LIFE Financial Corporation is a savings and loan holding company for Life Bank. The company originates purchases sells securitizes and services primarily non-conventional mortgage loans principally secured by first and second mortgages on one- to four-family residences. The Company makes Liberator Series loans which are for the purchase of residential real property by borrowers who generally would not qualify for Fannie Mae or Freddie Mac loans and Portfolio Series loans which is debt consolidation loans for borrowers whose credit history qualifies them. Pacific Premier Bancorp Inc has a market cap of $21.3 million; its shares were traded at around $4.26 with a P/E ratio of 11.5 and P/S ratio of 0.5. Pacific Premier Bancorp Inc had an annual average earning growth of 14.7% over the past 5 years.
Highlight of Business Operations:The Bank was founded in 1983 as a state chartered savings and loan, became a federally chartered stock savings bank in 1991 and in March 2007, converted to a California state chartered commercial bank. The Bank is a member of the FHLB of San Francisco, which is a member bank of the Federal Home Loan Bank System, and the Federal Reserve. As of June 30, 2009, the Bank s deposit accounts were insured under federal laws by the Deposit Insurance Fund, which is an insurance fund administered by the FDIC. The maximum deposit insurance coverage allowable under federal law increased in October 2008 from $100,000 to $250,000 per depositor and is in effect through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except IRAs and certain retirement accounts, which will remain at $250,000 per depositor.
Total assets of the Company were $788.4 million as of June 30, 2009, compared to $740.0 million as of December 31, 2008. The $48.5 million, or 6.5%, increase in total assets was primarily due to a $49.6 million and $25.2 million increase in cash and equivalents and securities available for sale, respectively, which was partially offset by a decrease of $27.0 million in net loans held for investment.
Investment securities available for sale totaled $81.8 million at June 30, 2009 compared to $56.6 million at December 31, 2008. The increase was primarily due to the purchase of securities totaling $43.1 million which was partially offset by investment principal received of approximately $7.1 million and sales of securities totaling $11.5 million. The investment securities consist of $155,000 in US Treasuries, $10.0 million in FHLB bonds, $37.4 million in government sponsored entities (“GSE”) mortgage backed securities, and $34.2 million of private label mortgage backed securities. Fifty of the private label mortgage-backed securities totaling $4.1 million are rated below investment grade, which is any rating below “BBB”. In addition, $35.2 million of the GSE securities have been pledged as collateral for the Bank s $28.5 million of reverse repurchase agreements.
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