UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

(Mark One)

ý                                 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2005

 

OR

 

o    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

 

PACIFIC PREMIER BANCORP, INC.

(Exact name of registrant as specified in its charter)

 

 

1600 SUNFLOWER AVENUE, 2^ND FLOOR, COSTA MESA, CALIFORNIA 92626

 

(714) 431 - - 4000

(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.

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 May 10, 2005.

 

 

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES

FORM 10-Q

INDEX

FOR THE QUARTER ENDED MARCH 31, 2005

 

	PART I   FINANCIAL INFORMATION
Item 1	Consolidated Statements of Financial Condition:
	March 31, 2005 (unaudited) and December 31, 2004
	Consolidated Statements of Income:
	For the Three months ended March 31, 2005 and 2004 (unaudited)
	Consolidated Statement of Stockholders’ Equity and Comprehensive Income:
	For the Three months ended March 31, 2005 and 2004 (unaudited)
	Consolidated Statements of Cash Flows:
	For the Three months ended March 31, 2005 and 2004 (unaudited)
	Notes to Consolidated Financial Statements (unaudited)
Item 2	Management’s Discussion and Analysis of Financial Condition
	and Results of Operations
Item 3	Quantitative and Qualitative Disclosures About Market Risk
Item 4	Controls and Procedures
PART II  OTHER INFORMATION
Item 1	Legal Proceedings
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds
Item 3	Defaults Upon Senior Securities
Item 4	Submission of Matters to a Vote of Security Holders
Item 5	Other Information
Item 6	Exhibits

 

 

Item 1.  Financial Statements.

 

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollars in thousands)

 

		March 31,			December 31,
		2005			2004
		(Unaudited)
ASSETS
Cash and due from banks		$	4,542		$	3,003
Federal funds sold		2,100			13,000
Cash and cash equivalents		6,642			16,003
Investment securities available for sale		36,170			36,455
Investment securities held to maturity:
FHLB Stock, at cost		10,697			8,389
Loans:
Loans held for sale, net		510			532
Loans held for investment, net		520,798			469,822
Accrued interest receivable		2,341			1,938
Foreclosed real estate		264			351
Premises and equipment		5,132			5,244
Income taxes receivable		229			188
Deferred income taxes		3,486			3,473
Other assets		950			729
Total Assets		$	587,219		$	543,124
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Deposit accounts
Noninterest bearing		$	11,325		$	11,732
Interest bearing:
Transaction accounts		66,403			63,438
Certificates of deposit		212,682			213,717
Total Deposits		290,410			288,887
Borrowings		238,100			196,400
Subordinated debentures		10,310			10,310
Accrued expenses and other liabilities		2,891			3,499
Total Liabilities		$	541,711		$	499,096
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Common stock, $.01 par value; 15,000,000 shares authorized; 5,258,738 shares issued and outstanding at March 31, 2005 and 5,258,738 shares issued and outstanding at December 31, 2004.		$	53		$	53
Additional paid-in capital; common stock and warrants		67,564			67,564
Accumulated deficit		(21,646		)	(23,280		)
Accumulated other comprehensive loss, net of tax of $324 (2005) and $217 (2004)		(463		)	(309		)
Total Stockholders’ Equity		$	45,508		$	44,028
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	587,219		$	543,124

 

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

 

1

 

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(UNAUDITED)

 

		For the Three Months Ended
		March 31, 2005			March 31, 2004
INTEREST INCOME:
Loans		$	6,767		$	4,053
Other interest-earning assets		440			1,212
Total interest income		7,207			5,265
INTEREST EXPENSE: