8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)		April 24, 2020
PACIFIC PREMIER BANCORP, INC.
(Exact name of registrant as specified in its charter)
Delaware	0-22193		33-0743196
(State or other jurisdiction of incorporation)	(Commission File Number)		(I.R.S. Employer Identification No.)

17901 Von Karman Avenue, Suite 1200, Irvine, CA 92614

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (949) 864-8000

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☑ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share	PPBI	NASDAQ Stock Market

ITEM 2.02          RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On April 28, 2020, Pacific Premier Bancorp, Inc. ("PPBI") issued a press release setting forth its (unaudited) financial results for the first quarter of 2020.  A copy of PPBI’s press release is furnished as Exhibit 99.1 and hereby incorporated by reference. A presentation regarding PPBI’s financial results for the three months ended March 31, 2020 is furnished as Exhibit 99.2 and incorporated herein by reference.

Except as specifically provided in Item 8.01 below, the information furnished under Item 2.02 and Item 9.01 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2 to this Current Report on Form 8-K, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities under that Section, nor shall it be deemed incorporated by reference in any registration statement or other filings of PPBI under the Securities Act of 1933, as amended (the "Securities Act"), except as shall be set forth by specific reference in such filing.

ITEM 8.01         OTHER EVENTS

Quarterly Dividend

On April 24, 2020, PPBI’s Board of Directors declared a $0.25 per share dividend, payable on May 15, 2020 to stockholders of record on May 8, 2020.

Stock Repurchase Program

On April 28, 2020, the Company announced that stock repurchases under its current stock repurchase program, authorized by the Board of Directors in December 2019, were suspended indefinitely. PPBI has not repurchased any shares under its current stock repurchase program.

The only other information contained in this Form 8-K being filed for the purposes of Rule 425 under the Securities Act is the information relating solely to PPBI’s proposed acquisition of Opus Bank contained in the press release furnished herewith as Exhibit 99.1 or contained in the investor presentation furnished herewith as Exhibit 99.2.

ITEM 9.01           FINANCIAL STATEMENTS AND EXHIBITS

99.1	Press Release dated April 28, 2020.
99.2	Investor Presentation, First Quarter 2020
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		PACIFIC PREMIER BANCORP, INC.
Dated:	April 27, 2020	By:	/s/ STEVEN R. GARDNER
			Steven R. Gardner
			Chairman, President and Chief Executive Officer

EX-99.1

Exhibit 99.1

Filed by Pacific Premier Bancorp, Inc.

Pursuant to Rule 425 under the Securities Act of 1933

Subject Company: Opus Bank

SEC Registration Statement No.: 333-237188

Pacific Premier Bancorp, Inc. Announces First Quarter 2020 Results (Unaudited) and a Quarterly Cash Dividend of $0.25 Per Share

First Quarter 2020 Summary

• Net income of $25.7 million, or $0.43 per diluted share

• Return on average assets of 0.89%, return on average equity of 5.05% and return on average tangible common equity of 9.96%

• Net interest margin of 4.24% and core net interest margin of 4.08%

• Non-maturity deposit growth of $169.9 million, or 9% annualized

• Noninterest bearing deposits represent 43% of total deposits and non-maturity deposits represent 88% of total deposits

• Nonperforming assets represent 0.18% of total assets

• Adopted new Current Expected Credit Losses (“CECL”) accounting standard effective January 1, 2020, resulting in a cumulative effect adjustment to the allowance for credit losses (“ACL”) of $64.0 million

• ACL to total loans held for investment at 1.32% at March 31, 2020 compared to 0.41% at December 31, 2019

• Loans held for investment include fair value discount of $35.9 million, or 0.41%, as of March 31, 2020

• Announced acquisition of Opus Bank on February 3, 2020, targeting June 1^st effective date

Irvine, Calif., April 28, 2020 -- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company” or “Pacific Premier”), the holding company of Pacific Premier Bank (the “Bank”), reported net income of $25.7 million, or $0.43 per diluted share for the first quarter of 2020, compared with net income of $41.1 million, or $0.69 per diluted share, for the fourth quarter of 2019 and net income of $38.7 million, or $0.62 per diluted share, for the first quarter of 2019. Financial results for the first quarter of 2020 include a current period provision for credit losses of $25.5 million under the CECL model from forecasting expected future losses related to the coronavirus pandemic (“COVID-19”) economic disruption.

For the three months ended March 31, 2020, the Company’s return on average assets (“ROAA”) was 0.89%, return on average equity (“ROAE”) was 5.05% and return on average tangible common equity (“ROATCE”) was 9.96%, compared to 1.42%, 8.20% and 15.89%, respectively, for the fourth quarter of 2019 and 1.34%, 7.78% and 15.45%, respectively, for the first quarter of 2019. Total assets were $12.0 billion at March 31, 2020 compared with $11.8 billion at December 31, 2019 and $11.6 billion at March 31, 2019. A reconciliation of the non–U.S. GAAP measure of ROATCE to the U.S. GAAP measure of common stockholders' equity is set forth at the end of this press release.

Steven R. Gardner, Chairman, President and Chief Executive Officer of the Company, commented, “I am incredibly proud of the way our organization has responded to the challenges presented by the COVID-19 pandemic. Understanding the urgent nature of this crisis, our team was able to quickly execute on multiple initiatives designed to adjust our operations to protect the health and safety of our employees and clients. Currently, we have 737 employees, 74% of our workforce, who are able to work remotely without impacting our productivity while continuing to provide a superior level of customer service.

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“Since the beginning of the crisis, we have been in close contact with our clients, assessing the level of impact on their businesses, and putting a process in place to evaluate each client’s specific situation and provide relief programs where appropriate. We were able to quickly establish our process for participating in the Small Business Administration’s Paycheck Protection Program (“PPP”) that enabled our clients to utilize this valuable resource. Our team was able to process initially 2,090 PPP loans for approximately $809 million in the first round of the program, which has allowed us to further strengthen and deepen our client relationships, while positively impacting thousands of individuals.

“We have continued to steadily move forward on the completion of our acquisition of Opus Bank, which we believe will further strengthen the Pacific Premier franchise and create long-term value for the shareholders of the combined institution. We received regulatory approvals earlier this month and are targeting a June 1, 2020 effective closing date, subject to the receipt of Opus Bank and Pacific Premier shareholder approval and the satisfaction of other customary closing conditions.

“Our disciplined risk management framework and long standing credit culture has prepared us well to navigate the current crisis. We are well positioned from capital, liquidity and earnings standpoints to support our clients and communities throughout the duration of this crisis. This overall strength supports our Board's decision to declare a $0.25 per share dividend and to continue to deliver value for our shareholders,” said Mr. Gardner.

Mr. Gardner concluded, “Although we are pleased with our first quarter results and our institution’s response to the COVID-19 pandemic, as we look forward the level of uncertainty is significant. The path to reopening our economy, and the speed with which reopening will lead to increased hiring and economic activity and the resultant risks are uncertain. In this environment, we believe that it is prudent to prepare for and operate the institution with the expectation that we are entering a potentially deep recession, the duration of which is unknowable and the level and magnitude of the economic recovery is equally uncertain. We all hope for a quick and strong recovery, but as effective risk managers, the level of uncertainty will inform our decision making in the short-term. We believe this approach will position us to further enhance franchise value over the medium and long-term and will position us well to capitalize on opportunities as they arise.”

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FINANCIAL HIGHLIGHTS

	Three Months Ended
	March 31,			December 31,			March 31,
	2020			2019			2019
Financial Highlights	(Dollars in thousands, except per share data)
Net income	$	25,740		$	41,098		$	38,718
Diluted earnings per share	0.43			0.69			0.62
Return on average assets	0.89		%	1.42		%	1.34		%
Return on average equity	5.05			8.20			7.78
Return on average tangible common equity (1)	9.96			15.89			15.45
Net interest margin	4.24			4.33			4.37
Core net interest margin (1)	4.08			4.10			4.21
Cost of deposits	0.48			0.58			0.63
Efficiency ratio (2)	52.6			51.9			49.3
Total assets	$	11,976,209		$	11,776,012		$	11,580,495
Total deposits	9,093,072			8,898,509			8,715,175
Non-maturity deposits as a percent of total deposits	88		%	88		%	82		%
Book value per share	$	33.40		$	33.82		$	31.97
Tangible book value per share (1)	18.60			18.84			17.56
Total risk-based capital ratio	14.23		%	13.81		%	12.58		%

^{______________________________} 

⁽¹⁾ A reconciliation of the non-U.S. GAAP measures of average tangible common equity, core net interest margin and tangible book value per share to the U.S. GAAP measures of common stockholders' equity and book value are set forth at the end of this press release.

⁽²⁾ Represents the ratio of noninterest expense less other real estate owned operations, core deposit intangible amortization and merger-related expense to the sum of net interest income before provision for credit losses and total noninterest income, less gains/(loss) on sale of securities, gain/(loss) from other real estate owned and gain/(loss) from debt extinguishment.

INCOME STATEMENT HIGHLIGHTS

Net Interest Income and Net Interest Margin

Net interest income totaled $109.2 million in the first quarter of 2020, a decrease of $3.7 million, or 3.3%, from the fourth quarter of 2019. The decrease in net interest income reflected lower average loan balances and yields, lower accretion income and one less day of interest, partially offset by lower cost of funds driven by higher average balances of noninterest bearing deposits, lower rates paid on deposits and lower average balances of retail and brokered certificates of deposit.

The net interest margin for the first quarter of 2020 was 4.24%, compared with 4.33% in the prior quarter. The decrease was primarily driven by lower accretion income of $4.1 million compared to $5.8 million in the prior quarter. Our core net interest margin, which excludes the impact of accretion, decreased two basis points to 4.08%, compared to 4.10% in the prior quarter, primarily attributable to lower loan yields, partially offset by lower cost of funds.

Net interest income for the first quarter of 2020 decreased $2.2 million, or 2.0%, compared to the first quarter of 2019. The decrease was primarily attributable to lower loan yields and a $221.9 million decrease in average loan balances, partially offset by lower cost of funds.

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PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCES AND YIELD DATA
	Three Months Ended
	March 31, 2020						December 31, 2019						March 31, 2019
	Average Balance		Interest Income/Expense		Average  Yield/  Cost		Average Balance		Interest Income/Expense		Average Yield/ Cost		Average Balance		Interest Income/Expense		Average Yield/ Cost
Assets	(Dollars in thousands)
Cash and cash equivalents	$	215,746	$	216	0.40	%	$	201,161	$	283	0.56	%	$	173,613	$	378	0.88	%
Investment securities	1,502,572		10,308		2.74		1,445,158		10,210		2.83		1,298,476		9,389		2.89
Loans receivable, net (1) (2)	8,645,252		113,265		5.27		8,700,690		119,353		5.44		8,867,159		121,476		5.56
Total interest-earning assets	$	10,363,570	$	123,789	4.80		$	10,347,009	$	129,846	4.98		$	10,339,248	$	131,243	5.15
Liabilities
Interest-bearing deposits	$	4,956,839	$	10,487	0.85		$	5,216,658	$	13,144	1.00		$	5,073,723	$	13,284	1.06
Borrowings	552,741		4,127		3.00		368,583		3,783		4.07		880,671		6,553		3.02
Total interest-bearing liabilities	$	5,509,580	$	14,614	1.07		$	5,585,241	$	16,927	1.20		$	5,954,394	$	19,837	1.35
Noninterest-bearing deposits	$	3,898,399					$	3,814,809					$	3,480,791
Net interest income			$	109,175					$	112,919					$	111,406
Net interest margin (3)					4.24						4.33						4.37
Cost of deposits					0.48						0.58						0.63
Cost of funds (4)					0.62						0.71						0.85
Ratio of interest-earning assets to interest-bearing liabilities					188.10						185.26						173.64

^{______________________________} 

⁽¹⁾ Average balance includes loans held for sale and nonperforming loans and is net of deferred loan origination fees/costs and discounts/premiums.

⁽²⁾ Interest income includes net discount accretion of $4.1 million, $5.8 million and $3.8 million, respectively.

⁽³⁾ Represents annualized net interest income divided by average interest-earning assets.

⁽⁴⁾ Represents annualized total interest expense divided by the sum of average total interest-bearing liabilities and noninterest-bearing deposits.

Provision for Credit Losses

Provision for credit losses for the first quarter of 2020 was $25.5 million, an increase of $23.2 million from the fourth quarter of 2019 and an increase of $23.9 million from the first quarter of 2019. The increase included $25.4 million provision for loan losses and $72,000 provision for unfunded commitments, both of which were based on expected credit losses rather than incurred losses and reflect unfavorable changes in economic forecasts employed in the model related to the COVID-19 pandemic. The provision for unfunded commitments in the first quarter of 2020 was $72,000, compared with a reduction of $666,000 in the fourth quarter of 2019 and $486,000 in the first quarter of 2019.

	Three Months Ended
	March 31,		December 31,			March 31,
	2020		2019			2019
Provision for Credit Losses	(Dollars in thousands)
Provision for loan losses	$	25,382	$	3,016		$	2,012
Provision for unfunded commitments	72		(666		)	(486		)
Provision for sold loans	—		(53		)	—
Total provision for credit losses	$	25,454	$	2,297		$	1,526

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Noninterest Income

Noninterest income for the first quarter of 2020 was $14.5 million, an increase of $4.7 million, or 47.7%, from the fourth quarter of 2019. The increase was primarily due to a $4.1 million increase in net gain from sales of investment securities, $472,000 increase in earnings on bank owned life insurance (“BOLI”) primarily due to a death benefit, and a $1.0 million increase in other income primarily due to a $355,000 increase in Community Reinvestment Act (“CRA”) related equity investments income and a $398,000 decrease in cost on debt extinguishment, partially offset by a $927,000 decrease in net gain from the sales of loans.

During the first quarter of 2020, the Bank sold $15.9 million of Small Business Administration (“SBA”) and U.S. Department of Agriculture (“USDA”) loans for a net gain of $1.2 million, compared with the sales of $23.7 million of SBA loans for a net gain of $2.1 million during the prior quarter. The current quarter also included the sales of $23.0 million of other loans for a net loss of $404,000 compared with sales of $8.4 million of other loans for a net loss of $418,000 during the prior quarter.

Noninterest income for the first quarter of 2020 increased $6.8 million, or 88.5%, compared to the first quarter of 2019. The increase was primarily related to a $7.3 million increase in net gain from sales of investment securities, a $426,000 increase in earnings on BOLI primarily due to a death benefit, a $385,000 increase in service charges on deposit accounts, as well as a $294,000 increase in other income, partially offset by a $958,000 decrease in net gain from the sales of loans and a $723,000 decrease in debit card interchange fee income, primarily the result of the Bank becoming a non-exempt institution, effective July 1, 2019, under the Durbin Amendment that regulates debit card interchange fee income, due to the Bank exceeding $10 billion in total assets.

The decrease in net gain from sales of loans for the first quarter of 2020 compared to the same period last year was primarily due to the realization of a $404,000 loss on the sales of other loans in the first quarter of 2020 compared with a loss of $11,000 in the first quarter of 2019, and lower net gain from sales of SBA/USDA loans in the first quarter of 2020 compared to the first quarter of 2019. The Bank sold $25.5 million of SBA loans for a net gain of $1.7 million during the first quarter of 2019.

	Three Months Ended
	March 31,		December 31,		March 31,
	2020		2019		2019
Noninterest Income	(Dollars in thousands)
Loan servicing fees	$	480	$	487	$	398
Service charges on deposit accounts	1,715		1,558		1,330
Other service fee income	311		359		356
Debit card interchange fee income	348		367		1,071
Earnings on BOLI	1,336		864		910
Net gain from sales of loans	771		1,698		1,729
Net gain from sales of investment securities	7,760		3,671		427
Other income	1,754		797		1,460
Total noninterest income	$	14,475	$	9,801	$	7,681

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Noninterest Expense

Noninterest expense totaled $66.6 million for the first quarter of 2020, an increase of $415,000, or 0.6%, compared to the fourth quarter of 2019. The increase was driven by merger-related expense of $1.7 million for the first quarter of 2020 relating to the pending Opus Bank acquisition. Excluding merger-related expense, noninterest expense totaled $64.9 million, a decrease of $1.3 million, or 2.0%, compared to the fourth quarter of 2019. The decrease was driven primarily by a $2.0 million decrease in compensation as a result of lower incentive expense, partially offset by higher payroll taxes. Other contributing decreases included a $301,000 decrease in marketing expense, a $282,000 decrease in CDI amortization and a $242,000 decrease in loan expense. The decreases were partially offset by a $1.1 million increase in FDIC insurance premiums due to small institution assessment credits in the prior quarter and a $451,000 increase in deposit expense attributable largely to higher deposit balances.

Noninterest expense increased by $3.1 million, or 4.8%, compared to the first quarter of 2019. The increase was primarily due to increased merger-related expense related to the pending Opus Bank acquisition, a $1.4 million increase in deposit expense from higher deposit balances, and our continued investment to support our organic growth.

	Three Months Ended
	March 31,		December 31,			March 31,
	2020		2019			2019
Noninterest Expense	(Dollars in thousands)
Compensation and benefits	$	34,376	$	36,409		$	33,388
Premises and occupancy	8,168		8,113			7,535
Data processing	3,253		3,241			2,930
Other real estate owned operations, net	14		31			3
FDIC insurance premiums	367		(766		)	800
Legal, audit and professional expense	3,126		3,268			2,998
Marketing expense	1,412		1,713			1,497
Office, telecommunications and postage expense	1,103		1,105			1,210
Loan expense	822		1,064			873
Deposit expense	4,988		4,537			3,583
Merger-related expense	1,724		—			655
CDI amortization	3,965		4,247			4,436
Other expense	3,313		3,254			3,669
Total noninterest expense	$	66,631	$	66,216		$	63,577

Income Tax

For the first quarter of 2020, our effective tax rate was 18.5%, compared with 24.2% for the fourth quarter of 2019 and 28.3% for the first quarter of 2019. The decrease in the effective tax rate from the prior quarters was due to tax benefits of $2.6 million associated with net operating loss carryback related to our acquisition of Grandpoint Capital, Inc. in 2018 as a result of Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) that was signed into law on March 27, 2020 in response to the outbreak of COVID-19.

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BALANCE SHEET HIGHLIGHTS

Effective January 1, 2020, the Company adopted the new CECL accounting standard, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the CECL model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities, as well as off-balance sheet credit exposures. The Company adopted CECL using the modified retrospective transition approach and recorded a net decrease of $45.6 million to the beginning balance of retained earnings as of January 1, 2020 for the cumulative effect adjustment, reflecting an initial adjustment to the allowance for credit losses of $64.0 million, including the reserve for unfunded commitments, net of related deferred tax assets arising from temporary differences of $18.3 million, commonly referred to as the “Day 1” adjustment. The Day 1 adjustment to the allowance for credit losses is reflective of expected lifetime credit losses associated with the composition of financial assets within in the scope of the CECL accounting standard as of January 1, 2020, which is substantially comprised of loans held for investment and off-balance sheet credit exposures at January 1, 2020, as well as management’s current expectation of future economic conditions. Management did not have any qualitative adjustments as of January 1, 2020.

The Company has developed an expected credit loss estimation model. Depending on the nature of each identified pool of financial assets with similar risk characteristics, the Company employs the use of a probability of default (“PD”) and loss given default (“LGD”) discounted cash flow methodology for commercial real estate and commercial loans, and a historical loss-rate methodology for retail loans, in order to estimate expected future credit losses. Additionally, the Company’s model incorporates reasonable and supportable economic forecasts into the estimate of expected credit losses. The Day 1 adjustment was comprised of $55.7 million for loans held for investment and $8.3 million for off-balance sheet commitments for a total of $64.0 million.

The Company’s assessment of held-to-maturity and available-for-sale investment securities as of January 1, 2020 indicated an ACL was not required. The Company determined the likelihood of default on held-to-maturity investment securities was remote, and the amount of expected non-repayment on those investments was zero. The Company also analyzed available-for-sale investment securities that were in an unrealized loss position as of January 1, 2020 and determined the decline in fair value for those securities was not related to credit, but rather related to changes in interest rates and general market conditions.

The following table presents the impact of the adoption of the CECL model on the Company’s consolidated financial statements as of January 1, 2020, the date the Company adopted the standard:

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	January 1, 2020
	Pre-CECL Adoption			Impact of CECL Adoption			As Reported Under CECL
	(Dollars in thousands)
Assets:
Allowance for credit losses on debt securities:
Held-to-maturity	$	—		$	—		$	—
Available-for-sale	—			—			—
Allowance for credit losses on loans:
Investor loans secured by real estate	9,027			16,072			25,099
Business loans secured by real estate	5,492			27,572			33,064
Commercial loans	20,118			9,519			29,637
Retail loans	1,061			2,523			3,584
Deferred tax (liabilities) assets	(1,371		)	18,345			16,974
Liabilities:
Allowance for credit losses on off-balance sheet credit exposures	$	3,279		$	8,285		$	11,564
Stockholders' equity:
Retained earnings	$	396,051		$	(45,625	)	$	350,426

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Loans

Loans held for investment totaled $8.75 billion at March 31, 2020, an increase of $32.6 million, or 0.4%, from December 31, 2019, and a decrease of $111.0 million, or 1.3%, from March 31, 2019. The increase from the end of the prior quarter was primarily driven by lower loan prepayments and payoffs, and higher line utilization in the first quarter of 2020 when compared to the prior quarter, partially offset by lower new loan commitments and fundings, and higher loan sales. Business line utilization rates increased from 44.3% at the end of the fourth quarter of 2019 to 50.6% at the end of the first quarter of 2020. Loan sales during the first quarter of 2020 included $15.9 million of SBA/USDA loans and $23.0 million of other loans, compared with $23.7 million of SBA/USDA loans and $8.4 million of other loans sold in the fourth quarter of 2019. The decrease compared to the first quarter of 2019 was impacted by lower loan commitments and fundings, higher loan prepayments and payoffs and higher loan sales.

During the first quarter of 2020, the Bank generated $443.7 million of new loan commitments and $353.9 million of new loan fundings, compared with $556.3 million in new loan commitments and $419.9 million in new loan fundings for the fourth quarter of 2019, and $549.7 million in new loan commitments and $391.8 million in new loan fundings for the first quarter of 2019.

At March 31, 2020, the ratio of loans held for investment to total deposits was 96.3%, compared with 98.0% and 101.7% at December 31, 2019 and March 31, 2019, respectively.

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The following table presents the composition of the loan portfolio as of the dates indicated:

	March 31,			December 31,			March 31,
	2020			2019			2019
	(Dollars in thousands)
Investor loans secured by real estate
Commercial real estate (“CRE”) non-owner-occupied	$	2,040,198		$	2,070,141		$	2,121,999
Multifamily	1,625,682			1,575,726			1,511,329
Construction and land	377,525			438,786			582,428
SBA secured by real estate (1)	61,665			68,431			70,416
Total investor loans secured by real estate	4,105,070			4,153,084			4,286,172
Business loans secured by real estate (2)
CRE owner-occupied	1,887,632			1,846,554			1,813,914
Franchise real estate secured	371,428			353,240			317,477
SBA secured by real estate (3)	83,640			88,381			97,508
Total business loans secured by real estate	2,342,700			2,288,175			2,228,899
Commercial loans (4)
Commercial and industrial	1,458,969			1,393,270			1,470,410
Franchise non-real estate secured	547,793			564,357			496,220
SBA non-real estate secured	16,265			17,426			18,987
Total commercial loans	2,023,027			1,975,053			1,985,617
Retail loans
Single family residential (5)	237,180			255,024			279,761
Consumer	46,892			50,975			85,406
Total retail loans	284,072			305,999			365,167
Gross loans held for investment (6)	8,754,869			8,722,311			8,865,855
Allowance for credit losses for loans held for investment (7)	(115,422		)	(35,698		)	(37,856		)
Loans held for investment, net	$	8,639,447		$	8,686,613		$	8,827,999
Loans held for sale, at lower of cost or fair value	$	111		$	1,672		$	11,671

^{______________________________} 

⁽¹⁾ SBA loans that are collateralized by hotel/motel real property.

⁽²⁾ Loans to businesses that are collateralized by real estate where the operating cash flow of the business is the primary source of repayment.

⁽³⁾ SBA loans that are collateralized by real property other than hotel/motel real property.

⁽⁴⁾ Loans to businesses where the operating cash flow of the business is the primary source of repayment.

⁽⁵⁾ Single family residential includes home equity lines of credit, as well as second trust deeds.

⁽⁶⁾ Includes unaccreted fair value net purchase discounts of $35.9 million, $40.7 million and $57.2 million as of March 31, 2020, December 31, 2019 and March 31, 2019, respectively.

⁽⁷⁾The allowance for credit losses as of December 31, 2019 was accounted for under ASC 450 and ASC 310, which is reflective of probable incurred losses as of the balance sheet date. The allowance for credit losses at March 31, 2020 is accounted for under ASC 326, which is reflective of estimated expected lifetime credit losses.

The total end-of-period weighted average interest rate on loans, excluding fees and discounts, at March 31, 2020 was 4.76%, compared to 4.91% at December 31, 2019 and 5.13% at March 31, 2019. The quarter-over-quarter and year-over-year decreases reflect the impact of lower rates on new originations as well as the repricing of loans as a result of the Federal Reserve Bank's interest rate decreases.

10

The following table presents the composition of new organic loan commitments originated during the quarters indicated:

	March 31,		December 31,		March 31,
	2020		2019		2019
	(Dollars in thousands)
Investor loans secured by real estate
CRE non-owner-occupied	$	111,980	$	94,791	$	117,417
Multifamily	39,831		69,653		30,009
Construction and land	26,525		53,166		79,234
SBA secured by real estate (1)	2,131		1,635		27,038
Total investor loans secured by real estate	180,467		219,245		253,698
Business loans secured by real estate (2)
CRE owner-occupied	115,774		117,022		55,179
Franchise real estate secured	21,577		12,257		15,394
SBA secured by real estate (3)	7,119		5,935		11,645
Total business loans secured by real estate	144,470		135,214		82,218
Commercial loans (4)
Commercial and industrial	97,381		145,092		124,957
Franchise non-real estate secured	12,414		44,185		70,962
SBA non-real estate secured	1,263		2,629		1,792
Total commercial loans	111,058		191,906		197,711
Retail loans
Single family residential (5)	6,052		8,457		14,690
Consumer	1,635		1,439		1,345
Total retail loans	7,687		9,896		16,035
Total loan commitments	$	443,682	$	556,261	$	549,662

^{______________________________} 

⁽¹⁾ SBA loans that are collateralized by hotel/motel real property.

⁽²⁾ Loans to businesses that are collateralized by real estate where the operating cash flow of the business is the primary source of repayment.

⁽³⁾ SBA loans that are collateralized by real property other than hotel/motel real property.

⁽⁴⁾ Loans to businesses where the operating cash flow of the business is the primary source of repayment.

⁽⁵⁾ Single family residential includes home equity lines of credit, as well as second trust deeds.

The weighted average interest rate on new loan production was 4.59% in the first quarter of 2020 compared with 4.77% in the fourth quarter of 2019 and 5.67% in the first quarter of 2019.

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Asset Quality and Allowance for Credit Losses

At March 31, 2020, our allowance for credit losses on loans was $115.4 million, an increase of $79.7 million, or 223.3%, from December 31, 2019 and an increase of $77.6 million, or 204.9%, from March 31, 2019, reflecting the cumulative-effect Day 1 adjustment of $55.7 million for funded loans and $8.3 million for off-balance sheet commitments that were recorded against the opening balance of retained earnings and deferred tax assets to adopt the CECL accounting standard, as well as credit loss expense recorded under the CECL model for the first quarter of 2020. The provision for credit losses on loans for the first quarter of 2020 was $25.4 million, compared to $3.0 million and $2.0 million, for the fourth quarter of 2019 and the first quarter of 2019, respectively. The increase was a result of the expected credit losses model as compared to the former incurred loss model and reflected unfavorable changes in economic forecasts employed in the model related to the COVID-19 pandemic.

During the first quarter of 2020, the Company incurred $1.3 million of net charge-offs, compared to $2.3 million and $228,000 during the fourth quarter of 2019 and the first quarter of 2019, respectively.

The following table provides the allocation of the ACL for loans held for investment as well as the activity in the ACL attributed to various segments in the loan portfolio as of and for the period indicated:

	For the Three Months Ended March 31, 2020
	Beginning ACL Balance		Adoption of ASC 326			Charge-offs			Recoveries		Provision for Loan Losses			Ending ACL Balance
	(Dollars in thousands)
Investor loans secured by real estate
CRE non-owner-occupied	$	1,899	$	8,423		$	(387	)	$	—	$	5,961		$	15,896
Multifamily	729		9,174			—			—		4,819			14,722
Construction and land	4,484		(124		)	—			—		4,862			9,222
SBA secured by real estate (1)	1,915		(1,401		)	—			—		421			935
Business loans secured by real estate (2)
CRE owner-occupied	2,781		20,166			—			12		3,834			26,793
Franchise real estate secured	592		5,199			—			—		1,712			7,503
SBA secured by real estate (3)	2,119		2,207			(315		)	71		(38		)	4,044
Commercial loans (4)
Commercial and industrial	13,857		87			(490		)	5		2,283			15,742
Franchise non-real estate secured	5,816		9,214			—			—		1,586			16,616
SBA non-real estate secured	445		218			(236		)	4		85			516
Retail loans
Single family residential (5)	655		541			—			—		(59		)	1,137
Consumer loans	406		1,982			(8		)	—		(84		)	2,296
Totals	$	35,698	$	55,686		$	(1,436	)	$	92	$	25,382		$	115,422

^{______________________________} 

⁽¹⁾ SBA loans that are collateralized by hotel/motel real property.

⁽²⁾ Loans to businesses that are collateralized by real estate where the operating cash flow of the business is the primary source of repayment.

⁽³⁾ SBA loans that are collateralized by real property other than hotel/motel real property.

⁽⁴⁾ Loans to businesses where the operating cash flow of the business is the primary source of repayment.

⁽⁵⁾ Single family residential includes home equity lines of credit, as well as second trust deeds.

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The ratio of allowance for credit losses to loans held for investment at March 31, 2020 amounted to 1.32%, compared to 0.41% and 0.43%, atDecember 31, 2019 and March 31, 2019, respectively. Under the guidance of ASC 820: Fair Value Measurements and Disclosures, the fair value net discount on loans acquired through total bank acquisitions was $35.9 million, or 0.41% of total loans held for investment as of March 31, 2020, compared to $40.7 million, or 0.47% of total loans held for investment as of December 31, 2019, and $57.2 million, or 0.65% of total loans held for investment as of March 31, 2019.

Nonperforming assets totaled $21.1 million, or 0.18% of total assets, at March 31, 2020, an increase of $12.1 million from December 31, 2019 and an increase of $8.0 million from March 31, 2019. During the first quarter of 2020, nonperforming loans increased $12.1 million to $20.6 million and other real estate owned remained unchanged at $441,000. Total loan delinquencies were $28.9 million, or 0.33% of loans held for investment, at March 31, 2020, compared to $19.1 million, or 0.22% of loans held for investment, at December 31, 2019, and $15.7 million, or 0.18% of loans held for investment, at March 31, 2019. Nonperforming assets, nonperforming loans and delinquencies of 90 days or more were all negatively impacted in the first quarter by one, $9.1 million franchise credit relationship.

Interest is not typically accrued on loans 90 days or more past due or when, in the opinion of management, there is reasonable doubt as to the timely collection of principal or interest. There were no loans 90 days or more past due and still accruing interest at March 31, 2020. Troubled debt restructured loans totaled $2.3 million at March 31, 2020, $3.0 million at December 31, 2019 and none at March 31, 2019.

	March 31,			December 31,			March 31,
	2020			2019			2019
Asset Quality	(Dollars in thousands)
Nonperforming loans	$	20,610		$	8,527		$	12,843
Other real estate owned	441			441			180
Other assets owned	—			—			13
Nonperforming assets	$	21,051		$	8,968		$	13,036
Allowance for credit losses	$	115,422		$	35,698		$	37,856
Allowance for credit losses as a percent of total nonperforming loans	560		%	419		%	295		%
Nonperforming loans as a percent of loans held for investment	0.24			0.10			0.14
Nonperforming assets as a percent of total assets	0.18			0.08			0.11
Net loan charge-offs/(recoveries) for the quarter ended	$	1,344		$	2,318		$	228
Net loan charge-offs for quarter to average total loans (1)	0.02		%	0.03		%	—		%
Allowance for credit losses to loans held for investment (2)	1.32			0.41			0.43
Delinquent Loans
30 - 59 days	$	8,285		$	2,104		$	2,275
60 - 89 days	1,502			10,559			1,981
90+ days	19,084			6,439			11,471
Total delinquency	$	28,871		$	19,102		$	15,727
Delinquency as a percentage of loans held for investment	0.33		%	0.22		%	0.18		%

^{______________________________} 

⁽¹⁾ The ratio is less than 0.01% as of March 31, 2019.

⁽²⁾ At March 31, 2020, 34% of loans held for investment include an aggregate fair value net discount of $35.9 million, or 0.41% of loans held for investment. At December 31, 2019, 37% of loans held for investment include an aggregate fair value net discount of $40.7 million, or 0.47% of loans held for investment. At March 31, 2019, 47% of loans held for investment include an aggregate fair value net discount of $57.2 million, or 0.65% of loans held for investment.

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Investment Securities

Investments securities totaled $1.37 billion at March 31, 2020, a decrease of $33.9 million, or 2.4%, from December 31, 2019, and an increase of $157.0 million, or 12.9%, from March 31, 2019. The decrease in the first quarter of 2020 compared to the prior quarter was primarily the result of $147.5 million in sales and $23.2 million in principal payments, amortization and redemptions, offset by a $104.7 million in purchases and a $33.7 million increase in mark-to-market fair value adjustment. The Company’s assessment of held-to-maturity and available-for-sale investment securities indicated that no ACL was required as of January 1, 2020 and March 31, 2020. The increase compared to the same period last year was primarily the result of $741.7 million in purchases and a $56.7 million increase in mark-to-market fair value adjustment, partially offset by $521.3 million in sales and $118.6 million in principal payments, amortization and redemptions.

Deposits

At March 31, 2020, deposits totaled $9.09 billion, an increase of $194.6 million, or 2.19%, from December 31, 2019 and an increase of $377.9 million, or 4.3%, from March 31, 2019. At March 31, 2020, non-maturity deposits totaled $8.02 billion, or 88% of total deposits, an increase of $169.9 million, or 2.2%, from December 31, 2019 and an increase of $897.5 million, or 12.6%, from March 31, 2019. During the first quarter of 2020, deposit increases included $100.5 million in brokered certificates of deposit, $92.3 million in money market/savings deposits and $85.6 million in noninterest-bearing deposits, partially offset by decreases of $75.8 million in retail certificates of deposits and $8.1 million in interest checking as compared to the fourth quarter of 2019.

The weighted average cost of deposits for the three-month period ending March 31, 2020 was 0.48%, compared to 0.58%for the three-month period endingDecember 31, 2019, and 0.63% for the three-month period ending March 31, 2019. The decrease in the weighted average cost of deposits in the first quarter of 2020 compared to the prior quarter was primarily driven by lower volume in brokered certificates of deposits and retail certificates of deposits as well as higher average noninterest-bearing deposit balances and lower pricing across all deposit product categories.

The end of period weighted average rate of deposits at March 31, 2020 was 0.40%.

	March 31,			December 31,			March 31,
	2020			2019			2019
Deposit Accounts	(Dollars in thousands)
Noninterest-bearing checking	$	3,943,260		$	3,857,660		$	3,423,893
Interest-bearing:
Checking	577,966			586,019			560,274
Money market/savings	3,499,305			3,406,988			3,138,875
Retail certificates of deposit	897,680			973,465			1,007,559
Wholesale/brokered certificates of deposit	174,861			74,377			584,574
Total interest-bearing	5,149,812			5,040,849			5,291,282
Total deposits	$	9,093,072		$	8,898,509		$	8,715,175
Cost of deposits	0.48		%	0.58		%	0.63		%
Noninterest-bearing deposits as a percentage of total deposits	43.4			43.4			39.3
Non-maturity deposits as a percent of total deposits	88.2			88.2			81.7
Core deposits as a percent of total deposits (1)	93.0			93.7			87.9

^{______________________________} 

⁽¹⁾ Core deposits are all transaction accounts and non-brokered certificates of deposit less than $250,000.

14

Borrowings

At March 31, 2020, total borrowings amounted to $736.3 million, an increase of $4.1 million, or 0.6%, from December 31, 2019 and a decrease of $16.3 million, or 2.3%, from March 31, 2019. Total borrowings at March 31, 2020 included $521.0 million of Federal Home Loan Bank of San Francisco (“FHLB”) advances and $215.3 million of subordinated debt. At March 31, 2020, total borrowings represented 6.1% of total assets, compared to 6.2% and 6.2%, as of December 31, 2019 and March 31, 2019, respectively. The increase in borrowings at March 31, 2020 as compared to December 31, 2019 was due to higher FHLB advances and the decrease as compared to March 31, 2019 was primarily due to lower FHLB advances and the redemption of junior subordinated debt securities, partially offset by the issuance of subordinated notes in May 2019.

Capital Ratios

At March 31, 2020, our ratio of tangible common equity to total assets was 10.06%, compared with 10.30% at December 31, 2019 and 10.32% at March 31, 2019, with a tangible book value per share of $18.60, compared with $18.84 at December 31, 2019 and $17.56 at March 31, 2019.

In February 2019, the U.S. federal bank regulatory agencies approved a final rule modifying their regulatory capital rules and providing an option to phase-in over a three-year period the Day 1 adverse regulatory capital effects of the CECL accounting standard. Additionally, in March 2020, the U.S. federal bank regulatory agencies issued an interim final rule that provides banking organizations an option to delay the estimated CECL impact on regulatory capital for an additional two years for a total transition period of up to five years to provide regulatory relief to banking organizations to better focus on supporting lending to creditworthy households and businesses in light of recent strains on the U.S. economy as a result of the COVID-19 pandemic. The capital relief in the interim is calibrated to approximate the difference in allowances under CECL relative to the incurred loss methodology for the first two years of the transition period using a 25% scaling factor. The cumulative difference at the end of the second year of the transition period is then phased in to regulatory capital at 25% per year over a three-year transition period. As a result, entities will gradually phase in the full effect of CECL on regulatory capital over a five-year transition period. The Company implemented the CECL model starting January 1, 2020 and elected to phase in the full effect of CECL on regulatory capital over the five-year transition period.

At March 31, 2020, the Company exceeded all regulatory capital requirements with a tier 1 leverage ratio of 10.68%, common equity tier 1 capital ratio of 11.59%, tier 1 capital ratio of 11.66%and total capital ratio of 14.23%.

At March 31, 2020, the Bank exceeded all regulatory capital requirements with a tier 1 leverage ratio of 12.54%, common equity tier 1 capital ratio of 13.70%, tier 1 capital ratio of 13.70% and total capital ratio of 14.28%. These capital ratios each exceeded the “well capitalized” standards defined by the federal banking regulators of 7.00% for tier 1 leverage ratio, 6.5% for common equity tier 1 capital ratio, 8.50% for tier 1 capital ratio and 10.50% for total capital ratio inclusive of the fully phased-in capital conservation buffer.

15

	March 31,			December 31,			March 31,
Capital Ratios	2020			2019			2019
Pacific Premier Bancorp, Inc. Consolidated
Tier 1 leverage ratio	10.68		%	10.54		%	10.69		%
Common equity tier 1 capital ratio	11.59			11.35			11.08
Tier 1 capital ratio	11.66			11.42			11.32
Total capital ratio	14.23			13.81			12.58
Tangible common equity ratio (1)	10.06			10.30			10.32
Pacific Premier Bank
Tier 1 leverage ratio	12.54		%	12.39		%	11.39		%
Common equity tier 1 capital ratio	13.70			13.43			12.07
Tier 1 capital ratio	13.70			13.43			12.07
Total capital ratio	14.28			13.83			12.49
Share Data
Book value per share	$	33.40		$	33.82		$	31.97
Tangible book value per share (1)	18.60			18.84			17.56
Dividend per share	0.25			0.22			0.22
Closing stock price (2)	18.84			32.60			26.53
Shares issued and outstanding	59,975,281			59,506,057			62,773,299
Market capitalization (2)(3)	$	1,129,934		$	1,939,897		$	1,665,376

^{______________________________} 

⁽¹⁾ A reconciliation of the non-U.S. GAAP measures of tangible common equity and tangible book value per share to the U.S. GAAP measures of common stockholders' equity and book value per share is set forth below.

⁽²⁾ As of the last trading day prior to period end.

⁽³⁾ Dollars in thousands.

Dividend and Stock Repurchase Program

On April 24, 2020, the Company's Board of Directors declared a $0.25 per share dividend, payable on May 15, 2020 to stockholders of record as of May 8, 2020. In December 2019, the Company’s Board of Directors approved a new stock repurchase program, which authorized the repurchase up to $100 million of its common stock. As of March 31, 2020, the Company has not repurchased any shares under the newly-approved stock repurchase program and has paused the stock repurchase program indefinitely.

16

Conference Call and Webcast

The Company will host a conference call at 9:00 a.m. PT / 12:00 p.m. ET on April 28, 2020 to discuss its financial results. Analysts and investors may participate in the question-and-answer session. A live webcast will be available on the Webcasts page of the Company's investor relations website. An archived version of the webcast will be available in the same location shortly after the live call has ended. The conference call can be accessed by telephone at (866) 290-5977 and asking to be joined to the Pacific Premier Bancorp conference call. Additionally, a telephone replay will be made available through May 5, 2020 at (877) 344-7529, conference ID 10141228.

Opus Bank Merger Announcement

On February 3, 2020, Pacific Premier announced that it had entered into a definitive agreement to acquire Opus Bank with $8.0 billion of total assets, $5.9 billion of total loans and $6.5 billion in total deposits as of December 31, 2019. Opus Bank has 46 banking offices, including 28 in California, 16 in the Seattle/Puget Sound region in Washington, one in the Phoenix metropolitan area of Arizona and one in Portland, Oregon.

Pacific Premier has received the required regulatory approvals from the Board of Governors of the Federal Reserve System, the California Department of Business Oversight and the Colorado Department of Regulatory Agencies for the consummation of the acquisition. The consummation of the acquisition remains subject to the approval by Opus Bank’s shareholders of the acquisition, the approval by Pacific Premier’s shareholders of the issuance of the shares of Pacific Premier common stock in connection with the acquisition, and the satisfaction of other closing conditions.

About Pacific Premier Bancorp, Inc.

Pacific Premier Bancorp, Inc. is the holding company for Pacific Premier Bank, one of the largest banks headquartered in Southern California with approximately $12.0 billion in assets. Pacific Premier Bank is a business bank primarily focused on serving small and middle market businesses in the counties of Orange, Los Angeles, Riverside, San Bernardino, San Diego, San Luis Obispo and Santa Barbara, California, as well as markets in the states of Arizona, Nevada and Washington. Through its 40 depository branches, Pacific Premier Bank offers a diverse range of lending products including commercial, commercial real estate, construction, and SBA loans, as well as specialty banking products for homeowners' associations and franchise lending nationwide.

FORWARD-LOOKING COMMENTS

The statements contained herein that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies and goals, and statements about the Company’s expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, yields and returns, loan diversification and credit management, stockholder value creation, tax rates and the impact of the acquisition of Opus Bank and other acquisitions.

Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. The COVID-19 pandemic is adversely affecting us, our customers, counterparties, employees and third-party service providers, and the ultimate extent of the impacts on our business, financial position, results of operations, liquidity and prospects is uncertain. Continued deterioration in general business and economic conditions, including further increases in unemployment rates, or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding, lead to a tightening of credit, and further increase stock price volatility, which could result in impairment to our goodwill in future periods. In addition, changes to statutes, regulations, or regulatory policies or pr

17

actices as a result of, or in response to COVID-19, could affect us in substantial and unpredictable ways, including the potential adverse impact of loan modifications and payment deferrals implemented consistent with recent regulatory guidance. Other risks and uncertainties include, but are not limited to, the following: the strength of the United States economy in general and the strength of the local economies in which we conduct operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation/deflation, interest rate, market and monetary fluctuations; the effect of acquisitions we may make, such as our pending acquisition of Opus Bank, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions, and/or the failure to effectively integrate an acquisition target into our operations; the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers; the impact of changes in financial services policies, laws and regulations, including those concerning taxes, banking, securities and insurance, and the application thereof by regulatory bodies; the effectiveness of our risk management framework and quantitative models; changes in the level of our nonperforming assets and charge-offs; uncertainty regarding the future of LIBOR; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the U.S. Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters, including ASU 2016-13 (Topic 326), “Measurement of Credit Losses on Financial Instruments,” commonly referenced as the CECL model, which has changed how we estimate credit losses and may further increase the required level of our allowance for credit losses in future periods; possible credit related impairments of securities held by us; possible impairment charges to goodwill; the impact of current governmental efforts to restructure the U.S. financial regulatory system, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; changes in consumer spending, borrowing and savings habits; the effects of our lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; our ability to attract deposits and other sources of liquidity; the possibility that we may reduce or discontinue the payments of dividends on common stock; changes in the financial performance and/or condition of our borrowers; changes in the competitive environment among financial and bank holding companies and other financial service providers; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; public health crisis and pandemics, including the COVID-19 pandemic, and their effects on the economic and business environments in which we operate, including on our credit quality and business operations, as well as the impact on general economic and financial market conditions; cybersecurity threats and the cost of defending against them, including the costs of compliance with potential legislation to combat cybersecurity at a state, national or global level; unanticipated regulatory or legal proceedings; and our ability to manage the risks involved in the foregoing. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the 2019 Annual Report on Form 10-K of Pacific Premier Bancorp, Inc. filed with the SEC and available at the SEC’s Internet site (http://www.sec.gov).

The Company undertakes no obligation to revise or publicly release any revision or update to these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

Notice to Opus Bank and Pacific Premier Shareholders

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed acquisition of Opus Bank by Pacific Premier, Pacific Premier filed a registration statement on Form S-4 (File No. 333-237188) (the “Registration Statement”) with the SEC. The Registration Statement includes a preliminary joint proxy statement/prospectus of Pacific Premier and Opus Bank. The Registration Statement was declared effective by the SEC on April 7, 2020 and the definitive joint proxy statement/prospectus was mailed to Pacific Premier's and Opus Bank's shareholders of record as of the close of business on April 2, 2020.

18

INVESTORS AND SECURITY HOLDERS ARE ENCOURAGED TO READ THE REGISTRATION STATEMENT AND JOINT PROXY STATEMENT/PROSPECTUS (AND ANY OTHER DOCUMENTS FILED WITH THE SEC OR THE FDIC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE INTO THE JOINT PROXY STATEMENT/PROSPECTUS) BECAUSE SUCH DOCUMENTS CONTAIN IMPORTANT INFORMATION REGARDING THE PROPOSED MERGER AND RELATED MATTERS. Investors and security holders are able to obtain the Registration Statement, the joint proxy statement/prospectus, and any other documents Pacific Premier has filed with the SEC, free of charge at the SEC’s website, http://www.sec.gov or by accessing Pacific Premier’s website at www.ppbi.com under the “Investors” link and then under the heading “SEC Filings”. Investors and security holders are able to obtain the documents, and any other documents Opus Bank has filed with the FDIC, free of charge at Opus Bank’s website at www.opusbank.com under the tab “Investor Relations” and then under the heading “Presentations & Filings”. In addition, documents filed with the SEC by Pacific Premier or with the FDIC by Opus Bank will be available free of charge by (1) writing Pacific Premier at 17901 Von Karman Avenue, Suite 1200, Irvine, CA 92614, Attention: Investor Relations, or (2) writing Opus Bank at 19900 MacArthur Boulevard, 12th Floor, Irvine, CA 92612, Attention: Investor Relations.

The directors, executive officers and certain other members of management and employees of Pacific Premier may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction from the shareholders of Pacific Premier. Information about Pacific Premier’s directors and executive officers is included in the proxy statement for its 2020 annual meeting of Pacific Premier shareholders, which was filed with the SEC on April 8, 2020, and Pacific Premier's Form 10-K/A, which was filed on April 3, 2020.

The directors, executive officers and certain other members of management and employees of Opus Bank may also be deemed to be participants in the solicitation of proxies in connection with the proposed transaction from the shareholders of Opus Bank. Information about the directors and executive officers of Opus Bank is included in Opus Bank's Form 10-K/A filed with the FDIC on March 24, 2020. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the joint proxy statement/prospectus regarding the proposed acquisition. Free copies of this document may be obtained as described above.

Before making any voting or investment decision, shareholders of Pacific Premier and Opus Bank are urged to read carefully the entire Registration Statement and joint proxy statement/prospectus, including all amendments thereto, because they contain important information about the proposed transaction, Pacific Premier and Opus Bank. Free copies of these documents may be obtained as described above.

Contact:

Pacific Premier Bancorp, Inc.

Steven R. Gardner

Chairman, President and Chief Executive Officer

(949) 864-8000

Ronald J. Nicolas, Jr.

Senior Executive Vice President and Chief Financial Officer

(949) 864-8000

19

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)
(Unaudited)
	March 31,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
ASSETS
Cash and due from banks	$	108,285		$	135,847		$	166,238		$	139,879		$	122,947
Interest-bearing deposits with financial institutions	425,747			191,003			261,477			235,505			55,435
Cash and cash equivalents	534,032			326,850			427,715			375,384			178,382
Interest-bearing time deposits with financial institutions	2,708			2,708			2,711			2,956			5,896
Investments held-to-maturity, at amortized cost	34,553			37,838			40,433			42,997			43,894
Investment securities available-for-sale, at fair value	1,337,761			1,368,384			1,256,655			1,258,379			1,171,410
FHLB, FRB and other stock, at cost	92,858			93,061			92,986			92,841			94,751
Loans held for sale, at lower of amortized cost or fair value	111			1,672			7,092			8,529			11,671
Loans held for investment	8,754,869			8,722,311			8,757,476			8,771,938			8,865,855
Allowance for credit losses	(115,422		)	(35,698		)	(35,000		)	(35,026		)	(37,856		)
Loans held for investment, net	8,639,447			8,686,613			8,722,476			8,736,912			8,827,999
Accrued interest receivable	38,294			39,442			38,603			40,420			40,302
Other real estate owned	441			441			126			35			180
Premises and equipment	61,615			59,001			62,851			54,218			61,523
Deferred income taxes, net	15,249			—			—			2,266			9,275
Bank owned life insurance	113,461			113,376			112,716			112,054			111,400
Intangible assets	79,349			83,312			87,560			91,840			96,120
Goodwill	808,322			808,322			808,322			808,322			808,726
Other assets	218,008			154,992			151,251			156,628			118,966
Total assets	$	11,976,209		$	11,776,012		$	11,811,497		$	11,783,781		$	11,580,495
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Deposit accounts:
Noninterest-bearing checking	$	3,943,260		$	3,857,660		$	3,623,546		$	3,480,312		$	3,423,893
Interest-bearing:
Checking	577,966			586,019			529,401			548,314			560,274
Money market/savings	3,499,305			3,406,988			3,362,453			3,272,511			3,138,875
Retail certificates of deposit	897,680			973,465			1,019,433			1,065,207			1,007,559
Wholesale/brokered certificates of deposit	174,861			74,377			324,455			495,578			584,574
Total interest-bearing	5,149,812			5,040,849			5,235,742			5,381,610			5,291,282
Total deposits	9,093,072			8,898,509			8,859,288			8,861,922			8,715,175
FHLB advances and other borrowings	521,017			517,026			604,558			571,575			609,591
Subordinated debentures	215,269			215,145			217,825			232,944			110,381
Deferred income taxes, net	—			1,371			301			—			—
Accrued expenses and other liabilities	143,934			131,367			140,527			132,884			138,284
Total liabilities	9,973,292			9,763,418			9,822,499			9,799,325			9,573,431
STOCKHOLDERS’ EQUITY:
Common stock	586			586			584			595			617
Additional paid-in capital	1,596,680			1,594,434			1,590,168			1,618,137			1,676,024
Retained earnings	361,242			396,051			368,051			343,366			325,363
Accumulated other comprehensive (loss) income	44,409			21,523			30,195			22,358			5,060
Total stockholders' equity	2,002,917			2,012,594			1,988,998			1,984,456			2,007,064
Total liabilities and stockholders' equity	$	11,976,209		$	11,776,012		$	11,811,497		$	11,783,781		$	11,580,495

20

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
(Unaudited)
	Three Months Ended
	March 31,		December 31,			March 31,
	2020		2019			2019
INTEREST INCOME
Loans	$	113,265	$	119,353		$	121,476
Investment securities and other interest-earning assets	10,524		10,493			9,767
Total interest income	123,789		129,846			131,243
INTEREST EXPENSE
Deposits	10,487		13,144			13,284
FHLB advances and other borrowings	1,081		730			4,802
Subordinated debentures	3,046		3,053			1,751
Total interest expense	14,614		16,927			19,837
Net interest income before provision for credit losses	109,175		112,919			111,406
Provision for credit losses	25,454		2,297			1,526
Net interest income after provision for credit losses	83,721		110,622			109,880
NONINTEREST INCOME
Loan servicing fees	480		487			398
Service charges on deposit accounts	1,715		1,558			1,330
Other service fee income	311		359			356
Debit card interchange fee income	348		367			1,071
Earnings on BOLI	1,336		864			910
Net gain from sales of loans	771		1,698			1,729
Net gain from sales of investment securities	7,760		3,671			427
Other income	1,754		797			1,460
Total noninterest income	14,475		9,801			7,681
NONINTEREST EXPENSE
Compensation and benefits	34,376		36,409			33,388
Premises and occupancy	8,168		8,113			7,535
Data processing	3,253		3,241			2,930
Other real estate owned operations, net	14		31			3
FDIC insurance premiums	367		(766		)	800
Legal, audit and professional expense	3,126		3,268			2,998
Marketing expense	1,412		1,713			1,497
Office, telecommunications and postage expense	1,103		1,105			1,210
Loan expense	822		1,064			873
Deposit expense	4,988		4,537			3,583
Merger-related expense	1,724		—			655
CDI amortization	3,965		4,247			4,436
Other expense	3,313		3,254			3,669
Total noninterest expense	66,631		66,216			63,577
Net income before income taxes	31,565		54,207			53,984
Income tax	5,825		13,109			15,266
Net income	$	25,740	$	41,098		$	38,718
EARNINGS PER SHARE
Basic	$	0.43	$	0.69		$	0.62
Diluted	$	0.43	$	0.69		$	0.62
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic	59,007,191		58,816,352			61,987,605
Diluted	59,189,717		59,182,054			62,285,783

21

SELECTED FINANCIAL DATA

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCES AND YIELD DATA
	Three Months Ended
	March 31, 2020						December 31, 2019						March 31, 2019
	Average Balance		Interest Income/Expense		Average Yield/Cost		Average Balance		Interest Income/Expense		Average Yield/Cost		Average Balance		Interest Income/Expense		Average Yield/Cost
Assets	(Dollars in thousands)
Interest-earning assets:
Cash and cash equivalents	$	215,746	$	216	0.40	%	$	201,161	$	283	0.56	%	$	173,613	$	378	0.88	%
Investment securities	1,502,572		10,308		2.74		1,445,158		10,210		2.83		1,298,476		9,389		2.89
Loans receivable, net (1)(2)	8,645,252		113,265		5.27		8,700,690		119,353		5.44		8,867,159		121,476		5.56
Total interest-earning assets	10,363,570		123,789		4.80		10,347,009		129,846		4.98		10,339,248		131,243		5.15
Noninterest-earning assets	1,227,766						1,230,083						1,224,281
Total assets	$	11,591,336					$	11,577,092					$	11,563,529
Liabilities and Equity
Interest-bearing deposits:
Interest checking	$	576,203	$	609	0.43	%	$	563,357	$	643	0.45	%	$	536,117	$	474	0.36	%
Money market	3,161,867		6,071		0.77		3,184,267		6,704		0.84		2,912,819		6,534		0.91
Savings	238,848		97		0.16		236,970		101		0.17		249,621		86		0.14
Retail certificates of deposit	936,489		3,464		1.49		998,594		4,272		1.70		1,001,344		4,058		1.64
Wholesale/brokered certificates of deposit	43,432		246		2.28		233,470		1,424		2.42		373,822		2,132		2.31
Total interest-bearing deposits	4,956,839		10,487		0.85		5,216,658		13,144		1.00		5,073,723		13,284		1.06
FHLB advances and other borrowings	337,551		1,081		1.29		153,333		730		1.89		770,331		4,802		2.53
Subordinated debentures	215,190		3,046		5.66		215,250		3,053		5.67		110,340		1,751		6.35
Total borrowings	552,741		4,127		3.00		368,583		3,783		4.07		880,671		6,553		3.02
Total interest-bearing liabilities	5,509,580		14,614		1.07		5,585,241		16,927		1.20		5,954,394		19,837		1.35
Noninterest-bearing deposits	3,898,399						3,814,809						3,480,791
Other liabilities	146,231						172,227						136,483
Total liabilities	9,554,210						9,572,277						9,571,668
Stockholders' equity	2,037,126						2,004,815						1,991,861
Total liabilities and equity	$	11,591,336					$	11,577,092					$	11,563,529
Net interest income			$	109,175					$	112,919					$	111,406
Net interest margin (3)					4.24	%					4.33	%					4.37	%
Cost of deposits					0.48						0.58						0.63
Cost of funds (4)					0.62						0.71						0.85
Ratio of interest-earning assets to interest-bearing liabilities					188.10						185.26						173.64

^{______________________________} 

⁽¹⁾ Average balance includes loans held for sale and nonperforming loans and is net of deferred loan origination fees/costs and discounts/premiums.

⁽²⁾ Interest income includes net discount accretion of $4.1 million, $5.8 million and $3.8 million, respectively.

⁽³⁾ Represents annualized net interest income divided by average interest-earning assets.

⁽⁴⁾ Represents annualized total interest expense divided by the sum of average total interest-bearing liabilities and noninterest-bearing deposits.

22

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
LOAN PORTFOLIO COMPOSITION
	March 31,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
	(Dollars in thousands)
Investor loans secured by real estate
CRE non-owner-occupied	$	2,040,198		$	2,070,141		$	2,052,118		$	2,118,829		$	2,121,999
Multifamily	1,625,682			1,575,726			1,610,643			1,519,110			1,511,329
Construction and land	377,525			438,786			507,114			543,683			582,428
SBA secured by real estate (1)	61,665			68,431			68,689			65,773			70,416
Total investor loans secured by real estate	4,105,070			4,153,084			4,238,564			4,247,395			4,286,172
Business loans secured by real estate (2)
CRE owner-occupied	1,887,632			1,846,554			1,847,443			1,835,411			1,813,914
Franchise real estate secured	371,428			353,240			344,954			323,445			317,477
SBA secured by real estate (3)	83,640			88,381			91,101			93,257			97,508
Total business loans secured by real estate	2,342,700			2,288,175			2,283,498			2,252,113			2,228,899
Commercial loans (4)
Commercial and industrial	1,458,969			1,393,270			1,353,793			1,426,274			1,470,410
Franchise non-real estate secured	547,793			564,357			549,711			537,490			496,220
SBA non-real estate secured	16,265			17,426			17,891			19,282			18,987
Total commercial loans	2,023,027			1,975,053			1,921,395			1,983,046			1,985,617
Retail loans
Single family residential (5)	237,180			255,024			273,416			248,611			279,761
Consumer	46,892			50,975			40,603			40,773			85,406
Total retail loans	284,072			305,999			314,019			289,384			365,167
Gross loans held for investment (6)	8,754,869			8,722,311			8,757,476			8,771,938			8,865,855
Allowance for credit losses for loans held for investment (7)	(115,422		)	(35,698		)	(35,000		)	(35,026		)	(37,856		)
Loans held for investment, net	$	8,639,447		$	8,686,613		$	8,722,476		$	8,736,912		$	8,827,999
Loans held for sale, at lower of cost or fair value	$	111		$	1,672		$	7,092		$	8,529		$	11,671

^{______________________________} 

⁽¹⁾ SBA loans that are collateralized by hotel/motel real property.

⁽²⁾ Loans to businesses that are collateralized by real estate where the operating cash flow of the business is the primary source of repayment.

⁽³⁾ SBA loans that are collateralized by real property other than hotel/motel real property.

⁽⁴⁾ Loans to businesses where the operating cash flow of the business is the primary source of repayment.

⁽⁵⁾ Single family residential includes home equity lines of credit, as well as second trust deeds.

⁽⁶⁾ Includes unaccreted fair value net purchase discounts of $35.9 million, $40.7 million and $57.2 million as of March 31, 2020, December 31, 2019 and March 31, 2019, respectively.

⁽⁷⁾The allowance for credit losses as of December 31, 2019 and prior were accounted for under ASC 450 and ASC 310, which is reflective of probable incurred losses as of the balance sheet date. The allowance for credit losses at March 31, 2020 is accounted for under ASC 326, which is reflective of estimated expected lifetime credit losses.

23

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
ASSET QUALITY INFORMATION
	March 31,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
Asset Quality	(Dollars in thousands)
Nonperforming loans	$	20,610		$	8,527		$	8,109		$	7,659		$	12,843
Other real estate owned	441			441			126			35			180
Other assets owned	—			—			—			—			13
Nonperforming assets	$	21,051		$	8,968		$	8,235		$	7,694		$	13,036
Allowance for credit losses	$	115,422		$	35,698		$	35,000		$	35,026		$	37,856
Allowance for credit losses as a percent of total nonperforming loans	560		%	419		%	432		%	457		%	295		%
Nonperforming loans as a percent of loans held for investment	0.24			0.10			0.09			0.09			0.14
Nonperforming assets as a percent of total assets	0.18			0.08			0.07			0.07			0.11
Net loan charge-offs for the quarter ended	$	1,344		$	2,318		$	1,391		$	3,572		$	228
Net loan charge-offs for the quarter to average total loans(1)	0.02		%	0.03		%	0.02		%	0.04		%	—		%
Allowance for credit losses to loans held for investment (2)	1.32			0.41			0.40			0.40			0.43
Delinquent Loans
30 - 59 days	$	8,285		$	2,104		$	1,715		$	3,407		$	2,275
60 - 89 days	1,502			10,559			3,212			801			1,981
90+ days	19,084			6,439			6,297			9,284			11,471
Total delinquency	$	28,871		$	19,102		$	11,224		$	13,492		$	15,727
Delinquency as a percent of loans held for investment	0.33		%	0.22		%	0.13		%	0.15		%	0.18		%

^{______________________________} 

⁽¹⁾ The ratio is less than 0.01% as of March 31, 2019.

⁽²⁾ At March 31, 2020, 34% of loans held for investment include a fair value net discount of $35.9 million or 0.41% of loans held for investment. At December 31, 2019, 37% of loans held for investment include a fair value net discount of $40.7 million, or 0.47% of loans held for investment. At March 31, 2019, 47% of loans held for investment include a fair value net discount of $57.2 million or 0.65% of loans held for investment.

24

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
NONACCRUAL LOANS (1)
	Collateral Dependent Loans		ACL		Non-Collateral Dependent Loans		ACL		Total Nonaccrual Loans		Nonaccrual Loans With No ACL
	(Dollars in thousands)
March 31, 2020
Investor loans secured by real estate
CRE non-owner-occupied	$	318	$	—	$	559	$	—	$	877	$	877
Multifamily	—		—		—		—		—		—
Construction and land	1,802		—		—		—		1,802		1,802
SBA secured by real estate (2)	392		—		—		—		392		392
Total investor loans secured by real estate	2,512		—		559		—		3,071		3,071
Business loans secured by real estate (3)
CRE owner-occupied	—		—		322		27		322		—
Franchise real estate secured	—		—		—		—		—		—
SBA secured by real estate (4)	1,033		—		79		13		1,112		1,033
Total business loans secured by real estate	1,033		—		401		40		1,434		1,033
Commercial loans (5)
Commercial and industrial	1,063		—		4,613		215		5,676		1,063
Franchise non-real estate secured	—		—		9,142		1,475		9,142		—
SBA not secured by real estate	878		—		51		6		929		877
Total commercial loans	1,941		—		13,806		1,696		15,747		1,940
Retail Loans
Single family residential (6)	—		—		358		3		358		—
Consumer loans	—		—		—		—		—		—
Total retail loans	—		—		358		3		358		—
Totals nonaccrual loans	$	5,486	$	—	$	15,124	$	1,739	$	20,610	$	6,044

^{______________________________} 

⁽¹⁾ The ACL for nonaccrual loans is determined based on a discounted cash flow methodology unless the loan is considered collateral dependent. The ACL for collateral dependent loans is determined based on the estimated fair value of the underlying collateral.

⁽²⁾ SBA loans that are collateralized by hotel/motel real property.

⁽³⁾ Loans to businesses that are collateralized by real estate where the operating cash flow of the business is the primary source of repayment.

⁽⁴⁾ SBA loans that are collateralized by real property other than hotel/motel real property.

⁽⁵⁾ Loans to businesses where the operating cash flow of the business is the primary source of repayment.

⁽⁶⁾ Single family residential includes home equity lines of credit, as well as second trust deeds.

25

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
PAST DUE STATUS
			Days Past Due
	Current		30-59		60-89		90+		Total
	(Dollars in thousands)
March 31, 2020
Investor loans secured by real estate
CRE non-owner-occupied	$	2,037,130	$	2,191	$	—	$	877	$	2,040,198
Multifamily	1,625,682		—		—		—		1,625,682
Construction and land	375,723		—		—		1,802		377,525
SBA secured by real estate (1)	58,978		1,147		1,148		392		61,665
Total investor loans secured by real estate	4,097,513		3,338		1,148		3,071		4,105,070
Business loans secured by real estate (2)
CRE owner-occupied	1,883,996		3,636		—		—		1,887,632
Franchise real estate secured	371,428		—		—		—		371,428
SBA secured by real estate (3)	82,608		—		—		1,032		83,640
Total business loans secured by real estate	2,338,032		3,636		—		1,032		2,342,700
Commercial loans (4)
Commercial and industrial	1,452,405		1,249		354		4,961		1,458,969
Franchise non-real estate secured	538,651		—		—		9,142		547,793
SBA not secured by real estate	15,325		62		—		878		16,265
Total commercial loans	2,006,381		1,311		354		14,981		2,023,027
Retail loans
Single family residential (5)	237,180		—		—		—		237,180
Consumer loans	46,892		—		—		—		46,892
Total retail loans	284,072		—		—		—		284,072
Total loans	$	8,725,998	$	8,285	$	1,502	$	19,084	$	8,754,869

^{______________________________} 

⁽¹⁾ SBA loans that are collateralized by hotel/motel real property.

⁽²⁾ Loans to businesses that are collateralized by real estate where the operating cash flow of the business is the primary source of repayment.

⁽³⁾ SBA loans that are collateralized by real property other than hotel/motel real property.

⁽⁴⁾ Loans to businesses where the operating cash flow of the business is the primary source of repayment.

⁽⁵⁾ Single family residential includes home equity lines of credit, as well as second trust deeds.

26

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
GAAP RECONCILIATIONS
(Dollars in thousands, except per share data)
The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these adjusted measures, this presentation may not be comparable to other similarly titled adjusted measures reported by other companies.
For periods presented below, return on average tangible common equity is a non-GAAP financial measure derived from GAAP based amounts. We calculate this figure by excluding CDI amortization expense from net income and excluding the average CDI and average goodwill from the average stockholders' equity during the periods indicated. Management believes that the exclusion of such items from this financial measure provides useful information to gain an understanding of the operating results of our core business.
	Three Months Ended
	March 31,			December 31,			March 31,
	2020			2019			2019
Net income	$	25,740		$	41,098		$	38,718
Plus: CDI amortization expense	3,965			4,247			4,436
Less: CDI amortization expense tax adjustment	1,137			1,218			1,288
Net income for average tangible common equity	$	28,568		$	44,127		$	41,866
Average stockholders' equity	$	2,037,126		$	2,004,815		$	1,991,861
Less: average CDI	81,744			85,901			98,984
Less: average goodwill	808,322			808,322			808,726
Average tangible common equity	$	1,147,060		$	1,110,592		$	1,084,151
Return on average equity	5.05		%	8.20		%	7.78		%
Return on average tangible common equity	9.96		%	15.89		%	15.45		%

Tangible book value per share and tangible common equity to tangible assets (the “tangible common equity ratio”) are non-GAAP financial measures derived from GAAP-based amounts. We calculate tangible book value per share by dividing tangible common equity by common shares outstanding, as compared to book value per share, which we calculate by dividing common stockholders' equity by shares outstanding. We calculate the tangible common equity ratio by excluding the balance of intangible assets from common stockholders' equity and dividing by tangible assets. We believe that this information is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Accordingly, we believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our capital position and ratios.
	March 31,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
Total stockholders' equity	$	2,002,917		$	2,012,594		$	1,988,998		$	1,984,456		$	2,007,064
Less: intangible assets	887,671			891,634			895,882			900,162			904,846
Tangible common equity	$	1,115,246		$	1,120,960		$	1,093,116		$	1,084,294		$	1,102,218
Book value per share	$	33.40		$	33.82		$	33.50		$	32.80		$	31.97
Less: intangible book value per share	14.80			14.98			15.09			14.88			14.41
Tangible book value per share	$	18.60		$	18.84		$	18.41		$	17.92		$	17.56
Total assets	$	11,976,209		$	11,776,012		$	11,811,497		$	11,783,781		$	11,580,495
Less: intangible assets	887,671			891,634			895,882			900,162			904,846
Tangible assets	$	11,088,538		$	10,884,378		$	10,915,615		$	10,883,619		$	10,675,649
Tangible common equity ratio	10.06		%	10.30		%	10.01		%	9.96		%	10.32		%

Core net interest income and core net interest margin are non-GAAP financial measures derived from GAAP-based amounts. We calculate core net interest income by excluding scheduled accretion income, accelerated accretion income, premium amortization on CD and nonrecurring nonaccrual interest paid from net interest income. The core net interest margin is calculated as the ratio of core net interest income to average interest-earning assets. Management believes that the exclusion of such items from this financial measure provides useful information to gain an understanding of the operating results of our core business.
	Three Months Ended
	March 31,			December 31,			March 31,
	2020			2019			2019
Net interest income	$	109,175		$	112,919		$	111,406
Less: scheduled accretion income	1,793			2,030			2,573
Less: accelerated accretion income	2,312			3,798			1,232
Less: premium amortization on CD	63			72			201
Less: nonrecurring nonaccrual interest paid	—			168			161
Core net interest income	$	105,007		$	106,851		$	107,239
Average interest-earning assets	$	10,363,570		$	10,347,009		$	10,339,248
Net interest margin	4.24		%	4.33		%	4.37		%
Core net interest margin	4.08		%	4.10		%	4.21		%

27

EX-99.2

Exhibit 99.2 Filed by Pacific Premier Bancorp, Inc. Pursuant to Rule 425 under the Securities Act of 1933 Subject Company: Opus Bank SEC Registration Statement No.: 333-237188 Investor Presentation First Quarter 2020 April 28, 2020 Steve Gardner Chairman, President & Chief Executive Officer sgardner@ppbi.com 949-864-8000 Ronald J. Nicolas, Jr. Sr. EVP & Chief Financial Officer rnicolas@ppbi.com 949-864-8000

FORWARD LOOKING STATEMENTS AND WHERE TO FIND MORE INFORMATION Forward Looking Statements This investor presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and the future performance of Pacific Premier Bancorp, Inc. (“PPBI” or the “Company”), including its wholly-owned subsidiary Pacific Premier Bank (“Pacific Premier”). Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “could,” “may,” “should,” “will” or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on PPBI’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies and goals, and statements about the Company’s expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, yields and returns, loan diversification and credit management, stockholder value creation, tax rates and the impact of the acquisition of Opus Bank (“Opus”) and other acquisitions. Because forward-looking statements relate to future results and occurrences, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Many possible events or factors could affect PPBI’s or Opus’s future financial results and performance and could cause actual results or performance to differ materially from anticipated results or performance. The COVID-19 pandemic is adversely affecting us, our customers, counterparties, employees, and third-party service providers, and the ultimate extent of the impacts on our business, financial position, results of operations, liquidity, and prospects is uncertain. Continued deterioration in general business and economic conditions, including further increases in unemployment rates, or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding, lead to a tightening of credit, and further increase stock price volatility, which could result in impairment to our goodwill in future periods. In addition, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to COVID-19, could affect us in substantial and unpredictable ways, including the potential adverse impact of loan modifications and payment deferrals implemented consistent with recent regulatory guidance. Other risks and uncertainties include, but are not limited to, the following: the strength of the United States economy in general and the strength of the local economies in which we conduct operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation/deflation, interest rate, market and monetary fluctuations; the effect of acquisitions we may make, such as our pending acquisition of Opus, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions, and/or the failure to effectively integrate an acquisition target into our operations; the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers; the impact of changes in financial services policies, laws and regulations, including those concerning taxes, banking, securities and insurance, and the application thereof by regulatory bodies; the effectiveness of our risk management framework and quantitative models; changes in the level of our nonperforming assets and charge-offs; uncertainty regarding the future of LIBOR; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the U.S. Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters, including ASU 2016-13 (Topic 326), “Measurement of Credit Losses on Financial Instruments,” commonly referenced as the CECL model, which has changed how we estimate credit losses and may further increase the required level of our allowance for credit losses in future periods; possible credit related impairments of securities held by us; possible impairment charges to goodwill; the impact of current governmental efforts to restructure the U.S. financial regulatory system, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; changes in consumer spending, borrowing and savings habits; the effects of our lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; our ability to attract deposits and other sources of liquidity; the possibility that we may reduce or discontinue the payments of dividends on common stock; changes in the financial performance and/or condition of our borrowers; changes in the competitive environment among financial and bank holding companies and other financial service providers; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; public health crisis and pandemics, including the COVID-19 pandemic, and their effects on the economic and business environments in which we operate, including on our credit quality and business operations, as well as the impact on general economic and financial market conditions; cybersecurity threats and the cost of defending against them, including the costs of compliance with potential legislation to combat cybersecurity at a state, national or global level; unanticipated regulatory or legal proceedings; and our ability to manage the risks involved in the foregoing. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the 2019 Annual Report on Form 10-K of PPBI filed with the SEC and available at the SEC’s Internet site (http://www.sec.gov). The Company undertakes no obligation to revise or publicly release any revision or update to these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made. Notice to Opus and PPBI Shareholders This investor presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed acquisition of Opus by PPBI, PPBI filed a registration statement on Form S-4 (File No. 333-237188) (the “Registration Statement”) with the SEC. The Registration Statement includes a preliminary joint proxy statement/prospectus of PPBI and Opus. The Registration Statement was declared effective by the SEC on April 7, 2020 and the definitive joint proxy statement/prospectus was mailed to PPBI's and Opus’s shareholders of record as of the close of business on April 2, 2020. INVESTORS AND SECURITY HOLDERS ARE ENCOURAGED TO READ THE REGISTRATION STATEMENT AND JOINT PROXY STATEMENT/PROSPECTUS (AND ANY OTHER DOCUMENTS FILED WITH THE SEC OR THE FDIC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE INTO THE JOINT PROXY STATEMENT/PROSPECTUS) BECAUSE SUCH DOCUMENTS CONTAIN IMPORTANT INFORMATION REGARDING THE PROPOSED MERGER AND RELATED MATTERS. Investors and security holders are able to obtain the Registration Statement, the joint proxy statement/prospectus, and any other documents PPBI has filed with the SEC, free of charge at the SEC’s website, http://www.sec.gov or by accessing PPBI’s website at www.ppbi.com under the “Investors” link and then under the heading “SEC Filings”. Investors and security holders are able to obtain the documents, and any other documents Opus has filed with the FDIC, free of charge at Opus’s website at www.opusbank.com under the tab “Investor Relations” and then under the heading “Presentations & Filings.” In addition, documents filed with the SEC by PPBI or with the FDIC by Opus will be available free of charge by (1) writing PPBI at 17901 Von Karman Avenue, Suite 1200, Irvine, CA 92614, Attention: Investor Relations, or (2) writing Opus at 19900 MacArthur Boulevard, 12th Floor, Irvine, CA 92612, Attention: Investor Relations. The directors, executive officers and certain other members of management and employees of PPBI may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction from the shareholders of PPBI. Information about PPBI’s directors and executive officers is included in the proxy statement for its 2020 annual meeting of PPBI shareholders, which was filed with the SEC on April 8, 2020, and PPBI's Form 10-K/A, which was filed with the SEC on April 3, 2020. The directors, executive officers and certain other members of management and employees of Opus may also be deemed to be participants in the solicitation of proxies in connection with the proposed transaction from the shareholders of Opus. Information about the directors and executive officers of Opus is included in Opus’s Form 10-K/A filed with the FDIC on March 24, 2020. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the joint proxy statement/prospectus regarding the proposed acquisition. Free copies of this document may be obtained as described above. Before making any voting or investment decision, shareholders of PPBI and Opus are urged to read carefully the entire Registration Statement and joint proxy statement/prospectus, including all amendments thereto, because they contain important information about the proposed transaction, PPBI and Opus. Free copies of these documents may be obtained as described above. © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 2

PACIFIC PREMIER BANCORP, INC. Business banking franchise headquartered in Southern California with expanding presence in key metropolitan areas in Western U.S. Corporate Overview Branch Footprint Headquarters Irvine, CA Portland Exchange/Listing NASDAQ: PPBI Market Cap. $1.2 Billion(1) Average Daily Volume 630,504 Shares(2) Outstanding Shares 59,966,681(1) Dividend Yield (Annualized) 5.04%(1) Credit Rating BBB+ (Kroll Bond Rating Agency) # of Research Analysts 6 Analysts Client Focus Small & Middle-Market Businesses Total Assets (as of 3/31/2020) $12.0 Billion Branch Network 40 Full Service Branch Locations Branch Network Las Vegas 35 3 branches branches Southern California and Arizona (Phoenix and Central Coast California Tucson) Phoenix 1 1 Tucson branch branch Las Vegas, Nevada Vancouver, Washington 1. Market data as of April 27, 2020 2. 3-month average as of April 27, 2020 © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 3

COVID-19 RESPONSE Employees • Activated our Business Continuity Program, Pandemic Preparedness Plan, and daily leadership calls • Branches remain open with reduced hours, lobbies with drive-thrus are closed, social distancing measures exercised to keep employees and clients safe • 737 PPBI employees are able to work remotely, or 74% of total • Special appreciation bonus for essential on-site employees, and offering up to 80 hours pay to employees with any COVID-19 related health issue • Focused on communication with clients to provide support, identify concerns and/or potential exposures Loan • Consistent monitoring and analysis of the loan portfolio to identify potential at-risk segments Portfolio • Monitoring line of credit draws for deviations from normal activity • On-going discussions with clients, analyzing and assessing the impact, utilizing Government programs where appropriate Capital and • We remain well capitalized across all regulatory capital ratios Liquidity • Suspended stock buyback program • No change to cash dividends • Ample balance sheet liquidity with $1.9 billion in cash and securities, and access to $2.6 billion in additional borrowing capacity • Strong core earnings with pre-tax pre-provision income of $58.7 million(1) in Q1 2020 PPBI is well positioned in an economic downturn 1. Please refer to non-U.S. GAAP reconciliation in appendix © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 4

RELIEF INITIATIVES FOR CLIENTS Helping Clients and Strengthening Relationships Depositors • Waive up to 5 non-sufficient funds / overdraft fees per month and provide ATM fee waivers • Waive early withdrawal fees on CDs • Increased daily cash withdrawal limits on ATM/Debit Cards SBA • We have the infrastructure and experience to be an active participant in the Paycheck Protection Program (“PPP”) Paycheck • We have processed 2,090 applications from SBA PPP for $809 million in loans – 100% existing clients Protection Program • Average loan size of $387,000, notably closed 137 loans for $25,000 or less • 1,736 applications for $328 million in the queue for round 2 of PPP as of April 26, 2020 • We believe that our ability to rapidly respond with solutions for clients has strengthened relationships COVID-19 • Incorporated legislative, regulatory and accounting guidelines to establish COVID-19 modification program Loan • Implemented modification program in mid-April, no COVID-19 modifications as of March 31, 2020 Modifications • Estimating 15% to 20% of the loan portfolio could receive some form of modification – interest only, lower rate or deferral • Consumer and Small business (less than $250,000) loans – will grant a 90-day payment deferral on request • Commercial and CRE loans – case-by-case basis, concessions from the bank and borrower • Expectation that the borrower has entire banking relationship with us © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 5

MANAGED LOAN GROWTH • Proactive loan portfolio management – limited growth and active loan sales to manage credit risk • PPBI has been cognizant of growth risks at late stages of an economic cycle No significant organic net loan growth over last 7 quarters (dollars in billions) $10.0 November 2017 July 2018 Acquired Plaza Bancorp Acquired Grandpoint $8.8 $8.8 $8.9 $8.8 $8.8 $8.7 $8.8 $9.0 ($1.3B assets) Capital, Inc. ($3.2B assets) $8.0 April 2017 $7.0 Acquired Heritage Oaks Bancorp $6.2 $6.2 $6.3 $6.0 ($2.0B assets) $4.9 $5.0 $5.0 $4.0 $3.4 $3.0 $2.0 $1.0 $- Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Loans Held for Investment © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 6

CAPITAL RATIOS • Strong capitalization across all regulatory capital ratios Well Capitalized Q1 2020 Q4 2019 Q1 2019 Regulatory Minimum Level Holding Company Tangible Common Equity Ratio 10.06% 10.30% 10.32% N/A Leverage Ratio 10.68% 10.54% 10.69% 5.00% Common Equity Tier 1 Ratio (CET1) 11.59% 11.35% 11.08% 7.00% Tier 1 Ratio 11.66% 11.42% 11.32% 8.50% Risk Based Capital Ratio 14.23% 13.81% 12.58% 10.50% Bank Level Leverage Ratio 12.54% 12.39% 11.39% 5.00% Common Equity Tier 1 Ratio CET1) 13.70% 13.43% 12.07% 7.00% Tier 1 Ratio 13.70% 13.43% 12.07% 8.50% Risk Based Capital Ratio 14.28% 13.83% 12.49% 10.50% © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 7

HIGHLIGHTS – Q1 2020 • Net income of $25.7 million or $0.43 per diluted share • ROAA of 0.89% and ROATCE of 9.96%(1) Earnings • Pre-tax pre-provision income of $58.7 million(1), compared to $56.2 million in Q1 2019, or a 4.6% increase • Efficiency ratio of 52.6%(1) and noninterest expense of $64.9 million(2) – continued focus on expense management • Net interest margin of 4.24%; core net interest margin of 4.08%(1), which decreased 2 bps compared to Q4 2019 • Loan portfolio of $8.8 billion, an increase of $32.6 million, or 0.4%, from Q4 2019 • Loan / deposit ratio of 96.3%, compared to 98.0% in Q4 2019 – Q1 2020 was lowest ratio at quarter-end since 2014 Loans • New loan commitments of $443.7 million in Q1 2020 at a 4.59% weighted average rate • Utilization rate for C&I loans was 50.6%, an increase from 44.3% for Q4 2019 • Total delinquent loans were 0.33% of total loan portfolio, which was an increase from 0.22% in Q4 2019 • Nonperforming assets were 0.18% of total assets, which was an increase from 0.08% in Q4 2019 Asset • Allowance for credit losses of $115.4 million, or 1.32% of total loans held for investment – reflects CECL implementation Quality • Fair value net discount on acquired loans of $35.9 million, or 0.41% of total loans; or 1.73% combined with ACL • Net charge-offs of $1.3 million; net charge-offs were 0.02% of average loans, or 0.06% on annualized basis • Deposits of $9.1 billion; non-maturity are 88% and noninterest-bearing checking are 43%, as percentages of total deposits • Non-maturity deposit growth of $897 million, or an increase of 12.6% compared to Q1 2019 Deposits • Non-maturity deposit growth of $170 million, or an increase of 8.7% annualized compared to Q4 2019 • Average cost of deposits decreased to 0.48% from 0.58% in Q4 2019; cost of deposits was 0.40% at March 31, 2020 • Tangible book value per share of $18.60(1), an increase of 5.9% compared to Q1 2019 Capital • Paid quarterly dividend of $14.9 million, or $0.25 per share 1. Please refer to non-U.S. GAAP reconciliation in appendix 2. Noninterest expense, excluding merger related expense © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 8

CORE EARNINGS AND EFFICIENCIES • Capital generation from pre-tax pre-provision income and operating efficiencies • Since 2013: • Compound annual growth for total revenue of 38% and pre-tax pre-provision income of 45% • Efficiency ratio improved from 64.7% to 52.6% Revenue and Efficiency Ratio Pre-Tax Pre-Provision Income (dollars in millions) 70.0% $600.0 5.00% $235.0 $250.0 $224.1 64.7% 65.0% $494.6 $482.5 $500.0 61.3% 4.00% $192.3 $200.0 $423.7 60.0% 55.9% $400.0 55.0% 53.6% 3.00% $150.0 52.6% $131.7 $278.6 $300.0 2.19% 50.8% 1.99% 2.16% 2.03% 50.0% 51.0% 1.96% 1.94% 51.6% 2.00% 1.84% $100.0 1.62% $172.7 $200.0 $79.0 45.0% $120.7 $52.2 $87.0 1.00% $50.0 $67.3 $100.0 $33.6 40.0% $23.4 35.0% $- 0.00% $- 2013 2014 2015 2016 2017 2018 2019 Q1 2020 2013 2014 2015 2016 2017 2018 2019 Q1 2020 (1) (1) Total Revenue Efficiency Ratio Pre-Tax Pre-Provision Income PTPP / Average Assets Note: Please refer to non-U.S. GAAP reconciliation in appendix for Efficiency Ratio and Pre-Tax Pre-Provision Income 1. Q1 2020 on an annualized basis © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 9

NET INTEREST MARGIN • Stable core net interest margin, despite challenging interest rate environment • 79% of loan portfolio is currently at the floor rate, fixed rate or fixed period adjustable rate loans Reported and Core Net Interest Margin 5.70% 5.59% 5.52% 5.56% 5.57% 5.59% 5.39%5.45% 5.44% 5.50% 5.32% 5.31% 5.27% 5.30% Loan 5.37% 5.34% 4.60% 4.48% 4.43% 4.44% 5.10% 5.28% 5.31% 5.31% 4.37% 4.36% Yields 5.18% 5.18% 5.17% 4.28% 4.33% 4.90% 5.13% 5.08% 4.40% 4.21% 4.25% 4.24% 5.04% 4.18% 4.70% 4.20% 4.24% 4.50% 4.20% 4.18% 4.21% 4.00% 4.12% 4.30% 4.09% 4.06% 4.08% 4.10% 4.08% 3.80% 3.93% 4.10% 3.60% 3.90% 3.70% 3.40% 2013 2014 2015 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 3.20% 2019 2019 2019 2019 2020 3.00% Reported Loan Yield Core Loan Yield (1) 2.80% 2.60% 2013 2014 2015 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 0.80% 0.73% 0.72% 2019 2019 2019 2019 2020 0.70% 0.63% 0.58% 0.60% 0.51% Reported Net Interest Margin Core Net Interest Margin (1) Cost of 0.48% Deposits 0.50% 0.40% 0.34% 0.34% 0.32% 0.28% 0.28% 0.30% 0.20% 0.10% 0.00% 2013 2014 2015 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 2019 2019 2019 2019 2020 Cost of Deposits 1. Please refer to non-U.S. GAAP reconciliation in appendix. Core net interest margin and core loan yield exclude accretion and other one-time adjustments. © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 10

ATTRACTIVE DEPOSIT BASE • 88% of total deposits are non-maturity and 43% are noninterest-bearing checking • $897 million increase in non-maturity deposits since Q1 2019, while CDs decreased $519 million • Deposit mix reflects our relationship-based business model Q1 2020 Change vs. Q1 2019 Deposit Mix (% of Total) % of Cost of Balance Total Deposits (1) $ Amt. % Mone y marke t & Certificates of savings deposit (dollars in thousands) 38% 12% Noninterest-bearing checking $ 3,943,260 43% 0.00% $ 519,367 15.2% Interest checking 577,966 6% 0.43% 17,692 3.2% Money market & savings 3,499,305 38% 0.73% 360,430 11.5% Total non-maturity deposits 8,020,531 88% 0.35% 897,489 12.6% Retail certificates of deposit 897,680 10% 1.49% (109,879) -10.9% Interest Noninterest- Wholesale/brokered certificates of deposit 174,861 2% 2.28% (409,713) -70.1% checking bearing Total certificates of deposit 1,072,541 12% 1.52% (519,592) -32.6% 6% checking 43% Total deposits $ 9,093,072 100% 0.48% $ 377,897 4.3% Cost of Deposits (1) Non-Maturity Deposits (% of Total) Noninterest-Bearing Checking (% of Total) 0.73% 43% 43% 0.72% 88% 88% 0.63% 0.58% 0.48% 85% 41% 82% 82% 39% 39% Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2019 2019 2019 2019 2020 2019 2019 2019 2019 2020 2019 2019 2019 2019 2020 1. Quarterly average cost © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 11

BALANCE SHEET LIQUIDITY • $1.9 billion in cash and securities available for sale, or 15.7% of total assets • $2.6 billion in total borrowing capacity as a source of secondary liquidity, including $2.4 billion FHLB borrowings • 96.3% loan/deposit ratio – lowest ratio at quarter-end since 2014 Cash and Securities Available-for-Sale Cash and Securities Available-for-Sale (% of Total Assets) (dollars in millions) 15.7% $537 14.4% $430 $330 14.3% $378 13.9% $184 $1,258 $1,257 $1,368 $1,338 $1,171 11.7% Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Securities Available-for-Sale Cash Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Loans Held for Investment / Total Deposits FHLB Borrowings (dollars in millions) 101.7% $605 $521 $610 $572 $517 $401 $509 $589 99.0% 98.9% $529 $599 98.0% 96.3% $2,437 $2,196 $2,463 $2,237 $2,404 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Available Capacity, Net Letters of Credit Borrowings Outstanding © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 12

CECL IMPLEMENTATION • Full implementation of CECL in Q1 2020 – PPBI was prepared for CECL and chose not to delay the adoption • PPBI has elected the 2-year delay for regulatory capital ratios; a 5-year total transitionary period • CECL “Day-1” impact of $64.0 million increase to the Allowance for Credit Losses (“ACL”), including $55.7 million for loans outstanding and $8.3 million for unfunded commitments • Provision expense for Q1 of $25.5 million (“Day-2”), driven almost entirely by deteriorating economic forecasts • Allowance for Credit Losses of $115.4 million, which is 1.32% of total loans held for investment • Allowance for Credit Losses plus $35.9 million of fair value marks on acquired loans equals 1.73% of loss absorbing capacity Allowance for Credit Losses Allowance for Credit Losses + Fair Value Mark Total: % of Total Loans Held Unfunded Allowance for Loans Held for for Investment Commitments Credit Losses Balance Investment Beginning Balance, as of 12/31/2019 $ 35,698 $ 3,279 $ 38,977 Allowance for Credit Losses $ 115,422 1.32% Plus: Adoption of CECL ("Day-1") 55,686 8,285 63,971 Plus: Fair Value Mark on Acquired Loans 35,913 0.41% Less: Charge-Offs 1,436 - 1,436 Total Allowance + Fair Value Mark $ 151,335 1.73% Plus: Recoveries 92 - 92 Plus: Provision Expense ("Day-2") 25,382 72 25,454 Ending Balance, as of 3/31/2020 $ 115,422 $ 11,636 $ 127,058 % Increase Since 12/31/2019 223% 255% 226% © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 13

CECL – MODEL ASSUMPTIONS . Life-of-loan CECL reserves Allowance for Credit Losses – by Loan Type ₋ Driven by our portfolio characteristics, risk-grading (dollars in thousands) Day-1 Day-2 methodology, the macro-economic outlook, and 12/31/2019 1/1/2020 3/31/2020 modeling methodology ALLL % of ACL % of ACL % of Balance Loans Balance Loans Balance Loans Investor real estate secured . Key methodology assumptions CRE non-owner occupied $ 1,899 0.09% $ 10,322 0.50% $ 15,896 0.78% Multifamily 729 0.05% 9,903 0.63% 14,722 0.91% ₋ Sophisticated model uses loan-level probability of Construction and land 4,484 1.02% 4,360 0.99% 9,222 2.44% default / loss given default discounted cashflows as the SBA secured by real estate (1) 1,915 2.80% 514 0.75% 935 1.52% primary basis for loss estimation Business real estate secured CRE owner-occupied 2,781 0.15% 22,947 1.24% 26,793 1.42% ₋ Reasonable and supportable weighted, multi-scenario Franchise real estate secured 592 0.17% 5,791 1.64% 7,503 2.02% SBA secured by real estate (2) 2,119 2.40% 4,326 4.89% 4,044 4.84% 2-year economic forecast Commercial loans ₋ 3-year linear reversion to mean historical loss Commercial and industrial 13,857 0.99% 13,944 1.00% 15,742 1.08% Franchise non-real estate secured 5,816 1.03% 15,030 2.66% 16,616 3.03% SBA non-real estate secured 445 2.55% 663 3.80% 516 3.17% . Consumer Updated economic forecast Single family residential 655 0.26% 1,196 0.47% 1,137 0.48% Consumer loans 406 0.80% 2,388 4.68% 2,296 4.90% ₋ Moody’s probability weighted critical pandemic Totals $ 35,698 0.41% $ 91,384 1.05% $ 115,422 1.32% forecast as of March 20th ₋ Subsequently benchmarked against updated Moody’s th “Critical Pandemic” baseline as of March 27 ACL Key Attributions (% of Total) ₋ Key economic inputs include GDP, Unemployment, Day-1 Day-2 and CRE pricing index Acquired portfolios 31% Economic ₋ Based on economic data and forecasts since March forecast st Economic 79% 31 , likely higher provisioning at June 30, 2020 forecast Portfolio / Life of 6% Asse t Qua lity loan changes loss -4% 50% Unfunded 1. SBA loans that are collateralized by hotel/motel real property Commitments Qual. economic 2. SBA loans that are collateralized by real property other than hotel/motel real property 13% factors © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 25% 14

LOAN PORTFOLIO COMPOSITION • Diversified loan portfolio with $8.8 billion loans outstanding • 76.4% of loan portfolio is real estate secured SBA non-real estate secured Single family residential Weighted 2.7% 0.2% Consumer % of Average 0.5% Franchise non-real Balance Total Rates (1) estate secured (dollars in thousands) 6.2% CRE non- Investor real estate secured Commercial owner CRE non-owner occupied $ 2,040,198 23.3% 4.50% Loans by and industrial occupied 16.7% 23.3% Multifamily 1,625,682 18.6% 4.27% Type Construction and land 377,525 4.3% 5.76% SBA secured by real estate (3) SBA secured by real estate (2) 61,665 0.7% 6.49% 1.0% Total investor real estate secured 4,105,070 46.9% 4.56% Multifamily Franchise 18.6% real estate CRE owner- Business real estate secured secured occupied 4.2% 21.6% CRE owner-occupied 1,887,632 21.6% 4.77% Construction and land Franchise real estate secured 371,428 4.2% 5.30% 4.3% SBA secured by real estate (3) 83,640 1.0% 6.67% SBA secured by real estate (2) Total business real estate secured 2,342,700 26.8% 4.92% 0.7% Commercial Commercial and industrial 1,458,969 16.7% 4.75% Franchise non-real estate secured 547,793 6.2% 5.71% WA Other States 1.5% SBA non-real estate secured 16,265 0.2% 6.86% 16.3% Los Angeles 22.3% NV Total commercial 2,023,027 23.1% 5.02% 2.2% Loans by Total Consumer AZ 5.4% Geography* California Single family residential 237,180 2.7% 4.65% Other CA Orange 74.7% 5.2% County Consumer 46,892 0.5% 3.26% Ventura 11.7% 1.4% Total consumer 284,072 3.2% 4.43% Santa Riverside Barbara San 8.8% Total loans held for investment $ 8,754,869 100.0% 4.76% 4.9% Diego San Luis 8.1% Obispo San Bernardino Note: SBA loans are unguaranteed portion and represent approximately 20% of principal balance for the respective borrower 6.8% 5.5% 1. As of 3/31/2020 and excluding the impact of fees, discounts and premiums *Based on state of primary real property collateral if available, otherwise borrower address is used. All California 2. SBA loans that are collateralized by hotel/motel real property information is for respective county. 3. SBA loans that are collateralized by real property other than hotel/motel real property © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 15

INVESTOR REAL ESTATE SECURED: CRE NON-OWNER OCCUPIED Portfolio Characteristics – CRE Non-Owner Occupied Other Hotel and Loan Balance Outstanding* $2.0 billion 16% Motel 17% Number of Loans 1,158 By Industrial Average Loan Size $1.8 million 12% Property Retail Type 26% Loan-to-Value (Weighted Average) 50% DSCR (Weighted Average) 2.2x Office 29% Seasoning (Weighted Average) 45 months Net Charge-Offs in 2019 0.03% *Excludes SBA loans WA Portfolio Fundamentals 2% Other NV States 3% Los 8% • Loans to seasoned owners and managers of income producing real estate Angeles AZ 20% who have weathered past downturns 10% • Core competency for PPBI, an asset class which performed well for the bank By Other CA 4% during the Great Recession of 2008 Geography Orange (1) Ventura County 1% 12% • Secured by seasoned properties with stabilized cash flows Santa Barbara • Properties located in job centers, with emphasis on metro markets and 5% San Luis supporting suburbs, primarily in California and Western states Obispo Riverside 12% San Diego 6% 12% • Strong underwriting standards with minimum DSCR of 1.25x and maximum loan-to-value of 75%, majority with personal guarantees San Bernardino 4% • Global cash flow and global DSCR for all loans over $1 million • Disciplined underwriting uses the lesser of actual or market rents and market vacancy, not projections or pro formas 1. Based on state of primary real property collateral if available, otherwise borrower address is • 79% of loans are to borrowers who maintain a deposit relationship used. All California information is for respective county. © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 16

INVESTOR REAL ESTATE SECURED: CRE NOO RETAIL AND OFFICE Portfolio Characteristics – Retail and Office CRE NOO WA Other Los Angeles Retail Office 2% States 30% 9% Loan Balance Outstanding* $529 million $592 million NV Retail: 4% Number of Loans 329 246 Orange By AZ 10% County Average Loan Size $1.6 million $2.4 million Geography Other CA 6% (1) 4% Loan-to-Value (Weighted Average) 47% 55% Ventura Riverside San 2% 9% DSCR (Weighted Average) 2.3x 1.9x Diego Santa Barbara 7% Seasoning (Weighted Average) 45 months 35 months San Bernardino 4% San Luis Obispo 4% 8% Net Charge-Offs in 2019 0.00% 0.00% *Excludes SBA loans WA Other Los Angeles Portfolio Fundamentals 2% States 17% 8% NV Office: 3% • Disciplined underwriting uses the lesser of actual or market rents and market vacancy, while considering lease expirations, rollover risk and capital costs AZ Orange By Other CA 8% County Retail Geography 1% 23% (1) • PPBI lends on seasoned Class B and C neighborhood centers in well Ventura 1% established higher density markets San Luis Santa • No exposure to malls and minimal exposure to big-box retailers Obispo San Riverside Barbara 14% Diego 5% 4% 9% Office San Bernardino 4% • PPBI lends on seasoned Class B and C properties located near job centers, with emphasis on metro markets and supporting suburbs • Properties are generally low-rise and garden-style, with minimal exposure to 1. Based on state of primary real property collateral if available, otherwise borrower address is used. All California information is for respective county. Class A high-rise projects © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 17

INVESTOR REAL ESTATE SECURED: CRE NOO / SBA HOTEL / MOTEL Portfolio Characteristics – Hotel / Motel CRE, non-SBA Loan Balance Outstanding, Total $418 million 85% CRE, non-SBA SBA SBA vs. Loan Balance Outstanding $356 million $62 million non-SBA Number of Loans 112 111 SBA 15% Average Loan Size $3.2 million $555,000 Loan-to-Value (Weighted Average) 47% 70% DSCR (Weighted Average) 2.0x 1.5x Seasoning (Weighted Average) 57 months 33 months Net Charge-Offs in 2019 0.18% 1.08% NV 3% Los Angeles Other States 5% 18% Portfolio Fundamentals AZ 8% Orange County Other CA 7% • No exposure to large conference center hotels, large resorts or casinos 7% By Geography Riverside • Mix of flagged properties and boutique hotels without significant exposure to (1) 4% Santa central business districts Barbara San • Loans to seasoned hotel operators, generally with significant resources and 9% Bernardino San Luis San Diego experience weathering past downturns Obispo 20% 1% 19% • Underwriting consistent with management’s conservative approach to Investor Secured CRE, emphasizing actual results and not relying on projections or positive market trends Note: SBA loans are unguaranteed portion and represent approximately 20% of principal balance for the respective borrower • SBA represents the retained, unguaranteed portion of approximately 20% of 1. Based on state of primary real property collateral if available, otherwise borrower address is used. All California information is for respective county. the total outstanding balance © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 18

INVESTOR REAL ESTATE SECURED: MULTIFAMILY Portfolio Characteristics – Multifamily Geographic Distribution Loan Balance Outstanding $1.6 billion Number of Loans 818 Average Loan Size $2.0 million Loan-to-Value (Weighted Average) 57% Other DSCR (Weighted Average) 1.7x States 15% Los Angeles 35% Seasoning (Weighted Average) 35 months WA4% NV 4% Net Charge-Offs in 2019 0.00% AZ 7% Portfolio Fundamentals Other CA Orange 8% County San 7% • Loans to seasoned owners of multifamily properties with significant operating Diego 9% experience Santa Barbara • Core competency for PPBI, an asset class which performed well for the bank Riverside 1% during the Great Recession of 2008 5% San Luis San Bernardino • Disciplined underwriting uses the lesser of actual or market rents and market Obispo 4% 1% vacancy, not projections or positive market rent trends • Loans are typically guaranteed by principals or entities with significant net worth and liquidity • Limited non-recourse lending reflects seasoned stabilized properties with modest leverage and strong operating results • 71% of multifamily loans are secured by real estate is in California © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 19

INVESTOR REAL ESTATE SECURED: CONSTRUCTION AND LAND Strong collateral, with disciplined underwriting and diligent project management Portfolio Characteristics – Construction and Land Residential 62.6% Loan Balance Outstanding $378 million % Utilization of Commitments* 64.1% Land By Property Industrial 1.1% 7.5% Type Number of Loans 186 Office 1.5% Average Loan Size $2.0 million Retail 3.9% Loan-to-Cost (Weighted Average)* 69% Multifamily 14.7% Hotel and Motel Loan-to-Value (Weighted Average)* 57% 8.6% Net Charge-Offs in 2019 0.00% *Utilization, loan-to-value and loan-to-cost for construction loans, excluding $28 million of land loans Other States Portfolio Fundamentals 6.0% AZ Los Angeles WA 0.8% 54.9% 1.2% • Minimum of 25% hard cash equity required in all loans Other CA 1.7% • Loans are full recourse with strong and experienced sponsorship By Santa Barbara Geography 0.7% • Internal fund control to monitor and oversee every project San San Luis Obispo Diego 4.0% 12.2% • Consistent and frequent site inspections Orange San Bernardino County • Third party cost and budget analysis with appropriate contingency reserves 1.7% 13.7% Riverside • No land or large scale tract development – residential projects are generally 3.0% coastal markets and infill locations © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 20

BUSINESS REAL ESTATE SECURED: CRE OWNER OCCUPIED Portfolio Characteristics – CRE Owner Occupied Accommodation and Other Food Services Real Estate Services 6% Loan Balance Outstanding* $1.9 billion 10% 9% Construction 6% Retail Number of Loans 1,569 Trade 12% Educational Services By 5% Average Loan Size $1.2 million Industry(1) Agriculture Health 5% Loan-to-Value (Weighted Average) 53% Care 13% Wholesale Trade 5% DSCR (Weighted Average) 1.9x Professional Services Manufacturing 5% 13% Seasoning (Weighted Average) 43 months Entertainment 3% Other Financial Net Charge-Offs in 2019 0.00% 1% Transport and Services Administrative Warehouse 3% and Support 2% *Excludes SBA and Franchise loans 2% Other States 1% WA 1% NV Los Angeles 2% 21% AZ 5% Portfolio Fundamentals Orange Other CA County By 7% 10% • Business loans backed by owner occupied commercial real estate Geography (2) Ventura 3% • Properties located in job centers, with emphasis on metro markets and Santa Barbara supporting suburbs, primarily in California and Western states 8% Riverside 17% San Luis • Relationship borrowers who are core banking clients of PPBI Obispo 9% San San Diego Bernardino • Repayment based on operating cash flows of the business 7% 11% • Disciplined underwriting based on actual results, not projections 1 Distribution by North American Industry Classification System (NAICS) 2. Based on state of primary real property collateral if available, otherwise borrower address is used. All California • Diversified by industry and geography information is for respective county. © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 21

COMMERCIAL AND INDUSTRIAL Portfolio Characteristics – Commercial and Industrial Financial Services Manufacturing Loan Balance Outstanding* $1.5 billion 11% 10% Construction 14% Professional Services Number of Loans 5,245 8% By Average Loan Size $278,000 (1) Industry Agriculture Real 8% Estate Number of Relationships 3,561 15% Other Other Services Average Relationship Size $819,000 8% 3% Health Care Administrative and Support 6% Net Charge-Offs in 2019 0.15% 2% Wholesale Trade *Excludes SBA and Franchise loans Entertainment 5% 2% Transport and Warehouse Retail Trade Accommodation and 2% 2% Food Services 3% WA 1% Los Angeles Other 17% NV States Portfolio Fundamentals 2% AZ 8% 3% Other CA • Lending focused on small and middle market businesses 4% Orange Ventura County • Diversified by industry and geography By 2% 23% Geography Santa (2) Barbara • 96% of borrowers have a deposit relationship 8% • Repayment based on operating cash flows of the business San Luis Obispo San Riverside 6% Diego 13% 7% • Disciplined underwriting based on actual results, not projections San Bernardino 5% • Minimal exposure to syndicated or leveraged loans 1 Distribution by North American Industry Classification System (NAICS) 2. Based on state of primary real property collateral if available, otherwise borrower address is used. All California information is for respective county. © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 22

FRANCHISE LOANS Portfolio Characteristics – Franchise Loans Franchise portfolio consists of loans to QSRs, a well defined segment with a history of Loan Balance Outstanding $919 million resiliency in a recessionary environment % of Loans Secured by Real Estate Collateral 40% Number of Relationships 227 Jack In Average Relationship Size $4.0 million The Box Other 3% 18% Domino's Average Length of Relationship 41 months 3% Burger King Zaxby's Number of Loans 881 By 20% Franchise 4% (1) Average Loan Size $1.0 million Concepts Denny's 4% FCCR* (Weighted Average) 1.5x Popeye's Dunkin' 16% Wendy's 7% Net Charge-Offs in 2019 0.27% 5% KFC Sonic 9% 12% * Fixed Charge Coverage Ratio includes certain fixed expenses in the denominator and is a more conservative measure than DSCR Portfolio Fundamentals TX 12% • 91% of Franchise portfolio are Quick Service Restaurant (“QSR”) brands, fast food with national scale and the resources to innovate and command market share Other CA • Remaining 9% of Franchise portfolio are loans to Casual Dining and Fast Casual States 12% By 31% • Well diversified by brand, guarantors, geography and collateral type (CRE and C&I) Geography (2) NJ • 81% of the QSR franchise concepts in our portfolio profile to have drive-thru, takeout 12% and/or delivery capabilities(3) • Borrowers have over 22 years of operating experience on average, and each borrower MI FL 3% NC 6% operates over 20 store locations on average OH IL NY 6% 5% 6% • Principals provide personal guarantees and all related loans are cross collateralized and 3% GA cross defaulted 4% • Highly disciplined approach, maintain well-defined market niche with minimal exceptions 1 Other category includes 19 different concepts, none of which is more than 3% 2. Based on state of primary real property collateral if available, otherwise borrower address. Other • Tenured team of bankers experienced multiple economic/brand cycles category includes 27 different states, none of which is more than 2%. 3. Based upon 2019 industry off-premise statistics compiled by Restaurant Research. • On-going portfolio management and communication with owner operators © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 23

LINE UTILIZATION Monitoring the portfolio and line draws – utilization remains relatively stable Commercial & Industrial Lines of Credit (dollars in millions) $1,923 $1,949 $1,951 $1,936 $1,915 $1,813 50.6% 45.7% 43.6% 44.3% 41.1% 38.9% $878 $850 $848 $918 $802 $753 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 Commitment Outstanding Utilization % Construction Lines of Credit (dollars in millions) $954 $927 $840 $805 63.0% 64.1% 58.9% 61.2% 61.0% $670 55.9% $533 $546 $548 $514 $491 $422 $351 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 Commitment Outstanding Utilization % © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 24

DELINQUENT LOANS Minor increase in Q1 2020 still reflects low portfolio delinquency 30-59 Days Past Due (% of Total Loans) 60-89 Days Past Due (% of Total Loans) 0.12% 0.08% 0.09% 0.03% 0.04% 0.04% 0.02% 0.02% 0.01% 0.02% 0.01% 0.02% 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 90+ Days Past Due (% of Total Loans) Total Delinquent Loans / Allowance for Credit Losses 53.5% 41.5% 38.5% 0.22% 35.6% 32.1% 0.13% 0.11% 0.07% 0.07% 25.0% 0.05% 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 25

ASSET QUALITY TRENDS Highly disciplined credit risk management, proactive loss mitigation strategies Special Mention Loans (% of Total Loans) Substandard Loans (% of Total Loans) 0.69% 0.63% 0.59% 0.62% 0.52% 0.42% 0.44% 0.45% 0.36% 0.29% 0.20% 0.24% 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 Nonperforming Loans (% of Total Loans) Annualized Net Charge-Offs (% of Average Loans) 0.24% 0.14% 0.16% 0.09% 0.09% 0.10% 0.06% 0.11% 0.06% 0.05% 0.01% 0.01% 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 26

Acquisition of Opus Bank

OPUS ACQUISITION REMAINS ON TRACK Acquisition • Financial and strategic rationale for the acquisition of Opus remains intact – a stronger combined franchise Highlights • Diversification of loan portfolio, core deposit funding, product offering, geography and revenue mix • Greater operational scale, increased efficiencies and strong pro forma capital ratios • $20 billion pro forma assets with footprint in some of the most attractive metropolitan markets in Western U.S. Response to • Transaction remains on track – no expected delays COVID-19 • PPBI has been in constant communication with Opus • Integration teams are preparing for closing and systems conversion Timing • Publicly announced acquisition on February 3rd • Federal Reserve, CA Department of Business Oversight and FDIC approvals were received in April • Shareholder meetings for PPBI and Opus are set for May 5th • Expect the transaction to close effective June 1st, subject to the receipt of shareholder approvals and satisfaction of customary closing conditions • Systems conversion planned for early fourth quarter of 2020 Consideration • 100% stock • 0.90x shares of PPBI common stock for each share of Opus common stock (on an as-converted basis) – fixed exchange ratio, no caps or collars • ~34.7 million shares issued to Opus shareholders © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 28

OVERVIEW OF OPUS BANK Overview Branch Network • Opus is a commercial bank headquartered in Irvine, California with $8.4 billion in assets, $6.0 billion in loans and $6.7 billion in deposits 16 Washington Primarily in Seattle MSA (15) Business Lines 1 Oregon • Opus is one of the leading multifamily lenders in the Western U.S. Portland • Full suite of commercial banking products focused on small to middle market businesses, including C&I, owner-occupied CRE and SBA loans • PENSCO is a wholly-owned subsidiary of Opus and IRA custodian for alternative assets offering attractive, low-cost deposit funding and fee income 3 Northern California San Francisco (3) • Commerce Escrow division is a Los Angeles-based escrow company and 1031 exchange accommodator - increasing specialty deposit capability 25 Southern California and fee income Los Angeles-Orange (20) San Diego (3) Branch Footprint Riverside-San Bernardino (2) 1 • 7 of 9 geographic regions will rank in top-10 for deposit market share 1 Arizona Scottsdale Mitigated Risk Pro Forma Deposits by Region Top-10 % of • Simplified business model over the last few years – de-risked balance Region Branches Rank1 Deposits ($B) Total sheet Los Angeles-Orange MSA 32 $9.1 60% Central Coast California 11 $1.8 12% • Management exited Enterprise Value Loans, Healthcare Practice Riverside-San Bernardino MSA 11 $1.3 8% Loans, and Technology Banking Seattle MSA 16 $1.2 8% San Diego MSA 8 $0.8 5% Arizona 4 $0.6 4% Portland MSA 2 $0.2 1% Note: All dollars in millions. Financial information as of 3/31/2020 Las Vegas MSA 1 $0.1 1% 1. Based on FDIC data as of June 30, 2019. Rank excludes CCAR designated banks and foreign San Francisco MSA 3 $0.1 1% owned subsidiaries Total 88 $15.2 100% © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 29

DIVERSIFIED LOAN PORTFOLIO Pro Forma Multifamily Non-Owner Multifamily 37.6% 1-4 Family Multifamily 65.3% 1-4 Family 18.6% Occupied CRE 2.7% 24.0% 1-4 Family 1.9% 0.8% Construction & Construction & Construction & Land Land Land Non-Owner 4.3% 2.9% 0.8% Occupied CRE Consumer & Consumer & 19.4% Other Consumer & Other C&I Other 0.5% 15.0% C&I C&I Owner-Occupied 0.1% 0.3% 19.8% Owner-Occupied 23.1% CRE 26.8% CRE 18.0% Non-Owner Owner-Occupied Occupied CRE CRE 12.7% 5.2% Gross Loans: $8.8 Billion Gross Loans: $6.0 Billion Gross Loans: $14.7 Billion Loan Yield: 5.27% Loan Yield: 4.13% Loan Yield: 4.81% NPAs/Assets: 0.18% NPAs/Assets: 0.07% NPAs/Assets: 0.13% • Attractive credit quality and risk adjusted returns on • Continuing momentum to grow middle-market banking loan portfolio practice – will benefit from larger pro forma balance sheet • Diversifies portfolio concentrations across type, • Multifamily loans are geographically diversified in West geography and industry Coast metropolitan areas • Differentiated specialty lending verticals and expertise • Right-size concentration in multifamily; PPBI has 20+ year history in multifamily lending Note: Financial information as of 3/31/2020 © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 30

ATTRACTIVE FUNDING PROFILE Pro Forma Noninterest- NOW & Interest- Bearing Demand Bearing Demand Noninterest- 12.5% 20.7% Bearing Demand Noninterest- 43.4% Bearing Demand 30.3% CDs 12.6% NOW & CDs Interest- 11.8% Bearing Demand NOW & Interest- 40.1% CDs Bearing Demand 12.2% MMDA & 6.4% MMDA & MMDA & Savings 34.8% Savings Savings 36.9% 38.5% Total Deposits: $9.1 Billion Total Deposits: $6.7 Billion Total Deposits: $15.8 Billion Cost of Deposits: 0.48% Cost of Deposits: 0.91% Cost of Deposits: 0.66% • $1.8 billion in deposits with a blended deposit cost of • Greater deposit diversification 0.04% from PENSCO and Commerce Escrow divisions • Ability to run-off and replace Opus’ higher-cost funding • Strong pro forma core deposit franchise with core deposits at PPBI Note: Financial information as of 3/31/2020 © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 31

DIVERSIFYING PPBI’S REVENUE STREAM Noninterest Income ($MM) • 3x increase in PPBI’s pro forma noninterest income to 0.45% 0.42% $100 ~$82 million(1) $90 0.40% $80 0.35% $82 $70 • 11% of pro forma operating revenue from noninterest 0.30% $60 income 0.23% $50 0.25% $56 $40 • $1.8 billion in deposits with a blended deposit cost of 0.20% $30 $20 0.04% from PENSCO and Commerce Escrow divisions 0.15% $27 $10 0.10% $- • Meaningful opportunities to expand both lines of PPBI OPB Pro Forma (1) business over time Noninterest Income Noninterest Income / Average Assets Specialized Lines of Business Pro Forma Operating Revenue Opus Noninterest Income Mix (% of Total) (% of Total) PENSCO Trust Commerce Escrow A division of Opus Bank A division of Opus Bank PENSCO Fees 21% 53% • IRA custodian for alternative assets, • Escrow company with 1031 exchange such as private equity or real estate practice held in retirement accounts • Synergies with PPBI’s existing escrow deposit business 11% $56MM • $14 billion in assets under custody Escrow & Annualized • 45,000 customer accounts • Provides the bank with $500 million in Exchange Q1 2020 BOLI deposits at 0.09% cost of funds 6% 11% 8% • Stable source of low-cost core deposits Deposit • $6 million in fee income for Q1 2020 Fees Other • $29 million fee income for Q1 2020 on 10% on annualized basis 19% annualized basis • Acquired by Opus in 2015 PPBI OPB Pro Forma (1) • Acquired by Opus in 2016 Note: All dollars in millions. Financial information for three months ended 3/31/2020. Note: Noninterest income excludes gain on sale of investment securities. 1. Pro forma includes $1.0 million reduction in interchange fees due to Durbin Amendment © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 32

PPBI’s Key Attributes

CULTURE AT PACIFIC PREMIER BANK Our culture is defined by our Success Attributes • Our achievements are how we are measured individually and as an organization. Hard work and good intentions Achieve are important, but we are measured on our results. Communicate • By over communicating and collaborating with each other, we make better decisions. Improve • Having a winning attitude means understanding we can always do better both personally and as an organization Integrity • We conduct business in the right way and take responsibility for our actions. We are transparent. Urgency • We operate with a sense of urgency by making decisions today, not tomorrow. Our clients and colleagues deserve nothing less. © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 34

ENVIRONMENTAL, SOCIAL, GOVERNANCE Corporate giving and We believe in doing our part to strengthen our communities through responsible employee business practices, robust responsibility is a pillar of corporate governance and shareholder friendly policies. our business culture 2019 Highlights(1): Our employees are leaders working with our 300+ community partners: #1 Rating ISS Composite QualityScore for Governance $2,961,972 Charitable Community Support Serve on Boards Provide financial and Promote community and committees technical expertise development missions 5,196 Volunteer Hours 3,959 466 2019 Recycling By shredding Trees Barrels of Oil 465,765 233 and recycling Pounds Tons we have saved: 699 1,630,176 Cubic Yards Gallons of Water of Landfill 1. Data from 1/1/2019-12/31/2019 © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 35

CONCLUDING THOUGHTS  We have maintained a strong credit culture in both good times and bad  Enterprise-wide risk management has been, and continues to be a key strength of our organization  Financial results remain solid – strong capital ratios and core earnings  Our culture differentiates us and drive fundamentals for all stakeholders  We believe we are well-positioned to take advantage of opportunities which arise from this economic crisis  Shareholder value is our key focus – building long term value for our owners © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 36

Appendix Material

NON-U.S. GAAP FINANCIAL MEASURES Tangible common equity to tangible assets (the "tangible common equity ratio") and tangible book value per share are a non-U.S. GAAP financial measures derived from U.S. GAAP-based amounts. We calculate the tangible common equity ratio by excluding the balance of intangible assets from common stockholders' equity and dividing by tangible assets. We calculate tangible book value per share by dividing tangible common equity by common shares outstanding, as compared to book value per common share, which we calculate by dividing common stockholders’ equity by common shares outstanding. We believe that this information is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Accordingly, we believe that these non-U.S. GAAP financial measures provide information that is important to investors and that is useful in understanding our capital position and ratios. However, these non-U.S. GAAP financial measures are supplemental and are not a substitute for an analysis based on U.S. GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-U.S. GAAP measure of tangible common equity ratio to the U.S. GAAP measure of common equity ratio and tangible book value per share to the U.S. GAAP measure of book value per share are set forth below. March 31, December 31, March 31, 2019 2019 2020 Total stockholders' equity $ 2,007,064 $ 2,012,594 $ 2,002,917 Less: Intangible assets (904,846) (891,634) (887,671) Tangible common equity $ 1,102,218 $ 1,120,960 $ 1,115,246 Total assets $ 11,580,495 $ 11,776,012 $ 11,976,209 Less: Intangible assets (904,846) (891,634) (887,671) Tangible assets $ 10,675,649 $ 10,884,378 $ 11,088,538 Common Equity ratio 17.33% 17.09% 16.72% Less: Intangible equity ratio (7.01%) (6.79%) (6.66%) Tangible common equity ratio 10.32% 10.30% 10.06% Basic shares outstanding 62,773,147 59,506,057 59,975,281 Book value per share $ 31.97 $ 33.82 $ 33.40 Less: Intangible book value per share (14.41) (14.98) (14.80) Tangible book value per share $ 17.56 $ 18.84 $ 18.60 Note: All dollars in thousands, except per share data © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 38

NON-U.S. GAAP FINANCIAL MEASURES For periods presented below, efficiency ratio is a non-U.S. GAAP financial measure derived from U.S. GAAP-based amounts. This figure represents the ratio of noninterest expense less other real estate owned operations, core deposit intangible amortization and merger-related expense to the sum of net interest income before provision for loan losses and total noninterest income, less gains/(loss) on sale of securities, OTTI impairment - securities, gain/(loss) on sale of other real estate owned, and gain / (loss) from debt extinguishment. Management believes that the exclusion of such items from this financial measures provides useful information to gain an understanding of the operating results of our core business. Pre-tax pre-provision income is a non-U.S. GAAP financial measure derived from U.S. GAAP-based amounts. We calculate the pre-tax pre-provision income by excluding income tax, provision for credit losses, and merger related expenses from the net income. Management believes that the exclusion of such items from this financial measures provides useful information to gain an understanding of the operating results of our core business. QTD FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Q1 2020 Total noninterest expense $ 50,815 $ 54,938 $ 73,332 $ 98,063 $ 167,958 $ 249,905 $ 259,065 $ 66,631 Less: CDI amortization 764 1,014 1,350 2,039 6,144 13,594 17,245 3,965 Less: Merger-related expense 6,926 1,490 4,799 4,388 21,002 18,454 656 1,724 Less: Other real estate ow ned operations, net 618 75 121 385 72 4 160 14 Noninterest expense, adjusted $ 42,507 $ 52,359 $ 67,062 $ 91,251 $ 140,740 $ 217,853 $ 241,004 $ 60,928 Net interest income $ 58,444 $ 73,635 $ 106,299 $ 153,075 $ 247,502 $ 392,711 $ 447,301 $ 109,175 Add: Total noninterest income (loss) 8,811 13,377 14,388 19,602 31,114 31,027 35,236 14,475 Less: Net gain (loss) from investment securities 1,544 1,547 290 1,797 2,737 1,399 8,571 7,760 Less: OTTI impairment - securities (4) (29) - (205) 1 4 2 - Less: Net gain (loss) from other real estate ow ned - - - - 46 281 52 - Less: Net gain (loss) from debt extinguishment - - - - - - (612) - Revenue, adjusted $ 65,715 $ 85,494 $ 120,397 $ 171,085 $ 275,832 $ 422,054 $ 474,524 $ 115,890 Efficiency Ratio 64.7% 61.3% 55.9% 53.6% 51.0% 51.6% 50.8% 52.6% QTD QTD FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Q1 2020 Q1 2020(1) Interest income $63,800 $81,339 $118,356 $166,605 $270,005 $448,423 $526,107 $123,789 $495,156 Interest expense 5,356 7,704 12,057 13,530 22,503 55,712 78,806 14,614 58,456 Net interest income 58,444 73,635 106,299 153,075 247,502 392,711 447,301 109,175 436,700 Noninterest income 8,811 13,377 14,388 19,602 31,114 31,027 35,236 14,475 57,900 Revenue 67,255 87,012 120,687 172,677 278,616 423,738 482,537 123,650 494,600 Noninterest expense 50,815 54,938 73,332 98,063 167,958 249,905 259,065 66,631 266,524 Add: Merger related expense 6,926 1,490 4,799 4,388 21,002 18,454 656 1,724 6,896 Pre-tax pre-provision income $23,366 $33,564 $52,154 $79,002 $131,660 $192,287 $224,128 $58,743 $234,972 Note: All dollars in thousands 1. Annualized © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 39

NON-U.S. GAAP FINANCIAL MEASURES Core net interest income and core net interest margin are non-GAAP financial measures derived from GAAP-based amounts. We calculate core net interest income by excluding scheduled accretion income, accelerated accretion income, premium amortization on CD and nonrecurring nonaccrual interest paid from net interest income. The core net interest margin is calculated as the ratio of core net interest income to average interest-earning assets. Management believes that the exclusion of such items from this financial measure provides useful information to gain an understanding of the operating results of our core business. Core loan interest income and core loan yields are non-GAAP financial measures derived from GAAP-based amounts. We calculate core loan interest income by excluding scheduled accretion income, accelerated accretion income and nonrecurring nonaccrual interest paid from loan interest income. The core loan yield is calculated as the ratio of core loan interest income to average loans. Management believes that the exclusion of such items from this financial measure provides useful information to gain an understanding of the operating results of our core business. March 31, June 30, September 30, December 31, March 31, 2013 2014 2015 2016 2017 2018 2019 2019 2019 2019 2020 Net interest income $58,444 $73,635 $106,299 $153,075 $247,502 $392,711 $111,406 $110,641 $112,335 $112,919 $109,175 Less: Accretion income 3,241 1,927 4,387 9,178 12,901 16,082 3,805 4,950 6,026 5,828 4,105 Less: Premium amortization on CD 139 143 200 411 969 1,551 201 124 124 72 63 Less: Nonrecurring nonaccrual interest paid - - - - - - 161 107 37 168 - Core net interest income $55,064 $71,565 $101,712 $143,486 $233,632 $375,078 $107,239 $105,460 $106,148 $106,851 $105,007 Average interest-earning assets $1,399,806 $1,750,871 $2,503,009 $3,414,847 $5,583,774 $8,836,075 $10,339,248 $10,363,988 $10,228,878 $10,347,009 $10,363,570 Net interest margin 4.18% 4.21% 4.25% 4.48% 4.43% 4.44% 4.37% 4.28% 4.36% 4.33% 4.24% Core net interest margin 3.93% 4.09% 4.06% 4.20% 4.18% 4.24% 4.21% 4.08% 4.12% 4.10% 4.08% March 31, June 30, September 30, December 31, March 31, 2013 2014 2015 2016 2017 2018 2019 2019 2019 2019 2020 Loan interest income $58,089 $75,751 $111,097 $157,935 $251,027 $415,410 $121,476 $121,860 $122,974 $119,353 $113,265 Less: Loan accretion 3,241 1,927 4,387 9,178 12,901 16,082 3,805 4,950 6,026 5,828 4,105 Less: Nonrecurring nonaccrual interest paid - - - - - - 161 107 37 168 - Core loan interest income $54,848 $73,824 $106,710 $148,757 $238,126 $399,328 $117,510 $116,803 $116,911 $113,357 $109,160 Average loans $1,039,654 $1,424,727 $2,061,788 $2,900,379 $4,724,808 $7,527,004 $8,867,159 $8,779,440 $8,728,536 $8,700,690 $8,645,252 Loan yield 5.59% 5.32% 5.39% 5.45% 5.31% 5.52% 5.56% 5.57% 5.59% 5.44% 5.27% Core loan yield 5.28% 5.18% 5.18% 5.13% 5.04% 5.31% 5.37% 5.34% 5.31% 5.17% 5.08% Note: All dollars in thousands © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 40

XML

Cover Page Cover Page	Apr. 24, 2020
Cover [Abstract]
Document Type	8-K
Document Period End Date	Apr. 24, 2020
Entity Registrant Name	PACIFIC PREMIER BANCORP INC
Entity Central Index Key	0001028918
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity File Number	0-22193
Entity Tax Identification Number	33-0743196
Entity Address, Address Line One	17901 Von Karman Avenue
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92614
City Area Code	949
Local Phone Number	864-8000
Written Communications	true
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	PPBI
Security Exchange Name	NASDAQ