Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		2022
Assets
Cash and cash equivalents	$	72,696	$	17,712
Investment in subsidiaries	3,145,886		3,118,313
Other assets	5,180		1,214
Total assets	$	3,223,762	$	3,137,239
Liabilities

Subordinated debentures	331,842		331,204
Accrued expenses and other liabilities	9,339		7,646
Total liabilities	341,181		338,850
Total stockholders’ equity	2,882,581		2,798,389
Total liabilities and stockholders’ equity	$	3,223,762	$	3,137,239


PACIFIC PREMIER BANCORP, INC.
STATEMENTS OF OPERATIONS
(Parent company only)
	For the Year Ended December 31,
(Dollars in thousands)	2023		2022		2021
Income
Dividend income from the Bank	$	199,653	$	131,160	$	121,653
Interest income	93		7		9
Net loss on debt extinguishment	—		—		(2,877)
Total income	199,746		131,167		118,785
Expense
Interest expense	18,244		18,242		18,907
Compensation and benefits	3,934		5,198		3,845
Other noninterest expense	3,785		3,881		3,808
Total expense	25,963		27,321		26,560
Income before income tax provision	173,783		103,846		92,225
Income tax benefit	(7,240)		(7,793)		(8,672)
Income before undistributed income of subsidiary	181,023		111,639		100,897
Equity in undistributed (losses) earnings of subsidiary	(150,171)		172,104		238,992
Net income	$	30,852	$	283,743	$	339,889


PACIFIC PREMIER BANCORP, INC.
SUMMARY STATEMENTS OF CASH FLOWS
(Parent company only)
	For the Year Ended December 31,
(Dollars in thousands)	2023		2022		2021
Cash flows from operating activities:
Net income	$	30,852	$	283,743	$	339,889
Adjustments to reconcile net income to cash used in operating activities:
Share-based compensation expense	19,390		18,925		13,264
Equity in undistributed losses (earnings) of subsidiary	150,171		(172,104)		(238,992)
Loss on debt extinguishment	—		—		2,877
Deferred income tax (benefit) expense	(3,583)		230		(429)
Change in accrued expenses and other liabilities, net	2,331		2,985		377
Change in accrued interest receivable and other assets, net	(12,505)		(2,345)		(12,840)
Net cash provided by operating activities	186,656		131,434		104,146
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)

Cash dividends paid	(126,265)		(125,160)		(121,887)
Repurchase and retirement of common stock	—		—		(18,067)
Proceeds from exercise of options	966		873		1,001
Restricted stock surrendered and canceled	(6,373)		(8,918)		(6,384)
Net cash used in financing activities	(131,672)		(141,205)		(173,490)
Net increase (decrease) in cash and cash equivalents	54,984		(9,771)		(69,344)
Cash and cash equivalents, beginning of year	17,712		27,483		96,827
Cash and cash equivalents, end of year	$	72,696	17,712		$	27,483