Pacific Premier Bancorp, Inc. Announces 2012 Earnings (Unaudited)
Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company”), the
holding company of Pacific Premier Bank (the “Bank”), reported net
income for the fourth quarter of 2012 of $3.8 million or $0.32 per share
on a diluted basis, up from $2.6 million or $0.24 per share on a diluted
basis for the fourth quarter of 2011. For the fourth quarter of 2012,
our return on average assets was 1.42% and return on average equity was
14.07%, up from a return on average assets of 1.08% and a return on
average equity of 11.98% for the same comparable period of 2011.
For the full year 2012, the Company reported net income of $15.8 million
or $1.44 per share on a diluted basis, up from $10.6 million or $0.99
per share on a diluted basis for 2011. For 2012, our return on average
assets was 1.52% and return on average equity was 16.34%, up from a
return on average assets of 1.12% and a return on average equity of
12.91% for 2011.
Steven R. Gardner, President and Chief Executive Officer, commented on
the results, “We completed 2012 with another strong quarter of balance
sheet growth and higher profitability. Our loan growth during the fourth
quarter was driven by strong growth in warehouse lending, commercial and
industrial business loans and commercial real estate lending. Our SBA
group is beginning to show positive trends as they ended the year with a
pipeline of $17.7 million, while our entire loan pipeline at year end
was $84 million. Much of our loan production occurred late in the fourth
quarter and thus the average balance outstanding of our loan portfolio
grew 16% on an annualized basis quarter over quarter. We supplemented
our organic loan production through the purchase of a $34 million
residential and $4 million CRE loan portfolio during the current
quarter.”
“We started the process of preparing our balance sheet for the closing
of our pending merger with First Associations Bank (FAB), which is
expected to occur in the first quarter of 2013, subject to receipt of
approval by FAB’s shareholders. This process allowed us to further
improve the deposit base by running off higher cost CD's, increasing
transaction accounts and dropping our cost of deposits to 0.51%, a 13
basis point decrease from the end of the third quarter of 2012. We
funded the growth in our loan portfolio with short term FHLB advances
and proceeds from the sale of investment securities. Subject to the
closing of the FAB merger, we will replace these funding sources with
FAB’s low-cost deposit base, which will reduce our loan-to-deposit
ratio, positively impact our cost of funds and continue the enhancement
of our franchise.”
“We ended 2012 with excellent asset quality. Since the end of the second
quarter of 2012, nonperforming assets have declined 75%, resulting in
nonaccrual loans to total loans of 0.22%, delinquent loans to gross
loans of 0.09% and nonperforming assets to total assets of 0.38% as of
December 31, 2012. As we did with our previous acquisition, by year end
we were able to quickly reduce the amount of delinquent loans and OREO
we acquired in the second quarter of 2012 from our FDIC-assisted
acquisition of Palm Desert National Bank. As a result of our
multipronged approach to managing problem assets, we continue to
experience very low credit costs.”
“Looking ahead to 2013, we are very excited about the catalysts in place
that we believe will drive further increases in our earnings power: 1)
We are adding experienced relationship managers that will enable us to
continue taking market share and increase business banking
relationships; 2) We have expanded our commitment levels with a number
of mortgage bankers, which should result in further growth in our
warehouse lending business; 3) We are expanding our ability to serve
homeowners associations nationwide, which will become an important niche
market for us after the merger with FAB is closed; 4) We are steadily
increasing our production of SBA loans, which should generate higher
levels of noninterest income for us going forward; and 5) We expect to
see a positive impact on our net interest margin as we fully integrate
FAB’s low-cost deposit base and expand its deposit platform.”
“We believe we have all the elements in place to deliver another
successful year in 2013. We have excellent momentum in our organic
business development efforts, and following our recent stock offering,
we have a strong capital position that will enable us to pursue
attractive acquisition opportunities. We look forward to executing on
our growth strategy and creating additional value for both new and
existing shareholders,” concluded Mr. Gardner.
Net Interest Income
Net interest income totaled $12.6 million in the fourth quarter of 2012,
up $1.7 million or 15.2% compared to the fourth quarter of 2011. The
increase in net interest income reflected an increase in average
interest-earning assets of $128.0 million in the current quarter to
total $1.0 billion and a higher net interest margin of 4.88% in the
current quarter, compared with 4.84% in the fourth quarter of 2011. The
increase in average interest-earning assets for the period was primarily
due to an increase in loans, which were up $144.7 million on average
primarily associated with organic loan growth, purchases and to a lesser
extent from our Palm Desert National Bank acquisition from the FDIC,
which at the time of acquisition added $65.3 million in interest-earning
assets at a weighted average rate of 5.61%. The increase in the current
quarter net interest margin of 4 basis points primarily reflected a
decrease in the cost of deposits of 37 basis points, partially offset by
the decrease in our interest-earning asset yield of 33 basis points. The
decline in our interest-earning asset yield was primarily from a lower
yield on loans of 64 basis points, partially offset by an improved mix
of higher yielding loans within interest-earning assets. The reduction
in deposit costs is primarily associated with our acquisition of Palm
Desert National Bank, which added $80.9 million in deposits at a
weighted average cost of 42 basis points as of the closing of the
transaction, excluding the runoff of $34.1 million in wholesale
certificates of deposit in the month subsequent to the acquisition.
Compared to the third quarter of 2012, net interest income for the
fourth quarter of 2012 increased $767,000 or 6.5%. The increase in net
interest income reflected a 27 basis point increase in net interest
margin and higher average interest-earning assets of $5.7 million. The
increase in the net interest margin is primarily attributable to the
following factors: 1) an increase in interest-earning assets of 18 basis
points primarily from an improved mix of higher yielding loans along
with the collection of back interest on a loan payoff of $143,000 or 6
basis points when annualized and 2) lower deposit costs of 11 basis
points from a decrease in average certificates of deposit of $47.8
million. Additionally, noninterest bearing deposits on average increased
$52.7 million during the fourth quarter of 2012 as we eliminated nominal
interest paid on approximately $60.7 million of transaction accounts
towards the end of previous quarter and moved them into noninterest
bearing accounts. This change lowered our deposit costs by approximately
one basis point.
For 2012, our net interest income totaled $45.8 million, up $5.2 million
or 12.7% from 2011. The increase in net interest income was associated
with higher interest-earning assets, which grew by $98.9 million to
$991.9 million, and a higher net interest margin which increased by 7
basis points to 4.62%. The increase in average interest-earning assets
primarily related to newly originated loans, purchased loans and loans
acquired in the Palm Desert National acquisition. The increase in net
interest margin was predominantly impacted by a decrease in our deposit
and borrowing costs of 36 basis points that more than offset the
decrease in our interest-earning asset yield of 28 basis points.
Provision for Loan Losses
We recorded a $606,000 provision for loan losses during the fourth
quarter of 2012, compared with $527,000 recorded in the fourth quarter
of 2011. Improved credit quality metrics and the recent charge-off
history within our loan portfolio were significant factors in estimating
the adequacy of our allowance for loan losses, which was balanced
against the loan growth we experienced during the fourth quarter of
2012. Net loan charge-offs amounted to $270,000 in the fourth quarter of
2012, down $257,000 from $527,000 experienced during the fourth quarter
of 2011.
For 2012, we recorded a provision for loan losses of $751,000 and net
loan charge-offs of $1.3 million. This compares with a provision for
loan losses of $3.3 million and net charge-offs of $3.6 million for 2011.
Noninterest income
Our noninterest income amounted to $3.2 million in the fourth quarter of
2012, up $2.9 million compared to the fourth quarter of 2011. The
increase was primarily related to the following three areas: 1) net
gains of $659,000 from the sale of $1.8 million of loans in the fourth
quarter of 2012, compared to losses of $1.2 million on the sale of loans
in the fourth quarter of 2011; 2) higher gains by $658,000 from the sale
of investment securities available for sale; and 3) higher other income
by $528,000, primarily from the sale of our corporate offices and
associated fixed assets for a net gain of $597,000.
Compared to the third quarter of 2012, noninterest income for the fourth
quarter of 2012 increased $1.3 million or 67.2%. The increase was
primarily attributable to a favorable change in net gain (loss) from
sales of loans of $700,000, which included $456,000 from the sale of
$4.8 million of SBA loans in the fourth quarter, and other income of
$427,000 primarily related to the sale of our corporate offices and
associated fixed assets for a net gain of $597,000, partially offset by
$105,000 of income associated with the resolution of acquired loans in
the previous quarter.
For 2012, our noninterest income totaled $12.6 million, compared with
$6.5 million for 2011. The increase of $6.1 million or 93.0% in 2012 was
primarily due to a favorable change in net gain (loss) from sale of
loans of $4.2 million, a larger bargain purchase pre-tax gain on
acquisitions from the FDIC of $1.2 million and an improvement in
other-than-temporary impairment loss on investment securities of
$458,000.
Noninterest Expense
Noninterest expense totaled $9.0 million for the fourth quarter of 2012,
up $2.4 million or 35.7% from the fourth quarter of 2011. The increase
primarily related to increases in compensation and benefits costs of
$1.3 million, legal and audit expense of $463,000, premises and
occupancy costs of $228,000, other expense of $225,000 and data
processing and communications costs of $216,000. The increase in
compensation and benefits costs are attributable to an increased
employee count from the Palm Desert National acquisition and added
employees in lending production and loan operations to increase our
production of SBA loans and warehouse facility loans. Within the
increase in the legal and audit expense was $404,000 associated with the
pending acquisition of FAB.
Compared to the third quarter of 2012, noninterest expense for the
fourth quarter of 2012 increased $946,000 or 11.8%. The increase was
primarily attributable to a $428,000 increase in expenses related to
other real estate owned (“OREO”) operations, which included $440,000 in
losses on sales of OREO properties that were acquired in connection with
the previous FDIC-assisted acquisitions, other expense of $263,000, and
legal and audit expense of $150,000 primarily associated with the
pending acquisition of FAB.
For 2012, noninterest expense totaled $31.9 million, up $5.0 million or
18.4% from 2011. The increase was primarily related to a $3.1 million
increase in compensation and benefits costs as a result of increased
head count and termination costs from the Palm Desert National
acquisition and an expansion of our lending area to increase loan
production; an increase in data processing and communication costs of
$947,000, primarily from running two core systems and system conversion
costs associated with the Palm Desert National acquisition; an increase
in legal and audit costs of $696,000; and an increase in premises and
occupancy costs of $569,000, partially offset by a decrease in marketing
expense of $429,000. Of the total noninterest expense recorded during
2012, there were one-time costs of $500,000 relating to the Palm Desert
National acquisition and legal and audit expense of $404,000 relating to
the pending acquisition of FAB.
Assets and Liabilities
At December 31, 2012, assets totaled $1.2 billion, up $212.7 million or
22.1% from December 31, 2011. During the fourth quarter of 2012, assets
increased $84.5 million or 7.8%, primarily due to an increase in loans
held for investment of $122.8 million, partially offset by a decrease in
investment securities available for sale of $30.2 million, OREO of $3.3
million and other assets of $2.6 million.
Investment securities available for sale totaled $84.1 million at
December 31, 2012, down $31.6 million or 27.3% from December 31, 2011.
During the fourth quarter of 2012, investment securities decreased by
$30.2 million and included sales of $26.5 million and principal payments
of $3.0 million.
Net loans held for investment totaled $974.2 million at December 31,
2012, an increase of $244.1 million or 33.4% from December 31, 2011.
During the fourth quarter of 2012, net loans held for investment
increased $122.5 million or 14.4%. The fourth quarter of 2012 included
loan originations of $122.9 million, of which $73.9 million related to
our warehouse repurchase facility loans, loan purchases of $38.2 million
and a decrease in undisbursed loan funds of $23.5 million, partially
offset by loan repayments of $49.8 million and loan sales of $13.8
million. During the fourth quarter of 2012, our commitments on our
warehouse repurchase facility loans increased $78.3 million to total
$245.8 million. Additionally, we experienced an increase in our
utilization rates for these loans from 66.9% at the beginning of the
fourth quarter of 2012 to 80.9% at the end of the fourth quarter 2012.
Most of our loan growth occurred late in the fourth quarter of 2012
which increased average loans by $33.7 million or 4.0%. At December 31,
2012, the loan to deposit ratio was 109.0%, up from 89.1% at December
31, 2011 and 96.5% at September 30, 2012.
Deposits totaled $904.8 million at December 31, 2012, up $75.9 million
or 9.2% from December 31, 2011. The increase from year-end 2011 is
predominately related to the acquisition of Palm Desert National Bank.
During the fourth quarter of 2012, deposits increased $8.9 million or
1.0% due primarily to increases in interest-bearing transaction accounts
of $63.4 million and noninterest-bearing accounts of $2.2 million,
partially offset by a decrease in retail certificates of deposit of
$56.8 million. At December 31, 2011, we had no brokered deposits. The
total end of period cost of deposits at December 31, 2012 decreased to
0.51%, from 0.89% at December 31, 2011 and from 0.64% at September 30,
2012.
At December 31, 2012, total borrowings amounted to $125.8 million, up
$87.0 million or 224.2% from December 31, 2011 and up $40.0 million or
46.6% from September 30, 2012. The increase for the full year 2012 and
the fourth quarter of 2012 related wholly to FHLB overnight advances
taken out primarily to fund our loan growth. Total borrowings at
December 31, 2012 represented 10.7% of total assets and had a weighted
average cost of 1.19%, compared with 4.0% of total assets and at a
weighted average cost of 3.23% at December 31, 2011 and 7.9% of total
assets at a weighted average cost of 1.64% at September 30, 2012.
Asset Quality
At December 31, 2012, nonperforming assets totaled $4.5 million or 0.38%
of total assets, down from $7.3 million or 0.76% of total assets at
December 31, 2011 and down from $11.8 million or 1.08% of total assets
at September 30, 2012. During the fourth quarter of 2012, nonperforming
loans decreased $4.1 million to total $2.2 million and OREO decreased
$3.3 million to total $2.3 million. The decline in nonperforming loans
and OREO was primarily due to sales that exceeded any additions to such
categories. At December 31, 2012, OREO consisted of four land properties.
Our allowance for loan losses at December 31, 2012 was $8.0 million,
down from $8.5 million at December 31, 2011, but up from $7.7 million at
September 30, 2012. The allowance for loan losses as a percent of
nonaccrual loans was 362.4% at December 31, 2012, up from 139.9% at
December 31, 2011 and 121.9% at September 30, 2012. The increase in
allowance for loan losses as a percent of nonaccrual loans at December
31, 2012, compared to December 31, 2011 and September 30, 2012 was
primarily due to the decrease in nonaccrual loans. At December 31, 2012,
the ratio of allowance for loan losses to total gross loans was 0.81%,
down from 1.2% at December 31, 2011 and 0.89% at September 30, 2012.
Capital Ratios
On December 11, 2012, the Company completed an underwritten public
offering of 3,300,000 shares of its common stock at a public offering
price of $10.00 per share, and on January 9, 2013, the Company issued an
additional 495,000 shares of its common stock at a public offering price
of $10.00 per share in connection with the underwriters’ exercise of the
over-allotment option granted to them as part of the offering. The net
proceeds from the offering, including the underwriters’ exercise of the
over-allotment option, after deducting underwriting discounts and
commissions and estimated offering expenses were approximately $35.6
million. During December of 2012, the Company injected $25.0 million of
the proceeds from the offering into the Bank, which enhanced the Bank’s
regulatory capital ratios.
At December 31, 2012, our ratio of tangible common equity to total
assets was 11.26%, with a basic book value per share of $9.85 and
diluted book value per share of $9.75.
At December 31, 2012, the Bank exceeded all regulatory capital
requirements with a ratio for tier 1 leverage capital of 12.07%, tier 1
risked-based capital of 12.99% and total risk-based capital of 13.79%.
These capital ratios exceeded the “well capitalized” standards defined
by the federal banking regulators of 5.00% for tier 1 leverage capital,
6.00% for tier 1 risked-based capital and 10.00%, for total risk-based
capital. At December 31, 2012, the Company had a ratio for tier 1
leverage capital of 12.72%, tier 1 risked-based capital of 13.61% and
total risk-based capital of 14.41%.
Conference Call and Webcast
The Company will host a conference call at 9:00 a.m. PT / 12:00 p.m. ET
on January 23, 2013 to discuss its financial results. Analysts and
investors may participate in the question-and-answer session. The
conference call will be webcast live on the Investor Relations section
of the Company’s website www.ppbi.com
and an archived version of the webcast will be available in the same
location shortly after the live call has ended. The conference call can
be accessed by telephone at (866) 225-8754, conference ID 4591658.
Additionally a telephone replay will be made available through January
30, 2013 at (800) 406-7325, conference ID 4591658.
Annual Meeting of Shareholders
Pacific Premier Bancorp, Inc. will hold its annual meeting on Wednesday,
May 29, 2013 at 9:00 a.m. PT at its corporate headquarters in Irvine,
California. The record date for shareholders to vote their proxy for the
annual meeting will be April 1, 2013.
The Company owns all of the capital stock of the Bank. The Bank provides
business and consumer banking products to its customers through our ten
full-service depository branches in Southern California located in the
cities of Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm
Desert, Palm Springs, San Bernardino and Seal Beach.
FORWARD-LOOKING COMMENTS
The statements contained herein that are not historical facts are
forward-looking statements based on management's current expectations
and beliefs concerning future developments and their potential effects
on the Company. Such statements involve inherent risks and
uncertainties, many of which are difficult to predict and are generally
beyond the control of the Company. There can be no assurance that future
developments affecting the Company will be the same as those anticipated
by management. The Company cautions readers that a number of important
factors could cause actual results to differ materially from those
expressed in, or implied or projected by, such forward-looking
statements. These risks and uncertainties include, but are not limited
to, the following: the strength of the United States economy in general
and the strength of the local economies in which we conduct operations;
the effects of, and changes in, trade, monetary and fiscal policies and
laws, including interest rate policies of the Board of Governors of the
Federal Reserve System; inflation, interest rate, market and monetary
fluctuations; the timely development of competitive new products and
services and the acceptance of these products and services by new and
existing customers; the willingness of users to substitute competitors’
products and services for the Company’s products and services; the
impact of changes in financial services policies, laws and regulations
(including the Dodd-Frank Wall Street Reform and Consumer Protection
Act) and of governmental efforts to restructure the U.S. financial
regulatory system; technological changes; the effect of acquisitions
that the Company may make, if any, including, without limitation, the
failure to achieve the expected revenue growth and/or expense savings
from its acquisitions such as First Associations Bank; changes in the
level of the Company’s nonperforming assets and charge-offs; oversupply
of inventory and continued deterioration in values of California real
estate, both residential and commercial; the effect of changes in
accounting policies and practices, as may be adopted from time-to-time
by bank regulatory agencies, the Securities and Exchange Commission
(“SEC”), the Public Company Accounting Oversight Board, the Financial
Accounting Standards Board or other accounting standards setters;
possible other-than-temporary impairment of securities held by us;
changes in consumer spending, borrowing and savings habits; the effects
of the Company’s lack of a diversified loan portfolio, including the
risks of geographic and industry concentrations; ability to attract
deposits and other sources of liquidity; changes in the financial
performance and/or condition of our borrowers; changes in the
competitive environment among financial and bank holding companies and
other financial service providers; unanticipated regulatory or judicial
proceedings; and the Company’s ability to manage the risks involved in
the foregoing. Additional factors that could cause actual results to
differ materially from those expressed in the forward-looking statements
are discussed in the 2011 Annual Report on Form 10-K of Pacific Premier
Bancorp, Inc. filed with the SEC and available at the SEC’s Internet
site (http://www.sec.gov).
The Company specifically disclaims any obligation to update any factors
or to publicly announce the result of revisions to any of the
forward-looking statements included herein to reflect future events or
developments.
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PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
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(dollars in thousands, except share data)
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December 31,
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September 30,
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December 31,
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ASSETS
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2012
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2012
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2011
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(Unaudited)
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(Unaudited)
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(Audited)
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Cash and due from banks
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$
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59,325
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$
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58,216
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$
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60,207
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Federal funds sold
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27
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27
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28
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Cash and cash equivalents
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59,352
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58,243
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60,235
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Investment securities available for sale
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84,066
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|
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114,250
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|
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115,645
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FHLB stock/Federal Reserve Bank stock, at cost
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11,247
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|
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12,191
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|
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12,475
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Loans held for sale, net
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3,681
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|
|
|
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|
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4,728
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|
-
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Loans held for investment
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982,207
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859,373
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738,589
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Allowance for loan losses
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(7,994
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)
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(7,658
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)
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(8,522
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)
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Loans held for investment, net
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974,213
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851,715
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730,067
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Accrued interest receivable
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|
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4,126
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|
|
|
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|
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3,933
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|
|
|
|
|
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3,885
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Other real estate owned
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|
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2,258
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|
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|
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|
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5,521
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|
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1,231
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Premises and equipment
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8,575
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|
|
|
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10,067
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|
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9,819
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Deferred income taxes
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|
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5,692
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|
|
|
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|
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5,515
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8,998
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Bank owned life insurance
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13,485
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13,362
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12,977
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Intangible assets
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|
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2,626
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2,703
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|
|
|
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2,069
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Other assets
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|
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4,471
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|
|
|
|
|
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7,108
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|
|
|
|
|
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3,727
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TOTAL ASSETS
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$
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1,173,792
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$
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1,089,336
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|
|
|
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$
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961,128
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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LIABILITIES:
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Deposit accounts:
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Noninterest bearing
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|
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$
|
213,636
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$
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211,410
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|
|
|
|
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$
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112,313
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Interest bearing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Transaction accounts
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|
|
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|
329,925
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|
|
|
|
|
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266,478
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|
|
|
|
|
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287,876
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Retail certificates of deposit
|
|
|
|
|
361,207
|
|
|
|
|
|
|
417,982
|
|
|
|
|
|
|
428,688
|
|
Total deposits
|
|
|
|
|
904,768
|
|
|
|
|
|
|
895,870
|
|
|
|
|
|
|
828,877
|
|
FHLB advances and other borrowings
|
|
|
|
|
115,500
|
|
|
|
|
|
|
75,500
|
|
|
|
|
|
|
28,500
|
|
Subordinated debentures
|
|
|
|
|
10,310
|
|
|
|
|
|
|
10,310
|
|
|
|
|
|
|
10,310
|
|
Accrued expenses and other liabilities
|
|
|
|
|
8,697
|
|
|
|
|
|
|
7,770
|
|
|
|
|
|
|
6,664
|
|
TOTAL LIABILITIES
|
|
|
|
|
1,039,275
|
|
|
|
|
|
|
989,450
|
|
|
|
|
|
|
874,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $.01 par value; 1,000,000 shares authorized; no
shares outstanding
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Common stock, $.01 par value; 25,000,000 shares authorized;
13,661,648 shares at December 31, 2012 and 10,337,626 shares at
December 31, 2011, issued and outstanding
|
|
|
|
|
137
|
|
|
|
|
|
|
103
|
|
|
|
|
|
|
103
|
|
Additional paid-in capital
|
|
|
|
|
107,453
|
|
|
|
|
|
|
76,414
|
|
|
|
|
|
|
76,310
|
|
Retained earnings
|
|
|
|
|
25,822
|
|
|
|
|
|
|
22,011
|
|
|
|
|
|
|
10,046
|
|
Accumulated other comprehensive income, net of tax of $773 at
December 31, 2012, and $221 at December 31, 2011
|
|
|
|
|
1,105
|
|
|
|
|
|
|
1,358
|
|
|
|
|
|
|
318
|
|
TOTAL STOCKHOLDERS’ EQUITY
|
|
|
|
|
134,517
|
|
|
|
|
|
|
99,886
|
|
|
|
|
|
|
86,777
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
$
|
1,173,792
|
|
|
|
|
|
$
|
1,089,336
|
|
|
|
|
|
$
|
961,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF INCOME
|
(dollars in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
|
December 31, 2012
|
|
|
September 30, 2012
|
|
|
December 31, 2011
|
|
|
December 31, 2012
|
|
|
December 31, 2011
|
INTEREST INCOME
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Audited)
|
Loans
|
|
|
|
$
|
13,477
|
|
|
|
$
|
12,847
|
|
|
|
$
|
12,391
|
|
|
|
$
|
49,659
|
|
|
|
$
|
46,369
|
|
Investment securities and other interest-earning assets
|
|
|
|
|
682
|
|
|
|
|
779
|
|
|
|
|
746
|
|
|
|
|
3,288
|
|
|
|
|
3,856
|
|
Total interest income
|
|
|
|
|
14,159
|
|
|
|
|
13,626
|
|
|
|
|
13,137
|
|
|
|
|
52,947
|
|
|
|
|
50,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on transaction accounts
|
|
|
|
|
243
|
|
|
|
|
280
|
|
|
|
|
370
|
|
|
|
|
1,075
|
|
|
|
|
1,548
|
|
Interest on certificates of deposit
|
|
|
|
|
963
|
|
|
|
|
1,164
|
|
|
|
|
1,489
|
|
|
|
|
4,778
|
|
|
|
|
6,740
|
|
Total interest-bearing deposits
|
|
|
|
|
1,206
|
|
|
|
|
1,444
|
|
|
|
|
1,859
|
|
|
|
|
5,853
|
|
|
|
|
8,288
|
|
FHLB advances and other borrowings
|
|
|
|
|
253
|
|
|
|
|
247
|
|
|
|
|
238
|
|
|
|
|
970
|
|
|
|
|
998
|
|
Subordinated debentures
|
|
|
|
|
79
|
|
|
|
|
81
|
|
|
|
|
80
|
|
|
|
|
326
|
|
|
|
|
310
|
|
Total interest expense
|
|
|
|
|
1,538
|
|
|
|
|
1,772
|
|
|
|
|
2,177
|
|
|
|
|
7,149
|
|
|
|
|
9,596
|
|
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES
|
|
|
|
|
12,621
|
|
|
|
|
11,854
|
|
|
|
|
10,960
|
|
|
|
|
45,798
|
|
|
|
|
40,629
|
|
PROVISION FOR LOAN LOSSES
|
|
|
|
|
606
|
|
|
|
|
145
|
|
|
|
|
527
|
|
|
|
|
751
|
|
|
|
|
3,255
|
|
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
|
|
|
|
12,015
|
|
|
|
|
11,709
|
|
|
|
|
10,433
|
|
|
|
|
45,047
|
|
|
|
|
37,374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan servicing fees
|
|
|
|
|
326
|
|
|
|
|
224
|
|
|
|
|
359
|
|
|
|
|
941
|
|
|
|
|
1,060
|
|
Deposit fees
|
|
|
|
|
481
|
|
|
|
|
486
|
|
|
|
|
554
|
|
|
|
|
1,940
|
|
|
|
|
2,195
|
|
Net gain (loss) from sales of loans
|
|
|
|
|
659
|
|
|
|
|
(41
|
)
|
|
|
|
(1,160
|
)
|
|
|
|
628
|
|
|
|
|
(3,605
|
)
|
Net gain from sales of investment securities
|
|
|
|
|
922
|
|
|
|
|
857
|
|
|
|
|
264
|
|
|
|
|
1,953
|
|
|
|
|
1,589
|
|
Other-than-temporary impairment loss on investment securities, net
|
|
|
|
|
(41
|
)
|
|
|
|
(36
|
)
|
|
|
|
(79
|
)
|
|
|
|
(159
|
)
|
|
|
|
(617
|
)
|
Gain on FDIC transaction
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
5,340
|
|
|
|
|
4,189
|
|
Other income
|
|
|
|
|
847
|
|
|
|
|
420
|
|
|
|
|
319
|
|
|
|
|
1,929
|
|
|
|
|
1,702
|
|
Total noninterest income
|
|
|
|
|
3,194
|
|
|
|
|
1,910
|
|
|
|
|
257
|
|
|
|
|
12,572
|
|
|
|
|
6,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits
|
|
|
|
|
4,447
|
|
|
|
|
4,367
|
|
|
|
|
3,172
|
|
|
|
|
16,281
|
|
|
|
|
13,205
|
|
Premises and occupancy
|
|
|
|
|
1,148
|
|
|
|
|
1,063
|
|
|
|
|
920
|
|
|
|
|
4,070
|
|
|
|
|
3,501
|
|
Data processing and communications
|
|
|
|
|
600
|
|
|
|
|
582
|
|
|
|
|
384
|
|
|
|
|
2,366
|
|
|
|
|
1,419
|
|
Other real estate owned operations, net
|
|
|
|
|
672
|
|
|
|
|
244
|
|
|
|
|
510
|
|
|
|
|
1,653
|
|
|
|
|
1,497
|
|
FDIC insurance premiums
|
|
|
|
|
172
|
|
|
|
|
165
|
|
|
|
|
156
|
|
|
|
|
638
|
|
|
|
|
809
|
|
Legal and audit
|
|
|
|
|
623
|
|
|
|
|
473
|
|
|
|
|
160
|
|
|
|
|
2,134
|
|
|
|
|
1,438
|
|
Marketing expense
|
|
|
|
|
154
|
|
|
|
|
225
|
|
|
|
|
351
|
|
|
|
|
858
|
|
|
|
|
1,287
|
|
Office and postage expense
|
|
|
|
|
218
|
|
|
|
|
232
|
|
|
|
|
245
|
|
|
|
|
830
|
|
|
|
|
850
|
|
Other expense
|
|
|
|
|
943
|
|
|
|
|
680
|
|
|
|
|
718
|
|
|
|
|
3,024
|
|
|
|
|
2,898
|
|
Total noninterest expense
|
|
|
|
|
8,977
|
|
|
|
|
8,031
|
|
|
|
|
6,616
|
|
|
|
|
31,854
|
|
|
|
|
26,904
|
|
INCOME BEFORE INCOME TAXES
|
|
|
|
|
6,232
|
|
|
|
|
5,588
|
|
|
|
|
4,074
|
|
|
|
|
25,765
|
|
|
|
|
16,983
|
|
INCOME TAX
|
|
|
|
|
2,421
|
|
|
|
|
2,126
|
|
|
|
|
1,519
|
|
|
|
|
9,989
|
|
|
|
|
6,411
|
|
NET INCOME
|
|
|
|
$
|
3,811
|
|
|
|
$
|
3,462
|
|
|
|
$
|
2,555
|
|
|
|
$
|
15,776
|
|
|
|
$
|
10,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.33
|
|
|
|
$
|
0.34
|
|
|
|
$
|
0.25
|
|
|
|
$
|
1.49
|
|
|
|
$
|
1.05
|
|
Diluted
|
|
|
|
$
|
0.32
|
|
|
|
$
|
0.32
|
|
|
|
$
|
0.24
|
|
|
|
$
|
1.44
|
|
|
|
$
|
0.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
11,282,433
|
|
|
|
|
10,330,814
|
|
|
|
|
10,149,148
|
|
|
|
|
10,571,073
|
|
|
|
|
10,092,181
|
|
Diluted
|
|
|
|
|
11,801,197
|
|
|
|
|
10,832,934
|
|
|
|
|
10,520,919
|
|
|
|
|
10,984,034
|
|
|
|
|
10,630,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
STATISTICAL INFORMATION
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
For the Twelve Months Ended
|
|
|
|
|
December 31, 2012
|
|
|
September 30, 2012
|
|
|
December 31, 2011
|
|
|
December 31, 2012
|
|
|
December 31, 2011
|
Profitability and Productivity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
|
|
4.88
|
%
|
|
|
|
4.61
|
%
|
|
|
|
4.84
|
%
|
|
|
|
4.62
|
%
|
|
|
|
4.55
|
%
|
Noninterest expense to average total assets
|
|
|
|
|
3.33
|
|
|
|
|
3.02
|
|
|
|
|
2.79
|
|
|
|
|
3.07
|
|
|
|
|
2.85
|
|
Efficiency ratio(1)
|
|
|
|
|
58.35
|
|
|
|
|
60.14
|
|
|
|
|
50.41
|
|
|
|
|
59.86
|
|
|
|
|
56.50
|
|
Return on average assets
|
|
|
|
|
1.42
|
|
|
|
|
1.30
|
|
|
|
|
1.08
|
|
|
|
|
1.52
|
|
|
|
|
1.12
|
|
Return on average equity
|
|
|
|
|
14.07
|
|
|
|
|
14.19
|
|
|
|
|
11.98
|
|
|
|
|
16.34
|
|
|
|
|
12.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset and liability activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans originated and purchased
|
|
|
|
$
|
161,110
|
|
|
|
$
|
132,509
|
|
|
|
$
|
50,168
|
|
|
|
$
|
503,693
|
|
|
|
$
|
335,635
|
|
Repayments
|
|
|
|
|
(49,797
|
)
|
|
|
|
(42,597
|
)
|
|
|
|
(30,313
|
)
|
|
|
|
(184,580
|
)
|
|
|
|
(100,671
|
)
|
Loans sold
|
|
|
|
|
(13,827
|
)
|
|
|
|
(13,806
|
)
|
|
|
|
(15,309
|
)
|
|
|
|
(28,217
|
)
|
|
|
|
(42,201
|
)
|
Increase in loans, net
|
|
|
|
|
121,451
|
|
|
|
|
66,381
|
|
|
|
|
4,115
|
|
|
|
|
247,827
|
|
|
|
|
174,529
|
|
Increase in assets
|
|
|
|
|
84,456
|
|
|
|
|
24,301
|
|
|
|
|
32,626
|
|
|
|
|
212,664
|
|
|
|
|
134,312
|
|
Increase (decrease) in deposits
|
|
|
|
|
8,898
|
|
|
|
|
(17,321
|
)
|
|
|
|
31,499
|
|
|
|
|
75,891
|
|
|
|
|
169,637
|
|
Increase (decrease) in borrowings
|
|
|
|
|
40,000
|
|
|
|
|
47,000
|
|
|
|
|
-
|
|
|
|
|
87,000
|
|
|
|
|
(40,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
Efficiency ratio excludes other real estate operations, net; gains
and losses from sales of loans and investment securities; and gain
on FDIC transaction.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheet
|
|
|
|
|
Three Months Ended
|
|
|
Three Months Ended
|
|
|
Three Months Ended
|
|
|
|
|
December 31, 2012
|
|
|
September 30, 2012
|
|
|
December 31, 2011
|
|
|
|
|
Average
|
|
|
|
|
|
Average
|
|
|
Average
|
|
|
|
|
|
Average
|
|
|
Average
|
|
|
|
|
|
Average
|
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Yield/Cost
|
|
|
Balance
|
|
|
Interest
|
|
|
Yield/Cost
|
|
|
Balance
|
|
|
Interest
|
|
|
Yield/Cost
|
Assets
|
|
|
|
(dollars in thousands)
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
41,867
|
|
|
$
|
14
|
|
|
0.13
|
%
|
|
|
$
|
40,459
|
|
|
$
|
17
|
|
|
0.17
|
%
|
|
|
$
|
60,040
|
|
|
$
|
27
|
|
|
0.18
|
%
|
Federal funds sold
|
|
|
|
|
27
|
|
|
|
-
|
|
|
0.00
|
%
|
|
|
|
27
|
|
|
|
-
|
|
|
0.00
|
%
|
|
|
|
28
|
|
|
|
-
|
|
|
0.00
|
%
|
Investment securities
|
|
|
|
|
120,787
|
|
|
|
668
|
|
|
2.21
|
%
|
|
|
|
150,198
|
|
|
|
762
|
|
|
2.03
|
%
|
|
|
|
119,328
|
|
|
|
719
|
|
|
2.41
|
%
|
Loans receivable, net(1)
|
|
|
|
|
870,782
|
|
|
|
13,477
|
|
|
6.19
|
%
|
|
|
|
837,070
|
|
|
|
12,847
|
|
|
6.14
|
%
|
|
|
|
726,087
|
|
|
|
12,391
|
|
|
6.83
|
%
|
Total interest-earning assets
|
|
|
|
|
1,033,463
|
|
|
|
14,159
|
|
|
5.48
|
%
|
|
|
|
1,027,754
|
|
|
|
13,626
|
|
|
5.30
|
%
|
|
|
|
905,483
|
|
|
|
13,137
|
|
|
5.81
|
%
|
Noninterest-earning assets
|
|
|
|
|
43,352
|
|
|
|
|
|
|
|
|
|
34,379
|
|
|
|
|
|
|
|
|
|
42,651
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
1,076,815
|
|
|
|
|
|
|
|
|
$
|
1,062,133
|
|
|
|
|
|
|
|
|
$
|
948,134
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
|
|
|
$
|
217,436
|
|
|
$
|
-
|
|
|
0.00
|
%
|
|
|
$
|
164,777
|
|
|
$
|
-
|
|
|
0.00
|
%
|
|
|
$
|
112,152
|
|
|
$
|
-
|
|
|
0.00
|
%
|
Interest-bearing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction accounts
|
|
|
|
|
305,364
|
|
|
|
243
|
|
|
0.32
|
%
|
|
|
|
313,673
|
|
|
|
280
|
|
|
0.36
|
%
|
|
|
|
289,151
|
|
|
|
370
|
|
|
0.51
|
%
|
Retail certificates of deposit
|
|
|
|
|
378,068
|
|
|
|
963
|
|
|
1.01
|
%
|
|
|
|
425,879
|
|
|
|
1,164
|
|
|
1.09
|
%
|
|
|
|
413,864
|
|
|
|
1,488
|
|
|
1.43
|
%
|
Wholesale certificates of deposit
|
|
|
|
|
-
|
|
|
|
-
|
|
|
0.00
|
%
|
|
|
|
-
|
|
|
|
-
|
|
|
0.00
|
%
|
|
|
|
939
|
|
|
|
1
|
|
|
0.42
|
%
|
Total deposits
|
|
|
|
|
900,868
|
|
|
|
1,206
|
|
|
0.53
|
%
|
|
|
|
904,329
|
|
|
|
1,444
|
|
|
0.64
|
%
|
|
|
|
816,106
|
|
|
|
1,859
|
|
|
0.90
|
%
|
FHLB advances and other borrowings
|
|
|
|
|
50,576
|
|
|
|
253
|
|
|
1.99
|
%
|
|
|
|
42,690
|
|
|
|
247
|
|
|
2.30
|
%
|
|
|
|
28,652
|
|
|
|
238
|
|
|
3.30
|
%
|
Subordinated debentures
|
|
|
|
|
10,310
|
|
|
|
79
|
|
|
3.05
|
%
|
|
|
|
10,310
|
|
|
|
81
|
|
|
3.13
|
%
|
|
|
|
10,310
|
|
|
|
80
|
|
|
3.08
|
%
|
Total borrowings
|
|
|
|
|
60,886
|
|
|
|
332
|
|
|
2.17
|
%
|
|
|
|
53,000
|
|
|
|
328
|
|
|
2.46
|
%
|
|
|
|
38,962
|
|
|
|
318
|
|
|
3.24
|
%
|
Total deposits and borrowings
|
|
|
|
|
961,754
|
|
|
|
1,538
|
|
|
0.64
|
%
|
|
|
|
957,329
|
|
|
|
1,772
|
|
|
0.74
|
%
|
|
|
|
855,068
|
|
|
|
2,177
|
|
|
1.01
|
%
|
Other liabilities
|
|
|
|
|
6,725
|
|
|
|
|
|
|
|
|
|
7,235
|
|
|
|
|
|
|
|
|
|
7,779
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
|
968,479
|
|
|
|
|
|
|
|
|
|
964,564
|
|
|
|
|
|
|
|
|
|
862,847
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
108,336
|
|
|
|
|
|
|
|
|
|
97,569
|
|
|
|
|
|
|
|
|
|
85,287
|
|
|
|
|
|
|
Total liabilities and equity
|
|
|
|
$
|
1,076,815
|
|
|
|
|
|
|
|
|
$
|
1,062,133
|
|
|
|
|
|
|
|
|
$
|
948,134
|
|
|
|
|
|
|
Net interest income
|
|
|
|
|
|
|
$
|
12,621
|
|
|
|
|
|
|
|
|
$
|
11,854
|
|
|
|
|
|
|
|
|
$
|
10,960
|
|
|
|
Net interest rate spread(2)
|
|
|
|
|
|
|
|
|
|
4.84
|
%
|
|
|
|
|
|
|
|
|
4.56
|
%
|
|
|
|
|
|
|
|
|
4.80
|
%
|
Net interest margin(3)
|
|
|
|
|
|
|
|
|
|
4.88
|
%
|
|
|
|
|
|
|
|
|
4.61
|
%
|
|
|
|
|
|
|
|
|
4.84
|
%
|
Ratio of interest-earning assets to deposits and borrowings
|
|
|
|
|
|
|
107.46
|
%
|
|
|
|
|
|
|
|
|
107.36
|
%
|
|
|
|
|
|
|
|
|
105.90
|
%
|
|
(1)
|
|
|
Average balance includes loans held for sale and nonperforming loans
and is net of deferred loan origination fees, unamortized discounts
and premiums, and allowance for loan losses.
|
(2)
|
|
|
Represents the difference between the yield on interest-earning
assets and the cost of interest-bearing liabilities.
|
(3)
|
|
|
Represents net interest income divided by average interest-earning
assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheet
|
|
|
|
|
Twelve Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
|
December 31, 2012
|
|
|
December 31, 2011
|
|
|
|
|
Average
|
|
|
|
|
|
Average
|
|
|
Average
|
|
|
|
|
|
Average
|
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Yield/Cost
|
|
|
Balance
|
|
|
Interest
|
|
|
Yield/Cost
|
Assets
|
|
|
|
(dollars in thousands)
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
63,485
|
|
|
$
|
110
|
|
|
0.17
|
%
|
|
|
$
|
61,014
|
|
|
$
|
121
|
|
|
0.20
|
%
|
Federal funds sold
|
|
|
|
|
27
|
|
|
|
-
|
|
|
0.00
|
%
|
|
|
|
6,821
|
|
|
|
5
|
|
|
0.07
|
%
|
Investment securities
|
|
|
|
|
142,534
|
|
|
|
3,178
|
|
|
2.23
|
%
|
|
|
|
139,770
|
|
|
|
3,730
|
|
|
2.67
|
%
|
Loans receivable, net(1)
|
|
|
|
|
785,880
|
|
|
|
49,659
|
|
|
6.32
|
%
|
|
|
|
685,434
|
|
|
|
46,369
|
|
|
6.76
|
%
|
Total interest-earning assets
|
|
|
|
|
991,926
|
|
|
|
52,947
|
|
|
5.34
|
%
|
|
|
|
893,039
|
|
|
|
50,225
|
|
|
5.62
|
%
|
Noninterest-earning assets
|
|
|
|
|
44,203
|
|
|
|
|
|
|
|
|
|
49,340
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
1,036,129
|
|
|
|
|
|
|
|
|
$
|
942,379
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
|
|
|
$
|
160,851
|
|
|
$
|
-
|
|
|
0.00
|
%
|
|
|
$
|
107,120
|
|
|
$
|
-
|
|
|
0.00
|
%
|
Interest-bearing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction accounts
|
|
|
|
|
309,467
|
|
|
|
1,075
|
|
|
0.35
|
%
|
|
|
|
283,786
|
|
|
|
1,548
|
|
|
0.55
|
%
|
Retail certificates of deposit
|
|
|
|
|
410,895
|
|
|
|
4,776
|
|
|
1.16
|
%
|
|
|
|
408,720
|
|
|
|
6,704
|
|
|
1.64
|
%
|
Wholesale certificates of deposit
|
|
|
|
|
547
|
|
|
|
2
|
|
|
0.37
|
%
|
|
|
|
7,525
|
|
|
|
36
|
|
|
0.48
|
%
|
Total deposits
|
|
|
|
|
881,760
|
|
|
|
5,853
|
|
|
0.66
|
%
|
|
|
|
807,151
|
|
|
|
8,288
|
|
|
1.03
|
%
|
Other borrowings
|
|
|
|
|
37,654
|
|
|
|
970
|
|
|
2.58
|
%
|
|
|
|
35,130
|
|
|
|
998
|
|
|
2.84
|
%
|
Subordinated debentures
|
|
|
|
|
10,310
|
|
|
|
326
|
|
|
3.16
|
%
|
|
|
|
10,310
|
|
|
|
310
|
|
|
3.01
|
%
|
Total borrowings
|
|
|
|
|
47,964
|
|
|
|
1,296
|
|
|
2.70
|
%
|
|
|
|
45,440
|
|
|
|
1,308
|
|
|
2.88
|
%
|
Total deposits and borrowings
|
|
|
|
|
929,724
|
|
|
|
7,149
|
|
|
0.77
|
%
|
|
|
|
852,591
|
|
|
|
9,596
|
|
|
1.13
|
%
|
Other liabilities
|
|
|
|
|
9,848
|
|
|
|
|
|
|
|
|
|
7,902
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
|
939,572
|
|
|
|
|
|
|
|
|
|
860,493
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
96,557
|
|
|
|
|
|
|
|
|
|
81,886
|
|
|
|
|
|
|
Total liabilities and equity
|
|
|
|
$
|
1,036,129
|
|
|
|
|
|
|
|
|
$
|
942,379
|
|
|
|
|
|
|
Net interest income
|
|
|
|
|
|
|
$
|
45,798
|
|
|
|
|
|
|
|
|
$
|
40,629
|
|
|
|
Net interest rate spread(2)
|
|
|
|
|
|
|
|
|
|
4.57
|
%
|
|
|
|
|
|
|
|
|
4.49
|
%
|
Net interest margin(3)
|
|
|
|
|
|
|
|
|
|
4.62
|
%
|
|
|
|
|
|
|
|
|
4.55
|
%
|
Ratio of interest-earning assets to deposits and borrowings
|
|
|
|
|
|
|
106.69
|
%
|
|
|
|
|
|
|
|
|
104.74
|
%
|
|
(1)
|
|
|
Average balance includes loans held for sale and nonperforming loans
and is net of deferred loan origination fees, unamortized discounts
and premiums, and allowance for loan losses.
|
(2)
|
|
|
Represents the difference between the yield on interest-earning
assets and the cost of interest-bearing liabilities.
|
(3)
|
|
|
Represents net interest income divided by average interest-earning
assets.
|
|
|
|
|
|
|
|
|
|
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
STATISTICAL INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2012
|
|
|
|
|
September 30, 2012
|
|
|
|
|
December 31, 2011
|
Pacific Premier Bank Capital Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio
|
|
|
|
|
12.07
|
%
|
|
|
|
|
|
9.48
|
%
|
|
|
|
|
|
9.44
|
%
|
Tier 1 risk-based capital ratio
|
|
|
|
|
12.99
|
%
|
|
|
|
|
|
11.04
|
%
|
|
|
|
|
|
11.68
|
%
|
Total risk-based capital ratio
|
|
|
|
|
13.79
|
%
|
|
|
|
|
|
11.88
|
%
|
|
|
|
|
|
12.81
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific Premier Bancorp, Inc. Capital
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio
|
|
|
|
|
12.72
|
%
|
|
|
|
|
|
9.58
|
%
|
|
|
|
|
|
9.50
|
%
|
Tier 1 risk-based capital ratio
|
|
|
|
|
13.61
|
%
|
|
|
|
|
|
11.09
|
%
|
|
|
|
|
|
11.69
|
%
|
Total risk-based capital ratio
|
|
|
|
|
14.41
|
%
|
|
|
|
|
|
11.93
|
%
|
|
|
|
|
|
12.80
|
%
|
Tangible common equity ratio(1)
|
|
|
|
|
11.26
|
%
|
|
|
|
|
|
8.94
|
%
|
|
|
|
|
|
8.83
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share (Basic)
|
|
|
|
$
|
9.85
|
|
|
|
|
|
$
|
9.66
|
|
|
|
|
|
$
|
8.39
|
|
Book value per share (Diluted)
|
|
|
|
|
9.75
|
|
|
|
|
|
|
9.53
|
|
|
|
|
|
|
8.34
|
|
Tangible book value per share(1)
|
|
|
|
|
9.65
|
|
|
|
|
|
|
9.40
|
|
|
|
|
|
|
8.19
|
|
Closing stock price
|
|
|
|
|
10.24
|
|
|
|
|
|
|
9.54
|
|
|
|
|
|
|
6.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
Tangible common equity to tangible assets (the "tangible common
equity ratio") and tangible book value per share are non-GAAP
financial measures derived from GAAP-based amounts. We calculate
the tangible common equity ratio by excluding the balance of
intangible assets from common shareholders' equity and dividing by
tangible assets. We calculate tangible book value per share by
dividing tangible common equity by common shares outstanding, as
compared to book value per basic share, which we calculate by
dividing common shareholders' equity by basic shares outstanding.
We believe that this information is consistent with the treatment
by bank regulatory agencies, which exclude intangible assets from
the calculation of risk-based capital ratios. Accordingly, we
believe that these non-GAAP financial measures provide information
that is important to investors and that is useful in understanding
our capital position and ratios. However, these non-GAAP financial
measures are supplemental and are not a substitute for an analysis
based on GAAP measures. As other companies may use different
calculations for these measures, this presentation may not be
comparable to other similarly titled measures reported by other
companies. A reconciliation of the non-GAAP measures of tangible
common equity and tangible book value per share to the GAAP
measures of common stockholders’ equity and book value per share
is set forth below.
|
|
|
|
|
|
|
|
|
|
GAAP Reconciliations
|
|
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
STATISTICAL INFORMATION
|
(dollars in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2012
|
|
|
|
|
September 30, 2012
|
|
|
|
|
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
|
$
|
134,517
|
|
|
|
|
|
$
|
99,886
|
|
|
|
|
|
$
|
86,777
|
|
Less: Intangible assets
|
|
|
|
|
2,626
|
|
|
|
|
|
|
2,703
|
|
|
|
|
|
|
2,069
|
|
Tangible common equity
|
|
|
|
$
|
131,891
|
|
|
|
|
|
$
|
97,183
|
|
|
|
|
|
$
|
84,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share (Basic)
|
|
|
|
$
|
9.85
|
|
|
|
|
|
$
|
9.66
|
|
|
|
|
|
$
|
8.39
|
|
Less: Intangible book value per share
|
|
|
|
|
(0.19
|
)
|
|
|
|
|
|
(0.26
|
)
|
|
|
|
|
|
(0.20
|
)
|
Tangible book value per share
|
|
|
|
$
|
9.65
|
|
|
|
|
|
$
|
9.40
|
|
|
|
|
|
$
|
8.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
1,173,792
|
|
|
|
|
|
$
|
1,089,336
|
|
|
|
|
|
$
|
961,128
|
|
Less: Intangible assets
|
|
|
|
|
2,626
|
|
|
|
|
|
|
2,703
|
|
|
|
|
|
|
2,069
|
|
Tangible assets
|
|
|
|
$
|
1,171,166
|
|
|
|
|
|
$
|
1,086,633
|
|
|
|
|
|
$
|
959,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity ratio
|
|
|
|
|
11.26
|
%
|
|
|
|
|
|
8.94
|
%
|
|
|
|
|
|
8.83
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
STATISTICAL INFORMATION
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2012
|
|
|
|
|
September 30, 2012
|
|
|
|
|
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-family
|
|
|
|
$
|
156,424
|
|
|
|
|
|
$
|
173,484
|
|
|
|
|
|
$
|
193,830
|
|
Commercial non-owner occupied
|
|
|
|
|
253,409
|
|
|
|
|
|
|
262,046
|
|
|
|
|
|
|
164,341
|
|
One-to-four family(1)
|
|
|
|
|
97,463
|
|
|
|
|
|
|
62,771
|
|
|
|
|
|
|
60,027
|
|
Construction
|
|
|
|
|
-
|
|
|
|
|
|
|
308
|
|
|
|
|
|
|
-
|
|
Land
|
|
|
|
|
8,774
|
|
|
|
|
|
|
11,005
|
|
|
|
|
|
|
6,438
|
|
Business loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial owner occupied(2)
|
|
|
|
|
150,934
|
|
|
|
|
|
|
148,139
|
|
|
|
|
|
|
152,299
|
|
Commercial and industrial
|
|
|
|
|
115,354
|
|
|
|
|
|
|
88,105
|
|
|
|
|
|
|
86,684
|
|
Warehouse facilities
|
|
|
|
|
195,761
|
|
|
|
|
|
|
112,053
|
|
|
|
|
|
|
67,518
|
|
SBA
|
|
|
|
|
6,882
|
|
|
|
|
|
|
4,736
|
|
|
|
|
|
|
4,727
|
|
Other loans
|
|
|
|
|
1,193
|
|
|
|
|
|
|
2,191
|
|
|
|
|
|
|
3,390
|
|
Total gross loans(3)
|
|
|
|
|
986,194
|
|
|
|
|
|
|
864,838
|
|
|
|
|
|
|
739,254
|
|
Less loans held for sale, net
|
|
|
|
|
3,681
|
|
|
|
|
|
|
4,728
|
|
|
|
|
|
|
-
|
|
Total gross loans held for investment
|
|
|
|
|
982,513
|
|
|
|
|
|
|
860,110
|
|
|
|
|
|
|
739,254
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred loan origination costs/(fees) and premiums/(discounts)
|
|
|
|
|
(306
|
)
|
|
|
|
|
|
(737
|
)
|
|
|
|
|
|
(665
|
)
|
Allowance for loan losses
|
|
|
|
|
(7,994
|
)
|
|
|
|
|
|
(7,658
|
)
|
|
|
|
|
|
(8,522
|
)
|
Loans held for investment, net
|
|
|
|
$
|
974,213
|
|
|
|
|
|
$
|
851,715
|
|
|
|
|
|
$
|
730,067
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
|
|
|
$
|
2,206
|
|
|
|
|
|
$
|
6,280
|
|
|
|
|
|
$
|
6,093
|
|
Other real estate owned
|
|
|
|
|
2,258
|
|
|
|
|
|
|
5,521
|
|
|
|
|
|
|
1,231
|
|
Nonperforming assets
|
|
|
|
|
4,464
|
|
|
|
|
|
|
11,801
|
|
|
|
|
|
|
7,324
|
|
Allowance for loan losses
|
|
|
|
|
7,994
|
|
|
|
|
|
|
7,658
|
|
|
|
|
|
|
8,522
|
|
Allowance for loan losses as a percent of total nonperforming loans
|
|
|
|
|
362.38
|
%
|
|
|
|
|
|
121.94
|
%
|
|
|
|
|
|
139.87
|
%
|
Nonperforming loans as a percent of gross loans
|
|
|
|
|
0.22
|
|
|
|
|
|
|
0.73
|
|
|
|
|
|
|
0.82
|
|
Nonperforming assets as a percent of total assets
|
|
|
|
|
0.38
|
|
|
|
|
|
|
1.08
|
|
|
|
|
|
|
0.76
|
|
Net loan charge-offs for the quarter ended
|
|
|
|
$
|
270
|
|
|
|
|
|
$
|
145
|
|
|
|
|
|
$
|
527
|
|
Net loan charge-offs for the year ended
|
|
|
|
|
1,279
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
3,612
|
|
Net loan charge-offs for quarter to average total loans, net
|
|
|
|
|
0.12
|
%
|
|
|
|
|
|
0.07
|
%
|
|
|
|
|
|
0.29
|
%
|
Allowance for loan losses to gross loans
|
|
|
|
|
0.81
|
|
|
|
|
|
|
0.89
|
|
|
|
|
|
|
1.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquent Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30-59 days
|
|
|
|
$
|
106
|
|
|
|
|
|
$
|
2,565
|
|
|
|
|
|
$
|
699
|
|
60-89 days
|
|
|
|
|
303
|
|
|
|
|
|
|
164
|
|
|
|
|
|
|
731
|
|
90+ days(4)
|
|
|
|
|
482
|
|
|
|
|
|
|
4,154
|
|
|
|
|
|
|
4,260
|
|
Total delinquency
|
|
|
|
$
|
891
|
|
|
|
|
|
$
|
6,883
|
|
|
|
|
|
$
|
5,690
|
|
Delinquency as a % of total gross loans
|
|
|
|
|
0.09
|
%
|
|
|
|
|
|
0.80
|
%
|
|
|
|
|
|
0.77
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
Includes second trust deeds.
|
(2)
|
|
|
Majority secured by real estate.
|
(3)
|
|
|
Total gross loans for December 31, 2012 is net of the
mark-to-market discounts of $3.0 million for loans acquired in
connection with the Company’s acquisition of Canyon National Bank
and of $5.8 million for loans acquired in connection with the
Company’s acquisition of Palm Desert National Bank.
|
(4)
|
|
|
All 90 day or greater delinquencies are on nonaccrual status and
reported as part of nonperforming assets.
|