Fourth Quarter 2020 Summary

  • Net income of $67.1 million, or $0.71 per diluted share
  • Return on average assets of 1.34%, return on average equity of 9.91%, and return on average tangible common equity of 16.32%
  • Net interest margin of 3.61% and core net interest margin of 3.32%
  • Cost of deposits of 0.14% in the fourth quarter compared with 0.20% in the prior quarter
  • Noninterest bearing deposits represent 37% of total deposits
  • Nonperforming assets represent 0.15% of total assets
  • Total loan delinquency of 0.10% compared with 0.22% in the prior quarter
  • Increased common equity quarterly dividend by $0.02 to $0.30 per share
  • Approved a new $150 million share repurchase program in January 2021

IRVINE, Calif.–(BUSINESS WIRE)–$PPBI #PPBI–Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company” or “Pacific Premier”), the holding company of Pacific Premier Bank (the “Bank”), reported net income for the fourth quarter of 2020 of $67.1 million, or $0.71 per diluted share, compared with net income of $66.6 million, or $0.70 per diluted share, for the third quarter of 2020 and net income of $41.1 million, or $0.69 per diluted share, for the fourth quarter of 2019.

For the three months ended December 31, 2020, the Company’s return on average assets (“ROAA”) was 1.34%, return on average equity (“ROAE”) was 9.91%, and return on average tangible common equity (“ROATCE”) was 16.32%, compared to 1.31%, 9.90%, and 16.44%, respectively, for the third quarter of 2020 and 1.42%, 8.20%, and 15.89%, respectively, for the fourth quarter of 2019. Total assets as of December 31, 2020 were $19.7 billion compared to $19.8 billion at September 30, 2020 and $11.8 billion at December 31, 2019. A reconciliation of the non–U.S. generally accepted accounting principles (“GAAP”) measure of ROATCE to the GAAP measure of common stockholders’ equity is set forth at the end of this press release.

Steven R. Gardner, Chairman, President, and Chief Executive Officer of the Company, commented, “We delivered a strong quarter to end 2020 that reflects our improved earnings power and overall operational strength. Despite the low interest rate environment and the uncertainty around the pandemic, we generated a return on average assets and average tangible common equity, exclusive of merger-related expenses, of 1.41% and 17.2%, respectively.

“Having completed the Opus integration in early October, we were able to increase our focus on business development throughout the remainder of the fourth quarter. As a result, we ended the year with a strong loan pipeline as our teams are attracting larger, more sophisticated clients. During the fourth quarter, our new loan commitments were up substantially from the prior quarter, although elevated payoffs and strategic loan sales reduced our loan balances at quarter end.

“Our strong earnings continue to enhance our capital levels, and we remain committed to a disciplined, prudent capital management strategy. We recently adopted a new stock repurchase program, increasing the size over the program previously adopted in late 2019. We also announced today that we increased our common stock dividend to $0.30 per share, from $0.28 per share in the prior quarter. Since initiating our dividend program two years ago, we have steadily increased the amount of capital we are returning to shareholders, which has positively influenced total shareholder returns.

“As we begin 2021, we are well-positioned to manage through the impact of the ongoing pandemic and capitalize on the economic recovery. We expect increasing levels of organic growth in our various markets, and we will continue to pursue strategic growth opportunities that can expand and enhance our franchise. Over the past several years we have made investments in talent and technology to create a robust, highly scalable platform to generate profitable growth, and we are confident in our ability to execute and deliver for our shareholders in the years ahead.”

Mr. Gardner concluded, “I want to thank all of the Pacific Premier team members for their strong commitment to our clients, our communities, and each other. Their incredible resiliency and talents are what drive our results.”

FINANCIAL HIGHLIGHTS

 

 

Three Months Ended

 

 

December 31,

 

September 30,

 

December 31,

 

 

2020

 

2020

 

2019

Financial Highlights

 

(Dollars in thousands, except per share data)

Net income

 

$

67,136

 

 

$

66,566

 

 

$

41,098

 

Diluted earnings per share

 

0.71

 

 

0.70

 

 

0.69

 

Common equity dividend per share

 

0.28

 

 

0.25

 

 

0.22

 

Return on average assets

 

1.34

%

 

1.31

%

 

1.42

%

Return on average equity

 

9.91

 

 

9.90

 

 

8.20

 

Return on average tangible common equity (1)

 

16.32

 

 

16.44

 

 

15.89

 

Pre-provision net revenue on average assets (1)

 

1.92

 

 

1.92

 

 

1.95

 

Net interest margin

 

3.61

 

 

3.54

 

 

4.33

 

Core net interest margin (1)

 

3.32

 

 

3.23

 

 

4.10

 

Cost of deposits

 

0.14

 

 

0.20

 

 

0.58

 

Efficiency ratio (2)

 

48.5

 

 

47.4

 

 

51.9

 

Noninterest expense (excluding merger-related expense) as a percent of average assets (1)

 

1.89

 

 

1.88

 

 

2.29

 

Total assets

 

$

19,736,544

 

 

$

19,844,240

 

 

$

11,776,012

 

Total deposits

 

16,214,177

 

 

16,330,807

 

 

8,898,509

 

Loans to deposit ratio

 

82

%

 

82

%

 

98

%

Non-maturity deposits as a percent of total deposits

 

90

 

 

89

 

 

88

 

Book value per share

 

$

29.07

 

 

$

28.48

 

 

$

33.82

 

Tangible book value per share (1)

 

18.65

 

 

18.01

 

 

18.84

 

Total risk-based capital ratio (3)

 

16.31

%

 

16.11

%

 

13.81

%

(1)

A reconciliation of the non-GAAP measures of return on average tangible common equity, pre-provision net revenue on average assets, core net interest margin, noninterest expense (excluding merger-related expense) as a percent of average assets, and tangible book value per share to the GAAP measures of net income, common stockholders’ equity, and book value are set forth at the end of this press release.

(2)

Represents the ratio of noninterest expense less other real estate owned operations, amortization of intangible assets, and merger-related expense to the sum of net interest income before provision for credit losses and total noninterest income, less gain/(loss) on sale of securities, gain/(loss) from other real estate owned, and gain/(loss) from debt extinguishment.

(3)

The Company’s total risk-based capital ratio as of September 30, 2020 reflects the reclassification of $502.6 million of cash and due from banks as of September 30, 2020 to interest-bearing deposits with financial institutions as of that same date. This reclassification resulted in an increase in the ratio as of September 30, 2020 from what was previously reported.

INCOME STATEMENT HIGHLIGHTS

Net Interest Income and Net Interest Margin

Net interest income totaled $168.2 million in the fourth quarter of 2020, an increase of $1.7 million from the third quarter of 2020. The increase in net interest income was driven by higher average investment securities, higher loan related fees, and lower rates paid on deposits, partially offset by the impact of lower average loans and yields.

Net interest margin for the fourth quarter of 2020 was 3.61%, compared with 3.54% for the third quarter of 2020. Our core net interest margin, which excludes the impact of loan accretion, certificates of deposit mark-to-market amortization, and other one-time adjustments, increased 9 basis points to 3.32%, compared to 3.23% in the prior quarter. The increase was a result of higher loan related fees driven by elevated prepayments and lower cost of funds driven by lower rates paid on deposits, partially offset by the decrease attributable to the shift in interest-earning asset mix and lower loan yields.

Net interest income for the fourth quarter of 2020 increased $55.3 million, compared to the fourth quarter of 2019. The increase was primarily attributable to an increase in average interest-earning assets of $8.17 billion, which primarily resulted from the acquisition of Opus Bank (“Opus”) in the second quarter of 2020 and organic loan growth, as well as a higher average investment securities and a lower cost of funds, partially offset by lower average loan and investment yields, and higher average deposits.

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED AVERAGE BALANCES AND YIELD DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

December 31, 2020

 

September 30, 2020

 

December 31, 2019

 

 

Average

Balance

 

Interest

 

Average

Yield/

Cost

 

Average

Balance

 

Interest

 

Average

Yield/

Cost

 

Average

Balance

 

Interest

 

Average

Yield/

Cost

Assets

 

(Dollars in thousands)

Cash and cash equivalents

 

$

1,239,035

 

 

$

286

 

 

0.09

%

 

$

1,388,897

 

 

$

305

 

 

0.09

%

 

$

201,161

 

 

$

283

 

 

0.56

%

Investment securities

 

3,964,592

 

 

17,039

 

 

1.72

 

 

3,283,840

 

 

14,231

 

 

1.73

 

 

1,445,158

 

 

10,210

 

 

2.83

 

Loans receivable, net (1) (2)

 

13,315,810

 

 

163,499

 

 

4.88

 

 

14,034,868

 

 

167,455

 

 

4.75

 

 

8,700,690

 

 

119,353

 

 

5.44

 

Total interest-earning assets

 

$

18,519,437

 

 

$

180,824

 

 

3.88

 

 

$

18,707,605

 

 

$

181,991

 

 

3.87

 

 

$

10,347,009

 

 

$

129,846

 

 

4.98

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

$

10,384,229

 

 

$

5,685

 

 

0.22

 

 

$

10,703,431

 

 

$

8,509

 

 

0.32

 

 

$

5,216,658

 

 

$

13,144

 

 

1.00

 

Borrowings

 

539,021

 

 

6,941

 

 

5.12

 

 

542,437

 

 

6,936

 

 

5.09

 

 

368,583

 

 

3,783

 

 

4.07

 

Total interest-bearing liabilities

 

$

10,923,250

 

 

$

12,626

 

 

0.46

 

 

$

11,245,868

 

 

$

15,445

 

 

0.55

 

 

$

5,585,241

 

 

$

16,927

 

 

1.20

 

Noninterest-bearing deposits

 

$

6,125,171

 

 

 

 

 

 

$

5,877,619

 

 

 

 

 

 

$

3,814,809

 

 

 

 

 

Net interest income

 

 

 

$

168,198

 

 

 

 

 

 

$

166,546

 

 

 

 

 

 

$

112,919

 

 

 

Net interest margin (3)

 

 

 

 

 

3.61

 

 

 

 

 

 

3.54

 

 

 

 

 

 

4.33

 

Cost of deposits

 

 

 

 

 

0.14

 

 

 

 

 

 

0.20

 

 

 

 

 

 

0.58

 

Cost of funds (4)

 

 

 

 

 

0.29

 

 

 

 

 

 

0.36

 

 

 

 

 

 

0.71

 

Ratio of interest-earning assets to interest-bearing liabilities

 

169.54

 

 

 

 

 

 

166.35

 

 

 

 

 

 

185.26

 

(1)

Average balance includes loans held for sale and nonperforming loans and is net of deferred loan origination fees/costs and discounts/premiums.

(2)

Interest income includes net discount accretion of $11.0 million, $12.2 million, and $5.8 million, respectively.

(3)

Represents annualized net interest income divided by average interest-earning assets.

(4)

Represents annualized total interest expense divided by the sum of average total interest-bearing liabilities and noninterest-bearing deposits.

Provision for Credit Losses

Provision for credit losses for the fourth quarter of 2020 was $1.5 million, a decrease of $2.7 million from the third quarter of 2020 and a decrease of $780,000 from the fourth quarter of 2019. The current quarter provision for credit losses included an $8.1 million recapture of the provision for loan losses, partially offset by a $9.6 million provision for unfunded commitments. The $8.1 million recapture of the provision for loan losses was primarily attributable to lower loans held for investment and favorable changes in asset quality and loan mix. The $9.6 million provision for unfunded commitments was primarily due to an increase in outstanding unfunded commitments in the commercial and industrial loan segment.

 

 

Three Months Ended

 

 

December 31,

 

September 30,

 

December 31,

 

 

2020

 

2020

 

2019

Provision for Credit Losses

 

(Dollars in thousands)

Provision for loan losses

 

$

(8,079

)

 

 

$

4,702

 

 

 

$

3,016

 

 

Provision for unfunded commitments

 

9,596

 

 

 

(492

)

 

 

(666

)

 

Provision for sold loans

 

 

 

 

 

 

 

(53

)

 

Total provision for credit losses

 

$

1,517

 

 

 

$

4,210

 

 

 

$

2,297

 

 

Noninterest income

Noninterest income for the fourth quarter of 2020 was $23.2 million, a decrease of $3.6 million from the third quarter of 2020. The decrease was primarily due to a $9.2 million decrease in net gain from sales of loans in the third quarter of 2020, partially offset by a $3.9 million increase in net gain from sales of investment securities. In addition, other income increased $1.1 million related to equity investment income and a $212,000 increase in recoveries of pre-acquisition charged-off loans. Also, service charges on deposit accounts increased $412,000 and trust custodial account fees increased $336,000 from the prior quarter.

During the fourth quarter of 2020, the Bank sold $2.1 million of SBA loans for a net gain of $154,000, compared with $1.16 billion of SBA PPP loans sold for a net gain of $19.0 million in the third quarter of 2020. The fourth quarter of 2020 also included the sale of $59.2 million of other loans for a net gain of $174,000, compared to sales of $96.2 million of other loans for a net loss of $9.4 million during the third quarter of 2020.

During the fourth quarter of 2020, the Bank sold $202.6 million of investment securities for a net gain of $5.0 million, compared to the sales of $211.4 million of investment securities for a net gain of $1.1 million in the prior quarter.

Noninterest income for the fourth quarter of 2020 increased $13.4 million, compared to the fourth quarter of 2019. The increase was primarily due to the addition of $7.3 million of custodial account fees from Pacific Premier Trust, a $1.4 million increase in earnings on bank-owned life insurance (“BOLI”), primarily due to additional BOLI from Opus, an increase in net gain from sales of investment securities of $1.3 million, and a $3.7 million increase in other income, primarily due to a $1.5 million increase in equity investment income as well as a $1.3 million increase in escrow and exchange fee income.

The decrease in net gain from sales of loans for the fourth quarter of 2020 compared to the same period last year was primarily due to the sale of $2.1 million of SBA loans for a net gain of $154,000 and the sale of $59.2 million of other loans for a net gain of $174,000 during the fourth quarter of 2020, compared to the sale of $23.7 million of SBA loans for a net gain of $2.1 million and the sale of $8.4 million of other loans for a net loss of $418,000 during the fourth quarter of 2019.

 

 

Three Months Ended

 

 

December 31,

 

September 30,

 

December 31,

 

 

2020

 

2020

 

2019

 

 

(Dollars in thousands)

NONINTEREST INCOME

 

 

 

 

 

 

Loan servicing income

 

$

633

 

 

$

481

 

 

$

487

 

Service charges on deposit accounts

 

2,005

 

 

1,593

 

 

1,558

 

Other service fee income

 

459

 

 

487

 

 

359

 

Debit card interchange fee income

 

777

 

 

944

 

 

367

 

Earnings on BOLI

 

2,240

 

 

2,270

 

 

864

 

Net gain from sales of loans

 

328

 

 

9,542

 

 

1,698

 

Net gain from sales of investment securities

 

5,002

 

 

1,141

 

 

3,671

 

Trust custodial account fees

 

7,296

 

 

6,960

 

 

 

Other income

 

4,454

 

 

3,340

 

 

797

 

Total noninterest income

 

$

23,194

 

 

$

26,758

 

 

$

9,801

 

Noninterest Expense

Noninterest expense totaled $99.9 million for the fourth quarter of 2020, an increase of $1.4 million compared to the third quarter of 2020, primarily due to the increase of $2.1 million in merger-related expense related to the Opus acquisition. Excluding merger-related expense, noninterest expense totaled $94.9 million, a decrease of $723,000, compared to the third quarter of 2020, driven by a $1.2 million decrease in other expense, an $803,000 decrease in legal and professional services expense, and a $793,000 decrease in data processing. These decreases were partially offset by a net $1.0 million increase in compensation as a result of a Company-wide employee appreciation bonus in the aggregate amount of $2.4 million related to the COVID-19 pandemic and higher accrued incentive compensation of $472,000, partially offset by higher loan origination deferred costs of $1.7 million, and an $895,000 increase in premises and occupancy expense due, in part, to ongoing COVID-19 pandemic-related maintenance expenses.

Noninterest expense increased by $33.7 million, compared to the fourth quarter of 2019. The increase was primarily due to a $5.1 million increase in merger-related expense related to the Opus acquisition, a $15.6 million increase in compensation and benefits, a $5.2 million increase in premises and occupancy expense, a $2.0 million increase in FDIC insurance premiums, a $1.1 million increase in office expense, and a $1.0 million increase in legal and professional services expense, predominately as a result of the additional operations, personnel, branches, and divisions retained with the acquisition of Opus.

 

 

Three Months Ended

 

 

December 31,

 

September 30,

 

December 31,

 

 

2020

 

2020

 

2019

 

 

(Dollars in thousands)

NONINTEREST EXPENSE

 

 

 

 

 

 

Compensation and benefits

 

$

52,044

 

 

 

$

51,021

 

 

 

$

36,409

 

 

Premises and occupancy

 

13,268

 

 

 

12,373

 

 

 

8,113

 

 

Data processing

 

5,990

 

 

 

6,783

 

 

 

3,241

 

 

Other real estate owned operations, net

 

(5

)

 

 

(17

)

 

 

31

 

 

FDIC insurance premiums

 

1,213

 

 

 

1,145

 

 

 

(766

)

 

Legal and professional services

 

4,305

 

 

 

5,108

 

 

 

3,268

 

 

Marketing expense

 

1,442

 

 

 

1,718

 

 

 

1,713

 

 

Office expense

 

2,191

 

 

 

2,389

 

 

 

1,105

 

 

Loan expense

 

1,084

 

 

 

802

 

 

 

1,064

 

 

Deposit expense

 

5,026

 

 

 

4,728

 

 

 

4,537

 

 

Merger-related expense

 

5,071

 

 

 

2,988

 

 

 

 

 

Amortization of intangible assets

 

4,505

 

 

 

4,538

 

 

 

4,247

 

 

Other expense

 

3,805

 

 

 

5,003

 

 

 

3,254

 

 

Total noninterest expense

 

$

99,939

 

 

 

$

98,579

 

 

 

$

66,216

 

 

Income Tax

For the fourth quarter of 2020, our effective tax rate was 25.4%, compared to 26.5% for the third quarter of 2020 and 24.2% for the fourth quarter of 2019. The decrease in the effective tax rate from the prior quarter was primarily due to the increase in tax-exempt municipal interest recognized in the fourth quarter.

BALANCE SHEET HIGHLIGHTS

Loans

Loans held for investment totaled $13.24 billion at December 31, 2020, a decrease of $214.4 million from September 30, 2020, and an increase of $4.51 billion from December 31, 2019. The decrease from September 30, 2020 was driven primarily by higher loan prepayments and payoffs, partially offset by higher funded loans.

During the fourth quarter of 2020, the Bank generated $911.3 million of loan commitments and funded $712.5 million of loans, compared with $360.0 million in loan commitments and $280.8 million in funded loans for the third quarter of 2020, and $556.3 million of loan commitments and $419.9 million in funded loans for the fourth quarter of 2019. The year-over-year increase in loans funded was primarily due to expansion in our multifamily loan segment. Business lines of credit utilization rates increased to 36.2% at the end of the fourth quarter of 2020, compared with 33.9% at the end of the third quarter of 2020, but decreased from 44.3% at the end of the fourth quarter of 2019.

The increase in loans held for investment from December 31, 2019 was primarily due to the acquisition of Opus, which added $5.94 billion in gross loans, or $5.81 billion of loans held for investment after purchase accounting adjustments, at the time of acquisition.

At December 31, 2020, the ratio of loans held for investment to total deposits was 81.6%, compared with 82.4% and 98.0% at September 30, 2020 and December 31, 2019, respectively.

The following table presents the composition of the loan portfolio as of the dates indicated:

 

 

December 31,

 

September 30,

 

December 31,

 

 

2020

 

2020

 

2019

 

 

(Dollars in thousands)

Investor loans secured by real estate

 

 

 

 

 

 

Commercial real estate (“CRE”) non-owner-occupied

 

$

2,675,085

 

 

 

$

2,707,930

 

 

 

$

2,070,141

 

 

Multifamily

 

5,171,356

 

 

 

5,142,069

 

 

 

1,575,726

 

 

Construction and land

 

321,993

 

 

 

337,872

 

 

 

438,786

 

 

SBA secured by real estate (1)

 

57,331

 

 

 

57,610

 

 

 

68,431

 

 

Total investor loans secured by real estate

 

8,225,765

 

 

 

8,245,481

 

 

 

4,153,084

 

 

Business loans secured by real estate (2)

 

 

 

 

 

 

CRE owner-occupied

 

2,114,050

 

 

 

2,119,788

 

 

 

1,846,554

 

 

Franchise real estate secured

 

347,932

 

 

 

359,329

 

 

 

353,240

 

 

SBA secured by real estate (3)

 

79,595

 

 

 

84,126

 

 

 

88,381

 

 

Total business loans secured by real estate

 

2,541,577

 

 

 

2,563,243

 

 

 

2,288,175

 

 

Commercial loans (4)

 

 

 

 

 

 

Commercial and industrial

 

1,768,834

 

 

 

1,820,995

 

 

 

1,393,270

 

 

Franchise non-real estate secured

 

444,797

 

 

 

515,980

 

 

 

564,357

 

 

SBA non-real estate secured

 

15,957

 

 

 

16,748

 

 

 

17,426

 

 

Total commercial loans

 

2,229,588

 

 

 

2,353,723

 

 

 

1,975,053

 

 

Retail loans

 

 

 

 

 

 

Single family residential (5)

 

232,574

 

 

 

243,359

 

 

 

255,024

 

 

Consumer

 

6,929

 

 

 

45,034

 

 

 

50,975

 

 

Total retail loans

 

239,503

 

 

 

288,393

 

 

 

305,999

 

 

Gross loans held for investment (6)

 

13,236,433

 

 

 

13,450,840

 

 

 

8,722,311

 

 

Allowance for credit losses for loans held for investment (7)

 

(268,018

)

 

 

(282,503

)

 

 

(35,698

)

 

Loans held for investment, net

 

$

12,968,415

 

 

 

$

13,168,337

 

 

 

$

8,686,613

 

 

 

 

 

 

 

 

 

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

 

$

601

 

 

 

$

1,032

 

 

 

$

1,672

 

 

(1)

SBA loans that are collateralized by hotel/motel real property.

(2)

Loans to businesses that are collateralized by real estate where the operating cash flow of the business is the primary source of repayment.

(3)

SBA loans that are collateralized by real property other than hotel/motel real property.

(4)

Loans to businesses where the operating cash flow of the business is the primary source of repayment.

(5)

Single family residential includes home equity lines of credit, as well as second trust deeds.

(6)

Includes unaccreted fair value net purchase discounts of $113.8 million, $126.3 million, and $40.7 million as of December 31, 2020, September 30, 2020, and December 31, 2019, respectively.

(7)

The allowance for credit losses as of December 31, 2019 was accounted for under ASC 450 and ASC 310, which is reflective of probable incurred losses as of the balance sheet date. Effective January 1, 2020, the allowance for credit losses is accounted for under ASC 326, which is reflective of estimated expected lifetime credit losses.

The total end of period weighted average interest rate on loans, excluding fees and discounts, at December 31, 2020 was 4.27%, compared with 4.34% at September 30, 2020 and 4.91% at December 31, 2019. The quarter-over-quarter and year-over-year decreases reflect the impact of lower rates on loan originations as well as repricing of portfolio loan yields as a result of the Federal Reserve Board’s federal funds rate decrease in March 2020.

The following table presents the composition of new organic loan commitments originated during the quarters indicated:

 

 

Three Months Ended

 

 

December 31,

 

September 30,

 

December 31,

 

 

2020

 

2020

 

2019

 

 

(Dollars in thousands)

Investor loans secured by real estate

 

 

 

 

 

 

CRE non-owner-occupied

 

$

80,298

 

 

$

40,518

 

 

$

94,791

 

Multifamily

 

398,651

 

 

182,575

 

 

69,653

 

Construction and land

 

60,336

 

 

37,087

 

 

53,166

 

SBA secured by real estate (1)

 

 

 

 

 

1,635

 

Total investor loans secured by real estate

 

539,285

 

 

260,180

 

 

219,245

 

Business loans secured by real estate (2)

 

 

 

 

 

 

CRE owner-occupied

 

96,779

 

 

30,594

 

 

117,022

 

Franchise real estate secured

 

27,162

 

 

 

 

12,257

 

SBA secured by real estate (3)

 

1,999

 

 

799

 

 

5,935

 

Total business loans secured by real estate

 

125,940

 

 

31,393

 

 

135,214

 

Commercial loans (4)

 

 

 

 

 

 

Commercial and industrial

 

228,076

 

 

56,959

 

 

145,092

 

Franchise non-real estate secured

 

8,005

 

 

9,665

 

 

44,185

 

SBA non-real estate secured

 

283

 

 

 

 

2,629

 

Total commercial loans

 

236,364

 

 

66,624

 

 

191,906

 

Retail loans

 

 

 

 

 

 

Single family residential (5)

 

8,888

 

 

 

 

8,457

 

Consumer

 

786

 

 

1,825

 

 

1,439

 

Total retail loans

 

9,674

 

 

1,825

 

 

9,896

 

Total loan commitments

 

$

911,263

 

 

$

360,022

 

 

$

556,261

 

(1)

SBA loans that are collateralized by hotel/motel real property.

(2)

Loans to businesses that are collateralized by real estate where the operating cash flow of the business is the primary source of repayment.

(3)

SBA loans that are collateralized by real property other than hotel/motel real property.

(4)

Loans to businesses where the operating cash flow of the business is the primary source of repayment.

(5)

Single family residential includes home equity lines of credit, as well as second trust deeds.

Contacts

Pacific Premier Bancorp, Inc.

Steven R. Gardner

Chairman, President and Chief Executive Officer

(949) 864-8000

Ronald J. Nicolas, Jr.

Senior Executive Vice President and Chief Financial Officer

(949) 864-8000

Brett Villaume

Senior Vice President and Director of Investor Relations

(949) 553-9042

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