Pacific Premier Bancorp Inc (PPBI) News

This analyst is pounding the table for $PPBI:
I would say one of my top picks is Pacific Premier (NASDAQ:PPBI), and it’s located in Southern California. It’s a strong grower with the deposit profile to back it up, which you don’t always see. The bank consistently puts up double-digit loan growth, its credit is exceptional, its nonperforming assets, they sit at just two basis points of loans and OREO, which is also exceptional. And the loan book is funded by a deposit portfolio that’s 38% noninterest bearing; so just a really well-rounded, strong company.

https://www.twst.com/interview/Strong-Western-Economy-Leads-to-Favorable-Operating-Environment-for-Banks

Going to 50

Most beautiful chart in my list think it could use a breather

What a 5 year chart!

Small Cap banks in vogue

http://finance.yahoo.com/news/small-cap-banks-a-buying-opportunity-right-now--fund-manager-183303302.html

PPBI tomorrow should be interesting

Pacific Premier Bancorp, Inc. Announces Second Quarter 2015 Results (7/22/15)

Second Quarter 2015 Summary

• Net income of $7.8 million, up $3.2 million over the prior year quarter

• Diluted earnings per share of $0.36

• Net interest margin of 4.26%

• Deposit costs reduced to 0.31%

• Loan originations of $284 million, an increase from $206 million in the prior quarter

• Efficiency ratio of 53.66%

• ROAA of 1.18% and ROATCE of 14.84%

• Tangible book value increased to $10.36 per share

• Completed systems conversion and consolidation of Independence Bank in April 2015

IRVINE, Calif.--(BUSINESS WIRE)--Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company”), the holding company of Pacific Premier Bank (the “Bank”), reported net income for the second quarter of 2015 of $7.8 million, or $0.36 per diluted share. This compares with net income of $1.8 million, or $0.09 per diluted share, for the first quarter of 2015 and net income of $4.6 million, or $0.27 per diluted share, for the second quarter of 2014.

For the first six months of 2015, the Company recorded net income of $9.6 million, or $0.46 per diluted share. This compares with net income of $7.3 million, or $0.42 per diluted share, for the first six months of 2014.

For the three months ended June 30, 2015, the Company’s return on average assets was 1.18% and return on average tangible common equity was 14.84%, compared with a return on average assets of 0.29% and a return on average tangible common equity of 4.04% for the three months ended March 31, 2015, and a return on average assets of 1.06% and a return on average tangible common equity of 11.96% for the three months ended June 30, 2014.

Steven R. Gardner, President and Chief Executive Officer of the Company, commented on the results, “We are pleased with our performance in the second quarter, as we delivered the most profitable quarter in our history and a 69% increase in earnings over the same period in 2014. This strong performance was driven by positive trends in loan production, deposit gathering, and an expansion in our net interest margin. In addition, following the integration of the Independence Bank acquisition, we are realizing a solid improvement in our operating leverage as reflected in our efficiency ratio of 53.66%.

“We are seeing good loan demand throughout our markets, which resulted in $284 million in new loan commitments during the second quarter, a record level for the Company. Our loan production is well diversified, with more than $20 million of originations in C&I, construction, franchise, and SBA lending businesses. The strong loan production enabled us to redeploy the excess liquidity we had built during the first quarter into higher yielding assets, which helped drive a 19 basis point improvement in our net interest margin compared to the prior quarter, excluding the impact from a special dividend received from the FHLB.

“We continue to utilize loan sales as part of our fee income and portfolio management strategies. During the second quarter, we sold $21 million in SBA loans - which generated $2.0 million in gain on sale income - and sold $68 million of other loans, generating $700,000 in gain on sale income.

“We continue to have strong loan and deposit pipelines, which we expect will drive quality balance sheet growth that should further enhance our profitability over the second half of 2015. Our organic growth and acquisition strategy is generating attractive returns for our shareholders and positions us well for those management teams and boards of directors that are seeking a high performing strategic partner," said Mr. Gardner.

Net Interest Income and Net Interest Margin

Net interest income totaled $26.8 million in the second quarter of 2015, up $3.6 million or 15.8% from the first quarter of 2015. The increase in net interest income reflected an increase in average interest-earning assets of $174.0 million, and an increase in the net interest margin of 27 basis points to 4.26%. The increase in average interest-earning assets during the second quarter of 2015 was primarily related to organic loan growth from new loan originations and higher utilization rates of warehouse mortgage lines of credit. Additionally, the increase was the result of a full quarter benefit of the loans acquired from the acquisition of Independence Bank, which added $332.9 million in loans at the end of January. The expansion in the net interest margin to 4.26% was mostly the result of an increase in the yield on earning assets. The increase in yield on earning assets was driven by a favorable asset mix arising from the $261.7 million growth in average loans and a $121.5 million decline in average cash balances. Lastly, the Company received a special dividend from the San Francisco Federal Home Loan Bank during the second quarter of approximately $500,000. This dividend had the impact of increasing the net interest margin by 8 bps.

Net interest income for the second quarter of 2015 increased $9.1 million or 51.2% compared to the second quarter of 2014. The increase was related to an increase in average interest-earning assets of $855 million, primarily related to our organic loan growth since the end of the second quarter of 2014 and our acquisition of Independence Bank during the first quarter of 2015, with our net interest margin remaining unchanged at 4.26%.

Provision for Loan Losses

We recorded a $1.8 million provision for loan losses during the second quarter of 2015, compared with $1.8 million for the first quarter of 2015 and $1.0 million for the second quarter of 2014. The provision for loan losses in the second quarter of 2015 was primarily related to growth in certain segments of the loan portfolio. Net loan charge-offs amounted to $379,000 in the second quarter of 2015, compared to $384,000 from the first quarter of 2015 and net loan recoveries of $18,000 from the second quarter of 2014.

Noninterest income

Noninterest income for the second quarter of 2015 was $4.7 million, an increase of $2.7 million or 132.6% from the first quarter of 2015. The increase from the first quarter of 2015 was primarily related to $2.7 million in net gain from the sale of loans.

Compared to the second quarter of 2014, noninterest income for the second quarter of 2015 increased $2.2 million or 90.7%. The increase was primarily related to an increase in gain on the sale of loans of $1.4 million and an increase in loan servicing fees of $442,000.

Noninterest Expense

Noninterest expense totaled $17.2 million for the second quarter of 2015, a decrease of $3.3 million or 15.9%, compared with the first quarter of 2015. The decrease was primarily related to the decrease in non-recurring merger-related expense of $4.0 million. Otherwise, non-interest expense grew by approximately $700,000 as the Company fully integrated the operations of Independence Bank during the quarter and incurred one-time severance costs unrelated to the merger of approximately $400,000.

Compared to the second quarter of 2014, noninterest expense for the second quarter of 2015 increased by $5.6 million or 47.9%. The increase in expense was primarily related to higher compensation and benefits costs of $3.0 million. Growth in non-interest expense is related to both the acquisition of Independence Bank and the continued investment in personnel and locations to support our organic growth in loans and deposits.

The Company’s efficiency ratio was 53.66%, 64.63%, and 56.56% for the quarters ended June 30, 2015, March 31, 2015 and June 30, 2014, respectively.

Income Tax

For the first and second quarter of 2015, our effective tax rate was 37.1%, compared with 38.08% for the second quarter of 2014. The decrease from our second quarter of 2014 effective tax rate was primarily related to low income tax credits and increased interest income from municipal securities.

Assets and Liabilities

At June 30, 2015, assets totaled $2.6 billion, a decrease of $116.2 million or 4.2% from March 31, 2015 and up $597.9 million or 29.3% from December 31, 2014. The decrease in total assets from March 31, 2015 was primarily related to a decrease in cash and cash equivalents of $95.3 million. The increase in assets since December 31, 2014 was principally the result of the acquisition of Independence Bank in the first quarter of 2015, which added $449.6 million in assets, including $332.9 million in loans, $56.1 million in investment securities available for sale, $28.0 million in goodwill and $11.3 million in bank owned life insurance. Additionally, organic loan growth and an increase in investment securities contributed to the increase in assets during the second quarter of 2015. The increase in assets at June 30, 2015 as compared to June 30, 2014 was related to both organic and acquisitive loan growth of $651.8 million, as well as growth in investment securities.

Investment securities available for sale totaled $280.4 million at June 30, 2015, relatively unchanged from March 31, 2015, and an increase of $78.8 million or 39.1% from December 31, 2014. The $45.3 million increase in investment securities as compared to $235.1 million at June 30, 2014, was primarily due to the acquisition of Independence Bank, which added $56.1 million in investment securities in the first quarter of 2015, along with our purchases of $20.1 million, partially offset by sales of $7.2 million and principal paydowns of $9.1 million. In general, the purchase of investment securities primarily resulted from our investing excess liquidity from our banking operations and to maintain a certain level of securities to our overall asset size, while the sales were made to help fund loan production and improve our interest-earning asset mix.

Loans held for investment totaled $2.1 billion at June 30, 2015, a decrease of $12.8 million or 0.6% from March 31, 2015, and an increase of $489.9 million or 30.1% from December 31, 2014. The increase since December 31, 2014 was primarily related to loans acquired from Independence Bank of $332.9 million at acquisition date, as well as our organic loan originations. This included increases in multifamily of $137.3 million, commercial owner occupied loans of $171.5 million, warehouse facilities of $84.3 million, commercial non-owner occupied of $43.6 million, construction of $34.8 million and SBA of $21.9 million. The $652.0 million increase in loans from June 30, 2014, including loans acquired from Independence Bank, included increases in real estate loans of $231.0 million, commercial and industrial loans of $134.9 million, warehouse facilities loans of $84.1 million, commercial owner occupied loans of $165.8 million and SBA loans of $35.2 million. The total end of period weighted average interest rate on loans, excluding fees and discounts, at June 30, 2015 was 4.89%, compared to 4.90% at March 31, 2015 and 4.94% at June 30, 2014.

Loan activity during the second quarter of 2015 included organic loan originations of $283.7 million that were offset by $88.4 million in loans sold, $112.4 million in loan repayments, and a $95.5 million increase in undisbursed loan funds. The first quarter of 2015 included loans acquired from Independence Bank, organic loan originations of $206.3 million and loan purchases of $30.3 million and a decrease in undisbursed loan funds of $39.4 million, partially offset by loan repayments of $106.4 million. At June 30, 2015 our loan to deposit ratio was 101.1%, compared with 104.3% and 99.9% at March 31, 2015 and December 31, 2014, respectively.

At June 30, 2015, deposits totaled $2.1 billion, up $52.8 million or 2.6% from March 31, 2015 and $650.4 million or 45.0% from June 30, 2014. During the second quarter of 2015, deposit increases included $15.9 million of noninterest bearing deposits and wholesale/brokered certificate of deposits of $50.6 million. The increase in deposits since the end of the second quarter of 2014 was due to organic growth and the acquisition of Independence Bank, which added $336.0 million in deposits.

The weighted average cost of deposits for the three month period ending June 30, 2015 was 0.31%, a decrease from 0.34% for both the first quarter of 2015 and the second quarter of 2014.

At June 30, 2015, total borrowings amounted to $237.7 million, a decrease of $176.0 million or 42.5% from March 31, 2015 and $27.9 million from June 30, 2014. At June 30, 2015, total borrowings represented 9.0% of total assets, compared to 15.0% and 13.8%, as of March 31, 2015 and June 30, 2014, respectively.

Asset Quality

Nonperforming assets totaled $5.1 million or 0.19% of total assets at June 30, 2015, down from $5.7 million or 0.21% at March 31, 2015. During the second quarter of 2015, nonperforming loans decreased $281,000 to total $4.4 million and other real estate owned decreased $286,000 to $711,000.

At June 30, 2015, our allowance for loan losses was $15.1 million, up $1.5 million from March 31, 2015. At June 30, 2015, our allowance for loan losses as a percent of nonaccrual loans was 344.59%, up from 292.64% at March 31, 2015. The increase in the allowance for loan losses at June 30, 2015 was mainly attributable to the growth in certain segments of the loan portfolio. At June 30, 2015, the ratio of allowance for loan losses to total gross loans was 0.71%, up from 0.64% at March 31, 2015 and 0.66% at June 30, 2014. Including the loan fair market value discounts recorded in connection with our acquisitions, the allowance for loan losses to total gross loans ratio was 0.94% at June 30, 2015, compared with 0.90% at March 31, 2015 and 0.87% at December 31, 2014.

Capital Ratios

At June 30, 2015, our ratio of tangible common equity to total assets was 8.65%, with a tangible book value of $10.36 per share and a book value per share of $13.09.

At June 30, 2015, the Bank exceeded all regulatory capital requirements with a ratio for tier 1 leverage capital of 10.94%, common equity tier 1 risk-based capital of 12.54%, tier 1 risk-based capital of 12.54% and total risk-based capital of 13.20%. These capital ratios exceeded the “well capitalized” standards defined by the federal banking regulators of 5.00% for tier 1 leverage capital, 6.5% for common equity tier 1 risk-based capital, 8.00% for tier 1 risk-based capital and 10.00% for total risk-based capital. At June 30, 2015, the Company had a ratio for tier 1 leverage capital of 8.98%, common equity tier 1 risk-based capital of 9.92%, tier 1 risk-based capital of 10.24% and total risk-based capital of 13.53%.

Conference Call and Webcast

The Company will host a conference call at 9:00 a.m. PT / 12:00 p.m. ET on July 22, 2015 to discuss its financial results. Analysts and investors may participate in the question-and-answer session. The conference call will be webcast live on the Investor Relations section of the Company’s website www.ppbi.com and an archived version of the webcast will be available in the same location shortly after the live call has ended. The conference call can be accessed by telephone at 866-290-5977 and asking to be joined to the Pacific Premier Bancorp conference call. Additionally a telephone replay will be made available through July 29, 2015 at 877-344-7529, conference ID 10068939.

About Pacific Premier Bancorp, Inc.

Pacific Premier Bancorp, Inc. is the holding company for Pacific Premier Bank, one of the largest community banks headquartered in Southern California. Pacific Premier Bank is a business bank primarily focused on serving small and middle market business in the counties of Los Angeles, Orange, Riverside, San Bernardino and San Diego, California. Pacific Premier Bank offers a diverse range of lending products including commercial, commercial real estate, construction, residential warehouse and SBA loans, as well as specialty banking products for homeowners associations and franchise lending nationwide. Pacific Premier Bank serves its customers through its 16 full-service depository branches in Southern California located in the cities of Corona, Encinitas, Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, Riverside, San Bernardino, San Diego, Seal Beach and Tustin.

http://www.businesswire.com/news/home/20150722005403/en/Pacific-Premier-Bancorp-Announces-Quarter-2015-Results#.Va-kNbTbKUk

Pacific Premier Bancorp, Inc. Announces Completion of Acquisition of Independence Bank (1/27/15)

IRVINE, Calif.--(BUSINESS WIRE)--Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company”), the holding company of Pacific Premier Bank (the “Bank”), announced today that it has completed the acquisition, effective as of the close of business yesterday, of Independence Bank (OTCQB: IDPK), a Newport Beach, California based state-chartered bank. The acquisition was approved by the Independence Bank shareholders at a special meeting of shareholders held on January 23, 2015. The issuance of the shares of the Company's common stock to the Independence Bank shareholders in connection with the acquisition was approved by the Company's shareholders at special meeting of shareholders also held on January 23, 2015.

Under the terms of the merger agreement, each share of Independence Bank common stock was converted into the right to receive $13.75 per share in cash or 0.9259 shares of Company common stock, or a combination thereof, subject to the overall requirement that approximately 10% of the consideration will be in the form of cash and approximately 90% will be in the form of Company common stock. The value of the total deal consideration was approximately $79.6 million, which includes approximately $6.1 million of cash consideration for Independence Bank common stockholders, $1.4 million of aggregate cash consideration to the holders of Independence Bank stock options and warrants, and $72.1 million of stock consideration (based on the closing stock price of the Company’s common stock on January 26, 2015).

“We are very pleased that we were able to execute a quick and efficient closing process, so that we can begin recognizing the significant synergies we project for this transaction,” said Steven R. Gardner, President and Chief Executive Officer of Pacific Premier Bancorp. “We are well under way with our integration so that we can provide a seamless transition for Independence Bank’s customers and ensure they continue to receive an outstanding level of service. We are excited to welcome the former shareholders, employees, and customers of Independence Bank and with the closing of this transaction, we now have a much broader presence in Southern California and a greater ability to increase our combined customer base.”

With the addition of Independence Bank, on a pro forma combined basis, the Company would have total assets of approximately $2.5 billion, total loans outstanding of approximately $2.0 million and total deposits of approximately $2.0 billion as of December 31, 2014 (unaudited and excluding purchase accounting adjustments).

Advisors

D.A. Davidson & Co. acted as financial advisor to the Company in the transaction and delivered a fairness opinion to the Board of Directors of the Company. Holland & Knight LLP served as legal counsel to the Company. Keefe, Bruyette & Woods, Inc., A Stifel Company, acted as financial advisor to Independence Bank and delivered a fairness opinion to the Board of Directors of Independence Bank. Stinson Leonard Street LLP served as legal counsel to Independence Bank.

About Pacific Premier Bancorp, Inc.

The Company is the holding company for the Bank, one of the largest community banks headquartered in Southern California. The Bank is a business bank primarily focused on serving small and middle market businesses in the counties of Los Angeles, Orange, Riverside, San Bernardino and San Diego, California. The Bank offers a diverse range of lending products including commercial, commercial real estate, construction, residential warehouse and SBA loans, as well as specialty banking products for homeowners associations and franchise lending nationwide. Prior to including the impact from the acquisition of Independence Bank, the Bank serves its customers through its 13 full-service depository branches in Southern California located in the cities of Encinitas, Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, San Bernardino, San Diego and Seal Beach.

http://www.businesswire.com/news/home/20150127005301/en/Pacific-Premier-Bancorp-Announces-Completion-Acquisition-Independence#.VMelhoktGUk

Trying to break into Blue Skies

Pacific Premier Bancorp Investor Presentation (11/03/14):

http://www.sec.gov/Archives/edgar/data/1028918/000102891814000055/ppbi_8k-2014q3invpresex991.htm

Pacific Premier Bancorp, Inc. Announces Acquisition of Independence Bank (10/22/14)

Highlights of the Announced Transaction:

• In-market consolidation that connects Pacific Premier’s footprint in Southern California

• Low-cost core deposit base comprised of 25.9% non-interest bearing demand deposits and 81.5% non-CDs with a total cost of deposits of 0.40% at September 30, 2014

• Opportunity for significant cost savings and operational synergies for the pro forma company

• Compelling economics for the Company’s shareholders with immediate EPS accretion

IRVINE, Calif.--(BUSINESS WIRE)--Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company,” “we,” “us” or “our”), the holding company of Pacific Premier Bank (the “Bank”), announced that it has entered into a definitive agreement to acquire Independence Bank (OTCQB: IDPK), a Newport Beach, California, based state-chartered bank with $426.2 million in total assets, $341.1 million in gross loans and $358.3 million in total deposits at September 30, 2014. Independence Bank has six branches located in Orange County and Riverside County. This transaction will strengthen the Company’s competitive position as one of the premier banks headquartered in Southern California.

The Company expects that the transaction will be immediately accretive to EPS in 2015, excluding non-recurring deal related expenses, and expects EPS accretion to be approximately 9.6% in 2016. The Company expects tangible book value dilution of approximately 5.0% at close to be earned-back within 3.2 years. The Company anticipates there will be significant cost savings and synergies due to the consolidation of 2 branch locations in Newport Beach and Fountain Valley, as well as the reduction of typical back office expenses.

Steven R. Gardner, President and Chief Executive Officer of the Company, commented, “This is an attractive opportunity for us to acquire a high quality commercial banking franchise in our backyard. The Independence Bank branch locations will connect our existing footprint between Orange County and the broader Coachella Valley. This acquisition represents an important element of our strategic growth plan and provides us with meaningful operational scale in our core markets.”

Mr. Gardner continued, “We view this as an exciting opportunity for our combined shareholders, customers and employees. Independence Bank’s existing customers will continue to receive the same excellent customer service and products without disruption. Additionally, the acquisition of Independence Bank will allow us to deploy a portion of our current capital base into a compelling investment which we anticipate will produce attractive returns for shareholders.”

“This merger is a combination of two high quality organizations and we believe the combined company is better positioned for continued growth and success,” said Chuck Thomas, President and Chief Executive Officer of Independence Bank. “The combination will have tremendous benefits for our customers and shareholders. Our customers will be joining a $2.5 billion Southern California banking franchise which can offer larger lending limits and an expanded array of products and services.”

Independence Bank Details

As of September 30, 2014, Independence Bank’s low-cost core deposit base consisted of 25.9% non-interest bearing demand deposits and 81.5% non-CDs. Independence Bank had a total cost of deposits of 0.40% for the quarter ended September 30, 2014.

Independence Bank has a diversified loan portfolio with commercial real estate, multi-family and non-SBA C&I loans comprising 51%, 29% and 16%, respectively, of the loan portfolio at September 30, 2014. On a pro forma combined basis, with the proposed acquisition of Independence Bank, the Company would have total assets of $2.5 billion, total loans outstanding of $1.9 billion and total deposits of $1.9 billion as of September 30, 2014 (unaudited).

Transaction Details

The aggregate merger consideration is currently estimated at approximately $71.5 million, based on a $14.73 closing price of the Company’s common stock on October 21, 2014. Under the terms of the definitive agreement, holders of Independence Bank common stock, stock options and warrants will receive aggregate cash consideration of $7.2 million and aggregate stock consideration currently estimated at $64.3 million. The Independence Bank shareholders will own approximately 20.4% of the combined company. Independence Bank shareholders will have a choice between electing to receive $13.75 per share in cash or 0.9259 of a share of the Company’s common stock for each share of Independence Bank or a combination thereof, subject to the overall requirement that 10% of the aggregate consideration will be in the form of cash and 90% will be in the form of the Company’s common stock. The number of shares of the Company’s common stock to be issued to Independence Bank shareholders is based on a fixed exchange ratio provided that the Company’s stock price remains between $13.365 and $16.335 as measured by the 10-day average closing price up to and including the fifth trading day prior to closing of the transaction. The value of the stock portion of consideration will fluctuate based on the value of the Company’s common stock. To the extent the average closing price of the Company’s common stock is outside this price range, then the exchange ratio will adjust to reflect the increase or decrease of the Company’s common stock that is outside of this range.

The transaction is expected to close in the first quarter of 2015, subject to satisfaction of customary closing conditions, including regulatory approvals and approval of Independence Bank and the Company’s shareholders. Directors and executive officers of Independence Bank have entered into agreements with the Company and Independence Bank whereby they committed to vote their shares of Independence Bank common stock in favor of the acquisition. For additional information about the proposed acquisition of Independence Bank, you should carefully read the definitive agreement that we filed with the Securities and Exchange Commission (“SEC”) today.

D.A. Davidson & Co. acted as financial advisor to the Company in the transaction and delivered a fairness opinion to the Board of Directors of the Company. Holland & Knight LLP served as legal counsel to the Company. Keefe, Bruyette & Woods, Inc., A Stifel Company, acted as financial advisor to Independence Bank and delivered a fairness opinion to the Board of Directors of Independence Bank. Stinson Leonard Street LLP served as legal counsel to Independence Bank.

Conference Call and Webcast

The Company will host a conference call at 9:00 a.m. PT / 12:00 p.m. ET on October 22, 2014 to discuss the merger announcement. Analysts and investors may participate in the question-and-answer session. The conference call will be webcast live on the Investor Relations section of the Company’s website www.ppbi.com. An archived version of the webcast will made be available in the same location shortly after the live call has ended. The conference call can be accessed by telephone at (866) 290-5977 and ask to join the “Pacific Premier Bancorp” conference call. Additionally a telephone replay will be made available through October 30, 2014 at (877) 344-7529, access code 10054119.

About Pacific Premier Bancorp, Inc.

Pacific Premier Bancorp, Inc. is the holding company for Pacific Premier Bank, one of the largest community banks headquartered in Southern California. Pacific Premier Bank is a business bank primarily focused on serving small and middle market business in the counties of Los Angeles, Orange, Riverside, San Bernardino and San Diego, California. Pacific Premier Bank offers a diverse range of lending products including commercial, commercial real estate, construction, residential warehouse and SBA loans, as well as specialty banking products for homeowners associations and franchise lending nationwide. Pacific Premier Bank serves its customers through its 13 full-service depository branches in Southern California located in the cities of Encinitas, Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, San Bernardino, San Diego and Seal Beach.

About Independence Bank

Independence Bank is a full service community bank, founded by highly experienced bankers and business leaders from Orange County. Founded in 2004, Independence Bank has sustained a successful business model of customer and community focus as well as significant growth during that time. Independence Bank now has six regional offices serving Orange and Riverside Counties in Southern California. For additional information about Independence Bank, visit its website at www.independence-bank.net.

http://www.businesswire.com/news/home/20141022005297/en/Pacific-Premier-Bancorp-Announces-Acquisition-Independence-Bank#.VEeoM4l0yUk

Bond Investors Ignite Funding for Small Banks (9/15/14)

by Matt Scully

Bread-and-butter banks are preparing to sell more higher-risk and higher-yielding securities, encouraged by investors eager to see the tiniest of lenders jump into the bond market for the first time.

Banks began last year selling subordinated debt after years of dormancy brought on by the crisis. The country's largest bank, JPMorgan Chase, two weeks ago sold $3 billion in ten-year subordinated debt, paying investors a 3.78% coupon.

JPMorgan's payout, however, is not the story yield-seekers are giddy to talk about. Institutional investors such as MetLife, the biggest U.S. life insurer, and ManuLife Asset Management, showed Brookline Bancorp in Boston the money on Thursday, helping the bank raise $25 million more than the $50 million it planned to sell — raising in a day a sum equal to 14% of the bank's $5.5 billion in assets. The 15-year notes paid out a 6% coupon.

"There is robust demand for bank paper and exceptional demand for subordinated bank debt," said Todd Mahoney, head of bond syndication at UBS AG.

This activity is the latest example of how the low-rate environment is driving investors to scour for incremental yield.Word has spread fast since June that tiny, first-time bank issuers and, in some cases, old-time issuers that had all but disappeared from memory, are offeringsmall bonds that pay double the 10-year Treasury, which hovered at 2.58% as of Friday morning.

"Small-cap bank deals have a very narrow investor focus," Mahoney said. "The fact that these deals are getting done shows that the market has rebounded postcrisis, and investors are very comfortable owning bank debt again in nontraditional format."

The investors are being dubbed the "buyside mafia," one analyst joked, asking not to be named because of client relationships.

Kroll Bond Rating Agency has courted 11 community banks, nearly all of them under $10 billion in assets, to buy low-investment-grade ratings they say are necessary to broaden investor appeal. Kroll intends to double the number of community banks it rates by the end of October, two people with direct knowledge said, and all signs point to more on the way.

The window to get these deals done is now, dealmakers said, adding that September and October will be the busiest months for issuance, and after that, the story will begin winding down. There may be as many as ten subordinated debt issuances over the next four to six weeks, said Jacques de Saint Phalle, principal at Sandler O'Neill, which has acted as manager on all but three of the fifteen community bank deals tracked by American Banker.

"You are going to see even smaller banks come to market down the line," said de Saint Phalle, who highlighted a string of private placements, such as a $15 million deal they did for First Business Financial Services in Wisconsin. The deal will help fund a pending $30.1 million acquisition of Aslin Group's Alterra Bank.

Sandler runs the most active syndication desk for these community bank deals, but word is leaking out across corporate syndicates. Active underwriters include U.S. Bancorp (which has acted as a lead manager on seven of the last fifteen deals issued by new bank participants,) Deutsche Bank and Royal Bank of Canada. The Swiss bank UBS has not yet managed any of the deals but has several Kroll-rated deals in the pipeline.

It is unclear whether banks are seeking out advisories, or if they are being pulled in by the can-doers at their doorsteps.

Steven Gardner, president and CEO of the $1.7 billion-asset Pacific Premier Bank, said, "Our advisors," whom he did not name, "say obtaining the Kroll ratings may improve pricing and execution if and when we go out for senior-secured or subordinated debt in the future." Pacific sold two weeks ago a $60 million deal rated triple-B by Kroll, and it carried a 5.75% coupon. Sandler O'Neill and Raymond James syndicated the offering, according to people with knowledge of the private deal.

Fitch Ratings' community bank analysts Bain Rumohr and Chris Wolfe said none of the banks they rate have issued any subordinated debt since their last reviews. Fitch would generally be most concerned assigning investment-grade ratings to small community banks because they have "acute geographic concentration" and "often have loan or customer concentrations," said Brian Bertsch, the firm's corporate communications director.

Will Schwartz, senior vice president at rating agency DBRS, also offered a word of caution. "Across all corporate credit, if you only had one factor to rate by, size would have the highest correlation with failure. But there is no doubt there are some high-quality small banks out there," he said.

Banks are using the funding in two ways: selling subordinated debt is enabling them to fund mergers and acquisitions, and the deals count towards Tier 2 capital requirements.

At least six banks, including Eagle Bancorp, Independent Bank Group and Newbridge Bank, are using investors' cash to fund an M&A transaction.

The $3.8 billion-asset Eagle Bancorp, for example, the largest community bank in the Washington, D.C., area, announced in June its agreement to buy the smaller Virginia Heritage for $183 million. Sandler O'Neill underwrote Eagle Bancorp for $70 million in subordinated debt a little over a month later. The notes, rated triple-B minus by Kroll, fetched investors a 5.75% coupon.

The level of M&A activity in 2014 is on track to surpass last year's 229 deal total, with 201 deals announced as of Sept. 8, data from Keefe Bruyette & Woods and FIG Partners show.

Ryan Lentell, managing director at Manulife, said he or a colleague has looked at every offered bond issuance so far. It's a win-win, he said.

"First Business [Financial Services] would have issued trust-preferred securities as a funding tool before the crisis, but now they are moving to subordinated debt as the market picks up and it remains cheap for them to issue." Lentell said.

There are longer-term capital needs that could drive issuance higher among small community banks.

More than 80% of the 281 community banks in the Treasury Department's $4 billion Small Business Lending Fund intend to beat a rate jump in 2016 that will increase their initial borrowing terms of 1%-5% to a hard 9% thereafter. Only 40 banks intend to remain in the program after that date, according to Treasury.

Opportunistic and savvy investors that once singled out Troubled Asset Relief Program banks may grow hungry for small, community lenders with an eye on the bond market to raise capital, Lentell said.

Financial institutions sold $37 billion in debt the first week of September, dominating 83% of the third-busiest issuance calendar for high-grade bonds ever.

The largest issuers included Wells Fargo, Bank of America, Capital One, Fifth Third Bank, Morgan Stanley, Bank of New York Mellon and JPMorgan. Community banks comprise a sliver of new issuance, having sold slightly more than $800 million in recent months, according to UBS data.

Subordinated bank debt has already surpassed last year's issuance level with $15.8 billion issued year to date, compared with $12.3 billion for 2013. Last year's total was four times the amount issued between 2009 and 2012, American Banker has reported.

http://www.americanbanker.com/issues/179_178/bond-investors-ignite-funding-for-small-banks-1069931-1.html?zkPrintable=1&nopagination=1

Filling gap to 200 day

Pacific Premier Bancorp, Inc. Announces Second Quarter 2014 Results (7/23/14)

Second Quarter 2014 Summary

• Net income of $4.6 million, or $0.27 per fully diluted share

• Return on average tangible common equity of 11.96%

• Return on average assets of 1.06%

• Total assets increase 10% from the end of the prior quarter to $1.9 billion

• Loan originations increase to $152 million

• Total loans increase 11% from the end of the prior quarter

• Net interest margin of 4.26%

• Efficiency ratio improves to 56.56%

• Tangible book value per share increases $0.30 to $9.56

IRVINE, Calif.--(BUSINESS WIRE)--Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company”), the holding company of Pacific Premier Bank, reported net income for the second quarter of 2014 of $4.6 million, or $0.27 per diluted share. This compares with net income of $2.6 million, or $0.15 per diluted share, for the first quarter of 2014 and a net loss of $249,000, or ($0.02) per share, for the second quarter of 2013.

For the first six months of 2014, the Company recorded net income of $7.3 million, or $0.42 per diluted share. This compares with net income of $1.7 million, or $0.11 per diluted share, for the first six months of 2013.

The Company had one-time merger-related expenses totaling $626,000 associated with the acquisition of Infinity Franchise Holdings, LLC (“Infinity Franchise Holdings”) in the first quarter of 2014, $5.0 million associated with the acquisition of San Diego Trust Bank (“San Diego Trust”) in the second quarter of 2013 and $1.7 million associated with the acquisition of First Associations Bank (“First Associations”) in the first quarter of 2013. Excluding one-time merger-related expenses during the reporting periods, the Company’s reported net income for the second quarter of 2014 of $4.6 million, or $0.27 per diluted share, compares to an adjusted net income of $3.0 million, or $0.17 per diluted share, for the first quarter of 2014 and $3.0 million, or $0.19 per diluted share, for the second quarter of 2013. Also excluding one-time merger-related expenses, the Company reported adjusted net income of $7.7 million, or $0.44 per diluted share, for the first six months of 2014, compares to an adjusted net income of $6.1 million, or $0.39 per diluted share, for the first six months of 2013.

For the three months ended June 30, 2014, the Company’s return on average assets was 1.06% and return on average equity was 9.79%, compared with an adjusted 0.73% return on average assets and an adjusted 6.64% return on average equity for the three months ended March 31, 2014, and an adjusted 0.86% return on average assets and an adjusted 7.59% return on average equity for the three months ended June 30, 2013. For the three months ended June 30, 2014, the Company’s return on average tangible common equity was 11.96%, compared with 7.22% for the three months ended March 31, 2014, and a minus 0.41% for the three months ended June 30, 2013.

Steven R. Gardner, President and Chief Executive Officer of the Company, commented on the results, “The second quarter results reflect our employees’ ability to generate solid profitable growth. During the current quarter, we saw strong growth in net interest income and noninterest income while costs remained well contained. Following a number of quarters of elevated expenses related to acquisitions and upgrading our technology platform, we experienced a more normalized level of expenses in the second quarter. As a result, our efficiency ratio improved to 56.6%, which helped drive our return on tangible common equity to 11.96%.

“We had a very strong quarter of business development, resulting in $152 million in loan originations, which was well diversified with each of our major lending areas making significant contributions. Consistent with our focus on small- and middle-market business banking, nearly half of our loan production was in commercial and industrial loans. Our franchise lending group is providing an additional vehicle for C&I loan growth, contributing $28 million in loan originations in the second quarter, and the group continues to build its loan pipeline.

“Our strong loan growth outpaced deposit gathering in the second quarter moving our loan to deposit ratio to above 100%. We are comfortable running the business with an elevated ratio for a period of time. However, we anticipate seeing stronger deposit inflows in the second half of the year, driven by new customer relationships we are developing.

“With the diverse business mix we have developed, we see good opportunities to attract more commercial customers throughout Southern California. We believe that the greater Los Angeles area represents a largely untapped growth opportunity for Pacific Premier, and we are planning to steadily increase our penetration into this market in the coming quarters.”

Net Interest Income and Net Interest Margin

Net interest income totaled $17.7 million in the second quarter of 2014, up $1.1 million or 6.4% from the first quarter of 2014. The increase in net interest income primarily reflected an increase in the average interest-earning assets of $98.4 million, partially offset by a decrease in net interest margin of 4 basis points. The increase in average assets for the second quarter of 2014 included increases in loans of $107.6 million and cash and cash equivalents of $9.3 million, partially offset by a decrease in investment securities of $18.6 million. The net interest margin for the second quarter of 2014 was 4.26%, compared with 4.30% in the first quarter of 2014. The decrease in net interest margin was primarily attributable to a decrease in yield on average interest-earning assets of 2 basis points, primarily from lower yielding loans of 8 basis points, and higher interest-bearing liability costs of 2 basis points, primarily from higher deposit costs of 3 basis points. The weighted average loan portfolio rate at June 30, 2014 was 4.94%, compared to 5.00% at March 31, 2014. The 6 basis point decrease primarily reflected lower rates on loan originations during the second quarter of 2014.

Net interest income for the second quarter of 2014 increased $4.1 million or 30.2%, compared to the second quarter of 2013. The increase in net interest income was primarily related to an increase in interest-earning assets of $306.3 million, primarily related to the acquisition of San Diego Trust, which occurred in the second quarter of 2013, and organic loan growth, and an increase in net interest margin of 25 basis points. The increase in the net interest margin was primarily related to a higher yield on interest-earning assets of 23 basis points, as we deployed liquidity received from our acquisitions of First Associations and San Diego Trust to increase the level of higher yielding loans within interest-earning assets. The margin also benefited from a drop in the cost of interest-bearing liabilities by 4 basis points.

For the first six months of 2014, net interest income totaled $34.3 million, up $7.8 million or 29.6% over net interest income for the first six months of 2013. The increase reflected an increase in interest-earning assets of $370.9 million while the net interest margin remained unchanged at 4.28%. The increase in interest-earning assets was primarily related to the acquisitions of First Associations and San Diego Trust in the first and second quarters of 2013, respectively, and our organic loan growth. The net interest margin included a decrease in the yield on interest-earning assets of 7 basis points along with an improved mix in higher yielding loans from leveraging the liquidity received from our acquisitions and a decrease in the cost of interest-bearing liabilities of 10 basis points with an improved mix of lower costing transaction accounts.

Provision for Loan Losses

We recorded a $1.0 million provision for loan losses during the second quarter of 2014, up from $949,000 for the first quarter of 2014 and $322,000 for the second quarter of 2013. The increase in the provision for loan losses in the second quarter of 2014 was attributable to the growth in our loan portfolio. In the second quarter of 2014, we had net loan recoveries of $18,000, compared to net loan charge-offs of $464,000 in the first quarter of 2014 and $322,000 in the second quarter of 2013.

For the first six months of 2014, we recorded a $2.0 million provision for loan losses, up from $618,000 recorded for the first six months of 2013. The $1.4 million increase in the provision for loan losses was primarily attributable to the organic growth in our loan portfolio. Net loan charge-offs amounted to $446,000 for the first six months of 2014, down from $618,000 for the first six months of 2013. Substantially all of the charge-offs in 2014 were attributable to loans that we acquired from our FDIC-assisted transactions.

Noninterest income

Noninterest income for the second quarter of 2014 was $2.5 million, up $419,000 or 20.4% from the first quarter of 2014. The increase from the prior quarter was primarily related to the following:
• A $750,000 increase in net gain from sale of loans. During the second quarter of 2014, we sold $12.8 million in Small Business Administration (“SBA”) loans at an overall premium of 10% and $276,000 in commercial non-owner occupied loans. That compares with sales of $4.7 million in SBA loans at an overall premium of 11% and $4.8 million in non-owner occupied and multi-family loans in the first quarter of 2014.
• A $201,000 increase in other income. During the first quarter of 2014, we recorded a non-recurring $180,000 market value loss related to loans held for sale that were moved to loans held for investment.

Partially offsetting these increases was a decrease of $574,000 in loan servicing fees, primarily as the result of the receipt in the first quarter of 2014 of a $500,000 loan fee related to the assumption of an existing loan.

Compared with the second quarter of 2013, noninterest income for the second quarter of 2014 increased by $40,000 or 1.6%. The increase was primarily related to higher net gain from sale of loans of $1.1 million, partially offset by lower net gain from sale of investment securities of $970,000.

For the first six months of 2014, noninterest income totaled $4.5 million, up from $4.2 million for the first six months of 2013. The increase of $368,000 or 8.9% was primarily related to higher net gain from sale of loans of $901,000 and loan servicing fees of $494,000, partially offset by a lower net gain from sale of investment securities of $908,000 and other income of $197,000. The increase in loan servicing fees primarily related to a $500,000 loan fee associated with the assumption of an existing loan and the decrease in other income related to a nonrecurring $180,000 market value loss associated with loans held for sale, both of which occurred in the first half of 2014.

Noninterest Expense

Noninterest expense totaled $11.6 million for the second quarter of 2014, down $1.9 million or 14.0%, compared with the first quarter of 2014. The decrease was primarily related to the following:
• A $646,000 decrease in data processing and communications expense, primarily related to a nonrecurring $357,000 fee that was paid to terminate services from our payment processing system provider in the first quarter of 2014 and a more cost effective core operating system agreement;
• A $626,000 decrease in one-time merger-related expenses associated with the first quarter acquisition of Infinity Franchise Holdings;
• A $406,000 decrease in compensation and benefits costs, primarily related to lower employer payroll taxes in the second quarter, compared to the first quarter; and
• A $208,000 decrease in legal, audit and professional fees, primarily related to a $192,000 fee paid in the first quarter of 2014 for services related to the upgrade in our core operating system.

Compared to the second quarter of 2013, noninterest expense for the second quarter of 2014 decreased by $4.2 million or 26.6%. The decrease was primarily related to a $5.0 million decrease in one-time merger-related expenses, a $533,000 decrease in expenses related to other real estate owned operations and a $270,000 decrease in data processing and communications expenses. These decreases were partially offset by increases in the second quarter of 2014 in compensation and benefits expense of $798,000, premises and occupancy of $237,000 and deposit expenses of $232,000. These increases were primarily due to our acquisitions, as well as employees added in lending and credit areas to increase our loan production.

For the first six months of 2014, noninterest expense totaled $25.2 million, down $1.9 million or 6.9% from the first six months of 2013. The decrease was primarily related to a $6.1 million decrease in one-time merger-related expenses and a decrease of $557,000 in expenses related to other real estate owned operations, partially offset by increases of $2.6 million in compensation and benefits, $833,000 in deposit expenses, $532,000 in premises and occupancy expense, $297,000 in other expense, $226,000 in data processing and communications expense and $167,000 in FDIC insurance premiums. The increases in expenses were primarily due to costs associated with our acquisitions and expansion of our lending platform to increase loan production.

The Company’s efficiency ratio was 56.56% for the second quarter of 2014, compared to 67.96% for the first quarter of 2014 and 67.79% for the second quarter of 2013. The improvement in the current quarter efficiency ratio was primarily from higher net interest income and gains from sales of loans along with lower data processing and communications expense. For the second quarter of 2014, the Company’s noninterest expense to average asset ratio was 2.66%, compared to 3.27% in the first quarter of 2014, and 2.96% for the second quarter of 2013.

Income Tax

For the second quarter of 2014, our effective tax rate was 38.08%, compared with a 37.3% for the first quarter of 2014 and a negative effective tax rate of 57.6% for the second quarter of 2013. Operating results during the second quarter of 2013 included $955,000 of one-time merger-related costs that were treated as non-deductible for tax purposes. These expenses were largely the cause for the negative effective tax rate. For the first half of 2014, our effective tax rate was 37.79%, compared to 42.4% for the first half of 2013. The referenced one-time merger-related costs also impacted the difference between the effective tax rate for the first half of 2014, compared to the first half of 2013.

Assets and Liabilities

At June 30, 2014, assets totaled $1.9 billion, up $176.2 million or 10.0% from March 31, 2014, and up $207.3 million or 12.1% from December 31, 2013. The increase in assets from March 31, 2014 was primarily related to increases in loans held for investment of $141.4 million, investment securities of $33.0 million and investments in stock of $4.4 million, partially offset by a decrease in cash and cash equivalents of $4.1 million. The increase in assets since year-end 2013 was primarily related to loans held for investment of $226.6 million associated with organic loan growth and the acquisition of Infinity Franchise Holdings, which added assets at the acquisition date of $80.2 million. Partially offsetting those increases was a decrease in investment securities available for sale of $21.0 million and cash and cash equivalents of $6.5 million.

Investment securities available for sale totaled $235.1 million at June 30, 2014, up $33.0 million or 16.3% from March 31, 2014, but down $21.0 million or 8.2% from December 31, 2013. The increase in securities available for sale during the second quarter of 2014 was primarily due to purchases of $60.7 million and an increase in market value of $1.8 million, partially offset by sales totaling $21.8 million and principal pay downs of $7.2 million. The decrease in securities from December 31, 2013 was primarily related to sales of $77.8 million and principal pay downs of $13.4 million, partially offset by $66.3 million of investment security purchases and an improvement in unrealized loss on securities of $5.2 million. The purchase of investment securities primarily related to investing excess liquidity from our bank acquisitions, while the sales were made to help fund loan production and to improve our interest-earning asset mix by redeploying investment funds into loans.

Net loans held for investment totaled $1.46 billion at June 30, 2014, an increase of $140.3 million or 10.7% from March 31, 2014, and an increase of $225.1 million or 18.3% from December 31, 2013. The increase in loan balances since March 31, 2014 was primarily related to increases in commercial and industrial (“C&I”) loans of $47.7 million, warehouse facilities loans of $33.0 million, multi-family loans of $28.3 million, commercial non-owner occupied loans of $26.8 million, construction loans of $17.2 million and SBA loans of $4.1 million, partially offset by decreases in one-to-four family loans of $9.4 million and commercial owner occupied loans of $7.1 million. The increase in loans from December 31, 2013 included increases in C&I loans of $132.5 million, primarily from the acquisition of Infinity Franchise Holdings which added $78.8 million of total loans at the acquisition date, as well as increases in real estate loans of $64.0 million, warehouse facility loans of $26.5 million and SBA loans of $4.5 million, partially offset by decreases in one-to-four family loans of $13.2 million and commercial owner occupied loans of $4.3 million.

Loan activity during the second quarter of 2014 included loan originations of $152.2 million, of which $104.8 million were funded at origination, and loan purchases of $54.2 million, partially offset by loan repayments of $45.4 million, loan sales of $13.0 million and an increase in undisbursed loan funds of $7.3 million. During the second quarter of 2014, our loan originations were diversified across loan type and included $70.9 million in C&I loans, which consisted in part of $27.7 million in franchise business loans, $27.4 million in construction loans, $26.5 million in commercial non-owner occupied loans, $16.8 million in SBA loans, and $5.7 million in commercial owner occupied loans. Loan originations for the second quarter of 2014 had a weighted average rate of 5.05%, compared to a weighted average rate of 4.98% in the first quarter of 2014. At June 30, 2014, our loan to deposit ratio was 101.4%, up from 92.4% at March 31, 2014 and 95.2% at December 31, 2013.

At June 30, 2014, total deposits were $1.45 billion, up $10.4 million or 0.7% from March 31, 2014, and up $139.3 million or 10.7% from December 31, 2013. The increase in deposits since March 31, 2014 was primarily related to increases in certificates of deposit of $16.5 million and money market of $5.9 million, partially offset by a decrease in interest-bearing checking of $8.4 million. The increase in deposits since year-end 2013 included increases in certificates of deposit of $57.5 million, noninterest bearing checking of $44.1 million, money market of $31.5 million and interest-bearing checking of $8.0 million.

The total end of period weighted average cost of deposits at June 30, 2014 was 0.36%, up from 0.34% at March 31, 2014 and 0.33% at December 31, 2013.

At June 30, 2014, total borrowings amounted to $265.6 million, up $159.8 million or 151.0% from March 31, 2014 and $51.2 million or 23.9% from December 31, 2013. The change in borrowings primarily related to overnight Federal Home Loan Bank (“FHLB”) advances used to supplement the funding of loans as deposit levels fluctuate. Additionally, during the second quarter of 2014, repurchase agreement debt related to our home owners associations (“HOA”) business decreased $219,000 to $16.8 million. At June 30, 2014, total borrowings represented 13.8% of total assets and had an end of period weighted average cost of 0.61%, compared with 6.1% of total assets at a weighted average cost of 1.22% at March 31, 2014 and 12.5% of total assets at a weighted average cost of 0.63% at December 31, 2013.

Asset Quality

At June 30, 2014, nonperforming assets totaled $2.7 million or 0.14% of total assets, down from $3.4 million or 0.20% of total assets at both March 31, 2014 and December 31, 2013. During the second quarter of 2014, nonperforming loans decreased $733,000 to total $1.9 million and other real estate owned remained unchanged at $752,000.

At June 30, 2014, our allowance for loan losses was $9.7 million, up $1.0 million from March 31, 2014 and $1.5 million from December 31, 2013. At June 30, 2014, our allowance for loan losses as a percent of nonaccrual loans was 501.44%, up from 324.8% at March 31, 2014 and 364.3% at December 31, 2013. At June 30, 2014, the ratio of allowance for loan losses to total gross loans was 0.66%, unchanged from the percentage at both March 31, 2014 and December 31, 2013. Including the loan fair market value discounts recorded in connection with our acquisitions, the allowance for loan losses to total gross loans ratio was 0.85% at June 30, 2014, compared with 0.88% at March 31, 2013 and 0.93% at December 31, 2013.

Stock Repurchase Program and Capital Ratios

During the second quarter of 2014, we repurchased 175,543 shares of our Company’s common stock at a weighted average cost of $14.08. The repurchases were made pursuant to a stock repurchase program authorized by the Company’s Board of Directors in June 2012. The current program authorizes the repurchase of up to 1,000,000 shares of the Company’s common stock. Through June 30, 2014, the Company has repurchased 262,897 shares of its common stock at an average cost of $14.13 under the current authorization.

At June 30, 2014, our ratio of tangible common equity to total assets was 8.62%, with a tangible book value of $9.56 per share and a book value per share of $11.26.

At June 30, 2014, Pacific Premier Bank exceeded all regulatory capital requirements with a ratio for tier 1 leverage capital of 9.85%, tier 1 risked-based capital of 10.83% and total risk-based capital of 11.46%. These capital ratios exceeded the “well capitalized” standards defined by the federal banking regulators of 5.00% for tier 1 leverage capital, 6.00% for tier 1 risked-based capital and 10.00% for total risk-based capital. At June 30, 2014, the Company had a ratio for tier 1 leverage capital of 10.04%, tier 1 risked-based capital of 10.99% and total risk-based capital of 11.62%.

Conference Call and Webcast

The Company will host a conference call at 9:00 a.m. PT / 12:00 p.m. ET on July 23, 2014 to discuss its financial results. Analysts and investors may participate in the question-and-answer session. The conference call will be webcast live on the Investor Relations section of the Company’s website www.ppbi.com and an archived version of the webcast will made be available in the same location shortly after the live call has ended. The conference call can be accessed by telephone at 888-317-6016 and ask to join the “Pacific Premier Bancorp” conference call. Additionally a telephone replay will be made available through July 31, 2014 at 877-344-7529, access code 10049444.

About Pacific Premier Bancorp, Inc.

Pacific Premier Bancorp, Inc. is the holding company for Pacific Premier Bank, one of the largest community banks headquartered in Southern California. Pacific Premier Bank is a business bank primarily focused on serving small- and medium-sized businesses in the counties of Los Angeles, Orange, Riverside, San Bernardino and San Diego, California. Pacific Premier Bank offers a diverse range of lending products including commercial, CRE, construction, residential warehouse and SBA loans, as well as specialty banking products for HOAs and franchise lending nationwide. Pacific Premier Bank serves its customers through its 13 full-service depository branches in Southern California located in the cities of Encinitas, Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, San Bernardino, San Diego and Seal Beach.

http://www.businesswire.com/news/home/20140723005445/en/Pacific-Premier-Bancorp-Announces-Quarter-2014-Results#.U8-yPYlOWUk

Regionals have been pulling back as rotation

to large institutions continues and acquisitions are absorbed

been trading in this channel for
90 days should fill the gap to 200 day

by Sept. is my guess.


Still long PPBI

Book value per share increased to $10.96 as of March 31, 2014

Market Value as of 7/11/2014 is: $13.99

Price to Book is 1.28%

Source: 2014 10-Q

http://ih.advfn.com/p.php?pid=nmona&article=62166377

Banks of this size national average P/B is 1.55%

The average prices being paid in M&A deals has been in the 1.5 ~ 2 X BV range.

FD: I do not own shares of PPBI at this time...but I like the bank.

looks like she's ready to fill the gap

Touched back down to trend line.

PPBI isn't done yet

Pacific Premier Bancorp Announces Completion of Acquisition of Infinity Franchise Holdings, LLC (1/31/14)

IRVINE, Calif.--(BUSINESS WIRE)--Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company”), the holding company of Pacific Premier Bank (the “Bank”), announced today that it has completed the acquisition of Infinity Franchise Holdings, LLC (“IFH”) and its wholly owned operating subsidiary Infinity Franchise Capital, LLC (“IFC”), a national lender to franchisees in the quick service restaurant (QSR) industry, and other direct and indirect subsidiaries of IFH utilized in its business. The acquisition was completed on January 30, 2014.

The value of the total consideration for the transaction was approximately $17.2 million, which was based upon the adjusted net asset value of IFH as of December 31, 2013, subject to final adjustment. The consideration consisted of 50% cash and 50% PPBI common stock. At December 31, 2013, IFH had approximately $82.3 million in total assets and $78.3 million of total loans outstanding.

“We are very pleased to complete our acquisition of IFH and further expand our commercial lending platform,” said Steven R. Gardner, President and Chief Executive Officer of the Company. “The acquisition of IFH gives us a strong presence in an attractive niche market that will provide additional geographic and industry diversification within our loan portfolio. Over the course of their career, the management team of IFH has originated more than $1.7 billion in franchisee loans and has developed excellent relationships within the quick service restaurant industry that consistently result in attractive lending opportunities. We are excited to have the IFH team join us, and we believe the franchisee lending business will give us another avenue for generating growth with assets that provide an attractive risk-adjusted return.”

Advisors

Pacific Premier Bancorp was advised in this transaction by Sandler O’Neill + Partners, as financial advisor, and Patton Boggs LLP, as legal counsel. Keefe, Bruyette & Woods, Inc. served as financial advisor to Infinity Franchise Holdings.

About Pacific Premier Bancorp, Inc.

Pacific Premier Bancorp, Inc. is the holding company for Pacific Premier Bank, one of the largest community banks in Southern California. Pacific Premier Bank is a business bank primarily focused on serving small- and medium-sized businesses in the counties of Los Angeles, Orange, Riverside, San Bernardino and San Diego. The Bank offers a diverse range of lending products including commercial, commercial real estate, construction, residential warehouse and SBA loans, as well as specialty banking products for homeowners associations nationwide. Pacific Premier Bank serves its customers through its 13 full-service depository branches in Southern California located in the cities of Encinitas, Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, San Bernardino, San Diego and Seal Beach and one office in Dallas, Texas.

http://www.businesswire.com/news/home/20140131005112/en/Pacific-Premier-Bancorp-Announces-Completion-Acquisition-Infinity#.UuujRB6YaUk

Pacific Premier Bancorp, Inc. Announces Fourth Quarter and Year End 2013 Results (1/24/14)

Fourth Quarter 2013 Summary

•Net income of $0.24 per diluted share

•Net interest margin expands to 4.32%

•Total loans increased 9%

•Strong organic growth driven by unique, high-performing sales culture

•Nonperforming assets to total assets at 0.20%

•Tangible book value per share increased $0.25 to $9.08

IRVINE, Calif.--(BUSINESS WIRE)--Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company”), the holding company of Pacific Premier Bank (the “Bank”), reported net income for the fourth quarter of 2013 of $4.2 million or $0.24 per share on a diluted basis, compared with $3.1 million, or $0.18 per share on a diluted basis for the third quarter of 2013, and $3.8 million, or $0.32 per share on a diluted basis, for the fourth quarter of 2012.

For 2013, including one-time merger-related expenses of $5.0 million associated with the acquisition of San Diego Trust Bank (“San Diego Trust”) and $1.7 million associated with the acquisition of First Associations Bank (“First Associations”), the Company recorded net income of $9.0 million or $0.54 per share on a diluted basis. For 2012, including a non-recurring bargain purchase gain of $5.3 million and non-recurring merger-related expenses of $500,000 associated with the Palm Desert National Bank (“Palm Desert National”) acquisition from the Federal Deposit Insurance Corporation (“FDIC”) as receiver, the Company recorded net income of $15.8 million or $1.44 per diluted share.

For 2013, the Company reported adjusted net income of $13.3 million or $0.80 per share on a diluted basis, before non-recurring merger-related expenses, compared with an adjusted $12.8 million or $1.17 per share on a diluted basis, for 2012, before non-recurring bargain purchase gain and merger-related expenses. Although the Company’s adjusted net income increased for 2013 as compared to its adjusted net income for 2012, the Company’s adjusted net income per share decreased during the period as a result of the increase in the issued and outstanding shares of Company common stock from 13,661,648 shares at December 31, 2012 to 16,656,279 shares at December 31, 2013, which increase was primarily due to the issuance of shares in connection with the acquisitions of San Diego Trust and First Associations.

For the three months ended December 31, 2013, the Company’s return on average assets was 1.05% and return on average equity was 9.69%, compared with a return on average assets of 0.78% and a return on average equity of 7.29% for the three months ended September 30, 2013 and a return on average assets of 1.42% and a return on average equity of 14.07% for the three months ended December 31, 2012.

For 2013, our adjusted return on average assets was 0.92% and adjusted return on average equity was 8.27%, before non-recurring merger-related expenses, compared with an adjusted return on average assets of 1.24% and an adjusted return on average equity of 13.27% for 2012, before a non-recurring bargain purchase gain and merger-related expenses.

Steven R. Gardner, President and Chief Executive Officer of the Company, commented on the results, “We delivered a solid quarter of financial performance and continued to make progress on leveraging our capital, deploying excess liquidity and improving our mix of earning assets. As a result, we were able to improve our earnings compared to the prior quarter.

“We are pleased with the strong, well-diversified loan growth we are producing, which can be attributed to the high performing sales culture we continue to refine and develop throughout the Bank’s various business lines. We generated total loan growth of 35% on an annualized basis during the quarter, driven by increases in construction, C&I, SBA, HOA, warehouse and CRE lending. During the quarter, we originated a total of $188.5 million in new loan commitments with a weighted average rate of 4.92%, compared to the prior quarter of $82.9 million with a weighted average rate of 4.67%. Given our strong loan growth we decided to raise pricing on all investor owned CRE loans which helped to increase the yield on newly originated loans and will benefit the net interest margin in future periods.

“In addition to our strong organic growth, we were able to identify another attractive acquisition in Infinity Franchise Holdings, a national lender to franchisees in the quick service restaurant industry, which we expect to close on or about January 30, 2014. Infinity Franchise Holdings provides us with another vehicle for growing our commercial lending platform with assets that generate attractive risk-adjusted yields, while also further diversifying our loan portfolio from both an industry and a geographic perspective. We anticipate adding approximately $80 million of loans in connection with the acquisition of Infinity Franchise Holdings.

“Looking ahead to 2014, we feel confident that we can continue to gain market share in Southern California, while also growing nationally with our HOA and SBA lending platforms and, following our acquisition of Infinity Franchise Holdings, our franchise lending business,” said Mr. Gardner.

Net Interest Income and Net Interest Margin

Net interest income totaled $16.7 million in the fourth quarter of 2013, up $1.7 million or 11.0% from the third quarter of 2013. The increase in net interest income reflected an increase in net interest margin of 39 basis points to 4.32% and an increase in average interest-earning assets of $14.1 million. The increase in the net interest margin was primarily due to leveraging our liquidity through funding higher yielding loans in the fourth quarter of 2013 and a $715,000 discount recognized from a loan payoff during the fourth quarter of 2013 that equated to 18 basis points of net interest margin benefit. The increase in average interest-earning assets during the fourth quarter of 2013 was primarily related to an increase in our average loan portfolio of $141.3 million, partially offset by a decrease in average cash and cash equivalents of $63.9 million and investment securities of $63.4 million.

Net interest income for the fourth quarter of 2013 increased $4.0 million or 32.0% compared to the fourth quarter of 2012. The increase was primarily related to an increase in interest-earning assets of $495.8 million, primarily related to the acquisition of San Diego Trust and First Associations banks in the first and second quarters, respectively, of 2013 and organic loan growth. The increase was partially offset by a lower net interest margin which decreased 56 basis points from the fourth quarter of 2012 to the fourth quarter of 2013. The decrease in the net interest margin was related to the rate on interest-earning assets decreasing more rapidly than the cost of interest-bearing liabilities.

For 2013, net interest income totaled $58.2 million, up $12.4 million or 27.0% over net interest income in 2012. The increase reflected an increase in interest-earning assets of $400.0 million, partially offset by a decrease in the net interest margin of 44 basis points to 4.18%. The increase in interest-earning assets was primarily related to the acquisitions of San Diego Trust and First Associations and our organic loan growth. The decrease in net interest margin is mainly attributable to a decrease in yield on average interest-earning assets of 78 basis points, primarily from a higher mix of lower yielding investment securities and cash, which were acquired in our acquisitions of San Diego Trust and First Associations banks, and a decrease in our loan portfolio yield. The weighted average loan portfolio rate at the end of 2013 was 4.95%, 49 basis points lower than the weighted average loan portfolio rate at the end of 2012 and primarily reflected lower rates on loan originations during the period. Partially offsetting the lower yield on average interest-earning assets was a decrease in deposit costs of 34 basis points primarily resulting from an improved mix of lower cost deposits acquired from San Diego Trust and First Associations and lower pricing on certificates of deposit.

Provision for Loan Losses

We recorded a $596,000 provision for loan losses during the fourth quarter of 2013, up from $646,000 for the third quarter of 2013 and up from $606,000 for the fourth quarter of 2012. The increase in the provision for loan losses in the fourth quarter of 2013 was mainly attributable to the growth in our loan portfolio. Net loan charge-offs amounted to $390,000 in the fourth quarter of 2013, down $256,000 from the third quarter of 2013, but up $120,000 from the fourth quarter of 2012. All of the charge-offs in the fourth quarter of 2013 were attributable to loans that we acquired from our FDIC-assisted transactions.

For 2013, we recorded a $1.9 million provision for loan losses, up from $751,000 recorded in 2012. The $1.1 million increase in the provision for loan losses was primarily attributable to the growth in our loan portfolio during the period, including the loans acquired from San Diego Trust and First Associations. Net loan charge-offs for 2013 amounted to $1.7 million, up from $1.3 million in 2012. Charge-offs in 2013 were primarily attributable to loans that we acquired from our FDIC-assisted transactions.

Noninterest income

Noninterest income for the fourth quarter of 2013 was $2.6 million, up $296,000 or 12.8% from the third quarter of 2013. The increase from the prior quarter was principally related to higher gains on the sale of loans of $319,000 and loan servicing fees of $74,000, partially offset by lower gains on the sales of investment securities of $134,000. During the fourth quarter of 2013, we sold $10.9 million in Small Business Administration (“SBA”) loans, resulting in a 10% overall premium, and $7.1 million in commercial real estate loans.

Compared to the fourth quarter of 2012, noninterest income for the fourth quarter of 2013 decreased by $577,000 or 18.1%. The decrease was primarily related to a decline in realized gains from the sales of investment securities of $751,000 and a decline in other income of $519,000. The lower other income was primarily related to a net gain of $597,000 from the sale of our corporate offices and associated fixed assets that occurred in the fourth quarter of 2012.

For 2013, noninterest income totaled $9.1 million, down from $12.6 million recorded in 2012. The decrease was primarily related to the one-time bargain purchase gain of $5.3 million recorded from the acquisition of Palm Desert National in 2012, the net gain of $597,000 from the above mentioned sale of our corporate offices and lower net gains from the sale of investment securities of $409,000, partially offset by an increase in gain on sale of loans of $2.6 million.

Noninterest Expense

Noninterest expense totaled $12.0 million for the fourth quarter of 2013, up $238,000 or 2.0%, compared with the third quarter of 2013. The increase was primarily related to an increase in compensation and benefits costs of $338,000; non-recurring merger-related expenses of $203,000 associated with the pending acquisition of Infinity Franchise Holdings, LLC (“Infinity Holdings”); and an increase in deposit expenses of $149,000. Partially offsetting these increases were decreases in legal, audit and professional fees of $339,000 and other expense of $145,000.

Compared to the fourth quarter of 2012, noninterest expense for the fourth quarter of 2013 increased by $3.0 million or 33.8%. The increase in expense was primarily related to the acquisitions of San Diego Trust and First Associations in the first half of 2013 together with our organic growth.

For 2013, noninterest income totaled $9.1 million, down from $12.6 million recorded in 2012. The decrease was primarily related to the one-time bargain purchase gain of $5.3 million recorded from the acquisition of Palm Desert National in 2012, the net gain of $597,000 from the above mentioned sale of our corporate offices and lower net gains from the sale of investment securities of $409,000, partially offset by an increase in gain on sale of loans of $2.6 million.

Our Company’s efficiency ratio was 60.45%, 67.72%, and 55.09% for the quarters ended December 31, 2013, September 30, 2013, and December 31, 2012, respectively. Our efficiency ratio was 64.68% for the year ended December 31, 2013, compared to 57.41% for 2012.

Income Tax

For the fourth quarter of 2013, our effective tax rate was 37.0%, compared with a 37.6% for the third quarter of 2013 and 38.8% for the fourth quarter of 2012. For 2013, our effective tax rate was 38.3%, compared with 38.8% in 2012.

Assets and Liabilities

At December 31, 2013, assets totaled $1.7 billion, up $145.2 million or 9.3% from September 30, 2013 and $540.4 million or 46.0% from December 31, 2012. The increase in assets during the fourth quarter of 2013 was primarily related to increases in loans held for investment of $101.1 million, cash and cash equivalents of $65.4 million and Federal Home Loan Bank (“FHLB”) stock of $4.6 million, partially offset by a decrease in investment securities available for sale of $26.8 million. The increase in assets since year-end 2012 was primarily related to the acquisition of First Associations, which added assets at the acquisition date of $394.1 million, partially offset by $78.5 million of First Associations deposits held by the Bank prior to the acquisition; the acquisition of San Diego Trust, which added assets at the acquisition date of $201.1 million; and an increase in borrowings of $88.6 million primarily to increase cash in anticipation of consummating the acquisition of Infinity Holdings and to fund organic loan growth. Partially offsetting these increases in assets was the liquidity used to primarily reduce higher-cost deposits by $90.2 million.

Investment securities available for sale totaled $256.1 million at December 31, 2013, down $26.8 million or 9.5% from September 30, 2013, but up $172.0 million or 204.6% from December 31, 2012. The decrease in securities during the fourth quarter of 2013 was primarily due to the sale of investment securities totaling $21.6 million, partially offset by the purchase of $2.5 million of investment securities. The increase in securities since year-end 2012 was primarily due to the First Associations acquisition in March 2013, which added $222.4 million of investment securities at the acquisition date, the San Diego Trust acquisition in June 2013, which added $124.8 million at the acquisition date, and purchases of $101.3 million of investment securities, partially offset by the sale of $232.5 million of securities and principal pay downs of $33.7 million. The purchase of investment securities primarily related to investing excess liquidity from our bank acquisitions, while the sales were made to help fund loan production and improve our interest-earning asset mix by redeploying investment securities dollars into loans.

Net loans held for investment totaled $1.2 billion at December 31, 2013, an increase of $100.9 million or 8.9% from September 30, 2013, and an increase of $257.7 million or 26.5% from December 31, 2012. The increase in loan balances from the end of the third quarter of 2013 was primarily related to increases in warehouse facilities of $38.4 million, commercial non-owner occupied loans of $28.6 million, commercial and industrial loans of $13.3 million, multi-family loans of $14.8 million and construction of $10.2 million, partially offset by a decrease in one-to-four family loans of $7.4 million. During the fourth quarter of 2013, we added three new commitments on our warehouse repurchase facility credits, although the overall commitment level decreased by $8.5 million to a total of $295.0 million. The end of period utilization rates for the warehouse repurchase facility credits increased from 16.2% at September 30, 2013 to 29.7% at December 31, 2013. The increase in loans from December 31, 2012 included $26.4 million in loans from the First Associations acquisition and $42.4 million in loans from the San Diego Trust acquisition, and was primarily associated with increases in real estate loan of $217.0 million, commercial owner occupied loans of $70.2 million and commercial and industrial loans of $71.7 million compared to year-end 2012. Partially offsetting these increases was a decrease in warehouse facility loans of $108.2 million.

Loan activity during the fourth quarter of 2013 included loan originations of $188.5 million and loan purchases of $13.2 million, partially offset by loan repayments of $69.4 million, an increase in undisbursed loan funds of $13.9 million and loan sales of $18.0 million. During the fourth quarter of 2013, our loan originations were well diversified across loan type and included $59.2 million in commercial non-owner occupied loans, $30.6 million in construction loans, $26.2 million in commercial and industrial loans, $24.9 million in multifamily loans, $15.0 million in SBA loans, $15.0 million in warehouse facility loans, $9.5 million in homeowners’ association loans and $6.8 million in commercial owner occupied loans. Loan originations for the fourth quarter of 2013 had a weighted average rate of 4.92%, compared to a weighted average rate of 4.67% in the previous quarter. At December 31, 2013, our loan to deposit ratio was 95.2%, up from 88.9% at September 30, 2013, but down from 109.0% at December 31, 2012.

December 31, 2013 deposits totaled $1.3 billion, up $22.2 million or 1.73% from September 30, 2013 and up $401.5 million or 44.4% from December 31, 2012. During the fourth quarter of 2013, we had an increase in retail certificates of deposit of $28.6 million, checking of $14.1 million and noninterest bearing checking of $3.1 million, partially offset by decreases in money market accounts of $19.3 million and savings of $4.5 million. The increase in deposits since year-end 2012 was primarily related to the San Diego Trust and First Associations acquisitions. In the first quarter of 2013, the First Associations acquisition added deposits of $356.8 million at a cost of 21 basis points at the acquisition date. In the second quarter of 2013, the San Diego Trust acquisition added deposits of $183.9 million at a cost of 23 basis points at the acquisition date. Excluding the acquired deposits and $49.0 million of First Associations’ deposits held at December 31, 2012, we had an adjusted net decrease in deposits of $90.2 million in 2013, which primarily resulted from lowering our pricing on certificates of deposits, resulting in a desired runoff upon maturity.

These deposit changes have decreased the mix of our transaction accounts to 75.9% at December 31, 2013, down from 77.7% at September 30, 2013, but up from 60.1% at year-end 2012. The total end of period weighted average cost of deposits at December 31, 2013 was 0.33%, up from 0.30% at September 30, 2013, but down from 0.51% at December 31, 2012.

At December 31, 2013, total borrowings amounted to $214.4 million, up $117.6 million or 121.5% from September 30, 2013 and up $88.6 million or 70.4% from December 31, 2012. The increase in borrowings at December 31, 2013 from both periods was primarily related to an increase in FHLB overnight advances taken out to fund our organic loan growth. Additionally, relative to year-end 2012, repurchase agreement debt increased $18.6 million, which was related to our homeowners’ association business. At December 31, 2013, total borrowings represented 12.5% of total assets and had an end of period weighted average cost of 0.63%, compared with 6.2% of total assets at a weighted average cost of 1.32% at September 30, 2013, and 10.7% of total assets at a weighted average cost of 1.19% at December 31, 2012.

Asset Quality

At December 31, 2013, nonperforming assets totaled $3.4 million or 0.20% of total assets, up from $2.3 million or 0.15% of total assets at September 30, 2013, but down from $4.5 million or 0.38% of total assets at December 31, 2012. During the fourth quarter of 2013, nonperforming loans increased $1.1 million to total $2.3 million and other real estate owned remained unchanged at $1.2 million.

At December 31, 2013, our allowance for loan losses was $8.2 million, up $200,000 from September 30, 2013 and December 31, 2012. At December 31, 2013, our allowance for loan losses as a percent of nonaccrual loans was 364.3%, down from 693.3% at September 30, 2013, but up from 362.4% at December 31, 2012. At December 31, 2013, the ratio of allowance for loan losses to total gross loans was 0.66%, down from 0.70% at September 30, 2013 and 0.81% at December 31, 2012. Including the loan fair market value discounts recorded in connection with our acquisitions, the allowance for loan losses to total gross loans ratio was 0.93% at December 31, 2013, compared with 1.06% at September 30, 2013 and 1.34% at December 31, 2012.

Capital Ratios

At December 31, 2013, our ratio of tangible common equity to total assets was 8.94%, with a tangible book value of $9.08 per share and a book value per share of $10.52.

At December 31, 2013, the Bank exceeded all regulatory capital requirements with a ratio for tier 1 leverage capital of 10.03%, tier 1 risked-based capital of 12.34% and total risk-based capital of 12.97%. These capital ratios exceeded the “well capitalized” standards defined by the federal banking regulators of 5.00% for tier 1 leverage capital, 6.00% for tier 1 risked-based capital and 10.00%, for total risk-based capital. At December 31, 2013, the Company had a ratio for tier 1 leverage capital of 10.29%, tier 1 risked-based capital of 12.54% and total risk-based capital of 13.17%.

Conference Call and Webcast

The Company will host a conference call at 9:00 a.m. PT / 12:00 p.m. ET on January 22, 2014 to discuss its financial results. Analysts and investors may participate in the question-and-answer session. The conference call will be webcast live on the Investor Relations section of the Company’s website www.ppbi.com and an archived version of the webcast will be available in the same location shortly after the live call has ended. The conference call can be accessed by telephone at (877) 941-0844, conference ID 4661960 or “Pacific Premier Bancorp.” Additionally a telephone replay will be made available through January 29, 2014 at (800) 406-7325, conference ID 4661960.

About Pacific Premier Bancorp, Inc.

Pacific Premier Bancorp, Inc. is the holding company for Pacific Premier Bank, one of the largest community banks in Southern California. Pacific Premier Bank is a business bank primarily focused on serving small- and medium-sized businesses in the counties of Los Angeles, Orange, Riverside, San Bernardino and San Diego. The Bank offers a diverse range of lending products including commercial, commercial real estate, construction, residential warehouse and SBA loans, as well as specialty banking products for homeowners associations nationwide. Pacific Premier Bank serves its customers through its 13 full-service depository branches in Southern California located in the cities of Encinitas, Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, San Bernardino, San Diego and Seal Beach and one office in Dallas, Texas.

http://www.businesswire.com/news/pecom/20140122005430/en

ok $22 by June:)

Why only $20.

And when? ;o)

Hello anyone home! picked this up at 8

going to 20! Needs a rest it's mucho caliente'

PPBI Upgraded to 16!

new 52 week high

Break Out!

broke 13 break out or fake out

know soon....my guess is 18 by yr end

cup formation break out soon?

Bumpin it's head

my target is 18

Hopefully more of these coming

Pacific Premier Bancorp Announces Completion of Acquisition of San Diego Trust Bank (6/26/13)

IRVINE, Calif.--(BUSINESS WIRE)--Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company”), the holding company of Pacific Premier Bank (the “Bank”), announced that it has completed the acquisition of San Diego Trust Bank (“SDTB”), a San Diego based state-chartered bank. The acquisition was completed as of the close of business on June 25, 2013.

Under the terms of the merger agreement, each share of SDTB common stock was converted into the right to receive $13.41 per share in cash or 1.114x shares of Company common stock, or a combination thereof, subject to the overall requirement that 50% of the consideration will be in the form of cash and 50% will be in the form of Company common stock. The value of the total deal consideration was approximately $30.9 million, which includes $14.4 million of cash consideration, $14.7 million of stock consideration (based on the closing stock price of the Company’s common stock on June 25, 2013) and $1.8 million of cash consideration to the holders of SDTB stock options.

“We are very pleased to complete our acquisition of SDTB and welcome its customers, employees and shareholders to Pacific Premier,” said Steven R. Gardner, President and Chief Executive Officer of the Company. “We are excited about extending our brand into the San Diego market, which we believe will provide excellent opportunities to continue growing our franchise. SDTB has built an attractive base of commercial customers and they will continue to be served by the same exceptional team they have known and trusted for years. Further, we will now be able to offer the SDTB customers a more comprehensive banking experience with increased lending capacity and a broader array of financial products and services. We believe the synergies available through this transaction will have positive benefits for SDTB customers, as well as the shareholders of the combined bank.”

With the addition of SDTB, on a pro forma combined basis, the Company would have total assets of approximately $1.6 billion, total loans outstanding of approximately $983.5 million and total deposits of approximately $1.4 billion as of March 31, 2013 (unaudited and excluding purchase accounting adjustments).

Advisors

The Company was advised in this transaction by D.A. Davidson & Co., as financial advisor, and Patton Boggs LLP, as legal counsel. SDTB was advised by Keefe, Bruyette & Woods, Inc., as financial advisor, and McKenna Long & Aldridge LLP, as legal counsel.

About Pacific Premier Bancorp, Inc.

The Company owns all of the capital stock of the Bank. The Bank provides business and consumer banking products to its customers through our 13 full-service depository branches in Southern California located in the cities of Encinitas, Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, San Bernardino, San Diego and Seal Beach and one office in Dallas, Texas.

Forward-Looking Statements

The statements contained herein that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These risks and uncertainties include, but are not limited to, the following: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, market and monetary fluctuations; the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers; the willingness of users to substitute competitors’ products and services for the Company’s products and services; the impact of changes in financial services policies, laws and regulations; technological changes; the effect of acquisitions that the Company may make, if any, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions; changes in the level of the Company’s nonperforming assets and charge-offs; oversupply of inventory and continued deterioration in values of California real estate, both residential and commercial; the effect of changes in accounting policies and practices, as may be adopted from time-to-time by bank regulatory agencies, the Securities and Exchange Commission, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; possible other-than-temporary impairments of securities held by the Company; the impact of current governmental efforts to restructure the U.S. financial regulatory system; changes in consumer spending, borrowing and savings habits; the effects of the Company’s lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; ability to attract deposits and other sources of liquidity; changes in the financial performance and/or condition of the Company’s borrowers; changes in the competitive environment among financial and bank holding companies and other financial service providers; unanticipated regulatory or judicial proceedings; and the Company’s ability to manage the risks involved in the foregoing.

The Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

Contacts

Pacific Premier Bancorp, Inc.
Steven R. Gardner
President/CEO
949-864-8000
or
Kent J. Smith
Executive Vice President/CFO
949-864-8000

http://www.businesswire.com/news/home/20130626005374/en/Pacific-Premier-Bancorp-Announces-Completion-Acquisition-San

Shareholders of San Diego Trust Bank Approve Acquisition by Pacific Premier Bancorp (6/24/13)

IRVINE, Calif.--(BUSINESS WIRE)--Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company”), the holding company of Pacific Premier Bank (the “Bank”), announced today that shareholders of San Diego Trust Bank (“SDTB”) approved at a special meeting of SDTB shareholders held earlier today the Agreement and Plan of Reorganization, dated as of March 5, 2013, among the Company, the Bank and SDTB, pursuant to which SDTB will merge with and into the Bank, with the Bank as the surviving institution.

The Company’s proposed acquisition of SDTB previously received all required regulatory approvals in April 2013. The consummation of the acquisition remains subject to the satisfaction of customary closing conditions.

About the Company

The Company owns all of the capital stock of the Bank. The Bank provides business and consumer banking products to its customers through our ten full-service depository branches in Southern California located in the cities of Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, San Bernardino and Seal Beach and one office in Dallas, Texas.

Forward-Looking Statements

The statements contained herein that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These risks and uncertainties include, but are not limited to, the following: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, market and monetary fluctuations; the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers; the willingness of users to substitute competitors’ products and services for the Company’s products and services; the impact of changes in financial services policies, laws and regulations; technological changes; the effect of acquisitions that the Company may make, if any, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions; changes in the level of the Company’s nonperforming assets and charge-offs; oversupply of inventory and continued deterioration in values of California real estate, both residential and commercial; the effect of changes in accounting policies and practices, as may be adopted from time-to-time by bank regulatory agencies, the Securities and Exchange Commission, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; possible other-than-temporary impairments of securities held by the Company; the impact of current governmental efforts to restructure the U.S. financial regulatory system; changes in consumer spending, borrowing and savings habits; the effects of the Company’s lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; ability to attract deposits and other sources of liquidity; changes in the financial performance and/or condition of the Company’s borrowers; changes in the competitive environment among financial and bank holding companies and other financial service providers; unanticipated regulatory or judicial proceedings; and the Company’s ability to manage the risks involved in the foregoing.

The Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

Contacts

Pacific Premier Bancorp, Inc.
Steven R. Gardner
President/CEO
949-864-8000
or
Kent J. Smith
Executive Vice President/CFO
949-864-8000

http://www.businesswire.com/news/home/20130624005228/en/Shareholders-San-Diego-Trust-Bank-Approve-Acquisition

Director buys shares

http://www.forbes.com/sites/marketnewsvideo/2013/04/29/monday-429-insider-buying-report-ppbi-ancx/?partner=yahootix

Suprised no one follows this little hidden jem

basing here looking higher IMO

Going much higher from here IMO

Pacific Premier Bancorp, Inc. Announces First Quarter 2013 Earnings (4/24/13)

First Quarter 2013 Summary

•Net Income of $2.0 million, or $0.13 per fully diluted share

•Total Assets increase to $1.4 billion

•End-of-Period Deposit Costs fall to 0.37%

•Noninterest Bearing Deposits increase 48% to $317 million

•End-of-Period Gross Loans decrease $40 million from prior quarter

•Net Interest Margin of 4.62%

IRVINE, Calif.--(BUSINESS WIRE)--Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company”), the holding company of Pacific Premier Bank (the “Bank”), reported net income for the first quarter of 2013 of $2.0 million or $0.13 per share on a diluted basis, down from $3.8 million or $0.32 per share on a diluted basis for the fourth quarter of 2012. For the three months ended March 31, 2013, our return on average assets was 0.67% and return on average equity was 5.65%, down from a return on average assets of 1.42% and a return on average equity of 14.07% for the fourth quarter of 2012. The decrease in our net income and returns was primarily related to one-time costs of $2.0 million recorded in connection with the acquisition of First Associations Bank (“First Associations”) on March 15, 2013 and the pending merger with San Diego Trust Bank that is expected to close in the third quarter of 2013.


“Finally, we are very excited about our pending acquisition of San Diego Trust Bank. We believe San Diego will be another strong growth market for us, and the synergies between our two banks should result in significant benefits being created for the customers, employees and shareholders of each company”
.
Steven R. Gardner, President and Chief Executive Officer, commented on the results, “We are not satisfied with our first quarter performance as it was impacted by compression in our net interest margin and a lower level of loan production than we expected. Our end-of-period loan balances declined from the prior quarter primarily due to a decrease in our warehouse lending business of $56.8 million and the payoff of lower quality credits primarily in the multi-family portfolio. We did benefit during the quarter from an increase in commercial and industrial and owner occupied commercial real estate loans, some of which we acquired from First Associations.

“We took concrete steps during the quarter that we expect will positively impact future business. Our business development efforts gained momentum as we moved through the first quarter as evidenced by our loan pipeline that more than doubled to $185 million at March 31, 2013. The growth in the pipeline came from all of our various lending business units. Over the past few months, we have added several experienced bankers that have enhanced our ability to develop additional relationships in our C&I, CRE, SBA, HOA and warehouse lending businesses. We believe the investments we have made in talent, systems and infrastructure along with the closing of the First Associations acquisition has provided us with multiple avenues for generating profitable loan growth going forward.

“With the closing of the First Associations acquisition, we expect to offset pressure on our net interest margin through a decrease in interest expense due to the low cost deposits we acquired. Following the acquisition of First Associations, our spot rate for cost of deposits declined to 37 basis points at March 31, 2013, compared with a spot rate of 51 basis points at the end of the prior quarter. Our deposit base continues to improve as core transaction accounts now comprise 71% of the deposit base. We also have more than $240 million of CDs at a weighted average rate of 88 basis points that will mature over the rest of 2013, with much of those maturities coming in the third and fourth quarter of this year. As we reprice these CDs and/or replace them with lower-costing deposits, we should see a continued reduction in our cost of deposits, an overall improvement of the deposit mix and enhancement of our net interest margin.

“Finally, we are very excited about our pending acquisition of San Diego Trust Bank. We believe San Diego will be another strong growth market for us, and the synergies between our two banks should result in significant benefits being created for the customers, employees and shareholders of each company,” said Mr. Gardner.

Net Interest Income

Net interest income totaled $12.9 million in the first quarter of 2013, up $278,000 or 2.2% compared to the fourth quarter of 2012. The increase in net interest income reflected higher average interest-earning assets of $99.2 million, partially offset by a decrease in net interest margin to 4.62%. The increase in average interest-earning assets during the first quarter of 2013 was primarily from a $57.8 million increase in loans, a $27.3 million increase in cash and cash equivalents, and a $14.1 million increase in securities. The decrease in the net interest margin of 26 basis points is primarily attributable to a decrease in yield on average interest-earning assets of 39 basis points, primarily from a decrease in loan portfolio yield and a lower mix of higher yielding loans. Partially offsetting this decrease was lower deposit costs of 10 basis points from a decrease in costs and an improved mix of lower costing deposits. The loan yield decline of 34 basis points primarily reflected a lower portfolio weighted average rate that decreased 14 basis points to 5.30% at March 31, 2013, and a reduction in the collection of back interest and deferred fee recognition on loan payoffs.

Compared to the first quarter of 2012, net interest income for the first quarter of 2013 increased $2.9 million or 28.5%. The increase in net interest income reflected an increase in average interest-earning assets of $201.3 million or 21.6% in the current quarter to $1.1 billion and a higher net interest margin of 4.62% in the current quarter, compared with 4.31% in the first quarter of 2012. The increase in average interest-earning assets for the period was primarily due to an increase in average loans, which were up $229.7 million primarily associated with organic loan growth, loan purchases and acquisitions. The increase in the current quarter net interest margin of 31 basis points primarily reflected a decrease in the cost of deposits of 41 basis points, partially offset by the decrease in our interest-earning asset yield of 11 basis points.

Provision for Loan Losses

We recorded a $296,000 provision for loan losses during the first quarter of 2013, compared with $606,000 provision for loan losses for the fourth quarter of 2012. Stable credit quality metrics and the recent charge-off history within our loan portfolio were significant factors in estimating the adequacy of our allowance for loan losses. Net loan charge-offs amounted to $296,000 in the first quarter of 2013, up $26,000 from $270,000 experienced during the fourth quarter of 2012.

There was no provision for loan loss recorded in the first quarter of 2012, compared to $296,000 recorded in the first quarter of 2013. Compared to the first quarter of 2012, net loan charge-offs decreased $110,000.

Noninterest income

Noninterest income for the first quarter of 2013 amounted to $1.7 million, down $1.5 million or 46.0% compared to the fourth quarter of 2012. The decrease was primarily attributable to the 2012 fourth quarter gain on sales of investment securities of $922,000, as there were no sales of securities in the first quarter of 2013, and net gain on the sale of our corporate offices and associated fixed assets of $597,000. Factoring out these two items, noninterest income increased $49,000, primarily from an increase in gain from the sales of Small Business Administration (“SBA”) loans.

Compared to the first quarter of 2012, noninterest income increased $785,000. The increase was primarily related to net gains of $723,000 from the sale of $5.0 million of SBA loans in the first quarter of 2013, compared with no sales in the year-ago quarter, and higher loan servicing fees of $149,000, partially offset by lower deposit fees of $61,000.

Noninterest Expense

Noninterest expense totaled $11.2 million for the first quarter of 2013, up $2.2 million or 24.5%, compared to the fourth quarter of 2012. The increase primarily related to one-time costs associated with the First Associations acquisition of $1.7 million and included higher:

• Compensation and benefits costs of $650,000 primarily from increased health care expense, employee count as we added employees in lending and credit areas to increase our production of commercial and industrial (“C&I”) loans, commercial real estate (“CRE”) loans, SBA loans, homeowner association (“HOA”) loans, warehouse facilities and a construction loan manager to oversee the origination of construction loans and employer payroll taxes;

• Premises and occupancy costs of $145,000 primarily related to rental expense of our new corporate headquarters needed for business expansion; and

• Other expense of $215,000 primarily due to a higher provision for off-balance sheet commitment expenses of $96,000 and HOA management company fees of $65,000.

Partially offsetting these increased expenses was lower other real estate owned (“OREO”) operations expense of $635,000. Additionally, included in legal, audit and professional expense were legal fees of $337,000 related to our pending acquisition of San Diego Trust Bank.

Compared to the first quarter of 2012, noninterest expense increased $4.5 million or 68.3%. The increase primarily related to one-time costs associated with the First Associations acquisition of $1.7 million, as well as higher compensation and benefits costs of $1.6 million, premises and occupancy costs of $415,000, other expense of $393,000 and data processing and communications costs of $268,000, all of which primarily related to acquisition and business expansion initiatives over the past year.

Assets and Liabilities

At March 31, 2013, assets totaled $1.4 billion, up $421.5 million or 42.8% from March 31, 2012 and up $232.9 million or 19.8% from December 31, 2012. The increase since year-end 2012 was primarily related to the First Associations acquisition, partially offset by the payoff of $87.0 million of Federal Home Loan Bank (“FHLB”) borrowings and a decrease in loans held for investment of $66.8 million, excluding the loans acquired from First Associations. The increase from March 31, 2012 was predominately related to two acquisitions: the First Associations acquisition in March of 2012, which included at the acquisition date $222.4 million in securities, $124.7 million in cash, $26.4 million in loans, $11.9 million in goodwill and $8.7 million in other types of assets, and the acquisition of Palm Desert National Bank (“Palm Desert National”) from the Federal Deposit Insurance Corporation (“FDIC”), as receiver, in April of 2012, which included at the acquisition date $63.8 million in loans, $39.5 million in cash, $11.5 million in OREO and $6.1 million in other types of assets.

Investment securities available for sale totaled $301.2 million at March 31, 2013, up $150.4 million or 99.8% from March 31, 2012 and up $217.1 million or 258.2% from December 31, 2012. The increase over both period ends was primarily due to the First Associations acquisition, which added $222.4 million in investment securities available for sale at the acquisition date. During the first quarter of 2013, principal payments of $5.8 million partially offset the securities acquired from First Associations.

Net loans held for investment totaled $933.8 million at March 31, 2013, an increase of $246.8 million or 35.9% from March 31, 2012 and a decrease of $40.4 million or 4.1% from December 31, 2012. The decrease in loans from the end of the prior quarter was primarily related to a decline in loan balances of our warehouse facilities of $56.8 million, multi-family loans of $17.3 million, including sub-performing credits totaling $14.9 million, and one-to-four residential loans of $10.4 million, partially offset by increases in C&I loans of $25.2 million and owner occupied CRE loans of $15.6 million.

During the first quarter of 2013, commitments on our warehouse repurchase facility credits increased $42.7 million to total $313.9 million with our end of period utilization rates for these loans dropping from 73.4% at December 31, 2012 to 44.3% at March 31, 2013. Although our end of period balances for warehouse facilities decreased, our average daily outstanding balance increased $12.5 million to $145.3 million when comparing the first quarter of 2013 with the fourth quarter of 2012. The first quarter of 2013 included loan originations of $89.8 million, partially offset by an increase in undisbursed loan funds of $107.0 million, loan repayments of $45.2 million, and loan sales of $5.0 million. At March 31, 2013, the loan to deposit ratio was 79.7%, down from 82.1% at March 31, 2012 and 109.0% at December 31, 2012.

Deposits totaled $1.2 billion at March 31, 2013, up $339.0 million or 40.0% from March 31, 2012 and up $281.0 million or 31.1% from December 31, 2012. The increase over both prior periods was predominately related to the First Associations acquisition, which added deposits of $356.8 million at a cost of 21 basis points at the closing of the acquisition, partially offset by First Associations deposits held by the Bank prior to acquisition of $78.5 million. Additionally, the increase from March 31, 2013 from March 31, 2012 included deposits of $80.9 million at the closing of the Palm Desert National acquisition, excluding the runoff of $34.1 million in wholesale certificates shortly after closing.

The increase in deposits during the first quarter of 2013 included interest-bearing transaction accounts of $189.9 million and noninterest-bearing accounts of $102.9 million, partially offset by a decrease in retail certificates of deposit of $16.2 million. At March 31, 2013, we had $4.4 million in CDARS deposits assumed in the First Associations acquisition. The total end of period cost of deposits at March 31, 2013 decreased to 0.37%, from 0.75% at March 31, 2012 and from 0.51% at December 31, 2012. At March 31, 2013, we had certificates of deposit maturing in the second quarter of $37.2 million at a weighted average rate of 0.72%, in the third quarter of $82.6 million at a weighted average rate of 0.95% and in the fourth quarter of $122.8 million at a weighted average rate of 0.89%.

At March 31, 2013, total borrowings amounted to $54.5 million, up $15.7 million or 40.4% from March 31, 2012. During the first quarter of 2013, total borrowings decreased $71.3 million or 56.7%, primarily related to the reduction of FHLB overnight advances taken out primarily to fund loans, partially offset by $15.7 million in repurchase agreement debt assumed in the acquisition of First Associations. This repurchase agreement debt was offered as a service to certain former First Associations depositors that adds protection for deposit amounts above FDIC insurance levels. Total borrowings at March 31, 2013 represented 3.9% of total assets and had an end of period weighted average cost of 2.29%, compared with 3.9% of total assets and at a weighted average cost of 3.28% at March 31, 2012 and 10.7% of total assets at a weighted average cost of 1.19% at December 31, 2012.

Asset Quality

At March 31, 2013, nonperforming assets totaled $4.7 million or 0.33% of total assets, down from $5.5 million or 0.55% of total assets at March 31, 2012, but up from $4.5 million or 0.38% of total assets at December 31, 2012. During the first quarter of 2013, nonperforming loans increased $896,000 to total $3.1 million and OREO decreased $697,000 to total $1.6 million.

Our allowance for loan losses at March 31, 2013 was $8.0 million, down from $8.1 million at March 31, 2012 and equal to the allowance for loan losses at December 31, 2012. The allowance for loan losses as a percent of nonaccrual loans was 257.7% at March 31, 2013, up from 219.6% at March 31, 2012, but down from 362.4% at December 31, 2012. At March 31, 2013, the ratio of allowance for loan losses to total gross loans was 0.85%, down from 1.17% at March 31, 2012, but up from 0.81% at December 31, 2012.

Capital Ratios

On January 9, 2013, the Company issued 495,000 new shares of its common stock at a public offering price of $10.00 per share in connection with the exercise of the over-allotment option granted to the underwriters as part of an underwritten public offering that was completed on December 11, 2012. The net proceeds from the exercise of the over-allotment option, after deducting underwriting discounts and commissions, was $4.7 million. During March of 2013, the Company injected $8.7 million of the proceeds from the offering into the Bank, which enhanced the Bank’s regulatory capital ratios.

At March 31, 2013, our ratio of tangible common equity to total assets was 10.16%, with a tangible book value of $9.15 per share, basic book value per share of $10.21 and diluted book value per share of $10.13.

At March 31, 2013, the Bank exceeded all regulatory capital requirements with a ratio for tier 1 leverage capital of 12.55%, tier 1 risked-based capital of 14.43% and total risk-based capital of 15.23%. These capital ratios exceeded the “well capitalized” standards defined by the federal banking regulators of 5.00% for tier 1 leverage capital, 6.00% for tier 1 risked-based capital and 10.00%, for total risk-based capital. At March 31, 2013, the Company had a ratio for tier 1 leverage capital of 12.84%, tier 1 risked-based capital of 14.61% and total risk-based capital of 15.40%.

Conference Call and Webcast

The Company will host a conference call at 8:00 a.m. PT / 11:00 a.m. ET on April 24, 2013 to discuss its financial results. Analysts and investors may participate in the question-and-answer session. The conference call will be webcast live on the Investor Relations section of the Company’s website www.ppbi.com and an archived version of the webcast will be available in the same location shortly after the live call has ended. The conference call can be accessed by telephone at (877) 941-6009, conference ID 4613380. Additionally a telephone replay will be made available through April 30, 2013 at (800) 406-7325, conference ID 4613380.

The Company owns all of the capital stock of the Bank. The Bank provides business and consumer banking products to customers through its ten full-service depository branches in Southern California located in the cities of Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, San Bernardino and Seal Beach.

http://www.businesswire.com/news/home/20130424005568/en/Pacific-Premier-Bancorp-Announces-Quarter-2013-Earnings

Pacific Premier Bancorp, Inc. Announces Receipt of Regulatory Approval for Acquisition of San Diego Trust Bank (4/23/13)

IRVINE, Calif.--(BUSINESS WIRE)--Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) ("Pacific Premier"), the holding company of Pacific Premier Bank (the "Bank"), announced today that it has received regulatory approval from the Federal Reserve Bank of San Francisco and the California Department of Financial Institutions for its acquisition of San Diego Trust Bank ("SDTB"), a California-chartered bank located in San Diego, California. The consummation of the acquisition of SDTB remains subject to the approval of the SDTB shareholders and the satisfaction of other closing conditions. Pacific Premier anticipates that the SDTB acquisition will be consummated in the third quarter of 2013.

Steven R. Gardner, President and Chief Executive Officer, commented, "We are pleased to have quickly reached another milestone towards the completion of our merger with SDTB. The SDTB merger, which includes $242.0 million in total assets and $187.9 million in total deposits at December 31, 2012, will strengthen the Bank's core deposit generating capabilities to fund future loan growth and allow us the opportunity to expand into the San Diego marketplace."

About Pacific Premier Bancorp, Inc.

Pacific Premier owns all of the capital stock of the Bank. The Bank provides business and consumer banking products to its customers through ten full-service depository branches in Southern California located in the cities of Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, San Bernardino and Seal Beach. For additional information about Pacific Premier, visit our website at www.ppbi.com.

About San Diego Trust Bank

Founded by several of San Diego’s most respected banking veterans and business leaders in 2003, San Diego Trust Bank is dedicated to the timeless principles of superior local market knowledge, unparalleled service, and building exceptional shareholder value. San Diego Trust Bank operates three full-service banking offices located in San Diego, Encinitas and Point Loma, California. For additional information about San Diego Trust Bank, visit its website at www.sandiegotrust.com.

Forward Looking Statements

This press release may contain forward-looking statements regarding Pacific Premier, the Bank and SDTB and the proposed acquisition. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors: synergies and other financial benefits from the acquisition might not be realized within the expected time frames or at all; conditions to the closing of the acquisition may not be satisfied; and the shareholders of SDTB may fail to approve the consummation of the acquisition.

Pacific Premier and SDTB undertake no obligation to revise or publicly release any revision or update to these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

Notice to SDTB Shareholders

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed acquisition transaction, Pacific Premier filed a registration statement on Form S-4 (the "Registration Statement") with the Securities and Exchange Commission ("SEC"), which contains a proxy statement of SDTB and a prospectus of Pacific Premier (collectively, the "proxy statement/prospectus"). A definitive proxy statement/prospectus will be distributed to the shareholders of SDTB in connection with their vote on the proposed acquisition of SDTB after the Registration Statement is declared by the SEC to be effective. As of the date of this press release, the Registration Statement has not been declared effective by the SEC.

SHAREHOLDERS OF SDTB ARE ENCOURAGED TO READ THE REGISTRATION STATEMENT AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ALL OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION. The definitive proxy statement/prospectus will be mailed to shareholders of SDTB. Investors and security holders will be able to obtain the definitive proxy statement/prospectus and the other documents free of charge at the SEC's website, www.sec.gov. In addition, documents filed with the SEC by Pacific Premier will be available free of charge by (1) accessing Pacific Premier's website at www.ppbi.com under the "Investor Relations" link and then under the heading "SEC Filings," (2) writing Pacific Premier at 17901 Von Karman Ave., Suite 1200, Irvine, California 92614, Attention: Investor Relations or (3) writing San Diego Trust Bank at 2550 Fifth Avenue, Suite 1010, San Diego, CA 92103, Attention: Corporate Secretary.

The directors, executive officers and certain other members of management and employees of Pacific Premier may be deemed to be participants in the solicitation of proxies in favor of the proposed acquisition from the shareholders of SDTB. Information about the directors and executive officers of Pacific Premier is included in the proxy statement for its 2013 annual meeting of Pacific Premier shareholders, which was filed with the SEC on April 16, 2013. The directors, executive officers and certain other members of management and employees of SDTB may also be deemed to be participants in the solicitation of proxies in favor of the proposed acquisition from the shareholders of SDTB. Information about the directors and executive officers of SDTB will be included in the definitive proxy statement/prospectus for the proposed acquisition of SDTB. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the definitive proxy statement/prospectus regarding the proposed acquisition when it becomes available. You may obtain free copies of this document as described in the preceding paragraph.

Contacts

Pacific Premier Bancorp, Inc.
Steven R. Gardner
President/CEO
949-864-8000
or
Kent J. Smith
Executive Vice President/CFO
949-864-8000

http://www.businesswire.com/news/home/20130423005463/en/Pacific-Premier-Bancorp-Announces-Receipt-Regulatory-Approval

Pacific Premier Bancorp Named Top Performing Publicly Traded Community Bank in the United States by SNL Financial (3/21/13)

IRVINE, Calif.--(BUSINESS WIRE)--Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company” or “Pacific Premier”), the holding company of Pacific Premier Bank (the “Bank”), was named by SNL Financial as the number one performing publicly traded bank with assets between $500 million and $5.0 billion for 2012. In addition, the Bank was ranked as the second best performing community bank in the United States in SNL Financial’s 2012 annual ranking of the top 100 best performing banks. SNL Financial is a leading provider of news, data and analysis in the banking sector.

SNL Financial evaluated the 2012 financial performance of 765 community banks across the United States with total assets between $500 million and $5 billion. SNL Financial ranked the best performing community banks using six core financial performance metrics that focus on profitability, asset quality and growth for the 12-month period ended December 31, 2012.

“We are very pleased to be recognized by SNL Financial as a standout among community banks across the United States and the highest rated publicly traded community bank in the 2012 rankings,” said Steven R. Gardner, President and Chief Executive Officer of Pacific Premier. “The ranking is a testament to the strong and efficient business model we have built, the attractive markets that we serve, and the passion and commitment of our entire organization to provide customers with a superior banking experience. We believe that we have the right formula for growing our franchise and we are excited about entering new markets and introducing new business lines in 2013. As we steadily increase our presence throughout Southern California, we believe that Pacific Premier Bank will continue to rank among the elite community banks in the nation.”

About Pacific Premier Bancorp, Inc.

The Company owns all of the capital stock of the Bank. The Bank provides business and consumer banking products to its customers through our ten full-service depository branches in Southern California located in the cities of Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, San Bernardino and Seal Beach and one office in Dallas, Texas. For additional information about the Company, visit the Company’s website at www.ppbi.com.

Forward-Looking Statements

The statements contained herein that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These risks and uncertainties include, but are not limited to, the following: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, market and monetary fluctuations; the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers; the willingness of users to substitute competitors’ products and services for the Company’s products and services; the impact of changes in financial services policies, laws and regulations; technological changes; the effect of acquisitions that the Company may make, if any, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions; changes in the level of the Company’s nonperforming assets and charge-offs; oversupply of inventory and continued deterioration in values of California real estate, both residential and commercial; the effect of changes in accounting policies and practices, as may be adopted from time-to-time by bank regulatory agencies, the Securities and Exchange Commission, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; possible other-than-temporary impairments of securities held by the Company; the impact of current governmental efforts to restructure the U.S. financial regulatory system; changes in consumer spending, borrowing and savings habits; the effects of the Company’s lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; ability to attract deposits and other sources of liquidity; changes in the financial performance and/or condition of the Company’s borrowers; changes in the competitive environment among financial and bank holding companies and other financial service providers; unanticipated regulatory or judicial proceedings; and the Company’s ability to manage the risks involved in the foregoing.

The Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

Notice to San Diego Trust Bank Shareholders

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed acquisition transaction, a registration statement on Form S-4 will be filed with the U.S. Securities and Exchange Commission (“SEC”) by Pacific Premier. The registration statement will contain a proxy statement/prospectus to be distributed to the shareholders of San Diego Trust Bank in connection with their vote on the proposed acquisition of San Diego Trust Bank by Pacific Premier. SHAREHOLDERS OF SAN DIEGO TRUST BANK ARE ENCOURAGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT/PROSPECTUS THAT WILL BE PART OF THE REGISTRATION STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION. The final proxy statement/prospectus will be mailed to shareholders of San Diego Trust Bank. Investors and security holders will be able to obtain the documents free of charge at the SEC's website, www.sec.gov. In addition, documents filed with the SEC by Pacific Premier will be available free of charge by (1) accessing Pacific Premier’s website at www.ppbi.com under the “Investor Relations” link and then under the heading “SEC Filings,” (2) writing Pacific Premier at 17901 Von Karman Avenue, Suite 1200, Irvine, CA 92614, Attention: Investor Relations or (3) writing San Diego Trust Bank at 2550 Fifth Avenue, Suite 1010, San Diego, CA 92103, Attention: Corporate Secretary.

The directors, executive officers and certain other members of management and employees of Pacific Premier may be deemed to be participants in the solicitation of proxies in favor of the acquisition from the shareholders of San Diego Trust Bank. Information about the directors and executive officers of Pacific Premier is included in the annual report on Form 10-K, which was filed with the SEC on March 14, 2013. The directors, executive officers and certain other members of management and employees of San Diego Trust Bank may also be deemed to be participants in the solicitation of proxies in favor of the acquisition from the shareholders of San Diego Trust Bank. Information about the directors and executive officers of San Diego Trust Bank will be included in the proxy statement/prospectus for the acquisition. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the proxy statement/prospectus regarding the proposed acquisition when it becomes available. Free copies of this document may be obtained as described in the preceding paragraph.

Contacts
Pacific Premier Bancorp, Inc.
Steven R. Gardner
President/CEO
949.864.8000
or
Kent J. Smith
Executive Vice President/CFO
949.864.8000

http://www.businesswire.com/news/home/20130321006116/en/Pacific-Premier-Bancorp-Named-Top-Performing-Publicly

Pacific Premier Bancorp, Inc. Announces Completion of Acquisition of First Associations Bank

Date : 03/18/2013 @ 6:00AM
Source : Business Wire
Stock : Pacific Premier Bancorp (MM) (PPBI)
Quote : $12.68 0.09 (0.71%) @ 4:59PM

Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (“Pacific Premier” or the “Company”) today announced that, on Friday March 15, 2013, it completed the acquisition of First Associations Bank (“FAB”), a Dallas, Texas-based state chartered bank exclusively focused on serving homeowners associations ("HOAs") and HOA management companies nationwide. The acquisition of FAB is expected to add approximately $375.7 million in assets and approximately $319.8 million in deposits.

Effective immediately, FAB will operate as a division of Pacific Premier Bank. John Carona, FAB’s largest shareholder and director, has been added as a director on the Boards of Directors of the Company and Pacific Premier Bank.

Under the terms of the definitive agreement, FAB shareholders, in exchange for their shares of FAB common stock, will be entitled to receive an aggregate of $37.2 million in cash and 1,279,217 shares of Pacific Premier common stock. The value of the total deal consideration was approximately $56.7 million, which includes $16.0 million of stock consideration (based on the closing stock price of Pacific Premier common stock on March 15, 2013), $37.2 million of cash consideration and $3.5 million of cash consideration to the holders of FAB stock options and warrants.

“We are very pleased to complete our acquisition of FAB and welcome its national roster of HOA-related clients to Pacific Premier,” said Steven R. Gardner, President and Chief Executive Officer of Pacific Premier Bancorp. “We have been actively preparing for the integration of FAB into our operations over the past several months, including solidifying relationships with its largest customers, identifying additional banking talent that can further build our HOA-related business, and repositioning our balance sheet to take advantage of the liquidity and low-cost deposit base provided by FAB. As a result of the upfront planning we have done, we believe we are well positioned to quickly realize the synergies projected from this transaction and also continue growing our share of the national market for HOA banking services in the coming years.”

On a pro forma combined basis with the FAB acquisition and the proposed acquisition of San Diego Trust Bank, Pacific Premier is expected to have total assets of $1.7 billion.
[....]

http://ih.advfn.com/p.php?pid=nmona&article=56782004

*A bank making all the right moves.

PPBI and San Diego Trust Bank Announce Merger Agreement (3/06/13)

Highlights of the announced transaction:

• Expanding Pacific Premier’s footprint into San Diego County by adding three full-service branches

• Acquiring an attractive deposit franchise, which was comprised of 97.1% non-CDs and 33.6% non-interest bearing demand deposits, with a total cost of deposits of 0.25%, for the quarter ended December 31, 2012

• Acquiring a bank with exceptional asset quality and eight consecutive years of profitability

• Compelling economics for Pacific Premier’s shareholders

• Providing liquidity event and meaningful return to the original shareholders of San Diego Trust Bank

IRVINE, Calif.--(BUSINESS WIRE)--Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (“Pacific Premier” or the “Company”) today announced that it has entered into a definitive agreement to acquire San Diego Trust Bank (OTCBB: SDBK), a San Diego, California, based state-chartered bank with $242.0 million in total assets and $187.9 million in total deposits at December 31, 2012. This transaction will expand Pacific Premier’s banking footprint into San Diego County and is expected to further improve Pacific Premier’s deposit mix.

Steven R. Gardner, President and Chief Executive Officer of Pacific Premier commented, “This is an attractive opportunity for us to expand into the San Diego marketplace with the acquisition of San Diego Trust Bank, one of the top performing community banks in this market. We believe San Diego is a logical extension for our franchise that will allow us to continue to execute on our strategic plan. This acquisition will enable us to introduce the Pacific Premier brand, products and services into a new market with similar demographics to our current footprint. Further, the transaction will provide us with significant opportunities for synergies due to San Diego Trust Bank’s strong relationship based business banking model.”

Mr. Gardner continued, “We are excited that San Diego Trust Bank has agreed to join and grow with Pacific Premier. We see this as an exciting opportunity for our combined shareholders, customers and employees. San Diego Trust Bank’s existing customers will continue to receive the same excellent customer service and products without disruption. Additionally, the acquisition of San Diego Trust Bank will allow Pacific Premier to deploy a portion of its current capital base into a compelling investment. Lastly, we expect to be able to leverage the strong core deposit franchise of San Diego Trust Bank with our robust loan product offerings.”

“We are thrilled to announce this strategic partnership with Pacific Premier,” said Michael Perry, Chairman, President and Chief Executive Officer of San Diego Trust Bank. “Not only does this combination provide our original shareholders with the opportunity to realize a meaningful return on their initial capital investment of $12 million, it allows them the opportunity to participate in the enhanced value created by the collective efforts of our respective organizations,” he added. “Our clients will benefit from the increased lending capacity as a result of this merger and the broad array of financial services and products that Pacific Premier currently offers. Most importantly, our valued clients will continue to be served by the same exceptional team they have known and trusted for years at San Diego Trust Bank. This is truly a situation where our shareholders, clients, staff and the San Diego community benefit greatly from the combined efforts and resources of two exceptional banking institutions,” concluded Perry.

In connection with the signing of the definitive agreement, Pacific Premier entered into an employment agreement with San Diego Trust Bank’s current Chief Operating Officer Toby Reschan, which will become effective upon consummation of the acquisition. Mr. Reschan will become the senior executive for Pacific Premier in the San Diego region going forward and will be responsible for overseeing the existing offices and continued expansion. Michael E. Perry, San Diego Trust Bank's founder, Chairman, President and Chief Executive Officer, will remain engaged as a shareholder and supporter of the combined entity.

The transaction is currently valued at approximately $30.6 million. San Diego Trust Bank shareholders will have a choice between electing to receive $13.41 per share in cash or 1.114x shares of PPBI common stock for each share of San Diego Trust Bank or a combination thereof, subject to the overall requirement that 50% of the consideration will be in the form of cash and 50% will be in the form of PPBI stock. The number of shares of Pacific Premier common stock to be issued to San Diego Trust Bank shareholders is based on a fixed exchange ratio provided that Pacific Premier’s stock price remains between $10.83 and $13.24 as measured by the 10-day average closing price immediately prior to closing of the transaction. The value of the stock portion of consideration will fluctuate based on the value of PPBI common stock. To the extent the average closing price of Pacific Premier common stock is outside this price range for Pacific Premier common stock, then the exchange ratio will adjust to reflect the increase or decrease of Pacific Premier common stock that is outside of this range.

On a pro forma combined basis with Pacific Premier’s pending acquisition of First Associations Bank (“FAB”) and the proposed acquisition of San Diego Trust Bank, Pacific Premier would have total assets of $1.7 billion, total loans outstanding of $1.0 billion and total deposits of $1.4 billion as of December 31, 2012 (unaudited).

The transaction is expected to close late in the second quarter of 2013 or in the third quarter of 2013, subject to satisfaction of customary closing conditions, including regulatory approvals and approval of San Diego Trust Bank shareholders. Directors and executive officers of San Diego Trust Bank have entered into agreements with Pacific Premier and San Diego Trust Bank whereby they committed to vote their shares of San Diego Trust Bank common stock in favor of the acquisition. For additional information about the proposed acquisition of San Diego Trust Bank, you should carefully read the definitive merger agreement that we filed with the Securities and Exchange Commission (“SEC”) today.

Pacific Premier was advised in this transaction by D.A. Davidson & Co., as financial advisor, and Patton Boggs LLP, as legal counsel. San Diego Trust Bank was advised by Keefe, Bruyette & Woods, Inc., as financial advisor, and McKenna Long & Aldridge LLP, as legal counsel.

Conference Call: Wednesday, March 6 at 9:00 a.m. PT / 12:00 p.m. ET

Pacific Premier will hold a conference call regarding this announcement on Wednesday, March 6, 2013 at 9:00 a.m. PT / 12:00 p.m. ET. Those wishing to participate in the call may dial 877-941-6009; Conference ID 4605027. The investor presentation for this transaction can be accessed at Pacific Premier’s website at www.ppbi.com. A replay of the call will be available through March 13, 2013 by calling 800-406-7325 and entering Conference ID 4605027.

About Pacific Premier Bancorp, Inc.

Pacific Premier owns all of the capital stock of Pacific Premier Bank. Pacific Premier Bank provides business and consumer banking products to its customers through our ten full-service depository branches in Southern California located in the cities of Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, San Bernardino and Seal Beach. For additional information about the Company, visit the Company’s website at www.ppbi.com.

About San Diego Trust Bank

Founded by several of San Diego’s most respected banking veterans and business leaders in 2003, San Diego Trust Bank is dedicated to the timeless principles of superior local market knowledge, unparalleled service, and building exceptional shareholder value. San Diego Trust Bank operates three full-service banking offices located in San Diego, Encinitas and Point Loma, California. For additional information about San Diego Trust Bank, visit its website at www.sandiegotrust.com.

Forward Looking Statements

This press release may contain forward-looking statements regarding Pacific Premier, San Diego Trust Bank and the proposed acquisition. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors: the expected cost savings, synergies and other financial benefits from the acquisition might not be realized within the expected time frames or at all; governmental approval of the acquisition may not be obtained or adverse regulatory conditions may be imposed in connection with governmental approvals of the acquisition; conditions to the closing of the acquisition may not be satisfied; and the shareholders of San Diego Trust Bank may fail to approve the consummation of the acquisition. Annualized, pro forma, projected and estimated numbers in this press release are used for illustrative purposes only, are not forecasts and may not reflect actual results.

Pacific Premier and San Diego Trust Bank undertake no obligation to revise or publicly release any revision or update to these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

Notice to San Diego Trust Bank Shareholders

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed acquisition transaction, a registration statement on Form S-4 will be filed with the SEC by Pacific Premier. The registration statement will contain a proxy statement/prospectus to be distributed to the shareholders of San Diego Trust Bank in connection with their vote on the acquisition. SHAREHOLDERS OF SAN DIEGO TRUST BANK ARE ENCOURAGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT/PROSPECTUS THAT WILL BE PART OF THE REGISTRATION STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION. The final proxy statement/prospectus will be mailed to shareholders of San Diego Trust Bank. Investors and security holders will be able to obtain the documents free of charge at the SEC's website, www.sec.gov. In addition, documents filed with the SEC by Pacific Premier will be available free of charge by (1) accessing Pacific Premier’s website at www.ppbi.comunder the “Investor Relations” link and then under the heading “SEC Filings,” (2) writing Pacific Premier at 17901 Von Karman Avenue, Suite 1200, Irvine, CA 92614, Attention: Investor Relations or (3) writing San Diego Trust Bank at 2550 Fifth Avenue, Suite 1010, San Diego, CA 92103, Attention: Corporate Secretary.

The directors, executive officers and certain other members of management and employees of Pacific Premier may be deemed to be participants in the solicitation of proxies in favor of the acquisition from the shareholders of San Diego Trust Bank. Information about the directors and executive officers of Pacific Premier is included in the proxy statement for its 2012 annual meeting of Pacific Premier shareholders, which was filed with the SEC on April 16, 2012. The directors, executive officers and certain other members of management and employees of San Diego Trust Bank may also be deemed to be participants in the solicitation of proxies in favor of the acquisition from the shareholders of San Diego Trust Bank. Information about the directors and executive officers of San Diego Trust Bank will be included in the proxy statement/prospectus for the acquisition. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the proxy statement/prospectus regarding the proposed acquisition when it becomes available. Free copies of this document may be obtained as described in the preceding paragraph.

Notice to First Associations Bank Shareholders

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed acquisition of FAB, Pacific Premier filed a registration statement on Form S-4 (the “Registration Statement”) with the SEC, which contains a proxy statement of FAB and a prospectus of PPBI (collectively, the “proxy statement/prospectus”). The Registration Statement was declared effective on February 6, 2013. A definitive proxy statement/prospectus has been filed with the SEC on February 7, 2013 and has been mailed to the shareholders of FAB in connection with their vote on the acquisition of FAB on or about February 8, 2013. SHAREHOLDERS OF FAB ARE ENCOURAGED TO READ THE REGISTRATION STATEMENT AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION OF FAB. Investors and security holders will be able to obtain the definitive proxy statement/prospectus and the other documents free of charge at the SEC's website, www.sec.gov. In addition, documents filed with the SEC by Pacific Premier will be available free of charge by (1) accessing PPBI’s website at www.ppbi.com under the “Investor Relations” link and then under the heading “SEC Filings,” (2) writing PPBI at 17901 Von Karman Ave., Suite 1200, Irvine, California 92614, Attention: Investor Relations or (3) writing FAB at 12001 N. Central Expressway, Suite 1165, Dallas, Texas 75243, Attention: Corporate Secretary.

The directors, executive officers and certain other members of management and employees of Pacific Premier may be deemed to be participants in the solicitation of proxies in favor of the proposed acquisition from the shareholders of FAB. Information about the directors and executive officers of Pacific Premier is included in the definitive proxy statement/prospectus for the proposed acquisition of FAB. The directors, executive officers and certain other members of management and employees of FAB may also be deemed to be participants in the solicitation of proxies in favor of the proposed acquisition from the shareholders of FAB. Information about the directors and executive officers of FAB is included in the definitive proxy statement/prospectus for the proposed acquisition of FAB. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the definitive proxy statement/prospectus regarding the proposed acquisition. Free copies of this document may be obtained as described in the preceding paragraph.

Contacts

PPBI and Pacific Premier Bank
Steve Gardner
President & Chief Executive Officer
(949) 864 – 8000
sgardner@ppbi.com
or
San Diego Trust Bank
Michael E. Perry
Chairman, President & Chief Executive Officer
(619) 525-1727
mperry@sandiegotrust.com

http://www.businesswire.com/news/home/20130306005435/en/Pacific-Premier-Bancorp-San-Diego-Trust-Bank

Marker - $11.35 pps as of 2/12/2013

PPBI Announces 2012 Earnings (1/23/13)

Highlights for Q4 2012 included the following:

•Net income of $3.8 million, or $0.32 per fully diluted share

•Net Interest Margin of 4.88%

•Return on Average Equity of 14.07%

•Return on Average Assets of 1.42%

•Gross Loans Increase $121.4 Million, or 56% Annualized

•Nonperforming Assets Decline to 0.38% of Total Assets

•Fully Diluted Book Value at $9.75 per share

IRVINE, Calif.--(BUSINESS WIRE)--Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company”), the holding company of Pacific Premier Bank (the “Bank”), reported net income for the fourth quarter of 2012 of $3.8 million or $0.32 per share on a diluted basis, up from $2.6 million or $0.24 per share on a diluted basis for the fourth quarter of 2011. For the fourth quarter of 2012, our return on average assets was 1.42% and return on average equity was 14.07%, up from a return on average assets of 1.08% and a return on average equity of 11.98% for the same comparable period of 2011.

For the full year 2012, the Company reported net income of $15.8 million or $1.44 per share on a diluted basis, up from $10.6 million or $0.99 per share on a diluted basis for 2011. For 2012, our return on average assets was 1.52% and return on average equity was 16.34%, up from a return on average assets of 1.12% and a return on average equity of 12.91% for 2011.

Steven R. Gardner, President and Chief Executive Officer, commented on the results, “We completed 2012 with another strong quarter of balance sheet growth and higher profitability. Our loan growth during the fourth quarter was driven by strong growth in warehouse lending, commercial and industrial business loans and commercial real estate lending. Our SBA group is beginning to show positive trends as they ended the year with a pipeline of $17.7 million, while our entire loan pipeline at year end was $84 million. Much of our loan production occurred late in the fourth quarter and thus the average balance outstanding of our loan portfolio grew 16% on an annualized basis quarter over quarter. We supplemented our organic loan production through the purchase of a $34 million residential and $4 million CRE loan portfolio during the current quarter.”

“We started the process of preparing our balance sheet for the closing of our pending merger with First Associations Bank (FAB), which is expected to occur in the first quarter of 2013, subject to receipt of approval by FAB’s shareholders. This process allowed us to further improve the deposit base by running off higher cost CD's, increasing transaction accounts and dropping our cost of deposits to 0.51%, a 13 basis point decrease from the end of the third quarter of 2012. We funded the growth in our loan portfolio with short term FHLB advances and proceeds from the sale of investment securities. Subject to the closing of the FAB merger, we will replace these funding sources with FAB’s low-cost deposit base, which will reduce our loan-to-deposit ratio, positively impact our cost of funds and continue the enhancement of our franchise.”

“We ended 2012 with excellent asset quality. Since the end of the second quarter of 2012, nonperforming assets have declined 75%, resulting in nonaccrual loans to total loans of 0.22%, delinquent loans to gross loans of 0.09% and nonperforming assets to total assets of 0.38% as of December 31, 2012. As we did with our previous acquisition, by year end we were able to quickly reduce the amount of delinquent loans and OREO we acquired in the second quarter of 2012 from our FDIC-assisted acquisition of Palm Desert National Bank. As a result of our multipronged approach to managing problem assets, we continue to experience very low credit costs.”

“Looking ahead to 2013, we are very excited about the catalysts in place that we believe will drive further increases in our earnings power: 1) We are adding experienced relationship managers that will enable us to continue taking market share and increase business banking relationships; 2) We have expanded our commitment levels with a number of mortgage bankers, which should result in further growth in our warehouse lending business; 3) We are expanding our ability to serve homeowners associations nationwide, which will become an important niche market for us after the merger with FAB is closed; 4) We are steadily increasing our production of SBA loans, which should generate higher levels of noninterest income for us going forward; and 5) We expect to see a positive impact on our net interest margin as we fully integrate FAB’s low-cost deposit base and expand its deposit platform.”

“We believe we have all the elements in place to deliver another successful year in 2013. We have excellent momentum in our organic business development efforts, and following our recent stock offering, we have a strong capital position that will enable us to pursue attractive acquisition opportunities. We look forward to executing on our growth strategy and creating additional value for both new and existing shareholders,” concluded Mr. Gardner.

Net Interest Income

Net interest income totaled $12.6 million in the fourth quarter of 2012, up $1.7 million or 15.2% compared to the fourth quarter of 2011. The increase in net interest income reflected an increase in average interest-earning assets of $128.0 million in the current quarter to total $1.0 billion and a higher net interest margin of 4.88% in the current quarter, compared with 4.84% in the fourth quarter of 2011. The increase in average interest-earning assets for the period was primarily due to an increase in loans, which were up $144.7 million on average primarily associated with organic loan growth, purchases and to a lesser extent from our Palm Desert National Bank acquisition from the FDIC, which at the time of acquisition added $65.3 million in interest-earning assets at a weighted average rate of 5.61%. The increase in the current quarter net interest margin of 4 basis points primarily reflected a decrease in the cost of deposits of 37 basis points, partially offset by the decrease in our interest-earning asset yield of 33 basis points. The decline in our interest-earning asset yield was primarily from a lower yield on loans of 64 basis points, partially offset by an improved mix of higher yielding loans within interest-earning assets. The reduction in deposit costs is primarily associated with our acquisition of Palm Desert National Bank, which added $80.9 million in deposits at a weighted average cost of 42 basis points as of the closing of the transaction, excluding the runoff of $34.1 million in wholesale certificates of deposit in the month subsequent to the acquisition.

Compared to the third quarter of 2012, net interest income for the fourth quarter of 2012 increased $767,000 or 6.5%. The increase in net interest income reflected a 27 basis point increase in net interest margin and higher average interest-earning assets of $5.7 million. The increase in the net interest margin is primarily attributable to the following factors: 1) an increase in interest-earning assets of 18 basis points primarily from an improved mix of higher yielding loans along with the collection of back interest on a loan payoff of $143,000 or 6 basis points when annualized and 2) lower deposit costs of 11 basis points from a decrease in average certificates of deposit of $47.8 million. Additionally, noninterest bearing deposits on average increased $52.7 million during the fourth quarter of 2012 as we eliminated nominal interest paid on approximately $60.7 million of transaction accounts towards the end of previous quarter and moved them into noninterest bearing accounts. This change lowered our deposit costs by approximately one basis point.

For 2012, our net interest income totaled $45.8 million, up $5.2 million or 12.7% from 2011. The increase in net interest income was associated with higher interest-earning assets, which grew by $98.9 million to $991.9 million, and a higher net interest margin which increased by 7 basis points to 4.62%. The increase in average interest-earning assets primarily related to newly originated loans, purchased loans and loans acquired in the Palm Desert National acquisition. The increase in net interest margin was predominantly impacted by a decrease in our deposit and borrowing costs of 36 basis points that more than offset the decrease in our interest-earning asset yield of 28 basis points.

Provision for Loan Losses

We recorded a $606,000 provision for loan losses during the fourth quarter of 2012, compared with $527,000 recorded in the fourth quarter of 2011. Improved credit quality metrics and the recent charge-off history within our loan portfolio were significant factors in estimating the adequacy of our allowance for loan losses, which was balanced against the loan growth we experienced during the fourth quarter of 2012. Net loan charge-offs amounted to $270,000 in the fourth quarter of 2012, down $257,000 from $527,000 experienced during the fourth quarter of 2011.

For 2012, we recorded a provision for loan losses of $751,000 and net loan charge-offs of $1.3 million. This compares with a provision for loan losses of $3.3 million and net charge-offs of $3.6 million for 2011.

Noninterest income

Our noninterest income amounted to $3.2 million in the fourth quarter of 2012, up $2.9 million compared to the fourth quarter of 2011. The increase was primarily related to the following three areas: 1) net gains of $659,000 from the sale of $1.8 million of loans in the fourth quarter of 2012, compared to losses of $1.2 million on the sale of loans in the fourth quarter of 2011; 2) higher gains by $658,000 from the sale of investment securities available for sale; and 3) higher other income by $528,000, primarily from the sale of our corporate offices and associated fixed assets for a net gain of $597,000.

Compared to the third quarter of 2012, noninterest income for the fourth quarter of 2012 increased $1.3 million or 67.2%. The increase was primarily attributable to a favorable change in net gain (loss) from sales of loans of $700,000, which included $456,000 from the sale of $4.8 million of SBA loans in the fourth quarter, and other income of $427,000 primarily related to the sale of our corporate offices and associated fixed assets for a net gain of $597,000, partially offset by $105,000 of income associated with the resolution of acquired loans in the previous quarter.

For 2012, our noninterest income totaled $12.6 million, compared with $6.5 million for 2011. The increase of $6.1 million or 93.0% in 2012 was primarily due to a favorable change in net gain (loss) from sale of loans of $4.2 million, a larger bargain purchase pre-tax gain on acquisitions from the FDIC of $1.2 million and an improvement in other-than-temporary impairment loss on investment securities of $458,000.

Noninterest Expense

Noninterest expense totaled $9.0 million for the fourth quarter of 2012, up $2.4 million or 35.7% from the fourth quarter of 2011. The increase primarily related to increases in compensation and benefits costs of $1.3 million, legal and audit expense of $463,000, premises and occupancy costs of $228,000, other expense of $225,000 and data processing and communications costs of $216,000. The increase in compensation and benefits costs are attributable to an increased employee count from the Palm Desert National acquisition and added employees in lending production and loan operations to increase our production of SBA loans and warehouse facility loans. Within the increase in the legal and audit expense was $404,000 associated with the pending acquisition of FAB.

Compared to the third quarter of 2012, noninterest expense for the fourth quarter of 2012 increased $946,000 or 11.8%. The increase was primarily attributable to a $428,000 increase in expenses related to other real estate owned (“OREO”) operations, which included $440,000 in losses on sales of OREO properties that were acquired in connection with the previous FDIC-assisted acquisitions, other expense of $263,000, and legal and audit expense of $150,000 primarily associated with the pending acquisition of FAB.

For 2012, noninterest expense totaled $31.9 million, up $5.0 million or 18.4% from 2011. The increase was primarily related to a $3.1 million increase in compensation and benefits costs as a result of increased head count and termination costs from the Palm Desert National acquisition and an expansion of our lending area to increase loan production; an increase in data processing and communication costs of $947,000, primarily from running two core systems and system conversion costs associated with the Palm Desert National acquisition; an increase in legal and audit costs of $696,000; and an increase in premises and occupancy costs of $569,000, partially offset by a decrease in marketing expense of $429,000. Of the total noninterest expense recorded during 2012, there were one-time costs of $500,000 relating to the Palm Desert National acquisition and legal and audit expense of $404,000 relating to the pending acquisition of FAB.

Assets and Liabilities

At December 31, 2012, assets totaled $1.2 billion, up $212.7 million or 22.1% from December 31, 2011. During the fourth quarter of 2012, assets increased $84.5 million or 7.8%, primarily due to an increase in loans held for investment of $122.8 million, partially offset by a decrease in investment securities available for sale of $30.2 million, OREO of $3.3 million and other assets of $2.6 million.

Investment securities available for sale totaled $84.1 million at December 31, 2012, down $31.6 million or 27.3% from December 31, 2011. During the fourth quarter of 2012, investment securities decreased by $30.2 million and included sales of $26.5 million and principal payments of $3.0 million.

Net loans held for investment totaled $974.2 million at December 31, 2012, an increase of $244.1 million or 33.4% from December 31, 2011. During the fourth quarter of 2012, net loans held for investment increased $122.5 million or 14.4%. The fourth quarter of 2012 included loan originations of $122.9 million, of which $73.9 million related to our warehouse repurchase facility loans, loan purchases of $38.2 million and a decrease in undisbursed loan funds of $23.5 million, partially offset by loan repayments of $49.8 million and loan sales of $13.8 million. During the fourth quarter of 2012, our commitments on our warehouse repurchase facility loans increased $78.3 million to total $245.8 million. Additionally, we experienced an increase in our utilization rates for these loans from 66.9% at the beginning of the fourth quarter of 2012 to 80.9% at the end of the fourth quarter 2012. Most of our loan growth occurred late in the fourth quarter of 2012 which increased average loans by $33.7 million or 4.0%. At December 31, 2012, the loan to deposit ratio was 109.0%, up from 89.1% at December 31, 2011 and 96.5% at September 30, 2012.

Deposits totaled $904.8 million at December 31, 2012, up $75.9 million or 9.2% from December 31, 2011. The increase from year-end 2011 is predominately related to the acquisition of Palm Desert National Bank. During the fourth quarter of 2012, deposits increased $8.9 million or 1.0% due primarily to increases in interest-bearing transaction accounts of $63.4 million and noninterest-bearing accounts of $2.2 million, partially offset by a decrease in retail certificates of deposit of $56.8 million. At December 31, 2011, we had no brokered deposits. The total end of period cost of deposits at December 31, 2012 decreased to 0.51%, from 0.89% at December 31, 2011 and from 0.64% at September 30, 2012.

At December 31, 2012, total borrowings amounted to $125.8 million, up $87.0 million or 224.2% from December 31, 2011 and up $40.0 million or 46.6% from September 30, 2012. The increase for the full year 2012 and the fourth quarter of 2012 related wholly to FHLB overnight advances taken out primarily to fund our loan growth. Total borrowings at December 31, 2012 represented 10.7% of total assets and had a weighted average cost of 1.19%, compared with 4.0% of total assets and at a weighted average cost of 3.23% at December 31, 2011 and 7.9% of total assets at a weighted average cost of 1.64% at September 30, 2012.

Asset Quality

At December 31, 2012, nonperforming assets totaled $4.5 million or 0.38% of total assets, down from $7.3 million or 0.76% of total assets at December 31, 2011 and down from $11.8 million or 1.08% of total assets at September 30, 2012. During the fourth quarter of 2012, nonperforming loans decreased $4.1 million to total $2.2 million and OREO decreased $3.3 million to total $2.3 million. The decline in nonperforming loans and OREO was primarily due to sales that exceeded any additions to such categories. At December 31, 2012, OREO consisted of four land properties.

Our allowance for loan losses at December 31, 2012 was $8.0 million, down from $8.5 million at December 31, 2011, but up from $7.7 million at September 30, 2012. The allowance for loan losses as a percent of nonaccrual loans was 362.4% at December 31, 2012, up from 139.9% at December 31, 2011 and 121.9% at September 30, 2012. The increase in allowance for loan losses as a percent of nonaccrual loans at December 31, 2012, compared to December 31, 2011 and September 30, 2012 was primarily due to the decrease in nonaccrual loans. At December 31, 2012, the ratio of allowance for loan losses to total gross loans was 0.81%, down from 1.2% at December 31, 2011 and 0.89% at September 30, 2012.

Capital Ratios

On December 11, 2012, the Company completed an underwritten public offering of 3,300,000 shares of its common stock at a public offering price of $10.00 per share, and on January 9, 2013, the Company issued an additional 495,000 shares of its common stock at a public offering price of $10.00 per share in connection with the underwriters’ exercise of the over-allotment option granted to them as part of the offering. The net proceeds from the offering, including the underwriters’ exercise of the over-allotment option, after deducting underwriting discounts and commissions and estimated offering expenses were approximately $35.6 million. During December of 2012, the Company injected $25.0 million of the proceeds from the offering into the Bank, which enhanced the Bank’s regulatory capital ratios.

At December 31, 2012, our ratio of tangible common equity to total assets was 11.26%, with a basic book value per share of $9.85 and diluted book value per share of $9.75.

At December 31, 2012, the Bank exceeded all regulatory capital requirements with a ratio for tier 1 leverage capital of 12.07%, tier 1 risked-based capital of 12.99% and total risk-based capital of 13.79%. These capital ratios exceeded the “well capitalized” standards defined by the federal banking regulators of 5.00% for tier 1 leverage capital, 6.00% for tier 1 risked-based capital and 10.00%, for total risk-based capital. At December 31, 2012, the Company had a ratio for tier 1 leverage capital of 12.72%, tier 1 risked-based capital of 13.61% and total risk-based capital of 14.41%.

Conference Call and Webcast

The Company will host a conference call at 9:00 a.m. PT / 12:00 p.m. ET on January 23, 2013 to discuss its financial results. Analysts and investors may participate in the question-and-answer session. The conference call will be webcast live on the Investor Relations section of the Company’s website www.ppbi.com and an archived version of the webcast will be available in the same location shortly after the live call has ended. The conference call can be accessed by telephone at (866) 225-8754, conference ID 4591658. Additionally a telephone replay will be made available through January 30, 2013 at (800) 406-7325, conference ID 4591658.

Annual Meeting of Shareholders

Pacific Premier Bancorp, Inc. will hold its annual meeting on Wednesday, May 29, 2013 at 9:00 a.m. PT at its corporate headquarters in Irvine, California. The record date for shareholders to vote their proxy for the annual meeting will be April 1, 2013.

The Company owns all of the capital stock of the Bank. The Bank provides business and consumer banking products to its customers through our ten full-service depository branches in Southern California located in the cities of Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, San Bernardino and Seal Beach.

http://www.businesswire.com/news/home/20130123005470/en/Pacific-Premier-Bancorp-Announces-2012-Earnings-Unaudited

Chart basing looking up

PPBI Announces Underwriters' Exercise of Over-Allotment Option (1/07/13)

IRVINE, Calif., Jan. 7, 2013 /PRNewswire/ -- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the "Company"), the holding company of Pacific Premier Bank, announced today that in connection with its previously announced underwritten public offering of 3,300,000 shares of its common stock that closed on December 11, 2012, the underwriters exercised in full their option to purchase an additional 495,000 shares of newly issued common stock from the Company at a public offering price of $10.00 per share. The Company expects to receive aggregate net proceeds from the sale of the additional shares of approximately $4.7 million after deducting underwriting discounts and commissions, bringing the total net proceeds to the Company from the offering to approximately $35.6 million. The Company expects to close the sale of the additional shares of common stock, subject to customary conditions, on January 9, 2013.

The Company intends to use the net proceeds of the offering for general corporate purposes, to support its ongoing and future anticipated growth and to augment the capitalization of Pacific Premier Bank.

Raymond James & Associates, Inc. is acting as book-running manager and D.A. Davidson & Co. is acting as co-manager for the offering.

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The Company has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov or by visiting the Company's website at www.ppbi.com. Alternatively, copies of the prospectus relating to the offering may be obtained by contacting Raymond James & Associates, Inc., 550 West Washington, Suite 1650, Chicago, IL 60661, by calling toll-free 1-877-587-7748 or by e-mailing Mark Edwards at mark.edwards@raymondjames.com.

About Pacific Premier Bancorp, Inc.

The Company owns all of the capital stock of Pacific Premier Bank. Pacific Premier Bank provides business and consumer banking products to its customers through its ten full-service depository branches in Southern California located in the cities of Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, San Bernardino and Seal Beach. For additional information about the Company, visit our website at www.ppbi.com.

FORWARD-LOOKING COMMENTS

The statements contained herein that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These risks and uncertainties include, but are not limited to, the following: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, market and monetary fluctuations; the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers; the willingness of users to substitute competitors' products and services for the Company's products and services; the impact of changes in financial services policies, laws and regulations; technological changes; the effect of acquisitions that the Company may make, if any, including, without limitation, the failure to achieve the expected revenue growth and expense savings from its pending acquisition of First Associations Bank; changes in the level of the Company's nonperforming assets and charge-offs; oversupply of inventory and continued deterioration in values of California real estate, both residential and commercial; the effect of changes in accounting policies and practices, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; possible other-than-temporary impairments of securities held by the Company; the impact of current governmental efforts to restructure the U.S. financial regulatory system; changes in consumer spending, borrowing and savings habits; the effects of the Company's lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; ability to attract deposits and other sources of liquidity; changes in the financial performance and/or condition of the Company's borrowers; changes in the competitive environment among financial and bank holding companies and other financial service providers; unanticipated regulatory or judicial proceedings; and the Company's ability to manage the risks involved in the foregoing.

Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company's 2011 Annual Report on Form 10-K filed with the SEC and other filings made by the Company with the SEC.

The Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

Contact:

Pacific Premier Bancorp, Inc.

Steven R. Gardner
President/CEO
714.431.4000

Kent J. Smith
Executive Vice President/CFO
714.431.4000

SOURCE Pacific Premier Bancorp, Inc.

http://www.prnewswire.com/news-releases/pacific-premier-bancorp-inc-announces-underwriters-exercise-of-over-allotment-option-185852722.html

PPBI Announces Public Offering of Common Stock (12/05/12)

IRVINE, Calif., Dec. 5, 2012 /PRNewswire/ -- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the "Company"), the holding company of Pacific Premier Bank, announced today that it intends to commence a public offering of approximately $30 million of its common stock. The Company intends to use the net proceeds of the offering for general corporate purposes, to support our ongoing and future anticipated growth and to augment the capitalization of Pacific Premier Bank.

Raymond James & Associates, Inc. is acting as book-running manager and D.A. Davidson & Co. is acting as co-manager for the offering. The underwriters will have a 30-day option to purchase from the Company up to an additional 15% of the offered amount of common stock to cover over-allotments, if any.

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The Company has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov or by visiting the Company's website at www.ppbi.com. Alternatively, copies of the prospectus relating to the offering may be obtained by contacting Raymond James & Associates, Inc. by calling toll-free 1-877-587-7748 or by e-mailing Mark Edwards at mark.edwards@raymondjames.com.

About Pacific Premier Bancorp, Inc.

The Company owns all of the capital stock of Pacific Premier Bank. Pacific Premier Bank provides business and consumer banking products to its customers through its ten full-service depository branches in Southern California located in the cities of Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, San Bernardino and Seal Beach. For additional information about the Company, visit our website www.ppbi.com.

http://www.prnewswire.com/news-releases/pacific-premier-bancorp-inc-announces-public-offering-of-common-stock-182252001.html

PPBI Announces Receipt of Regulatory Approval for Acquisition of First Associations Bank (11/30/12)

COSTA MESA, Calif., Nov. 30, 2012 /PRNewswire/ -- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) ("Pacific Premier"), the holding company of Pacific Premier Bank (the "Bank"), announced today that it has received regulatory approval from the Federal Reserve Bank of San Francisco and the California Department of Financial Institutions for its acquisition of First Associations Bank ("FAB"), a Texas-chartered bank located in Dallas, Texas. The consummation of the acquisition of FAB remains subject to receipt of regulatory approval from the Texas Department of Banking, the approval of the FAB shareholders and the satisfaction of other closing conditions. In connection with the signing of the definitive merger agreement on October 15, 2012, the directors and executive officers of FAB and an advisory director of FAB, who collectively own and have the power to vote approximately 36% of the outstanding shares of FAB common stock, entered into shareholder agreements with Pacific Premier pursuant to which they have agreed, among other things, to vote all of their shares in favor of the definitive merger agreement. Pacific Premier anticipates that the FAB acquisition will be consummated in the first quarter of 2013.

Steven R. Gardner, President and Chief Executive Officer, commented, "We are pleased to have quickly reached another milestone towards the completion of our acquisition of FAB. Adding FAB's niche focused business of serving homeowners associations ("HOAs") and HOA management companies nationwide will complement our existing franchise by providing the Bank with a valuable source of low-cost core deposits that are expected to increase the Bank's existing deposit base and lower its overall funding cost. The FAB acquisition, which includes $356.2 million in total assets and $305.5 million in total deposits at September 30, 2012, will strengthen the Bank's core deposit generating capabilities to fund future loan growth."

About Pacific Premier Bancorp, Inc.
Pacific Premier owns all of the capital stock of the Bank. The Bank provides business and consumer banking products to its customers through ten full-service depository branches in Southern California located in the cities of Costa Mesa, Huntington Beach, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, San Bernardino and Seal Beach. For additional information about Pacific Premier, visit our website at www.ppbi.com.

About First Associations Bank
FAB operates a unique business model that is highly efficient and exclusively focuses on the HOA industry by leveraging online technology tools which provide HOA management companies the ability to streamline operations through data integration and seamless information reporting. FAB's deposit and treasury management products include web based funds management, online ACH services, online homeowner payment options, integrated third party lockbox services and remote deposit capture. FAB also offers term loans to HOAs for association projects and lines of credit for short term or seasonal needs. FAB was founded in 2007 and is headquartered in Dallas, Texas.

Forward Looking Statements
This press release may contain forward-looking statements regarding Pacific Premier, the Bank and FAB and the proposed acquisition. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors: synergies and other financial benefits from the acquisition might not be realized within the expected time frames or at all; governmental approval of the acquisition may not be obtained or adverse regulatory conditions may be imposed in connection with governmental approvals of the acquisition; conditions to the closing of the acquisition may not be satisfied; and the shareholders of FAB may fail to approve the consummation of the acquisition.

Pacific Premier and FAB undertake no obligation to revise or publicly release any revision or update to these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

Notice to FAB Shareholders
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed acquisition transaction, Pacific Premier filed a registration statement on Form S-4 (the "Registration Statement") with the Securities and Exchange Commission ("SEC"), which contains a proxy statement of FAB and a prospectus of Pacific Premier (collectively, the "proxy statement/prospectus"). A definitive proxy statement/prospectus will be distributed to the shareholders of FAB in connection with their vote on the proposed acquisition of FAB after the Registration Statement is declared by the SEC to be effective. As of the date of this press release, the Registration Statement has not been declared effective by the SEC.

SHAREHOLDERS OF FAB ARE ENCOURAGED TO READ THE REGISTRATION STATEMENT AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ALL OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION. The definitive proxy statement/prospectus will be mailed to shareholders of FAB. Investors and security holders will be able to obtain the definitive proxy statement/prospectus and the other documents free of charge at the SEC's website, www.sec.gov. In addition, documents filed with the SEC by Pacific Premier will be available free of charge by (1) accessing Pacific Premier's website at www.ppbi.com under the "Investor Relations" link and then under the heading "SEC Filings," (2) writing Pacific Premier at 1600 Sunflower Ave., 2nd Floor, Costa Mesa, California 92626, Attention: Investor Relations or (3) writing FAB at 12001 N. Central Expressway, Suite 1165, Dallas, Texas 75243, Attention: Corporate Secretary.

The directors, executive officers and certain other members of management and employees of Pacific Premier may be deemed to be participants in the solicitation of proxies in favor of the proposed acquisition from the shareholders of FAB. Information about the directors and executive officers of Pacific Premier is included in the proxy statement for its 2012 annual meeting of Pacific Premier shareholders, which was filed with the SEC on April 16, 2012. The directors, executive officers and certain other members of management and employees of FAB may also be deemed to be participants in the solicitation of proxies in favor of the proposed acquisition from the shareholders of FAB. Information about the directors and executive officers of FAB will be included in the definitive proxy statement/prospectus for the proposed acquisition of FAB. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the definitive proxy statement/prospectus regarding the proposed acquisition when it becomes available. You may obtain free copies of this document as described in the preceding paragraph.

Contact:

Pacific Premier Bancorp, Inc.

Steven R. Gardner
President/CEO
714.431.4000

Kent J. Smith
Executive Vice President/CFO
714.431.4000

SOURCE Pacific Premier Bancorp, Inc.

http://www.prnewswire.com/news-releases/pacific-premier-bancorp-inc-announces-receipt-of-regulatory-approval-for-acquisition-of-first-associations-bank-181515071.html

It should also be noted that Pacific Premier Bank did not participate in the TARP Program back in 2008.

http://www.ppbi.com/about-us/about-us.html

Sandler O'Neill Asset Management LLC beneficially owns 765,000 shares (11/18/12)

Controls 7.39 percent.

The average cost paid is $4.59 per share.

http://sec.gov/Archives/edgar/data/1028918/000091957412006552/d1335594_13d-a.htm

This little bank is on fire

PPBI Announces Acquisition of First Associations Bank (10/15/12)

Highlights of the Announced Acquisition:

- Niche depository platform to augment Pacific Premier's continued loan growth

- Attractive deposit franchise, with 92.9% non-CDs and cost of deposits of 0.23% for the quarter ended September 30, 2012

- Compelling economics for Pacific Premier's shareholders

COSTA MESA, Calif., Oct. 15, 2012 /PRNewswire/ -- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) ("Pacific Premier" or the "Company") today announced that Pacific Premier has entered into a definitive agreement to acquire First Associations Bank ("FAB"), a Dallas, Texas, based state chartered bank with $356.2 million in total assets and $305.5 million in total deposits at September 30, 2012. FAB is a specialized bank exclusively focused on serving homeowners associations ("HOAs") and HOA management companies nationwide. This acquisition will provide Pacific Premier with a valuable source of low-cost core deposits that are expected to strengthen Pacific Premier's existing deposit base and lower its overall funding cost.

Steven R. Gardner , President & Chief Executive Officer of Pacific Premier commented, "This acquisition is a unique opportunity for us to acquire a highly efficient, consistently profitable and niche focused business that will complement our existing banking franchise. At September 30, 2012, FAB's loans to deposit ratio was 6.2% and included no delinquent loans or nonperforming assets. At the same quarter end, Pacific Premier's loans to deposit ratio had grown to 96.5% due to strong net loan portfolio growth of $64.1 million, or 32% annualized. Since it started business in 2007 FAB has generated most of its operating revenue from its investment securities portfolio and as such we see substantial revenue synergies between FAB's deposit funding model and our commercial banking business model as we deploy FAB's funds into higher yielding loans over time. Additionally, this partnership will improve Pacific Premier's deposit base, lower our cost of deposits and provide us the platform to accelerate future core deposit growth."

Mr. Gardner continued, "This is an exciting opportunity for both companies, our shareholders, customers and employees. FAB's existing customers will continue to receive the same excellent customer service and products without disruption. Pacific Premier's financial strength and resources will enable FAB to develop additional technological solutions to further benefit existing and future HOA management company clients. Additionally, the acquisition of FAB will allow Pacific Premier to deploy a portion of its current capital base into a compelling investment."

"The management team and employees are looking forward to joining the Pacific Premier team and continuing our tradition of providing exceptional service to all of our customers. The combination with Pacific Premier will provide greater capital resources and operational scale which will allow us to expand and continue to grow the business," said Michael A. Kowalski , Chairman, President and Chief Executive Officer of FAB.

The transaction is currently valued at $53.7 million, which includes approximately $50.2 million in deal consideration for FAB shareholders, $3.5 million in cash consideration for FAB option holders and warrant holders. The $50.2 million of deal consideration for FAB shareholders will include $37.6 million in cash consideration, which is subject to adjustment, and 1,279,419 shares of Pacific Premier common stock to be issued to FAB shareholders, which shares had a value of approximately $12.5 million based on Pacific Premier's 5-day average closing price immediately prior to announcement of the transaction. The cash portion of the consideration payable to FAB shareholders may increase or decrease based on the changes in value of FAB's mortgage related securities portfolio prior to closing. In addition, the cash consideration payable to FAB shareholders may be reduced if FAB's transaction-related expenses exceed $3.9 million. As of September 30, 2012 the transaction value represents a multiple of approximately 117.0% of FAB's tangible book value and a tangible book value premium of approximately 2.55% of FAB's core deposits. Pacific Premier anticipates the acquisition will be accretive to earnings per share beginning in 2013 and the payback period for initial tangible book value dilution is approximately 2 years.

FAB has 13 full-time equivalent employees and its corporate offices are located in Dallas, Texas. FAB does not accept retail or consumer deposits which allows FAB's employees to focus 100% of their efforts on serving the HOA industry. It is anticipated that all of the current FAB employees will be retained in the combined company. In connection with the signing of the definitive agreement, Pacific Premier Bank entered into employment agreements with the key executive officers of FAB, which will become effective upon consummation of the acquisition. Following consummation of the acquisition, FAB will be operated as a division of Pacific Premier Bank.

As of September 30, 2012, FAB had total loans outstanding of $18.8 million, total investment securities portfolio of $313.9 million and total deposits of $305.5 million. The deposit base includes approximately $283.8 million non-CDs, or 92.9% of total deposits. For the quarter ended September 30, 2012, FAB's cost of deposits was 0.23% and its efficiency ratio was 52.4%. For the last twelve months ended September 30, 2012, FAB's pre-tax income was $4.7 million and its pre-tax return on average assets was 1.37%. Since inception in 2007, FAB has reported 21 consecutive quarters of profitability and no loan charge-offs. On a combined basis with FAB as of September 30, 2012, Pacific Premier would have total assets of $1.4 billion, total loans outstanding of $882.5 million and total deposits of $1.2 billion.

A majority of FAB's HOA customers are also customers of the HOA management companies controlled by Associations, Inc. ("Associa") which is the largest management company in the United States. Pacific Premier will continue to rely on the relationship with Associa following the consummation of the FAB acquisition to solicit HOA deposits. Under the terms of the definitive agreement, Pacific Premier Bank and Associa will enter into an amendment to FAB's current Depository Services Agreement with Associa to extend the term of this agreement for a period of five years. The CEO and majority owner of Associa, John Carona , is a FAB director and FAB's largest shareholder. Mr. Carona is expected to join the Board of Directors of Pacific Premier upon completion of the transaction.

The transaction is expected to close late in the fourth quarter of 2012 or in the first quarter of 2013, subject to satisfaction of the closing conditions described in this press release and other customary closing conditions, including regulatory approvals and approval of FAB shareholders. Shareholders of FAB that own or control approximately 36% in the aggregate of the outstanding shares of FAB common stock have entered into agreements with Pacific Premier and FAB whereby they committed to vote their shares of FAB common stock in favor of the acquisition. For additional information about the proposed acquisition of FAB, you should carefully read the definitive merger agreement that we filed with the Securities and Exchange Commission ("SEC") today.

Pacific Premier was advised in this transaction by D.A. Davidson & Co., as financial advisor and Patton Boggs LLP, as legal counsel. FAB was advised by SAMCO Capital Markets, as financial advisor and Haynie Rake & Repass, P.C., as legal counsel.

Conference Call: Tuesday, October 16th at 9:00 a.m. PDT

Pacific Premier will hold a conference call regarding this announcement Tuesday, October 16, 2012 at 9:00 a.m. PDT. Those wishing to participate in the call may dial 1 (800) 434-1335; Conference ID code 681476#. The investor presentation for this transaction can be accessed at Pacific Premier's website at www.ppbi.com. A replay of the call will be available through midnight PDT November 15, 2012 by calling 1 (800) 977-8002 and entering Conference ID code *681476#.

About Pacific Premier Bancorp, Inc.

Pacific Premier owns all of the capital stock of Pacific Premier Bank. Pacific Premier Bank provides business and consumer banking products to its customers through our ten full-service depository branches in Southern California located in the cities of Costa Mesa, Huntington Beach, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, San Bernardino and Seal Beach.For additional information about the Company, visit the Company's website www.ppbi.com.

About First Associations Bank

FAB operates a unique business model that is highly efficient and exclusively focuses on the HOA industry by leveraging online technology tools which provide HOA management companies the ability to streamline operations through data integration and seamless information reporting. FAB's deposit and treasury management products include web based funds management, online ACH services, online homeowner payment options, integrated third party lockbox services and remote deposit capture. FAB also offers term loans to HOAs for association projects and lines of credit for short term or seasonal needs. FAB was founded in 2007 and is headquartered in Dallas, Texas.

Forward Looking Statements

This press release may contain forward-looking statements regarding Pacific Premier, FAB and the proposed acquisition. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors: the expected cost savings, synergies and other financial benefits from the acquisition might not be realized within the expected time frames or at all; governmental approval of the acquisition may not be obtained or adverse regulatory conditions may be imposed in connection with governmental approvals of the acquisition; conditions to the closing of the acquisition may not be satisfied; and the shareholders of FAB may fail to approve the consummation of the acquisition. Annualized, pro forma, projected and estimated numbers in this press release are used for illustrative purposes only, are not forecasts and may not reflect actual results.

Pacific Premier and FAB undertake no obligation to revise or publicly release any revision or update to these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

Notice to FAB Shareholders

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed acquisition transaction, a registration statement on Form S-4 will be filed with the SEC by Pacific Premier. The registration statement will contain a proxy statement/prospectus to be distributed to the shareholders of FAB in connection with their vote on the acquisition. SHAREHOLDERS OF FAB ARE ENCOURAGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT/PROSPECTUS THAT WILL BE PART OF THE REGISTRATION STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION. The final proxy statement/prospectus will be mailed to shareholders of FAB. Investors and security holders will be able to obtain the documents free of charge at the SEC's website, www.sec.gov. In addition, documents filed with the SEC by Pacific Premier will be available free of charge by accessing Pacific Premier's website at www.ppbi.com or by writing Pacific Premier at 1600 Sunflower Ave., 2nd Floor, Costa Mesa, California 92626, Attention: Investor Relations, or by writing FAB at 12001 N. Central Expressway, Suite 1165, Dallas, Texas 75243, Attention: Corporate Secretary.

The directors, executive officers and certain other members of management and employees of Pacific Premier may be deemed to be participants in the solicitation of proxies in favor of the acquisition from the shareholders of FAB. Information about the directors and executive officers of Pacific Premier is included in the proxy statement for its 2012 annual meeting of Pacific Premier shareholders, which was filed with the SEC on April 16, 2012. The directors, executive officers and certain other members of management and employees of FAB may also be deemed to be participants in the solicitation of proxies in favor of the acquisition from the shareholders of FAB. Information about the directors and executive officers of FAB will be included in the proxy statement/prospectus for the acquisition. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the proxy statement/prospectus regarding the proposed acquisition when it becomes available. Free copies of this document may be obtained as described in the preceding paragraph.

CONTACT: Steven R. Gardner , President/CEO, +1-714–431–4000, or Kent J. Smith , Executive Vice President/CFO, +1-714–431–4000, both of Pacific Premier Bancorp, Inc.

SOURCE Pacific Premier Bancorp, Inc.

http://www.prnewswire.com/news-releases/pacific-premier-bancorp-inc-announces-acquisition-of-first-associations-bank-174252071.html

PPBI Announces Third Quarter 2012 Earnings (10/11/12)

Highlights for the third quarter of 2012 included the following:

-- Net Income Increases 41% from the Prior Year-ago Quarter

-- Return on Average Equity of 14.19%

-- Loans Increase 8.4%

-- Noninterest Bearing Mix Increases to 24% of Total Deposits

-- Tangible Book Value Increases to $9.40 per share

COSTA MESA, Calif., Oct. 11, 2012 /PRNewswire/ -- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the "Company"), the holding company of Pacific Premier Bank (the "Bank"), reported net income for the third quarter of 2012 of $3.5 million or $0.32 per share on a diluted basis, up from the third quarter of 2011 of $2.5 million or $0.23 per share on a diluted basis. For the three months ended September 30, 2012, our return on average assets was 1.30% and return on average equity was 14.19%, up from a return on average assets of 1.06% and a return on average equity of 11.89% for the same comparable period of 2011.

For the first nine months of 2012, the Company's net income totaled $12.0 million or $1.12 per share on a diluted basis, up from $8.0 million or $0.75 per share for the first nine months of 2011. For the nine months ended September 30, 2012, our return on average assets was 1.56% and return on average equity was 17.23%, up from a return on average assets of 1.14% and a return on average equity of 13.24% for the same comparable period of 2011.

Steven R. Gardner, President and Chief Executive Officer, commented on the third quarter results, "The ability of our employees to execute on our strategic plan was evident in all facets of our third quarter results. We posted solid earnings in the current quarter, generating a return on average assets of 1.30% and return on average equity of 14.19%. Loan growth during the third quarter was strong as loans held for investment grew by $64.1 million or 32% on an annualized basis. We were able to produce this growth through total loan originations of $129.3 million, including $68.3 million of warehouse facility credits, $24.9 million of commercial real estate loans and $10.4 million in commercial and industrial loans. Our loan and asset credit quality metrics remain strong as evidenced by end of quarter total delinquent loans to total loans of 0.80% and nonperforming assets to total assets of 1.08%. The majority of these problem assets were acquired through our acquisition of Palm Desert National Bank ("Palm Desert National") from the Federal Deposit Insurance Corporation ("FDIC"), as receiver, in the second quarter of this year. Looking ahead, our pipeline of new loans heading into the fourth quarter is $73.3 million. To support our anticipated growth, we have added new personnel to our various lending teams. During the third quarter, we hired a Small Business Administration ("SBA") loan manager with over 20 years of SBA lending and sales management experience. Additionally, we added five new SBA loan officers bringing the total number of SBA loan officers to seven who we expect will ramp up our SBA lending in the coming quarters. These SBA loans will not only increase our net loans outstanding, but will also benefit the Bank's fee income."

Mr. Gardner continued, "During the third quarter of 2012, we completed the conversion of the former loan and deposit accounts of Palm Desert National, which resulted in the conversion of approximately $60.7 million of interest bearing checking accounts into noninterest bearing accounts. Following this conversion, our noninterest bearing accounts to total deposits increased from 16.5% at the end of the second quarter of 2012 to 23.6% at the end of the third quarter of 2012 and brought our total transaction accounts to 53.3% of our total deposits. During the fourth quarter of this year, we have an opportunity to reduce our deposit costs further and shift more deposits into transaction accounts as we have $113.5 million in certificates of deposit at a weighted average rate of 1.05% maturing. Decreasing our deposit costs will benefit our net interest margin, going forward, which for the third quarter of 2012 was 4.61%."

Mr. Gardner concluded, "The sentiment from local business owners has become gradually more optimistic with an improving economy and the strengthening of the commercial and residential real estate market. Although macro-economic and political issues temper the outlook for our local business owners, we believe the economies in our primary markets have the potential for stronger growth in the coming year. As consolidation in the banking industry continues, we believe our proven track record of executing on the two previous FDIC assisted transactions and our strong operating results positions us well to prudently pursue acquisition targets that will strengthen our franchise and benefit our shareholders."

Net Interest Income

Net interest income totaled $11.9 million in the third quarter of 2012, up $1.6 million or 15.9% from the third quarter of 2011. The increase in net interest income reflected an increase in average interest-earning assets of $142.6 million in the current quarter to total $1.0 billion, partially offset by a lower net interest margin of 4.61% in the current quarter, compared with 4.62% in the third quarter of 2011. The increase in average interest-earning assets was primarily due to loans, up $153.0 million primarily associated with organic loan growth and loans added from the Palm Desert National acquisition, which at the time of acquisition added $65.3 million in interest earning assets at a weighted average rate of 5.61%. The decrease in the current quarter net interest margin of one basis point primarily reflected a decrease in the yield on loans of 70 basis points to 6.14%, primarily due to the decline in the overall weighted average loan portfolio yield since a year ago. Partially offsetting this decrease was a reduction in deposit costs of 35 basis points to 0.64% and a greater mix of higher yielding loans within our interest-earning assets. The reduction in deposit costs is primarily associated with our acquisition of Palm Desert National, which added $80.9 million in deposits at a weighted average cost of 42 basis points as of the closing of the transaction, excluding the runoff of $34.1 million in wholesale certificates of deposits in the month subsequent to the acquisition.

For the first nine months of 2012, our net interest income totaled $33.2 million, up $3.5 million or 11.8% from the same period in the prior year. The increase in net interest income was associated with higher interest-earning assets, which grew by $89.1 million to $978.0 million and a higher net interest margin which increased by seven basis points to 4.52%. The increase in average interest-earning assets primarily related to newly originated loans and loans acquired in the Palm Desert National acquisition. The increase in net interest margin was predominantly impacted by a decrease in our deposit and borrowing costs of 34 basis points that more than offset the decrease in our interest-earning asset yield of 27 basis points.

Provision for Loan Losses

We recorded a provision for loan losses during the third quarter of 2012 of $145,000, compared with the third quarter of 2011 of $1.3 million. Improved credit quality metrics and the recent charge-off history within our loan portfolio were significant factors in estimating the adequacy of our allowance for loan losses, which was balanced against the loan growth we experienced during the third quarter of 2012. Net loan charge-offs amounted to $145,000 in the current quarter, down $1.2 million from the $1.3 million experienced during the third quarter of 2011.

For the first nine months of 2012, we recorded a provision for loan losses of $145,000 and net loan charge-offs of $1.0 million. This compares with a provision for loan losses of $2.7 million and net charge-offs of $3.1 million for the first nine months of 2011.

Noninterest income

Our noninterest income amounted to $1.9 million in the third quarter of 2012, down $200,000 or 9.5% from the third quarter of 2011. The decrease was primarily related to a decrease in the following three areas: other income of $117,000, as other income in the third quarter of 2011 included recoveries on acquired loans that were wholly charged off prior to acquisition; loan servicing fees of $100,000, as the third quarter of 2011 included higher prepayment fees; and deposit fees of $72,000. Partially offsetting this decline was a decrease in the other-than-temporary impairment loss of $134,000 in the third quarter of 2012.

For the first nine months of 2012, our noninterest income totaled $9.4 million, compared with $6.3 million for the same period a year ago. The increase of $3.1 million in the first nine months of 2012 was primarily due to a decrease in net loss on the sale of loans of $2.4 million, a larger bargain purchase pre-tax gain on acquisitions from the FDIC of $1.2 million and a decrease in other-than-temporary impairment loss of $420,000. Partially offsetting these favorable amounts were decreases in the following three areas: other income of $301,000; net gain from sale of investment securities of $294,000; and deposit fees of $182,000.

Noninterest Expense

Noninterest expense totaled $8.0 million for the third quarter of 2012, up $957,000 or 13.5% from the same period in the prior year. The increase in noninterest expense primarily related to increases in compensation costs of $1.0 million, data processing and communications costs of $195,000 and premises and occupancy costs of $160,000, which increases were predominately associated with the Palm Desert National acquisition. In addition to the increased employee count from the Palm Desert National acquisition, we added employees in lending production and loan operations to increase our production of SBA loans and warehouse facility loans, which contributed to the increase in compensation expense. Partially offsetting the increase in noninterest expense was a reduction in other real estate owned ("OREO") operations of $313,000 and marketing expense of $154,000.

For the first nine months of 2012, noninterest expense totaled $22.9 million, up $2.6 million or 12.8% from the first nine months of 2011. The increase was primarily a result of the Palm Desert National acquisition and included increases in compensation and benefits costs of $1.8 million, primarily from an increase in employee count and termination costs; data processing and communication costs of $731,000, primarily from running two core systems and system conversion costs associated with recent acquisitions; premises and occupancy costs of $341,000; and legal and audit costs of $233,000. Of the total noninterest expense recorded during the first nine months of 2012, there were one-time costs of $500,000 relating to the Palm Desert National acquisition. Partially offsetting the increase were decreases in marketing expense of $232,000 and FDIC insurance premiums of $187,000.

Assets and Liabilities

At September 30, 2012, assets totaled $1.1 billion, up $160.8 million or 17.3% from September 30, 2011 and $128.2 million or 13.3% from December 31, 2011. During the third quarter of 2012, assets increased $24.3 million, primarily related to an increase in loans held for investment of $64.1 million, which was partially offset by a decrease in investment securities available for sale of $31.9 million and cash and cash equivalents of $6.7 million.

Investment securities available for sale totaled $114.3 million at September 30, 2012, up $6.5 million or 6.0% from September 30, 2011 but down $1.4 million or 1.2% from December 31, 2011. During the third quarter of 2012, investment securities decreased $31.9 million or 21.8% and included sales of $41.9 million and principal payments of $5.5 million, partially offset by purchases of $15.5 million. At September 30, 2012, 47 of our 58 private label mortgage-backed securities ("MBS") were classified as substandard or impaired and had a book value of $2.2 million and a market value of the same amount. Interest received from these securities is applied against their respective principal balances. Our entire private label MBS were acquired when we redeemed our shares in certain mutual funds in 2008.

Net loans held for investment totaled $851.7 million at September 30, 2012, an increase of $125.8 million or 17.3% from September 30, 2011 and $121.6 million or 16.7% from December 31, 2011. During the third quarter of 2012, net loans held for investment increased $64.1 million or 8.1%. The third quarter of 2012 included loan originations of $129.3 million, of which $68.3 million related to our warehouse repurchase facility loans, partially offset by loan repayments of $42.6 million, an increase in undisbursed loan funds of $13.9 million and loan sales of $13.8 million. At September 30, 2012, the loans to deposits ratio was 96.5%, up from 92.1% at September 30, 2011 and 89.1% at December 31, 2011. At September 30, 2012, our allowance for loan losses was $7.7 million, down $864,000 from both September 30, 2011 and December 31, 2011. The allowance for loan losses as a percent of nonaccrual loans was 121.9% at September 30, 2012, up from 91.1% at September 30, 2011, but down from 139.9% at December 31, 2011. The decrease in allowance for loan losses as a percent of nonaccrual loans at September 30, 2012, compared to year-end 2011 was primarily due to the decrease in the allowance balance and to a lesser extent, the addition of nonaccrual loans acquired from Palm Desert National. At September 30, 2012, the ratio of allowance for loan losses to total gross loans was 0.89%, down from 1.2% at both September 30, 2011 and December 31, 2011.

Deposits totaled $895.9 million at September 30, 2012, up $98.5 million or 12.4% from September 30, 2011 and $67.0 million or 8.1% from December 31, 2011. During the third quarter of 2012, deposits decreased $17.3 million or 1.9%. During the third quarter of 2012, we eliminated nominal interest paid on approximately $60.7 million of transaction accounts and moved them into noninterest bearing accounts, which lowered our deposit costs by approximately one basis point. Excluding the transfers of these accounts, the change in noninterest bearing and transaction accounts was essentially flat while certificates of deposits decreased by $17.1 million. At September 30, 2012, we had no brokered deposits. The total weighted average cost of deposits at September 30, 2012 decreased to 0.64%, from 0.94% at September 30, 2011 and from 0.89% at December 31, 2011.

At September 30, 2012, total borrowings amounted to $85.8 million, up from $38.8 million at September 30, 2011, December 31, 2011 and June 30, 2012. During the third quarter of 2012, total borrowings increased $47.0 million related wholly to FHLB overnight advances taken out primarily to fund our loan growth. Total borrowings at September 30, 2012 represented 7.9% of total assets and had a weighted average cost of 1.64%, compared with 4.2% of total assets at a weighted average cost of 3.19% at September 30, 2011 and 4.0% of total assets and at a weighted average cost of 3.23% at December 31, 2011.

Nonperforming Assets

At September 30, 2012, nonperforming assets totaled $11.8 million or 1.08% of total assets, down from $12.2 million or 1.31% of total assets at September 30, 2011, but up from $7.3 million or 0.76% of total assets at December 31, 2011. During the third quarter of 2012, nonperforming loans decreased $2.1 million to total $6.3 million and OREO decreased $3.8 million to total $5.5 million. Of the balances at September 30, 2012, $1.1 million of nonperforming loans and $3.6 million of OREO were associated with assets acquired from Palm Desert National.

Capital Ratios

At September 30, 2012, our ratio of tangible common equity to total assets was 8.94%, with a basic book value per share of $9.66 and diluted book value per share of $9.53.

At September 30, 2012, the Bank exceeded all regulatory capital requirements with a ratio for tier 1 leverage capital of 9.48%, tier 1 risked-based capital of 11.04% and total risk-based capital of 11.88%. These capital ratios exceeded the "well capitalized" standards defined by the federal banking regulators of 5.00% for tier 1 leverage capital, 6.00% for tier 1 risked-based capital and 10.00%, for total risk-based capital. At September 30, 2012, the Company had a ratio for tier1 leverage capital of 9.58%, tier 1 risked-based capital of 11.09% and total risk-based capital of 11.93%.

About Pacific Premier Bancorp, Inc.

The Company owns all of the capital stock of the Bank. The Bank provides business and consumer banking products to its customers through our ten full-service depository branches in Southern California located in the cities of Costa Mesa, Huntington Beach, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, San Bernardino and Seal Beach. For additional information about the Company, visit the Company's website www.ppbi.com.

FORWARD-LOOKING COMMENTS

The statements contained herein that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These risks and uncertainties include, but are not limited to, the following: the strength of the United States economy in general and the strength of the local economies in which we conduct operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, market and monetary fluctuations; the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers; the willingness of users to substitute competitors' products and services for the Company's products and services; the impact of changes in financial services policies, laws and regulations (including the Dodd-Frank Wall Street Reform and Consumer Protection Act) and of governmental efforts to restructure the U.S. financial regulatory system; technological changes; the effect of acquisitions that the Company may make, if any, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions; changes in the level of the Company's nonperforming assets and charge-offs; oversupply of inventory and continued deterioration in values of California real estate, both residential and commercial; the effect of changes in accounting policies and practices, as may be adopted from time-to-time by bank regulatory agencies, the Securities and Exchange Commission ("SEC"), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; possible other-than-temporary impairment of securities held by us; changes in consumer spending, borrowing and savings habits; the effects of the Company's lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; ability to attract deposits and other sources of liquidity; changes in the financial performance and/or condition of our borrowers; changes in the competitive environment among financial and bank holding companies and other financial service providers; unanticipated regulatory or judicial proceedings; and the Company's ability to manage the risks involved in the foregoing.

Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the 2011 Annual Report on Form 10-K of Pacific Premier Bancorp, Inc. filed with the SEC and available at the SEC's Internet site (http://www.sec.gov).

The Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

Contact:

Pacific Premier Bancorp, Inc.

Steven R. Gardner
President/CEO
714.431.4000

Kent J. Smith
Executive Vice President/CFO
714.431.4000

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