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Section 1: 10-Q (10-Q)

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Table of Contents


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 June 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
 399117771_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 August 1, 2019 was 60,361,098.


Table of Contents

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
FORM 10-Q
INDEX
FOR THE QUARTER ENDED JUNE 30, 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
 
June 30,
2019
 
December 31,
2018
Cash and due from banks
 
$
139,879

 
$
125,036

Interest-bearing deposits with financial institutions
 
235,505

 
78,370

Cash and cash equivalents
 
375,384

 
203,406

Interest-bearing time deposits with financial institutions
 
2,956

 
6,143

Investments held-to-maturity, at amortized cost (fair value of $43,659 and $44,672 as of June 30, 2019 and December 31, 2018, respectively)
 
42,997

 
45,210

Investment securities available-for-sale, at fair value
 
1,258,379

 
1,103,222

FHLB, FRB and other stock, at cost
 
92,841

 
94,918

Loans held for sale, at lower of cost or fair value
 
8,529

 
5,719

Loans held for investment
 
8,771,938

 
8,836,818

Allowance for loan losses
 
(35,026
)
 
(36,072
)
Loans held for investment, net
 
8,736,912

 
8,800,746

Accrued interest receivable
 
40,420

 
37,837

Other real estate owned
 
35

 
147

Premises and equipment
 
54,218

 
64,691

Deferred income taxes, net
 
2,266

 
15,627

Bank owned life insurance
 
112,054

 
110,871

Intangible assets
 
91,840

 
100,556

Goodwill
 
808,322

 
808,726

Other assets
 
156,628

 
89,568

Total assets
 
$
11,783,781

 
$
11,487,387

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 

 
 
LIABILITIES
 
 

 
 
Deposit accounts:
 
 

 
 
Noninterest-bearing checking
 
$
3,480,312

 
$
3,495,737

Interest-bearing:
 
 

 
 
Checking
 
548,314

 
526,088

Money market/savings
 
3,272,511

 
3,225,849

Retail certificates of deposit
 
1,065,207

 
1,009,066

Wholesale/brokered certificates of deposit
 
495,578

 
401,611

Total interest-bearing
 
5,381,610

 
5,162,614

Total deposits
 
8,861,922

 
8,658,351

FHLB advances and other borrowings
 
571,575

 
667,681

Subordinated debentures
 
232,944

 
110,313

Accrued expenses and other liabilities
 
132,884

 
81,345

Total liabilities
 
9,799,325

 
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 June 30, 2019 and December 31, 2018; 60,509,994 shares and 62,480,755 shares issued and outstanding, respectively.
 
595

 
617

Additional paid-in capital
 
1,618,137

 
1,674,274

Retained earnings
 
343,366

 
300,407

Accumulated other comprehensive income (loss)
 
22,358

 
(5,601
)
Total stockholders’ equity
 
1,984,456

 
1,969,697

Total liabilities and stockholders’ equity
 
$
11,783,781

 
$
11,487,387

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

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Table of Contents

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except share data)
(unaudited)
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
March 31,
 
June 30,
 
June 30,
 
 
2019
 
2019
 
2018
 
2019
 
2018
INTEREST INCOME
 
 
 
 
 
 
 
 
 
 
Loans
 
$
121,860

 
$
121,476

 
$
85,625

 
$
243,336

 
$
169,798

Investment securities and other interest-earning assets
 
10,554

 
9,767

 
7,074

 
20,321

 
13,728

Total interest income
 
132,414

 
131,243

 
92,699

 
263,657

 
183,526

INTEREST EXPENSE
 
 
 
 
 
 
 
 

 
 

Deposits
 
15,991

 
13,284

 
7,756

 
29,275

 
13,670

FHLB advances and other borrowings
 
3,083

 
4,802

 
2,125

 
7,885

 
4,148

Subordinated debentures
 
2,699

 
1,751

 
1,647

 
4,450

 
3,256

Total interest expense
 
21,773

 
19,837

 
11,528

 
41,610

 
21,074

Net interest income before provision for credit losses
 
110,641

 
111,406

 
81,171

 
222,047

 
162,452

Provision for credit losses
 
334

 
1,526

 
1,761

 
1,860

 
4,014

Net interest income after provision for credit losses
 
110,307

 
109,880

 
79,410

 
220,187

 
158,438

NONINTEREST INCOME
 
 
 
 
 
 
 
 

 
 

Loan servicing fees
 
409

 
398

 
292

 
807

 
637

Service charges on deposit accounts
 
1,441

 
1,330

 
1,057

 
2,771

 
2,207

Other service fee income
 
363

 
356

 
169

 
719

 
315

Debit card interchange fee income
 
1,145

 
1,071

 
1,090

 
2,216

 
2,126

Earnings on bank-owned life insurance
 
851

 
910

 
617

 
1,761

 
1,228

Net gain from sales of loans
 
902

 
1,729

 
3,843

 
2,631

 
6,801

Net gain from sales of investment securities
 
212

 
427

 
330

 
639

 
336

Other income
 
1,001

 
1,460

 
753

 
2,461

 
2,167

Total noninterest income
 
6,324

 
7,681

 
8,151

 
14,005

 
15,817

NONINTEREST EXPENSE
 
 
 
 
 
 
 
 

 
 

Compensation and benefits
 
33,847

 
33,388

 
29,274

 
67,235

 
58,147

Premises and occupancy
 
7,517

 
7,535

 
5,045

 
15,052

 
9,826

Data processing
 
3,036

 
2,930

 
2,747

 
5,966

 
5,449

Other real estate owned operations, net
 
62

 
3

 
2

 
65

 
3

FDIC insurance premiums
 
740

 
800

 
581

 
1,540

 
1,192

Legal, audit and professional expense
 
3,545

 
2,998

 
1,816

 
6,543

 
3,655

Marketing expense
 
1,425

 
1,497

 
1,352

 
2,922

 
2,882

Office, telecommunications and postage expense
 
1,311

 
1,210

 
1,115

 
2,521

 
2,195

Loan expense
 
1,005

 
873

 
594

 
1,878

 
1,185

Deposit expense
 
3,668

 
3,583

 
2,302

 
7,251

 
3,978

Merger-related expense
 
5

 
655

 
943

 
660

 
1,879

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

 
4,436

 
1,996

 
8,717

 
4,270

Other expense
 
3,494

 
3,669

 
2,309

 
7,163

 
5,223

Total noninterest expense
 
63,936

 
63,577

 
50,076

 
127,513

 
99,884

Net income before income taxes
 
52,695

 
53,984

 
37,485

 
106,679

 
74,371

Income tax
 
14,168

 
15,266

 
10,182

 
29,434

 
19,066

Net income
 
$
38,527

 
$
38,718

 
$
27,303

 
$
77,245

 
$
55,305

EARNINGS PER SHARE
 
 
 
 
 
 
 
 

 
 

Basic
 
$
0.62

 
$
0.62

 
$
0.59

 
$
1.24

 
$
1.20

Diluted
 
0.62

 
0.62

 
0.58

 
1.23

 
1.18

WEIGHTED AVERAGE SHARES OUTSTANDING
 
 
 
 
 
 
 
 

 
 

Basic
 
61,308,046

 
61,987,605

 
46,053,077

 
61,645,940

 
45,973,727

Diluted
 
61,661,773

 
62,285,783

 
46,702,968

 
61,980,133

 
46,678,123

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

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Table of Contents

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

 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
March 31,
 
June 30,
 
June 30,
 
 
2019
 
2019
 
2018
 
2019
 
2018
Net income
 
$
38,527

 
$
38,718

 
$
27,303

 
$
77,245

 
$
55,305

Other comprehensive income, net of tax:
 
 
 
 
 
 
 
 
 
 
Unrealized holding gain (loss) on securities available-for-sale arising during the period, net of income taxes (1)
 
17,449

 
10,967

 
(3,122
)
 
28,416

 
(12,465
)
Reclassification adjustment for net gain on sale of securities included in net income, net of income taxes (2)
 
(151
)
 
(306
)
 
(240
)
 
(457
)
 
(245
)
Other comprehensive income (loss), net of tax
 
17,298

 
10,661

 
(3,362
)
 
27,959

 
(12,710
)
Comprehensive income, net of tax
 
$
55,825

 
$
49,379

 
$
23,941

 
$
105,204

 
$
42,595

______________________________
(1) Income tax expense (benefit) on the unrealized gain (loss) on securities was $7.1 million for the three months ended June 30, 2019, $4.5 million for the three months ended March 31, 2019, $(1.3) million for the three months ended June 30, 2018, $11.6 million for the six months ended June 30, 2019 and $(5.2) million for the six months ended June 30, 2018.

(2) Income tax expense on the reclassification adjustment for net gains losses on sale of securities included in net income was $61,000 for the three months ended June 30, 2019, $121,000 for the three months ended March 31, 2019, $90,000 for the three months ended June 30, 2018, $182,000 for the six months ended June 30, 2019 and $91,000 for the six months ended June 30, 2018.

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


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Table of Contents

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE SIX MONTHS AND THREE MONTHS ENDED JUNE 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

 

 

 
77,245

 

 
77,245

Other comprehensive income

 

 

 

 
27,959

 
27,959

Repurchase and retirement of common stock
(2,219,246
)
 
(22
)
 
(59,253
)
 
(6,694
)
 

 
(65,969
)
Cash dividends declared ($0.22 per common share)

 

 

 
(27,541
)
 

 
(27,541
)
Dividend equivalents declared ($0.22 per restricted stock units)

 

 
51

 
(51
)
 

 

Share-based compensation expense

 

 
5,313

 

 

 
5,313

Issuance of restricted stock, net
304,754

 

 

 

 

 

Restricted stock surrendered and canceled
(99,206
)
 

 
(2,629
)
 

 

 
(2,629
)
Exercise of stock options
42,937

 

 
381

 

 

 
381

Balance at June 30, 2019
$
60,509,994

 
$
595

 
$
1,618,137

 
$
343,366

 
$
22,358

 
$
1,984,456

Balance at March 31, 2019
62,773,299

 
$
617

 
$
1,676,024

 
$
325,363

 
$
5,060

 
$
2,007,064

Net income

 

 

 
38,527

 

 
38,527

Other comprehensive income

 

 

 

 
17,298

 
17,298

Repurchase and retirement of common stock
(2,219,246
)
 
(22
)
 
(59,253
)
 
(6,694
)
 

 
(65,969
)
Cash dividends declared ($0.22 per common share)

 

 

 
(13,792
)
 

 
(13,792
)
Dividend equivalents declared ($0.22 per restricted stock units)

 

 
38

 
(38
)
 

 

Share-based compensation expense

 

 
2,860

 

 

 
2,860

Issuance of restricted stock, net
15,000

 

 

 

 

 

Restricted stock surrendered and canceled
(61,927
)
 

 
(1,582
)
 

 

 
(1,582
)
Exercise of stock options
2,868

 

 
50