Pacific Premier Bankcorp (PPBI)

[stlogic]

This little bank is heading in the right direction.

Cherry picking small over looked business clients away from large institutions...smart strategy IMO

[56Chevy]

Insider buy

- Statement of Changes in Beneficial Ownership (4)
Date : 08/02/2012 @ 4:42PM
Source : Edgar (US Regulatory)

Stock : Pacific Premier Bancorp (MM) (PPBI)

Quote : 8.71 0.0 (0.00%) @ 7:44AM

http://ih.advfn.com/p.php?pid=nmona&article=53695735

[Enterprising Investor]

PPBI Presentation by CEO Steven Gardner

Presentation:

http://sec.gov/Archives/edgar/data/1028918/000102891812000049/ppbi_8k-invpres2012q2ex991.htm

[Enterprising Investor]

PPBI Announces Second Quarter 2012 Earnings (7/19/12)

Highlights for the second quarter of 2012 included the following:

-- Net Income Increases 116% from the Prior Quarter

-- Return on Average Equity of 25.21%

-- Fully Diluted Book Value at $9.18 Per Share

-- Loans Increase 15%

-- Deposits Increase 8%

-- Deposit Costs Fall to 63 Basis Points

COSTA MESA, Calif., July 19, 2012 /PRNewswire/ -- 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 2012 of $5.8 million or $0.55 per share on a diluted basis, up from the second quarter of 2011 of $785,000 or $0.08 per share on a diluted basis. For the three months ended June 30, 2012, our return on average assets was 2.28% and return on average equity was 25.21%, up from a return on average assets of 0.33% and a return on average equity of 3.88% for the same comparable period of 2011. The increase in our net income and returns was primarily related to the acquisition of Palm Desert National Bank ("Palm Desert National") from the Federal Deposit Insurance Corporation ("FDIC"), as receiver, on April 27, 2012. The Palm Desert National transaction at the acquisition date included assets with a fair market value of $120.9 million, liabilities with a fair market value of $115.6 million and a bargain purchase pre-tax gain of $5.3 million.

For the first six months of 2012, the Company's net income totaled $8.5 million or $0.80 per share on a diluted basis, up from $5.6 million or $0.52 per share for the first six months of 2011. For the six months ended June 30, 2012, our return on average assets was 1.71% and return on average equity was 18.88%, up from a return on average assets of 1.19% and a return on average equity of 13.94% for the same comparable period of 2011.

Steven R. Gardner, President and Chief Executive Officer, commented on the recent acquisition of Palm Desert National, "Like the Canyon National Bank acquisition in 2011, the Palm Desert National acquisition has had a positive impact on our deposit composition and improved our franchise value by adding low cost transaction accounts totaling $50.1 million. In order to maximize retention of the core customer base we acquired from Palm Desert National, our managers and business bankers concentrated on meeting their former customers. Since the completion of the Palm Desert national acquisition, we have worked diligently to transition the accounts of our new customers in a seamless manner to the Bank and expect to have all account conversions completed by the end of the third quarter of 2012."

Mr. Gardner commented further on the results of the second quarter of 2012, "We are pleased with our net income this quarter which was in part due to a bargain purchase pre-tax gain of $5.3 million on the Palm Desert National acquisition. We also were pleased to see an expansion in our net interest margin quarter over quarter, expanding to 4.64% as compared to 4.31% in the first quarter of this year. With the bargain purchase pre-tax gain and the earnings power of our franchise, the Board of Directors authorized a stock repurchase program during the current quarter."

Mr. Gardner addressed the Company's asset quality at the end of the second quarter of 2012, "After closing the Palm Desert National acquisition, we immediately began resolving credit issues through our multi-pronged approach to loss mitigation that proved to be effective in our prior acquisition. Although the Palm Desert National acquisition increased the level of problem assets on our balance sheet, we expect to expeditiously have our asset quality metrics back to levels that historically lead most of our peers. We are pleased to report that we have reduced our delinquent loans since the Palm Desert National acquisition to 0.84% of total loans and our nonperforming assets to 1.67% of total assets as of the end of the current quarter. These credit quality metrics indicate that our problem assets are at manageable levels for our qualified staff. Supported by our strong capital position, we will continue to analyze acquisition opportunities as they arise. We will maintain a disciplined approach towards pricing as we believe we are well positioned to execute on acquisitions of other banks within the Southern California market in the future."

Mr. Gardner concluded, "In our primary markets, local businesses are reporting continued slow growth along with an overall concern regarding a variety of macro-economic factors including the fiscal cliff faced by the U.S. government at the end of 2012, the upcoming presidential and congressional elections, the impact of the Affordable Care Act, the effects of the European recession and the general global slowdown in economic activity. These concerns are leading business owners to remain cautious relative to expanding their business and making capital outlays. We have seen residential and commercial real estate markets gradually improve, benefiting from the low interest rate environment and a slowly improving economy. Looking to the future, we are poised to meet business and consumer banking needs with qualified personnel whose first priority is customer service. We intend to aggressively generate new business relationships and evaluate prospects to expand our franchise."

Net Interest Income

Net interest income totaled $11.3 million in the second quarter of 2012, up $946,000 or 9.2% from the second quarter of 2011. The increase in net interest income reflected an increase in average interest-earning assets of $68.7 million in the current quarter to total $972.3 million and a higher net interest margin of 4.64% in the current quarter, compared with 4.58% in the second quarter of 2011. The increase in average interest-earning assets during the current quarter was primarily due to the Palm Desert National acquisition, which added $65.3 million in interest earning assets on April 27, 2012 with a weighted average rate of 5.61%. The increase in the current quarter net interest margin of 6 basis points primarily reflected a decrease in deposit costs of 39 basis points to 0.66% that more than offset the decrease in the yield on loans of 30 basis points to 6.57%. The Palm Desert National acquisition added $80.9 million in deposits as of the closing of the transaction, excluding the runoff of $34.1 million in wholesale certificates of deposits in the subsequent month to the acquisition, at a weighted average cost of 42 basis points.

For the first six months of 2012, our net interest income totaled $21.3 million, up $1.9 million or 9.7% from the same period in the prior year. The increase in net interest income was associated with higher interest-earning assets, which grew by $67.4 million to $951.8 million and a higher net interest margin which increased by 8 basis points to 4.48%. The increase in average interest-earning assets was primarily related to the Palm Desert National acquisition. The increase in net interest margin was predominantly impacted by a decrease in our deposit costs of 38 basis points that more than offset the decrease in our loan yield of 27 basis points.

Provision for Loan Losses

The Company did not record a provision for loan losses during the second quarter of 2012, compared with a $1.3 million provision recorded in the second quarter of 2011. Strong credit quality metrics and recent charge-off history within our subsisting loan portfolio were significant factors in estimating the adequacy of our allowance for loan losses and our resultant decision not to provision additional amounts during the second quarter of 2012. Net loan charge-offs amounted to $458,000 in the current quarter, down $1.2 million from the $1.7 million experienced during the second quarter of 2011. Of the loan charge offs we experienced in the second quarter of 2012, $183,000 related to the Palm Desert National acquisition and $265,000 related to previous purchased credit impaired loans due to the decrease of estimated cash flows from original cash flow estimations.

For the first six months of 2012, no provision for loan losses was recorded and net loan charge-offs were $864,000. This compares with a provision for loan losses of $1.4 million and net charge-offs of $1.8 million for the first six months of 2011.

Noninterest income (loss)

Our noninterest income (loss) amounted to a $6.5 million in income in the second quarter of 2012, up from a $1.1 million loss experienced in the second quarter of 2011. The $7.6 million favorable change was primarily the result of a bargain purchase pre-tax gain of $5.3 million recognized on the acquisition of Palm Desert National and a $2.6 million favorable change in net gain (loss) on sales of loans from a less than $100,000 gain recognized in the current quarter, compared to a $2.5 million loss in the year-ago quarter.

For the first six months of 2012, our noninterest income totaled $7.5 million, compared with $4.1 million for the same period a year ago. The increase was primarily due to a $2.5 million loss generated in the first six months of 2011, compared to a gain of less than $100,000 in 2012 and a larger bargain purchase pre-tax gain by $1.2 million in 2012 than in 2011.

Noninterest Expense

Noninterest expense totaled $8.2 million in the second quarter of 2012, up $1.4 million or 19.7% from the same period in the prior year. Most of our noninterest expense categories increased primarily as a result of the Palm Desert National acquisition, which included increases in compensation and benefits costs of $458,000, primarily from an increase in employee count and termination costs; data processing and communication costs of $470,000, primarily from estimated system conversion costs; and other real estate owned ("OREO") operations, net category of $423,000. Of the total noninterest expense recorded during the second quarter of 2012, there were one-time costs of $500,000 that related to the Palm Desert National acquisition.

For the first six months of 2012, noninterest expense totaled $14.8 million, up $1.6 million or 12.4% from the first six months of 2011. This increase during this period was primarily related to the Palm Desert National acquisition. These increases in noninterest expense included increases in compensation and benefits costs of $797,000, data processing and communication costs of $536,000; OREO operations, net category of $307,000, premises and occupancy expenses of $181,000, partially offset by lower FDIC insurance premiums of $266,000.

Assets and Liabilities

At June 30, 2012, assets totaled $1.065 billion, up $116.9 million or 12.3% from June 30, 2011 and up $103.9 million or 10.8% from December 31, 2011. During the second quarter of 2012, assets increased $79.9 million. The increase during the second quarter of 2012 was predominately related to the Palm Desert National acquisition, 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 $146.1 million at June 30, 2012, up $4.8 million or 3.4% from June 30, 2011 and $30.5 million or 26.4% from December 31, 2011. During the second quarter of 2012, investment securities decreased $4.6 million or 3.1% and included sales of $44.0 million and principal payments of $4.8 million, partially offset by purchases of $43.2 million. At June 30, 2012, 48 of our 59 private label mortgage-backed securities ("MBS") were classified as substandard or impaired and had a book value of $2.4 million and a market value of $2.1 million. 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 $787.7 million at June 30, 2012, an increase of $88.1 million or 12.6% from June 30, 2011 and $57.6 million or 7.9% from December 31, 2011. During the second quarter of 2012, loans held for investment increased $100.6 million or 14.6%. The second quarter of 2012 included loan originations of $90.4 million, loans acquired from Palm Desert National of $63.8 million, loan purchases of $22.6 million, partially offset by loan repayments of $57.0 million and an increase in undisbursed loan funds of $17.3 million. At June 30, 2012, the loans to deposits ratio was 87.4%, up from 86.8% at June 30, 2011, but down from 89.1% at December 31, 2011. At June 30, 2012, our allowance for loan losses was $7.7 million, down $859,000 from the prior year balance and $864,000 from December 31, 2011. The allowance for loan losses as a percent of nonaccrual loans was 90.9% at June 30, 2012, up from 78.2% at June 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 June 30, 2012, compared to year-end 2011 was primarily due to the addition of nonaccrual loans acquired from Palm Desert National and to a lesser extent a decrease in the allowance balance. At June 30, 2012, the ratio of allowance for loan losses to total gross loans was 1.0%, down from 1.2% at both June 30, 2011 and December 31, 2011.

Deposits totaled $913.2 million at June 30, 2012, up $97.2 million or 11.9% from June 30, 2011 and $84.3 million or 10.2% from December 31, 2011. During the second quarter of 2012, deposits increased $66.5 million or 7.9%. The increase during the second quarter of 2012 was predominately related to the Palm Desert National acquisition, which added deposits of $80.9 million at the closing of the acquisition, excluding the runoff of $34.1 million in wholesale certificates of deposit during the quarter. During the second quarter of 2012, we had increases in noninterest-bearing accounts of $25.1 million, retail certificates of deposit of $25.0 million and interest-bearing transaction accounts of $16.4 million. At June 30, 2012, we had no brokered deposits. The total weighted average cost of deposits at June 30, 2012 decreased to 0.63%, from 1.02% at June 30, 2011 and from 0.89% at December 31, 2011.

At June 30, 2012, total borrowings amounted to $38.8 million, unchanged from June 30, 2011, December 31, 2011 and March 31, 2012. Total borrowings at June 30, 2012 represented 3.6% of total assets and had a weighted average cost of 3.25%, compared with 4.1% of total assets at a weighted average cost of 3.20% at June 30, 2011 and 4.0% of total assets and at a weighted average cost of 3.23% at December 31, 2011.

Nonperforming Assets

At June 30, 2012, nonperforming assets totaled $17.8 million or 1.67% of total assets, up from $15.3 million or 1.62% at June 30, 2011 and $7.3 million or 0.76% at December 31, 2011. During the second quarter of 2012, nonperforming loans increased $4.7 million to total $8.4 million and OREO increased $7.6 million to total $9.3 million. Of the increase in nonperforming loans, $4.2 million related to purchased credit impaired loans that were acquired from Palm Desert National. Of the balances at June 30, 2012, $4.7 million of nonperforming loans and $8.2 million of OREO were associated with assets acquired from Palm Desert National.

Capital Ratios

At June 30, 2012, our ratio of tangible common equity to total assets was 8.78%, with a basic book value per share of $9.30 and diluted book value per share of $9.18.

At June 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 11.28% and total risk-based capital of 12.18%. 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, 2012, the Company had a ratio for tier1 leverage capital of 9.60%, tier 1 risked-based capital of 11.35% and total risk-based capital of 12.26%.

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 2010 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

http://www.prnewswire.com/news-releases/pacific-premier-bancorp-inc-announces-second-quarter-2012-earnings-unaudited-163005226.html

[Enterprising Investor]

PPBI Announces Filing of Shelf Registration Statement (7/02/12)

COSTA MESA, Calif., July 2, 2012 /PRNewswire/ -- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the "Company"), the holding company of Pacific Premier Bank, announced today that it has filed a universal shelf registration statement on Form S-3 with the Securities and Exchange Commission ("SEC"). Upon effectiveness of the shelf registration statement, the Company will be able to sell in primary offerings up to $50 million of a variety of its securities over the next three years, which may consist of common stock, preferred stock, debt securities, warrants or units consisting of any of the foregoing.

Steven R. Gardner, President and Chief Executive Officer of the Company, commented "While we believe that Pacific Premier Bank and the Company currently maintain a strong capital position, the shelf registration gives us greater flexibility in the capital raising process, should we elect to raise additional capital in the future. The shelf registration better positions the Company to take advantage of potential business opportunities for growth through FDIC assisted transactions and/or open bank mergers and acquisitions. We take a sound and reasoned approach to analyzing potential acquisition partners and are committed to structuring such transactions to build shareholder value. The shelf registration statement is another tool to assist us in our endeavors."

While the Company has no current plans to offer securities under the shelf registration statement, the registration statement is intended to give the Company flexibility should an opportunity arise. The terms of any offering under the shelf registration statement will be determined at the time of the offering.

Although the registration statement relating to the above referenced securities has been filed with the SEC, it has not yet become effective. This press release shall not constitute an offering of any securities for sale or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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 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.

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 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 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 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 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


SOURCE Pacific Premier Bancorp, Inc.

http://www.prnewswire.com/news-releases/pacific-premier-bancorp-inc-announces-filing-of-shelf-registration-statement-161127025.html

[Enterprising Investor]

PPBI Announces Additional Stock Repurchase Plan (6/25/12)

COSTA MESA, Calif., June 25, 2012 /PRNewswire/ -- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the "Company"), the holding company of Pacific Premier Bank, today announced that its Board of Directors has approved its second stock repurchase program. Under the new repurchase program, management is authorized to repurchase up to 1,000,000 shares, or approximately 9.7%, of the 10.3 million outstanding shares of the Company's common stock. The program may be limited or terminated at any time without prior notice. The new program is intended to replace and supersede the Company's original repurchase program, which was approved in February 2007 and authorized the repurchase of up to 600,000 shares of the Company's common stock. An aggregate of 504,837 shares were repurchased under that program.

Steven R. Gardner, President and Chief Executive Officer stated, "We believe that the current market price of the Company's stock does not accurately reflect our franchise value. Our strong capital levels and solid operating results provide us the flexibility to repurchase shares, which is an efficient way to deploy capital, as the current share price is at a discount to tangible book value."

Under the stock repurchase program, shares of common stock may be repurchased by the Company from time to time in open market transactions or in privately negotiated transactions as permitted under applicable rules and regulations. Repurchases may be conducted, suspended, or terminated at any time without notice. The extent to which the Company repurchases its shares and the timing of such repurchases will depend upon market conditions and other considerations as may be considered in the Company's sole discretion.

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 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.

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 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 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 impairments 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

http://www.prnewswire.com/news-releases/pacific-premier-bancorp-inc-announces-additional-stock-repurchase-plan-160215275.html

[Enterprising Investor]

Transaction was a whole bank purchase.

It was also an assumption without a loss sharing agreement with the FDIC.

The FDIC accepted Pacific Premier's bid to acquire Palm Desert National, which included no deposit premium.

[Enterprising Investor]

Pacific Premier Bank, Costa Mesa, California, Assumes All of the Deposits of Palm Desert National Bank, Palm Desert, California (4/27/12)

FOR IMMEDIATE RELEASE
April 27, 2012 Media Contact:
LaJuan Williams-Young
Office: 202-898-3876
Email: [e-mail]

Palm Desert National Bank, Palm Desert, California, was closed today by the Office of the Comptroller of the Currency (OCC), which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Pacific Premier Bank, Costa Mesa, to assume all of the deposits of Palm Desert National Bank.

The sole branch of Palm Desert National Bank will reopen on Monday as a branch of Pacific Premier Bank. Depositors of Palm Desert National Bank will automatically become depositors of Pacific Premier Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Palm Desert National Bank should continue to use their existing branch until they receive notice from Pacific Premier Bank that it has completed systems changes to allow other Pacific Premier Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Palm Desert National Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of December 31, 2011, Palm Desert National Bank had approximately $125.8 million in total assets and $122.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, Pacific Premier Bank agreed to purchase essentially all of the assets.

Customers with questions about today's transaction should call the FDIC toll-free at 1-800-591-2820. The phone number will be operational this evening until 9:00 p.m., Pacific Daylight Time (PDT); on Saturday from 9:00 a.m. to 6:00 p.m., PDT; on Sunday from noon to 6:00 p.m., PDT; on Monday from 8 a.m. to 8 p.m., PDT; and thereafter from 9:00 a.m. to 5:00 p.m., PDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/palmdesert.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $20.1 million. Compared to other alternatives, Pacific Premier Bank's acquisition was the least costly resolution for the FDIC's DIF. Palm Desert National Bank is the 22nd FDIC-insured institution to fail in the nation this year, and the first in California. The last FDIC-insured institution closed in the state was Citizens Bank of Northern California, Nevada City, on September 23, 2011.

# # #

Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,359 banks and savings associations, and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars — insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-50-2012

Last Updated 4/27/2012

http://fdic.gov/news/news/press/2012/pr12050.html

[Enterprising Investor]

PPBI Acquires Palm Desert National Bank (4/27/12)

COSTA MESA, Calif., April 27, 2012 /PRNewswire/ -- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the "Company"), the holding company of Pacific Premier Bank ("Pacific Premier"), announced today that Pacific Premier has acquired the banking operations of Palm Desert National Bank ("Palm Desert National") located in Palm Desert, California. Palm Desert National was closed today by the Office of Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation ("FDIC") as receiver. To protect the depositors, the FDIC entered into an agreement with Pacific Premier to assume all the deposits and essentially all of the assets of Palm Desert National which operates one branch in Palm Desert, California.

The transaction was structured as a whole bank purchase and assumption without a loss sharing agreement with the FDIC. The FDIC accepted Pacific Premier's bid to acquire Palm Desert National, which included no deposit premium. Palm Desert National had approximately $125.8 million in total assets and $122.8 million in total deposits at December 31, 2011. No assets or liabilities of Palm Desert National's holding company were acquired by Pacific Premier in the transaction.

Steven R. Gardner, President and Chief Executive Officer of Pacific Premier, commented on the acquisition, "We are excited to welcome the customers and employees of Palm Desert National to our family and look forward to the benefits this acquisition should bring to the businesses and residents of the Coachella Valley. We want depositors of Palm Desert National to be confident in knowing that they will be banking with a strong, locally owned financial institution. We also want to reassure all customers of Palm Desert National that they will continue to conduct business as normal with the employees with whom they have built a solid long term relationship."

Mr. Gardner continued, "This acquisition provides an excellent opportunity for Pacific Premier to expand our branch footprint and grow interest earning assets at a discount. The transaction structure provides us with flexibility to aggressively manage assets consistent with our proven loss mitigation strategy, which should enable us to optimize the benefits of this acquisition."

The former Palm Desert National branch will open at normal banking hours on Monday, April 30, 2012, as part of the Pacific Premier franchise. Depositors of Palm Desert National will automatically become depositors of Pacific Premier. Customers will be able to conduct business as usual, with full access to deposits, loans, ATM/Debit cards, online banking, automatic bill pay service and other electronic banking services. Checks drawn on Palm Desert National will continue to be processed. Loan customers should continue to make their payments in the same manner they have previously.

This acquisition increases Pacific Premier's branch network to 10 locations in Southern California and expands our footprint in Riverside County, California. Deposits will continue to be insured by the FDIC up to the maximum permitted by law.

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

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 any number of factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. 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 Securities and Exchange Commission ("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 Bank

Steven R. Gardner
President/CEO
714.431.4000

Kent J. Smith
Senior Vice President/CFO
714.431.4000

SOURCE Pacific Premier Bancorp, Inc.

http://www.prnewswire.com/news-releases/pacific-premier-bank-acquires-palm-desert-national-bank-149321805.html

[Enterprising Investor]

PPBI Announces First Quarter 2012 Earnings (4/24/12)

Highlights for the first quarter of 2012, with comparisons to the first quarter of 2011 included the following:

- Noninterest Bearing and Transaction Deposits Increase 8%

- Deposit costs fall to 0.75%

- Delinquent Loans to Total Loans Decline to 0.37%

- Nonperforming Assets to Total Assets decrease to 0.55%

- Diluted Book Value Improves by $0.95 per share to $8.59

COSTA MESA, Calif., April 24, 2012 /PRNewswire/ -- 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 2012 of $2.7 million or $0.25 per share on a diluted basis, down from the first quarter of 2011 of $4.8 million or $0.44 per share on a diluted basis. For the three months ended March 31, 2012, our return on average assets was 1.11% and return on average equity was 12.24%, down from a return on average assets of 2.10% and a return on average equity of 24.34% for the same comparable period of 2011. The decrease in our net income and our returns was primarily related to a $4.2 million pre-tax gain recorded on the acquisition of Canyon National Bank ("Canyon National") from the Federal Deposit Insurance Corporation ("FDIC"), as receiver, on February 11, 2011.

Steve Gardner, President and Chief Executive Officer, commented on the first quarter's results of 2012, "We had another consistent, sound performance in the first quarter of 2012, generating a 12.24% return on average equity. Our franchise value continues to improve with noninterest bearing and transaction deposit accounts accounting for an ever higher percentage of our deposit composition, with such accounts now representing 52% of total deposits at quarter end. Looking forward, we are encouraged by the fact that our loan pipeline has doubled in size since year-end 2011 and includes new warehouse lending facilities and their accompanying deposits."

Mr. Gardner continued with remarks on the net interest margin, "Although our average interest-earning assets increased by $25.9 million to $931.3 million during the current quarter, our net interest margin decreased 53 basis points to 4.31% for this period. The decrease in margin was primarily due to a decrease in yield on our interest-earning assets. During the current quarter, we maintained a higher proportion of lower yielding cash and investment securities compared to the fourth quarter 2011 and the yield on our loans decreased by 40 basis points to 6.43%. The reduced loan yield was primarily due to the fourth quarter of 2011 having more discount amortization from loan payoffs and purchase credit impaired loans than the first quarter of 2012 and an overall decrease in our end of period weighted average loan yield, which decreased 8 basis points to 6.04% at March 31, 2012, compared to December 31, 2011. Our decrease in deposit costs of 6 basis points during the current quarter partially offset the decrease we experienced in yields. Although the net interest margin decreased from last quarter, it was up 10 basis points from the comparable quarter of last year."

Mr. Gardner continued with observations on asset quality, "It has now been one year since we reported the acquisition of Canyon National and I am pleased to report that asset quality metrics are back to our pre-acquisition levels. As of March 31, 2012, we had delinquent loans at 0.37% of gross loans, nonaccrual loans at 0.53% of gross loans, and nonperforming assets at 0.55% of total assets. Our disciplined approach in running our business, including our ability to expeditiously resolve problem assets, enables us to maintain our excellent asset quality even under trying economic circumstances."

Mr. Gardner concluded his remarks, "Having a strong balance sheet, excellent asset quality and solid operational results, provides a great platform for us to grow our franchise value through sensible acquisitions and organic growth. We approach each acquisition opportunity with the same proven discipline in which we run our day-to-day activities with the overall objectives to protect and enhance shareholder value."

Net Interest Income

Net interest income totaled $10.0 million in the first quarter of 2012, up $939,000 or 10.32% from the first quarter of 2011, reflecting both an increase in average interest-earning assets of $66.3 million or 7.7% and a higher net interest margin. Both our average interest-earning assets and net interest margin were favorably impacted by a full first quarter's impact from the Canyon National acquisition in 2012, compared to a partial first quarter impact in 2011. The increase in average interest-earning assets resulted primarily from an increase in average loans of $66.8 million and cash and cash equivalents of $40.1 million, partially offset by a decrease in average investment securities of $34.7 million. The net interest margin was 4.31% in the first quarter of 2012, up 10 basis points from the first quarter of 2011. The increase in the current quarter net interest margin was primarily due to a decrease in the average costs on interest-bearing liabilities of 34 basis points to 0.95%, partially offset by a decrease in the yield on interest-earning assets of 23 basis points to 5.20%. The decrease in costs on our interest-bearing liabilities was mainly associated with a decline in our cost of deposits of 37 basis points from 1.21% to 0.84%, primarily as a result of a higher proportion of lower costing transaction accounts. The decrease in yield on our interest-earning assets was mainly associated with lower yielding loans by 24 basis points to 6.43% and investment securities by 31 basis points to 2.43%. Due to the accounting rules associated with our purchased credit impaired loans acquired from Canyon National, each quarter we are required to re-estimate cash flows which can cause volatility in our yield on loans. For the first quarter of 2012, discount amortization on our purchased credit impaired loans contributed 9 basis points to our loan yield.

Provision for Loan Losses

Due primarily to a reduction in the loan portfolio balance, the Company determined not to record a provision for loan losses in the first quarter of 2012, compared to a $106,000 provision for loan losses during the first quarter of 2011. Net loan charge-offs amounted to $406,000 in the first quarter of 2012, up $300,000 from $106,000 experienced during the first quarter of 2011. Of the total loan charge-offs of $423,000 in the current quarter, $303,000 related to other purchased loans received in the Canyon National acquisition.

Noninterest income

Noninterest income totaled $939,000 in the first quarter of 2012, a decrease of $4.3 million from the first quarter of 2011. The decrease primarily resulted from the following gains in the first quarter of 2011 which did not occur in 2012: $4.2 million from the Canyon National acquisition, $164,000 from sales of securities available for sale and $86,000 from sales of loans. There were no acquisitions or equivalent sales activity in 2012. Partially offsetting the absence of these gains in the first quarter of 2012 was an improvement in the other than temporary impairment on investment securities of $177,000.

Noninterest Expense

Noninterest expense totaled $6.6 million in the first quarter of 2012, up $282,000 or 4.4% from the first quarter of 2011. The increase primarily related to compensation and benefits costs of $339,000; legal and audit expense of $94,000; premises and occupancy expenses of $78,000; data processing and communications expense of $66,000, partially offset by lower FDIC insurance premiums of $131,000, primarily due to an improvement in our assessment rate after the first quarter of 2011, and OREO operations, net costs of $116,000. Although we incurred higher expenses in the current quarter from a full quarter's activity with Canyon National as compared to a partial quarter's activity in the year-ago first quarter, we have achieved improved efficiencies as reflected by our efficiency ratio of 59.1% for the first quarter of 2012, compared with 61.6% for the first quarter of 2011.

Assets and Liabilities

At March 31, 2012, assets totaled $985.2 million, up $28.7 million or 3.0% from March 31, 2011, and up $24.0 million or 2.5% from December 31, 2011. The increase in assets over the first quarter of 2012 was primarily related to increases in securities available for sale of $35.1 million and cash and cash equivalents of $33.4 million, partially offset by a decrease in loans of $43.0 million.

Investment securities available for sale totaled $150.7 million at March 31, 2012, up $9.8 million or 7.0% from March 31, 2011 and up $35.1 million or 30.3% from December 31, 2011. The increase during the first quarter of 2012 was primarily from securities purchases of $37.9 million, partially offset by principal payments of $2.7 million. At March 31, 2012, the end of period yield on investment securities available for sale was 2.58%, down from 3.24% at March 31, 2011, from 2.76% at December 31, 2011. At March 31, 2012, 50 of our 61 private label mortgage-backed securities ("MBS") were classified as substandard or impaired and had a book value of $2.6 million and a market value of $2.2 million. 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 $687.1 million at March 31, 2012, down $4.0 million or 0.6% from March 31, 2011 and down $43.0 million or 5.9% from December 31, 2011. The decrease since year-end 2011 was primarily from a decrease in our warehouse repurchase facilities of $23.3 million, multi-family loans of $8.5 million, one-to-four family loans of $7.7 million and commercial owner occupied of $5.4 million, partially offset by an increase in commercial non-owner occupied loans of $4.3 million. Loan activity in the first quarter of 2012 included an increase in our undisbursed loan funds by $40.1 million and principal repayments of $35.2 million, partially offset by loan originations and purchases of $33.3 million. At March 31, 2012, the end of period yield on loans decreased to 6.04% from 6.33% at March 31, 2011 and 6.12% at December 31, 2011. At March 31, 2012, the loans to deposits ratio was 82.1%, down from 84.0% at March 31, 2011 and 89.1% at December 31, 2011.

At March 31, 2012, our allowance for loan losses was $8.1 million, down from $8.9 million at March 31, 2011 and $8.5 million at December 31, 2011. The allowance for loan losses as a percent of nonaccrual loans was 219.6% at March 31, 2012, up from 43.0% at March 31, 2011 and 139.9% at December 31, 2011. The percent increase in this ratio since year-end 2011 was primarily due to a decrease in nonaccrual loans of $2.4 million. At March 31, 2012, the ratio of allowance for loan losses to total gross loans was 1.2%, down from 1.3% at March 31, 2011, and essentially equal to that at December 31, 2011.

Deposits totaled $846.7 million at March 31, 2012, up $13.9 million or 1.7% from March 31, 2011 and $17.8 million or 2.2% from December 31, 2011. The increase during the first quarter of 2012 was primarily from increases of $23.3 million interest-bearing transaction accounts and $13.1 million in noninterest-bearing accounts, partially offset by a decrease in certificates of deposit of $18.6 million. At the current quarter end, we had no brokered deposits. At March 31, 2012, the end of period cost of deposits decreased to 0.75%, from 1.07% at March 31, 2011 and 0.89% at December 31, 2011.

At March 31, 2012, total borrowings amounted to $38.8 million, equal to that at March 31, 2011 and December 31, 2011. Total borrowings at March 31, 2012 represented 3.9% of total assets with an end of period weighted average cost of 3.28%, compared with 4.1% of total assets with a weighted average cost of 3.20% at March 31, 2011 and 4.0% of total assets with a weighted average cost of 3.23% at December 31, 2011.

Nonperforming Assets

At March 31, 2012, nonperforming assets totaled $5.5 million or 0.55% of total assets, down from $31.2 million or 3.26% of total assets at March 31, 2011 and $7.3 million or 0.76% of total assets at December 31, 2011. During the first quarter of 2012, nonperforming loans decreased $2.4 million to total $3.7 million, while OREO increased $537,000 to total $1.8 million. At March 31, 2012, OREO consisted of three land properties totaling $935,000, two commercial real estate properties totaling $720,000 and one single family residence of $113,000.

Capital Ratios

At March 31, 2012, our ratio of tangible common equity to total tangible assets was 8.90%, with a basic book value per share of $8.66 and diluted book value per share of $8.59.

At March 31, 2012, the Bank exceeded all regulatory capital requirements with a ratio for tier 1 leverage capital of 9.49%, tier 1 risked-based capital of 12.54% and total risk-based capital of 13.65%. 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, 2012, the Company had a ratio for tier 1 leverage capital of 9.46%, tier 1 risked-based capital of 12.53% and total risk-based capital of 13.63%.

The Company owns all of the capital stock of the Bank. The Bank provides business and consumer banking products to its customers through our nine 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.

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 impairments 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

http://www.prnewswire.com/news-releases/pacific-premier-bancorp-inc-announces-first-quarter-2012-earnings-unaudited-148643335.html

[56Chevy]

"Since the end of that quarter, nonperforming assets have declined 76%.."

Big improvement very nice.

[Enterprising Investor]

PPBI Announces 2011 Earnings (1/24/12)

COSTA MESA, Calif., Jan. 24, 2012 /PRNewswire/ -- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the "Company"), the holding company of Pacific Premier Bank (the "Bank"), reported net income for 2011 of $10.6 million or $0.99 per share on a diluted basis, up from $4.2 million or $0.38 per share on a diluted basis for 2010. For 2011, our return on average assets was 1.12% and return on average equity was 12.91%, up from a return on average assets of 0.53% and a return on average equity of 5.57% for 2010.

For the fourth quarter of 2011, the Company recorded net income of $2.6 million or $0.24 per share on a diluted basis, up from $1.6 million or $0.14 per share on a diluted basis for the fourth quarter 2010. The increase in net income was primarily related to the acquisition of Canyon National Bank ("Canyon National") from the Federal Deposit Insurance Corporation ("FDIC"), as receiver.

Steve Gardner, President and Chief Executive Officer, commented on the results for 2011, "Our results during the year reflect the ability of our employees to execute on every aspect of our strategic plan. During another challenging year for the economy, we were able to generate solid results reflected by our return on average equity of 12.91% and the growth in our fully diluted book value to $8.34 per share. Through the acquisition of Canyon National and our ability to retain its core customers, we have enhanced our franchise value by improving the composition of our deposit base. During 2011, we continued the diversification of the loan portfolio and added a number of new business relationships. These efforts, along with growth in lower cost transaction accounts, which represent 48% of deposits at year end, drove the expansion of our net interest margin by 78 basis points to 4.55%."

Mr. Gardner remarked on asset quality, "Our proven approach to managing problem assets was reflected in our ability to quickly reduce the amount of delinquent loans and OREO we acquired from Canyon National in the first quarter of 2011. Since the end of that quarter, nonperforming assets have declined 76% resulting in nonaccrual loans to total loans of 0.82%, delinquent loans to gross loans of 0.77% and nonperforming assets to total assets of 0.76% as of December 31, 2011. Our conservative credit culture and proactive approach to managing credit has produced superior results from our loan portfolio which continues to perform well."

Mr. Gardner concluded, "Our strong balance sheet provides us flexibility within the current environment. We will remain disciplined as we analyze acquisition opportunities to expand our franchise with the key goal of creating shareholder value. Our managers and business bankers arrive each day focused on generating new business banking clients and expanding the Bank's relationships with our existing customers. These factors have been the drivers of our ability to outperform our peers."

Net Interest Income

Net interest income totaled $11.0 million in the fourth quarter of 2011, up $3.4 million or 45.5% from the fourth quarter of 2010, reflecting a higher net interest margin and a $135.5 million or 17.6% increase in average interest-earning assets. The increase in average interest-earning assets resulted primarily from the Canyon National acquisition, which added $179.8 million in interest earning assets. The net interest margin was 4.84% in the fourth quarter of 2011, up 93 basis points from a year ago and 22 basis points from the third quarter of 2011. Compared to the fourth quarter of 2010, the increase in our net interest margin resulted from a decrease in the average costs on interest-bearing liabilities of 59 basis points to 1.01% and an increase in the yield on interest-earning assets of 38 basis points to 5.81%. For the fourth quarter of 2011, the decrease in costs on our interest-bearing liabilities was mainly associated with a decline in our cost of deposits of 51 basis points from 1.41% to 0.90%, primarily as a result of the deposits acquired from Canyon National, which changed our deposit composition to have a higher mix of lower costing transaction accounts. In addition, our cost of borrowings declined by 45 basis points in the fourth quarter of 2011, compared to the same period in 2010, due to the pay down of higher costing borrowings as a result of the liquidity received in the Canyon National acquisition. The increase in yield on our interest-earning assets was mainly associated with a greater proportion of higher yielding loans to lower yielding investment securities in the fourth quarter of 2011, compared with such proportion in the fourth quarter 2010. Due to the accounting rules associated with our purchased credit impaired loans acquired from Canyon National, each quarter we are required to re-estimate cash flows which can cause volatility in our yield on loans. For the fourth quarter of 2011, discount amortization on our purchased credit impaired loans contributed 11 basis points to our loan yield.

For 2011, our net interest income totaled $40.6 million, up $12.2 million or 42.9% from 2010. The increase in net interest income was associated with a higher net interest margin which increased by 78 basis points to 4.55%, and higher interest-earning assets, which grew by $138.3 million to $893.0 million. The increase in net interest margin and average interest-earning assets primarily related to the Canyon National acquisition. The net interest margin was positively impacted by a lower overall acquired deposit cost at the time of acquisition of 47 basis points.

Provision for Loan Losses

The Company recorded a $527,000 provision for loan losses during the fourth quarter of 2011, compared with no provision recorded in the fourth quarter of 2010. Net loan charge-offs amounted to $527,000 in the fourth quarter of 2011, up $236,000 from $291,000 experienced during the fourth quarter of 2010. Of the current quarter total loan charge-offs of $834,000, other purchased loans of $708,000 and purchased credit impaired loans of $109,000 related to the Canyon National acquisition.

For 2011, the provision for loan losses totaled $3.3 million and net loan charge-offs totaled $3.6 million. This compares with a provision for loan losses of $2.1 million and net charge-offs of $2.1 million for 2010.

Noninterest income (loss)

The Company had noninterest income of $257,000 in the fourth quarter of 2011, an increase of $243,000 from the fourth quarter of 2010. The increase resulted from higher deposit fee income of $340,000 and loan servicing fee income of $293,000, partially offset by higher losses on the sale of loans of $505,000. The increases in both fee categories were primarily related to the Canyon National acquisition.

For 2011, our noninterest income totaled $6.5 million, compared with a loss of $1.1 million in 2010. The favorable change of $7.6 million reflected a bargain purchase gain of $4.2 million on the Canyon National acquisition and increases in deposit fee income of $1.4 million, loan servicing fee income of $660,000, other income of $596,000, gain on the sale of investment securities available for sale of $569,000 and an improvement in other-than-temporary impairment loss on investment securities of $470,000, partially offset by an increase in loss on the sale of loans of $273,000. Increases in deposit fee, servicing fee and other income categories were primarily related to the Canyon National acquisition.

Noninterest Expense

Noninterest expense totaled $6.6 million in the fourth quarter of 2011, up $1.6 million or 32.1% from the fourth quarter of 2010. Most of our noninterest expense categories increased primarily as a result of the Canyon National acquisition, which included increases in compensation and benefits costs of $824,000; premises and occupancy expenses of $239,000, which included depreciation expense for the purchase of one Canyon National branch location from the FDIC; data processing and communications expense of $172,000; OREO operations, net of $166,000; and other expense of $143,000, partially offset by lower legal and audit costs of $159,000. Although we expected to incur higher expenses in conjunction with the Canyon National acquisition, we have achieved improved efficiencies as reflected by our efficiency ratio of 50.4% for the fourth quarter of 2011, compared with 58.7% for the fourth quarter of 2010.

For 2011, noninterest expense totaled $26.9 million, up $8.0 million or 42.0% from 2010. With the exception of our FDIC insurance premiums, all expense categories increased in 2011 as compared to 2010 and included increases in compensation and benefits costs of $4.7 million, primarily from an increase in employee count and termination costs; other expenses of $941,000; premises and occupancy expense of $878,000; data processing and communications expense of $613,000; and marketing expense of $501,000. These expense increases almost entirely related to the Canyon National acquisition and were partially offset by lower FDIC insurance premiums of $449,000, primarily due to the improvement in our assessment rate during the third quarter of 2011.

Assets and Liabilities

At December 31, 2011, assets totaled $961.1 million, up $134.3 million or 16.2% from December 31, 2010. The increase since year end 2010 is predominately related to the Canyon National acquisition. During the fourth quarter of 2011, assets increased $32.6 million or 3.5%, primarily due to an increase in cash of $22.4 million, investment securities available for sale of $7.9 million and loans held for investment of $4.1 million.

Investment securities available for sale totaled $115.6 million at December 31, 2011, down $39.4 million or 25.4% from December 31, 2010. During the fourth quarter of 2011, investment securities increased by $7.9 million and included purchases of $41.0 million, partially offset by sales of $29.7 million and principal payments of $2.8 million. At December 31, 2011, 53 of our 64 private label mortgage-backed securities ("MBS") were classified as substandard or impaired and had a book value of $2.8 million and a market value of $2.2 million. Interest received from these securities is applied against their respective principal balances. All of our private label MBS were acquired when we redeemed our shares in certain mutual funds in 2008.

Net loans held for investment totaled $738.6 million at December 31, 2011, an increase of $174.2 million or 30.9% from December 31, 2010. The increase in 2011 is predominately related to the Canyon National acquisition. Additionally, after thorough analysis on how to diversify our loan portfolio and generate new business banking customers, we decided to offer warehouse repurchase facilities for a select number of mortgage banking lenders at the end of 2010. This product is only offered to those mortgage bankers that have an established track record of sound operations, adequate capital and liquidity to support their origination volume, and a demonstrated ability to originate loans in a consistently sound manner. We generally accept only conforming conventional and government guaranteed loan products in these facilities, which are closely monitored by Bank credit and operations staff. Through these efforts, we have grown this product during 2011 to be just over 9% of our gross loans at $67.5 million at year-end 2011. During the fourth quarter of 2011, net loans held for investment increased $4.1 million or 0.6% and included loan originations of $50.2 million, partially offset by principal repayments of $30.3 million and loan sales of $15.3 million. At December 31, 2011, the loans to deposits ratio was 89.1%, down from 92.1% at September 30, 2011, but up from 85.6% at December 31, 2010. At December 31, 2011, our allowance for loan losses was $8.5 million, essentially unchanged from September 30, 2011 and down $357,000 from December 31, 2010. The allowance for loan losses as a percent of nonaccrual loans was 139.9% at December 31, 2011, up from 91.1% at September 30, 2011, but down from 270.9% at December 31, 2010. The decrease in allowance for loan losses as a percent of nonaccrual loans from year-end 2010 was primarily due to the addition of nonaccrual loans acquired from Canyon National. At December 31, 2011, the ratio of allowance for loan losses to total gross loans was 1.2%, essentially equal to that at September 30, 2011, but down from 1.6% at December 31, 2010.

Deposits totaled $828.9 million at December 31, 2011, up $169.6 million or 25.7% from December 31, 2010. The increase from year-end 2010 is predominately related to the Canyon National acquisition. During the fourth quarter of 2011, deposits increased $31.5 million or 4.0% due primarily to increases in retail certificates of deposit of $30.6 million, noninterest-bearing accounts of $3.1 million and interest-bearing transaction accounts of $2.0 million, partially offset by a decrease in wholesale certificates of deposit of $4.2 million. At December 31, 2011, we had no brokered deposits. The total end of period cost of deposits at December 31, 2011 decreased to 0.89%, from 0.94% at September 30, 2011 and from 1.40% at December 31, 2010.

At December 31, 2011, total borrowings amounted to $38.8 million, down $40.0 million or 50.8% from December 31, 2010. As a result of the liquidity we received from the Canyon National acquisition, we paid off $40.0 million in fixed rate Federal Home Loan Bank term advances in the first quarter of 2011, which primarily accounts for the change from year-end 2010. Borrowings were unchanged during the fourth quarter of 2011. Total borrowings at December 31, 2011 represented 4.0% of total assets and had a weighted average cost of 3.07%, compared with 4.2% of total assets at a weighted average cost of 3.03% at September 30, 2011 and 9.53% of total assets and at a weighted average cost of 1.81% at December 31, 2010.

Nonperforming Assets

At December 31, 2011, nonperforming assets totaled $7.3 million or 0.76% of total assets, up from $3.3 million or 0.40% of total assets at December 31, 2010, but down from $12.2 million or 1.31% of total assets at September 30, 2011. During the fourth quarter of 2011, nonperforming loans decreased $3.3 million to total $6.1 million and OREO decreased $1.6 million to total $1.2 million. The decline in nonperforming loans and OREO was primarily due to sales that exceeded any additions to such categories. At December 31, 2011, OREO consisted primarily of land of $678,000, one commercial real estate property of $341,000 and single family residences of $212,000.

Capital Ratios

At December 31, 2011, our ratio of tangible common equity to total assets was 8.83%, with a basic book value per share of $8.39 and diluted book value per share of $8.34.

At December 31, 2011, the Bank exceeded all regulatory capital requirements with a ratio for tier 1 leverage capital of 9.44%, tier 1 risked-based capital of 11.49% and total risk-based capital of 12.59%. 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, 2011, the Company had a ratio for tier 1 leverage capital of 9.50%, tier 1 risked-based capital of 11.50% and total risk-based capital of 12.60%.

The Company owns all of the capital stock of the Bank. The Bank provides business and consumer banking products to its customers through our nine 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.

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 impairments 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 2010 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

http://www.prnewswire.com/news-releases/pacific-premier-bancorp-inc-announces-2011-earnings-unaudited-137948413.html

[56Chevy]

Moebs Services Inc., a research firm in Lake Bluff, Ill., estimates it costs the giant banks about $350 to $450 a year to maintain a checking account. In contrast, smaller banks incur costs of $175 to $250 a year per checking account.

http://online.wsj.com/article/SB10001424052970203733504577021972358085822.html

[56Chevy]

Quarterly Report (10-Q) ending Sept. 30th

http://ih.advfn.com/p.php?pid=nmona&article=49892867

[Enterprising Investor]

PPBI Named 2011 "Sm-All Star" by Sandler O'Neill (9/12/11)

COSTA MESA, Calif., Sept. 12, 2011 /PRNewswire/ -- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) ("Pacific Premier"), the holding company of Pacific Premier Bank (the "Bank"), is pleased to announce its inclusion in the annual Sandler O'Neill + Partners Sm-All Stars: Class of 2011. The class lists top performing publicly-traded small-cap banks and thrifts in the nation. Of the 486 banks and thrifts with a market cap of less than $2 billion, Pacific Premier was one of only 25 selected for the 2011 Sm-All Stars list.

According to Sandler O'Neill + Partners, an investment banking firm specializing in financial services companies, banks selected for the 2011 Sm-All Stars list have outstanding performance metrics in growth, profitability, credit quality and capital strength. The Sandler O'Neill 2011 Sm-All Stars publication states: "The objective of the Sm-All Stars remains unchanged: to identify the top performing small-cap banks and thrifts in the nation. By identifying this group, we hope to provide investors with a narrow list from which to uncover the next crop of leading mid-cap banks and thrifts and, most important, expose them before they are discovered by the rest of the world."

Steven R. Gardner, President and Chief Executive Officer of Pacific Premier, commented on this noteworthy recognition, "We are very pleased to be named to this exclusive list of high performing small-cap banks. We are honored that Pacific Premier is recognized for its success during a period when many financial institutions are experiencing subpar results. Pacific Premier's performance is a direct result of superior customer service, a conservative credit culture and a passion for excellence designed to deliver sustained performance and long-term value for our shareholders."

Pacific Premier owns all of the capital stock of the Bank. The Bank provides business and consumer banking products to its customers through nine 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.

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.ppbi.net

[Enterprising Investor]

PPBI Announces First Quarter 2011 Results (4/28/11)

COSTA MESA, Calif., April 28, 2011 /PRNewswire/ -- 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 2011 of $4.8 million or $0.44 per share on a diluted basis, compared to first quarter of 2010 of $456,000 or $0.04 per share on a diluted basis.

(Logo: http://photos.prnewswire.com/prnh/20110211/LA47061LOGO)

The Company's pre-tax income totaled $7.9 million for the quarter ended March 31, 2011, compared to $556,000 for the quarter ended March 31, 2010. The increase of $7.3 million between quarters was primarily due to:

•A $4.2 million increase from the gain recorded on the acquisition of certain assets and liabilities of the former Canyon National Bank ("Canyon National") from the Federal Deposit Insurance Corporation ("FDIC") as receiver;
•A $2.4 million increase in net interest income due to a higher net interest margin and a higher level of interest earning assets;
•A $1.1 million favorable change in net gain (loss) from the sale of loans; and
•A $950,000 decrease in provision for loan losses.


Partially offsetting the above favorable items was a $2.0 million increase in noninterest expense, primarily associated with higher compensation and benefits costs, legal and audit costs and other expenses.

Steven R. Gardner, President and Chief Executive Officer, commented on the recent acquisition of Canyon National, "This transaction significantly improves the Banks liability composition as Canyon National had an attractive deposit base totaling $204.7 million at a cost of 47 basis points including $149.6 million of transaction accounts. Since the closing of the acquisition, we have been working diligently to transition the accounts of our new customers over to the Bank in an efficient and seamless manner. The acquisition of Canyon National also enhanced the diversification of the Bank's loan portfolio by adding $45.4 million in owner-occupied CRE loans, $28.6 million in C&I loans, $27.9 million in residential one-to-four family residences and $27.6 million in non-owner occupied CRE loans."

Mr. Gardner also addressed the Company's results for the first quarter of 2011, "We are pleased with our financial results for the first quarter of 2011. Since the fourth quarter of 2009, our net interest margin has expanded each quarter, including the current quarter by 30 basis points to 4.21%, and is up 65 basis points as compared to 3.56% for the prior year period. We utilized the increased levels of liquidity in the first quarter of 2011 to pay off all of our $40.0 million in Federal Home Loan Bank advances, which reduced our current quarter average borrowings costs by 142 basis points when compared with the prior quarter."

Mr. Gardner continued, "We have been extremely pleased over the past several years with the asset quality we have been able to maintain due to both our conservative credit culture and our proactive approach to managing the loan portfolio. We will bring this same disciplined approach to the Coachella Valley and in particular the nonperforming assets we acquired in the transaction. At quarter end our delinquent loans increased to 3.79% of total loans and our nonperforming assets increased to 3.26% of total assets primarily due to the Canyon National acquisition. Within the first week of closing we immediately began mitigating potential losses through a multipronged approach to dispose of and/or resolve these problem assets."

Mr. Gardner continued, "As part of our focus on capital management, during the first quarter we repurchased and retired two outstanding warrants that were exercisable for an aggregate of 600,000 shares of the Company's common stock. The result of this transaction reduced the total amount of fully diluted shares outstanding by approximately 5.4%, and was accretive to the Company's fully diluted book value per share. It's with confidence in the Company's future that we took this step and we will continue to look for ways to effectively deploy capital to enhance shareholder value."

Mr. Gardner concluded, "We are starting to see evidence of a self-sustaining recovery in consumer and business spending and increasing confidence from business owners in our primary market areas. As a result, we anticipate that economic conditions will continue to gradually improve during 2011. However, we still expect elevated credit costs throughout the current year due to the softness in the real estate markets. We believe the Bank is well positioned to serve our existing customers, garner new business relationships and take advantage of growth opportunities, including additional FDIC assisted transactions in 2011."

Net Interest Income

Net interest income totaled $9.1 million in the first quarter of 2011, up $2.4 million or 36.7% from the first quarter of 2010. The increase reflected a higher net interest margin of 4.21% in the current quarter, compared with 3.56% in the first quarter of 2010, and an increase in average interest-earning assets of $116.2 million in the current quarter to total $865.0 million. The increase in the current quarter net interest margin of 65 basis points primarily reflected a decrease in the average costs on interest-bearing liabilities of 72 basis points that more than offset the decrease in the yield on interest-earning assets of one basis point. For the current quarter, the decrease in costs on our interest-bearing liabilities was primarily associated with a decline in our cost of deposits of 49 basis points from 1.70% to 1.21%, primarily as a result of the deposits acquired from Canyon National which changed our deposit composition to have a higher mix of lower costing transaction accounts, and a decline in our cost of borrowings of 188 basis points from the pay down of higher costing borrowings. The overall acquired deposit cost added at the time of acquisition was 47 basis points. The increase in average interest-earning assets during the current quarter of $116.2 million was primarily due to the Canyon National acquisition, which added $195.7 million in assets on February 11, 2011.

Provision for Loan Losses

The Company recorded a $106,000 provision for loan losses during the first quarter of 2011, compared with $1.1 million recorded in the first quarter of 2010. Strong credit quality metrics and recent charge-off history within our non-acquired loan portfolio was a significant determinate in estimating the adequacy of our allowance for loan losses and our resultant provision at the end of the first quarter of 2011. Net loan charge-offs amounted to $106,000 in the current quarter, down $686,000 from $792,000 experienced during the first quarter of 2010. The loan charge offs we experienced in the first quarter of 2011 were related to the sluggish economic conditions in our primary markets as well as the constraints on the financial markets in which we lend.

Noninterest income

Our noninterest income totaled $5.2 million in the first quarter of 2011, representing an increase of $6.0 million from the same period in the prior year. All of our noninterest income categories had favorable changes in the current quarter, but most prominent was from the $4.2 million gain recorded on the Canyon National acquisition, the $1.1 million favorable change from the gain on sale of loans in the current quarter, compared to a loss in the same period in the prior year, and the $260,000 increase in deposit fee income primarily associated with the acquired Canyon National deposits.

Noninterest Expense

Noninterest expense totaled $6.4 million in the first quarter of 2011, up $2.0 million or 47.1% from the same period in the prior year. The increase was almost entirely related to the Canyon National acquisition, which included one-time costs of approximately $550,000. Most all of our noninterest expense categories were higher which included increases in compensation and benefits costs of $1.2 million, primarily from an increase in employee count and termination costs, legal and audit fees of $267,000, other expenses of $304,000, premises and occupancy expenses of $174,000 and data processing and communication costs of $117,000.

Assets and Liabilities

At March 31, 2011, assets totaled $956.5 million, up $188.8 million or 24.6% from March 31, 2010 and up $129.7 million or 15.7% from December 31, 2010. The increase in assets over the first quarter of 2011 was primarily due to the Canyon National acquisition as loans held for investment, net increased $135.5 million, primarily related to acquired loans of $149.7 million, OREO increased $10.5 million, primarily from acquired OREO of $12.0 million, and other assets increased $5.4 million. Partially offsetting these increases were decreases in investment securities available for sale of $14.2 million, primarily from sales, and in cash and cash equivalents of $6.6 million.

Investment securities available for sale totaled $140.9 million at March 31, 2011, up $20.7 million or 17.2% from March 31, 2010, but down $14.2 million or 9.1% from December 31, 2010. The decrease during the first quarter of 2011 was primarily from the sale of $20.6 million of investment securities and principal payments of $5.7 million, partially offset by $12.8 million of investment securities purchased in the Canyon National acquisition. At March 31, 2011, 57 of our 77 private label mortgage-backed securities ("MBS") were classified as substandard or impaired and had a book value of $4.2 million and a market value of $3.7 million. Interest received from these securities is applied against their respective principal balances. All of our private label MBS were acquired when we redeemed our shares in certain mutual funds in 2008.

Net loans held for investment totaled $691.1 million at March 31, 2011, an increase of $153.2 million or 28.5% from March 31, 2010. During the first quarter of 2011, loans held for investment increased $135.5 million or 24.4% from the same period in the prior year and included acquired loans of $149.7 million, loan originations of $18.6 million, purchases of $2.6 million and loan sales of $12.1 million. At March 31, 2011, the loans to deposits ratio was 84.1%, down from 89.3% at March 31, 2010 and from 85.6% at December 31, 2010. At March 31, 2011, our allowance for loan losses was unchanged from the prior year end balance and essentially the same as the prior year-ago quarter balance at $8.9 million. The allowance for loan losses as a percent of nonaccrual loans was 43.0% at March 31, 2011, down from 213.3% at March 31, 2010 and 271.0% at December 31, 2010. At March 31, 2011, the ratio of allowance for loan losses to total gross loans was 1.3%, down from 1.7% at March 31, 2010 and 1.6% at December 31, 2010.

Deposits totaled $832.8 million at March 31, 2011, up $219.9 million or 35.9% from March 31, 2010 and $173.5 million or 26.3% from December 31, 2010. The increase in deposits over the first quarter of 2011 was primarily due to deposits acquired from Canyon National of $204.7 million, partially offset by a decrease in non-acquisition deposits of $25.3 million, essentially all in certificates of deposit. In the first quarter of 2011, we had growth in interest-bearing transaction accounts of $84.7 million, in noninterest-bearing accounts of $71.0 million, in wholesale certificates of deposit of $11.9 million and in retail certificates of deposit of $6.0 million. At March 31, 2011, the Company had no brokered deposits. As result of the Canyon National acquisition and reduction in non-acquisition certificates of deposit, the total cost of deposits at March 31, 2011 decreased to 1.07%, from 1.64% at March 31, 2010 and from 1.40% at December 31, 2010.

At March 31, 2011, total borrowings amounted to $38.8 million, down $38.0 million or 49.5% from March 31, 2010 and $40.0 million or 50.8% from December 31, 2010. During the first quarter of 2011 and as a result of the liquidity we received from the Canyon National acquisition, we paid off $40.0 million in fixed rate Federal Home Loan Bank term advances. Total borrowings at March 31, 2011 represented 4.1% of total assets and had a weighted average cost of 3.04%, compared with 10.01% of total assets at a weighted average cost of 3.96% at March 31, 2010 and 9.53% of total assets and at a weighted average cost of 1.62% at December 31, 2010.

Nonperforming Assets

At March 31, 2011, nonperforming assets totaled $31.2 million or 3.26% of total assets, up from $10.5 million or 1.36% at March 31, 2010 and $3.3 million or 0.40% at December 31, 2010. The increase during the first quarter of 2011 was primarily associated with the Canyon National acquisition as nonperforming loans increased $17.4 million to $20.7 million, while acquired OREO properties equaled our current quarter ending balance of $10.5 million. During the current quarter, all OREO properties that we held prior to the acquisition were sold.

Regulatory Capital Ratios

At March 31, 2011, our ratio of tangible common equity to total assets was 8.11% with a basic book value per share of $7.90 and diluted book value per share of $7.64.

At March 31, 2011, the Bank exceeded all regulatory capital requirements with a ratio for tier 1 leverage capital of 9.09%, tier 1 risked-based capital of 10.29% and total risk-based capital of 11.40%. 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, 2011, the Company had a ratio for tier 1 leverage capital of 9.19%, tier 1 risked-based capital of 10.33% and total risk-based capital of 11.44%.

The Company owns all of the capital stock of the Bank. The Bank provides business and consumer banking products to its customers through our nine 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.

http://www.prnewswire.com/news-releases/pacific-premier-bancorp-inc-announces-first-quarter-2011-results-unaudited-120849514.html

[56Chevy]

Exactly the same model as FCAL (and eventually PCBC when they make a move). In fact I wouldn't be surprised to see PCBC acquire one or both eventually. Some of these banks are up 30%, and more, in the last 4 months...unheard of for banks! And lot's of room to go higher.

I'm not sure EI has seen this one...although he doesn't miss much ;)

The Blue Ribbon pup in the bunch is FCAL.

[LouMannheim]

Looks like the FCAL biz plan to me. Don't see any EI posts.

[56Chevy]

Pacific Premier Bankcorp Inc. Another West Coast bank opportunity? Perhaps. Latest key developements.

http://www.reuters.com/finance/stocks/keyDevelopments?rpc=66&symbol=PPBI.O×tamp=20110212014600