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)		July 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 July 27, 2020, Pacific Premier Bancorp, Inc. ("PPBI") issued a press release setting forth its (unaudited) financial results for the second 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 June 30, 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 July 24, 2020, PPBI’s Board of Directors declared a $0.25 per share dividend, payable on August 14, 2020 to stockholders of record on August 7, 2020.

ITEM 9.01           FINANCIAL STATEMENTS AND EXHIBITS

99.1	Press Release dated July 27, 2020.
99.2	Investor Presentation, Second 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:	July 27, 2020	By:	/s/ STEVEN R. GARDNER
			Steven R. Gardner
			Chairman, President and Chief Executive Officer

EX-99.1

Exhibit 99.1

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

Second Quarter 2020 Summary

•Net loss of $99.1 million, or $1.41 per diluted share

•Pre-provision net revenue ("PPNR") of $60.6 million, excluding $39.3 million of merger-related expense

•Net interest margin of 3.79% and core net interest margin of 3.59%

•Nonperforming assets represent 0.17% of total assets

•Allowance for credit losses (“ACL”) to total loans held for investment of 2.02% at June 30, 2020 excluding Small Business Administration’s Paycheck Protection Program (“PPP”) loans totaling $1.12 billion

•Loans held for investment include fair value discount of $144.5 million, or 1.03%, as of June 30, 2020

•Non-maturity deposits of $15.1 billion, or 89% of total deposits

•Noninterest bearing deposits represent 35% of total deposits

•Cost of deposits of 0.32% in the second quarter, compared with 0.48% in the prior quarter

•Closed the acquisition of Opus Bank (“Opus”) effective June 1, 2020; systems integration scheduled for first week in October 2020

•Completed an offering of subordinated notes for gross proceeds of $150 million

        Irvine, Calif., July 27, 2020 -- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company” or “Pacific Premier”), the holding company of Pacific Premier Bank (the “Bank”), reported a net loss of $99.1 million, or $1.41 per diluted share, for the second quarter of 2020, compared with net income of $25.7 million, or $0.43 per diluted share, for the first quarter of 2020 and net income of $38.5 million, or $0.62 per diluted share, for the second quarter of 2019. Financial results for the second quarter of 2020 reflected a current period provision for credit losses of $160.6 million, of which $84.4 million was a result of the initial establishment of the Day 1 reserves required by the current expected credit losses (“CECL”) methodology in conjunction with the closing of the Opus acquisition, and $76.2 million primarily related to the deteriorating economic forecast utilized by the Company in its CECL model. Additionally, the Company incurred merger related costs of $39.3 million with the closing of the Opus acquisition during the quarter.

The Company completed the acquisition of Opus effective June 1, 2020. The Company's financial statements for the second quarter include 30 days of Opus's operations, post-merger, which impacts the comparability of the current quarter's results to prior periods. At closing, Opus had $8.32 billion in total assets, $5.94 billion in gross loans and $6.91 billion in total deposits.

        For the three months ended June 30, 2020, the Company’s return on average assets (“ROAA”) was (2.61)%, return on average equity (“ROAE”) was (17.76)% and return on average tangible common equity (“ROATCE”) was (29.40)%, compared to 0.89%, 5.05% and 9.96%, respectively, for the first quarter of 2020 and 1.33%, 7.71% and 15.16%, respectively, for the second quarter of 2019. Total assets were $20.5 billion at June 30, 2020, compared with $12.0 billion at March 31, 2020 and $11.8 billion at June 30, 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, “Our team is functioning at a high level and driving solid results. Notwithstanding the impact of the merger and COVID-19 related items, we accomplished a great deal during the second quarter.

1

“On June 1st, we successfully closed the acquisition of Opus, our 11th acquisition and the largest in our history. As a result, we incurred costs in connection with the new accounting standard under CECL, along with the impacts of fair value accounting. As a result, the Company's loss absorbing capacity, loan loss reserves and loan fair value discounts combined, is in excess of 3% of loans held for investment. Given our strong capital position and our expectations around the future performance of the Company, we are pleased to announce the Board's approval of a $0.25 dividend.

“During the second quarter, we initiated a well structured COVID-19 loan modification program to assist those clients that had been temporarily impacted by the pandemic. At quarter-end, we had approximately $2.25 billion, or 14.9%, of the loan portfolio under some form of temporary modification. As of July 24th, we have contacted 63% of the approximately 1,400 customers with loan modifications, and 87% have stated they intend to resume regularly scheduled payments when the modification period expires. Notably, our asset quality metrics remain strong across the spectrum of our loan portfolio.

“Despite the challenges created by the pandemic, the integration of the Pacific Premier and Opus teams is progressing well. The systems conversion will occur in early October at which time we will consolidate 20 branch offices to further drive our overall efficiencies. We are currently on pace to recognize greater cost savings from the acquisition than previously anticipated and, with the addition of key Opus personnel, our team has never been more capable."

Mr. Gardner concluded, “As we enter the second half of 2020, there remains a high level of economic uncertainty, but we are well positioned from a capital, earnings and risk perspective to take advantage of opportunities as they arise.”

2

FINANCIAL HIGHLIGHTS

	Three Months Ended
	June 30,			March 31,			June 30,
	2020			2020			2019
Financial Highlights	(Dollars in thousands, except per share data)
Net (loss) income	$	(99,091)		$	25,740		$	38,527
Diluted (loss) earnings per share	(1.41)			0.43			0.62
Pre-provision net revenue (1)	$	60,566		$	58,743		$	53,034
Return on average assets	(2.61)		%	0.89		%	1.33		%
Return on average equity	(17.76)			5.05			7.71
Return on average tangible common equity (1)	(29.40)			9.96			15.16
Pre-provision net revenue on average assets (1)	1.60			2.03			1.83
Net interest margin	3.79			4.24			4.28
Core net interest margin (1)	3.59			4.08			4.08
Cost of deposits	0.32			0.48			0.73
Efficiency ratio (2)	52.9			52.6			51.1
Total assets	$	20,517,074		$	11,976,209		$	11,783,781
Total deposits	16,976,693			9,093,072			8,861,922
Non-maturity deposits as a percent of total deposits	89		%	88		%	82		%
Book value per share	$	28.14		$	33.40		$	32.80
Tangible book value per share (1)	17.58			18.60			17.92
Total risk-based capital ratio	15.69		%	14.23		%	13.54		%

^{______________________________}

⁽¹⁾ A reconciliation of the non-U.S. GAAP measures of pre-provision net revenue, return on average tangible common equity, pre-provision net revenue on average assets, core net interest margin and tangible book value per share to the U.S. GAAP measures of net income, 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.

3

INCOME STATEMENT HIGHLIGHTS

Net Interest Income and Net Interest Margin

Net interest income totaled $130.3 million in the second quarter of 2020, an increase of $21.1 million, or 19.3%, from the first quarter of 2020. The increase in net interest income reflected higher average interest-earning assets of $3.47 billion, primarily related to the acquisition of Opus, which added $5.94 billion in gross loans, or $5.81 billion of loans after purchase accounting adjustments, higher accretion income, and a lower cost of funds driven by a lower cost of deposits and an increase in noninterest-bearing deposits, all of which was offset by lower average loan and investment yields.

The net interest margin for the second quarter of 2020 was 3.79%, compared with 4.24% in the prior quarter. Our core net interest margin, which excludes the impact of loan accretion income of $5.8 million, compared to $4.1 million in the prior quarter, certificates of deposit mark-to-market amortization and one-time adjustments, decreased 48 basis points to 3.59%, compared to 4.08% in the prior quarter, primarily attributable to lower loan and investment yields, partially offset by a lower cost of deposits. The lower loan yields were driven primarily by the addition of the Opus loan portfolio, the origination and retention of the Small Business Administration (“SBA”) PPP loans, which have a coupon rate of 1%, as well as the impact of loan repricing as a result of the Federal Reserve Board's federal funds rate decreases in March 2020. The lower cost of funds was driven principally by lower rates paid on deposits and increased noninterest-bearing deposits, partially offset by the higher rates paid on Opus's deposits.

Net interest income for the second quarter of 2020 increased $19.7 million, or 17.8%, compared to the second quarter of 2019. The increase was attributable to an increase in average interest-earning assets of $3.47 billion, which primarily resulted from the acquisition of Opus in the second quarter of 2020, as well as organic loan growth (including SBA PPP loans) and a lower cost of funds, partially offset by lower loan and investment yields.

4

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCES AND YIELD DATA
	Three Months Ended
	June 30, 2020						March 31, 2020						June 30, 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	$	796,761	$	215	0.11	%	$	215,746	$	216	0.40	%	$	187,963	$	435	0.93	%
Investment securities	1,792,432		10,568		2.36		1,502,572		10,308		2.74		1,396,585		10,119		2.90
Loans receivable, net (1) (2)	11,242,721		133,339		4.77		8,645,252		113,265		5.27		8,779,440		121,860		5.57
Total interest-earning assets	$	13,831,914	$	144,122	4.19		$	10,363,570	$	123,789	4.80		$	10,363,988	$	132,414	5.12
Liabilities
Interest-bearing deposits	$	7,317,675	$	9,655	0.53		$	4,956,839	$	10,487	0.85		$	5,345,388	$	15,991	1.20
Borrowings	431,181		4,175		3.89		552,741		4,127		3.00		675,345		5,782		3.43
Total interest-bearing liabilities	$	7,748,856	$	13,830	0.72		$	5,509,580	$	14,614	1.07		$	6,020,733	$	21,773	1.45
Noninterest-bearing deposits	$	4,970,812					$	3,898,399					$	3,426,508
Net interest income			$	130,292					$	109,175					$	110,641
Net interest margin (3)					3.79						4.24						4.28
Cost of deposits					0.32						0.48						0.73
Cost of funds (4)					0.44						0.62						0.92
Ratio of interest-earning assets to interest-bearing liabilities					178.50						188.10						172.14

^{______________________________}

⁽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 $5.8 million, $4.1 million and $5.0 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 second quarter of 2020 was $160.6 million, an increase of $135.2 million from the first quarter of 2020 and an increase of $160.3 million from the second quarter of 2019. The increase, which included a $150.3 million provision for loan losses and a $10.4 million provision for unfunded commitments, was primarily driven by unfavorable changes in economic forecasts employed in the Bank's CECL model and the Day 1 provision for credit losses of $84.4 million resulting from the acquisition of Opus. The Opus acquisition Day 1 provision of credit losses does not include $21.2 million of reserves established for the purchased credit deteriorated (“PCD”) loans. The provision for unfunded commitments in the second quarter of 2020 was $10.4 million, $8.6 million of which represent the provision related to the unfunded commitments from the Opus acquisition, compared with a provision of $72,000 in the first quarter of 2020 and a reduction of $408,000 in the second quarter of 2019.

	Three Months Ended
	June 30,		March 31,		June 30,
	2020		2020		2019
Provision for Credit Losses	(Dollars in thousands)
Provision for loan losses	$	150,257	$	25,382	$	742
Provision for unfunded commitments	10,378		72		(408)
Total provision for credit losses	$	160,635	$	25,454	$	334

5

Noninterest Income

Noninterest income for the second quarter of 2020 was $6.9 million, a decrease of $7.6 million, or 52.3%, from the first quarter of 2020. The decrease was primarily due to a $7.8 million decrease in net gain from sales of investment securities, and a $2.8 million decrease in net gain from the sales of loans, partially offset by $2.4 million of trust administrative fees from Pacific Premier Trust, the IRA custodian trust company division of Pacific Premier Bank that was acquired with the Opus Bank acquisition, and a $899,000 increase in other income, primarily due to $658,000 of recoveries from previously charged-off Opus loans.

During the second quarter of 2020, the Bank sold $15.4 million of other loans for a net loss of $2.0 million, compared with sales of $15.9 million of SBA and U.S. Department of Agriculture (“USDA”) loans for a net gain of $1.2 million and $23.0 million of other loans for a net loss of $404,000 during the prior quarter.

Noninterest income for the second quarter of 2020 increased $574,000, or 9.1%, compared to the second quarter of 2019. The increase was primarily related to $2.4 million of trust administrative fees, a $1.7 million increase in other income and a $463,000 increase in earnings on bank owned life insurance (“BOLI”) primarily due to the addition of BOLI from Opus, partially offset by a $2.9 million decrease in net gain from the sales of loans and a $688,000 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 second quarter of 2020 compared to the same period last year was primarily due to the realization of a $2.0 million loss on the sales of other loans in the second quarter of 2020 compared with a loss of $1.3 million in the second quarter of 2019, and lower net gain from sales of SBA and USDA loans in the second quarter of 2020 compared to the second quarter of 2019. The Bank sold $24.4 million of SBA loans for a net gain of $2.2 million during the second quarter of 2019.

	Three Months Ended
	June 30,		March 31,		June 30,
	2020		2020		2019
Noninterest Income	(Dollars in thousands)
Loan servicing fees	$	434	$	480	$	409
Service charges on deposit accounts	1,399		1,715		1,441
Other service fee income	297		311		363
Debit card interchange fee income	457		348		1,145
Earnings on BOLI	1,314		1,336		851
Net (loss) gain from sales of loans	(2,032)		771		902
Net (loss) gain from sales of investment securities	(21)		7,760		212
Trust administrative fees	2,397		—		—
Other income	2,653		1,754		1,001
Total noninterest income	$	6,898	$	14,475	$	6,324

6

Noninterest Expense

Noninterest expense totaled $116.0 million for the second quarter of 2020, an increase of $49.3 million, or 74.0%, compared to the first quarter of 2020. The increase was primarily due to merger-related expense of $39.3 million for the second quarter of 2020 relating to the Opus acquisition. Excluding merger-related expense, noninterest expense totaled $76.6 million, an increase of $11.7 million, or 18.1%, compared to the first quarter of 2020 driven primarily by a $8.6 million increase in compensation and benefits, a $1.3 million increase in premises and occupancy, and a $1.2 million increase in data processing, all of which was primarily the result of the addition of operations, personnel and branches retained from the acquisition of Opus.

Noninterest expense increased by $52.0 million, or 81.4%, compared to the second quarter of 2019. The increase was primarily due to a $39.3 million merger-related expense related to the Opus acquisition, a $9.2 million increase in compensation and benefits, a $2.0 million increase in premises and occupancy, a $1.4 million increase in data processing and a $1.3 million increase in deposit expense as a result of the addition of operations, personnel and branches retained from the acquisition of Opus.

	Three Months Ended
	June 30,		March 31,		June 30,
	2020		2020		2019
Noninterest Expense	(Dollars in thousands)
Compensation and benefits	$	43,011	$	34,376	$	33,847
Premises and occupancy	9,487		8,168		7,517
Data processing	4,465		3,253		3,036
Other real estate owned operations, net	9		14		62
FDIC insurance premiums	846		367		740
Legal, audit and professional expense	3,094		3,126		3,545
Marketing expense	1,319		1,412		1,425
Office, telecommunications and postage expense	1,533		1,103		1,311
Loan expense	823		822		1,005
Deposit expense	4,958		4,988		3,668
Merger-related expense	39,346		1,724		5
CDI amortization	4,040		3,965		4,281
Other expense	3,039		3,313		3,494
Total noninterest expense	$	115,970	$	66,631	$	63,936

Income Tax

For the second quarter of 2020, our income tax benefit totaled $40.3 million, resulting in an effective tax rate of (28.9%), compared with income tax expense of $5.8 million and an effective tax rate 18.5% for the first quarter of 2020, and income tax expense of $14.2 million and an effective tax rate of 26.9% for the second quarter of 2019. The income tax benefit was impacted by the significant pre-tax loss recorded for the second quarter, driven by the provision for credit losses and our merger-related costs associated with the acquisition of Opus.

7

BALANCE SHEET HIGHLIGHTS

Loans

Loans held for investment totaled $15.08 billion at June 30, 2020, an increase of $6.33 billion, or 72.3%, from March 31, 2020, and an increase of $6.31 billion, or 71.9%, from June 30, 2019. The increases were primarily impacted by the acquisition of Opus, which added $5.94 billion in gross loans, or $5.81 billion of loans held for investment after purchase accounting adjustments, as well as higher new loan commitments and fundings, partially offset by higher loan prepayments and payoffs, and lower line utilization in the second quarter of 2020 when compared to the prior quarter. Business line utilization rates decreased to 37.9% at the end of the second quarter of 2020, compared with 50.6% at the end of the first quarter of 2020 and 42.4% at the end of second quarter of 2019.

During the second quarter of 2020, the Bank generated $1.21 billion of new loan commitments and $1.19 billion of new loan fundings, primarily consisting of SBA PPP loans of $1.13 billion, compared with $443.7 million in new loan commitments and $353.9 million in new loan fundings for the first quarter of 2020, and $568.2 million in new loan commitments and $394.8 million in new loan fundings for the second quarter of 2019.

At June 30, 2020, the ratio of loans held for investment to total deposits was 88.8%, compared with 96.3% and 99.0% at March 31, 2020 and June 30, 2019, respectively.

8

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

	June 30,		March 31,		June 30,
	2020		2020		2019
	(Dollars in thousands)
Investor loans secured by real estate
Commercial real estate (“CRE”) non-owner-occupied	$	2,783,692	$	2,040,198	$	2,118,829
Multifamily	5,225,557		1,625,682		1,519,110
Construction and land	357,426		377,525		543,683
SBA secured by real estate (1)	59,482		61,665		65,773
Total investor loans secured by real estate	8,426,157		4,105,070		4,247,395
Business loans secured by real estate (2)
CRE owner-occupied	2,170,154		1,887,632		1,835,411
Franchise real estate secured	364,647		371,428		323,445
SBA secured by real estate (3)	85,542		83,640		93,257
Total business loans secured by real estate	2,620,343		2,342,700		2,252,113
Commercial loans (4)
Commercial and industrial	2,051,313		1,458,969		1,426,274
Franchise non-real estate secured	523,755		547,793		537,490
SBA non-real estate secured	21,057		16,265		19,282
SBA PPP	1,128,780		—		—
Total commercial loans	3,724,905		2,023,027		1,983,046
Retail loans
Single family residential (5)	265,170		237,180		248,611
Consumer	46,309		46,892		40,773
Total retail loans	311,479		284,072		289,384
Gross loans held for investment (6)	15,082,884		8,754,869		8,771,938
Allowance for credit losses for loans held for investment (7)	(282,271)		(115,422)		(35,026)
Loans held for investment, net	$	14,800,613	$	8,639,447	$	8,736,912
Loans held for sale, at lower of cost or fair value	$	1,007	$	111	$	8,529

^{______________________________}

⁽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 $144.5 million, $35.9 million and $52.0 million as of June 30, 2020, March 31, 2020 and June 30, 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. Effective January 1, 2020, the allowance for credit losses 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 June 30, 2020 was 4.12%, compared to 4.76% at March 31, 2020 and 5.11% at June 30, 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 Board's federal funds rate decreases and the impact of the 1% SBA PPP loans. Excluding the SBA PPP loans, the end of period weighted average interest rate on loans, excluding fees and discounts, at June 30, 2020 was 4.46%.

9

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

	June 30,		March 31,		June 30,
	2020		2020		2019
	(Dollars in thousands)
Investor loans secured by real estate
CRE non-owner-occupied	$	11,811	$	111,980	$	115,357
Multifamily	24,425		39,831		35,061
Construction and land	6,210		26,525		65,684
SBA secured by real estate (1)	—		2,131		2,350
Total investor loans secured by real estate	42,446		180,467		218,452
Business loans secured by real estate (2)
CRE owner-occupied	17,594		115,774		80,235
Franchise real estate secured	—		21,577		24,614
SBA secured by real estate (3)	1,204		7,119		3,669
Total business loans secured by real estate	18,798		144,470		108,518
Commercial loans (4)
Commercial and industrial	23,782		97,381		159,626
Franchise non-real estate secured	—		12,414		68,352
SBA non-real estate secured	315		1,263		8,602
SBA PPP	1,124,485		—		—
Total commercial loans	1,148,582		111,058		236,580
Retail loans
Single family residential (5)	2,137		6,052		3,140
Consumer	195		1,635		1,551
Total retail loans	2,332		7,687		4,691
Total loan commitments	$	1,212,158	$	443,682	$	568,241

^{______________________________}

⁽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 1.21% in the second quarter of 2020 compared with 4.59% in the first quarter of 2020 and 5.42% in the second quarter of 2019. The decrease in weighted average interest rate during the second quarter of 2020 was primarily due to the origination of $1.12 billion in SBA PPP loans with a 1% interest rate. Excluding the SBA PPP loans, the weighted average interest rate on new loan production at June 30, 2020 was 3.97%.

10

Asset Quality and Allowance for Credit Losses

Effective January 1, 2020, the Company adopted the new CECL accounting standard, which replaces the incurred loss methodology, and recorded a cumulative-effect “Day 1” adjustment of $55.7 million for funded loans to the beginning balance as of January 1, 2020. At June 30, 2020, our allowance for credit losses (“ACL”) on loans held for investment was $282.3 million, an increase of $166.8 million, or 144.6%, from March 31, 2020 and an increase of $247.2 million, or 705.9%, from June 30, 2019. The increase was primarily due to the provision for loan losses of $150.3 million and an initial ACL of $21.2 million with respect to PCD loans from the acquisition of Opus. The provision increase was principally the result of the Opus acquisition and the unfavorable changes in economic forecasts employed in the Bank's CECL model. No ACL was allocated to SBA PPP loans as they are fully guaranteed.

The CECL accounting standard requires the Company to provide for an allowance for credit losses for non-purchased credit deteriorated loans at the time of acquisition. The Company recorded approximately $84.4 million in provision for credit losses for loans acquired and off-balance sheet commitments assumed in the Opus acquisition. Of this amount, approximately $75.9 million related to loans held for investment and $8.6 million related to off-balance sheet commitments. The initial ACL for PCD loans is not established through a charge to the provision for credit losses, but rather through an initial adjustment to the loan’s amortized cost.

During the second quarter of 2020, the Company incurred $4.7 million of net charge-offs, compared to $1.3 million and $3.6 million during the first quarter of 2020 and the second quarter of 2020, 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:

	Three Months Ended June 30, 2020
	Beginning ACL Balance		Initial ACL Recorded for PCD Loans		Charge-offs		Recoveries		Provision for Credit Losses		Ending ACL Balance
	(Dollars in thousands)
Investor loans secured by real estate
CRE non-owner occupied	$	15,896	$	3,025	$	—	$	—	$	44,086	$	63,007
Multifamily	14,722		8,710		—		—		40,079		63,511
Construction and land	9,222		2,051		—		—		7,531		18,804
SBA secured by real estate (1)	935		—		(554)		—		1,629		2,010
Business loans secured by real estate (2)
CRE owner-occupied	26,793		3,766		—		11		17,643		48,213
Franchise real estate secured	7,503		—		—		—		5,557		13,060
SBA secured by real estate (3)	4,044		235		—		3		86		4,368
Commercial loans (4)
Commercial and industrial	15,742		2,325		(2,286)		21		26,165		41,967
Franchise non-real estate secured	16,616		—		(1,227)		—		6,287		21,676
SBA non-real estate secured	516		924		(556)		(2)		(282)		600
Retail loans
Single family residential (5)	1,137		—		(62)		1		403		1,479
Consumer loans	2,296		206		—		1		1,073		3,576
Totals	$	115,422	$	21,242	$	(4,685)	$	35	$	150,257	$	282,271

______________________________

⁽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.

11

The ratio of allowance for credit losses to loans held for investment at June 30, 2020 was 2.02%, excluding SBA PPP loans, compared to 1.32% and 0.40%, at March 31, 2020 and June 30, 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 $144.5 million, or 1.03% of total loans held for investment excluding SBA PPP loans, as of June 30, 2020, compared to $35.9 million, or 0.41% of total loans held for investment, as of March 31, 2020, and $52.0 million, or 0.59% of total loans held for investment, as of June 30, 2019.

Nonperforming assets totaled $34.2 million, or 0.17% of total assets, at June 30, 2020, compared with $21.1 million, or 0.18% of total assets at March 31, 2020 and $7.7 million, or 0.07% of total assets, at June 30, 2019. During the second quarter of 2020, nonperforming loans increased $13.2 million to $33.8 million and other real estate owned decreased to $386,000. Total loan delinquencies were $38.2 million, or 0.25% of loans held for investment, at June 30, 2020, compared to $28.9 million, or 0.33% of loans held for investment, at March 31, 2020, and $13.5 million, or 0.15% of loans held for investment, at June 30, 2019. The increase in nonperforming loans was primarily due to the addition of six loans totaling $11.3 million, primarily CRE owner-occupied and CRE non-owner occupied, that were 90 days or more past due, as well as the addition of eight loans totaling $3.5 million consisting of commercial real estate and single family residential loans acquired in connection with the Opus acquisition.

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 June 30, 2020. Troubled debt restructured loans totaled $700,000 at June 30, 2020, $2.3 million at March 31, 2020 and none at June 30, 2019. At June 30, 2020, 1,461 loans with a total of $2.24 billion were modified due to COVID-19 hardship under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).

12

	June 30,			March 31,			June 30,
	2020			2020			2019
Asset Quality	(Dollars in thousands)
Nonperforming loans	$	33,825		$	20,610		$	7,659
Other real estate owned	386			441			35
Nonperforming assets	$	34,211		$	21,051		$	7,694
Total classified assets (1)	$	90,334		$	54,586		$	38,492
Allowance for credit losses	282,271			115,422			35,026
Allowance for credit losses as a percent of total nonperforming loans	835		%	560		%	457		%
Nonperforming loans as a percent of loans held for investment	0.22			0.24			0.09
Nonperforming assets as a percent of total assets	0.17			0.18			0.07
Classified loans to total loans held for investment	0.60			0.62			0.44
Classified assets to total assets	0.44			0.46			0.33
Net loan charge-offs for the quarter ended	$	4,650		$	1,344		$	3,572
Net loan charge-offs for quarter to average total loans	0.04		%	0.02		%	0.04		%
Allowance for credit losses to loans held for investment, excluding SBA PPP loans (2)	2.02			1.32			0.40
Delinquent Loans
30 - 59 days	$	6,248		$	8,285		$	3,407
60 - 89 days	4,133			1,502			801
90+ days	27,807			19,084			9,284
Total delinquency	$	38,188		$	28,871		$	13,492
Delinquency as a percentage of loans held for investment	0.25		%	0.33		%	0.15		%

^{______________________________}

⁽¹⁾ Includes substandard loans and other real estate owned

⁽²⁾ At June 30, 2020, 56% of loans held for investment include an aggregate fair value net discount of $144.5 million, or 1.03% of loans held for investment excluding SBA PPP loans. 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 June 30, 2019, 44% of loans held for investment include an aggregate fair value net discount of $52.0 million, or 0.59% of loans held for investment.

13

Investment Securities

Investment securities totaled $2.37 billion at June 30, 2020, an increase of $996.3 million, or 72.6%, from March 31, 2020, and an increase of $1.07 billion, or 82.0%, from June 30, 2019. The increase in the second quarter of 2020 compared to the prior quarter was primarily the result of $829.9 million of investment securities acquired in connection with the acquisition from Opus, $387.9 million in purchases and a $19.4 million increase in mark-to-market fair value adjustment, partially offset by $191.1 million in sales and $49.7 million in principal payments, amortization and redemptions. 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 June 30, 2020. The increase compared to the same period last year was primarily the result of $981.7 million in purchases, $829.9 million acquired from Opus and a $50.2 million increase in mark-to-market fair value adjustment, partially offset by $655.4 million in sales and $139.2 million in principal payments, amortization and redemptions.

Deposits

At June 30, 2020, deposits totaled $16.98 billion, an increase of $7.88 billion, or 86.7%, from March 31, 2020 and an increase of $8.11 billion, or 91.6%, from June 30, 2019. At June 30, 2020, non-maturity deposits totaled $15.06 billion, or 88.7% of total deposits, an increase of $7.04 billion, or 87.7%, from March 31, 2020 and an increase $7.76 billion, or 106.2%, from June 30, 2019. During the second quarter of 2020, deposit increases included $2.56 billion in money market and savings deposits, $2.52 billion in interest-checking, $1.96 billion in noninterest-bearing deposits, $754.3 million in retail certificates of deposits and $91.9 million in broker certificate of deposits as compared to the first quarter of 2020. The increases during the second quarter of 2020 were primarily due to the acquisition of Opus, which contributed $6.92 billion of deposits after purchasing accounting adjustments, and an increase of $942.8 million noninterest-bearing deposits, reflecting SBA PPP loans funded in the Bank's clients' demand deposit accounts, and liquidity maintained by customers due to the economic impact of the pandemic.

The weighted average cost of deposits for the three-month period ending June 30, 2020 was 0.32%, compared to 0.48%for the three-month period endingMarch 31, 2020, and 0.73% for the three-month period ending June 30, 2019. The decrease in the weighted average cost of deposits in the second quarter of 2020 compared to the prior quarter was principally driven by lower pricing across all deposit product categories, favorably impacted by Federal Reserve Board's federal funds rate decreases, as well as higher average noninterest-bearing deposit balances.

14

The end of period weighted average rate of deposits at June 30, 2020 was 0.34%.

	June 30,			March 31,			June 30,
	2020			2020			2019
Deposit Accounts	(Dollars in thousands)
Noninterest-bearing checking	$	5,899,442		$	3,943,260		$	3,480,312
Interest-bearing:
Checking	3,098,454			577,966			548,314
Money market/savings	6,060,031			3,499,305			3,272,511
Retail certificates of deposit	1,651,976			897,680			1,065,207
Wholesale/brokered certificates of deposit	266,790			174,861			495,578
Total interest-bearing	11,077,251			5,149,812			5,381,610
Total deposits	$	16,976,693		$	9,093,072		$	8,861,922
Cost of deposits	0.32		%	0.48		%	0.73		%
Noninterest-bearing deposits as a percentage of total deposits	34.8			43.4			39.3
Non-maturity deposits as a percent of total deposits	88.7			88.2			82.4
Core deposits as a percent of total deposits (1)	94.9			93.0			88.5

^{______________________________}

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

Borrowings

At June 30, 2020, total borrowings amounted to $542.4 million, a decrease of $193.9 million, or 26.3%, from March 31, 2020 and a decrease of $262.1 million, or 32.6%, from June 30, 2019. Total borrowings at June 30, 2020 included $41.0 million of Federal Home Loan Bank of San Francisco (“FHLB”) advances and $501.4 million of subordinated debt. At June 30, 2020, total borrowings represented 2.6% of total assets, compared to 6.2% and 6.8%, as of March 31, 2020 and June 30, 2019, respectively. The decrease in borrowings at June 30, 2020 as compared to March 31, 2020 and June 30, 2019 was primarily due to lower FHLB advances, partially offset by the issuance in June 2020 of $150 million in aggregate principal amount of the Company's 5.375% Fixed-to-Floating Rate Subordinated Notes (the “Notes”) due June 30, 2030, as well as the $135 million aggregate principal amount of subordinated notes assumed by the Bank in connection with the acquisition of Opus in the second quarter of 2020.

Capital Ratios

At June 30, 2020, our ratio of tangible common equity to total assets was 8.50%, compared with 10.06% at March 31, 2020 and 9.96% at June 30, 2019, with a tangible book value per share of $17.58, compared with $18.60 at March 31, 2020 and $17.92 at June 30, 2019.

The Company implemented the CECL model commencing January 1, 2020 and elected to phase in the full effect of CECL on regulatory capital over the five-year transition period. At June 30, 2020, the Company exceeded all regulatory minimum capital adequacy requirements, inclusive of the fully-phased in capital conservation buffer, with a tier 1 leverage ratio of 12.00%, common equity tier 1 capital ratio of 11.32%, tier 1 capital ratio of 11.32%and total capital ratio of 15.69%.

At June 30, 2020, the Bank had a tier 1 leverage ratio of 13.49%, common equity tier 1 capital ratio of 12.73%, tier 1 capital ratio of 12.73% and total capital ratio of 14.81%. 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

	June 30,			March 31,			June 30,
Capital Ratios	2020			2020			2019
Pacific Premier Bancorp, Inc. Consolidated
Tier 1 leverage ratio	12.00		%	10.68		%	10.32		%
Common equity tier 1 capital ratio	11.32			11.59			10.82
Tier 1 capital ratio	11.32			11.66			11.07
Total capital ratio	15.69			14.23			13.54
Tangible common equity ratio (1)	8.50			10.06			9.96
Pacific Premier Bank
Tier 1 leverage ratio	13.49		%	12.54		%	11.66		%
Common equity tier 1 capital ratio	12.73			13.70			12.51
Tier 1 capital ratio	12.73			13.70			12.51
Total capital ratio	14.81			14.28			12.90
Share Data
Book value per share	$	28.14		$	33.40		$	32.80
Tangible book value per share (1)	17.58			18.60			17.92
Dividend per share	0.25			0.25			0.22
Closing stock price (2)	21.68			18.84			30.88
Shares issued and outstanding	94,350,902			59,975,281			60,509,994
Market capitalization (2)(3)	$	2,045,528		$	1,129,934		$	1,868,549

^{______________________________}

⁽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 July 24, 2020, the Company's Board of Directors declared a $0.25 per share dividend, payable on August 14, 2020 to stockholders of record as of August 7, 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. To date, the Company had not repurchased any shares under the new stock repurchase program and has suspended the stock repurchase program indefinitely.

Subsequent events

On July 21, 2020, the Company entered into a contract to sell its entire $1.13 billion SBA PPP loan portfolio to a non-bank, seasoned and experienced lender and servicer of SBA loans. The sale is anticipated to close by July 31, 2020.

16

Conference Call and Webcast

        The Company will host a conference call at 9:00 a.m. PT / 12:00 p.m. ET on July 27, 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 August 3, 2020 at (877) 344-7529, conference ID 10145590.

About Pacific Premier Bancorp, Inc.

        Pacific Premier Bancorp, Inc. (Nasdaq: PPBI) is the parent company of Pacific Premier Bank, a California-based commercial bank focused on serving small, middle-market, and corporate businesses throughout the western United States in major metropolitan markets in California, Washington, Oregon, Arizona, and Nevada. Founded in 1983, Pacific Premier Bank has grown to become one of the largest banks in the western region of the United States, with approximately $20.5 billion in assets. Pacific Premier Bank provides banking products and services, including deposit accounts, digital banking, and treasury management services, to businesses, professionals, entrepreneurs, real estate investors, and nonprofit organizations. Pacific Premier Bank also offers a wide array of loan products, such as commercial business loans, lines of credit, SBA loans, commercial real estate loans, agribusiness loans, franchise lending, home equity lines of credit, and construction loans. Pacific Premier Bank offers commercial escrow services through its Commerce Escrow division and facilitates 1031 Exchange transactions through its RPM Exchange division. Pacific Premier Bank offers clients IRA custodial services through its Pacific Premier Trust division, which has approximately $14 billion of assets under custody and approximately 44,000 client accounts comprised of self-directed investors, financial institutions, capital syndicators, and financial advisors. Additionally, Pacific Premier Bank provides nationwide customized banking solutions to Home Owners' Associations and Property Management companies. Pacific Premier Bank is an Equal Housing Lender and Member FDIC. For additional information about Pacific Premier Bancorp, Inc. and Pacific Premier Bank, visit our website: www.ppbi.com.

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 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 given its ongoing and dynamic nature, 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

17

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 have made or may make, such as our recent 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; the expected discontinuation of LIBOR and uncertainty regarding potential alternative reference rates, including SOFR; 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 our 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 Company's 2019 Annual Report on Form 10-K and quarterly report on Form 10-Q for the period ended March 31, 2020 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.

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

Brett Villaume

Senior Vice President and Director of Investor Relations

(404) 644-2990

18

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)
(Unaudited)
	June 30,		March 31		December 31,		September 30,		June 30,
	2020		2020		2019		2019		2019
ASSETS
Cash and due from banks	$	158,784	$	108,285	$	135,847	$	166,238	$	139,879
Interest-bearing deposits with financial institutions	1,182,946		425,747		191,003		261,477		235,505
Cash and cash equivalents	1,341,730		534,032		326,850		427,715		375,384
Interest-bearing time deposits with financial institutions	2,845		2,708		2,708		2,711		2,956
Investments held-to-maturity, at amortized cost	32,557		34,553		37,838		40,433		42,997
Investment securities available-for-sale, at fair value	2,336,066		1,337,761		1,368,384		1,256,655		1,258,379
FHLB, FRB and other stock, at cost	94,658		92,858		93,061		92,986		92,841
Loans held for sale, at lower of amortized cost or fair value	1,007		111		1,672		7,092		8,529
Loans held for investment	15,082,884		8,754,869		8,722,311		8,757,476		8,771,938
Allowance for credit losses	(282,271)		(115,422)		(35,698)		(35,000)		(35,026)
Loans held for investment, net	14,800,613		8,639,447		8,686,613		8,722,476		8,736,912
Accrued interest receivable	78,408		38,294		39,442		38,603		40,420
Other real estate owned	386		441		441		126		35
Premises and equipment	76,542		61,615		59,001		62,851		54,218
Deferred income taxes, net	105,859		15,249		—		—		2,266
Bank owned life insurance	305,901		113,461		113,376		112,716		112,054
Intangible assets	94,550		79,349		83,312		87,560		91,840
Goodwill	901,166		808,322		808,322		808,322		808,322
Other assets	344,786		218,008		154,992		151,251		156,628
Total assets	$	20,517,074	$	11,976,209	$	11,776,012	$	11,811,497	$	11,783,781
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Deposit accounts:
Noninterest-bearing checking	$	5,899,442	$	3,943,260	$	3,857,660	$	3,623,546	$	3,480,312
Interest-bearing:
Checking	3,098,454		577,966		586,019		529,401		548,314
Money market/savings	6,060,031		3,499,305		3,406,988		3,362,453		3,272,511
Retail certificates of deposit	1,651,976		897,680		973,465		1,019,433		1,065,207
Wholesale/brokered certificates of deposit	266,790		174,861		74,377		324,455		495,578
Total interest-bearing	11,077,251		5,149,812		5,040,849		5,235,742		5,381,610
Total deposits	16,976,693		9,093,072		8,898,509		8,859,288		8,861,922
FHLB advances and other borrowings	41,006		521,017		517,026		604,558		571,575
Subordinated debentures	501,375		215,269		215,145		217,825		232,944
Deferred income taxes, net	—		—		1,371		301		—
Accrued expenses and other liabilities	343,353		143,934		131,367		140,527		132,884
Total liabilities	17,862,427		9,973,292		9,763,418		9,822,499		9,799,325
STOCKHOLDERS’ EQUITY:
Common stock	930		586		586		584		595
Additional paid-in capital	2,348,415		1,596,680		1,594,434		1,590,168		1,618,137
Retained earnings	247,078		361,242		396,051		368,051		343,366
Accumulated other comprehensive income	58,224		44,409		21,523		30,195		22,358
Total stockholders' equity	2,654,647		2,002,917		2,012,594		1,988,998		1,984,456
Total liabilities and stockholders' equity	$	20,517,074	$	11,976,209	$	11,776,012	$	11,811,497	$	11,783,781

19

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
(Unaudited)
	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,		June 30,
	2020		2020		2019		2020		2019
INTEREST INCOME
Loans	$	133,339	$	113,265	$	121,860	$	246,604	$	243,336
Investment securities and other interest-earning assets	10,783		10,524		10,554		21,307		20,321
Total interest income	144,122		123,789		132,414		267,911		263,657
INTEREST EXPENSE
Deposits	9,655		10,487		15,991		20,142		29,275
FHLB advances and other borrowings	217		1,081		3,083		1,298		7,885
Subordinated debentures	3,958		3,046		2,699		7,004		4,450
Total interest expense	13,830		14,614		21,773		28,444		41,610
Net interest income before provision for credit losses	130,292		109,175		110,641		239,467		222,047
Provision for credit losses	160,635		25,454		334		186,089		1,860
Net interest (loss) income after provision for credit losses	(30,343)		83,721		110,307		53,378		220,187
NONINTEREST INCOME
Loan servicing fees	434		480		409		914		807
Service charges on deposit accounts	1,399		1,715		1,441		3,114		2,771
Other service fee income	297		311		363		608		719
Debit card interchange fee income	457		348		1,145		805		2,216
Earnings on BOLI	1,314		1,336		851		2,650		1,761
Net (loss) gain from sales of loans	(2,032)		771		902		(1,261)		2,631
Net (loss) gain from sales of investment securities	(21)		7,760		212		7,739		639
Trust administrative fees	2,397		—		—		2,397		—
Other income	2,653		1,754		1,001		4,407		2,461
Total noninterest income	6,898		14,475		6,324		21,373		14,005
NONINTEREST EXPENSE
Compensation and benefits	43,011		34,376		33,847		77,387		67,235
Premises and occupancy	9,487		8,168		7,517		17,655		15,052
Data processing	4,465		3,253		3,036		7,718		5,966
Other real estate owned operations, net	9		14		62		23		65
FDIC insurance premiums	846		367		740		1,213		1,540
Legal, audit and professional expense	3,094		3,126		3,545		6,220		6,543
Marketing expense	1,319		1,412		1,425		2,731		2,922
Office, telecommunications and postage expense	1,533		1,103		1,311		2,636		2,521
Loan expense	823		822		1,005		1,645		1,878
Deposit expense	4,958		4,988		3,668		9,946		7,251
Merger-related expense	39,346		1,724		5		41,070		660
CDI amortization	4,040		3,965		4,281		8,005		8,717
Other expense	3,039		3,313		3,494		6,352		7,163
Total noninterest expense	115,970		66,631		63,936		182,601		127,513
Net (loss) income before income taxes	(139,415)		31,565		52,695		(107,850)		106,679
Income tax (benefit) expense	(40,324)		5,825		14,168		(34,499)		29,434
Net (loss) income	$	(99,091)	$	25,740	$	38,527	$	(73,351)	$	77,245
EARNINGS (LOSS) PER SHARE
Basic	$	(1.41)	$	0.43	$	0.62	$	(1.14)	$	1.24
Diluted	$	(1.41)	$	0.43	$	0.62	$	(1.14)	$	1.23
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic	70,425,027		59,007,191		61,308,046		64,716,109		61,645,940
Diluted	70,531,502		59,189,717		61,661,773		64,879,204		61,980,133

20

SELECTED FINANCIAL DATA

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCES AND YIELD DATA
	Three Months Ended
	June 30, 2020						March 31, 2020						June 30, 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	$	796,761	$	215	0.11	%	$	215,746	$	216	0.40	%	$	187,963	$	435	0.93	%
Investment securities	1,792,432		10,568		2.36		1,502,572		10,308		2.74		1,396,585		10,119		2.90
Loans receivable, net (1)(2)	11,242,721		133,339		4.77		8,645,252		113,265		5.27		8,779,440		121,860		5.57
Total interest-earning assets	13,831,914		144,122		4.19		10,363,570		123,789		4.80		10,363,988		132,414		5.12
Noninterest-earning assets	1,343,396						1,227,766						1,221,985
Total assets	$	15,175,310					$	11,591,336					$	11,585,973
Liabilities and Equity
Interest-bearing deposits:
Interest checking	$	1,417,846	$	844	0.24	%	$	576,203	$	609	0.43	%	$	543,473	$	535	0.39	%
Money market	4,242,990		5,680		0.54		3,161,867		6,071		0.77		2,978,065		7,305		0.98
Savings	283,632		101		0.14		238,848		97		0.16		242,483		92		0.15
Retail certificates of deposit	1,148,874		2,251		0.79		936,489		3,464		1.49		1,025,404		4,610		1.80
Wholesale/brokered certificates of deposit	224,333		779		1.40		43,432		246		2.28		555,963		3,449		2.49
Total interest-bearing deposits	7,317,675		9,655		0.53		4,956,839		10,487		0.85		5,345,388		15,991		1.20
FHLB advances and other borrowings	143,813		217		0.61		337,551		1,081		1.29		491,706		3,083		2.51
Subordinated debentures	287,368		3,958		5.51		215,190		3,046		5.66		183,639		2,699		5.88
Total borrowings	431,181		4,175		3.89		552,741		4,127		3.00		675,345		5,782		3.43
Total interest-bearing liabilities	7,748,856		13,830		0.72		5,509,580		14,614		1.07		6,020,733		21,773		1.45
Noninterest-bearing deposits	4,970,812						3,898,399						3,426,508
Other liabilities	223,920						146,231						138,746
Total liabilities	12,943,588						9,554,210						9,585,987
Stockholders' equity	2,231,722						2,037,126						1,999,986
Total liabilities and equity	$	15,175,310					$	11,591,336					$	11,585,973
Net interest income			$	130,292					$	109,175					$	110,641
Net interest margin (3)					3.79	%					4.24	%					4.28	%
Cost of deposits					0.32						0.48						0.73
Cost of funds (4)					0.44						0.62						0.92
Ratio of interest-earning assets to interest-bearing liabilities					178.50						188.10						172.14

^{______________________________}

⁽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 $5.8 million, $4.1 million and $5.0 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.

21

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
LOAN PORTFOLIO COMPOSITION
	June 30,		March 31,		December 31,		September 30,		June 30,
	2020		2020		2019		2019		2019
	(Dollars in thousands)
Investor loans secured by real estate
CRE non-owner-occupied	$	2,783,692	$	2,040,198	$	2,070,141	$	2,052,118	$	2,118,829
Multifamily	5,225,557		1,625,682		1,575,726		1,610,643		1,519,110
Construction and land	357,426		377,525		438,786		507,114		543,683
SBA secured by real estate (1)	59,482		61,665		68,431		68,689		65,773
Total investor loans secured by real estate	8,426,157		4,105,070		4,153,084		4,238,564		4,247,395
Business loans secured by real estate (2)
CRE owner-occupied	2,170,154		1,887,632		1,846,554		1,847,443		1,835,411
Franchise real estate secured	364,647		371,428		353,240		344,954		323,445
SBA secured by real estate (3)	85,542		83,640		88,381		91,101		93,257
Total business loans secured by real estate	2,620,343		2,342,700		2,288,175		2,283,498		2,252,113
Commercial loans (4)
Commercial and industrial	2,051,313		1,458,969		1,393,270		1,353,793		1,426,274
Franchise non-real estate secured	523,755		547,793		564,357		549,711		537,490
SBA non-real estate secured	21,057		16,265		17,426		17,891		19,282
SBA PPP	1,128,780		—		—		—		—
Total commercial loans	3,724,905		2,023,027		1,975,053		1,921,395		1,983,046
Retail loans
Single family residential (5)	265,170		237,180		255,024		273,416		248,611
Consumer	46,309		46,892		50,975		40,603		40,773
Total retail loans	311,479		284,072		305,999		314,019		289,384
Gross loans held for investment (6)	15,082,884		8,754,869		8,722,311		8,757,476		8,771,938
Allowance for credit losses for loans held for investment (7)	(282,271)		(115,422)		(35,698)		(35,000)		(35,026)
Loans held for investment, net	$	14,800,613	$	8,639,447	$	8,686,613	$	8,722,476	$	8,736,912
Loans held for sale, at lower of cost or fair value	$	1,007	$	111	$	1,672	$	7,092	$	8,529

^{______________________________}

⁽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 $144.5 million, $35.9 million and $52.0 million as of June 30, 2020, March 31, 2020 and June 30, 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. Effective January 1, 2020, the allowance for credit losses is accounted for under ASC 326, which is reflective of estimated expected lifetime credit losses.

22

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
ASSET QUALITY INFORMATION
	June 30,			March 31,			December 31,			September 30,			June 30,
	2020			2020			2019			2019			2019
Asset Quality	(Dollars in thousands)
Nonperforming loans	$	33,825		$	20,610		$	8,527		$	8,109		$	7,659
Other real estate owned	386			441			441			126			35
Nonperforming assets	$	34,211		$	21,051		$	8,968		$	8,235		$	7,694
Total classified assets (1)	$	90,334		$	54,586		$	45,387		$	39,879		$	38,492
Allowance for credit losses	282,271			115,422			35,698			35,000			35,026
Allowance for credit losses as a percent of total nonperforming loans	835		%	560		%	419		%	432		%	457		%
Nonperforming loans as a percent of loans held for investment	0.22			0.24			0.10			0.09			0.09
Nonperforming assets as a percent of total assets	0.17			0.18			0.08			0.07			0.07
Classified loans to total loans held for investment	0.60			0.62			0.52			0.45			0.44
Classified assets to total assets	0.44			0.46			0.39			0.34			0.33
Net loan charge-offs for the quarter ended	$	4,650		$	1,344		$	2,318		$	1,391		$	3,572
Net loan charge-offs for the quarter to average total loans	0.04		%	0.02		%	0.03		%	0.02		%	0.04		%
Allowance for credit losses to loans held for investment, excluding SBA PPP loans (2)	2.02			1.32			0.41			0.40			0.40
Delinquent Loans
30 - 59 days	$	6,248		$	8,285		$	2,104		$	1,715		$	3,407
60 - 89 days	4,133			1,502			10,559			3,212			801
90+ days	27,807			19,084			6,439			6,297			9,284
Total delinquency	$	38,188		$	28,871		$	19,102		$	11,224		$	13,492
Delinquency as a percent of loans held for investment	0.25		%	0.33		%	0.22		%	0.13		%	0.15		%

^{______________________________}

⁽¹⁾ Includes substandard loans and other real estate owned

⁽²⁾ At June 30, 2020, 56% of loans held for investment include a fair value net discount of $144.5 million or 1.03% of loans held for investment excluding SBA PPP loans. 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 June 30, 2019, 44% of loans held for investment include a fair value net discount of $52.0 million or 0.59% of loans held for investment.

23

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)
June 30, 2020
Investor loans secured by real estate
CRE non-owner-occupied	$	5,322	$	—	$	—	$	—	$	5,322	$	5,322
Multifamily	—		—		—		—		—		—
Construction and land	1,802		—		—		—		1,802		1,802
SBA secured by real estate (2)	988		—		—		—		988		988
Total investor loans secured by real estate	8,112		—		—		—		8,112		8,112
Business loans secured by real estate (3)
CRE owner-occupied	5,563		—		1,196		393		6,759		5,563
Franchise real estate secured	—		—		—		—		—		—
SBA secured by real estate (4)	1,006		—		77		17		1,083		1,006
Total business loans secured by real estate	6,569		—		1,273		410		7,842		6,569
Commercial loans (5)
Commercial and industrial	1,606		—		4,464		646		6,070		1,606
Franchise non-real estate secured	2,428		—		7,742		1,493		10,170		2,428
SBA not secured by real estate	840		—		—		—		840		840
Total commercial loans	4,874		—		12,206		2,139		17,080		4,874
Retail Loans
Single family residential (6)	662		—		129		—		791		662
Consumer loans	—		—		—		—		—		—
Total retail loans	662		—		129		—		791		662
Totals nonaccrual loans	$	20,217	$	—	$	13,608	$	2,549	$	33,825	$	20,217

^{______________________________}

⁽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.

24

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
PAST DUE STATUS
			Days Past Due
	Current		30-59		60-89		90+		Total
	(Dollars in thousands)
June 30, 2020
Investor loans secured by real estate
CRE non-owner-occupied	$	2,780,620	$	—	$	—	$	3,072	$	2,783,692
Multifamily	5,222,439		3,118		—		—		5,225,557
Construction and land	354,729		895		—		1,802		357,426
SBA secured by real estate (1)	58,494		—		—		988		59,482
Total investor loans secured by real estate	8,416,282		4,013		—		5,862		8,426,157
Business loans secured by real estate (2)
CRE owner-occupied	2,162,842		1,062		319		5,931		2,170,154
Franchise real estate secured	364,647		—		—		—		364,647
SBA secured by real estate (3)	84,536		—		—		1,006		85,542
Total business loans secured by real estate	2,612,025		1,062		319		6,937		2,620,343
Commercial loans (4)
Commercial and industrial	2,041,675		796		3,116		5,726		2,051,313
Franchise non-real estate secured	515,313		—		—		8,442		523,755
SBA not secured by real estate	19,889		—		328		840		21,057
SBA PPP	1,128,780		—		—		—		1,128,780
Total commercial loans	3,705,657		796		3,444		15,008		3,724,905
Retail loans
Single family residential (5)	264,549		257		364		—		265,170
Consumer loans	46,183		120		6		—		46,309
Total retail loans	310,732		377		370		—		311,479
Total loans	$	15,044,696	$	6,248	$	4,133	$	27,807	$	15,082,884

^{______________________________}

⁽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.

25

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
	June 30,			March 31			June 30,
	2020			2020			2019
Net (loss) income	$	(99,091)		$	25,740		$	38,527
Plus: CDI amortization expense	4,040			3,965			4,281
Less: CDI amortization expense tax adjustment	1,159			1,137			1,240
Net (loss) income for average tangible common equity	$	(96,210)		$	28,568		$	41,568
Average stockholders' equity	$	2,231,722		$	2,037,126		$	1,999,986
Less: average CDI	84,148			81,744			94,460
Less: average goodwill	838,725			808,322			808,778
Average tangible common equity	$	1,308,849		$	1,147,060		$	1,096,748
Return on average equity	(17.76)		%	5.05		%	7.71		%
Return on average tangible common equity	(29.40)		%	9.96		%	15.16		%

Pre-provision net revenue is a non-GAAP financial measure derived from GAAP-based amounts. We calculate the Pre-provision net revenue 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 and a better comparison to the financial results of prior periods.
	Three Months Ended
	June 30,			March 31,			June 30,
	2020			2020			2019
Interest income	$	144,122		$	123,789		$	132,414
Interest expense	13,830			14,614			21,773
Net interest income	130,292			109,175			110,641
Noninterest income	6,898			14,475			6,324
Revenue	137,190			123,650			116,965
Noninterest expense	115,970			66,631			63,936
Add: merger-related expense	39,346			1,724			5
Pre-provision net revenue	$	60,566		$	58,743		$	53,034
Average assets	$	15,175,310		$	11,591,336		$	11,585,973
Pre-provision net revenue on average assets	1.60		%	2.03		%	1.83		%

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.
	June 30,			March 31			December 31,			September 30,			June 30,
	2020			2020			2019			2019			2019
Total stockholders' equity	$	2,654,647		$	2,002,917		$	2,012,594		$	1,988,998		$	1,984,456
Less: intangible assets	995,716			887,671			891,634			895,882			900,162
Tangible common equity	$	1,658,931		$	1,115,246		$	1,120,960		$	1,093,116		$	1,084,294
Book value per share	$	28.14		$	33.40		$	33.82		$	33.50		$	32.80
Less: intangible book value per share	10.55			14.80			14.98			15.09			14.88
Tangible book value per share	$	17.58		$	18.60		$	18.84		$	18.41		$	17.92
Total assets	$	20,517,074		$	11,976,209		$	11,776,012		$	11,811,497		$	11,783,781
Less: intangible assets	995,716			887,671			891,634			895,882			900,162
Tangible assets	$	19,521,358		$	11,088,538		$	10,884,378		$	10,915,615		$	10,883,619
Tangible common equity ratio	8.50		%	10.06		%	10.30		%	10.01		%	9.96		%

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
	June 30,			March 31,			June 30,
	2020			2020			2019
Net interest income	$	130,292		$	109,175		$	110,641
Less: scheduled accretion income	3,501			1,793			2,387
Less: accelerated accretion income	2,347			2,312			2,563
Less: premium amortization on CD	1,054			63			124
Less: nonrecurring nonaccrual interest paid	(142)			—			104
Core net interest income	$	123,532		$	105,007		$	105,463
Average interest-earning assets	$	13,831,914		$	10,363,570		$	10,363,988
Net interest margin	3.79		%	4.24		%	4.28		%
Core net interest margin	3.59		%	4.08		%	4.08		%

26

EX-99.2

Investor Presentation Second Quarter 2020 July 27, 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” or “OPB”) 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 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 have made or may make, such as our recent 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 and potential alternative reference rates, including SOFR; 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 our 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 crises 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 Company’s Annual Report on Form 10-K for the year ended December 31, 2019, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, and other filings 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. Non-U.S. GAAP Financial Measures This presentation contains non-U.S. GAAP financial measures. For purposes of Regulation G promulgated by the SEC, a non-U.S. GAAP financial measure is a numerical measure of the registrant’s historical or future financial performance, financial position or cash flows that excludes amounts or is subject to adjustments that have the effect of excluding amounts that are included in the most directly comparable measure calculated and presented in accordance with U.S. GAAP in the statement of income, statement of financial condition or statement of cash flows (or equivalent statements) of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented in this regard. U.S. GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirements of Regulation G, PPBI has provided reconciliations within this presentation, as necessary, of the non-U.S GAAP financial measures to the most directly comparable U.S. GAAP financial measures. For more details on PPBI’s non-U.S. GAAP measures, refer to the Appendix in this presentation. © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 2

PACIFIC PREMIER BANCORP, INC. Premier banking franchise in key metropolitan areas throughout the Western U.S. Corporate Overview Branch Footprint Headquarters Irvine, CA Exchange/Listing NASDAQ: PPBI Pacific Northwest 16 Seattle MSA (15) Market Capitalization(1) $2.0 billion Portland MSA (2) Other Washington (1) Average Daily Volume(2) 652,097 shares 2 Common Shares Outstanding(3) 94,350,902 Dividend Yield(1) 4.7% Northern California 3 San Francisco MSA (3) # of Research Analysts 5 Analysts Client Focus Small & Middle-Market Businesses Central Coast California 11 San Luis Obispo (9) Branch Network 86 Full Service Branch Locations Santa Barbara (2) Nevada Financial Highlights 1 Las Vegas (1) Balance Sheet and Capital Ratios(3) Profitability and Credit Quality(3) 49 Southern California Los Angeles-Orange (31) Assets $20,517 PPNR ROAA(4) 1.60% San Diego (7) Riverside-San Bernardino (11) Loans HFI $15,083 Efficiency Ratio(4) 52.9% TCE / TA(4) 8.50% NPA / Assets 0.17% Total RBC Ratio 15.69% ACL / Loans(5) 2.02% Arizona 4 Phoenix (1) Scottsdale (1) Note: All dollars in millions Tucson (2) 1. Market data as of July 24, 2020 2. 3-month average as of July 24, 2020 3. As of June 30, 2020 or for the three months ended June 30, 2020. 4. Pre-provision net revenue excludes merger-related expenses. Please refer to non-U.S. GAAP reconciliation in appendix 5. Allowance for Credit Losses to loans held for investment, excluding SBA PPP loans © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 3

Q2 2020 RESULTS • Completed Opus Bank acquisition effective June 1, 2020 • Net loss of $99.1 million or $1.41 per share; driven by provision and merger-related expense Earnings • Pre-provision net revenue of $60.6 million(1), compared to $58.7 million(1) in Q1 2020, or a 3.1% increase • Net interest margin of 3.79%; core net interest margin of 3.59%(1) • Efficiency ratio of 52.9%(1) and noninterest expense of $76.6 million(2) • Deposits of $17.0 billion; non-maturity of 89% and noninterest-bearing checking of 35% of total deposits Deposits • Average cost of deposits decreased to 0.32% from 0.48% in Q1 2020 • Opus acquisition added $6.6 billion in deposits • Loan portfolio of $15.1 billion, an increase of $6.3 billion, or 72%, from Q1 2020 Loans • Loan / deposit ratio of 88.8%, compared to 96.3% in Q1 2020 • Opus acquisition added $5.9 billion in loans • Total delinquent loans decreased to 0.25% of total loan portfolio from 0.33% in Q1 2020 Asset • Nonperforming assets were 0.17% of total assets, a slight decrease from 0.18% in Q1 2020 Quality • Allowance for credit losses of $282.3 million and fair value net discount on acquired loans of $144.5 million • Net charge-offs of $4.7 million, or 0.04% of average loans • Issued $150.0 million of fixed-to-floating subordinated debt on June 15, 2020 Capital • Tangible book value per share of $17.58(1) • Declared quarterly dividend of $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 4

KEY INVESTMENT HIGHLIGHTS • Financial performance in Q2 2020 impacted by Opus acquisition and COVID-19 pandemic . Provision for credit losses of $160.6 million Financial . $84.4 million Day 1 Opus provision Performance . $76.2 million Q2 provision, driven primarily by economic forecast . Merger-related expense of $39.3 million • Combined ACL and FV marks results in a 3.03% loss absorbing capacity on total loans, excluding PPP loans • Selling $1.1 billion in PPP loans in Q3 2020, accelerating fee income recognition • One of the premier commercial bank franchises in the Western U.S. Strong • Benefits from strength and size of attractive Western U.S. markets Franchise • Comprehensive product offering targeting small & middle-market businesses • Strong culture with robust governance processes and experienced credit personnel Prudent Risk • Consistent excellent asset quality metrics and better-than-peer average credit losses and nonperforming loans Management • Proactive credit risk management – limited net loan growth over the last 8 quarters Experienced • Management team, on average, has over 25 years of banking experience Management • Continuous strengthening and improvement of executives and personnel • Deep in-market relationships drive client-focused business model © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 5

MANAGED LOAN GROWTH • Prudent, limited net loan growth and proactive credit risk management • PPBI has considered risks of growth at later stages of economic cycles June 2020 Acquired Opus Bank $16.0 ($5.9B loans(1)) $15.1 Originated $1.1B of PPP loans $14.0 July 2018 $12.0 Acquired Grandpoint No significant organic net loan growth over 7 quarters Capital, Inc. November 2017 ($2.4B loans) Acquired Plaza Bancorp $10.0 ($1.1B loans) $8.8 $8.8 $8.9 $8.8 $8.8 $8.7 $8.8 April 2017 $8.0 Acquired Heritage Oaks Bancorp ($1.4B loans) $6.2 $6.2 $6.3 $6.0 $4.9 $5.0 $4.0 $3.4 $2.0 $0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2017 2018 2019 2020 Loans Held for Investment Note: All dollars in billions 1. After fair value adjustments © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 6

OPUS ACQUISITION UPDATE • Opus integration; teams came together quickly, functioning at a high level, relationship banking focused Integration/ • Systems conversion to occur first weekend in October 2020 Conversion • Pacific Premier Trust systems conversion expected to occur in first half of 2021 • Dan Borland – Senior EVP, Head of Commercial Real Estate & SBA – started 03/2020 - Previously Commercial Real Estate Banking Market Manager at Wells Fargo Key - Built Opus CRE lending platform from 2010 to 2015 Leadership Additions • Rich Immesberger – Senior EVP, President of Pacific Premier Trust – started 06/2020 - Previously National Head of Trust and Estate Services for BMO Harris Bank • Mark Gouvion – EVP, Head of Retail Banking – started 08/2019 - Previously Head of Retail Banking at Opus • Roehl Amante – SVP, Chief Audit Executive – started 06/2020 - Previously Audit Director at Opus; prior to Opus, audit executive at East West Bank • Estimated 25% cost savings at announcement Cost • Executing ahead of planned synergies, expected to exceed 25% Savings • 20 branches will be consolidated in conjunction with systems conversion Deposits/ • Repriced Opus deposits and reduced wholesale funding Funding • Added specialty lines of business with approximately $1.7 billion of core deposits at a cost of 0.04% © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 7

ATTRACTIVE DEPOSIT MIX • 89% of total deposits are non-maturity and 35% are noninterest-bearing demand • Deposit mix reflects our relationship-based business model Deposit Mix (% of Total) Q2 2020 % of Cost of Balance Total Deposits(1) Money Market Certificates of Deposit & Savings (dollars in thousands) 36% 11% Noninterest-bearing demand $ 5,899,442 35% 0.00% Interest-bearing demand 3,098,454 18% 0.24% Money market and savings 6,060,031 36% 0.52% Total non-maturity deposits 15,057,927 89% 0.43% Retail certificates of deposit 1,651,976 10% 0.54% Interest- Noninterest Wholesale/brokered certificates of deposit 266,790 1% 1.36% bearing -bearing Total certificates of deposit 1,918,766 11% 0.65% Demand Demand 18% 35% Total deposits $ 16,976,693 100% 0.32% Cost of Deposits(1) Non-Maturity Deposits (% of Total) 0.73% 0.72% 89% 88% 88% 0.58% 0.48% 85% 0.32% 82% Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 2019 2019 2019 2020 2020 2019 2019 2019 2020 2020 1. Quarterly average cost © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 8

DIVERSIFIED BUSINESS LINES Specialized lines of business provide fee income and low-cost core deposits  Pacific Premier Trust (formerly PENSCO Trust) and Commerce Escrow Company acquired from Opus  Opus acquisition expected to result in 3x increase in PPBI’s pro forma annual noninterest income(1)  $1.7 billion in deposits with a blended deposit cost of 0.04%  Meaningful opportunities to expand both lines of business over time Annual Noninterest Cost of Income(2) Deposits Deposits(3) Pacific Premier Trust $29.5 million $1.2 billion 0.02% Commerce Escrow $6.0 million $500 million 0.09% Total $34.5 million $1.7 billion 0.04% Note: Financial information for three months ended March 31, 2020 Note: Noninterest income excludes gain on sale of investment securities 1. Includes $1.0 million reduction in interchange fees due to Durbin Amendment 2. 1Q 2020 annualized 3. Weighted average rate as of March 31, 2020 © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 9

PPBI Q2 2020 Financial Overview

CORE EARNINGS AND EFFICIENCY • Capital generation from pre-provision net revenue and operating efficiencies • Since 2013:  Compound annual growth for total revenue of 38% and pre-provision net revenue of 43%(1)(2)  Efficiency ratio improved from 64.7% to 52.9%(1) Revenue and Efficiency Ratio(1) Pre-Provision Net Revenue(1) $548.8 $494.6 $242.3 $482.5 $235.0 $224.1 $423.7 64.7% 61.3% $192.3 55.9% 53.6% 50.8% 52.6% $278.6 51.6% 52.9% $131.7 51.0% 1.99% 2.19% 1.84% 2.16% 1.96% 1.94% 2.03% 1.62% 1.60% $172.7 $79.0 $120.7 $52.2 $87.0 $67.3 $33.6 $23.4 2013 2014 2015 2016 2017 2018 2019 Q1 Q2 2013 2014 2015 2016 2017 2018 2019 Q1 Q2 (2) (2) (2) (2) 2020 2020 2020 2020 Total Revenue Efficiency Ratio Pre-Provision Net Revenue PPNR / Average Assets Note: All dollars in millions 1. Excludes merger-related expenses. Please refer to non-U.S. GAAP reconciliation in appendix. 2. Assumes annualized total revenue and pre-provision net revenue © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 11

NET INTEREST MARGIN • NIM contracted in Q2 2020, primarily driven by Fed rate cuts and the acquisition of Opus Factors Affecting Q2 2020 Net Interest Margin Reported and Core Net Interest Margin 4.48% 4.43% 4.44% 4.21% 4.25% 4.33% 4.24% 4.18% 3.79% 4.09% 4.06% 4.20% 4.18% 4.24% 4.13% 4.08% 3.93% 3.59% 2013 2014 2015 2016 2017 2018 2019 Q1 Q2 2020 2020 Increase Decrease Reported Net Interest Margin Core Net Interest Margin (1) Loan Yields Cost of Deposits 5.59% 5.54% 5.32% 5.39% 5.45% 5.31% 5.52% 5.27% 4.77% 0.66% 5.31% 5.30% 5.28% 5.18% 5.18% 5.13% 5.04% 5.08% 4.57% 0.51% 0.48% 0.34% 0.34% 0.32% 0.32% 0.28% 0.28% 2013 2014 2015 2016 2017 2018 2019 Q1 Q2 2013 2014 2015 2016 2017 2018 2019 Q1 Q2 2020 2020 2020 2020 Reported Loan Yield Core Loan Yield (1) 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 12

LOSS ABSORPTION CAPACITY Updated economic forecast for CECL Model: • Utilized Moody’s probability-weighted June economic forecast • Q2 2020 Unemployment Rate of 14.1%; Real GDP Q2 change (32.3)%, and CRE Price Index Q2 change (46.5)% • Economic recovery accelerates in second-half of 2021 Allowance for Credit Losses + Fair Value Mark Allowance for Credit Losses by Loan Type % of Total Opus Day 1 Loans Held for (dollars in thousands) 3/31/2020 6/1/2020 6/30/2020 (3) Balance Investment % of % of % of ACL Loans ACL Loans ACL Loans Allowance for Credit Losses $ 282,271 2.02% Balance HFI (3) Balance HFI (3) Balance HFI (3) Plus: Fair Value Mark on Acquired Loans 144,521 1.03% Investor loans secured by real estate Total Allowance + Fair Value Mark(4) $ 426,792 3.03% CRE non-owner occupied $ 15,896 0.78% $ 9,341 1.25% $ 63,007 2.26% Combined Loss Absorption Capacity Multifamily 14,722 0.91% 53,323 1.40% 63,511 1.22% Construction and land 9,222 2.44% 4,198 7.66% 18,804 5.26% (1) ACL Change Attributions ($ in millions) SBA secured by real estate 935 1.52% - 0.00% 2,010 3.38% Business loans secured by real estate CRE owner-occupied 26,793 1.42% 8,430 2.48% 48,213 2.22% Franchise real estate secured 7,503 2.02% - 0.00% 13,060 3.58% SBA secured by real estate(2) 4,044 4.84% 331 6.83% 4,368 5.11% Commercial loans Commercial and industrial 15,742 1.08% 20,118 2.36% 41,967 2.05% Franchise non-real estate secured 16,616 3.03% - 0.00% 21,676 4.14% SBA non-real estate secured 516 3.17% 964 1.48% 600 2.85% Retail loans Single family residential 1,137 0.48% 198 0.45% 1,479 0.56% Consumer loans 2,296 4.90% 206 3.39% 3,576 7.72% Total ACL $ 115,422 1.32% $ 97,109 1.64% $ 282,271 2.02% Unfunded 11,636 8,568 22,023 Increase Decrease Total ACL & Unfunded $ 127,058 $ 105,677 $ 304,294 Note: All dollars in thousands, unless where noted 1. SBA loans that are collateralized by hotel/motel real property 2. SBA loans that are collateralized by real property other than hotel/motel real property 3. Excludes PPP loans 4. Adds back the FV discount to the loans held for investment © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 13

CAPITAL RATIOS Strong regulatory capital ratios Well-Capitalized Regulatory Q2 2020 Q1 2020 Q4 2019 Minimum Level(2) Consolidated PPBI Common Equity Ratio 12.94% 16.72% 17.09% N/A Tangible Common Equity Ratio(1) 8.50% 10.06% 10.30% N/A Leverage Ratio 12.00% 10.68% 10.54% 5.00% Common Equity Tier 1 Ratio (CET1) 11.32% 11.59% 11.35% 7.00% Tier 1 Ratio 11.32% 11.66% 11.42% 8.50% Risk Based Capital Ratio 15.69% 14.23% 13.81% 10.50% Pacific Premier Bank Leverage Ratio 13.49% 12.54% 12.39% 5.00% Common Equity Tier 1 Ratio (CET1) 12.73% 13.70% 13.43% 7.00% Tier 1 Ratio 12.73% 13.70% 13.43% 8.50% Risk Based Capital Ratio 14.81% 14.28% 13.83% 10.50% 1. Please refer to non-U.S. GAAP reconciliation in appendix 2. The higher of minimum well-capitalized or minimum well-capitalized plus capital conservation buffer © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 14

Loan Portfolio and Credit Quality

DIVERSIFIED LOAN PORTFOLIO • 75% of loan portfolio is real estate secured Q2 2020 • Geographically diversified Weighted % of Average Balance Total Rate(1) Investor real estate secured CRE non-owner occupied $ 2,783,692 18 % 4.41 % Business real Multifamily 5,225,557 35 4.15 estate secured Construction and land 357,426 2 5.81 17% Investor (2) real estate SBA secured by real estate 59,482 0 5.02 secured Total investor real estate secured 8,426,157 56 4.31 56% Business real estate secured Loans by Type CRE owner-occupied 2,170,154 14 4.56 Franchise real estate secured 364,647 2 5.19 Commercial SBA secured by real estate(3) 85,542 1 5.25 25% Total business real estate secured 2,620,343 17 4.67 Consumer Commercial 2% Commercial and industrial 2,051,313 14 3.95 Franchise non-real estate secured 523,755 3 5.67 SBA non-real estate secured 21,057 0 5.38 Other CA 36% SBA PPP 1,128,780 7 1.00 Total commercial 3,724,905 25 3.26 Orange WA 6% Consumer Loans by County 12% AZ Single family residential 265,170 2 4.41 Geography(4) 6% Consumer 46,309 0 2.50 Other Total consumer 311,479 2 4.14 Los States Angeles 14% 26% Total loans held for investment $ 15,082,884 100 % 4.12 % Note: All dollars in thousands Note: Except with respect to PPP loans, SBA loans are unguaranteed portion and represent approximately 20% of principal balance for the respective borrower 1. As of June 30, 2020 and excludes the impact of fees, discounts and premiums 2. SBA loans that are collateralized by hotel/motel real property 3. SBA loans that are collateralized by real property other than hotel/motel real property 4. Based on state where primary real property collateral is located, if available, otherwise borrower address is used. All California information is for respective county © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 16

MODIFICATIONS AS OF JUNE 30, 2020 Loan Modifications by Loan Type Loan Modifications Total Loan Modifications Closed Loan Loan Commercial Modifications Modifications Total Loan real estate (dollars in thousands) Closed In Process Modifications 51.7% CRE NOO $ 796,514 $ 4,840 $ 801,354 Multifamily 492,261 4,082 496,342 Multifamily Commercial and Industrial 91,558 21 91,579 21.9% CRE OO 363,104 734 363,838 Franchise 489,847 - 489,847 SFR and other SFR and other 11,690 - 11,690 0.5% Commercial Total $ 2,244,974 $ 9,677 $ 2,254,651 Franchise and 21.8% industrial % of total loans HFI 14.9% 0.1% 14.9% 4.1% Interest-Only vs. Full Payment Deferrals by Term Expiration of Modifications (1) Total Loan Modifications Closed Loan Modifications Closed (dollars in millions) 1,000 $940 900 Interest- Only 6M 800 4M 27% 700 3M Full $595 Payment 600 Months of 3M Deferrals 500 Deferral 73% $444 400 300 6M $216 200 4M 100 $19 $20 $3 - Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Note: Financial information as of June 30, 2020 Interest-Only Full Payment Deferrals 1. Based on executed modification date and temporary modification plan selected. Excludes expired modifications in May 2020. © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 17

MODIFICATIONS CURRENT STATUS Consistent communication and inquiry of clients’ intentions  930 clients representing $1.4 billion, or 63% of closed modifications, have been assessed as of July 24, 2020  Initial focus on modifications expiring in June and July 2020 – 91% contacted  87% of borrowers contacted have indicated that they intend to resume normal loan payments  Further discussion, evaluation and negotiation with those that cannot – PPB will seek borrower concessions Modifications Current Status of Select Loan Segments as of July 24, 2020 Total Loan % of Expiring Will payments resume upon Modifications % of Total Mods Mods expiration of modification? (dollars in thousands) Closed(1) Contacted Contacted(2) Yes No CRE Non-owner Occupied(3) $ 796,514 43.9% 87.0% 69.8% 30.2% CRE NOO Office 176,093 39.3% 87.2% 86.8% 13.2% CRE NOO Retail 258,049 58.2% 86.7% 84.2% 15.8% CRE NOO Hotel/Motel 270,187 33.5% 98.2% 28.8% 71.2% Franchise Loans 489,847 83.7% 99.6% 94.6% 5.4% Commercial & Industrial 91,558 60.7% 85.1% 82.0% 18.0% CRE Owner Occupied 363,104 55.5% 86.2% 77.9% 22.1% Multifamily 492,261 79.3% 89.0% 98.4% 1.6% Total Loan Modifications $ 2,244,974 63.0% 90.6% 86.5% 13.5% Note: Table excludes temporary loan modifications on SFR and Other Loans totaling $11.7 million 1. As of June 30, 2020 2. Expiring Mods defined as temporary loan modifications that expired in either June or July of 2020 3. Includes Non-owner Occupied CRE Industrial/Other of $92.2 million © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 18

COVID-19 “AT-RISK” SEGMENTS ACL % and Loss Absorption Coverage % are both higher than aggregate portfolio At-Risk Loans by Loan Type, as of June 30, 2020 Avg. % % Loss Loan # of Loan Seasoning Modified Criticized Coverage (dollars in thousands) Balance Loans Size LTV DSCR in Months Loans Loans(1) Ratio(2) Notes Low LTV; no malls and minimal CRE NOO Retail $ 762,533 411 $ 1,855 50% 1.90 46 34% 0.43% 1.83% exposure to big-box retailers Generally low-rise and garden-style CRE NOO Office $ 764,677 307 $ 2,491 55% 1.73 37 23% 0.71% 2.48% Class B & C properties No large resort, conference centers or CRE NOO Hotel/Motel $ 388,068 112 $ 3,465 49% 1.98 57 70% 0.08% 9.34% casinos Small average loan size, no loan SBA Hotel/Motel $ 59,482 109 $ 546 70% 1.64 36 0% 7.83% 3.38% modifications (3) Seasoned operators, 91% are Quick Franchise Loans $ 888,402 849 $ 1,046 NA 1.45 28 55% 1.68% 3.91% Service Restaurants Total $ 2,863,162 1,788 $ 1,601 42% 1.00% 3.70% 1. Period-end category criticized loans / category loans 2. Loss Coverage Ratio defined as (Allowance for Credit Losses + Fair Value Discount) / category loan balance 3. Fixed Cost Coverage Ratio (FCCR) used for Franchise Loans in place of DSCR © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 19

CRE NON-OWNER OCCUPIED (“NOO”) Portfolio Characteristics – CRE Non-Owner Occupied Other Hotel and Loan Balance Outstanding* $2.8 billion 18% Motel 14% Number of Loans 1,431 Industrial By 14% Average Loan Size $1.9 million Property Type Retail Loan-to-Value (Weighted Average) 51% 27% DSCR (Weighted Average) 1.90x Office 27% Seasoning (Weighted Average) 44 months Delinquencies 0.11% (ACL + FV Mark) / Loans 2.98% *Excludes SBA loans WA Portfolio Fundamentals 4% Other NV States • Core competency for PPBI, an asset class which performed well for the bank 2% 9% Los Angeles during the Great Recession of 2008 AZ 24% 8% Other CA • Seasoned owners and managers of income properties By 10% Geography (1) Orange Ventura County • Secured by stabilized properties with recurring cash flows 1% 11% San Luis Santa Barbara Obispo San 4% 9% Diego Riverside • Strong underwriting standards with minimum DSCR of 1.25x and maximum 11% 5% loan-to-value of 75%, majority with personal guarantees San Bernardino 3% • Global cash flow and global DSCR for all loans over $1 million • Disciplined underwriting uses the lesser of actual or market rents and market 1. Based on state where primary real property collateral is located, if available, otherwise vacancy, not projections or pro forma borrower address is used. All California information is for respective county. © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 20

CRE NOO - RETAIL AND OFFICE Portfolio Characteristics – Retail and Office CRE NOO Retail Office Los Angeles WA Other States 30% 4% 12% Loan Balance Outstanding* $763 million $765 million Retail: NV Number of Loans 411 307 3% Orange By AZ County Average Loan Size $1.9 million $2.5 million Geography 10% 6% (1) Other CA Loan-to-Value (Weighted Average) 50% 55% 9% San Riverside Diego 6% DSCR (Weighted Average) 1.90x 1.73x Ventura 7% San Bernardino 1% 3% Seasoning (Weighted Average) 46 months 37 months Santa Barbara San Luis Obispo 3% 6% Delinquencies 0.36% 0.00% *Excludes(ACL + SBA FVloans Mark) / Loans 1.83% 2.48% Other States *Excludes SBA loans 9% Los WA Angeles Portfolio Fundamentals NV 3% 23% 3% Office: Retail AZ 7% Orange By Other CA • PPBI lends on seasoned Class B and C neighborhood centers in well 3% County Geography 19% established higher density markets (1) Ventura 1% • No exposure to malls and minimal exposure to big-box retailers Santa Barbara San Diego 4% 10% Riverside Office 4% San Luis San Bernardino • PPBI lends on seasoned Class B and C properties located near job centers, Obispo 3% with emphasis on metro markets and supporting suburbs 11% • Properties are generally low-rise and garden-style, with minimal exposure to Class A high-rise projects 1. Based on state where primary real property collateral is located, if available, otherwise borrower address is used. All California information is for respective county © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 21

CRE NOO - HOTEL / MOTEL – NON-SBA AND SBA Portfolio Characteristics – Hotel / Motel College/ University 1% Loan Balance Outstanding, Total $448 million Urban/ Airport Conference/ Downtown 9% Convention CRE, non-SBA SBA 13% 0.4% Interstate Loan Balance Outstanding $388 million $59 million 14% Demand Number of Loans 112 109 Drivers Leisure Average Loan Size $3.5 million $546,000 Suburban 14% 43% Loan-to-Value (Weighted Average) 49% 70% Military 2% DSCR (Weighted Average) 1.98x 1.64x Resort/ Destination Seasoning (Weighted Average) 57 months 36 months 4% Delinquencies 0.08% 1.66% NV (ACL + FV Mark) / Loans 9.34% 3.38% 2% Other States Los Angeles 16% AZ 12% Portfolio Fundamentals Other CA 7% 6% By Orange • 55% flagged properties, 45% boutique hotels; 66% limited service County Geography Santa 6% (1) Barbara 8% Riverside • No exposure to large conference center hotels, large resorts or casinos San Luis 4% Obispo 18% San Diego San 19% Bernardino • Loans to seasoned hotel operators, generally with significant resources 1% • Underwriting consistent with management’s conservative approach Note: SBA loans are unguaranteed portion and represent approximately 20% of principal balance for the respective borrower 1. Based on state where primary real property collateral is located, if available, otherwise borrower address is used. All California information is for respective county • SBA represents the retained, unguaranteed portion of outstanding balance © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 22

FRANCHISE LOANS Portfolio Characteristics – Franchise Loans Portfolio consists almost entirely of loans to QSRs, a well defined segment with a history Loan Balance Outstanding $888 million of resiliency in a recessionary environment % of Loans Secured by Real Estate Collateral 41% Jimmy Number of Relationships 217 John's 2% Jack In The Average Relationship Size $4.1 million Other Box 18% 3% Average Length of Relationship 41 months Zaxby's Burger 4% King Number of Loans 849 By 21% Franchise Average Loan Size $1.0 million (1) Wendy's Concept 4% FCCR* (Weighted Average) 1.45x Denny's Popeye's Dunkin' 4% 7% 16% Delinquencies 0.95% KFC 9% Sonic 12% (ACL + FV Mark) / Loans 3.91% Portfolio Fundamentals TX 13% • 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 States 12% 30% By • 81% of the QSR franchise concepts in our portfolio profile to have drive-thru, takeout (3) Geography and/or delivery capabilities (2) NJ 12% • Borrowers have on average 22 years of franchise operating experience, and operate MI over 20 store locations on average 3% FL NC 6% IL NY OH 6% 3% GA 5% 6% • Principals provide personal guarantees, loans are cross collateralized and cross 4% defaulted 1. Other category includes 19 different concepts, none of which is more than 3% 2. Based on state where primary real property collateral is located, if available, otherwise borrower • Highly disciplined approach, maintain well-defined market niche with minimal exceptions address. Other category includes 27 different states, none of which is more than 2% 3. Based upon 2019 industry off-premise statistics compiled by Restaurant Research © 2020 Pacific Premier Bancorp, Inc. | All rights reserved * Fixed Charge Coverage Ratio includes certain fixed expenses in the denominator and is a more conservative measure than DSCR 23

CRE TO CAPITAL CONCENTRATION RATIO Experience in managing CRE concentrations well in excess of 300% • CRE concentrations are well-managed across the organization, and semi annually stress tested CRE Concentration Ratio(1) 1000% Annualized Net Charge-Offs (2) Commercial Real Estate 0.09% Multifamily 0.05% 800% 627% Managed Growth 600% Decreased 499% Opus Grandpoint Acquisition 415% Acquisition 389% 383% 400% 372% 362% 365% 376% 356% 349% 336% 352% 340% 336% 341% 342% 332% 310% 316% 326% 306% 287% 287% 275% 289% 200% 0% 2008 2009 2010 2011 2012 2013 2014 2015 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 Note: Prior to 2020, CRE Concentration Ratio defined as (Non-owner Occupied CRE + Construction + Multifamily) / Total Risk-based Capital 1. CRE Concentration Ratio for 1Q 2020 and 2Q 2020 defined as (Non-owner Occupied CRE + Construction + Multifamily) / (Tier 1 Capital + ACL attributable to loans) 2. January 1, 2009 – March 31, 2020 © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 24

CREDIT RISK MANAGEMENT Credit quality has historically outperformed peers, including the 2008-2012 credit cycle Nonperforming Assets to Total Assets Comparison PPBI Peers 5.00% 4.39 4.26 4.29 4.50% 4.11 4.24 4.23 4.06 3.96 4.04 4.00% 4.30 3.77 3.62 3.48 3.39 3.50% 3.26 3.21 2.93 2.96 3.00% CNB PDNB Acquisition Acquisition 2.50% 2/11/11 4/27/12 2.00% 1.70 1.58 1.66 1.67 1.62 1.36 1.50% 1.31 1.24 1.18 1.08 0.91 1.00% 0.55 0.74 0.74 1.04 0.58 0.59 0.48 0.49 0.44 0.33 0.39 0.40 0.40 0.34 0.50% 0.20 0.21 0.32 0.48 0.38 0.15 0.12 0.18 0.17 0.40 0.17 0.11 0.17 0.02 0.01 0.07 0.11 0.07 0.00% Source: Federal Deposit Insurance Corporation (“FDIC”) Note: California peer group consists of all insured California institutions © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 25

DELINQUENT LOANS Low loan portfolio delinquency rates as of June 30, 2020 30-59 Days Past Due (% of Total Loans) 60-89 Days Past Due (% of Total Loans) 0.12% 0.09% 0.04% 0.04% 0.03% 0.04% 0.02% 0.02% 0.02% 0.01% 0.02% 0.03% 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 90+ Days Past Due (% of Total Loans) Total Delinquent Loans / Allowance for Credit Losses 53.5% 41.5% 38.5% 0.22% 32.1% 0.18% 25.0% 0.13% 0.11% 0.07% 0.07% 13.5% 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 26

ASSET QUALITY TRENDS Highly disciplined credit risk management, proactive loss mitigation strategies Special Mention Loans (% of Total Loans) Substandard Loans (% of Total Loans) 0.63% 0.65% 0.59% 0.52% 0.62% 0.60% 0.36% 0.42% 0.44% 0.45% 0.20% 0.24% 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 Nonperforming Loans (% of Total Loans) Annualized Net Charge-Offs (% of Average Loans) 0.24% 0.22% 0.14% 0.16% 0.17% 0.09% 0.09% 0.10% 0.06% 0.11% 0.06% 0.01% 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 27

PPBI’s Key Attributes

CULTURE AT PACIFIC PREMIER BANK Our culture is defined by our Success Attributes © 2019 Pacific Premier Bancorp, Inc. | All rights reserved 29

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 30

CONCLUDING THOUGHTS  We have maintained a strong credit culture in both good times and bad  Emphasis on risk management has been, and continues to be a key strength of our organization  Highly experienced and respected bank acquirer – 11 successful acquisitions since 2011  Financial results remain solid – strong capital ratios and core earnings  Our culture differentiates us and drives 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 31

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 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. Q2 Q1 Q2 2019 2020 2020 Total stockholders' equity $ 1,984,456 $ 2,002,917 $ 2,654,647 Less: Intangible assets (900,162) (887,671) (995,716) Tangible common equity $ 1,084,294 $ 1,115,246 $ 1,658,931 Total assets $ 11,783,781 $ 11,976,209 $ 20,517,074 Less: Intangible assets (900,162) (887,671) (995,716) Tangible assets $ 10,883,619 $ 11,088,538 $ 19,521,358 Tangible common equity ratio 9.96% 10.06% 8.50% Basic shares outstanding 60,509,994 59,975,281 94,350,222 Book value per share $ 32.80 $ 33.40 $ 28.14 Less: Intangible book value per share (14.88) (14.80) (10.55) Tangible book value per share $ 17.92 $ 18.60 $ 17.58 Note: All dollars in thousands, except per share data © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 33

NON-U.S. GAAP FINANCIAL MEASURES Return on average tangible common equity is a non-U.S. GAAP financial measure derived from U.S. GAAP-based amounts. We calculate this figure by excluding CDI amortization expense and excluding the average CDI and average goodwill from the average stockholders’ equity during the period. We believe that this non-U.S. GAAP financial measure provides information that is important to investors and that is useful in understanding our performance. This non-U.S. GAAP financial measure is supplemental and is not a substitute for an analysis based on U.S. GAAP measures. As companies may use different calculations for this measure, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the U.S. GAAP measure of return on average equity to the non-U.S. GAAP measure of return on average tangible common equity is set forth below. Three Months Ended, 6/30/2019 3/31/2020 6/30/2020 Net Income (loss) $ 38,527 $ 25,740 $ (99,091) Plus: CDI amortization 4,281 3,965 4,040 Less: CDI amortization expense tax adjustment(1) 1,240 1,137 1,159 Net income for average tangible common equity $ 41,568 $ 28,568 $ (96,210) Average stockholders' equity $ 1,999,986 $ 2,037,126 $ 2,231,722 Less Average CDI 94,460 81,744 84,148 Less: Average goodwill 808,778 808,322 838,725 Average tangible common equity $ 1,096,748 $ 1,147,060 $ 1,308,849 Return on average equity(2) 7.71% 5.05% -17.76% Return on average tangible common equity(2) 15.16% 9.96% -29.40% Note: All dollars in thousands 1. CDI amortization expense adjusted by statutory tax rate 2. Annualized © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 34

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 gain/(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. This non-U.S. GAAP financial measure is supplemental and is not a substitute for an analysis based on U.S. GAAP measures. As companies may use different calculations for this measure, this presentation may not be comparable to other similarly titled measures reported by other companies. A calculation of the non-U.S. GAAP measure of efficiency ratio is set forth below. FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Q1 2020 Q2 2020 Total noninterest expense $ 50,815 $ 54,938 $ 73,332 $ 98,063 $ 167,958 $ 249,905 $ 259,065 $ 66,631 $ 115,970 Less: CDI amortization 764 1,014 1,350 2,039 6,144 13,594 17,245 3,965 4,040 Less: Merger-related expense 6,926 1,490 4,799 4,388 21,002 18,454 656 1,724 39,346 Less: Other real estate owned operations, net 618 75 121 385 72 4 160 14 9 Noninterest expense, adjusted $ 42,507 $ 52,359 $ 67,062 $ 91,251 $ 140,740 $ 217,853 $ 241,004 $ 60,928 $ 72,575 Net interest income $ 58,444 $ 73,635 $ 106,299 $ 153,075 $ 247,502 $ 392,711 $ 447,301 $ 109,175 $ 130,292 Add: Total noninterest income (loss) 8,811 13,377 14,388 19,602 31,114 31,027 35,236 14,475 6,898 Less: Net gain (loss) from investment securities 1,544 1,547 290 1,797 2,737 1,399 8,571 7,760 (21) Less: OTTI impairment - securities (4) (29) - (205) 1 4 2 - - Less: Net gain (loss) from other real estate owned - - - - 46 281 52 - (55) 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 $ 137,266 Efficiency Ratio 64.7% 61.3% 55.9% 53.6% 51.0% 51.6% 50.8% 52.6% 52.9% Note: All dollars in thousands © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 35

NON-U.S. GAAP FINANCIAL MEASURES Pre-provision net revenue is a non-U.S. GAAP financial measure derived from U.S. GAAP-based amounts. We calculate pre-provision net revenue 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. This non-U.S. GAAP financial measure is supplemental and is not a substitute for an analysis based on U.S. GAAP measures. As companies may use different calculations for this measure, this presentation may not be comparable to other similarly titled measures reported by other companies. A calculation of the non-U.S. GAAP measure of pre-provision net revenue is set forth below. FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Q1 2020(1) Q2 2020(1) Interest income $ 63,800 $ 81,339 $ 118,356 $ 166,605 $ 270,005 $ 448,423 $ 526,107 $ 495,156 $ 576,488 Interest expense 5,356 7,704 12,057 13,530 22,503 55,712 78,806 58,456 55,320 Net interest income 58,444 73,635 106,299 153,075 247,502 392,711 447,301 436,700 521,168 Noninterest income 8,811 13,377 14,388 19,602 31,114 31,027 35,236 57,900 27,592 Revenue 67,255 87,012 120,687 172,677 278,616 423,738 482,537 494,600 548,760 Noninterest expense 50,815 54,938 73,332 98,063 167,958 249,905 259,065 266,524 463,880 Add: Merger related expense 6,926 1,490 4,799 4,388 21,002 18,454 656 6,896 157,384 Pre-provision net revenue $ 23,366 $ 33,564 $ 52,154 $ 79,002 $ 131,660 $ 192,287 $ 224,128 $ 234,972 $ 242,264 Average Assets $ 1,441,555 $ 1,827,935 $ 2,622,476 $ 3,601,411 $ 6,094,883 $ 9,794,917 $ 11,546,912 $ 11,591,336 $ 15,175,310 PPNR / Average Assets 1.62% 1.84% 1.99% 2.19% 2.16% 1.96% 1.94% 2.03% 1.60% Note: All dollars in thousands 1. Annualized © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 36

NON-U.S. GAAP FINANCIAL MEASURES Core net interest income and core net interest margin are non-U.S. GAAP financial measures derived from U.S. 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-U.S. GAAP financial measures derived from U.S. 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. FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 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 $ 130,292 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 5,848 Less: Premium amortization on CD 139 143 200 411 969 1,551 201 124 124 72 63 1,054 Less: Nonrecurring nonaccrual interest paid - - - - - - 161 107 37 168 - (142) 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 $ 123,532 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 $ 13,831,914 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% 3.79% 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% 3.59% FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 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 $ 133,339 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 5,848 Less: Nonrecurring nonaccrual interest paid - - - - - - 161 107 37 168 - (142) 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 $ 127,633 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 $ 11,242,721 Loan yield 5.59% 5.32% 5.39% 5.45% 5.31% 5.52% 5.56% 5.57% 5.59% 5.44% 5.27% 4.77% 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% 4.57% Note: All dollars in thousands © 2020 Pacific Premier Bancorp, Inc. | All rights reserved 37

XML

Cover Page Cover Page	Jul. 24, 2020
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 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	false
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