XML 35 R24.htm IDEA: XBRL DOCUMENT v3.19.2
Subsequent Events
6 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events

Quarterly Cash Dividend

On July 19, 2019, the Corporation’s Board of Directors declared a cash dividend of $0.22 per share, payable on August 15, 2019 to shareholders of record on August 2, 2019.

Redemption of Subordinated Notes

On July 8, 2019, the Company used a portion of the proceeds from the issuance of the Notes II in May 2019 to redeem all $10,310,000 principal amount of the Subordinated Debentures due April 6, 2034 issued by PPBI Trust I. The Subordinated Debentures carried an interest rate of three-month LIBOR plus 2.75% per annum, for an effective rate of 5.35% per annum, as of June 30, 2019. The Subordinated Debentures were called at par, plus accrued and unpaid interest, for an aggregate amount of $10,448,000 and PPBI Trust was canceled.