PREMIER BANCORP, INC.

SUMMARY STATEMENTS OF CASH FLOWS

(Parent company only)

	For the Years Ended December 31,
	2012			2011			2010
CASH FLOWS FROM OPERATING ACTIVITIES	(in thousands)
Net income	$	15,776		$	10,572		$	4,238
Adjustments to reconcile net income to cash used in operating activities:
Share-based compensation expense	177			208			86
Equity in net earnings of subsidiaries	(16,621		)	(11,069		)	(4,684		)
Increase (decrease) in accrued expenses and other liabilities	154			(192		)	81
Increase (decrease) in current and deferred taxes	93			352			(1		)
Decrease (increase) in other assets	44			(128		)	(53		)
Net cash used in operating activities	(377		)	(257		)	(333		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividend from Bank	800			3,450			—
Proceeds from issuance of common stock, net of issuance cost	30,958			—			—
Repurchase Pacific Premier Bancorp Warrants	—			(3,660		)	—
Repurchase of common stock	(195		)	(451		)	—
Proceeds from exercise of options and warrants	237			274			—
Capital contribution to Bank	(25,000		)	—			—
Net cash provided by (used in) financing activities	6,800			(387		)	—
Net increase (decrease) in cash and cash equivalents	6,423			(644		)	(333		)
Cash and cash equivalents, beginning of year	604			1,248			1,581
Cash and cash equivalents, end of year	$	7,027		$	604		$	1,248