Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Schedule of condensed balance sheets

Condensed financial statements of the Corporation are as follows:

PACIFIC PREMIER BANCORP, INC.
STATEMENTS OF FINANCIAL CONDITION
(Parent company only)
	At December 31,
	2020		2019
	(Dollars in thousands)
Assets
Cash and cash equivalents	$	96,827	$	13,717
Investment in subsidiaries	3,017,285		2,217,903
Other assets	1,301		1,230
Total assets	$	3,115,413	$	2,232,850
Liabilities
Subordinated debentures	$	363,140	$	215,145
Accrued expenses and other liabilities	5,624		5,111
Total liabilities	368,764		220,256
Total stockholders’ equity	2,746,649		2,012,594
Total liabilities and stockholders’ equity	$	3,115,413	$	2,232,850

Schedule of condensed statements of operations

PACIFIC PREMIER BANCORP, INC.
STATEMENTS OF OPERATIONS
(Parent company only)
	For the Year Ended December 31,
	2020		2019		2018
	(Dollars in thousands)
Income
Dividend income from the Bank	$	29,874	$	54,118	$	—
Interest income	22		51		57
Total income	29,896		54,169		57
Expense
Interest expense on subordinated debentures	16,596		10,680		6,716
Compensation and benefits	3,205		3,106		2,757
Other noninterest expense	4,929		2,818		3,384
Total expense	24,730		16,604		12,857
Income (loss) before income tax provision	5,166		37,565		(12,800)
Income tax benefit	(6,734)		(4,695)		(3,680)
Income (loss) before undistributed income of subsidiary	11,900		42,260		(9,120)
Equity in undistributed earnings of subsidiary	48,451		117,458		132,460
Net income	$	60,351	$	159,718	$	123,340

Schedule of condensed statements of cash flows

PACIFIC PREMIER BANCORP, INC.
SUMMARY STATEMENTS OF CASH FLOWS
(Parent company only)
	For the Year Ended December 31,
	2020		2019		2018
	(Dollars in thousands)
Cash flows from operating activities:
Net income	$	60,351	$	159,718	$	123,340
Adjustments to reconcile net income to cash used in operating activities:
Share-based compensation expense	10,859		10,528		9,033
Equity in undistributed earnings of subsidiary and dividends from the bank	(48,451)		(117,458)		(132,460)
Deferred income tax expense	188		42		65
Change in accrued expenses and other liabilities, net	1,149		3,131		(4,149)
Change in accrued interest receivable and other assets, net	(8,443)		(4,826)		2,461
Net cash provided by (used in) operating activities	15,653		51,135		(1,710)
Cash flows from investing activities:
Cash acquired in acquisitions, net	—		—		2,985
Other, net	—		—		(5,467)
Net cash used in investing activities	—		—		(2,482)
Cash flows from financing activities:
Redemption of junior subordinated debt securities	—		(18,558)		—
Proceeds from issuance of subordinated debt, net	147,359		122,453		—
Cash dividends paid	(79,901)		(53,867)		—
Repurchase and retirement of common stock	—		(100,000)		—
Proceeds from exercise of options	1,652		2,679		1,924
Restricted stock surrendered and canceled	(1,653)		(3,285)		(1,669)
Net cash provided by (used in) financing activities	67,457		(50,578)		255
Net increase (decrease) in cash and cash equivalents	83,110		557		(3,937)
Cash and cash equivalents, beginning of year	13,717		13,160		17,097
Cash and cash equivalents, end of year	$	96,827	13,717		$	13,160