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Table of Contents


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549 
FORM 10-Q 
(Mark One)
(X)    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 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
 397859220_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 [ X ] 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 [X] 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
[X]
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 [X]

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 May 3, 2019 was 62,689,976.

1

Table of Contents

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
FORM 10-Q
INDEX
FOR THE QUARTER ENDED MARCH 31, 2019

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

2

Table of Contents

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
 
March 31,
2019
 
December 31,
2018
Cash and due from banks
 
$
122,947

 
$
125,036

Interest-bearing deposits with financial institutions
 
55,435

 
78,370

Cash and cash equivalents
 
178,382

 
203,406

Interest-bearing time deposits with financial institutions
 
5,896

 
6,143

Investments held-to-maturity, at amortized cost (fair value of $43,980 and $44,672 as of March 31, 2019 and December 31, 2018, respectively)
 
43,894

 
45,210

Investment securities available-for-sale, at fair value
 
1,171,410

 
1,103,222

FHLB, FRB and other stock, at cost
 
94,751

 
94,918

Loans held for sale, at lower of cost or fair value
 
11,671

 
5,719

Loans held for investment
 
8,865,855

 
8,836,818

Allowance for loan losses
 
(37,856
)
 
(36,072
)
Loans held for investment, net
 
8,827,999

 
8,800,746

Accrued interest receivable
 
40,302

 
37,837

Other real estate owned
 
180

 
147

Premises and equipment
 
61,523

 
64,691

Deferred income taxes, net
 
9,275

 
15,627

Bank owned life insurance
 
111,400

 
110,871

Intangible assets
 
96,120

 
100,556

Goodwill
 
808,726

 
808,726

Other assets
 
118,966

 
89,568

Total assets
 
$
11,580,495

 
$
11,487,387

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 

 
 
LIABILITIES
 
 

 
 
Deposit accounts:
 
 

 
 
Noninterest-bearing checking
 
$
3,423,893

 
$
3,495,737

Interest-bearing:
 
 

 
 
Checking
 
560,274

 
526,088

Money market/savings
 
3,138,875

 
3,225,849

Retail certificates of deposit
 
1,007,559

 
1,009,066

Wholesale/brokered certificates of deposit
 
584,574

 
401,611

Total interest-bearing
 
5,291,282

 
5,162,614

Total deposits
 
8,715,175

 
8,658,351

FHLB advances and other borrowings
 
609,591

 
667,681

Subordinated debentures
 
110,381

 
110,313

Accrued expenses and other liabilities
 
138,284

 
81,345

Total liabilities
 
9,573,431

 
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 March 31, 2019 and December 31, 2018; 62,773,299 shares 62,480,755 shares issued and outstanding, respectively.
 
617

 
617

Additional paid-in capital
 
1,676,024

 
1,674,274

Retained earnings
 
325,363

 
300,407

Accumulated other comprehensive income (loss)
 
5,060

 
(5,601
)
Total stockholders’ equity
 
2,007,064

 
1,969,697

Total liabilities and stockholders’ equity
 
$
11,580,495

 
$
11,487,387

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

3

Table of Contents

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except share data)
(unaudited)
 
 
Three Months Ended
 
 
March 31,
 
December 31,
 
March 31,
 
 
2019
 
2018
 
2018
INTEREST INCOME
 
 
 
 
 
 
Loans
 
$
121,476

 
$
126,341

 
$
84,173

Investment securities and other interest-earning assets
 
9,767

 
9,680

 
6,654

Total interest income
 
131,243

 
136,021

 
90,827

INTEREST EXPENSE
 
 
 
 
 
 
Deposits
 
13,284

 
12,041

 
5,914

FHLB advances and other borrowings
 
4,802

 
4,701

 
2,023

Subordinated debentures
 
1,751

 
1,733

 
1,609

Total interest expense
 
19,837

 
18,475

 
9,546

Net interest income before provision for credit losses
 
111,406

 
117,546

 
81,281

Provision for credit losses
 
1,526

 
2,258

 
2,253

Net interest income after provision for credit losses
 
109,880

 
115,288

 
79,028

NONINTEREST INCOME
 
 
 
 
 
 
Loan servicing fees
 
398

 
408

 
345

Service charges on deposit accounts
 
1,330

 
1,351

 
1,150

Other service fee income
 
356

 
270

 
146

Debit card interchange fee income
 
1,071

 
1,139

 
1,036

Earnings on bank-owned life insurance
 
910

 
929

 
611

Net gain from sales of loans
 
1,729

 
1,929

 
2,958

Net gain from sales of investment securities
 
427

 

 
6

Other income
 
1,460

 
944

 
1,414

Total noninterest income
 
7,681

 
6,970

 
7,666

NONINTEREST EXPENSE
 
 
 
 
 
 
Compensation and benefits
 
33,388

 
33,838

 
28,873

Premises and occupancy
 
7,535

 
7,504

 
4,781

Data processing
 
2,930

 
3,868

 
2,702

Other real estate owned operations, net
 
3

 
1

 
1

FDIC insurance premiums
 
800

 
750

 
611

Legal, audit and professional expense
 
2,998

 
3,105

 
1,839

Marketing expense
 
1,497

 
1,700

 
1,530

Office, telecommunications and postage expense
 
1,210

 
1,579

 
1,080

Loan expense
 
873

 
1,046

 
591

Deposit expense
 
3,583

 
3,105

 
1,676

Merger-related expense
 
655

 
2,597

 
936

CDI amortization
 
4,436

 
4,631

 
2,274

Other expense
 
3,669

 
3,515

 
2,914

Total noninterest expense
 
63,577

 
67,239

 
49,808

Net income before income taxes
 
53,984

 
55,019

 
36,886

Income tax
 
15,266

 
15,376

 
8,884

Net income
 
$
38,718

 
$
39,643

 
$
28,002

EARNINGS PER SHARE
 
 
 
 
 
 
Basic
 
$
0.62

 
$
0.64

 
$
0.61

Diluted
 
0.62

 
0.63

 
0.60

WEIGHTED AVERAGE SHARES OUTSTANDING
 
 
 
 
 
 
Basic
 
61,987,605

 
61,917,184

 
45,893,496

Diluted
 
62,285,783

 
62,457,100

 
46,652,059

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

4

Table of Contents

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

 
 
Three Months Ended
 
 
March 31,
 
December 31,
 
March 31,
 
 
2019
 
2018
 
2018
Net income
 
$
38,718

 
$
39,643

 
$
28,002

Other comprehensive income, net of tax:
 
 
 
 
 
 
Unrealized holding gain (loss) on securities available-for-sale arising during the period, net of income taxes (1)
 
10,967

 
11,076

 
(9,343
)
Reclassification adjustment for net gain on sale of securities included in net income, net of income taxes (2)
 
(306
)
 

 
(5
)
Other comprehensive income (loss), net of tax
 
10,661

 
11,076

 
(9,348
)
Comprehensive income, net of tax
 
$
49,379

 
$
50,719

 
$
18,654

______________________________
(1) Income tax expense (benefit) on the unrealized gain (loss) on securities was $4.5 million for the three months ended March 31, 2019, $4.6 million for the three months ended December 31, 2018, and $(3.9) million for the three months ended March 31, 2018.
(2) Income tax expense on the reclassification adjustment for net gains losses on sale of securities included in net income was $121,000 for the three months ended March 31, 2019, $0 for the three months ended December 31, 2018, and $1,000 for the three months ended March 31, 2018.

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


5

Table of Contents

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018
(dollars in thousands)
(unaudited)

 
Common Stock
Shares
 
Common Stock
 
Additional Paid-in Capital
 
Accumulated Retained
Earnings
 
Accumulated Other Comprehensive (Loss) Income
 
Total Stockholders’ Equity
Balance at December 31, 2018
62,480,755

 
$
617

 
$
1,674,274

 
$
300,407

 
$
(5,601
)
 
$
1,969,697

Net income

 

 

 
38,718

 

 
38,718

Other comprehensive income

 

 

 

 
10,661

 
10,661

Cash dividends declared ($0.22 per common share)

 

 

 
(13,749
)
 

 
(13,749
)
Dividend equivalents declared ($0.22 per restricted stock units)

 

 
13

 
(13
)
 

 

Share-based compensation expense

 

 
2,453

 

 

 
2,453

Issuance of restricted stock, net
289,754

 

 

 

 

 

Restricted stock surrendered and canceled
(37,279
)
 

 
(1,047
)
 

 

 
(1,047
)
Exercise of stock options
40,069

 

 
331

 

 

 
331

Balance at March 31, 2019
62,773,299

 
$
617

 
$
1,676,024

 
$
325,363

 
$
5,060

 
$
2,007,064

Balance at December 31, 2017
46,245,050

 
$
458

 
$
1,063,974

 
$
177,149

 
$
415

 
$
1,241,996

Net income

 

 

 
28,002

 

 
28,002

Other comprehensive income

 

 

 

 
(9,348
)
 
(9,348
)
Share-based compensation expense

 

 
1,712

 

 

 
1,712

Issuance of restricted stock, net
197,422

 

 

 

 

 

Restricted stock surrendered and canceled
(26,168
)
 

 
(1,538
)
 

 

 
(1,538
)
Exercise of stock options
111,262

 
14

 
1,070

 

 

 
1,084

Reclassification of certain tax effects of the Tax Cuts and Jobs Act

 

 

 
(82
)
 
82

 

Balance at March 31, 2018
46,527,566

 
$
472

 
$
1,065,218

 
$
205,069

 
$
(8,851
)
 
$
1,261,908


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


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PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(unaudited)
 
 
Three Months Ended
 
 
March 31,
 
 
2019
 
2018
Cash flows from operating activities:
 
 
 
 
Net income
 
$
38,718

 
$
28,002

Adjustments to net income:
 
 

 
 

Depreciation and amortization expense
 
2,259

 
1,657

Provision for credit losses
 
1,526

 
2,253

Share-based compensation expense
 
2,453

 
1,712

Loss on sale and disposal of premises and equipment
 
64

 

Loss on sale of or write down of other real estate owned
 

 
12

Net amortization on securities
 
1,453

 
1,645

Net accretion of deferred loan fees/costs and discounts/premiums for loans acquired
 
5,723

 
(1,566
)
Gain on sale of investment securities available-for-sale
 
(427
)
 
(6
)
Originations of loans held for sale
 
(31,762
)
 
(29,229
)
Proceeds from the sales of and principal payments from loans held for sale
 
27,623

 
38,814

Gain on sale of loans
 
(1,729
)
 
(2,958
)
Deferred income tax expense
 
1,995

 
2,750

Change in accrued expenses and other liabilities, net
 
(11,956
)
 
(11,305
)
Income from bank owned life insurance, net
 
(713
)
 
(478
)
Amortization of core deposit intangible
 
4,436

 
2,274

Change in accrued interest receivable and other assets, net
 
12,621

 
1,293

Net cash provided by operating activities
 
52,284

 
34,870

Cash flows from investing activities:
 
 

 
 

Net decrease in interest-bearing time deposits with financial institutions
 
247

 

Proceeds from sale of other real estate owned
 

 
108

Increase in loans, net
 
(35,106
)
 
(44,531
)
Purchase of held-to-maturity securities
 

 
(6,367
)
Principal payments on held-to-maturity securities
 
1,310

 
78

Purchase of securities available-for-sale
 
(226,836
)
 
(117,407
)
Principal payments on securities available-for-sale
 
28,404

 
26,768

Proceeds from sale or maturity of securities available-for-sale
 
168,837

 

Proceeds from the sale of premises and equipment
 
2,650

 

Proceeds from bank owned life insurance death benefit
 
220

 

Purchases of premises and equipment
 
(1,805
)
 
(1,647
)
Change in FHLB, FRB, and other stock, at cost
 
488

 
(16,234
)
Net cash used in investing activities
 
(61,591
)
 
(159,232
)
Cash flows from financing activities:
 
 

 
 

Net increase in deposit accounts
 
56,823

 
106,405

Net change in short-term borrowings
 
(53,075
)
 
(42,279
)
Repayment of long-term FHLB borrowings
 
(5,000
)
 
(10,418
)
Cash dividends paid
 
(13,749
)
 

Proceeds from exercise of stock options and warrants
 
331

 
1,084

Restricted stock surrendered and canceled
 
(1,047
)
 
(1,538
)
Net cash (used in) provided by financing activities
 
(15,717
)
 
53,254

Net decrease in cash and cash equivalents
 
(25,024
)
 
(71,108
)
Cash and cash equivalents, beginning of period
 
203,406

 
197,164

Cash and cash equivalents, end of period
 
$
178,382

 
$
126,056

 
 
 
 
 
Supplemental cash flow disclosures:
 
 

 
 

Interest paid
 
$
18,519

 
$
9,974

Income taxes paid
 
53

 
95

Noncash investing activities during the period:
 
 
 
 
Transfers from loans to other real estate owned
 
34

 

Receivable on unsettled security sales
 
1,061

 

Due on unsettled security purchases
 
(25,657
)
 

Initial recognition of operating lease right-of-use assets
 
(45,675
)
 

Initial recognition of operating lease liabilities
 
45,675

 

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

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PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2019
(UNAUDITED)

Note 1 - Basis of Presentation
 
The consolidated financial statements include the accounts of Pacific Premier Bancorp, Inc. (the “Corporation”) and its wholly owned subsidiaries, including Pacific Premier Bank (the “Bank”) (collectively, the “Company,” “we,” “our” or “us”). All significant intercompany accounts and transactions have been eliminated in consolidation.
 
In the opinion of management, the consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of March 31, 2019 and December 31, 2018, the results of its operations and comprehensive income for the three months ended March 31, 2019, December 31, 2018 and March 31, 2018, and the changes in stockholders’ equity and cash flows for the three months ended March 31, 2019 and 2018. Operating results or comprehensive income for the three months ended March 31, 2019 are not necessarily indicative of the results or comprehensive income that may be expected for any other interim period or the full year ending December 31, 2019.
 
Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Annual Report”).
 
The Company accounts for its investments in its wholly owned special purpose entities, PPBI Trust I, Heritage Oaks Capital Trust II, Mission Community Capital Trust I, Santa Lucia Bancorp (CA) Capital Trust and First Commerce Bancorp Trust I, under the equity method whereby the subsidiary’s net earnings are recognized in the Company’s statement of income.
 

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Note 2 – Recently Issued Accounting Pronouncements
 
Accounting Standards Adopted in 2019

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “Update”) 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchase Callable Debt Securities. This Update amends guidance on the amortization period of premiums on certain purchased callable debt securities. The amendments shorten the amortization period of premiums on purchased callable debt securities to the earliest call date. This Update should be applied on a modified retrospective basis through a cumulative-effect adjustment to beginning retained earnings. The effective date of ASU 2017-08 is for interim and annual reporting periods beginning after December 15, 2018. The adoption of this standard did not have a material effect on the Company’s operating results or financial condition.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), ASU 2018-11, Leases (Topic 842): Targeted Improvements, ASU 2018-10, Codification Improvements to Topic 842, Leases. This Update is being issued to increase the transparency and comparability around lease obligations. Previously unrecorded off-balance sheet obligations and corresponding rights to use underlying leased assets will now be recorded in the consolidated financial statements, accompanied by enhanced qualitative and quantitative disclosures in the notes to the consolidated financial statements. The Update is generally effective for public business entities in fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.

In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases and ASU 2018-11, Leases (Topic 842): Targeted Improvements.  ASU 2018-10 provides improvements related to ASU 2016-02 to increase stakeholders’ awareness of the amendments to Topic 842 and to expedite the improvements.  The amendments affect narrow aspects of the guidance issued in ASU 2016-02.  ASU 2018-11 allows entities adopting ASU 2016-02 to choose an additional transition method, under which an entity initially applies the accounting guidance for leases under Topic 842 at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Additionally, ASU 2018-11 allows an entity electing this additional transition method to continue to present comparative period financial statements in accordance with Topic 840 (current U.S. GAAP).   ASU 2018-11 also allows lessors to not separate non-lease components from the associated lease component if certain conditions are met.  The amendments in these updates became effective for annual periods as well as interim periods within those annual periods beginning after December 15, 2018.

The Company elected to apply the transition provisions of Topic 842 using the alternative transition method whereby comparative periods are not restated. The Company also elected to adopt the “package” of practical expedients in its transition to Topic 842, as specified in ASC 842-10-65. The results of this policy election are that the Company reflected the provisions of Topic 842 in its consolidated financial statements for the first time as of and for the period ended March 31, 2019 (the period of adoption). The Company measured and recorded liabilities to make lease payments as well as right-of-use assets in the period of adoption for leases that existed as of the transition date, and will continue to present all comparative periods under Topic 840. Under this elected transition method, the Company is not required to reassess the following as part of its transition to Topic 842: (1) whether any expired or existing contracts contain leases, (2) lease classifications for any existing or expired leases and (3) initial direct costs for any existing leases. Additionally, the Company elected to apply the use of hindsight in its assessment of the term for its leases upon transition, which allows for consideration of the Company’s option to extend or terminate a lease.

    

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The Company adopted the provisions of Topic 842 on January 1, 2019, and in its transition Topic 842, the Company initially recorded a liability to make future lease payments of approximately $45.7 million and right-of-use assets of approximately $43.8 million. The difference of $1.9 million is the accounting adjustments previously recorded under Topic 840 and Topic 805, as required by transition guidance in ASC 842-10-65. The Company was not required to record a cumulative effect adjustment to the opening balance of retained earnings as part of its transition to Topic 842. The Company’s evaluation of lease obligations and service agreements under the new standard included an assessment of the appropriate classification and related accounting of each lease agreement, a review of applicability of the new standard to existing service agreements and gathering all essential lease data to facilitate the application of the new standard. The Company’s review indicated that all of its leases are classified as operating leases or short-term leases. In accordance with the provisions of Topic 842, liabilities to make future lease payments and right-of-use assets are only recorded for leases that are not considered short-term (leases with an original term of greater than 12 months). The Company records expense for its leases on a straight-line basis in accordance with the requirements under Topic 842 for operating leases. The Company’s expense recognition for its operating leases (including short-term leases) under Topic 842 has not differed significantly from that recorded under Topic 840. Right-of-use assets for operating leases are amortized over the lease term and liabilities to make future lease payments are accounted for using the interest method, both in accordance with Topic 842. Please also refer to Note 13 - Leases for additional information related to the Company’s leases.

Recent Accounting Guidance Not Yet Effective

In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842): Codification Improvements. This Update provides clarification on certain aspects of an entity’s implementation of Topic 842 including those that relate to:

(1) Determining the fair value of the underlying asset by lessors that are not manufacturers or dealers. The amendments related to this item carry forward from Topic 840 to Topic 842 an exception that allows lessors who are not manufacturers or dealers to use the cost of the underlying asset as its fair value.

(2) Presentation on the statement of cash flows - sales-type and direct financing leases. The amendments related to this item clarify that all principal payments received on leases by lessors in sales-type or direct financing lease transactions should be reflected in investing activities for entities such as depository and lending institutions within in the scope of Topic 942.

(3) Transition disclosures related to Topic 250, Accounting Changes and Error Corrections. The amendments related to this item clarify the FASB’s original intent by explicitly providing an exception to the paragraph 250-10-50-3 interim disclosure requirements in the Topic 842 transition disclosure requirements, which would otherwise require interim disclosures after the date of adoption of Topic 842 related to the impacts of the change on: (a) income from continuing operations, (b) net income, (c) any other financial statement line item and (d) any affected per-share amounts.

The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company does not believe the effects of this ASU will have a material effect on the Company’s financial statements.

    

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In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement.

The following disclosure requirements for public companies were removed from Topic 820:

The amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy
The policy for timing of transfers between levels
The valuation processes for Level 3 fair value measurements

The following disclosure requirements for public companies were modified in Topic 820:
    
The amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date

The following disclosure requirements for public companies were added to Topic 820:

The changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period
The range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements

The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. In addition, an entity may early adopt any of the removed or modified disclosures immediately and delay adoption of the new disclosures until the effective date. The Company is currently evaluating the effects of ASU 2018-13 on its financial statements and disclosures.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This Update replaces the incurred loss impairment model in current U.S. GAAP with a model that reflects current expected credit losses (“CECL”). The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures. The Update requires that all expected credit losses for financial assets held at the reporting date be measured based on historical experience, current conditions and reasonable and supportable forecasts. The Update also requires enhanced disclosure, including qualitative and quantitative disclosures that provide additional information about significant estimates and judgments used in estimating credit losses. For public business entities, the Update is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods. The Company is currently evaluating the effects of ASU 2016-13 on its financial statements and disclosures. The Company has formed a working group and a committee made up of members of finance, credit and risk management that are in the process of compiling and analyzing key data elements and implementing a software model that will meet the requirements of the new guidance. The Company has contracted with an industry expert to: (1) develop a new expected loss model with supportable assumptions, (2) identify data, reporting, and disclosure gaps, (3) provide quantitative modeling and (4) assess, develop and document updates to accounting policies, new processes and controls. The Company continues to work through the process of model development, including data gathering and input, review of key model assumptions and calculations, development of model related documentation, and policies and disclosures. The magnitude of the adjustment and the overall impact of the new guidance on the Company’s consolidated financial statements cannot yet be reasonably estimated.
 

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Note 3 – Significant Accounting Policies
 
Our accounting policies are described in Note 1. Description of Business and Summary of Significant Accounting Policies, of our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018 as filed with the Securities and Exchange Commission (“Form 10-K”). Select policies have been reiterated below that have a particular affiliation to our interim financial statements.

Revenue Recognition – The Company accounts for certain of its revenue streams in accordance with ASC 606 - Revenue from Contracts with Customers. Revenue streams within the scope of and accounted for under ASC 606 include: service charges and fees on deposit accounts, debit card interchange fees, fees from other services the Bank provides its customers and gains and losses from the sale of other real estate owned and property, premises and equipment. ASC 606 requires revenue to be recognized when the Company satisfies related performance obligations by transferring to the customer a good or service. The recognition of revenue under ASC 606 requires the Company to first identify the contract with the customer, identify the performance obligations, determine the transaction price, allocate the transaction price to the performance obligations and finally recognize revenue when the performance obligations have been satisfied and the good or service has been transferred. The majority of the Company’s contracts with customers associated with revenue streams that are within the scope of ASC 606 are considered short-term in nature and can be canceled at any time by the customer or the Bank, such as a deposit account agreement. Other more significant revenue streams for the Company such as interest income on loans and investment securities are specifically excluded from the scope of ASC 606 and are accounted for under other applicable U.S. GAAP.

Goodwill and Core Deposit Intangible – Goodwill is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually or more frequently if events and circumstances exist that indicate the necessity for such impairment tests to be performed. The Company has selected the fourth quarter as the period to perform the annual impairment test. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on our balance sheet.

Core deposit intangible assets arising from whole bank acquisitions are amortized on either an accelerated basis, reflecting the pattern in which the economic benefits of the intangible assets is consumed or otherwise used up, or on a straight-line amortization method over their estimated useful lives, which range from 6 to 10 years. 
     
    

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Leases – The Company accounts for its leases in accordance with ASC 842, which requires the Company to record liabilities for future lease obligations as well as assets representing the right to use the underlying leased asset. Leases with a term of 12 months or less are accounted for using straight-line expense recognition with no liability or asset being recorded for such leases. Other than short-term leases, the Company classifies its leases as either finance leases or operating leases. Leases are classified as finance leases when any of the following are met: (a) the lease transfers ownership of the underlying asset to the Company by the end of the lease term, (b) the lease contains an option to purchase the underlying asset that the Company is reasonably certain to exercise, (c) the term of the lease represents a major part of the remaining life of the underlying asset, (d) the present value of the future lease payments equals or exceeds substantially all of the fair value of the underlying asset, or (e) the underling leased asset is expected to have no alternative use to the lessor at the end of the lease term due to its specialized nature. When the Company’s assessment of a lease does not meet the foregoing criteria, and the term of the lease is in excess of 12 months, the lease is classified as an operating lease.

Liabilities to make lease payments and right-of-use assets are determined based on the total contractual base rents for each lease, discounted at the rate implicit in the lease or at the Company’s estimated incremental borrowing rate if the rate is not implicit in the lease. The Company measures future base rents based on the minimum payments specified in the lease agreement, giving consideration for periodic contractual rent increases which are based on an escalation rate or a specified index. When future rent payments are based on an index, the Company uses the index rate observed at the time of lease commencement to measure future lease payments. Liabilities to make lease payments are accounted for using the interest method, which are reduced by periodic rent payments, net of interest accretion. Right-of-use assets for finance leases are amortized on a straight-line basis over the term of the lease, while right-of-use assets for operating leases are amortized over the term of the lease by amounts that represent the difference between periodic straight-line lease expense and periodic interest accretion on the related liability to make lease payments. Expense recognition for finance leases is representative of the sum of periodic amortization of the associated right-of-use asset as well as the periodic interest accretion on the liability to make lease payments. Expense recognition for operating leases is recorded on a straight-line basis. As of March 31, 2019, all of the Company’s leases were classified as either operating leases or short-term leases.

From time to time the Company leases portions of the space it leases to other parties through sublease transactions. Income received from these transactions is recorded on a straight-line basis over the term of the sublease.

Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
 

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Note 4 – Acquisitions

Grandpoint Capital, Inc. Acquisition

Effective as of July 1, 2018, the Company completed the acquisition of Grandpoint Capital, Inc. (“Grandpoint”), the holding company of Grandpoint Bank, a California-chartered bank, with $3.1 billion in total assets, $2.4 billion in gross loans and $2.5 billion in total deposits at June 30, 2018.

Pursuant to the terms of the merger agreement, each outstanding share of Grandpoint voting common stock and Grandpoint non-voting common stock was converted into the right to receive 0.4750 shares of the Corporation’s common stock. The final value of the total transaction consideration was approximately $602.2 million, after approximately $28.1 million in aggregate cash consideration payable to holders of Grandpoint share-based compensation awards by Grandpoint. The transaction consideration represented the issuance of 15,758,089 shares of the Corporation’s common stock, valued at $38.15 per share, which was the closing price of the Corporation’s common stock on June 29, 2018, the last trading day prior to the consummation of the Merger.
    
Goodwill in the amount of $313.0 million was recognized in the Grandpoint acquisition. Goodwill represents the future economic benefits arising from net assets acquired that are not individually identified and separately recognized and is attributable to synergies expected to be derived from the combination of the two entities. Goodwill recognized in this transaction is not deductible for income tax purposes.
    
The following table represents the assets acquired and liabilities assumed of Grandpoint as of July 1, 2018 and the fair value adjustments and amounts recorded by the Company in 2018 under the acquisition method of accounting: 
 
Grandpoint Book Value
 
Fair Value Adjustments
 
Fair Value
ASSETS ACQUIRED
(dollars in thousands)
Cash and cash equivalents
$
147,551

 
$

 
$
147,551

Investment securities
395,905

 
(3,047
)
 
392,858

Loans, gross
2,404,042

 
(51,325
)
 
2,352,717

Allowance for loan losses
(