Form 4: Pacific Premier Bancorp Executive Transfers Shares Between Trust and Personal Account

Pacific Premier Bancorp's President and COO, Edward Wilcox, transferred 29,000 shares from a family trust to his personal brokerage account, adjusting his reported beneficial ownership.

Summary

• Edward Wilcox, President and COO of Pacific Premier Bancorp, transferred 29,000 shares of PPBI common stock from The Wilcox Family Trust to his individual brokerage account on December 20, 2024.
• This transaction did not change the total number of shares beneficially owned by Mr. Wilcox, but rather adjusted the manner in which the shares are held.
• The transfer involved shares previously held indirectly through the trust and now held directly by Mr. Wilcox.
• The report also details Mr. Wilcox's holdings of restricted stock units, which are subject to vesting based on the company's performance relative to the Keefe, Bruyette & Woods, Inc. Regional Banking Index (KRX).
• The vesting of these restricted stock units is contingent on the company's total shareholder return, return on average assets (ROAA), and return on average tangible common equity (ROATCE) compared to KRX companies over a three-year period.

Sentiment

Score: 7

Explanation: The document is a routine filing detailing a stock transfer and executive compensation, which is neutral to slightly positive as it shows alignment of executive interests with company performance.

Future Outlook

The vesting of restricted stock units is contingent on the company's performance over a three-year period, with the potential for 0% to 200% of the targeted amount to vest.

Industry Context

This filing is a routine disclosure of changes in beneficial ownership by a company executive, which is common in the financial industry. The performance-based vesting of restricted stock units is a typical incentive structure used to align executive interests with shareholder value.

Comparison to Industry Standards

• The use of restricted stock units with performance-based vesting is a common practice among publicly traded companies, particularly in the financial sector.
• Many financial institutions use similar metrics such as total shareholder return, ROAA, and ROATCE to determine executive compensation.
• Companies like Bank of America, JP Morgan Chase, and Wells Fargo also use similar performance metrics for executive compensation, often benchmarked against industry indices.

Stakeholder Impact

• The transfer of shares does not have a direct impact on shareholders, but the performance-based vesting of restricted stock units aligns executive interests with shareholder value.
• The vesting of restricted stock units is tied to the company's performance, which could impact employee morale and motivation.

Key Dates

Keywords

Pacific Premier Bancorp, PPBI, Edward Wilcox, stock transfer, beneficial ownership, restricted stock units, executive compensation, KRX, vesting, ROAA, ROATCE