Parent Company Financial Information

12 Months Ended

Dec. 31, 2014

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,
	2014		2013
	(in thousands)
Assets:
Cash and cash equivalents	$	18,724	$	2,873
Deferred income taxes	3,566		3,280
Investment in subsidiaries	247,669		179,034
Other assets	1,544		611
Total Assets	$	271,503	$	185,798
Liabilities:
Subordinated debentures	$	70,310	$	10,310
Accrued expenses and other liabilities	1,601		262
Total Liabilities	71,911		10,572
Total Stockholders’ Equity	199,592		175,226
Total Liabilities and Stockholders’ Equity	$	271,503	$	185,798

PACIFIC PREMIER BANCORP, INC.

STATEMENTS OF OPERATIONS

(Parent company only)

	For the Years Ended December 31,
	2014			2013			2012
	(in thousands)
Income:
Interest income	$	36		$	20		$	4
Noninterest income	2			3			24
Total income	38			23			28
Expense:
Interest expense	1,543			307			326
Noninterest expense	1,874			2,141			1,138
Total expense	3,417			2,448			1,464
Loss before income tax provision	(3,379		)	(2,425		)	(1,436		)
Income tax benefit	(1,275		)	(827		)	(591		)
Net loss (parent only)	(2,104		)	(1,598		)	(845		)
Equity in net earnings of subsidiaries	18,720			10,591			16,621
Net income	$	16,616		$	8,993		$	15,776

PACIFIC PREMIER BANCORP, INC.

SUMMARY STATEMENTS OF CASH FLOWS

(Parent company only)

	For the Years Ended December 31,
	2014			2013			2012
	(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	16,616		$	8,993		$	15,776
Adjustments to reconcile net income to cash used in operating activities:
Share-based compensation expense	514			943			177
Equity in net earnings of subsidiaries	(18,720		)	(10,591		)	(16,621		)
Increase (decrease) in accrued expenses and other liabilities	1,560			(39		)	154
Increase (decrease) in current and deferred taxes	(286		)	1,153			93
Decrease (increase) in other assets	232			(504		)	44
Net cash used in operating activities	(84		)	(45		)	(377		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividend from Bank	2,472			—			800
Proceeds from issuance of common stock, net of issuance cost	—			4,560			30,958
Repurchase of common stock	(5,638		)	(59		)	(195		)
Proceeds from exercise of options and warrants	267			90			237
Capital contribution to Bank	(40,000		)	(8,700		)	(25,000		)
Proceeds from issuance of subordinated debentures	58,834			—			—
Net cash provided by (used in) financing activities	15,935			(4,109		)	6,800
Net increase (decrease) in cash and cash equivalents	15,851			(4,154		)	6,423
Cash and cash equivalents, beginning of year	2,873			7,027			604
Cash and cash equivalents, end of year	$	18,724		$	2,873		$	7,027