We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pacific Premier Bancorp Inc | NASDAQ:PPBI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.05 | 0.22% | 23.28 | 20.18 | 24.48 | 23.3499 | 22.84 | 23.32 | 325,455 | 22:30:00 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
|
|
(X)
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
DELAWARE
|
33-0743196
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S Employer Identification No.)
|
|
17901 VON KARMAN AVENUE, SUITE 1200, IRVINE, CALIFORNIA 92614
|
|
(Address of principal executive offices and zip code)
|
(949) 864-8000
|
(Registrant’s telephone number, including area code)
|
|
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [_]
|
Large accelerated filer
|
[ ]
|
Accelerated filer
|
[X]
|
Non-accelerated filer
|
[ ]
|
Smaller reporting company
|
[ ]
|
(Do not check if a smaller
reporting company)
|
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
||||||||||||
(dollars in thousands, except share data)
|
||||||||||||
ASSETS
|
March 31, 2014
|
December 31, 2013
|
March 31, 2013
|
|||||||||
(Unaudited)
|
(Audited)
|
(Unaudited)
|
||||||||||
Cash and due from banks
|
$ | 124,143 | $ | 126,787 | $ | 99,431 | ||||||
Federal funds sold
|
276 | 26 | 27 | |||||||||
Cash and cash equivalents
|
124,419 | 126,813 | 99,458 | |||||||||
Investment securities available for sale
|
202,142 | 256,089 | 301,160 | |||||||||
FHLB/FRB/Other stock, at cost
|
14,104 | 15,450 | 10,974 | |||||||||
Loans held for sale, net
|
- | 3,147 | 3,643 | |||||||||
Loans held for investment
|
1,325,372 | 1,240,123 | 941,828 | |||||||||
Allowance for loan losses
|
(8,685 | ) | (8,200 | ) | (7,994 | ) | ||||||
Loans held for investment, net
|
1,316,687 | 1,231,923 | 933,834 | |||||||||
Accrued interest receivable
|
5,865 | 6,254 | 4,898 | |||||||||
Other real estate owned
|
752 | 1,186 | 1,561 | |||||||||
Premises and equipment
|
9,643 | 9,864 | 8,862 | |||||||||
Deferred income taxes
|
9,180 | 8,477 | 2,646 | |||||||||
Bank owned life insurance
|
26,240 | 24,051 | 17,701 | |||||||||
Intangible assets
|
6,374 | 6,628 | 4,463 | |||||||||
Goodwill
|
22,950 | 17,428 | 11,854 | |||||||||
Other assets
|
6,926 | 6,877 | 5,601 | |||||||||
TOTAL ASSETS
|
$ | 1,745,282 | $ | 1,714,187 | $ | 1,406,655 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||||||
LIABILITIES:
|
||||||||||||
Deposit accounts:
|
||||||||||||
Noninterest bearing
|
$ | 412,871 | $ | 366,755 | $ | 316,536 | ||||||
Interest bearing
|
1,022,332 | 939,531 | 869,183 | |||||||||
Total deposits
|
1,435,203 | 1,306,286 | 1,185,719 | |||||||||
FHLB advances and other borrowings
|
95,506 | 204,091 | 44,191 | |||||||||
Subordinated debentures
|
10,310 | 10,310 | 10,310 | |||||||||
Accrued expenses and other liabilities
|
15,403 | 18,274 | 8,846 | |||||||||
TOTAL LIABILITIES
|
1,556,422 | 1,538,961 | 1,249,066 | |||||||||
STOCKHOLDERS’ EQUITY:
|
||||||||||||
Common stock, $.01 par value; 25,000,000 shares authorized; 17,224,977 shares at March 31, 2014, 16,656,279 shares at December 31, 2013, and 15,437,531 shares at March 31, 2013 issued and outstanding
|
172 | 166 | 154 | |||||||||
Additional paid-in capital
|
152,325 | 143,322 | 128,075 | |||||||||
Retained earnings
|
37,447 | 34,815 | 27,794 | |||||||||
Accumulated other comprehensive income (loss), net of tax (benefit) of ($757) at March 31, 2014, ($2,152) at December 31, 2013, and $1,095 at March 31, 2013
|
(1,084 | ) | (3,077 | ) | 1,566 | |||||||
TOTAL STOCKHOLDERS’ EQUITY
|
188,860 | 175,226 | 157,589 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$ | 1,745,282 | $ | 1,714,187 | $ | 1,406,655 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
||||||||
(dollars in thousands, except per share data)
|
||||||||
(unaudited)
|
||||||||
Three Months Ended
|
||||||||
March 31, 2014
|
March 31, 2013
|
|||||||
INTEREST INCOME
|
||||||||
Loans
|
$ | 16,585 | $ | 13,396 | ||||
Investment securities and other interest-earning assets
|
1,437 | 839 | ||||||
Total interest income
|
18,022 | 14,235 | ||||||
INTEREST EXPENSE
|
||||||||
Deposits
|
1,069 | 1,019 | ||||||
FHLB advances and other borrowings
|
243 | 240 | ||||||
Subordinated debentures
|
75 | 77 | ||||||
Total interest expense
|
1,387 | 1,336 | ||||||
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES
|
16,635 | 12,899 | ||||||
PROVISION FOR LOAN LOSSES
|
949 | 296 | ||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
15,686 | 12,603 | ||||||
NONINTEREST INCOME
|
||||||||
Loan servicing fees
|
856 | 326 | ||||||
Deposit fees
|
454 | 440 | ||||||
Net gain from sales of loans
|
548 | 723 | ||||||
Net gain from sales of investment securities
|
62 | - | ||||||
Other-than-temporary impairment recovery (loss) on investment securities, net
|
13 | (30 | ) | |||||
Other income
|
119 | 265 | ||||||
Total noninterest income
|
2,052 | 1,724 | ||||||
NONINTEREST EXPENSE
|
||||||||
Compensation and benefits
|
6,891 | 5,097 | ||||||
Premises and occupancy
|
1,588 | 1,293 | ||||||
Data processing and communications
|
1,131 | 635 | ||||||
Other real estate owned operations, net
|
13 | 37 | ||||||
FDIC insurance premiums
|
237 | 140 | ||||||
Legal, audit and professional expense
|
593 | 595 | ||||||
Marketing expense
|
176 | 206 | ||||||
Office and postage expense
|
369 | 263 | ||||||
Loan expense
|
184 | 248 | ||||||
Deposit expense
|
761 | 160 | ||||||
Merger related expense
|
626 | 1,745 | ||||||
Other expense
|
972 | 760 | ||||||
Total noninterest expense
|
13,541 | 11,179 | ||||||
NET INCOME BEFORE INCOME TAX
|
4,197 | 3,148 | ||||||
INCOME TAX
|
1,565 | 1,176 | ||||||
NET INCOME
|
$ | 2,632 | $ | 1,972 | ||||
EARNINGS PER SHARE
|
||||||||
Basic
|
$ | 0.15 | $ | 0.14 | ||||
Diluted
|
$ | 0.15 | $ | 0.13 | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING
|
||||||||
Basic
|
17,041,594 | 14,355,407 | ||||||
Diluted
|
17,376,001 | 15,117,216 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013
|
||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||||||
Common
Stock
Shares
|
Common
Stock
|
Additional
Paid-in Capital
|
Accumulated
Retained
Earnings
|
Accumulated Other Comprehensive Income
|
Total
Stockholders’ Equity
|
|||||||||||||||||||
Balance at December 31, 2013
|
16,656,279 | $ | 166 | $ | 143,322 | $ | 34,815 | $ | (3,077 | ) | $ | 175,226 | ||||||||||||
Net income
|
2,632 | 2,632 | ||||||||||||||||||||||
Other comprehensive income
|
1,993 | 1,993 | ||||||||||||||||||||||
Share-based compensation expense
|
181 | 181 | ||||||||||||||||||||||
Common stock repurchased and retired
|
(3,936 | ) | - | (284 | ) | (284 | ) | |||||||||||||||||
Common stock issued
|
562,469 | 6 | 9,006 | 9,012 | ||||||||||||||||||||
Stock options exercised
|
10,165 | - | 100 | 100 | ||||||||||||||||||||
Balance at March 31, 2014
|
17,224,977 | $ | 172 | $ | 152,325 | $ | 37,447 | $ | (1,084 | ) | $ | 188,860 | ||||||||||||
Balance at December 31, 2012
|
13,661,648 | $ | 137 | $ | 107,453 | $ | 25,822 | $ | 1,105 | $ | 134,517 | |||||||||||||
Net income
|
1,972 | 1,972 | ||||||||||||||||||||||
Other comprehensive income
|
461 | 461 | ||||||||||||||||||||||
Share-based compensation expense
|
152 | 152 | ||||||||||||||||||||||
Common stock repurchased and retired
|
(3,666 | ) | - | (22 | ) | (22 | ) | |||||||||||||||||
Common stock issued
|
1,774,217 | 17 | 20,482 | 20,499 | ||||||||||||||||||||
Stock options exercised
|
5,332 | - | 10 | 10 | ||||||||||||||||||||
Balance at March 31, 2013
|
15,437,531 | $ | 154 | $ | 128,075 | $ | 27,794 | $ | 1,566 | $ | 157,589 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
||||||||
(in thousands)
|
||||||||
(unaudited)
|
||||||||
Three Months Ended March 31,
|
||||||||
2014
|
2013
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net income
|
$ | 2,632 | $ | 1,972 | ||||
Adjustments to net income:
|
||||||||
Depreciation and amortization expense
|
549 | 440 | ||||||
Provision for loan losses
|
949 | 296 | ||||||
Share-based compensation expense
|
181 | 152 | ||||||
Loss on sale and disposal of premises and equipment
|
23 | - | ||||||
Loss on sale of other real estate owned
|
11 | 3 | ||||||
Amortization of premium/discounts on securities held for sale, net
|
637 | 237 | ||||||
Amortization of loan mark-to-market discount from FDIC transaction
|
(579 | ) | (729 | ) | ||||
Gain on sale of investment securities available for sale
|
(62 | ) | - | |||||
(Recoveries) other-than-temporary impairment loss on investment securities, net
|
(13 | ) | 30 | |||||
Gain on sale of loans held for investment
|
(548 | ) | (723 | ) | ||||
Recoveries on loans
|
37 | 184 | ||||||
Principal payments from loans held for sale
|
31 | 38 | ||||||
Loss on loans held for sale | 180 | - | ||||||
Deferred income tax provision
|
(703 | ) | - | |||||
Change in accrued expenses and other liabilities, net
|
(3,916 | ) | (387 | ) | ||||
Income from bank owned life insurance, net
|
(189 | ) | (128 | ) | ||||
Change in accrued interest receivable and other assets, net
|
(372 | ) | (1,347 | ) | ||||
Net cash provided by operating activities
|
(1,152 | ) | 38 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Proceeds from sale and principal payments on loans held for investment
|
87,580 | 50,977 | ||||||
Net change in undisbursed loan funds
|
17,651 | 107,003 | ||||||
Purchase and origination of loans held for investment
|
(108,020 | ) | (89,836 | ) | ||||
Proceeds from sale of other real estate owned
|
423 | 694 | ||||||
Principal payments on securities available for sale
|
6,212 | 5,797 | ||||||
Purchase of securities available for sale
|
(4,976 | ) | - | |||||
Proceeds from sale or maturity of securities available for sale
|
56,081 | - | ||||||
Investment in Bank Own Life Insurance
|
(2,000 | ) | - | |||||
Purchases of premises and equipment
|
(277 | ) | (657 | ) | ||||
Purchase of Federal Reserve Bank stock
|
(6 | ) | - | |||||
Redemption of FHLB stock
|
1,352 | 926 | ||||||
Cash (disbursed) acquired in acquisitions, net
|
(7,793 | ) | 124,697 | |||||
Net cash provided by investing activities
|
46,227 | 199,601 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Net increase (decrease) in deposit accounts
|
128,917 | (75,867 | ) | |||||
Repayment of FHLB advances and other borrowings
|
(176,202 | ) | (88,214 | ) | ||||
Proceeds from issuance of common stock, net of issuance cost
|
- | 4,560 | ||||||
Proceeds from exercise of stock options
|
100 | 10 | ||||||
Repurchase of common stock
|
(284 | ) | (22 | ) | ||||
Net cash (used in) provided by financing activities
|
(47,469 | ) | (159,533 | ) | ||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(2,394 | ) | 40,106 | |||||
CASH AND CASH EQUIVALENTS, beginning of period
|
126,813 | 59,352 | ||||||
CASH AND CASH EQUIVALENTS, end of period
|
$ | 124,419 | $ | 99,458 |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
|
||||||||
(in thousands)
|
||||||||
(unaudited)
|
||||||||
Three Months Ended
March 31,
|
||||||||
2014
|
2013
|
|||||||
SUPPLEMENTAL CASH FLOW DISCLOSURES
|
||||||||
Interest paid
|
$ | 1,104 | $ | 1,277 | ||||
Income taxes paid
|
3,500 | 2,700 | ||||||
Assets acquired (liabilities assumed and capital created) in acquisitions (See Note 4):
|
||||||||
Investment securities
|
- | 222,391 | ||||||
Federal Reserve Bank/FHLB/TIB Stock
|
- | 653 | ||||||
Loans
|
78,833 | 26,422 | ||||||
Core deposit intangible
|
- | 1,930 | ||||||
Goodwill
|
5,522 | 11,854 | ||||||
Fixed assets
|
74 | 70 | ||||||
Other assets
|
702 | 5,100 | ||||||
Deposits
|
- | (356,818 | ) | |||||
Other borrowings
|
(67,617 | ) | (16,905 | ) | ||||
Other liabilities
|
(709 | ) | (4,454 | ) | ||||
Additional paid-in capital
|
(9,012 | ) | (15,938 | ) | ||||
NONCASH INVESTING ACTIVITIES DURING THE PERIOD
|
||||||||
Transfers from loans to other real estate owned
|
$ | - | $ | - | ||||
Investment securities available for sale purchased and not settled
|
$ | 557 | $ | - | ||||
Loans held for sale transfer to loans held for investment
|
$ | 2,936 | $ | - |
IFH
Book Value
|
Fair Value
Adjustments
|
Fair
Value
|
||||||||||
(dollars in thousands)
|
||||||||||||
ASSETS ACQUIRED
|
||||||||||||
Cash and cash equivalents
|
$ | 555 | $ | - | $ | 555 | ||||||
Loans, gross
|
78,833 | - | 78,833 | |||||||||
Deferred loan costs
|
1,082 | (1,082 | ) | - | ||||||||
Allowance for loan losses
|
(268 | ) | 268 | - | ||||||||
Other assets
|
776 | - | 776 | |||||||||
Total assets acquired
|
$ | 80,978 | $ | (814 | ) | $ | 80,164 | |||||
LIABILITIES ASSUMED
|
||||||||||||
Bank loan
|
$ | 67,617 | $ | - | $ | 67,617 | ||||||
Accrued compensation
|
495 | - | 495 | |||||||||
Other liabilities
|
214 | - | 214 | |||||||||
Total liabilities assumed
|
68,326 | - | 68,326 | |||||||||
Excess of assets acquired over liabilities assumed
|
$ | 12,652 | $ | (814 | ) | 11,838 | ||||||
Consideration paid
|
17,360 | |||||||||||
Goodwill recognized
|
$ | 5,522 |
SDTB
Book Value
|
Fair Value
Adjustments
|
Fair
Value
|
||||||||||
(dollars in thousands)
|
||||||||||||
ASSETS ACQUIRED
|
||||||||||||
Cash and cash equivalents
|
$ | 30,252 | $ | - | $ | 30,252 | ||||||
Investment securities
|
124,960 | (155 | ) | 124,805 | ||||||||
Loans, gross
|
42,945 | (223 | ) | 42,722 | ||||||||
Allowance for loan losses
|
(1,013 | ) | 1,013 | - | ||||||||
Other real estate owned
|
752 | - | 752 | |||||||||
Core deposit intangible
|
- | 2,836 | 2,836 | |||||||||
Other assets
|
9,856 | - | 9,856 | |||||||||
Total assets acquired
|
$ | 207,752 | $ | 3,471 | $ | 211,223 | ||||||
LIABILITIES ASSUMED
|
||||||||||||
Deposits
|
$ | 183,901 | $ | 6 | $ | 183,907 | ||||||
Deferred tax liability (asset)
|
(333 | ) | 1,507 | 1,174 | ||||||||
Other liabilities
|
1,823 | (729 | ) | 1,094 | ||||||||
Total liabilities assumed
|
185,391 | 784 | 186,175 | |||||||||
Excess of assets acquired over liabilities assumed
|
$ | 22,361 | $ | 2,687 | 25,048 | |||||||
Consideration paid
|
30,622 | |||||||||||
Goodwill recognized
|
$ | 5,574 |
FAB
Book Value
|
Fair Value
Adjustments
|
Fair
Value
|
||||||||||
ASSETS ACQUIRED
|
(dollars in thousands)
|
|||||||||||
Cash and cash equivalents
|
$ | 167,663 | $ | - | $ | 167,663 | ||||||
Investment securities
|
219,913 | 2,478 | 222,391 | |||||||||
Loans, gross
|
26,264 | 158 | 26,422 | |||||||||
Allowance for loan losses
|
(224 | ) | 224 | - | ||||||||
Core deposit intangible
|
- | 1,930 | 1,930 | |||||||||
Other assets
|
5,823 | - | 5,823 | |||||||||
Total assets acquired
|
$ | 419,439 | $ | 4,790 | $ | 424,229 | ||||||
LIABILITIES ASSUMED
|
||||||||||||
Deposits
|
$ | 356,737 | $ | 81 | $ | 356,818 | ||||||
Borrowings
|
16,905 | - | 16,905 | |||||||||
Deferred tax liability
|
- | 3,918 | 3,918 | |||||||||
Other Liabilities
|
536 | - | 536 | |||||||||
Total liabilities assumed
|
374,178 | 3,999 | 378,177 | |||||||||
Excess of assets acquired over liabilities assumed
|
$ | 45,261 | $ | 791 | 46,052 | |||||||
Consideration paid
|
57,906 | |||||||||||
Goodwill recognized
|
$ | 11,854 |
Acquired Loans
|
||||||||||||
FAB
|
SDTB
|
IFH
|
||||||||||
(dollars in thousands)
|
||||||||||||
Contractual amounts due
|
$ | 32,107 | $ | 47,251 | $ | 98,320 | ||||||
Cash flows not expected to be collected
|
- | - | - | |||||||||
Expected cash flows
|
32,107 | 47,251 | 98,320 | |||||||||
Interest component of expected cash flows
|
5,685 | 4,529 | 19,487 | |||||||||
Fair value of acquired loans
|
$ | 26,422 | $ | 42,722 | $ | 78,833 |
Three months Ended March 31,
|
||||||||
2014
|
2013
|
|||||||
Net interest and other income
|
$ | 18,722 | $ | 16,543 | ||||
Net income
|
$ | 2,251 | $ | 1,909 | ||||
Basic earnings per share
|
$ | 0.13 | $ | 0.12 | ||||
Diluted earnings per share
|
$ | 0.13 | $ | 0.12 |
March 31, 2014
|
||||||||||||||||
Amortized
Cost
|
Unrealized
Gain
|
Unrealized
Loss
|
Estimated
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Investment securities available for sale:
|
|
|||||||||||||||
Municipal bonds
|
$ | 77,062 | $ | 848 | $ | (586 | ) | $ | 77,324 | |||||||
Mortgage-backed securities
|
126,921 | 65 | (2,168 | ) | 124,818 | |||||||||||
Total securities available for sale
|
$ | 203,983 | $ | 913 | $ | (2,754 | ) | $ | 202,142 | |||||||
December 31, 2013
|
||||||||||||||||
Amortized
Cost
|
Unrealized
Gain
|
Unrealized
Loss
|
Estimated
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||
U.S. Treasury
|
$ | 73 | $ | 8 | $ | - | $ | 81 | ||||||||
Municipal bonds
|
95,388 | 589 | (1,850 | ) | 94,127 | |||||||||||
Mortgage-backed securities
|
165,857 | 12 | (3,988 | ) | 161,881 | |||||||||||
Total securities available for sale
|
$ | 261,318 | $ | 609 | $ | (5,838 | ) | $ | 256,089 | |||||||
March 31, 2013
|
||||||||||||||||
Amortized
Cost
|
Unrealized
Gain
|
Unrealized
Loss
|
Estimated
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||
U.S. Treasury
|
$ | 74 | $ | 11 | $ | - | $ | 85 | ||||||||
Municipal bonds
|
154,543 | 1,783 | (387 | ) | 155,939 | |||||||||||
Mortgage-backed securities
|
143,882 | 1,821 | (567 | ) | 145,136 | |||||||||||
Total securities available for sale
|
$ | 298,499 | $ | 3,615 | $ | (954 | ) | $ | 301,160 |
March 31, 2014
|
||||||||||||||||||||||||||||||||||||
Less than 12 months
|
12 months or Longer
|
Total
|
||||||||||||||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
||||||||||||||||||||||||||||||||||
Unrealized
|
Unrealized
|
Unrealized
|
||||||||||||||||||||||||||||||||||
Fair
|
Holding
|
Fair
|
Holding
|
Fair
|
Holding
|
|||||||||||||||||||||||||||||||
Number
|
Value
|
Losses
|
Number
|
Value
|
Losses
|
Number
|
Value
|
Losses
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
Municipal bonds
|
74 | $ | 36,765 | $ | (476 | ) | 12 | $ | 5,046 | $ | (110 | ) | 86 | $ | 41,811 | $ | (586 | ) | ||||||||||||||||||
Mortgage-backed securities
|
32 | 93,299 | (1,422 | ) | 1 | 12,312 | (746 | ) | 33 | 105,611 | (2,168 | ) | ||||||||||||||||||||||||
Total
|
106 | $ | 130,064 | $ | (1,898 | ) | 13 | $ | 17,358 | $ | (856 | ) | 119 | $ | 147,422 | $ | (2,754 | ) | ||||||||||||||||||
December 31, 2013
|
||||||||||||||||||||||||||||||||||||
Less than 12 months
|
12 months or Longer
|
Total
|
||||||||||||||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
||||||||||||||||||||||||||||||||||
Unrealized
|
Unrealized
|
Unrealized
|
||||||||||||||||||||||||||||||||||
Fair
|
Holding
|
Fair
|
Holding
|
Fair
|
Holding
|
|||||||||||||||||||||||||||||||
Number
|
Value
|
Losses
|
Number
|
Value
|
Losses
|
Number
|
Value
|
Losses
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
Municipal bonds
|
133 | $ | 61,524 | $ | (1,850 | ) | - | $ | - | $ | - | 133 | $ | 61,524 | $ | (1,850 | ) | |||||||||||||||||||
Mortgage-backed securities
|
45 | 140,704 | (3,075 | ) | 1 | 12,607 | (913 | ) | 46 | 153,311 | (3,988 | ) | ||||||||||||||||||||||||
Total
|
178 | $ | 202,228 | $ | (4,925 | ) | 1 | $ | 12,607 | $ | (913 | ) | 179 | $ | 214,835 | $ | (5,838 | ) | ||||||||||||||||||
March 31, 2013
|
||||||||||||||||||||||||||||||||||||
Less than 12 months
|
12 months or Longer
|
Total
|
||||||||||||||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
||||||||||||||||||||||||||||||||||
Unrealized
|
Unrealized
|
Unrealized
|
||||||||||||||||||||||||||||||||||
Fair
|
Holding
|
Fair
|
Holding
|
Fair
|
Holding
|
|||||||||||||||||||||||||||||||
Number
|
Value
|
Losses
|
Number
|
Value
|
Losses
|
Number
|
Value
|
Losses
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
Municipal bonds
|
122 | $ | 53,773 | $ | (387 | ) | - | $ | - | $ | - | 122 | $ | 53,773 | $ | (387 | ) | |||||||||||||||||||
Mortgage-backed securities
|
3 | 20,258 | (350 | ) | 27 | 1,031 | (217 | ) | 30 | 21,289 | (567 | ) | ||||||||||||||||||||||||
Total
|
125 | $ | 74,031 | $ | (737 | ) | 27 | $ | 1,031 | $ | (217 | ) | 152 | $ | 75,062 | $ | (954 | ) |
One Year
|
More than One
|
More than Five Years
|
More than
|
|
||||||||||||||||||||||||||||||||||||
or Less
|
Year to Five Years
|
to Ten Years
|
Ten Years
|
Total
|
||||||||||||||||||||||||||||||||||||
Amortized
|
Fair
|
Amortized
|
Fair
|
Amortized
|
Fair
|
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||||||||||||||||||||
Cost
|
Value
|
Cost
|
Value
|
Cost
|
Value
|
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||||||||||||||||||||||||||
Municipal bonds
|
$ | - | $ | - | $ | 11,749 | $ | 11,729 | $ | 37,712 | $ | 37,570 | $ | 27,601 | $ | 28,025 | $ | 77,062 | $ | 77,324 | ||||||||||||||||||||
Mortgage-backed securities
|
- | - | - | - | 12,675 | 12,576 | 114,246 | 112,242 | 126,921 | 124,818 | ||||||||||||||||||||||||||||||
Total investment securities available for sale
|
- | - | 11,749 | 11,729 | 50,387 | 50,146 | 141,847 | 140,267 | 203,983 | 202,142 |
March 31, 2014
|
December 31, 2013
|
March 31, 2013
|
||||||||||
(in thousands)
|
||||||||||||
Business loans:
|
||||||||||||
Commercial and industrial
|
$ | 271,877 | $ | 187,035 | $ | 140,592 | ||||||
Commercial owner occupied (1)
|
223,848 | 221,089 | 166,571 | |||||||||
SBA
|
11,045 | 10,659 | 5,116 | |||||||||
Warehouse facilities
|
81,033 | 87,517 | 138,935 | |||||||||
Real estate loans:
|
||||||||||||
Commercial non-owner occupied
|
333,490 | 333,544 | 256,015 | |||||||||
Multi-family
|
223,200 | 233,689 | 139,100 | |||||||||
One-to-four family (2)
|
141,469 | 145,235 | 87,109 | |||||||||
Construction
|
29,857 | 13,040 | - | |||||||||
Land
|
6,170 | 7,605 | 7,863 | |||||||||
Other loans
|
3,480 | 3,839 | 4,690 | |||||||||
Total gross loans (3)
|
1,325,469 | 1,243,252 | 945,991 | |||||||||
Less loans held for sale, net
|
- | (3,147 | ) | (3,643 | ) | |||||||
Total gross loans held for investment
|
1,325,469 | 1,240,105 | 942,348 | |||||||||
Less:
|
||||||||||||
Deferred loan origination costs (fees) and premiums (discounts), net
|
(97 | ) | 18 | (520 | ) | |||||||
Allowance for loan losses
|
(8,685 | ) | (8,200 | ) | (7,994 | ) | ||||||
Loans held for investment, net
|
$ | 1,316,687 | $ | 1,231,923 | $ | 933,834 | ||||||
(1) Majority secured by real estate.
|
||||||||||||
(2) Includes second trust deeds.
|
||||||||||||
(3) Total gross loans for March 31, 2014 are net of (i) the unaccreted mark-to-market discounts on Canyon National Bank ("Canyon National") loans of $1.8 million, on Palm Desert National Bank ("Palm Desert National") loans of $2.2 million, and on SDTB loans of $115,000 and (ii) the mark-to-market premium on FAB loans of $53,000.
|
March 31, 2014
|
||||||||||||
Canyon National
|
Palm Desert National
|
Total
|
||||||||||
(in thousands)
|
||||||||||||
Business loans:
|
||||||||||||
Commercial and industrial
|
$ | 84 | $ | - | $ | 84 | ||||||
Commercial owner occupied
|
866 | - | 866 | |||||||||
Real estate loans:
|
||||||||||||
Commercial non-owner occupied
|
993 | - | 993 | |||||||||
One-to-four family
|
- | 14 | 14 | |||||||||
Total purchase credit impaired
|
$ | 1,943 | $ | 14 | $ | 1,957 |
Three Months Ended
|
||||||||||||
March 31, 2014
|
||||||||||||
Canyon National
|
Palm Desert National
|
Total
|
||||||||||
(in thousands)
|
||||||||||||
Balance at the beginning of period
|
$ | 1,623 | $ | 53 | $ | 1,676 | ||||||
Accretion
|
(68 | ) | - | (68 | ) | |||||||
Disposals and other
|
- | - | - | |||||||||
Change in accretable yield
|
- | - | - | |||||||||
Balance at the end of period
|
$ | 1,555 | $ | 53 | $ | 1,608 |
Contractual
Unpaid Principal Balance
|
Recorded
Investment
|
With Specific Allowance
|
Without Specific Allowance
|
Specific Allowance for Impaired Loans
|
Average Recorded Investment
|
Interest Income Recognized
|
||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||
March 31, 2014
|
||||||||||||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 67 | $ | 31 | $ | - | $ | 31 | $ | - | $ | 10 | $ | - | ||||||||||||||
Commercial owner occupied
|
870 | 718 | - | 718 | - | 738 | - | |||||||||||||||||||||
SBA
|
246 | 14 | - | 14 | - | 14 | 9 | |||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||
Commercial non-owner occupied
|
1,894 | 1,327 | - | 1,327 | - | 1,093 | 17 | |||||||||||||||||||||
One-to-four family
|
639 | 593 | 274 | 319 | 104 | 602 | 17 | |||||||||||||||||||||
Totals
|
$ | 3,716 | $ | 2,683 | $ | 274 | $ | 2,409 | $ | 104 | $ | 2,457 | $ | 43 | ||||||||||||||
Impaired Loans
|
||||||||||||||||||||||||||||
Contractual
Unpaid Principal Balance
|
Recorded
Investment
|
With Specific Allowance
|
Without Specific Allowance
|
Specific Allowance for Impaired Loans
|
Average Recorded Investment
|
Interest Income Recognized
|
||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||
December 31, 2013
|
||||||||||||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||||||
Commercial and industrial
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | 255 | $ | 17 | ||||||||||||||
Commercial owner occupied
|
872 | 747 | - | 747 | - | 177 | 66 | |||||||||||||||||||||
SBA
|
246 | 14 | - | 14 | - | 70 | 28 | |||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||
Commercial non-owner occupied
|
1,202 | 983 | 28 | 955 | 1 | 984 | 68 | |||||||||||||||||||||
Multi-family
|
- | - | - | - | - | 108 | 2 | |||||||||||||||||||||
One-to-four family
|
746 | 683 | 278 | 405 | 104 | 743 | 44 | |||||||||||||||||||||
Totals
|
$ | 3,066 | $ | 2,427 | $ | 306 | $ | 2,121 | $ | 105 | $ | 2,337 | $ | 225 | ||||||||||||||
Impaired Loans
|
||||||||||||||||||||||||||||
Contractual
Unpaid Principal Balance
|
Recorded
Investment
|
With Specific Allowance
|
Without Specific Allowance
|
Specific Allowance for Impaired Loans
|
Average Recorded Investment
|
Interest Income Recognized
|
||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||
March 31, 2013
|
||||||||||||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 697 | $ | 580 | $ | 281 | $ | 299 | $ | 256 | $ | 584 | $ | 18 | ||||||||||||||
Commercial owner occupied
|
245 | 245 | - | 245 | - | 245 | - | |||||||||||||||||||||
SBA
|
422 | 129 | - | 129 | - | 143 | 6 | |||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||
Commercial non-owner occupied
|
2,478 | 1,974 | - | 1,974 | - | 1,550 | 22 | |||||||||||||||||||||
Multi-family
|
- | - | - | - | - | 88 | 2 | |||||||||||||||||||||
One-to-four family
|
849 | 824 | 502 | 322 | 360 | 858 | 26 | |||||||||||||||||||||
Totals
|
$ | 4,691 | $ | 3,752 | $ | 783 | $ | 2,969 | $ | 616 | $ | 3,468 | $ | 74 |
March 31, 2014
|
December 31, 2013
|
March 31, 2013
|
||||||||||
(in thousands)
|
||||||||||||
Nonaccruing loans
|
$ | 2,497 | $ | 2,239 | $ | 3,055 | ||||||
Accruing loans
|
186 | 188 | 697 | |||||||||
Total impaired loans
|
$ | 2,683 | $ | 2,427 | $ | 3,752 |
·
|
Pass classifications represent assets with a level of credit quality which contain no well-defined deficiency or weakness.
|
·
|
Special Mention assets do not currently expose the Bank to a sufficient risk to warrant classification in one of the adverse categories, but possess correctable deficiency or potential weaknesses deserving management’s close attention.
|
·
|
Substandard assets are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. These assets are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. OREO acquired from foreclosure is also classified as substandard.
|
·
|
Doubtful credits have all the weaknesses inherent in substandard credits, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.
|
·
|
Loss assets are those that are considered uncollectible and of such little value that their continuance as assets is not warranted. Amounts classified as loss are promptly charged off.
|
Credit Risk Grades
|
||||||||||||||||
Special
|
Total Gross
|
|||||||||||||||
Pass
|
Mention
|
Substandard
|
Loans
|
|||||||||||||
March 31, 2014
|
(in thousands)
|
|||||||||||||||
Business loans:
|
||||||||||||||||
Commercial and industrial
|
$ | 270,024 | $ | - | $ | 1,853 | $ | 271,877 | ||||||||
Commercial owner occupied
|
212,663 | 272 | 10,913 | 223,848 | ||||||||||||
SBA
|
11,031 | - | 14 | 11,045 | ||||||||||||
Warehouse facilities
|
81,033 | - | - | 81,033 | ||||||||||||
Real estate loans:
|
||||||||||||||||
Commercial non-owner occupied
|
328,645 | - | 4,845 | 333,490 | ||||||||||||
Multi-family
|
222,178 | 508 | 514 | 223,200 | ||||||||||||
One-to-four family
|
140,453 | - | 1,016 | 141,469 | ||||||||||||
Construction
|
29,857 | - | - | 29,857 | ||||||||||||
Land
|
6,170 | - | - | 6,170 | ||||||||||||
Other loans
|
3,478 | - | 2 | 3,480 | ||||||||||||
Totals
|
$ | 1,305,532 | $ | 780 | $ | 19,157 | $ | 1,325,469 | ||||||||
Credit Risk Grades
|
||||||||||||||||
Special
|
Total Gross
|
|||||||||||||||
Pass
|
Mention
|
Substandard
|
Loans
|
|||||||||||||
December 31, 2013
|
(in thousands)
|
|||||||||||||||
Business loans:
|
||||||||||||||||
Commercial and industrial
|
$ | 184,247 | $ | 12 | $ | 2,776 | $ | 187,035 | ||||||||
Commercial owner occupied
|
207,872 | 1,217 | 12,000 | 221,089 | ||||||||||||
SBA
|
10,659 | - | - | 10,659 | ||||||||||||
Warehouse facilities
|
87,517 | - | - | 87,517 | ||||||||||||
Real estate loans:
|
||||||||||||||||
Commercial non-owner occupied
|
329,538 | 352 | 3,654 | 333,544 | ||||||||||||
Multi-family
|
232,661 | 511 | 517 | 233,689 | ||||||||||||
One-to-four family
|
144,152 | - | 1,083 | 145,235 | ||||||||||||
Construction
|
13,040 | - | - | 13,040 | ||||||||||||
Land
|
7,605 | - | - | 7,605 | ||||||||||||
Other loans
|
3,834 | - | 5 | 3,839 | ||||||||||||
Totals
|
$ | 1,221,125 | $ | 2,092 | $ | 20,035 | $ | 1,243,252 | ||||||||
Credit Risk Grades
|
||||||||||||||||
Special
|
Total Gross
|
|||||||||||||||
Pass
|
Mention
|
Substandard
|
Loans
|
|||||||||||||
March 31, 2013
|
(in thousands)
|
|||||||||||||||
Business loans:
|
||||||||||||||||
Commercial and industrial
|
$ | 136,947 | $ | 96 | $ | 3,549 | $ | 140,592 | ||||||||
Commercial owner occupied
|
149,787 | 2,792 | 13,992 | 166,571 | ||||||||||||
SBA
|
5,063 | - | 53 | 5,116 | ||||||||||||
Warehouse facilities
|
138,935 | - | - | 138,935 | ||||||||||||
Real estate loans:
|
||||||||||||||||
Commercial non-owner occupied
|
247,140 | 360 | 8,515 | 256,015 | ||||||||||||
Multi-family
|
137,014 | 517 | 1,569 | 139,100 | ||||||||||||
One-to-four family
|
85,849 | - | 1,260 | 87,109 | ||||||||||||
Land
|
7,853 | - | 10 | 7,863 | ||||||||||||
Other loans
|
4,678 | - | 12 | 4,690 | ||||||||||||
Totals
|
$ | 913,266 | $ | 3,765 | $ | 28,960 | $ | 945,991 |
Days Past Due
|
Non-
|
|||||||||||||||||||||||
Current
|
30-59 | 60-89 | 90+ |
Total
|
Accruing
|
|||||||||||||||||||
March 31, 2014
|
(in thousands)
|
|||||||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||
Commercial and industrial
|
$ | 271,845 | $ | - | $ | 32 | $ | - | $ | 271,877 | $ | 31 | ||||||||||||
Commercial owner occupied
|
223,402 | - | - | 446 | 223,848 | 864 | ||||||||||||||||||
SBA
|
10,985 | 46 | - | 14 | 11,045 | 14 | ||||||||||||||||||
Warehouse facilities
|
81,033 | - | - | - | 81,033 | - | ||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
Commercial non-owner occupied
|
332,572 | - | - | 918 | 333,490 | 1,327 | ||||||||||||||||||
Multi-family
|
223,200 | - | - | - | 223,200 | - | ||||||||||||||||||
One-to-four family
|
141,348 | 72 | - | 49 | 141,469 | 438 | ||||||||||||||||||
Construction
|
29,857 | - | - | - | 29,857 | - | ||||||||||||||||||
Land
|
6,170 | - | - | - | 6,170 | - | ||||||||||||||||||
Other loans
|
3,480 | - | - | - | 3,480 | - | ||||||||||||||||||
Totals
|
$ | 1,323,892 | $ | 118 | $ | 32 | $ | 1,427 | $ | 1,325,469 | $ | 2,674 | ||||||||||||
Days Past Due
|
Non-
|
|||||||||||||||||||||||
Current
|
30-59 | 60-89 | 90+ |
Total
|
Accruing
|
|||||||||||||||||||
December 31, 2013
|
(in thousands)
|
|||||||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||
Commercial and industrial
|
$ | 187,035 | $ | - | $ | - | $ | - | $ | 187,035 | $ | - | ||||||||||||
Commercial owner occupied
|
219,875 | 768 | - | 446 | 221,089 | 747 | ||||||||||||||||||
SBA
|
10,645 | - | - | 14 | 10,659 | 14 | ||||||||||||||||||
Warehouse facilities
|
87,517 | - | - | - | 87,517 | - | ||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
Commercial non-owner occupied
|
332,984 | - | - | 560 | 333,544 | 983 | ||||||||||||||||||
Multi-family
|
233,689 | - | - | - | 233,689 | - | ||||||||||||||||||
One-to-four family
|
145,041 | 71 | - | 123 | 145,235 | 507 | ||||||||||||||||||
Construction
|
13,040 | - | - | - | 13,040 | - | ||||||||||||||||||
Land
|
7,605 | - | - | - | 7,605 | - | ||||||||||||||||||
Other loans
|
3,709 | 130 | - | - | 3,839 | - | ||||||||||||||||||
Totals
|
$ | 1,241,140 | $ | 969 | $ | - | $ | 1,143 | $ | 1,243,252 | $ | 2,251 | ||||||||||||
Days Past Due
|
Non-
|
|||||||||||||||||||||||
Current
|
30-59 | 60-89 | 90+ |
Total
|
Accruing
|
|||||||||||||||||||
March 31, 2013
|
(in thousands)
|
|||||||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||
Commercial and industrial
|
$ | 140,365 | $ | 9 | $ | - | $ | 218 | $ | 140,592 | $ | 333 | ||||||||||||
Commercial owner occupied
|
166,326 | - | - | 245 | 166,571 | 245 | ||||||||||||||||||
SBA
|
5,044 | - | - | 72 | 5,116 | 121 | ||||||||||||||||||
Warehouse facilities
|
138,935 | - | - | - | 138,935 | - | ||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
Commercial non-owner occupied
|
254,678 | - | - | 1,337 | 256,015 | 1,974 | ||||||||||||||||||
Multi-family
|
138,053 | - | 1,047 | - | 139,100 | - | ||||||||||||||||||
One-to-four family
|
87,021 | 49 | 30 | 9 | 87,109 | 429 | ||||||||||||||||||
Land
|
7,863 | - | - | - | 7,863 | - | ||||||||||||||||||
Other loans
|
4,690 | - | - | - | 4,690 | - | ||||||||||||||||||
Totals
|
$ | 942,975 | $ | 58 | $ | 1,077 | $ | 1,881 | $ | 945,991 | $ | 3,102 |
·
|
Changes in national, regional and local economic conditions, including trends in real estate values and the interest rate environment,
|
·
|
Changes in the nature and volume of the loan portfolio, including new types of lending,
|
·
|
Changes in volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans, and
|
·
|
The existence and effect of concentrations of credit, and changes in the level of such concentrations.
|
·
|
Changes in national, regional and local economic conditions, including trends in real estate values and the interest rate environment,
|
·
|
Changes in volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans, and
|
·
|
The existence and effect of concentrations of credit, and changes in the level of such concentrations.
|
·
|
Changes in national, regional and local economic conditions, including trends in real estate values and the interest rate environment, and
|
·
|
Changes in volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans.
|
·
|
Changes in national, regional and local economic conditions, including trends in real estate values and the interest rate environment,
|
·
|
Changes in the nature and volume of the loan portfolio, including new types of lending, and
|
·
|
The existence and effect of concentrations of credit, and changes in the level of such concentrations.
|
Commercial and industrial
|
Commercial owner occupied
|
SBA
|
Warehouse
|
Commercial non-owner occupied
|
Multi-family
|
One-to-four family
|
Construction
|
Land
|
Other loans
|
Total
|
||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2013
|
$ | 1,968 | $ | 1,818 | $ | 151 | $ | 392 | $ | 1,658 | $ | 817 | $ | 1,099 | $ | 136 | $ | 127 | $ | 34 | $ | 8,200 | ||||||||||||||||||||||
Charge-offs
|
(124 | ) | - | - | - | (365 | ) | - | (12 | ) | - | - | - | (501 | ) | |||||||||||||||||||||||||||||
Recoveries
|
5 | - | 2 | - | - | - | 30 | - | - | - | 37 | |||||||||||||||||||||||||||||||||
Provisions for (reduction in) loan losses
|
516 | (64 | ) | 26 | (16 | ) | 564 | (12 | ) | (198 | ) | 187 | (46 | ) | (8 | ) | 949 | |||||||||||||||||||||||||||
Balance, March 31, 2014
|
$ | 2,365 | $ | 1,754 | $ | 179 | $ | 376 | $ | 1,857 | $ | 805 | $ | 919 | $ | 323 | $ | 81 | $ | 26 | $ | 8,685 | ||||||||||||||||||||||
Amount of allowance attributed to:
|
||||||||||||||||||||||||||||||||||||||||||||
Specifically evaluated impaired loans
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 104 | $ | - | $ | - | $ | - | $ | 104 | ||||||||||||||||||||||
General portfolio allocation
|
2,365 | 1,754 | 179 | 376 | 1,857 | 805 | 815 | 323 | 81 | 26 | 8,581 | |||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment
|
31 | 718 | 14 | - | 1,327 | - | 593 | - | - | - | 2,683 | |||||||||||||||||||||||||||||||||
Specific reserves to total loans individually evaluated for impairment
|
0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 17.54 | % | 0.00 | % | 0.00 | % | 0.00 | % | 3.88 | % | ||||||||||||||||||||||
Loans collectively evaluated for impairment
|
$ | 271,846 | $ | 223,130 | $ | 11,031 | $ | 81,033 | $ | 332,163 | $ | 223,200 | $ | 140,876 | $ | 29,857 | $ | 6,170 | $ | 3,480 | $ | 1,322,786 | ||||||||||||||||||||||
General reserves to total loans collectively evaluated for impairment
|
0.87 | % | 0.79 | % | 1.62 | % | 0.46 | % | 0.56 | % | 0.36 | % | 0.58 | % | 1.08 | % | 1.31 | % | 0.75 | % | 0.65 | % | ||||||||||||||||||||||
Total gross loans
|
$ | 271,877 | $ | 223,848 | $ | 11,045 | $ | 81,033 | $ | 333,490 | $ | 223,200 | $ | 141,469 | $ | 29,857 | $ | 6,170 | $ | 3,480 | $ | 1,325,469 | ||||||||||||||||||||||
Total allowance to gross loans
|
0.87 | % | 0.78 | % | 1.62 | % | 0.46 | % | 0.56 | % | 0.36 | % | 0.65 | % | 1.08 | % | 1.31 | % | 0.75 | % | 0.66 | % | ||||||||||||||||||||||
Commercial and industrial
|
Commercial owner occupied
|
SBA
|
Warehouse
|
Commercial non-owner occupied
|
Multi-family
|
One-to-four family
|
Construction
|
Land
|
Other loans
|
Total
|
||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2012
|
$ | 1,310 | $ | 1,512 | $ | 79 | $ | 1,544 | $ | 1,459 | $ | 1,145 | $ | 862 | $ | - | $ | 31 | $ | 52 | $ | 7,994 | ||||||||||||||||||||||
Charge-offs
|
(58 | ) | - | (5 | ) | - | (401 | ) | - | (10 | ) | - | - | (6 | ) | (480 | ) | |||||||||||||||||||||||||||
Recoveries
|
7 | - | 19 | - | - | - | 43 | - | - | 115 | 184 | |||||||||||||||||||||||||||||||||
Provisions for (reduction in) loan losses
|
1,037 | 153 | (43 | ) | (814 | ) | 345 | (639 | ) | 279 | - | 90 | (112 | ) | 296 | |||||||||||||||||||||||||||||
Balance, March 31, 2013
|
$ | 2,296 | $ | 1,665 | $ | 50 | $ | 730 | $ | 1,403 | $ | 506 | $ | 1,174 | $ | - | $ | 121 | $ | 49 | $ | 7,994 | ||||||||||||||||||||||
Amount of allowance attributed to:
|
||||||||||||||||||||||||||||||||||||||||||||
Specifically evaluated impaired loans
|
$ | 256 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 360 | $ | - | $ | - | $ | - | $ | 616 | ||||||||||||||||||||||
General portfolio allocation
|
2,040 | 1,665 | 50 | 730 | 1,403 | 506 | 814 | - | 121 | 49 | 7,378 | |||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment
|
580 | 245 | 129 | - | 1,974 | - | 824 | - | - | - | 3,752 | |||||||||||||||||||||||||||||||||
Specific reserves to total loans individually evaluated for impairment
|
44.14 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 43.69 | % | 0.00 | % | 0.00 | % | 0.00 | % | 16.42 | % | ||||||||||||||||||||||
Loans collectively evaluated for impairment
|
$ | 140,012 | $ | 166,326 | $ | 4,987 | $ | 138,935 | $ | 254,041 | $ | 139,100 | $ | 86,285 | $ | - | $ | 7,863 | $ | 4,690 | $ | 942,239 | ||||||||||||||||||||||
General reserves to total loans collectively evaluated for impairment
|
1.46 | % | 1.00 | % | 1.00 | % | 0.53 | % | 0.55 | % | 0.36 | % | 0.94 | % | 0.00 | % | 1.54 | % | 1.04 | % | 0.78 | % | ||||||||||||||||||||||
Total gross loans
|
$ | 140,592 | $ | 166,571 | $ | 5,116 | $ | 138,935 | $ | 256,015 | $ | 139,100 | $ | 87,109 | $ | - | $ | 7,863 | $ | 4,690 | $ | 945,991 | ||||||||||||||||||||||
Total allowance to gross loans
|
1.63 | % | 1.00 | % | 0.98 | % | 0.53 | % | 0.55 | % | 0.36 | % | 1.35 | % | 0.00 | % | 1.54 | % | 1.04 | % | 0.85 | % |
Three Months Ended
|
||
March 31,
|
||
2014
|
2013
|
|
Stock options excluded
|
700,598
|
102,193
|
Three Months Ended March 31,
|
||||||||||||||||||||||||
2014
|
2013
|
|||||||||||||||||||||||
Net
|
Per Share
|
Net
|
Per Share
|
|||||||||||||||||||||
Income
|
Shares
|
Amount
|
Income
|
Shares
|
Amount
|
|||||||||||||||||||
(dollars in thousands, except per share data)
|
||||||||||||||||||||||||
Net income
|
$ | 2,632 | $ | 1,972 | ||||||||||||||||||||
Basic income available to common stockholders
|
2,632 | 17,041,594 | $ | 0.15 | 1,972 | 14,355,407 | $ | 0.14 | ||||||||||||||||
Effect of dilutive stock options
|
- | 334,407 | - | 761,809 | ||||||||||||||||||||
Diluted income available to common stockholders plus assumed conversions
|
$ | 2,632 | 17,376,001 | $ | 0.15 | $ | 1,972 | 15,117,216 | $ | 0.13 |
|
At March 31, 2014
|
|||||||||||||||||||
Carrying
Amount
|
Level 1
|
Level 2
|
Level 3
|
Estimated
Fair Value
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 124,419 | $ | 124,419 | $ | - | $ | - | $ | 124,419 | ||||||||||
Securities available for sale
|
202,142 | - | 202,142 | - | 202,142 | |||||||||||||||
Federal Reserve Bank, TIB and FHLB stock, at cost
|
14,104 | 14,104 | - | - | 14,104 | |||||||||||||||
Loans held for sale, net
|
- | - | - | - | - | |||||||||||||||
Loans held for investment, net
|
1,316,687 | - | - | 1,392,661 | 1,392,661 | |||||||||||||||
Accrued interest receivable
|
5,865 | 5,865 | - | - | 5,865 | |||||||||||||||
Other real estate owned
|
752 | - | - | 752 | 752 | |||||||||||||||
Liabilities:
|
||||||||||||||||||||
Deposit accounts
|
1,435,203 | 1,110,877 | 354,437 | - | 1,465,314 | |||||||||||||||
FHLB advances
|
50,000 | 50,000 | - | - | 50,000 | |||||||||||||||
Other borrowings
|
45,506 | - | 47,708 | - | 47,708 | |||||||||||||||
Subordinated debentures
|
10,310 | - | 4,649 | - | 4,649 | |||||||||||||||
Accrued interest payable
|
168 | 168 | - | - | 168 | |||||||||||||||
Notional Amount
|
Level 1
|
Level 2
|
Level 3
|
Cost to Cede
or Assume
|
||||||||||||||||
Off-balance sheet commitments and standby letters of credit
|
$ | 246,014 | $ | - | $ | 24,601 | $ | - | $ | 24,601 | ||||||||||
At December 31, 2013
|
||||||||||||||||||||
Carrying
Amount
|
Level 1
|
Level 2
|
Level 3
|
Estimated
Fair Value
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 126,813 | $ | 126,813 | $ | - | $ | - | $ | 126,813 | ||||||||||
Securities available for sale
|
256,089 | - | 256,089 | - | 256,089 | |||||||||||||||
Federal Reserve Bank and FHLB stock, at cost
|
15,450 | 15,450 | - | - | 15,450 | |||||||||||||||
Loans held for sale, net
|
3,147 | - | 3,147 | - | 3,147 | |||||||||||||||
Loans held for investment, net
|
1,231,923 | - | - | 1,230,316 | 1,230,316 | |||||||||||||||
Accrued interest receivable
|
6,254 | 6,254 | - | - | 6,254 | |||||||||||||||
Other real estate owned
|
1,186 | - | 1,186 | - | 1,186 | |||||||||||||||
Liabilities:
|
||||||||||||||||||||
Deposit accounts
|
1,306,286 | 991,630 | 301,007 | - | 1,292,637 | |||||||||||||||
FHLB advances
|
156,000 | 156,000 | - | - | 156,000 | |||||||||||||||
Other borrowings
|
48,091 | - | 49,058 | - | 49,058 | |||||||||||||||
Subordinated debentures
|
10,310 | - | 4,696 | - | 4,696 | |||||||||||||||
Accrued interest payable
|
166 | 166 | - | - | 166 | |||||||||||||||
Notional Amount
|
Level 1
|
Level 2
|
Level 3
|
Cost to Cede
or Assume
|
||||||||||||||||
Off-balance sheet commitments and standby letters of credit
|
$ | 337,181 | $ | - | $ | 33,718 | $ | - | $ | 33,718 | ||||||||||
At March 31, 2013
|
||||||||||||||||||||
Carrying
Amount
|
Level 1
|
Level 2
|
Level 3
|
Estimated
Fair Value
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 99,458 | $ | 99,458 | $ | - | $ | - | $ | 99,458 | ||||||||||
Securities available for sale
|
301,160 | 85 | 300,091 | 984 | 301,160 | |||||||||||||||
Federal Reserve Bank and FHLB stock, at cost
|
10,974 | 10,974 | - | - | 10,974 | |||||||||||||||
Loans held for sale, net
|
3,643 | - | 3,643 | - | 3,643 | |||||||||||||||
Loans held for investment, net
|
933,834 | - | - | 1,004,001 | 1,004,001 | |||||||||||||||
Accrued interest receivable
|
4,898 | 4,898 | - | - | 4,898 | |||||||||||||||
Other real estate owned
|
1,561 | - | - | 1,561 | 1,561 | |||||||||||||||
Liabilities:
|
||||||||||||||||||||
Deposit accounts
|
1,185,719 | 835,196 | 351,462 | - | 1,186,658 | |||||||||||||||
FHLB advances
|
15,691 | 15,691 | - | - | 15,691 | |||||||||||||||
Other borrowings
|
28,500 | - | 31,772 | - | 31,772 | |||||||||||||||
Subordinated debentures
|
10,310 | - | 4,865 | - | 4,865 | |||||||||||||||
Accrued interest payable
|
213 | 213 | - | - | 213 | |||||||||||||||
Notional Amount
|
Level 1
|
Level 2
|
Level 3
|
Cost to Cede
or Assume
|
||||||||||||||||
Off-balance sheet commitments and standby letters of credit
|
$ | 236,720 | $ | - | $ | 23,672 | $ | - | $ | 23,672 |
March 31, 2014
|
||||||||||||||||
Fair Value Measurement Using
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Securities at
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Investment securities available for sale:
|
|
|||||||||||||||
Municipal bonds
|
$ | - | $ | 77,324 | $ | - | $ | 77,324 | ||||||||
Mortgage-backed securities
|
- | 124,818 | - | 124,818 | ||||||||||||
Total securities available for sale
|
$ | - | $ | 202,142 | $ | - | $ | 202,142 | ||||||||
March 31, 2013
|
||||||||||||||||
Fair Value Measurement Using
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Securities at
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||
U.S. Treasury
|
$ | 85 | $ | - | $ | - | $ | 85 | ||||||||
Municipal bonds
|
- | 155,939 | - | 155,939 | ||||||||||||
Mortgage-backed securities
|
- | 144,152 | 984 | 145,136 | ||||||||||||
Total securities available for sale
|
$ | 85 | $ | 300,091 | $ | 984 | $ | 301,160 |
Three Months Ended
|
||||
March 31, 2013
|
||||
Balance, beginning of period
|
$ | 952 | ||
Total gains or (losses) realized/unrealized:
|
||||
Included in earnings (or changes in net assets)
|
(30 | ) | ||
Included in other comprehensive income
|
117 | |||
Purchases, issuances, and settlements
|
(55 | ) | ||
Transfer in and/or out of Level 3
|
- | |||
Balance, end of period
|
$ | 984 |
March 31, 2014
|
||||||||||||||||
Fair Value Measurement Using
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Assets at
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Assets
|
||||||||||||||||
Collateral dependent impaired loans
|
$ | - | $ | - | $ | 1,730 | $ | 1,730 | ||||||||
Other real estate owned
|
- | - | 752 | 752 | ||||||||||||
Total assets
|
$ | - | $ | - | $ | 2,482 | $ | 2,482 | ||||||||
March 31, 2013
|
||||||||||||||||
Fair Value Measurement Using
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Assets at
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Assets
|
||||||||||||||||
Collateral dependent impaired loans
|
$ | - | $ | - | $ | 2,690 | $ | 2,690 | ||||||||
Loans held for sale
|
- | 3,643 | - | 3,643 | ||||||||||||
Other real estate owned
|
- | - | 1,561 | 1,561 | ||||||||||||
Total assets
|
$ | - | $ | 3,643 | $ | 4,251 | $ | 7,894 |
March 31, 2014
|
||||||||||||||||||
Range
|
||||||||||||||||||
Fair Value
|
Valuation Techniques
|
Unobservable Inputs
|
Rate
|
Maturity (years)
|
Unobservable Inputs
|
|||||||||||||
Collateral dependent impaired loans:
|
||||||||||||||||||
Business loans:
|
||||||||||||||||||
Commercial and industrial
|
$ | 31 |
Collateral valuation
|
Management adjustment to reflect current conditions and selling costs
|
6.00 | % | 3 | 0-10 | % | |||||||||
Commercial owner occupied
|
718 |
Collateral valuation
|
Management adjustment to reflect current conditions and selling costs
|
7.00-11.75 | % | 3-8 | 0-10 | % | ||||||||||
SBA
|
14 |
Collateral valuation
|
Management adjustment to reflect current conditions and selling costs
|
6.00 | % | 7 | 0-20 | % | ||||||||||
Real estate loans:
|
||||||||||||||||||
Commercial non-owner occupied
|
918 |
Collateral valuation
|
Management adjustment to reflect current conditions and selling costs
|
6.13-7.00 | % | 12-13 | 0-15 | % | ||||||||||
One-to-four family
|
49 |
Collateral valuation
|
Management adjustment to reflect current conditions and selling costs
|
11.10-15.00 | % | 6-15 | 0-10 | % | ||||||||||
Total collateral dependent impaired loans
|
$ | 1,730 | ||||||||||||||||
Other real estate owned
|
||||||||||||||||||
Land
|
$ | 752 |
Collateral valuation
|
Management adjustment to reflect current conditions and selling costs
|
-- | -- | 0-10 | % | ||||||||||
Total other real estate owned
|
$ | 752 | ||||||||||||||||
March 31, 2013
|
||||||||||||||||||
Range
|
||||||||||||||||||
Fair Value
|
Valuation Techniques
|
Unobservable Inputs
|
Rate
|
Maturity (years)
|
Unobservable Inputs
|
|||||||||||||
Collateral dependent impaired loans:
|
||||||||||||||||||
Business loans:
|
||||||||||||||||||
Commercial and industrial
|
$ | 580 |
Collateral valuation
|
Management adjustment to reflect current conditions and selling costs
|
5.25-7.25 | % | 3-8 | 0-10 | % | |||||||||
Commercial owner occupied
|
245 |
Collateral valuation
|
Management adjustment to reflect current conditions and selling costs
|
8.00 | % | 5 | 0-10 | % | ||||||||||
SBA
|
129 |
Collateral valuation
|
Management adjustment to reflect current conditions and selling costs
|
5.25-6.00 | % | 1-6 | 0-20 | % | ||||||||||
Real estate loans:
|
||||||||||||||||||
Commercial non-owner occupied
|
1,511 |
Collateral valuation
|
Management adjustment to reflect current conditions and selling costs
|
4.75-6.25 | % | 10-11 | 0-15 | % | ||||||||||
One-to-four family
|
225 |
Collateral valuation
|
Management adjustment to reflect current conditions and selling costs
|
7.25-11.50 | % | 1-12 | 0-10 | % | ||||||||||
Total collateral dependent impaired loans
|
$ | 2,690 | ||||||||||||||||
Other real estate owned
|
||||||||||||||||||
Land
|
$ | 1,561 |
Collateral valuation
|
Management adjustment to reflect current conditions and selling costs
|
-- | -- | 0-10 | % | ||||||||||
Total other real estate owned
|
$ | 1,561 |
·
|
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 (the “Federal Reserve”);
|
·
|
Inflation/deflation, 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 our products and services;
|
·
|
The impact of changes in financial services policies, laws and regulations, including those concerning taxes, banking, securities and insurance, and the application thereof by regulatory bodies;
|
·
|
Technological changes;
|
·
|
The effect of the SDTB, FAB and Infinity acquisitions and other acquisitions we have made or may make, if any, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions;
|
·
|
Changes in the level of our nonperforming assets and charge-offs;
|
·
|
The effect of changes in accounting policies and practices, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the FASB or other accounting standards setters;
|
·
|
Possible OTTI of securities held by us;
|
·
|
The impact of current governmental efforts to restructure the United States financial regulatory system, including enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”);
|
·
|
Changes in consumer spending, borrowing and savings habits;
|
·
|
The effects of our 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;
|
·
|
Geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad;
|
·
|
Unanticipated regulatory or judicial proceedings; and
|
·
|
Our ability to manage the risks involved in the foregoing.
|
·
|
$124.8 million in investment securities;
|
·
|
$42.7 million of gross loans;
|
·
|
$30.3 million of cash and cash equivalents;
|
·
|
$5.6 million in goodwill;
|
·
|
$5.8 million in bank owned life insurance;
|
·
|
$4.1 million of other types of assets; and
|
·
|
$2.8 million of a core deposit intangible.
|
·
|
$178.8 million in deposit transaction accounts;
|
·
|
$5.1 million in retail certificates of deposit;
|
·
|
$1.1 million other liabilities; and
|
·
|
$1.2 million in deferred tax liability.
|
·
|
$222.4 million in investment securities;
|
·
|
$167.7 million of cash and cash equivalents;
|
·
|
$26.4 million of gross loans;
|
·
|
$11.9 million in goodwill;
|
·
|
$5.8 million of other types of assets; and
|
·
|
$1.9 million of a core deposit intangible.
|
·
|
$329.5 million in deposit transaction accounts;
|
·
|
$17.4 million in retail certificates of deposit;
|
·
|
$9.9 million in wholesale deposits;
|
·
|
$16.9 million in other borrowings;
|
·
|
$3.9 million in deferred tax liability; and
|
·
|
$536,000 of other liabilities.
|
·
|
Interest income earned from average interest-earning assets and the resultant yields; and
|
·
|
Interest expense incurred from average interest-bearing liabilities and resultant costs, expressed as rates.
|
·
|
Changes in interest rates (changes in interest rates multiplied by prior volume);
|
·
|
Changes in volume (changes in volume multiplied by prior rate); and
|
·
|
The net change or the combined impact of volume and rate changes allocated proportionately to changes in volume and changes in interest rates.
|
Three Months Ended March 31, 2014
|
||||||||||||
Compared to
|
||||||||||||
Three Months Ended March 31, 2013
|
||||||||||||
Increase (decrease) due to
|
||||||||||||
Rate
|
Volume
|
Net
|
||||||||||
(in thousands)
|
||||||||||||
Interest-earning assets
|
||||||||||||
Cash and cash equivalents
|
$ | (11 | ) | $ | 1 | $ | (10 | ) | ||||
Investment securities
|
(25 | ) | 633 | 608 | ||||||||
Loans receivable, net
|
(1,190 | ) | 4,379 | 3,189 | ||||||||
Total interest-earning assets
|
$ | (1,226 | ) | $ | 5,013 | $ | 3,787 | |||||
Interest-bearing liabilities
|
||||||||||||
Interest checking
|
$ | 2 | $ | 28 | $ | 30 | ||||||
Money market
|
14 | 125 | 139 | |||||||||
Savings
|
(5 | ) | (2 | ) | (7 | ) | ||||||
Time
|
(66 | ) | (46 | ) | (112 | ) | ||||||
FHLB advances and other borrowings
|
(146 | ) | 149 | 3 | ||||||||
Subordinated debentures
|
(2 | ) | - | (2 | ) | |||||||
Total interest-bearing liabilities
|
$ | (203 | ) | $ | 254 | $ | 51 | |||||
Change in net interest income
|
$ | (1,023 | ) | $ | 4,759 | $ | 3,736 |
·
|
A $1.8 million increase in compensation and benefits expense, primarily due to the addition of employees from the acquisitions, as well as employees added in lending and credit areas to increase our loan production of commercial and industrial (“C&I”) loans, commercial real estate (“CRE”) loans, SBA loans, HOA loans, warehouse facilities and construction loans;
|
·
|
A $601,000 increase in deposit expenses, primarily related to increases in deposit transaction accounts related to acquisitions and organic growth;
|
·
|
A $496,000 increase in data processing and communications expense, primarily related to a $357,000 fee paid to terminate services from our payment processing system provider for a new, more cost effective provider; and
|
·
|
A $295,000 increase in premises and occupancy, primarily related to acquisitions.
|
Three Months Ended
|
||||||||
March 31, 2014
|
March 31, 2013
|
|||||||
(in thousands)
|
||||||||
Beginning balance gross loans
|
$ | 1,243,252 | $ | 986,194 | ||||
Loans originated:
|
||||||||
Business loans:
|
||||||||
Commercial and industrial
|
46,786 | 12,133 | ||||||
Commercial owner occupied (1)
|
1,800 | 3,582 | ||||||
SBA
|
5,199 | 4,373 | ||||||
Warehouse facilities
|
1,150 | 42,710 | ||||||
Real estate loans:
|
||||||||
Commercial non-owner occupied
|
22,806 | 25,970 | ||||||
Multi-family
|
7,574 | 783 | ||||||
One-to-four family (2)
|
450 | 180 | ||||||
Construction loans
|
20,428 | - | ||||||
Other loans
|
12 | 106 | ||||||
Total loans originated
|
106,205 | 89,837 | ||||||
Loans purchased:
|
||||||||
Business loans:
|
||||||||
Commercial and industrial
|
69,543 | 26,421 | ||||||
Commercial owner occupied
|
11,105 | - | ||||||
Total loans purchased
|
80,648 | 26,421 | ||||||
Total loan production
|
186,853 | 116,258 | ||||||
Principal repayments
|
(77,555 | ) | (45,244 | ) | ||||
Sales of loans
|
(9,508 | ) | (5,048 | ) | ||||
Change in undisbursed loan funds, net
|
(17,651 | ) | (107,003 | ) | ||||
Charge-offs
|
(501 | ) | (480 | ) | ||||
Change in mark-to-market discounts from acquisitions
|
579 | 1,314 | ||||||
Net increase (decrease) in gross loans
|
82,217 | (40,203 | ) | |||||
Ending balance gross loans
|
$ | 1,325,469 | $ | 945,991 | ||||
(1) Majority secured by real estate.
|
||||||||
(2) Includes second trust deeds.
|
March 31, 2014
|
||||||||||||||||
Weighted
|
Weighted
|
|||||||||||||||
Number
|
Average
|
Average Months
|
||||||||||||||
Periods to Repricing
|
of Loans
|
Amount
|
Interest Rate
|
to Reprice
|
||||||||||||
(dollars in thousands)
|
||||||||||||||||
1 Year and less
|
893 | $ | 423,071 | 5.15 | % | 1.23 | ||||||||||
Over 1 Year to 3 Years
|
73 | 77,373 | 4.50 | % | 28.59 | |||||||||||
Over 3 Years to 5 Years
|
310 | 383,699 | 4.70 | % | 48.64 | |||||||||||
Over 5 Years to 7 Years
|
56 | 121,809 | 4.54 | % | 75.38 | |||||||||||
Over 7 Years to 10 Years
|
15 | 15,799 | 4.92 | % | 103.44 | |||||||||||
Total adjustable
|
1,347 | 1,021,751 | 4.86 | % | 31.59 | |||||||||||
Fixed
|
919 | 303,718 | 5.49 | % | ||||||||||||
Total
|
2,266 | $ | 1,325,469 | 5.00 | % |
March 31, 2014
|
December 31, 2013
|
March 31, 2013
|
||||||||||||||||||||||||||||||||||
Allowance
|
% of Loans
|
Allowance
|
% of Loans
|
Allowance
|
% of Loans
|
|||||||||||||||||||||||||||||||
Balance at End of
|
as a % of
|
in Category to
|
as a % of
|
in Category to
|
as a % of
|
in Category to
|
||||||||||||||||||||||||||||||
Period Applicable to
|
Amount
|
Category Total
|
Total Loans
|
Amount
|
Category Total
|
Total Loans
|
Amount
|
Category Total
|
Total Loans
|
|||||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
Business loans:
|
||||||||||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 2,365 | 0.87 | % | 20.5 | % | $ | 1,968 | 1.05 | % | 15.0 | % | $ | 2,296 | 1.63 | % | 14.9 | % | ||||||||||||||||||
Commercial owner occupied
|
1,754 | 0.78 | % | 16.9 | % | 1,818 | 0.82 | % | 17.8 | % | 1,665 | 1.00 | % | 17.6 | % | |||||||||||||||||||||
SBA
|
179 | 1.62 | % | 0.8 | % | 151 | 1.42 | % | 0.9 | % | 50 | 0.98 | % | 0.5 | % | |||||||||||||||||||||
Warehouse facilities
|
376 | 0.46 | % | 6.1 | % | 392 | 0.45 | % | 7.0 | % | 730 | 0.53 | % | 14.7 | % | |||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||||||||||
Commercial non-owner occupied
|
1,857 | 0.56 | % | 25.2 | % | 1,658 | 0.50 | % | 26.9 | % | 1,403 | 0.55 | % | 27.1 | % | |||||||||||||||||||||
Multi-family
|
805 | 0.36 | % | 16.8 | % | 817 | 0.35 | % | 18.8 | % | 506 | 0.36 | % | 14.7 | % | |||||||||||||||||||||
One-to-four family
|
919 | 0.65 | % | 10.7 | % | 1,099 | 0.76 | % | 11.7 | % | 1,174 | 1.35 | % | 9.2 | % | |||||||||||||||||||||
Construction
|
323 | 1.08 | % | 2.2 | % | 136 | 1.04 | % | 1.0 | % | - | 0.00 | % | 0.0 | % | |||||||||||||||||||||
Land
|
81 | 1.31 | % | 0.5 | % | 127 | 1.67 | % | 0.6 | % | 121 | 1.54 | % | 0.8 | % | |||||||||||||||||||||
Other Loans
|
26 | 0.75 | % | 0.3 | % | 34 | 0.89 | % | 0.3 | % | 49 | 1.04 | % | 0.5 | % | |||||||||||||||||||||
Total
|
$ | 8,685 | 0.66 | % | 100.0 | % | $ | 8,200 | 0.66 | % | 100.0 | % | $ | 7,994 | 0.85 | % | 100.0 | % |
Three Months Ended
|
||||||||
March 31,
|
||||||||
2014
|
2013
|
|||||||
(dollars in thousands)
|
||||||||
Balance, beginning of period
|
$ | 8,200 | $ | 7,994 | ||||
Provision for loan losses
|
949 | 296 | ||||||
Charge-offs:
|
||||||||
Business loans:
|
||||||||
Commercial and industrial
|
(124 | ) | (58 | ) | ||||
SBA
|
- | (5 | ) | |||||
Real estate:
|
||||||||
Commercial non-owner occupied
|
(365 | ) | (401 | ) | ||||
One-to-four family
|
(12 | ) | (10 | ) | ||||
Other loans
|
- | (6 | ) | |||||
Total charge-offs
|
(501 | ) | (480 | ) | ||||
Recoveries :
|
||||||||
Business loans:
|
||||||||
Commercial and industrial
|
5 | 7 | ||||||
SBA
|
2 | 19 | ||||||
Real estate:
|
||||||||
One-to-four family
|
30 | 43 | ||||||
Other loans
|
- | 115 | ||||||
Total recoveries
|
37 | 184 | ||||||
Net loan charge-offs
|
(464 | ) | (296 | ) | ||||
Balance at end of period
|
$ | 8,685 | $ | 7,994 | ||||
Ratios:
|
||||||||
Net charge-offs to average total loans, net
|
0.15 | % | 0.13 | % | ||||
Allowance for loan losses to gross loans at end of period
|
0.66 | % | 0.85 | % |
March 31, 2014
|
||||||||||||||||
Amortized
Cost
|
Unrealized
Gain
|
Unrealized
Loss
|
Estimated
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Investment securities available for sale:
|
|
|||||||||||||||
Municipal bonds
|
$ | 77,062 | $ | 848 | $ | (586 | ) | $ | 77,324 | |||||||
Mortgage-backed securities
|
126,921 | 65 | (2,168 | ) | 124,818 | |||||||||||
Total securities available for sale
|
$ | 203,983 | $ | 913 | $ | (2,754 | ) | $ | 202,142 | |||||||
December 31, 2013
|
||||||||||||||||
Amortized
Cost
|
Unrealized
Gain
|
Unrealized
Loss
|
Estimated
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||
U.S. Treasury
|
$ | 73 | $ | 8 | $ | - | $ | 81 | ||||||||
Municipal bonds
|
95,388 | 589 | (1,850 | ) | 94,127 | |||||||||||
Mortgage-backed securities
|
165,857 | 12 | (3,988 | ) | 161,881 | |||||||||||
Total securities available for sale
|
$ | 261,318 | $ | 609 | $ | (5,838 | ) | $ | 256,089 | |||||||
March 31, 2013
|
||||||||||||||||
Amortized
Cost
|
Unrealized
Gain
|
Unrealized
Loss
|
Estimated
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||
U.S. Treasury
|
$ | 74 | $ | 11 | $ | - | $ | 85 | ||||||||
Municipal bonds
|
154,543 | 1,783 | (387 | ) | 155,939 | |||||||||||
Mortgage-backed securities
|
143,882 | 1,821 | (567 | ) | 145,136 | |||||||||||
Total securities available for sale
|
$ | 298,499 | $ | 3,615 | $ | (954 | ) | $ | 301,160 |
March 31, 2014
|
||||||||||||||||||||||||||||||||||||||||
One Year
|
More than One
|
More than Five Years
|
More than
|
|
||||||||||||||||||||||||||||||||||||
or Less
|
to Five Years
|
to Ten Years
|
Ten Years
|
Total
|
||||||||||||||||||||||||||||||||||||
Fair
Value
|
Weighted
Average
Yield
|
Fair
Value
|
Weighted
Average
Yield
|
Fair
Value
|
Weighted
Average
Yield
|
Fair
Value
|
Weighted
Average
Yield
|
Fair
Value
|
Weighted
Average
Yield
|
|||||||||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||||||||||||||||||||||||||
Municipal bonds
|
$ | - | 0.00 | % | $ | 11,729 | 1.07 | % | $ | 37,570 | 1.87 | % | $ | 28,025 | 2.94 | % | $ | 77,324 | 2.15 | % | ||||||||||||||||||||
Mortgage-backed securities
|
- | 0.00 | % | - | 0.00 | % | 12,576 | 1.42 | % | 112,242 | 2.06 | % | 124,818 | 2.02 | % | |||||||||||||||||||||||||
Total investment securities available for sale
|
- | 0.00 | % | 11,729 | 1.07 | % | 50,146 | 1.75 | % | 140,267 | 2.24 | % | 202,142 | 2.07 | % | |||||||||||||||||||||||||
Stock:
|
||||||||||||||||||||||||||||||||||||||||
FHLB
|
6,131 | 6.66 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 6,131 | 6.66 | % | |||||||||||||||||||||||||
Federal Reserve Bank/TIB
|
7,973 | 5.53 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 7,973 | 5.53 | % | |||||||||||||||||||||||||
Total stock
|
14,104 | 6.02 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 14,104 | 6.02 | % | |||||||||||||||||||||||||
Total securities
|
$ | 14,104 | 6.02 | % | $ | 11,729 | 1.07 | % | $ | 50,146 | 1.75 | % | $ | 140,267 | 2.24 | % | $ | 216,246 | 2.32 | % |
·
|
An evaluation of the present value of estimated cash flows from the security using the current yield to accrete beneficial interest and including assumptions in the prepayment rate, default rate, delinquencies, loss severity and percentage of nonperforming assets;
|
·
|
An evaluation of the estimated payback period to recover principal;
|
·
|
An analysis of the credit support available in the underlying security to absorb losses; and
|
·
|
A review of the financial condition and near term prospects of the issuer.
|
Three Months Ended
|
Three Months Ended
|
||||||||||||||||||||||||||||||||
March 31, 2014
|
March 31, 2013
|
||||||||||||||||||||||||||||||||
Rating
|
Number
|
Fair Value
|
OTTI Credit Loss (Recovery)
|
Non Credit Gain in Accumulated Other Comprehensive Income (AOCI)
|
Number
|
Fair Value
|
OTTI Credit Loss
|
Non Credit Gain in Accumulated Other Comprehensive Income (AOCI)
|
|||||||||||||||||||||||||
(dollars in thousands)
|
|||||||||||||||||||||||||||||||||
D | - | $ | - | $ | - | $ | - | 4 | $ | 446 | $ | 30 | $ | 95 | |||||||||||||||||||
Various
|
- | - | (13 | ) | - | - | - | - | - | ||||||||||||||||||||||||
Total
|
- | $ | - | $ | (13 | ) | $ | - | 4 | $ | 446 | $ | 30 | $ | 95 |
March 31,
|
December 31,
|
March 31,
|
||||||||||
2014
|
2013
|
2013
|
||||||||||
(dollars in thousands)
|
||||||||||||
Nonperforming assets
|
||||||||||||
Business loans:
|
||||||||||||
Commercial and industrial
|
$ | 31 | $ | - | $ | 333 | ||||||
Commercial owner occupied
|
864 | 747 | 245 | |||||||||
SBA (1)
|
14 | 14 | 121 | |||||||||
Real estate:
|
||||||||||||
Commercial non-owner occupied
|
1,327 | 983 | 1,974 | |||||||||
One-to-four family
|
438 | 507 | 429 | |||||||||
Total nonaccrual loans
|
2,674 | 2,251 | 3,102 | |||||||||
Other real estate owned:
|
||||||||||||
Land
|
752 | 1,186 | 1,561 | |||||||||
Total other real estate owned
|
752 | 1,186 | 1,561 | |||||||||
Total nonperforming assets, net
|
$ | 3,426 | $ | 3,437 | $ | 4,663 | ||||||
Allowance for loan losses
|
$ | 8,685 | $ | 8,200 | $ | 7,994 | ||||||
Allowance for loan losses as a percent of
total nonperforming loans
|
324.79 | % | 364.28 | % | 257.70 | % | ||||||
Nonperforming loans as a percent of gross loans
|
0.20 | % | 0.18 | % | 0.33 | % | ||||||
Nonperforming assets as a percent of total assets
|
0.20 | % | 0.20 | % | 0.33 | % | ||||||
(1) The SBA totals include the guaranteed amount of $72,000 as of March 31, 2013. |
March 31, 2014
|
December 31, 2013
|
March 31, 2013
|
|||||||||||||||||||||||||||||||||||
Balance
|
% of Total Deposits
|
Weighted Average Rate
|
Balance
|
% of Total Deposits
|
Weighted Average Rate
|
Balance
|
% of Total Deposits
|
Weighted Average Rate
|
|||||||||||||||||||||||||||||
(dollars in thousands)
|
|||||||||||||||||||||||||||||||||||||
Noninterest bearing checking
|
$ | 412,871 | 28.8 | % | 0.00 | % | $ | 366,755 | 28.1 | % | 0.00 | % | $ | 316,536 | 26.7 | % | 0.00 | % | |||||||||||||||||||
Interest-bearing deposits:
|
|||||||||||||||||||||||||||||||||||||
Checking
|
137,285 | 9.5 | % | 0.11 | % | 120,886 | 9.3 | % | 0.11 | % | 115,541 | 9.7 | % | 0.10 | % | ||||||||||||||||||||||
Money market
|
453,261 | 31.6 | % | 0.30 | % | 427,577 | 32.7 | % | 0.29 | % | 323,709 | 27.3 | % | 0.28 | % | ||||||||||||||||||||||
Savings
|
76,087 | 5.3 | % | 0.14 | % | 76,412 | 5.8 | % | 0.14 | % | 80,578 | 6.8 | % | 0.15 | % | ||||||||||||||||||||||
Time deposit accounts:
|
|||||||||||||||||||||||||||||||||||||
Less than 1.00%
|
131,274 | 9.1 | % | 0.51 | % | 120,583 | 9.2 | % | 0.39 | % | 164,843 | 13.9 | % | 0.55 | % | ||||||||||||||||||||||
1.00-1.99 | 211,725 | 14.8 | % | 1.06 | % | 181,046 | 13.9 | % | 1.06 | % | 169,616 | 14.3 | % | 1.15 | % | ||||||||||||||||||||||
2.00-2.99 | 11,266 | 0.8 | % | 2.85 | % | 11,503 | 0.8 | % | 2.83 | % | 12,560 | 1.1 | % | 2.80 | % | ||||||||||||||||||||||
3.00-3.99 | 694 | 0.0 | % | 3.20 | % | 795 | 0.1 | % | 3.28 | % | 1,144 | 0.1 | % | 3.44 | % | ||||||||||||||||||||||
4.00-4.99 | 3 | 0.0 | % | 4.93 | % | 2 | 0.0 | % | 4.93 | % | 288 | 0.0 | % | 4.24 | % | ||||||||||||||||||||||
5.00 and greater
|
737 | 0.1 | % | 5.25 | % | 727 | 0.1 | % | 5.25 | % | 904 | 0.1 | % | 5.26 | % | ||||||||||||||||||||||
Total time deposit accounts
|
355,699 | 24.8 | % | 0.92 | % | 314,656 | 24.1 | % | 0.88 | % | 349,355 | 29.5 | % | 0.94 | % | ||||||||||||||||||||||
Total interest-bearing deposits
|
1,022,332 | 71.2 | % | 0.48 | % | 939,531 | 71.9 | % | 0.45 | % | 869,183 | 73.3 | % | 0.51 | % | ||||||||||||||||||||||
Total deposits
|
$ | 1,435,203 | 100.0 | % | 0.34 | % | $ | 1,306,286 | 100.0 | % | 0.33 | % | $ | 1,185,719 | 100.0 | % | 0.37 | % |
·
|
Three reverse repurchase agreements totaling $28.5 million at a weighted average rate of 3.26% and secured by approximately $36.3 million of government sponsored entity MBS;
|
·
|
HOA reverse repurchase agreements totaling $17.0 million at a weighted average rate of 0.02% and secured by approximately $29.2 million of government sponsored entity MBS; and
|
·
|
Subordinated Debentures used to fund the issuance of Trust Preferred Securities in 2004 of $10.3 million with a rate of 2.99%. For additional information about the Subordinated Debentures and Trust Preferred Securities, see Note 8 to the Consolidated Financial Statements in this report.
|
March 31, 2014
|
December 31, 2013
|
March 31, 2013
|
||||||||||||||||||||||
Balance
|
Weighted Average Rate
|
Balance
|
Weighted Average Rate
|
Balance
|
Weighted Average Rate
|
|||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
FHLB advances
|
$ | 50,000 | 0.11 | % | $ | 156,000 | 0.06 | % | $ | - | 0.00 | % | ||||||||||||
Reverse repurchase agreements
|
45,506 | 2.05 | % | 48,091 | 1.98 | % | 44,191 | 2.11 | % | |||||||||||||||
Subordinated debentures
|
10,310 | 2.99 | % | 10,310 | 2.99 | % | 10,310 | 3.05 | % | |||||||||||||||
Total borrowings
|
$ | 105,816 | 1.22 | % | $ | 214,401 | 0.63 | % | $ | 54,501 | 2.29 | % | ||||||||||||
Weighted average cost of
borrowings during the quarter
|
1.35 | % | 1.01 | % | 2.33 | % | ||||||||||||||||||
Borrowings as a percent of total assets
|
6.1 | % | 12.5 | % | 3.9 | % |
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
|
||||||||||||
GAAP Reconciliation
|
||||||||||||
(dollars in thousands)
|
||||||||||||
March 31,
|
December 31,
|
March 31,
|
||||||||||
2014
|
2013
|
2013
|
||||||||||
Total stockholders' equity
|
188,860 | 175,226 | 157,589 | |||||||||
Less: Intangible assets
|
(29,324 | ) | (24,056 | ) | (16,317 | ) | ||||||
Tangible common equity
|
$ | 159,536 | $ | 151,170 | $ | 141,272 | ||||||
Total assets
|
1,745,282 | 1,714,187 | 1,406,655 | |||||||||
Less: Intangible assets
|
(29,324 | ) | (24,056 | ) | (16,317 | ) | ||||||
Tangible assets
|
$ | 1,715,958 | $ | 1,690,131 | $ | 1,390,338 | ||||||
Tangible common equity ratio
|
9.30 | % | 8.94 | % | 10.16 | % |
·
|
Net increase of $128.9 million in deposit accounts;
|
·
|
Proceeds of $87.6 million from the sale and principal payments on loans held for investment;
|
·
|
Proceeds of $56.1 million from the sale of securities available for sale;
|
·
|
Net change of $17.7 million of undisbursed loan funds; and
|
·
|
Principal payments of $6.2 million from securities available for sale.
|
·
|
Repay FHLB advances and other borrowings of $176.2 million;
|
·
|
Purchase and originate loans held for investment of $108.0 million;
|
·
|
Acquire Infinity of $7.8 million; and
|
·
|
Purchase securities available for sale of $5.0 million.
|
March 31, 2014
|
||||||||||||||||||||
Less than 1 year
|
1 - 3 years
|
3 - 5 years
|
More than 5 years
|
Total
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Contractual obligations
|
||||||||||||||||||||
FHLB advances
|
$ | 50,000 | $ | - | $ | - | $ | - | $ | 50,000 | ||||||||||
Other borrowings
|
17,006 | - | 28,500 | - | 45,506 | |||||||||||||||
Subordinated debentures
|
- | - | - | 10,310 | 10,310 | |||||||||||||||
Certificates of deposit
|
250,244 | 101,726 | 3,051 | 678 | 355,699 | |||||||||||||||
Operating leases
|
2,161 | 5,137 | 3,708 | 1,595 | 12,601 | |||||||||||||||
Total contractual cash obligations
|
$ | 319,411 | $ | 106,863 | $ | 35,259 | $ | 12,583 | $ | 474,116 |
March 31, 2014
|
||||||||||||||||||||
Less than 1 year
|
1 - 3 years
|
3 - 5 years
|
More than 5 years
|
Total
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Other unused commitments
|
||||||||||||||||||||
Home equity lines of credit
|
$ | 100 | $ | 2,051 | $ | 100 | $ | 4,863 | $ | 7,114 | ||||||||||
Commercial and industrial
|
40,599 | 21,738 | 5,093 | 34,944 | 102,374 | |||||||||||||||
Warehouse facilities
|
- | - | - | 101,817 | 101,817 | |||||||||||||||
Standby letters of credit
|
4,305 | - | - | - | 4,305 | |||||||||||||||
All other
|
3,137 | 26,810 | 5 | 452 | 30,404 | |||||||||||||||
Total commitments
|
$ | 48,141 | $ | 50,599 | $ | 5,198 | $ | 142,076 | $ | 246,014 |
Actual
|
Minimum Required for Capital Adequacy Purposes
|
Required to be Well Capitalized Under Prompt Corrective Action Regulations
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
At March 31, 2014
|
||||||||||||||||||||||||
Tier 1 Capital (to adjusted tangible assets)
|
||||||||||||||||||||||||
Bank
|
$ | 167,294 | 10.26 | % | $ | 65,229 | 4.00 | % | $ | 81,536 | 5.00 | % | ||||||||||||
Consolidated
|
170,096 | 10.45 | % | 65,085 | 4.00 | % | N/A | N/A | ||||||||||||||||
Tier 1 Risk-Based Capital (to risk-weighted assets)
|
||||||||||||||||||||||||
Bank
|
167,294 | 12.06 | % | 55,476 | 4.00 | % | 83,214 | 6.00 | % | |||||||||||||||
Consolidated
|
170,096 | 12.23 | % | 55,624 | 4.00 | % | N/A | N/A | ||||||||||||||||
Total Capital (to risk-weighted assets)
|
||||||||||||||||||||||||
Bank
|
176,301 | 12.71 | % | 110,953 | 8.00 | % | 138,691 | 10.00 | % | |||||||||||||||
Consolidated
|
179,104 | 12.88 | % | 111,249 | 8.00 | % | N/A | N/A | ||||||||||||||||
At December 31, 2013
|
||||||||||||||||||||||||
Tier 1 Capital (to adjusted tangible assets)
|
||||||||||||||||||||||||
Bank
|
$ | 160,473 | 10.03 | % | $ | 64,025 | 4.00 | % | $ | 80,031 | 5.00 | % | ||||||||||||
Consolidated
|
163,105 | 10.29 | % | 63,431 | 4.00 | % | N/A | N/A | ||||||||||||||||
Tier 1 Risk-Based Capital (to risk-weighted assets)
|
||||||||||||||||||||||||
Bank
|
160,473 | 12.34 | % | 52,021 | 4.00 | % | 78,031 | 6.00 | % | |||||||||||||||
Consolidated
|
163,105 | 12.54 | % | 52,046 | 4.00 | % | N/A | N/A | ||||||||||||||||
Total Capital (to risk-weighted assets)
|
||||||||||||||||||||||||
Bank
|
168,673 | 12.97 | % | 104,042 | 8.00 | % | 130,052 | 10.00 | % | |||||||||||||||
Consolidated
|
171,305 | 13.17 | % | 104,092 | 8.00 | % | N/A | N/A | ||||||||||||||||
At March 31, 2013
|
||||||||||||||||||||||||
Tier 1 Capital (to adjusted tangible assets)
|
||||||||||||||||||||||||
Bank
|
$ | 145,642 | 12.55 | % | $ | 46,423 | 4.00 | % | $ | 58,029 | 5.00 | % | ||||||||||||
Consolidated
|
147,953 | 12.84 | % | 46,100 | 4.00 | % | N/A | N/A | ||||||||||||||||
Tier 1 Risk-Based Capital (to risk-weighted assets)
|
||||||||||||||||||||||||
Bank
|
145,642 | 14.43 | % | 40,362 | 4.00 | % | 60,543 | 6.00 | % | |||||||||||||||
Consolidated
|
147,953 | 14.61 | % | 40,500 | 4.00 | % | N/A | N/A | ||||||||||||||||
Total Capital (to risk-weighted assets)
|
||||||||||||||||||||||||
Bank
|
153,636 | 15.23 | % | 80,724 | 8.00 | % | 100,905 | 10.00 | % | |||||||||||||||
Consolidated
|
155,947 | 15.40 | % | 81,000 | 8.00 | % | N/A | N/A |
10.1
|
Employment Agreement by and between Thomas Rice and Pacific Premier Bank, dated April 7, 2014 (1)
|
|
10.2
|
Amended and Restated Employment Agreement by and between Edward Wilcox and Pacific Premier Bank, dated April 7, 2014 (1)
|
|
10.3
|
Amended and Restated Employment Agreement by and between Michael Karr and Pacific Premier Bank, dated April 7, 2014 (1)
|
|
Exhibit 31.1
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15(d)-14(a) under the Securities Exchange Act of 1934, as amended
|
|
Exhibit 31.2
|
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15(d)-14(a) under the Securities Exchange Act of 1934, as amended
|
|
Exhibit 32
|
Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002
|
|
Exhibit 101.INS
|
XBRL Instance Document (2)
|
|
Exhibit 101.SCH
|
XBRL Taxonomy Extension Schema Document (2)
|
|
Exhibit 101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document (2)
|
|
Exhibit 101.DEF
|
XBRL Taxonomy Extension Definitions Linkbase Document (2)
|
|
Exhibit 101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document (2)
|
|
Exhibit 101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document (2)
|
(1)
|
Incorporated by reference from the Corporation’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 10, 2014 (File No 000-22193).
|
(2)
|
Pursuant to Rule 406T of Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, and is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
|
May 12, 2014
|
By:
|
/s/ Steve Gardner
|
Date
|
Steve Gardner
|
|
President and Chief Executive Officer
|
||
(principal executive officer)
|
||
May 12, 2014
|
By:
|
/s/ Kent J. Smith
|
Date
|
Kent J. Smith
|
|
Executive Vice President and Chief Financial Officer
|
||
(principal financial and accounting officer)
|
|
Index to Exhibits
|
Exhibit 31.1
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15(d)-14(a) under the Securities Exchange Act of 1934, as amended
|
|
Exhibit 31.2
|
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15(d)-14(a) under the Securities Exchange Act of 1934, as amended
|
|
Exhibit 32
|
Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002
|
|
Exhibit 101.INS
|
XBRL Instance Document (1)
|
|
Exhibit 101.SCH
|
XBRL Taxonomy Extension Schema Document (1)
|
|
Exhibit 101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document (1)
|
|
Exhibit 101.DEF
|
XBRL Taxonomy Extension Definitions Linkbase Document (1)
|
|
Exhibit 101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document (1)
|
|
Exhibit 101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document (1)
|
|
(1)
|
Incorporated by reference from the Corporation’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 10, 2014 (File No 000-22193).
|
(2)
|
Pursuant to Rule 406T of Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, and is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
|
1 Year Pacific Premier Bancorp Chart |
1 Month Pacific Premier Bancorp Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions