Parent Company Financial Information

12 Months Ended

Dec. 31, 2015

Parent Company Financial Information

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,
	2015		2014
	(in thousands)
Assets:
Cash and cash equivalents	$	3,412	$	18,724
Deferred income taxes	—		3,566
Investment in subsidiaries	359,143		247,669
Other assets	8,502		1,544
Total Assets	$	371,057	$	271,503
Liabilities:
Subordinated debentures	$	70,310	$	70,310
Accrued expenses and other liabilities	1,767		1,601
Total Liabilities	72,077		71,911
Total Stockholders’ Equity	298,980		199,592
Total Liabilities and Stockholders’ Equity	$	371,057	$	271,503

PACIFIC PREMIER BANCORP, INC.
STATEMENTS OF OPERATIONS
(Parent company only)
	For the Years Ended December 31,
	2015			2014			2013
	(in thousands)
Income:
Interest income	$	27		$	36		$	20
Noninterest income	—			2			3
Total income	27			38			23
Expense:
Interest expense	3,937			1,543			307
Noninterest expense	2,831			1,874			2,141
Total expense	6,768			3,417			2,448
Loss before income tax provision	(6,741		)	(3,379		)	(2,425		)
Income tax benefit	(2,783		)	(1,275		)	(827		)
Net loss  (parent only)	(3,958		)	(2,104		)	(1,598		)
Equity in net earnings of subsidiaries	29,473			18,720			10,591
Net income	$	25,515		$	16,616		$	8,993

PACIFIC PREMIER BANCORP, INC.
SUMMARY STATEMENTS OF CASH FLOWS
(Parent company only)
	For the Years Ended December 31,
	2015			2014			2013
CASH FLOWS FROM OPERATING ACTIVITIES	(in thousands)
Net income	$	25,515		$	16,616		$	8,993
Adjustments to reconcile net income to cash used in operating activities:
Share-based compensation expense	1,165			514			943
Equity in undistributed earnings of subsidiaries and dividends from the bank	(29,473		)	(16,248		)	(10,591		)
Increase (decrease) in accrued expenses and other liabilities	166			1,560			(39		)
Increase (decrease) in current and deferred taxes	3,566			(286		)	1,153
Decrease (increase) in other assets	(6,893		)	232			(504		)
Net cash used in operating activities	(5,954		)	2,388			(45		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net of issuance cost	—			—			4,560
Repurchase of common stock	(116		)	(5,638		)	(59		)
Proceeds from exercise of options and warrants	758			267			90
Capital contribution to Bank	(10,000		)	(40,000		)	(8,700		)
Proceeds from issuance of subordinated debentures	—			58,834			—
Net cash provided by (used in) financing activities	(9,358		)	13,463			(4,109		)
Net increase (decrease) in cash and cash equivalents	(15,312		)	15,851			(4,154		)
Cash and cash equivalents, beginning of year	18,724			2,873			7,027
Cash and cash equivalents, end of year	$	3,412		$	18,724		$	2,873