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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549 
FORM 10-Q 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the transition period from _______ to _______ 
Commission File Number 0-22193
 400887987_image0a01.jpg
(Exact name of registrant as specified in its charter) 
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).  Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act).
Large accelerated filer
Accelerated filer
Non-accelerated filer
(Do not check if a smaller reporting company)
Smaller reporting company
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).  Yes No

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
 
Trading Symbol
 
Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share
 
PPBI
 
NASDAQ Stock Market
The number of shares outstanding of the registrant’s common stock as of November 1, 2019 was 59,363,829.



PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
FORM 10-Q
INDEX
FOR THE QUARTER ENDED SEPTEMBER 30, 2019

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

2


PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands, except share data)
(unaudited)
ASSETS
 
September 30,
2019
 
December 31,
2018
Cash and due from banks
 
$
166,238

 
$
125,036

Interest-bearing deposits with financial institutions
 
261,477

 
78,370

Cash and cash equivalents
 
427,715

 
203,406

Interest-bearing time deposits with financial institutions
 
2,711

 
6,143

Investments held-to-maturity, at amortized cost (fair value of $41,302 and $44,672 as of September 30, 2019 and December 31, 2018, respectively)
 
40,433

 
45,210

Investment securities available-for-sale, at fair value
 
1,256,655

 
1,103,222

FHLB, FRB and other stock, at cost
 
92,986

 
94,918

Loans held for sale, at lower of cost or fair value
 
7,092

 
5,719

Loans held for investment
 
8,757,476

 
8,836,818

Allowance for loan losses
 
(35,000
)
 
(36,072
)
Loans held for investment, net
 
8,722,476

 
8,800,746

Accrued interest receivable
 
38,603

 
37,837

Other real estate owned
 
126

 
147

Premises and equipment
 
62,851

 
64,691

Deferred income taxes, net
 

 
15,627

Bank owned life insurance
 
112,716

 
110,871

Intangible assets
 
87,560

 
100,556

Goodwill
 
808,322

 
808,726

Other assets
 
151,251

 
89,568

Total assets
 
$
11,811,497

 
$
11,487,387

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 

 
 
LIABILITIES
 
 

 
 
Deposit accounts:
 
 

 
 
Noninterest-bearing checking
 
$
3,623,546

 
$
3,495,737

Interest-bearing:
 
 

 
 
Checking
 
529,401

 
526,088

Money market/savings
 
3,362,453

 
3,225,849

Retail certificates of deposit
 
1,019,433

 
1,009,066

Wholesale/brokered certificates of deposit
 
324,455

 
401,611

Total interest-bearing
 
5,235,742

 
5,162,614

Total deposits
 
8,859,288

 
8,658,351

FHLB advances and other borrowings
 
604,558

 
667,681

Subordinated debentures
 
217,825

 
110,313

Deferred income taxes, net
 
301

 

Accrued expenses and other liabilities
 
140,527

 
81,345

Total liabilities
 
9,822,499

 
9,517,690

STOCKHOLDERS’ EQUITY
 
 

 
 
Preferred stock, $.01 par value; 1,000,000 authorized; none issued and outstanding
 

 

Common stock, $.01 par value; 150,000,000 shares authorized at September 30, 2019 and December 31, 2018; 59,364,340 shares and 62,480,755 shares issued and outstanding, respectively.
 
584

 
617

Additional paid-in capital
 
1,590,168

 
1,674,274

Retained earnings
 
368,051

 
300,407

Accumulated other comprehensive income (loss)
 
30,195

 
(5,601
)
Total stockholders’ equity
 
1,988,998

 
1,969,697

Total liabilities and stockholders’ equity
 
$
11,811,497

 
$
11,487,387

 
 
 
 
 
Accompanying notes are an integral part of these consolidated financial statements.

3


PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except share data)
(unaudited)
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
June 30,
 
September 30,
 
September 30,
 
 
2019
 
2019
 
2018
 
2019
 
2018
INTEREST INCOME
 
 
 
 
 
 
 
 
 
 
Loans
 
$
122,974

 
$
121,860

 
$
119,271

 
$
366,310

 
$
289,069

Investment securities and other interest-earning assets
 
9,630

 
10,554

 
9,605

 
29,951

 
23,333

Total interest income
 
132,604

 
132,414

 
128,876

 
396,261

 
312,402

INTEREST EXPENSE
 
 
 
 
 
 
 
 

 
 

Deposits
 
15,878

 
15,991

 
11,942

 
45,153

 
25,612

FHLB advances and other borrowings
 
1,214

 
3,083

 
2,494

 
9,099

 
6,642

Subordinated debentures
 
3,177

 
2,699

 
1,727

 
7,627

 
4,983

Total interest expense
 
20,269

 
21,773

 
16,163

 
61,879

 
37,237

Net interest income before provision for credit losses
 
112,335

 
110,641

 
112,713

 
334,382

 
275,165

Provision for credit losses
 
1,562

 
334

 
1,981

 
3,422

 
5,995

Net interest income after provision for credit losses
 
110,773

 
110,307

 
110,732

 
330,960

 
269,170

NONINTEREST INCOME
 
 
 
 
 
 
 
 

 
 

Loan servicing fees
 
546

 
409

 
400

 
1,353

 
1,037

Service charges on deposit accounts
 
1,440

 
1,441

 
1,570

 
4,211

 
3,777

Other service fee income
 
360

 
363

 
317

 
1,079

 
632

Debit card interchange fee income
 
421

 
1,145

 
1,061

 
2,637

 
3,187

Earnings on bank-owned life insurance
 
861

 
851

 
1,270

 
2,622

 
2,498

Net gain from sales of loans
 
2,313

 
902

 
2,029

 
4,944

 
8,830

Net gain from sales of investment securities
 
4,261

 
212

 
1,063

 
4,900

 
1,399

Other income
 
1,228

 
1,001

 
530

 
3,689

 
2,697

Total noninterest income
 
11,430

 
6,324

 
8,240

 
25,435

 
24,057

NONINTEREST EXPENSE
 
 
 
 
 
 
 
 

 
 

Compensation and benefits
 
35,543

 
33,847

 
37,901

 
102,778

 
96,048

Premises and occupancy
 
7,593

 
7,517

 
7,214

 
22,645

 
17,040

Data processing
 
3,094

 
3,036

 
4,095

 
9,060

 
9,544

Other real estate owned operations, net
 
64

 
62

 

 
129

 
3

FDIC insurance premiums
 
(10
)
 
740

 
1,060

 
1,530

 
2,252

Legal, audit and professional expense
 
3,058

 
3,545

 
3,280

 
9,601

 
6,935

Marketing expense
 
1,767

 
1,425

 
1,569

 
4,689

 
4,451

Office, telecommunications and postage expense
 
1,200

 
1,311

 
1,538

 
3,721

 
3,733

Loan expense
 
1,137

 
1,005

 
1,139

 
3,015

 
2,324

Deposit expense
 
3,478

 
3,668

 
2,833

 
10,729

 
6,811

Merger-related expense
 
(4
)
 
5

 
13,978

 
656

 
15,857

Core deposit intangible (“CDI”) amortization
 
4,281

 
4,281

 
4,693

 
12,998

 
8,963

Other expense
 
4,135

 
3,494

 
3,482

 
11,298

 
8,705

Total noninterest expense
 
65,336

 
63,936

 
82,782

 
192,849

 
182,666

Net income before income taxes
 
56,867

 
52,695

 
36,190

 
163,546

 
110,561

Income tax
 
15,492

 
14,168

 
7,798

 
44,926

 
26,864

Net income
 
$
41,375

 
$
38,527

 
$
28,392

 
$
118,620

 
$
83,697

EARNINGS PER SHARE
 
 
 
 
 
 
 
 

 
 

Basic
 
$
0.69

 
$
0.62

 
$
0.46

 
$
1.93

 
$
1.63

Diluted
 
0.69

 
0.62

 
0.46

 
1.92

 
1.61

WEIGHTED AVERAGE SHARES OUTSTANDING
 
 
 
 
 
 
 
 

 
 

Basic
 
59,293,218

 
61,308,046

 
61,727,030

 
60,853,081

 
51,282,533

Diluted
 
59,670,855

 
61,661,773

 
62,361,804

 
61,201,858

 
51,965,647

 
 
 
 
 
 
 
 
 
 
 
Accompanying notes are an integral part of these consolidated financial statements.

4


PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(dollars in thousands)
(unaudited)

 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
June 30,
 
September 30,
 
September 30,
 
 
2019
 
2019
 
2018
 
2019
 
2018
Net income
 
$
41,375

 
$
38,527

 
$
28,392

 
$
118,620

 
$
83,697

Other comprehensive income, net of tax:
 
 
 
 
 
 
 
 
 
 
Unrealized holding gain (loss) on securities available-for-sale arising during the period, net of income taxes (1)
 
10,864

 
17,449

 
(3,630
)
 
39,280

 
(16,095
)
Reclassification adjustment for net gain on sale of securities included in net income, net of income taxes (2)
 
(3,027
)
 
(151
)
 
(834
)
 
(3,484
)
 
(1,079
)
Other comprehensive income (loss), net of tax
 
7,837

 
17,298

 
(4,464
)
 
35,796

 
(17,174
)
Comprehensive income, net of tax
 
$
49,212

 
$
55,825

 
$
23,928

 
$
154,416

 
$
66,523

______________________________
(1) Income tax expense (benefit) on the unrealized gain (loss) on securities was $4.4 million for the three months ended September 30, 2019, $7.7 million for the three months ended June 30, 2019, $(1.6) million for the three months ended September 30, 2018, $16.0 million for the nine months ended September 30, 2019 and $(6.8) million for the nine months ended September 30, 2018.

(2) Income tax expense (benefit) on the reclassification adjustment for net gains (losses) on sale of securities included in net income was $1.2 million for the three months ended September 30, 2019, $61,000 for the three months ended June 30, 2019, $229,000 for the three months ended September 30, 2018, $1.4 million for the nine months ended September 30, 2019 and $320,000 for the nine months ended September 30, 2018.

Accompanying notes are an integral part of these consolidated financial statements.


5


PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE NINE MONTHS AND THREE MONTHS ENDED SEPTEMBER 30, 2019
(dollars in thousands)
(unaudited)
 
Common Stock
Shares
 
Common Stock
 
Additional Paid-in Capital
 
Accumulated Retained
Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Total Stockholders’ Equity
Balance at December 31, 2018
62,480,755

 
$
617

 
$
1,674,274

 
$
300,407

 
$
(5,601
)
 
$
1,969,697

Net income

 

 

 
118,620

 

 
118,620

Other comprehensive income

 

 

 

 
35,796

 
35,796

Repurchase and retirement of common stock
(3,364,761
)
 
(33
)
 
(89,887
)
 
(10,080
)
 

 
(100,000
)
Cash dividends declared ($0.66 per common share)

 

 

 
(40,807
)
 

 
(40,807
)
Dividend equivalents declared ($0.66 per restricted stock units)

 

 
89

 
(89
)
 

 

Share-based compensation expense

 

 
7,927

 

 

 
7,927

Issuance of restricted stock, net
316,254

 

 

 

 

 

Restricted stock surrendered and canceled
(111,456
)
 

 
(2,629
)
 

 

 
(2,629
)
Exercise of stock options
43,548

 

 
394

 

 

 
394

Balance at September 30, 2019
$
59,364,340

 
$
584

 
$
1,590,168

 
$
368,051

 
$
30,195

 
$
1,988,998

Balance at June 30, 2019
60,509,994

 
$
595

 
$
1,618,137

 
$
343,366

 
$
22,358

 
$
1,984,456

Net income

 

 

 
41,375

 

 
41,375

Other comprehensive income

 

 

 

 
7,837

 
7,837

Repurchase and retirement of common stock
(1,145,515
)
 
(11
)
 
(30,634
)
 
(3,386
)
 

 
(34,031
)
Cash dividends declared ($0.22 per common share)

 

 

 
(13,266
)
 

 
(13,266
)
Dividend equivalents declared ($0.22 per restricted stock units)

 

 
38

 
(38
)
 

 

Share-based compensation expense

 

 
2,614

 

 

 
2,614

Issuance of restricted stock, net
11,500

 

 

 

 

 

Restricted stock surrendered and canceled
(12,250
)
 

 

 

 

 

Exercise of stock options
611

 

 
13

 

 

 
13

Balance at September 30, 2019
59,364,340

 
$
584

 
$
1,590,168

 
$
368,051

 
$
30,195

 
$
1,988,998



Accompanying notes are an integral part of these consolidated financial statements.

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE NINE MONTHS AND THREE MONTHS ENDED SEPTEMBER 30, 2018
(dollars in thousands)
(unaudited)
 
Common Stock
Shares
 
Common Stock
 
Additional Paid-in Capital
 
Accumulated Retained
Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Total Stockholders’ Equity
Balance at December 31, 2017
46,245,050

 
$
458

 
$