Subsequent Events

9 Months Ended

Sep. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Pacific Premier Bancorp, Inc. and Plaza Bancorp

On August 9, 2017, the Company announced that it had entered into an agreement to acquire Plaza Bancorp (PLZZ.OTC) ("Plaza"), the holding company of Plaza Bank, a California-chartered banking corporation headquartered in Irvine, California, with seven branches located in Irvine, Manhattan Beach, El Segundo, Pasadena, Montebello, San Diego, California, and Las Vegas, Nevada.

The acquisition was completed on November 1, 2017, whereby we acquired $1.3 billion in total assets, $1.1 billion in loans and $1.1 billion in total deposits. Under the terms of the merger agreement, each share of Plaza common stock was converted into the right to receive 0.2000 shares of Company common stock. Pursuant to such terms, the Company will issue approximately 6,049,447 shares of the Company's Common Stock valued at $40.40 per share, which was the closing price of the Company's Common Stock on October 31, 2017, the last trading day prior to the consummation of the Merger. The value of the total transaction consideration was approximately $251 million, which included approximately $6.5 million in aggregate cash for fractional shares and consideration payable to holders of Plaza options and Plaza warrants in connection with the closing of the Merger.

The Company expects to record goodwill arising from the acquisition consisting largely of synergies and cost savings resulting from combining the operations of the companies. The amount of goodwill is not expected to be deductible for tax purposes. The fair value of intangible assets and acquired assets and liabilities will be determined as of the acquisition date but are still being evaluated as of the date of these financial statements.