Kroll Bond Rating Agency Affirms Pacific Premier Bank and Pacific Premier Bancorp, Inc. Credit Ratings of A- and BBB+ and Revises Outlook to Positive

IRVINE, Calif.--(BUSINESS WIRE)-- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company” or “Pacific Premier”) announced today that Kroll Bond Rating Agency, LLC (“KBRA”), a Nationally Recognized Statistical Rating Organization registered with the U.S. Securities and Exchange Commission, recently affirmed the Company’s senior unsecured debt rating of BBB+, the subordinated debt rating of BBB, and the short-term debt rating of K2.

KBRA also affirmed the deposit and senior unsecured debt ratings of A-, the subordinated debt rating of BBB+, and the short-term deposit and debt ratings of K2 for Pacific Premier Bank, the Company’s wholly-owned bank subsidiary. According to KBRA, the Outlook for all long-term ratings is revised to Positive from Stable.

Within the report, KBRA highlighted the Company’s proactive approach to balance sheet management, which has placed the Company in a position of comparative strength, with a strong, low-cost and durable deposit franchise, coupled with robust capital levels.

KBRA analysts noted: “PPBI employs an experienced leadership team with a proven track record of effectively managing growth, both organic and M&A, as demonstrated in the years preceding the pandemic. Earnings trends have been relatively stable, with an operating ROA at ~1% in recent quarters, tracking in line with rated peers.”

“Pacific Premier has delivered consistent performance for more than two decades through our proactive and disciplined approach to risk management,” commented Steve Gardner, Pacific Premier Chairman, Chief Executive Officer, and President. “KBRA’s recent report and revised Positive Outlook highlights our durable business model that has served our organization well throughout various economic cycles. As noted in KBRA’s report, we continue to maintain a strong funding profile and higher-than-peer capital levels. We are well-prepared to meet our clients’ needs, and our team is focused on adding new client relationships to our franchise.”

The Kroll release, disclosures, and additional information on rating categories are on their website.

Note Regarding Ratings

A rating is not investment or financial advice and is not a recommendation to buy, sell, or hold securities. Ratings may be subject to revision or withdrawal at any time by the assigning rating organization. Each rating organization has its own methodology for assigning ratings and, accordingly, each rating should be evaluated independently of any other rating. The foregoing description of the rating is qualified in its entirety by reference to the full text of KBRA’s press release, disclosures, and additional information on rating categories which can be found on their website at www.kbra.com. The KBRA press release, credit ratings, and analysis constituting part of the information contained therein are, and must be construed solely as, statements of opinion of KBRA and not statements of fact or recommendations of KBRA or the Company to purchase, sell, or hold any of the Company's securities.

About Pacific Premier Bancorp, Inc.

Pacific Premier Bancorp, Inc. (Nasdaq: PPBI) is the parent company of Pacific Premier Bank, a California-based commercial bank focused on serving small, middle-market, and corporate businesses throughout the western United States in major metropolitan markets in California, Washington, Oregon, Arizona, and Nevada. Founded in 1983, Pacific Premier Bank has grown to become one of the largest banks headquartered in the western region of the United States, with approximately $19 billion in total assets. Pacific Premier Bank provides banking products and services, including deposit accounts, digital banking, and treasury management services, to businesses, professionals, entrepreneurs, real estate investors, and nonprofit organizations. Pacific Premier Bank also offers a wide array of loan products, such as commercial business loans, lines of credit, SBA loans, commercial real estate loans, agribusiness loans, franchise lending, home equity lines of credit, and construction loans. Pacific Premier Bank offers commercial escrow services and facilitates 1031 Exchange transactions through its Commerce Escrow division. Pacific Premier Bank offers clients IRA custodial services through its Pacific Premier Trust division, which has approximately $17 billion of assets under custody and over 33,000 client accounts comprised of self-directed investors, financial institutions, capital syndicators, and financial advisors. Additionally, Pacific Premier Bank provides nationwide customized banking solutions to Homeowners’ Associations and Property Management companies. Pacific Premier Bank is an Equal Housing Lender and Member FDIC. For additional information about Pacific Premier Bancorp, Inc. and Pacific Premier Bank, visit our website: www.ppbi.com.

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Pacific Premier Bancorp, Inc.

Steven R. Gardner

Chairman, Chief Executive Officer, and President

949-864-8000

Ronald J. Nicolas, Jr.

Senior Executive Vice President and Chief Financial Officer

949-864-8000

Matthew J. Lazzaro

Senior Vice President and Director of Investor Relations

949-243-1082

Source: Pacific Premier Bancorp, Inc.