UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended September 30, 2004 |
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OR |
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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
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PACIFIC PREMIER BANCORP, INC. |
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(Exact name of registrant as specified in its charter) |
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DELAWARE |
33-0743196 |
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(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
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1600 SUNFLOWER AVENUE, 2ND FLOOR, COSTA MESA, CALIFORNIA 92626 |
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(714) 431 - 4000 |
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(Registrant’s telephone number, including area code) |
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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.
ý Yes o No
Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2) Yes o No ý
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 5,258,738 shares of common stock par value $0.01 per share, were outstanding as of October 29, 2004.
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
FORM 10-Q
INDEX
FOR THE QUARTER ENDED SEPTEMBER 30, 2004
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)
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September 30, |
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December 31, |
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(Unaudited) |
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ASSETS |
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Cash and due from banks |
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$ |
4,324 |
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$ |
2,440 |
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Federal funds sold |
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22,000 |
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— |
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Cash and cash equivalents |
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26,324 |
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2,440 |
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Investment securities available for sale |
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36,587 |
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39,845 |
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Investment securities held to maturity: |
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FHLB Stock, at cost |
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6,745 |
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2,430 |
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Participation Contract |
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1,105 |
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5,977 |
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Loans: |
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Loans held for sale, net |
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615 |
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804 |
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Loans held for investment, net |
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405,238 |
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246,796 |
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Accrued interest receivable |
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1,662 |
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1,122 |
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Foreclosed real estate |
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282 |
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979 |
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Premises and equipment |
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5,172 |
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5,330 |
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Deferred income taxes |
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3,446 |
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2,950 |
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Other assets |
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969 |
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695 |
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Total Assets |
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$ |
488,145 |
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$ |
309,368 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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LIABILITIES |
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Deposit accounts: |
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Noninterest bearing |
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$ |
9,454 |
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$ |
7,257 |
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Interest bearing: |
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Transaction accounts |
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64,460 |
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64,148 |
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Certificates of deposit |
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204,621 |
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150,042 |
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Total Deposits |
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278,535 |
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221,447 |
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Borrowings |
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151,900 |
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48,600 |
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Subordinated debentures |
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10,310 |
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— |
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Accrued expenses and other liabilities |
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4,622 |
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1,989 |
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Total Liabilities |
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$ |
445,367 |
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$ |
272,036 |
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STOCKHOLDERS’ EQUITY |
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Common stock, $.01 par value; 15,000,000 shares authorized; 5,258,738 shares issued and outstanding at September 30, 2004 and 5,255,072 shares issued and outstanding at December 31, 2003. |
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$ |
53 |
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$ |
53 |
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Additional paid-in capital; common stock and warrants |
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67,564 |
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67,546 |
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Accumulated deficit |
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(24,596 |
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(30,021 |
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Accumulated other comprehensive loss |
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(243 |
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(246 |
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Total Stockholders’ Equity |
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$ |
42,778 |
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$ |
37,332 |
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
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$ |
488,145 |
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$ |
309,368 |
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Accompanying notes are an integral part of these consolidated financial statements.
1
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(UNAUDITED)
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For the Three Months Ended |
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For the Nine Months Ended |
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September 30, 2004 |
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September 30, 2003 |
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September 30, 2004 |
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September 30, 2003 |
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INTEREST INCOME: |
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Loans |
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$ |
5,123 |
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$ |
3,032 |
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$ |
13,820 |
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$ |
8,983 |
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Other interest-earning assets |
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804 |
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1,141 |
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3,072 |
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3,362 |
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Total interest income |
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5,927 |
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4,173 |
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16,892 |
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12,345 |
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INTEREST EXPENSE: |
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Interest-bearing deposits |
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