Parent Company Financial Information

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Note 23 – 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,
(Dollars in thousands)	2022		2021
Assets
Cash and cash equivalents	$	17,712	$	27,483
Investment in subsidiaries	3,118,313		3,194,399
Other assets	1,214		8,294
Total assets	$	3,137,239	$	3,230,176
Liabilities
Other borrowings	$	—	$	8,000
Subordinated debentures	331,204		330,567
Accrued expenses and other liabilities	7,646		5,298
Total liabilities	338,850		343,865
Total stockholders’ equity	2,798,389		2,886,311
Total liabilities and stockholders’ equity	$	3,137,239	$	3,230,176


PACIFIC PREMIER BANCORP, INC.
STATEMENTS OF OPERATIONS
(Parent company only)
	For the Year Ended December 31,
(Dollars in thousands)	2022		2021		2020
Income
Dividend income from the Bank	$	131,160	$	121,653	$	29,874
Interest income	7		9		22
Net loss on debt extinguishment	—		(2,877)		—
Total income	131,167		118,785		29,896
Expense
Interest expense	18,242		18,907		16,596
Compensation and benefits	5,198		3,845		3,205
Other noninterest expense	3,881		3,808		4,929
Total expense	27,321		26,560		24,730
Income before income tax provision	103,846		92,225		5,166
Income tax benefit	(7,793)		(8,672)		(6,734)
Income before undistributed income of subsidiary	111,639		100,897		11,900
Equity in undistributed earnings of subsidiary	172,104		238,992		48,451
Net income	$	283,743	$	339,889	$	60,351


PACIFIC PREMIER BANCORP, INC.
SUMMARY STATEMENTS OF CASH FLOWS
(Parent company only)
	For the Year Ended December 31,
(Dollars in thousands)	2022		2021		2020
Cash flows from operating activities:
Net income	$	283,743	$	339,889	$	60,351
Adjustments to reconcile net income to cash used in operating activities:
Share-based compensation expense	18,925		13,264		10,859
Equity in undistributed earnings of subsidiary	(172,104)		(238,992)		(48,451)
Loss on debt extinguishment	—		2,877		—
Deferred income tax expense (benefit)	230		(429)		188
Change in accrued expenses and other liabilities, net	2,985		377		1,149
Change in accrued interest receivable and other assets, net	(2,345)		(12,840)		(8,443)
Net cash provided by operating activities	131,434		104,146		15,653
Cash flows from investing activities:


Net cash provided by investing activities	—		—		—
Cash flows from financing activities:
Net change in short-term borrowings	(8,000)		8,000		—
Redemption of subordinated debentures	—		(36,153)		—
Proceeds from issuance of subordinated debt, net	—		—		147,359
Cash dividends paid	(125,160)		(121,887)		(79,901)
Repurchase and retirement of common stock	—		(18,067)		—
Proceeds from exercise of options	873		1,001		1,652
Restricted stock surrendered and canceled	(8,918)		(6,384)		(1,653)
Net cash (used in) provided by financing activities	(141,205)		(173,490)		67,457
Net (decrease) increase in cash and cash equivalents	(9,771)		(69,344)		83,110
Cash and cash equivalents, beginning of year	27,483		96,827		13,717
Cash and cash equivalents, end of year	$	17,712	27,483		$	96,827