Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2021

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,
(Dollars in thousands)	2021		2020
Assets
Cash and cash equivalents	$	27,483	$	96,827
Investment in subsidiaries	3,194,399		3,017,285
Other assets	8,294		1,301
Total assets	$	3,230,176	$	3,115,413
Liabilities
Other borrowings	$	8,000	$	—
Subordinated debentures	330,567		363,140
Accrued expenses and other liabilities	5,298		5,624
Total liabilities	343,865		368,764
Total stockholders’ equity	2,886,311		2,746,649
Total liabilities and stockholders’ equity	$	3,230,176	$	3,115,413

Schedule of condensed statements of operations

PACIFIC PREMIER BANCORP, INC.
STATEMENTS OF OPERATIONS
(Parent company only)
	For the Year Ended December 31,
(Dollars in thousands)	2021		2020		2019
Income
Dividend income from the Bank	$	121,653	$	29,874	$	54,118
Interest income	9		22		51
Net loss on debt extinguishment	(2,877)		—		—
Total income	118,785		29,896		54,169
Expense
Interest expense	18,907		16,596		10,680
Compensation and benefits	3,845		3,205		3,106
Other noninterest expense	3,808		4,929		2,818
Total expense	26,560		24,730		16,604
Income before income tax provision	92,225		5,166		37,565
Income tax benefit	(8,672)		(6,734)		(4,695)
Income before undistributed income of subsidiary	100,897		11,900		42,260
Equity in undistributed earnings of subsidiary	238,992		48,451		117,458
Net income	$	339,889	$	60,351	$	159,718

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,
(Dollars in thousands)	2021		2020		2019
Cash flows from operating activities:
Net income	$	339,889	$	60,351	$	159,718
Adjustments to reconcile net income to cash used in operating activities:
Share-based compensation expense	13,264		10,859		10,528
Equity in undistributed earnings of subsidiary	(238,992)		(48,451)		(117,458)
Loss on debt extinguishment	2,877		—		—
Deferred income tax (benefit) expense	(429)		188		42
Change in accrued expenses and other liabilities, net	377		1,149		3,131
Change in accrued interest receivable and other assets, net	(12,840)		(8,443)		(4,826)
Net cash provided by operating activities	104,146		15,653		51,135
Cash flows from investing activities:
Net cash provided by investing activities	—		—		—
Cash flows from financing activities:
Net change in short-term borrowings	8,000		—		—
Redemption of subordinated debentures	(36,153)		—		(18,558)
Proceeds from issuance of subordinated debt, net	—		147,359		122,453
Cash dividends paid	(121,887)		(79,901)		(53,867)
Repurchase and retirement of common stock	(18,067)		—		(100,000)
Proceeds from exercise of options	1,001		1,652		2,679
Restricted stock surrendered and canceled	(6,384)		(1,653)		(3,285)
Net cash (used in) provided by financing activities	(173,490)		67,457		(50,578)
Net (decrease) increase in cash and cash equivalents	(69,344)		83,110		557
Cash and cash equivalents, beginning of year	96,827		13,717		13,160
Cash and cash equivalents, end of year	$	27,483	96,827		$	13,717