Second Quarter 2015 Summary
-
Net income of $7.8 million, up $3.2 million over the prior year
quarter
-
Diluted earnings per share of $0.36
-
Net interest margin of 4.26%
-
Deposit costs reduced to 0.31%
-
Loan originations of $284 million, an increase from $206 million
in the prior quarter
-
Efficiency ratio of 53.66%
-
ROAA of 1.18% and ROATCE of 14.84%
-
Tangible book value increased to $10.36 per share
-
Completed systems conversion and consolidation of Independence
Bank in April 2015
Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company”), the
holding company of Pacific Premier Bank (the “Bank”), reported net
income for the second quarter of 2015 of $7.8 million, or $0.36 per
diluted share. This compares with net income of $1.8 million, or $0.09
per diluted share, for the first quarter of 2015 and net income of $4.6
million, or $0.27 per diluted share, for the second quarter of 2014.
For the first six months of 2015, the Company recorded net income of
$9.6 million, or $0.46 per diluted share. This compares with net income
of $7.3 million, or $0.42 per diluted share, for the first six months of
2014.
For the three months ended June 30, 2015, the Company’s return on
average assets was 1.18% and return on average tangible common equity
was 14.84%, compared with a return on average assets of 0.29% and a
return on average tangible common equity of 4.04% for the three months
ended March 31, 2015, and a return on average assets of 1.06% and a
return on average tangible common equity of 11.96% for the three months
ended June 30, 2014.
Steven R. Gardner, President and Chief Executive Officer of the Company,
commented on the results, “We are pleased with our performance in the
second quarter, as we delivered the most profitable quarter in our
history and a 69% increase in earnings over the same period in 2014.
This strong performance was driven by positive trends in loan
production, deposit gathering, and an expansion in our net interest
margin. In addition, following the integration of the Independence Bank
acquisition, we are realizing a solid improvement in our operating
leverage as reflected in our efficiency ratio of 53.66%.
“We are seeing good loan demand throughout our markets, which resulted
in $284 million in new loan commitments during the second quarter, a
record level for the Company. Our loan production is well diversified,
with more than $20 million of originations in C&I, construction,
franchise, and SBA lending businesses. The strong loan production
enabled us to redeploy the excess liquidity we had built during the
first quarter into higher yielding assets, which helped drive a 19 basis
point improvement in our net interest margin compared to the prior
quarter, excluding the impact from a special dividend received from the
FHLB.
“We continue to utilize loan sales as part of our fee income and
portfolio management strategies. During the second quarter, we sold $21
million in SBA loans - which generated $2.0 million in gain on sale
income - and sold $68 million of other loans, generating $700,000 in
gain on sale income.
“We continue to have strong loan and deposit pipelines, which we expect
will drive quality balance sheet growth that should further enhance our
profitability over the second half of 2015. Our organic growth and
acquisition strategy is generating attractive returns for our
shareholders and positions us well for those management teams and boards
of directors that are seeking a high performing strategic partner," said
Mr. Gardner.
Net Interest Income and Net Interest Margin
Net interest income totaled $26.8 million in the second quarter of 2015,
up $3.6 million or 15.8% from the first quarter of 2015. The increase in
net interest income reflected an increase in average interest-earning
assets of $174.0 million, and an increase in the net interest margin of
27 basis points to 4.26%. The increase in average interest-earning
assets during the second quarter of 2015 was primarily related to
organic loan growth from new loan originations and higher utilization
rates of warehouse mortgage lines of credit. Additionally, the increase
was the result of a full quarter benefit of the loans acquired from the
acquisition of Independence Bank, which added $332.9 million in loans at
the end of January. The expansion in the net interest margin to 4.26%
was mostly the result of an increase in the yield on earning assets. The
increase in yield on earning assets was driven by a favorable asset mix
arising from the $261.7 million growth in average loans and a $121.5
million decline in average cash balances. Lastly, the Company received a
special dividend from the San Francisco Federal Home Loan Bank during
the second quarter of approximately $500,000. This dividend had the
impact of increasing the net interest margin by 8 bps.
Net interest income for the second quarter of 2015 increased $9.1
million or 51.2% compared to the second quarter of 2014. The increase
was related to an increase in average interest-earning assets of $855
million, primarily related to our organic loan growth since the end of
the second quarter of 2014 and our acquisition of Independence Bank
during the first quarter of 2015, with our net interest margin remaining
unchanged at 4.26%.
Provision for Loan Losses
We recorded a $1.8 million provision for loan losses during the second
quarter of 2015, compared with $1.8 million for the first quarter of
2015 and $1.0 million for the second quarter of 2014. The provision for
loan losses in the second quarter of 2015 was primarily related to
growth in certain segments of the loan portfolio. Net loan charge-offs
amounted to $379,000 in the second quarter of 2015, compared to $384,000
from the first quarter of 2015 and net loan recoveries of $18,000 from
the second quarter of 2014.
Noninterest income
Noninterest income for the second quarter of 2015 was $4.7 million, an
increase of $2.7 million or 132.6% from the first quarter of 2015. The
increase from the first quarter of 2015 was primarily related to $2.7
million in net gain from the sale of loans.
Compared to the second quarter of 2014, noninterest income for the
second quarter of 2015 increased $2.2 million or 90.7%. The increase was
primarily related to an increase in gain on the sale of loans of $1.4
million and an increase in loan servicing fees of $442,000.
Noninterest Expense
Noninterest expense totaled $17.2 million for the second quarter of
2015, a decrease of $3.3 million or 15.9%, compared with the first
quarter of 2015. The decrease was primarily related to the decrease in
non-recurring merger-related expense of $4.0 million. Otherwise,
non-interest expense grew by approximately $700,000 as the Company fully
integrated the operations of Independence Bank during the quarter and
incurred one-time severance costs unrelated to the merger of
approximately $400,000.
Compared to the second quarter of 2014, noninterest expense for the
second quarter of 2015 increased by $5.6 million or 47.9%. The increase
in expense was primarily related to higher compensation and benefits
costs of $3.0 million. Growth in non-interest expense is related to both
the acquisition of Independence Bank and the continued investment in
personnel and locations to support our organic growth in loans and
deposits.
The Company’s efficiency ratio was 53.66%, 64.63%, and 56.56% for the
quarters ended June 30, 2015, March 31, 2015 and June 30, 2014,
respectively.
Income Tax
For the first and second quarter of 2015, our effective tax rate was
37.1%, compared with 38.08% for the second quarter of 2014. The decrease
from our second quarter of 2014 effective tax rate was primarily related
to low income tax credits and increased interest income from municipal
securities.
Assets and Liabilities
At June 30, 2015, assets totaled $2.6 billion, a decrease of $116.2
million or 4.2% from March 31, 2015 and up $597.9 million or 29.3% from
December 31, 2014. The decrease in total assets from March 31, 2015 was
primarily related to a decrease in cash and cash equivalents of $95.3
million. The increase in assets since December 31, 2014 was principally
the result of the acquisition of Independence Bank in the first quarter
of 2015, which added $449.6 million in assets, including $332.9 million
in loans, $56.1 million in investment securities available for sale,
$28.0 million in goodwill and $11.3 million in bank owned life
insurance. Additionally, organic loan growth and an increase in
investment securities contributed to the increase in assets during the
second quarter of 2015. The increase in assets at June 30, 2015 as
compared to June 30, 2014 was related to both organic and acquisitive
loan growth of $651.8 million, as well as growth in investment
securities.
Investment securities available for sale totaled $280.4 million at
June 30, 2015, relatively unchanged from March 31, 2015, and an increase
of $78.8 million or 39.1% from December 31, 2014. The $45.3 million
increase in investment securities as compared to $235.1 million at
June 30, 2014, was primarily due to the acquisition of Independence
Bank, which added $56.1 million in investment securities in the first
quarter of 2015, along with our purchases of $20.1 million, partially
offset by sales of $7.2 million and principal paydowns of $9.1 million.
In general, the purchase of investment securities primarily resulted
from our investing excess liquidity from our banking operations and to
maintain a certain level of securities to our overall asset size, while
the sales were made to help fund loan production and improve our
interest-earning asset mix.
Loans held for investment totaled $2.1 billion at June 30, 2015, a
decrease of $12.8 million or 0.6% from March 31, 2015, and an increase
of $489.9 million or 30.1% from December 31, 2014. The increase since
December 31, 2014 was primarily related to loans acquired from
Independence Bank of $332.9 million at acquisition date, as well as our
organic loan originations. This included increases in multifamily of
$137.3 million, commercial owner occupied loans of $171.5 million,
warehouse facilities of $84.3 million, commercial non-owner occupied of
$43.6 million, construction of $34.8 million and SBA of $21.9 million.
The $652.0 million increase in loans from June 30, 2014, including loans
acquired from Independence Bank, included increases in real estate loans
of $231.0 million, commercial and industrial loans of $134.9 million,
warehouse facilities loans of $84.1 million, commercial owner occupied
loans of $165.8 million and SBA loans of $35.2 million. The total end of
period weighted average interest rate on loans, excluding fees and
discounts, at June 30, 2015 was 4.89%, compared to 4.90% at March 31,
2015 and 4.94% at June 30, 2014.
Loan activity during the second quarter of 2015 included organic loan
originations of $283.7 million that were offset by $88.4 million in
loans sold, $112.4 million in loan repayments, and a $95.5 million
increase in undisbursed loan funds. The first quarter of 2015 included
loans acquired from Independence Bank, organic loan originations of
$206.3 million and loan purchases of $30.3 million and a decrease in
undisbursed loan funds of $39.4 million, partially offset by loan
repayments of $106.4 million. At June 30, 2015 our loan to deposit ratio
was 101.1%, compared with 104.3% and 99.9% at March 31, 2015 and
December 31, 2014, respectively.
At June 30, 2015, deposits totaled $2.1 billion, up $52.8 million or
2.6% from March 31, 2015 and $650.4 million or 45.0% from June 30, 2014.
During the second quarter of 2015, deposit increases included $15.9
million of noninterest bearing deposits and wholesale/brokered
certificate of deposits of $50.6 million. The increase in deposits since
the end of the second quarter of 2014 was due to organic growth and the
acquisition of Independence Bank, which added $336.0 million in deposits.
The weighted average cost of deposits for the three month period ending
June 30, 2015 was 0.31%, a decrease from 0.34% for both the first
quarter of 2015 and the second quarter of 2014.
At June 30, 2015, total borrowings amounted to $237.7 million, a
decrease of $176.0 million or 42.5% from March 31, 2015 and $27.9
million from June 30, 2014. At June 30, 2015, total borrowings
represented 9.0% of total assets, compared to 15.0% and 13.8%, as of
March 31, 2015 and June 30, 2014, respectively.
Asset Quality
Nonperforming assets totaled $5.1 million or 0.19% of total assets at
June 30, 2015, down from $5.7 million or 0.21% at March 31, 2015. During
the second quarter of 2015, nonperforming loans decreased $281,000 to
total $4.4 million and other real estate owned decreased $286,000 to
$711,000.
At June 30, 2015, our allowance for loan losses was $15.1 million, up
$1.5 million from March 31, 2015. At June 30, 2015, our allowance for
loan losses as a percent of nonaccrual loans was 344.59%, up from
292.64% at March 31, 2015. The increase in the allowance for loan losses
at June 30, 2015 was mainly attributable to the growth in certain
segments of the loan portfolio. At June 30, 2015, the ratio of allowance
for loan losses to total gross loans was 0.71%, up from 0.64% at March
31, 2015 and 0.66% at June 30, 2014. Including the loan fair market
value discounts recorded in connection with our acquisitions, the
allowance for loan losses to total gross loans ratio was 0.94% at June
30, 2015, compared with 0.90% at March 31, 2015 and 0.87% at December
31, 2014.
Capital Ratios
At June 30, 2015, our ratio of tangible common equity to total assets
was 8.65%, with a tangible book value of $10.36 per share and a book
value per share of $13.09.
At June 30, 2015, the Bank exceeded all regulatory capital requirements
with a ratio for tier 1 leverage capital of 10.94%, common equity tier 1
risk-based capital of 12.54%, tier 1 risk-based capital of 12.54% and
total risk-based capital of 13.20%. These capital ratios exceeded the
“well capitalized” standards defined by the federal banking regulators
of 5.00% for tier 1 leverage capital, 6.5% for common equity tier 1
risk-based capital, 8.00% for tier 1 risk-based capital and 10.00% for
total risk-based capital. At June 30, 2015, the Company had a ratio for
tier 1 leverage capital of 8.98%, common equity tier 1 risk-based
capital of 9.92%, tier 1 risk-based capital of 10.24% and total
risk-based capital of 13.53%.
Conference Call and Webcast
The Company will host a conference call at 9:00 a.m. PT / 12:00 p.m. ET
on July 22, 2015 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 866-290-5977 and asking to be joined to the
Pacific Premier Bancorp conference call. Additionally a telephone replay
will be made available through July 29, 2015 at 877-344-7529, conference
ID 10068939.
About Pacific Premier Bancorp, Inc.
Pacific Premier Bancorp, Inc. is the holding company for Pacific Premier
Bank, one of the largest community banks headquartered in Southern
California. Pacific Premier Bank is a business bank primarily focused on
serving small and middle market business in the counties of Los Angeles,
Orange, Riverside, San Bernardino and San Diego, California. Pacific
Premier Bank offers a diverse range of lending products including
commercial, commercial real estate, construction, residential warehouse
and SBA loans, as well as specialty banking products for homeowners
associations and franchise lending nationwide. Pacific Premier Bank
serves its customers through its 16 full-service depository branches in
Southern California located in the cities of Corona, Encinitas,
Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm
Springs, Riverside, San Bernardino, San Diego, Seal Beach and Tustin.
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; changes in the level of the Company’s
nonperforming assets and charge-offs; any oversupply of inventory and
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 2014
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.
|
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
|
(dollars in thousands)
|
(Unaudited)
|
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
ASSETS
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
2014
|
|
|
2014
|
Cash and due from banks
|
|
|
$
|
82,552
|
|
|
|
$
|
178,096
|
|
|
|
$
|
110,650
|
|
|
|
$
|
103,356
|
|
|
|
$
|
120,016
|
|
Federal funds sold
|
|
|
525
|
|
|
|
275
|
|
|
|
275
|
|
|
|
275
|
|
|
|
276
|
|
Cash and cash equivalents
|
|
|
83,077
|
|
|
|
178,371
|
|
|
|
110,925
|
|
|
|
103,631
|
|
|
|
120,292
|
|
Investment securities available for sale
|
|
|
280,434
|
|
|
|
280,461
|
|
|
|
201,638
|
|
|
|
282,202
|
|
|
|
235,116
|
|
FHLB and other stock, at cost
|
|
|
22,843
|
|
|
|
30,586
|
|
|
|
17,067
|
|
|
|
18,643
|
|
|
|
18,494
|
|
Loans held for investment
|
|
|
2,118,560
|
|
|
|
2,131,387
|
|
|
|
1,628,622
|
|
|
|
1,548,004
|
|
|
|
1,466,768
|
|
Allowance for loan losses
|
|
|
(15,100
|
)
|
|
|
(13,646
|
)
|
|
|
(12,200
|
)
|
|
|
(10,767
|
)
|
|
|
(9,733
|
)
|
Loans held for investment, net
|
|
|
2,103,460
|
|
|
|
2,117,741
|
|
|
|
1,616,422
|
|
|
|
1,537,237
|
|
|
|
1,457,035
|
|
Accrued interest receivable
|
|
|
9,072
|
|
|
|
8,769
|
|
|
|
7,131
|
|
|
|
6,762
|
|
|
|
6,645
|
|
Other real estate owned
|
|
|
711
|
|
|
|
997
|
|
|
|
1,037
|
|
|
|
752
|
|
|
|
752
|
|
Premises and equipment
|
|
|
9,394
|
|
|
|
9,591
|
|
|
|
9,165
|
|
|
|
9,402
|
|
|
|
9,344
|
|
Deferred income taxes
|
|
|
12,305
|
|
|
|
12,815
|
|
|
|
9,383
|
|
|
|
10,721
|
|
|
|
10,796
|
|
Bank owned life insurance
|
|
|
38,665
|
|
|
|
38,377
|
|
|
|
26,822
|
|
|
|
26,642
|
|
|
|
26,445
|
|
Intangible assets
|
|
|
7,858
|
|
|
|
8,203
|
|
|
|
5,614
|
|
|
|
5,867
|
|
|
|
6,121
|
|
Goodwill
|
|
|
50,832
|
|
|
|
51,010
|
|
|
|
22,950
|
|
|
|
22,950
|
|
|
|
22,950
|
|
Other assets
|
|
|
18,105
|
|
|
|
16,079
|
|
|
|
10,743
|
|
|
|
9,439
|
|
|
|
7,535
|
|
TOTAL ASSETS
|
|
|
$
|
2,636,756
|
|
|
|
$
|
2,753,000
|
|
|
|
$
|
2,038,897
|
|
|
|
$
|
2,034,248
|
|
|
|
$
|
1,921,525
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
|
|
|
$
|
635,695
|
|
|
|
$
|
619,763
|
|
|
|
$
|
456,754
|
|
|
|
$
|
425,166
|
|
|
|
$
|
410,843
|
|
Interest-bearing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking
|
|
|
135,228
|
|
|
|
130,869
|
|
|
|
131,635
|
|
|
|
130,221
|
|
|
|
128,911
|
|
Money market/savings
|
|
|
795,725
|
|
|
|
809,408
|
|
|
|
600,764
|
|
|
|
564,050
|
|
|
|
533,672
|
|
Retail certificates of deposit
|
|
|
402,262
|
|
|
|
406,649
|
|
|
|
365,168
|
|
|
|
369,534
|
|
|
|
367,299
|
|
Wholesale/brokered certificates of deposit
|
|
|
127,073
|
|
|
|
76,477
|
|
|
|
76,505
|
|
|
|
54,495
|
|
|
|
4,856
|
|
Total interest-bearing
|
|
|
1,460,288
|
|
|
|
1,423,403
|
|
|
|
1,174,072
|
|
|
|
1,118,300
|
|
|
|
1,034,738
|
|
Total deposits
|
|
|
2,095,983
|
|
|
|
2,043,166
|
|
|
|
1,630,826
|
|
|
|
1,543,466
|
|
|
|
1,445,581
|
|
FHLB advances and other borrowings
|
|
|
167,389
|
|
|
|
343,434
|
|
|
|
116,643
|
|
|
|
195,561
|
|
|
|
255,287
|
|
Subordinated debentures
|
|
|
70,310
|
|
|
|
70,310
|
|
|
|
70,310
|
|
|
|
70,310
|
|
|
|
10,310
|
|
Accrued expenses and other liabilities
|
|
|
21,481
|
|
|
|
22,843
|
|
|
|
21,526
|
|
|
|
27,054
|
|
|
|
18,166
|
|
TOTAL LIABILITIES
|
|
|
2,355,163
|
|
|
|
2,479,753
|
|
|
|
1,839,305
|
|
|
|
1,836,391
|
|
|
|
1,729,344
|
|
STOCKHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
215
|
|
|
|
214
|
|
|
|
169
|
|
|
|
171
|
|
|
|
171
|
|
Additional paid-in capital
|
|
|
220,759
|
|
|
|
218,528
|
|
|
|
147,474
|
|
|
|
150,062
|
|
|
|
149,942
|
|
Retained earnings
|
|
|
61,044
|
|
|
|
53,220
|
|
|
|
51,431
|
|
|
|
47,540
|
|
|
|
42,090
|
|
Accumulated other comprehensive income (loss), net of tax (benefit)
|
|
|
(425
|
)
|
|
|
1,285
|
|
|
|
518
|
|
|
|
84
|
|
|
|
(22
|
)
|
TOTAL STOCKHOLDERS’ EQUITY
|
|
|
281,593
|
|
|
|
273,247
|
|
|
|
199,592
|
|
|
|
197,857
|
|
|
|
192,181
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
$
|
2,636,756
|
|
|
|
$
|
2,753,000
|
|
|
|
$
|
2,038,897
|
|
|
|
$
|
2,034,248
|
|
|
|
$
|
1,921,525
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(dollars in thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six months ended
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
$
|
27,581
|
|
|
|
$
|
24,513
|
|
|
|
$
|
17,922
|
|
|
|
$
|
52,094
|
|
|
|
$
|
34,507
|
Investment securities and other interest-earning assets
|
|
|
2,158
|
|
|
|
1,557
|
|
|
|
1,309
|
|
|
|
3,715
|
|
|
|
2,746
|
Total interest income
|
|
|
29,739
|
|
|
|
26,070
|
|
|
|
19,231
|
|
|
|
55,809
|
|
|
|
37,253
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
1,589
|
|
|
|
1,606
|
|
|
|
1,203
|
|
|
|
3,195
|
|
|
|
2,272
|
FHLB advances and other borrowings
|
|
|
407
|
|
|
|
375
|
|
|
|
255
|
|
|
|
782
|
|
|
|
498
|
Subordinated debentures
|
|
|
982
|
|
|
|
971
|
|
|
|
75
|
|
|
|
1,953
|
|
|
|
150
|
Total interest expense
|
|
|
2,978
|
|
|
|
2,952
|
|
|
|
1,533
|
|
|
|
5,930
|
|
|
|
2,920
|
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES
|
|
|
26,761
|
|
|
|
23,118
|
|
|
|
17,698
|
|
|
|
49,879
|
|
|
|
34,333
|
PROVISION FOR LOAN LOSSES
|
|
|
1,833
|
|
|
|
1,830
|
|
|
|
1,030
|
|
|
|
3,663
|
|
|
|
1,979
|
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
|
|
24,928
|
|
|
|
21,288
|
|
|
|
16,668
|
|
|
|
46,216
|
|
|
|
32,354
|
NONINTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan servicing fees
|
|
|
724
|
|
|
|
901
|
|
|
|
282
|
|
|
|
1,625
|
|
|
|
1,138
|
Deposit fees
|
|
|
634
|
|
|
|
582
|
|
|
|
463
|
|
|
|
1,216
|
|
|
|
917
|
Net gain from sales of loans
|
|
|
2,721
|
|
|
|
—
|
|
|
|
1,298
|
|
|
|
2,721
|
|
|
|
1,846
|
Net gain from sales of investment securities
|
|
|
139
|
|
|
|
116
|
|
|
|
98
|
|
|
|
255
|
|
|
|
160
|
Other income
|
|
|
494
|
|
|
|
427
|
|
|
|
330
|
|
|
|
921
|
|
|
|
462
|
Total noninterest income
|
|
|
4,712
|
|
|
|
2,026
|
|
|
|
2,471
|
|
|
|
6,738
|
|
|
|
4,523
|
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits
|
|
|
9,486
|
|
|
|
9,522
|
|
|
|
6,485
|
|
|
|
19,008
|
|
|
|
13,376
|
Premises and occupancy
|
|
|
2,082
|
|
|
|
1,829
|
|
|
|
1,566
|
|
|
|
3,911
|
|
|
|
3,154
|
Data processing and communications
|
|
|
716
|
|
|
|
702
|
|
|
|
485
|
|
|
|
1,418
|
|
|
|
1,616
|
Other real estate owned operations, net
|
|
|
56
|
|
|
|
48
|
|
|
|
41
|
|
|
|
104
|
|
|
|
54
|
FDIC insurance premiums
|
|
|
363
|
|
|
|
314
|
|
|
|
266
|
|
|
|
677
|
|
|
|
503
|
Legal, audit and professional expense
|
|
|
661
|
|
|
|
521
|
|
|
|
385
|
|
|
|
1,182
|
|
|
|
978
|
Marketing expense
|
|
|
615
|
|
|
|
603
|
|
|
|
242
|
|
|
|
1,218
|
|
|
|
418
|
Office and postage expense
|
|
|
505
|
|
|
|
499
|
|
|
|
345
|
|
|
|
1,004
|
|
|
|
714
|
Loan expense
|
|
|
263
|
|
|
|
193
|
|
|
|
191
|
|
|
|
456
|
|
|
|
375
|
Deposit expense
|
|
|
982
|
|
|
|
805
|
|
|
|
747
|
|
|
|
1,787
|
|
|
|
1,508
|
Merger related expense
|
|
|
—
|
|
|
|
3,992
|
|
|
|
—
|
|
|
|
3,992
|
|
|
|
626
|
Other expense
|
|
|
1,485
|
|
|
|
1,441
|
|
|
|
888
|
|
|
|
2,926
|
|
|
|
1,860
|
Total noninterest expense
|
|
|
17,214
|
|
|
|
20,469
|
|
|
|
11,641
|
|
|
|
37,683
|
|
|
|
25,182
|
NET INCOME BEFORE INCOME TAX
|
|
|
12,426
|
|
|
|
2,845
|
|
|
|
7,498
|
|
|
|
15,271
|
|
|
|
11,695
|
INCOME TAX
|
|
|
4,601
|
|
|
|
1,056
|
|
|
|
2,855
|
|
|
|
5,658
|
|
|
|
4,420
|
NET INCOME
|
|
|
$
|
7,825
|
|
|
|
$
|
1,789
|
|
|
|
$
|
4,643
|
|
|
|
$
|
9,613
|
|
|
|
$
|
7,275
|
EARNINGS PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.36
|
|
|
|
$
|
0.09
|
|
|
|
$
|
0.28
|
|
|
|
$
|
0.46
|
|
|
|
$
|
0.43
|
Diluted
|
|
|
$
|
0.36
|
|
|
|
$
|
0.09
|
|
|
|
$
|
0.27
|
|
|
|
$
|
0.46
|
|
|
|
$
|
0.42
|
WEIGHTED AVERAGE SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
21,493,641
|
|
|
|
20,091,924
|
|
|
|
17,124,337
|
|
|
|
20,796,655
|
|
|
|
17,083,194
|
Diluted
|
|
|
21,828,876
|
|
|
|
20,382,832
|
|
|
|
17,476,390
|
|
|
|
21,126,542
|
|
|
|
17,422,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
PROFITABILITY AND PRODUCTIVITY INFORMATION
|
(dollars in thousands)
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
June 30,
|
|
|
|
March 31,
|
|
|
|
June 30,
|
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
Profitability and Productivity
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
|
4.26
|
%
|
|
|
|
3.99
|
%
|
|
|
|
4.26
|
%
|
Noninterest expense to average total assets
|
|
|
|
2.59
|
|
|
|
|
3.33
|
|
|
|
|
2.66
|
|
Efficiency ratio (1)
|
|
|
|
53.66
|
|
|
|
|
64.63
|
|
|
|
|
56.56
|
|
Return on average assets
|
|
|
|
1.18
|
|
|
|
|
0.29
|
|
|
|
|
1.06
|
|
Return on average tangible common equity (2)
|
|
|
|
14.84
|
|
|
|
|
4.04
|
|
|
|
|
11.96
|
|
Adjusted return on average tangible common equity (2)(3)
|
|
|
|
14.84
|
|
|
|
|
9.24
|
|
|
|
|
11.96
|
|
Full-time equivalent employees, at period end
|
|
|
|
329.0
|
|
|
|
|
343.0
|
|
|
|
|
253.0
|
|
Asset and liability activity
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans originated and purchased
|
|
|
|
$
|
283,676
|
|
|
|
|
$
|
569,447
|
|
|
|
|
$
|
206,409
|
|
Repayments
|
|
|
|
(112,414
|
)
|
|
|
|
(106,409
|
)
|
|
|
|
(45,449
|
)
|
Loans sold
|
|
|
|
(88,416
|
)
|
|
|
|
—
|
|
|
|
|
(13,045
|
)
|
Increase (decrease) in loans, net
|
|
|
|
(14,281
|
)
|
|
|
|
501,319
|
|
|
|
|
140,348
|
|
Increase (decrease) in assets
|
|
|
|
(116,244
|
)
|
|
|
|
714,103
|
|
|
|
|
176,243
|
|
Increase in deposits
|
|
|
|
52,817
|
|
|
|
|
412,340
|
|
|
|
|
10,378
|
|
Increase (decrease) in borrowings
|
|
|
|
(176,045
|
)
|
|
|
|
226,791
|
|
|
|
|
159,781
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents the ratio of noninterest expense less other real
estate owned operations, core deposit intangible amortization and
non-recurring merger related expense to the sum of net interest
income before provision for loan losses and total noninterest income
less gains/(loss) on sale of securities, other-than-temporary
impairment recovery (loss) on investment securities, and gain on
FDIC-assisted transactions.
|
(2) A reconciliation of the non-GAAP measures of average tangible
common equity to the GAAP measures of common stockholders' equity is
set forth at the end of this press release.
|
(3) Adjusted to exclude merger related and litigation expenses, net
of tax.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
CONSOLIDATED AVERAGE BALANCES AND YIELD DATA
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Three Months Ended
|
|
|
Three Months Ended
|
|
|
|
June 30, 2015
|
|
|
March 31, 2015
|
|
|
June 30, 2014
|
|
|
|
Average
Balance
|
|
|
Interest
|
|
|
Average
Yield/
Cost
|
|
|
Average
Balance
|
|
|
Interest
|
|
|
Average
Yield/
Cost
|
|
|
Average
Balance
|
|
|
Interest
|
|
|
Average
Yield/
Cost
|
Assets
|
|
|
(dollars in thousands)
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
103,385
|
|
|
|
$
|
62
|
|
|
|
0.24
|
%
|
|
|
$
|
224,913
|
|
|
|
$
|
129
|
|
|
|
0.23
|
%
|
|
|
$
|
79,600
|
|
|
|
$
|
37
|
|
|
|
0.19
|
%
|
Federal funds sold
|
|
|
446
|
|
|
|
—
|
|
|
|
—
|
|
|
|
275
|
|
|
|
—
|
|
|
|
—
|
|
|
|
276
|
|
|
|
—
|
|
|
|
—
|
|
Investment securities
|
|
|
306,774
|
|
|
|
2,096
|
|
|
|
2.73
|
|
|
|
273,162
|
|
|
|
1,428
|
|
|
|
2.09
|
|
|
|
225,294
|
|
|
|
1,272
|
|
|
|
2.26
|
|
Loans receivable, net (1)
|
|
|
2,111,253
|
|
|
|
27,581
|
|
|
|
5.24
|
|
|
|
1,849,553
|
|
|
|
24,513
|
|
|
|
5.38
|
|
|
|
1,362,030
|
|
|
|
17,922
|
|
|
|
5.28
|
|
Total interest-earning assets
|
|
|
2,521,858
|
|
|
|
29,739
|
|
|
|
4.73
|
%
|
|
|
2,347,903
|
|
|
|
26,070
|
|
|
|
4.50
|
%
|
|
|
1,667,200
|
|
|
|
19,231
|
|
|
|
4.63
|
%
|
Noninterest-earning assets
|
|
|
140,446
|
|
|
|
|
|
|
|
|
|
114,132
|
|
|
|
|
|
|
|
|
|
84,845
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
2,662,304
|
|
|
|
|
|
|
|
|
|
$
|
2,462,035
|
|
|
|
|
|
|
|
|
|
$
|
1,752,045
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest checking
|
|
|
$
|
147,620
|
|
|
|
$
|
43
|
|
|
|
0.12
|
%
|
|
|
$
|
145,813
|
|
|
|
$
|
45
|
|
|
|
0.13
|
%
|
|
|
$
|
134,051
|
|
|
|
$
|
39
|
|
|
|
0.12
|
%
|
Money market
|
|
|
695,935
|
|
|
|
604
|
|
|
|
0.35
|
|
|
|
695,369
|
|
|
|
562
|
|
|
|
0.33
|
|
|
|
456,466
|
|
|
|
343
|
|
|
|
0.30
|
|
Savings
|
|
|
87,706
|
|
|
|
35
|
|
|
|
0.16
|
|
|
|
87,439
|
|
|
|
36
|
|
|
|
0.17
|
|
|
|
74,406
|
|
|
|
27
|
|
|
|
0.15
|
|
Time
|
|
|
472,135
|
|
|
|
907
|
|
|
|
0.77
|
|
|
|
472,534
|
|
|
|
963
|
|
|
|
0.83
|
|
|
|
359,446
|
|
|
|
794
|
|
|
|
0.89
|
|
Total interest-bearing deposits
|
|
|
1,403,396
|
|
|
|
1,589
|
|
|
|
0.45
|
|
|
|
1,401,155
|
|
|
|
1,606
|
|
|
|
0.46
|
|
|
|
1,024,369
|
|
|
|
1,203
|
|
|
|
0.47
|
|
FHLB advances and other borrowings
|
|
|
263,633
|
|
|
|
407
|
|
|
|
0.62
|
|
|
|
201,700
|
|
|
|
375
|
|
|
|
0.75
|
|
|
|
103,813
|
|
|
|
255
|
|
|
|
0.99
|
|
Subordinated debentures
|
|
|
70,310
|
|
|
|
982
|
|
|
|
5.60
|
|
|
|
70,310
|
|
|
|
971
|
|
|
|
5.60
|
|
|
|
10,310
|
|
|
|
75
|
|
|
|
2.92
|
|
Total borrowings
|
|
|
333,943
|
|
|
|
1,389
|
|
|
|
1.67
|
|
|
|
272,010
|
|
|
|
1,346
|
|
|
|
2.01
|
|
|
|
114,123
|
|
|
|
330
|
|
|
|
1.16
|
|
Total interest-bearing liabilities
|
|
|
1,737,339
|
|
|
|
2,978
|
|
|
|
0.69
|
%
|
|
|
1,673,165
|
|
|
|
2,952
|
|
|
|
0.72
|
%
|
|
|
1,138,492
|
|
|
|
1,533
|
|
|
|
0.54
|
%
|
Noninterest-bearing deposits
|
|
|
627,674
|
|
|
|
|
|
|
|
|
|
523,859
|
|
|
|
|
|
|
|
|
|
408,318
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
21,431
|
|
|
|
|
|
|
|
|
|
23,367
|
|
|
|
|
|
|
|
|
|
15,562
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
2,386,444
|
|
|
|
|
|
|
|
|
|
2,220,391
|
|
|
|
|
|
|
|
|
|
1,562,372
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
275,860
|
|
|
|
|
|
|
|
|
|
241,644
|
|
|
|
|
|
|
|
|
|
189,673
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
|
$
|
2,662,304
|
|
|
|
|
|
|
|
|
|
$
|
2,462,035
|
|
|
|
|
|
|
|
|
|
$
|
1,752,045
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
|
|
$
|
26,761
|
|
|
|
|
|
|
|
|
|
$
|
23,118
|
|
|
|
|
|
|
|
|
|
$
|
17,698
|
|
|
|
|
Net interest rate spread (2)
|
|
|
|
|
|
|
|
|
4.04
|
%
|
|
|
|
|
|
|
|
|
3.78
|
%
|
|
|
|
|
|
|
|
|
4.09
|
%
|
Net interest margin (3)
|
|
|
|
|
|
|
|
|
4.26
|
%
|
|
|
|
|
|
|
|
|
3.99
|
%
|
|
|
|
|
|
|
|
|
4.26
|
%
|
Ratio of interest-earning assets to interest-bearing liabilities
|
|
|
|
|
|
145.16
|
%
|
|
|
|
|
|
|
|
|
140.33
|
%
|
|
|
|
|
|
|
|
|
146.44
|
%
|
|
(1) Average balance includes 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
|
LOAN PORTFOLIO AND ASSET QUALITY INFORMATION
|
(dollars in thousands)
|
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
2014
|
|
|
2014
|
Loan Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
|
$
|
454,463
|
|
|
|
$
|
420,218
|
|
|
|
$
|
428,207
|
|
|
|
$
|
360,700
|
|
|
|
$
|
319,541
|
|
Commercial owner occupied (1)
|
|
|
382,537
|
|
|
|
352,351
|
|
|
|
210,995
|
|
|
|
237,996
|
|
|
|
216,784
|
|
SBA
|
|
|
50,306
|
|
|
|
49,855
|
|
|
|
28,404
|
|
|
|
20,482
|
|
|
|
15,115
|
|
Warehouse facilities
|
|
|
198,113
|
|
|
|
216,554
|
|
|
|
113,798
|
|
|
|
108,093
|
|
|
|
114,032
|
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial non-owner occupied
|
|
|
402,786
|
|
|
|
452,422
|
|
|
|
359,213
|
|
|
|
355,984
|
|
|
|
360,288
|
|
Multi-family
|
|
|
400,237
|
|
|
|
397,130
|
|
|
|
262,965
|
|
|
|
262,588
|
|
|
|
251,512
|
|
One-to-four family (2)
|
|
|
84,283
|
|
|
|
116,735
|
|
|
|
122,795
|
|
|
|
125,326
|
|
|
|
132,020
|
|
Construction
|
|
|
124,448
|
|
|
|
111,704
|
|
|
|
89,682
|
|
|
|
67,118
|
|
|
|
47,034
|
|
Land
|
|
|
16,339
|
|
|
|
7,243
|
|
|
|
9,088
|
|
|
|
6,103
|
|
|
|
6,271
|
|
Other loans
|
|
|
4,811
|
|
|
|
6,641
|
|
|
|
3,298
|
|
|
|
3,521
|
|
|
|
3,753
|
|
Total gross loans (3)
|
|
|
2,118,323
|
|
|
|
2,130,853
|
|
|
|
1,628,445
|
|
|
|
1,547,911
|
|
|
|
1,466,350
|
|
Less loans held for sale, net
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Total gross loans held for investment
|
|
|
2,118,323
|
|
|
|
2,130,853
|
|
|
|
1,628,445
|
|
|
|
1,547,911
|
|
|
|
1,466,350
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred loan origination costs/(fees) and premiums/(discounts)
|
|
|
237
|
|
|
|
534
|
|
|
|
177
|
|
|
|
93
|
|
|
|
418
|
|
Allowance for loan losses
|
|
|
(15,100
|
)
|
|
|
(13,646
|
)
|
|
|
(12,200
|
)
|
|
|
(10,767
|
)
|
|
|
(9,733
|
)
|
Loans held for investment, net
|
|
|
$
|
2,103,460
|
|
|
|
$
|
2,117,741
|
|
|
|
$
|
1,616,422
|
|
|
|
$
|
1,537,237
|
|
|
|
$
|
1,457,035
|
|
Asset Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
|
|
$
|
4,382
|
|
|
|
$
|
4,663
|
|
|
|
$
|
1,444
|
|
|
|
$
|
1,782
|
|
|
|
$
|
1,941
|
|
Other real estate owned
|
|
|
711
|
|
|
|
997
|
|
|
|
1,037
|
|
|
|
752
|
|
|
|
752
|
|
Nonperforming assets
|
|
|
$
|
5,093
|
|
|
|
$
|
5,660
|
|
|
|
$
|
2,481
|
|
|
|
$
|
2,534
|
|
|
|
$
|
2,693
|
|
Allowance for loan losses
|
|
|
15,100
|
|
|
|
13,646
|
|
|
|
12,200
|
|
|
|
10,767
|
|
|
|
9,733
|
|
Allowance for loan losses as a percent of total nonperforming loans
|
|
|
344.59
|
%
|
|
|
292.64
|
%
|
|
|
844.88
|
%
|
|
|
604.21
|
%
|
|
|
501.44
|
%
|
Nonperforming loans as a percent of gross loans
|
|
|
0.21
|
|
|
|
0.22
|
|
|
|
0.09
|
|
|
|
0.12
|
|
|
|
0.13
|
|
Nonperforming assets as a percent of total assets
|
|
|
0.19
|
|
|
|
0.21
|
|
|
|
0.12
|
|
|
|
0.12
|
|
|
|
0.14
|
|
Net loan charge-offs (recoveries) for the quarter ended
|
|
|
$
|
379
|
|
|
|
$
|
384
|
|
|
|
$
|
(12
|
)
|
|
|
$
|
250
|
|
|
|
$
|
(18
|
)
|
Net loan charge-offs (recoveries) for quarter to average total
loans, net
|
|
|
0.07
|
%
|
|
|
0.08
|
%
|
|
|
—
|
%
|
|
|
0.07
|
%
|
|
|
(0.01
|
)%
|
Allowance for loan losses to gross loans
|
|
|
0.71
|
|
|
|
0.64
|
|
|
|
0.75
|
|
|
|
0.70
|
|
|
|
0.66
|
|
Delinquent Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 - 59 days
|
|
|
$
|
943
|
|
|
|
$
|
645
|
|
|
|
$
|
20
|
|
|
|
$
|
20
|
|
|
|
$
|
236
|
|
60 - 89 days
|
|
|
28
|
|
|
|
375
|
|
|
|
24
|
|
|
|
43
|
|
|
|
994
|
|
90+ days (4)
|
|
|
1,714
|
|
|
|
2,258
|
|
|
|
54
|
|
|
|
343
|
|
|
|
72
|
|
Total delinquency
|
|
|
$
|
2,685
|
|
|
|
$
|
3,278
|
|
|
|
$
|
98
|
|
|
|
$
|
406
|
|
|
|
$
|
1,302
|
|
Delinquency as a % of total gross loans
|
|
|
0.13
|
%
|
|
|
0.15
|
%
|
|
|
0.01
|
%
|
|
|
0.03
|
%
|
|
|
0.09
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Majority secured by real estate.
|
(2) Includes second trust deeds.
|
(3) Total gross loans for June 30, 2015 are net of (i) the
unaccreted mark-to-market discounts on Canyon National Bank loans of
$1.1 million, on Palm Desert National Bank loans of $1.1 million, on
San Diego Trust Bank loans of $144,000, and on Independence Bank
loans of $6.3 million and (ii) the mark-to-market premium on First
Associations Bank loans of $24,000.
|
(4) All 90 day or greater delinquencies are on nonaccrual status and
reported as part of nonperforming assets.
|
|
|
|
|
|
|
|
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
DEPOSIT AND CAPITAL INFORMATION
|
(dollars in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
2014
|
|
|
2014
|
Deposit Accounts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing checking
|
|
|
$
|
635,695
|
|
|
|
$
|
619,763
|
|
|
|
$
|
456,754
|
|
|
|
$
|
425,166
|
|
|
|
$
|
410,843
|
|
Interest-bearing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking
|
|
|
135,228
|
|
|
|
130,869
|
|
|
|
131,635
|
|
|
|
130,221
|
|
|
|
128,911
|
|
Money market
|
|
|
708,214
|
|
|
|
720,510
|
|
|
|
526,256
|
|
|
|
488,677
|
|
|
|
459,118
|
|
Savings
|
|
|
87,511
|
|
|
|
88,898
|
|
|
|
74,508
|
|
|
|
75,373
|
|
|
|
74,554
|
|
Retail certificates of deposit
|
|
|
402,262
|
|
|
|
406,649
|
|
|
|
365,168
|
|
|
|
369,534
|
|
|
|
367,299
|
|
Wholesale/brokered certificates of deposit
|
|
|
127,073
|
|
|
|
76,477
|
|
|
|
76,505
|
|
|
|
54,495
|
|
|
|
4,856
|
|
Total interest-bearing
|
|
|
1,460,288
|
|
|
|
1,423,403
|
|
|
|
1,174,072
|
|
|
|
1,118,300
|
|
|
|
1,034,738
|
|
Total deposits
|
|
|
$
|
2,095,983
|
|
|
|
$
|
2,043,166
|
|
|
|
$
|
1,630,826
|
|
|
|
$
|
1,543,466
|
|
|
|
$
|
1,445,581
|
|
Core (Transaction/CDs < $250,000)
|
|
|
1,866,947
|
|
|
|
1,869,569
|
|
|
|
1,472,751
|
|
|
|
1,409,930
|
|
|
|
1,367,766
|
|
Non-Core (Broker/CDARs/CDs > $250,000)
|
|
|
229,036
|
|
|
|
173,597
|
|
|
|
158,075
|
|
|
|
133,536
|
|
|
|
77,815
|
|
Pacific Premier Bank Capital Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio (1)
|
|
|
10.94
|
%
|
|
|
11.03
|
%
|
|
|
11.29
|
%
|
|
|
11.48
|
%
|
|
|
9.85
|
%
|
Common equity tier 1 risk-based capital ratio (1)
|
|
|
12.54
|
%
|
|
|
11.46
|
%
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Tier 1 risk-based capital ratio (1)
|
|
|
12.54
|
%
|
|
|
11.46
|
%
|
|
|
12.72
|
%
|
|
|
12.77
|
%
|
|
|
10.83
|
%
|
Total risk-based capital ratio (1)
|
|
|
13.20
|
%
|
|
|
12.07
|
%
|
|
|
13.45
|
%
|
|
|
13.42
|
%
|
|
|
11.46
|
%
|
Pacific Premier Bancorp, Inc. Capital Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio (1)
|
|
|
8.98
|
%
|
|
|
9.43
|
%
|
|
|
9.18
|
%
|
|
|
9.50
|
%
|
|
|
10.04
|
%
|
Common equity tier 1 risk-based capital ratio (1)
|
|
|
9.92
|
%
|
|
|
9.32
|
%
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Tier 1 risk-based capital ratio (1)
|
|
|
10.24
|
%
|
|
|
9.75
|
%
|
|
|
10.30
|
%
|
|
|
10.53
|
%
|
|
|
10.99
|
%
|
Total risk-based capital ratio (1)
|
|
|
13.53
|
%
|
|
|
12.93
|
%
|
|
|
14.46
|
%
|
|
|
14.71
|
%
|
|
|
11.62
|
%
|
Tangible common equity ratio (2)
|
|
|
8.65
|
%
|
|
|
7.95
|
%
|
|
|
8.51
|
%
|
|
|
8.43
|
%
|
|
|
8.62
|
%
|
Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share
|
|
|
$
|
13.09
|
|
|
|
$
|
12.78
|
|
|
|
$
|
11.81
|
|
|
|
$
|
11.59
|
|
|
|
$
|
11.26
|
|
Tangible book value per share (2)
|
|
|
10.36
|
|
|
|
10.01
|
|
|
|
10.12
|
|
|
|
9.90
|
|
|
|
9.56
|
|
Closing stock price
|
|
|
16.96
|
|
|
|
16.19
|
|
|
|
17.33
|
|
|
|
14.05
|
|
|
|
14.09
|
|
|
(1) Beginning with March 31, 2015, the ratio is calculated under
Basel III. For prior periods, the ratio was calculated under Basel I
or not applicable.
|
(2) 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.
|
|
|
|
|
|
|
|
|
|
|
|
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
GAAP RECONCILIATIONS
|
(dollars in thousands, except per share data)
|
|
GAAP Reconciliations
|
For periods presented below, adjusted net income, adjusted diluted
earnings per share and adjusted return on average assets are
non-GAAP financial measures derived from GAAP-based amounts. We
calculate these figures by excluding merger related expenses in the
period results. Management believes that the exclusion of such items
from these financial measures provides useful information to an
understanding of the operating results of our core business.
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 adjusted
measures, this presentation may not be comparable to other similarly
titled adjusted measures reported by other companies.
|
|
|
|
Three Months Ended
|
|
|
June 30,
|
|
March 31,
|
|
June 30
|
|
|
2015
|
|
2015
|
|
2014
|
Net income
|
|
$
|
7,825
|
|
|
$
|
1,789
|
|
|
$
|
4,643
|
|
Plus merger related expenses, net of tax
|
|
—
|
|
|
2,510
|
|
|
—
|
|
Adjusted net income
|
|
$
|
7,825
|
|
|
$
|
4,299
|
|
|
$
|
4,643
|
|
Diluted earnings per share
|
|
$
|
0.36
|
|
|
$
|
0.09
|
|
|
$
|
0.27
|
|
Plus merger related expenses, net of tax
|
|
—
|
|
|
0.12
|
|
|
—
|
|
Adjusted diluted earnings per share
|
|
$
|
0.36
|
|
|
$
|
0.21
|
|
|
$
|
0.27
|
|
Return on average assets
|
|
1.18
|
%
|
|
0.29
|
%
|
|
1.06
|
%
|
Plus merger related expenses, net of tax
|
|
—
|
|
|
0.41
|
|
|
—
|
|
Adjusted return on average assets
|
|
1.18
|
%
|
|
0.70
|
%
|
|
1.06
|
%
|
|
|
|
|
|
|
|
For periods presented below, return on average tangible common
equity and adjusted return on average tangible common equity are
non-GAAP financial measures derived from GAAP-based amounts. We
calculate these figures by excluding merger related expenses and/or
CDI amortization expense and exclude the average CDI and average
goodwill from the average stockholders' equity during the period.
Management believes that the exclusion of such items from these
financial measures provides useful information to an understanding
of the operating results of our core business. 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 adjusted
measures, this presentation may not be comparable to other similarly
titled adjusted measures reported by other companies.
|
|
|
|
Three Months Ended
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
|
2015
|
|
2015
|
|
2014
|
Net income
|
|
$
|
7,825
|
|
|
$
|
1,789
|
|
|
$
|
4,643
|
|
Plus tax effected CDI amortization
|
|
216
|
|
|
160
|
|
|
157
|
|
Net income for average tangible common equity
|
|
8,041
|
|
|
1,949
|
|
|
4,800
|
|
Plus merger related expenses, net of tax
|
|
—
|
|
|
2,510
|
|
|
—
|
|
Adjusted net income for average tangible common equity
|
|
8,041
|
|
|
4,459
|
|
|
4,800
|
|
Average stockholders' equity
|
|
$
|
275,860
|
|
|
$
|
241,644
|
|
|
$
|
189,673
|
|
Less average CDI
|
|
8,080
|
|
|
6,909
|
|
|
6,248
|
|
Less average goodwill
|
|
51,008
|
|
|
41,657
|
|
|
22,950
|
|
Average tangible common equity
|
|
$
|
216,772
|
|
|
$
|
193,078
|
|
|
$
|
160,475
|
|
Return on average tangible common equity
|
|
14.84
|
%
|
|
4.04
|
%
|
|
11.96
|
%
|
Adjusted return on average tangible common equity
|
|
14.84
|
%
|
|
9.24
|
%
|
|
11.96
|
%
|
|
|
|
|
|
|
|
|
|
|
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 stockholders' 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 share, which we calculate by dividing common
stockholders' equity by 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.
|
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
2014
|
|
|
2014
|
Total stockholders' equity
|
|
|
$
|
281,593
|
|
|
|
$
|
273,247
|
|
|
|
$
|
199,592
|
|
|
|
$
|
197,857
|
|
|
|
$
|
192,181
|
|
Less intangible assets
|
|
|
(58,690
|
)
|
|
|
(59,213
|
)
|
|
|
(28,564
|
)
|
|
|
(28,817
|
)
|
|
|
(29,071
|
)
|
Tangible common equity
|
|
|
$
|
222,903
|
|
|
|
$
|
214,034
|
|
|
|
$
|
171,028
|
|
|
|
$
|
169,040
|
|
|
|
$
|
163,110
|
|
Book value per share
|
|
|
$
|
13.09
|
|
|
|
$
|
12.78
|
|
|
|
$
|
11.81
|
|
|
|
$
|
11.59
|
|
|
|
$
|
11.26
|
|
Less intangible book value per share
|
|
|
(2.73
|
)
|
|
|
(2.77
|
)
|
|
|
(1.69
|
)
|
|
|
(1.69
|
)
|
|
|
(1.70
|
)
|
Tangible book value per share
|
|
|
$
|
10.36
|
|
|
|
$
|
10.01
|
|
|
|
$
|
10.12
|
|
|
|
$
|
9.90
|
|
|
|
$
|
9.56
|
|
Total assets
|
|
|
$
|
2,636,756
|
|
|
|
$
|
2,753,000
|
|
|
|
$
|
2,038,897
|
|
|
|
$
|
2,034,248
|
|
|
|
$
|
1,921,525
|
|
Less intangible assets
|
|
|
(58,690
|
)
|
|
|
(59,213
|
)
|
|
|
(28,564
|
)
|
|
|
(28,817
|
)
|
|
|
(29,071
|
)
|
Tangible assets
|
|
|
$
|
2,578,066
|
|
|
|
$
|
2,693,787
|
|
|
|
$
|
2,010,333
|
|
|
|
$
|
2,005,431
|
|
|
|
$
|
1,892,454
|
|
Tangible common equity ratio
|
|
|
8.65
|
%
|
|
|
7.95
|
%
|
|
|
8.51
|
%
|
|
|
8.43
|
%
|
|
|
8.62
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150722005403/en/
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