PACW » Topics » Deposits

This excerpt taken from the PACW 10-K filed Feb 28, 2008.

(7)    Deposits

        Interest-bearing deposits as of December 31, 2007 and 2006 are comprised of the following:

 
  As of December 31,
 
  2007
  2006
 
  (Dollars in thousands)

Interest-bearing checking deposits   $ 366,191   $ 295,364
Money market deposits     1,135,307     1,090,648
Savings deposits     108,223     140,820
Time deposits under $100,000     138,750     235,176
Time deposits of $100,000 or more     284,729     352,364
   
 
  Total   $ 2,033,200   $ 2,114,372
   
 

        The following summarizes the maturity of time deposits as of December 31, 2007 (in thousands):

2008   $ 392,765
2009     6,899
2010     21,944
2011     1,861
2012     10
   
  Total   $ 423,479
   

        Interest expense on deposits for the years ended December 31, 2007, 2006 and 2005 is comprised of the following:

 
  For the Years Ended December 31,
 
  2007
  2006
  2005
 
  (Dollars in thousands)

Interest-bearing checking deposits   $ 2,493   $ 423   $ 116
Money market deposits     33,621     17,753     6,494
Savings deposits     229     222     179
Time deposits under $100,000     7,228     5,073     1,621
Time deposits of $100,000 or more     12,900     9,748     2,677
   
 
 
  Total   $ 56,471   $ 33,219   $ 11,087
   
 
 
This excerpt taken from the PACW 10-K filed Feb 27, 2007.

(f) Deposits

The fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, savings and checking accounts, is equal to the amount payable on demand as of the balance sheet date. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. No value has been separately assigned to the Company’s long-term relationships with its deposit customers, such as core deposit intangible.

This excerpt taken from the PACW 10-K filed Mar 13, 2006.

(e) Deposits

The fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, savings and checking accounts, is equal to the amount payable on demand as of the balance sheet date. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. No value has been separately assigned to the Company’s long-term relationships with its deposit customers, such as core deposit intangible.

This excerpt taken from the PACW 8-K filed Jan 26, 2006.
Deposits:  This estimated fair value adjustment reflects a discount on certain time deposits whose interest rates are above market.  The individual amounts are $326,000, $1,141,000, and $183,000 for Pacific Liberty, Cedars, and Foothill, respectively.  The amount related to the First American acquisition is $46,000.  This amount is not reflected as a pro forma adjustment because First American was acquired prior to September 30, 2005, and such amount is already included in First Community’s historical balance sheet as of September 30, 2005.  This estimated discount on certain time deposits will be amortized to interest expense over the remaining contractual life of such deposits.

 

This excerpt taken from the PACW 10-K filed Mar 14, 2005.

(e) Deposits

The fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, savings and checking accounts, is equal to the amount payable on demand as of the balance sheet date. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. No value has been separately assigned to the Company’s long-term relationships with its deposit customers, such as core deposit intangible.

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