PFF Bancorp, Inc. (NYSE:PFB)
Industry: Financial
PFF Bancorp, Inc., incorporated in March 1996, is a diversified financial services company. It conducts its business principally through its wholly owned subsidiary, PFF Bank & Trust (the Bank). The Company's business also includes Glencrest Investment Advisors, Inc. (Glencrest), a registered investment advisor (RIA). Glencrest provides wealth management and advisory services to high net worth individuals and businesses. In addition, the Company's business includes Diversified Builder Services, Inc. (DBS), a provider of financing and consulting services to home builders and land developers. Additionally, it owns 100% of the common stock of two unconsolidated special purpose business trusts PFF Bancorp Capital Trust I and PFF Bancorp Capital Trust II created for the purpose of issuing capital securities. The Company's market areas include California, Los Angeles, San Bernardino, Riverside and northern Orange counties. PFF Bancorp had net loans and leases of $3.84 billion and consolidated deposits of $3.06 billion as of March 31, 2006. The Company operates under a community banking business model. This business model focuses on the origination of commercial loans and leases, construction and land (primarily residential tract construction), commercial real estate and real estate equity based consumer loans, and to a lesser degree, one-to-four family residential mortgages and multi-family residential loans. Its secondary marketing activities primarily involve the purchase of one- to-four family residential mortgages to supplement internal origination activities. To a lesser degree, the Company invests in mortgage-backed securities (MBS) and other investment securities. Lending activities At March 31, 2006, the Company had total gross loans and leases outstanding of $4.48 billion, of which $1.52 billion, or 34%, were one-to-four family residential mortgage loans. The remainder of the portfolio consisted of $1.61 billion of construction and land loans, or 36%, of total gross loans and leases; $611.2 million of commercial real estate loans, or 14%, of total gross loans and leases; consumer loans of $281.5 million, or 6%, of total gross loans and leases; commercial business loans and leases of $264.2 million, or 6%, of total gross loans and leases, and $188.3 million of multi-family mortgage loans, or 4%, of total gross loans and leases. At March 31, 2006, approximately $4.14 billion, or 92%, of the Company's total gross loans and leases had adjustable interest rates. PFF Bancorp offers a number of adjustable-rate mortgage loan programs with interest rates that adjust monthly, semi-annually or annually. It also offers annually adjustable rate loan (hybrid ARMs) whose initial rates are generally fixed for a period of three to seven years prior to transitioning to a semi-annual or annual adjustable-rate loan. The Company originates multi-family mortgage loans generally secured by properties located in Southern California. Loans secured by multi-family properties are typically amortized for 25 to 30 years and have a 10-year maturity. The Company also offers hybrid adjustable-rate mortgages on multi-family properties. The Company originates commercial real estate loans that are generally secured by properties, such as small office buildings or retail facilities located in Southern California. The largest commercial real estate loan in its portfolio, at March 31, 2006, was $16.3 million and is secured by three multi-tenant retail/office buildings located in La Jolla, California. The Company's construction loans are made primarily to finance tract construction of one- to-four family residential properties. PFF Bancorp's lending operations include extending credit to small and medium-sized businesses. Loan products include working capital lines of credit, equipment term loans, small business administration (SBA) and other government loan guarantee programs, and contractor financing for residential housing rehabilitation. The Company's lending operations include extending credit to small and medium-sized businesse
As Of: 10/07 00:00 ET
*Quotes delayed by 20min.
BuyIns.Net Alerts for Symbol PFB
- No BuyIns.Net Alerts Available for PFB
Graphs for PFB
3 Month Graph
6 Month Graph
1 Year Graph
