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)		January 26, 2021
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 January 26, 2021, Pacific Premier Bancorp, Inc. (“PPBI”) issued a press release setting forth its (unaudited) financial results for the fourth quarter and the year ended December 31, 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 December 31, 2020 is furnished as Exhibit 99.2 and incorporated herein by reference.

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, 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, except as shall be set forth by specific reference in such filing.

ITEM 8.01         OTHER EVENTS

On January 21, 2021, PPBI’s Board of Directors declared a $0.30 per share dividend, payable on February 12, 2021 to shareholders of record on February 5, 2021.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS

99.1	Press Release dated January 26, 2021
99.2	Investor Presentation, Fourth 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:	January 26, 2021	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 Fourth Quarter 2020 Financial Results and Increases Quarterly Cash Dividend to $0.30 per Share

Fourth Quarter 2020 Summary

•Net income of $67.1 million, or $0.71 per diluted share

•Return on average assets of 1.34%, return on average equity of 9.91%, and return on average tangible common equity of 16.32%

•Net interest margin of 3.61% and core net interest margin of 3.32%

•Cost of deposits of 0.14% in the fourth quarter compared with 0.20% in the prior quarter

•Noninterest bearing deposits represent 37% of total deposits

•Nonperforming assets represent 0.15% of total assets

•Total loan delinquency of 0.10% compared with 0.22% in the prior quarter

•Increased common equity quarterly dividend by $0.02 to $0.30 per share

•Approved a new $150 million share repurchase program in January 2021

Irvine, Calif., January 26, 2021 -- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company” or “Pacific Premier”), the holding company of Pacific Premier Bank (the “Bank”), reported net income for the fourth quarter of 2020 of $67.1 million, or $0.71 per diluted share, compared with net income of $66.6 million, or $0.70 per diluted share, for the third quarter of 2020 and net income of $41.1 million, or $0.69 per diluted share, for the fourth quarter of 2019.

For the three months ended December 31, 2020, the Company’s return on average assets (“ROAA”) was 1.34%, return on average equity (“ROAE”) was 9.91%, and return on average tangible common equity (“ROATCE”) was 16.32%, compared to 1.31%, 9.90%, and 16.44%, respectively, for the third quarter of 2020 and 1.42%, 8.20%, and 15.89%, respectively, for the fourth quarter of 2019. Total assets as of December 31, 2020 were $19.7 billion compared to $19.8 billion at September 30, 2020 and $11.8 billion at December 31, 2019. A reconciliation of the non–U.S. generally accepted accounting principles (“GAAP”) measure of ROATCE to the 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, “We delivered a strong quarter to end 2020 that reflects our improved earnings power and overall operational strength. Despite the low interest rate environment and the uncertainty around the pandemic, we generated a return on average assets and average tangible common equity, exclusive of merger-related expenses, of 1.41% and 17.2%, respectively.

“Having completed the Opus integration in early October, we were able to increase our focus on business development throughout the remainder of the fourth quarter. As a result, we ended the year with a strong loan pipeline as our teams are attracting larger, more sophisticated clients. During the fourth quarter, our new loan commitments were up substantially from the prior quarter, although elevated payoffs and strategic loan sales reduced our loan balances at quarter end.

“Our strong earnings continue to enhance our capital levels, and we remain committed to a disciplined, prudent capital management strategy. We recently adopted a new stock repurchase program, increasing the size over the program previously adopted in late 2019. We also announced today that we increased our common stock dividend to $0.30 per share, from $0.28 per share in the prior quarter. Since initiating our dividend program two years ago, we have steadily increased the amount of capital we are returning to shareholders, which has positively influenced total shareholder returns.

“As we begin 2021, we are well-positioned to manage through the impact of the ongoing pandemic and capitalize on the economic recovery. We expect increasing levels of organic growth in our various markets, and we will continue to pursue strategic growth opportunities that can expand and enhance our franchise. Over the past several years we have made investments in talent and technology to create a robust, highly scalable platform to generate profitable growth, and we are confident in our ability to execute and deliver for our shareholders in the years ahead.”

Mr. Gardner concluded, "I want to thank all of the Pacific Premier team members for their strong commitment to our clients, our communities, and each other. Their incredible resiliency and talents are what drive our results.”

1

FINANCIAL HIGHLIGHTS

	Three Months Ended
	December 31,			September 30,			December 31,
	2020			2020			2019
Financial Highlights	(Dollars in thousands, except per share data)
Net income	$	67,136		$	66,566		$	41,098
Diluted earnings per share	0.71			0.70			0.69
Common equity dividend per share	0.28			0.25			0.22
Return on average assets	1.34		%	1.31		%	1.42		%
Return on average equity	9.91			9.90			8.20
Return on average tangible common equity (1)	16.32			16.44			15.89
Pre-provision net revenue on average assets (1)	1.92			1.92			1.95
Net interest margin	3.61			3.54			4.33
Core net interest margin (1)	3.32			3.23			4.10
Cost of deposits	0.14			0.20			0.58
Efficiency ratio (2)	48.5			47.4			51.9
Noninterest expense (excluding merger-related expense) as a percent of average assets (1)	1.89			1.88			2.29
Total assets	$	19,736,544		$	19,844,240		$	11,776,012
Total deposits	16,214,177			16,330,807			8,898,509
Loans to deposit ratio	82		%	82		%	98		%
Non-maturity deposits as a percent of total deposits	90			89			88
Book value per share	$	29.07		$	28.48		$	33.82
Tangible book value per share (1)	18.65			18.01			18.84
Total risk-based capital ratio (3)	16.31		%	16.11		%	13.81		%

______________________________

(1) A reconciliation of the non-GAAP measures of return on average tangible common equity, pre-provision net revenue on average assets, core net interest margin, noninterest expense (excluding merger-related expense) as a percent of average assets, and tangible book value per share to the 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, amortization of intangible assets, and merger-related expense to the sum of net interest income before provision for credit losses and total noninterest income, less gain/(loss) on sale of securities, gain/(loss) from other real estate owned, and gain/(loss) from debt extinguishment.

(3) The Company's total risk-based capital ratio as of September 30, 2020 reflects the reclassification of $502.6 million of cash and due from banks as of September 30, 2020 to interest-bearing deposits with financial institutions as of that same date. This reclassification resulted in an increase in the ratio as of September 30, 2020 from what was previously reported.

2

INCOME STATEMENT HIGHLIGHTS

Net Interest Income and Net Interest Margin

Net interest income totaled $168.2 million in the fourth quarter of 2020, an increase of $1.7 million from the third quarter of 2020. The increase in net interest income was driven by higher average investment securities, higher loan related fees, and lower rates paid on deposits, partially offset by the impact of lower average loans and yields.

Net interest margin for the fourth quarter of 2020 was 3.61%, compared with 3.54% for the third quarter of 2020. Our core net interest margin, which excludes the impact of loan accretion, certificates of deposit mark-to-market amortization, and other one-time adjustments, increased 9 basis points to 3.32%, compared to 3.23% in the prior quarter. The increase was a result of higher loan related fees driven by elevated prepayments and lower cost of funds driven by lower rates paid on deposits, partially offset by the decrease attributable to the shift in interest-earning asset mix and lower loan yields.

Net interest income for the fourth quarter of 2020 increased $55.3 million, compared to the fourth quarter of 2019. The increase was primarily attributable to an increase in average interest-earning assets of $8.17 billion, which primarily resulted from the acquisition of Opus Bank (“Opus”) in the second quarter of 2020 and organic loan growth, as well as a higher average investment securities and a lower cost of funds, partially offset by lower average loan and investment yields, and higher average deposits.

3

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCES AND YIELD DATA
	Three Months Ended
	December 31, 2020						September 30, 2020						December 31, 2019
	Average Balance		Interest		Average Yield/ Cost		Average Balance		Interest		Average Yield/ Cost		Average Balance		Interest		Average Yield/ Cost
Assets	(Dollars in thousands)
Cash and cash equivalents	$	1,239,035	$	286	0.09	%	$	1,388,897	$	305	0.09	%	$	201,161	$	283	0.56	%
Investment securities	3,964,592		17,039		1.72		3,283,840		14,231		1.73		1,445,158		10,210		2.83
Loans receivable, net (1) (2)	13,315,810		163,499		4.88		14,034,868		167,455		4.75		8,700,690		119,353		5.44
Total interest-earning assets	$	18,519,437	$	180,824	3.88		$	18,707,605	$	181,991	3.87		$	10,347,009	$	129,846	4.98
Liabilities
Interest-bearing deposits	$	10,384,229	$	5,685	0.22		$	10,703,431	$	8,509	0.32		$	5,216,658	$	13,144	1.00
Borrowings	539,021		6,941		5.12		542,437		6,936		5.09		368,583		3,783		4.07
Total interest-bearing liabilities	$	10,923,250	$	12,626	0.46		$	11,245,868	$	15,445	0.55		$	5,585,241	$	16,927	1.20
Noninterest-bearing deposits	$	6,125,171					$	5,877,619					$	3,814,809
Net interest income			$	168,198					$	166,546					$	112,919
Net interest margin (3)					3.61						3.54						4.33
Cost of deposits					0.14						0.20						0.58
Cost of funds (4)					0.29						0.36						0.71
Ratio of interest-earning assets to interest-bearing liabilities					169.54						166.35						185.26

______________________________

(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 $11.0 million, $12.2 million, and $5.8 million, respectively.

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

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

Provision for Credit Losses

Provision for credit losses for the fourth quarter of 2020 was $1.5 million, a decrease of $2.7 million from the third quarter of 2020 and a decrease of $780,000 from the fourth quarter of 2019. The current quarter provision for credit losses included an $8.1 million recapture of the provision for loan losses, partially offset by a $9.6 million provision for unfunded commitments. The $8.1 million recapture of the provision for loan losses was primarily attributable to lower loans held for investment and favorable changes in asset quality and loan mix. The $9.6 million provision for unfunded commitments was primarily due to an increase in outstanding unfunded commitments in the commercial and industrial loan segment.

	Three Months Ended
	December 31,		September 30,		December 31,
	2020		2020		2019
Provision for Credit Losses	(Dollars in thousands)
Provision for loan losses	$	(8,079)	$	4,702	$	3,016
Provision for unfunded commitments	9,596		(492)		(666)
Provision for sold loans	—		—		(53)
Total provision for credit losses	$	1,517	$	4,210	$	2,297

4

Noninterest income

Noninterest income for the fourth quarter of 2020 was $23.2 million, a decrease of $3.6 million from the third quarter of 2020. The decrease was primarily due to a $9.2 million decrease in net gain from sales of loans in the third quarter of 2020, partially offset by a $3.9 million increase in net gain from sales of investment securities. In addition, other income increased $1.1 million related to equity investment income and a $212,000 increase in recoveries of pre-acquisition charged-off loans. Also, service charges on deposit accounts increased $412,000 and trust custodial account fees increased $336,000 from the prior quarter.

During the fourth quarter of 2020, the Bank sold $2.1 million of SBA loans for a net gain of $154,000, compared with $1.16 billion of SBA PPP loans sold for a net gain of $19.0 million in the third quarter of 2020. The fourth quarter of 2020 also included the sale of $59.2 million of other loans for a net gain of $174,000, compared to sales of $96.2 million of other loans for a net loss of $9.4 million during the third quarter of 2020.

During the fourth quarter of 2020, the Bank sold $202.6 million of investment securities for a net gain of $5.0 million, compared to the sales of $211.4 million of investment securities for a net gain of $1.1 million in the prior quarter.

Noninterest income for the fourth quarter of 2020 increased $13.4 million, compared to the fourth quarter of 2019. The increase was primarily due to the addition of $7.3 million of custodial account fees from Pacific Premier Trust, a $1.4 million increase in earnings on bank-owned life insurance (“BOLI”), primarily due to additional BOLI from Opus, an increase in net gain from sales of investment securities of $1.3 million, and a $3.7 million increase in other income, primarily due to a $1.5 million increase in equity investment income as well as a $1.3 million increase in escrow and exchange fee income.

    The decrease in net gain from sales of loans for the fourth quarter of 2020 compared to the same period last year was primarily due to the sale of $2.1 million of SBA loans for a net gain of $154,000 and the sale of $59.2 million of other loans for a net gain of $174,000 during the fourth quarter of 2020, compared to the sale of $23.7 million of SBA loans for a net gain of $2.1 million and the sale of $8.4 million of other loans for a net loss of $418,000 during the fourth quarter of 2019.

	Three Months Ended
	December 31,		September 30,		December 31,
	2020		2020		2019
	(Dollars in thousands)
NONINTEREST INCOME
Loan servicing income	$	633	$	481	$	487
Service charges on deposit accounts	2,005		1,593		1,558
Other service fee income	459		487		359
Debit card interchange fee income	777		944		367
Earnings on BOLI	2,240		2,270		864
Net gain from sales of loans	328		9,542		1,698
Net gain from sales of investment securities	5,002		1,141		3,671
Trust custodial account fees	7,296		6,960		—
Other income	4,454		3,340		797
Total noninterest income	$	23,194	$	26,758	$	9,801

5

Noninterest Expense

Noninterest expense totaled $99.9 million for the fourth quarter of 2020, an increase of $1.4 million compared to the third quarter of 2020, primarily due to the increase of $2.1 million in merger-related expense related to the Opus acquisition. Excluding merger-related expense, noninterest expense totaled $94.9 million, a decrease of $723,000, compared to the third quarter of 2020, driven by a $1.2 million decrease in other expense, an $803,000 decrease in legal and professional services expense, and a $793,000 decrease in data processing. These decreases were partially offset by a net $1.0 million increase in compensation as a result of a Company-wide employee appreciation bonus in the aggregate amount of $2.4 million related to the COVID-19 pandemic and higher accrued incentive compensation of $472,000, partially offset by higher loan origination deferred costs of $1.7 million, and an $895,000 increase in premises and occupancy expense due, in part, to ongoing COVID-19 pandemic-related maintenance expenses.

Noninterest expense increased by $33.7 million, compared to the fourth quarter of 2019. The increase was primarily due to a $5.1 million increase in merger-related expense related to the Opus acquisition, a $15.6 million increase in compensation and benefits, a $5.2 million increase in premises and occupancy expense, a $2.0 million increase in FDIC insurance premiums, a $1.1 million increase in office expense, and a $1.0 million increase in legal and professional services expense, predominately as a result of the additional operations, personnel, branches, and divisions retained with the acquisition of Opus.

	Three Months Ended
	December 31,		September 30,		December 31,
	2020		2020		2019
	(Dollars in thousands)
NONINTEREST EXPENSE
Compensation and benefits	$	52,044	$	51,021	$	36,409
Premises and occupancy	13,268		12,373		8,113
Data processing	5,990		6,783		3,241
Other real estate owned operations, net	(5)		(17)		31
FDIC insurance premiums	1,213		1,145		(766)
Legal and professional services	4,305		5,108		3,268
Marketing expense	1,442		1,718		1,713
Office expense	2,191		2,389		1,105
Loan expense	1,084		802		1,064
Deposit expense	5,026		4,728		4,537
Merger-related expense	5,071		2,988		—
Amortization of intangible assets	4,505		4,538		4,247
Other expense	3,805		5,003		3,254
Total noninterest expense	$	99,939	$	98,579	$	66,216

Income Tax

For the fourth quarter of 2020, our effective tax rate was 25.4%, compared to 26.5% for the third quarter of 2020 and 24.2% for the fourth quarter of 2019. The decrease in the effective tax rate from the prior quarter was primarily due to the increase in tax-exempt municipal interest recognized in the fourth quarter.

6

BALANCE SHEET HIGHLIGHTS

Loans

Loans held for investment totaled $13.24 billion at December 31, 2020, a decrease of $214.4 million from September 30, 2020, and an increase of $4.51 billion from December 31, 2019. The decrease from September 30, 2020 was driven primarily by higher loan prepayments and payoffs, partially offset by higher funded loans.

During the fourth quarter of 2020, the Bank generated $911.3 million of loan commitments and funded $712.5 million of loans, compared with $360.0 million in loan commitments and $280.8 million in funded loans for the third quarter of 2020, and $556.3 million of loan commitments and $419.9 million in funded loans for the fourth quarter of 2019. The year-over-year increase in loans funded was primarily due to expansion in our multifamily loan segment. Business lines of credit utilization rates increased to 36.2% at the end of the fourth quarter of 2020, compared with 33.9% at the end of the third quarter of 2020, but decreased from 44.3% at the end of the fourth quarter of 2019.

The increase in loans held for investment from December 31, 2019 was primarily due to 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, at the time of acquisition.

At December 31, 2020, the ratio of loans held for investment to total deposits was 81.6%, compared with 82.4% and 98.0% at September 30, 2020 and December 31, 2019, respectively.

7

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

	December 31,		September 30,		December 31,
	2020		2020		2019
	(Dollars in thousands)
Investor loans secured by real estate
Commercial real estate (“CRE”) non-owner-occupied	$	2,675,085	$	2,707,930	$	2,070,141
Multifamily	5,171,356		5,142,069		1,575,726
Construction and land	321,993		337,872		438,786
SBA secured by real estate (1)	57,331		57,610		68,431
Total investor loans secured by real estate	8,225,765		8,245,481		4,153,084
Business loans secured by real estate (2)
CRE owner-occupied	2,114,050		2,119,788		1,846,554
Franchise real estate secured	347,932		359,329		353,240
SBA secured by real estate (3)	79,595		84,126		88,381
Total business loans secured by real estate	2,541,577		2,563,243		2,288,175
Commercial loans (4)
Commercial and industrial	1,768,834		1,820,995		1,393,270
Franchise non-real estate secured	444,797		515,980		564,357
SBA non-real estate secured	15,957		16,748		17,426
Total commercial loans	2,229,588		2,353,723		1,975,053
Retail loans
Single family residential (5)	232,574		243,359		255,024
Consumer	6,929		45,034		50,975
Total retail loans	239,503		288,393		305,999
Gross loans held for investment (6)	13,236,433		13,450,840		8,722,311
Allowance for credit losses for loans held for investment (7)	(268,018)		(282,503)		(35,698)
Loans held for investment, net	$	12,968,415	$	13,168,337	$	8,686,613
Loans held for sale, at lower of cost or fair value	$	601	$	1,032	$	1,672

_________________________________________

(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 $113.8 million, $126.3 million, and $40.7 million as of December 31, 2020, September 30, 2020, and December 31, 2019, respectively.

(7) The allowance for credit losses as of December 31, 2019 was accounted for under ASC 450 and ASC 310, which is reflective of probable incurred losses as of the balance sheet date. 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 December 31, 2020 was 4.27%, compared with 4.34% at September 30, 2020 and 4.91% at December 31, 2019. The quarter-over-quarter and year-over-year decreases reflect the impact of lower rates on loan originations as well as repricing of portfolio loan yields as a result of the Federal Reserve Board's federal funds rate decrease in March 2020.

8

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

	Three Months Ended
	December 31,		September 30,		December 31,
	2020		2020		2019
	(Dollars in thousands)
Investor loans secured by real estate
CRE non-owner-occupied	$	80,298	$	40,518	$	94,791
Multifamily	398,651		182,575		69,653
Construction and land	60,336		37,087		53,166
SBA secured by real estate (1)	—		—		1,635
Total investor loans secured by real estate	539,285		260,180		219,245
Business loans secured by real estate (2)
CRE owner-occupied	96,779		30,594		117,022
Franchise real estate secured	27,162		—		12,257
SBA secured by real estate (3)	1,999		799		5,935
Total business loans secured by real estate	125,940		31,393		135,214
Commercial loans (4)
Commercial and industrial	228,076		56,959		145,092
Franchise non-real estate secured	8,005		9,665		44,185
SBA non-real estate secured	283		—		2,629
Total commercial loans	236,364		66,624		191,906
Retail loans
Single family residential (5)	8,888		—		8,457
Consumer	786		1,825		1,439
Total retail loans	9,674		1,825		9,896
Total loan commitments	$	911,263	$	360,022	$	556,261

______________________________

(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 our new loan production was 3.55% in the fourth quarter of 2020, compared to 3.61% in the third quarter of 2020 and 4.77% in the fourth quarter of 2019.

9

Allowance for Credit Losses

Effective January 1, 2020, the Company adopted the new CECL accounting standard, which replaces the incurred loss methodology. At December 31, 2020, our allowance for credit losses (“ACL”) on loans held for investment was $268.0 million, a decrease of $14.5 million from September 30, 2020 and an increase of $232.3 million from December 31, 2019, and continues to reflect the impact of the COVID-19 pandemic and resulting uncertainty in the macroeconomic environment. The decrease from September 30, 2020 was driven principally by lower loans held for investment as well as changes in loan mix at December 31, 2020. The increase from December 31, 2019 was primarily due to the cumulative-effect Day 1 adjustment of $55.7 million from the adoption of the CECL model, the Day 1 provision of $75.9 million for non-purchased credit deteriorated (“PCD”) loans from the Opus acquisition, and an initial ACL of $21.2 million with respect to PCD loans from the acquisition, as well as the provision for loan losses of $96.4 million primarily due to the unfavorable changes in economic forecasts employed in the Company's CECL model related to the COVID-19 pandemic during 2020.

During the fourth quarter of 2020, the Company incurred $6.4 million of net charge-offs, compared to $4.5 million and $2.3 million during the third quarter of 2020 and the fourth quarter of 2019, respectively.

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

	Three Months Ended December 31, 2020
	Beginning ACL Balance		Charge-offs		Recoveries		Provision for Credit Losses		Ending ACL Balance
	(Dollars in thousands)
Investor loans secured by real estate
CRE non-owner occupied	$	54,105	$	(8)	$	44	$	(4,965)	$	49,176
Multifamily	67,336		—		—		(4,802)		62,534
Construction and land	15,557		(162)		—		(2,960)		12,435
SBA secured by real estate (1)	5,327		(6)		—		(162)		5,159
Business loans secured by real estate (2)
CRE owner-occupied	48,666		—		15		1,836		50,517
Franchise real estate secured	11,988		(932)		—		395		11,451
SBA secured by real estate (3)	6,160		(23)		—		430		6,567
Commercial loans (4)
Commercial and industrial	47,914		(1,678)		1,781		(1,053)		46,964
Franchise non-real estate secured	20,149		(5,297)		—		5,673		20,525
SBA non-real estate secured	951		(97)		1		140		995
Retail loans
Single family residential (5)	1,243		(44)		—		5		1,204
Consumer loans	3,107		(2)		2		(2,616)		491
Totals	$	282,503	$	(8,249)	$	1,843	$	(8,079)	$	268,018

______________________________

(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.

10

The ratio of allowance for loan losses to total loans held for investment at December 31, 2020 was 2.02%, compared to 2.10% and 0.41% at September 30, 2020 and December 31, 2019, respectively. Under the guidance of ASC 820: Fair Value Measurements and Disclosures, the fair value discount on loans acquired through bank acquisitions was $113.8 million, or 0.85% of total loans held for investment, as of December 31, 2020, compared to $126.3 million, or 0.93% of total loans held for investment, as of September 30, 2020, and $40.7 million, or 0.46% of total loans held for investment, as of December 31, 2019.

Asset Quality

Nonperforming assets totaled $29.2 million, or 0.15% of total assets, at December 31, 2020, an increase of $1.7 million from September 30, 2020 and an increase of $20.2 million from December 31, 2019. During the fourth quarter of 2020, nonperforming loans increased $2.0 million from September 30, 2020 to $29.2 million and other real estate owned decreased $334,000 from September 30, 2020 to zero resulting from the sale of other real estate owned property. Loan delinquencies decreased to $13.3 million, or 0.10% of loans held for investment, compared to $29.4 million, or 0.22% of loans held for investment, at September 30, 2020, and $19.1 million, or 0.22% of loans held for investment, at December 31, 2019.

Classified loans totaled $128.3 million, or 0.97% of loans held for investment, at December 31, 2020, compared to $136.7 million, or 1.02% of loans held for investment, at September 30, 2020, and $45.4 million, or 0.52% of loans held for investment, at December 31, 2019. The decrease in classified loans from September 30, 2020 was driven, in part, by the sale of substandard loans totaling $20.1 million, as well as the net changes in risk ratings during the quarter. The year-over-year increase was driven, in part, by the migration to the substandard risk grade of approximately $57.4 million of loans subject to temporary loan modifications as of December 31, 2020, the addition of classified loans from the Opus acquisition in the second quarter of 2020, as well as the net changes in risk rating during fiscal 2020.

Interest typically is not 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 December 31, 2020. There were no troubled debt restructured loans at December 31, 2020 and September 30, 2020, and $3.0 million troubled debt restructured loans at December 31, 2019.

At December 31, 2020, 52 loans totaling $79.5 million, or 0.60% of loans held for investment, remain within their modification period due to the COVID-19 pandemic hardship under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), of which $20.2 million of loans has migrated to the substandard risk grade. As of December 31, 2020, no loans were in-process for potential modification. At September 30, 2020, the Company’s loan portfolio included 54 loans totaling $118.3 million, or 0.88% of loans held for investment, that were modified due to the COVID-19 pandemic as well as $119.4 million of loans in-process for potential modification.

11

	December 31,			September 30,			December 31,
	2020			2020			2019
Asset Quality	(Dollars in thousands)
Nonperforming loans	$	29,209		$	27,214		$	8,527
Other real estate owned	—			334			441
Other assets owned	—			—			—
Nonperforming assets	$	29,209		$	27,548		$	8,968
Total classified assets (1)	$	128,332		$	137,042		$	45,387
Allowance for credit losses	268,018			282,503			35,698
Allowance for credit losses as a percent of total nonperforming loans	918		%	1,038		%	419		%
Nonperforming loans as a percent of loans held for investment	0.22			0.20			0.10
Nonperforming assets as a percent of total assets	0.15			0.14			0.08
Classified loans to total loans held for investment	0.97			1.02			0.52
Classified assets to total assets	0.65			0.69			0.39
Net loan charge-offs for the quarter ended	$	6,406		$	4,470		$	2,318
Net loan charge-offs for quarter to average total loans, net	0.05		%	0.03		%	0.03		%
Allowance for credit losses to loans held for investment	2.02			2.10			0.41
Loans modified under CARES Act	$	79,465		$	118,298		$	—
Loans modified under CARES Act as a percent of loans held for investment	0.60		%	0.88		%	—		%
Delinquent Loans:
30 - 59 days	$	1,269		$	7,084		$	2,104
60 - 89 days	57			1,086			10,559
90+ days	11,996			21,206			6,439
Total delinquency	$	13,322		$	29,376		$	19,102
Delinquency as a percent of loans held for investment	0.10		%	0.22		%	0.22		%

______________________________

(1) Includes substandard loans and other real estate owned.

12

Investment Securities

Investment securities available-for-sale totaled $3.93 billion at December 31, 2020, an increase of $330.4 million from September 30, 2020, and an increase of $2.56 billion from December 31, 2019. The increase as compared to the third quarter of 2020 was primarily the result of purchases of $637.8 million as the company deployed its excess liquidity, and a mark-to-market fair value adjustment increase of $24.4 million, partially offset by sales of $202.6 million and total principal payments, amortization, and redemptions of $129.5 million. The increase compared to the same period last year was primarily the result of $2.72 billion in purchases, $829.9 million acquired from Opus, and a $54.3 million in mark-to-market fair value adjustments, partially offset by $752.6 million in sales and $298.4 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 or December 31, 2020.

Deposits

At December 31, 2020, deposits totaled $16.21 billion, a decrease of $116.6 million from September 30, 2020, and an increase of $7.32 billion from December 31, 2019. At December 31, 2020, non-maturity deposits totaled $14.59 billion, a decrease of $25.0 million, or 0.2%, from September 30, 2020 and an increase of $6.74 billion, or 85.8%, from December 31, 2019. During the fourth quarter of 2020, deposit decreases included $115.7 million in money market/savings deposits, $70.5 million in retail certificates of deposits, $24.7 million in interest checking, and $21.1 million in brokered certificates of deposits, partially offset by a $115.4 million increase in noninterest-bearing deposits compared to the third quarter of 2020. The increase in deposits from December 31, 2019 was primarily due to the acquisition of Opus.

The weighted average cost of deposits for the fourth quarter of 2020 was 0.14%, including the favorable impact of the acquired certificates of deposit mark-to-market amortization, compared with 0.20% for the third quarter of 2020 and 0.58% for the fourth quarter of 2019. The decrease in the weighted average cost of deposits for the fourth quarter of 2020 compared to the third quarter of 2020 was principally driven by lower pricing across all deposit product categories, and higher average noninterest-bearing deposits.

The end of period weighted average rate of deposits at December 31, 2020 was 0.18%.

	December 31,			September 30,			December 31,
	2020			2020			2019
Deposit Accounts	(Dollars in thousands)
Noninterest-bearing checking	$	6,011,106		$	5,895,744		$	3,857,660
Interest-bearing:
Checking	2,913,260			2,937,910			586,019
Money market/savings	5,662,969			5,778,688			3,406,988
Retail certificates of deposit	1,471,512			1,542,029			973,465
Wholesale/brokered certificates of deposit	155,330			176,436			74,377
Total interest-bearing	10,203,071			10,435,063			5,040,849
Total deposits	$	16,214,177		$	16,330,807		$	8,898,509
Cost of deposits	0.14		%	0.20		%	0.58		%
Noninterest-bearing deposits as a percent of total deposits	37.1			36.1			43.4
Non-maturity deposits as a percent of total deposits	90.0			89.5			88.2
Core deposits to total deposits (1)	94.9			96.0			93.7

______________________________

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

13

Borrowings

At December 31, 2020, total borrowings amounted to $532.5 million, a decrease of $9.9 million from September 30, 2020 and a decrease of $199.7 million from December 31, 2019. Total borrowings at December 31, 2020 included $31.0 million of Federal Home Loan Bank of San Francisco (“FHLB”) advances and $501.5 million of subordinated debt. At December 31, 2020, total borrowings represented 2.7% of total assets, compared to 2.7% and 6.2% as of September 30, 2020 and December 31, 2019, respectively. The decrease in borrowings at December 31, 2020 as compared to September 30, 2020 was primarily due to decreases in FHLB advances. The decrease in borrowings at December 31, 2020 as compared to December 31, 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 due June 15, 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 December 31, 2020, our ratio of tangible common equity to total assets was 9.40%, compared with

9.01% in the prior quarter and 10.30% at December 31, 2019, and our tangible book value per share was $18.65, compared to $18.01 at September 30, 2020 and $18.84 at December 31, 2019.

The Company implemented the CECL model on January 1, 2020 and elected to phase in the full effect of CECL on regulatory capital over the five-year transition period. At December 31, 2020, the Company exceeded all regulatory minimum capital adequacy requirements, inclusive of the fully phased-in capital conservation buffer, with a tier 1 leverage capital ratio of 9.47%, common equity tier 1 risk-based capital ratio of 12.04%, tier 1 risk-based capital ratio of 12.04% and total risk-based capital ratio of 16.31%.

At December 31, 2020, the Bank exceeded all regulatory capital requirements with a tier 1 leverage capital ratio of 10.89%, common equity tier 1 risk-based capital ratio of 13.84%, tier 1 risk-based capital ratio of 13.84%, and total risk-based capital of 15.89%. These capital ratios exceeded the “well capitalized” standards defined by the federal banking regulators of 5.00% for tier 1 leverage ratio, 6.5% for common equity tier 1 capital ratio, 8.00% for tier 1 capital ratio, and 10.00% for total capital ratio and exceeded the minimum capital ratio levels inclusive of the fully phased-in capital conservation buffer of 7.0%, 8.5%, and 10.5%, respectively.

14

	December 31,			September 30,			December 31,
Capital Ratios	2020			2020			2019
Pacific Premier Bancorp, Inc. Consolidated
Tier 1 leverage ratio	9.47		%	9.09		%	10.54		%
Common equity tier 1 risk-based capital ratio (1)	12.04			11.79			11.35
Tier 1 risk-based capital ratio (1)	12.04			11.79			11.42
Total risk-based capital ratio (1)	16.31			16.11			13.81
Tangible common equity ratio (2)	9.40			9.01			10.30
Pacific Premier Bank
Tier 1 leverage ratio	10.89		%	10.33		%	12.39		%
Common equity tier 1 risk-based capital ratio (1)	13.84			13.40			13.43
Tier 1 risk-based capital ratio (1)	13.84			13.40			13.43
Total risk-based capital ratio (1)	15.89			15.48			13.83
Share Data
Book value per share	$	29.07		$	28.48		$	33.82
Tangible book value per share (2)	18.65			18.01			18.84
Common equity dividend per share	0.28			0.25			0.22
Closing stock price (3)	31.33			20.14			32.60
Shares issued and outstanding (3)	94,483,136			94,375,521			59,506,057
Market Capitalization (3)(4)	$	2,960,157		$	1,900,723		$	1,939,897

______________________________

(1) The Company's and the Bank's common equity tier 1 risk-based capital ratios, tier 1 risk-based capital ratios, and total risk-based capital ratios as of September 30, 2020 reflect the reclassification of $502.6 million of cash and due from banks as of September 30, 2020 to interest-bearing deposits with financial institutions as of that same date. This reclassification resulted in increases in each of these ratios as of September 30, 2020 from what was previously reported.

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

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

(4) Dollars in thousands.

Dividend and Stock Repurchase Program

    On January 21, 2021, the Company's Board of Directors declared a $0.30 per share dividend, payable on February 12, 2021 to shareholders of record on February 5, 2021. This represents a $0.02 per share, or 7% increase, compared to the prior quarter’s quarterly dividend rate.

On January 11, 2020, the Company’s Board of Directors approved a new stock repurchase program, which authorized the repurchase up to 4,725,000 shares of its common stock, representing approximately 5% of the Company’s issued and outstanding shares of common stock and approximately $150 million of common stock as of December 31, 2020 based on the closing price of the Company’s common stock on December 31, 2020. The stock repurchase program may be limited or terminated at any time without notice. The new stock repurchase program replaces and supersedes the previous $100 million stock repurchase program approved by the Board in December 2019, which the Company announced was suspended indefinitely in March 2020. The Company had not repurchased any shares of common stock under the previous stock repurchase program.

15

Conference Call and Webcast

The Company will host a conference call at 9:00 a.m. PT / 12:00 p.m. ET on January 26, 2021 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 February 2, 2021 at (877) 344-7529, access code 10150509.

About Pacific Premier Bancorp, Inc.

    Pacific Premier Bancorp, Inc. (Nasdaq: PPBI) is the parent company of Pacific Premier Bank, a California based commercial bank focused on serving small, middle-market, and corporate businesses throughout the western United States in major metropolitan markets in California, Washington, Oregon, Arizona, and Nevada. Founded in 1983, Pacific Premier Bank has grown to become one of the largest banks headquartered in the western region of the United States, with approximately $20 billion in total assets. Pacific Premier Bank provides banking products and services, including deposit accounts, digital banking, and treasury management services, to businesses, professionals, entrepreneurs, real estate investors, and nonprofit organizations. Pacific Premier Bank also offers a wide array of loan products, such as commercial business loans, lines of credit, SBA loans, commercial real estate loans, agribusiness loans, franchise lending, home equity lines of credit, and construction loans. Pacific Premier Bank offers commercial escrow services and facilitates 1031 Exchange transactions through its Commerce Escrow division. Pacific Premier Bank offers clients IRA custodial services through its Pacific Premier Trust division, which has approximately $16 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 Homeowners' Associations and Property Management companies. Pacific Premier Bank is an Equal Housing Lender and Member FDIC. For additional information about Pacific Premier Bancorp, Inc. and Pacific Premier Bank, visit our website: www.ppbi.com.

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 acquisitions we have made or may make.

    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

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, 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; the possibility that we may discontinue our newly approved stock repurchase program or reduce or otherwise limit the level of repurchases of our common stock we may make from time to time pursuant to such program; 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, June 30, 2020, and September 30, 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

(949) 553-9042

(PPBI-ER)

16

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)
(Unaudited)
	December 31,		September 30,		June 30,		March 31,		December 31,
	2020		2020		2020		2020		2019
ASSETS
Cash and cash equivalents	$	880,766	$	1,103,077	$	1,341,730	$	534,032	$	326,850
Interest-bearing time deposits with financial institutions	2,845		2,845		2,845		2,708		2,708
Investments held to maturity, at amortized cost	23,732		27,980		32,557		34,553		37,838
Investment securities available for sale, at fair value	3,931,115		3,600,731		2,336,066		1,337,761		1,368,384
FHLB, FRB and other stock, at cost	117,055		116,819		94,658		92,858		93,061
Loans held for sale, at lower of cost or fair value	601		1,032		1,007		111		1,672
Loans held for investment	13,236,433		13,450,840		15,082,884		8,754,869		8,722,311
Allowance for credit losses	(268,018)		(282,503)		(282,271)		(115,422)		(35,698)
Loans held for investment, net	12,968,415		13,168,337		14,800,613		8,639,447		8,686,613
Accrued interest receivable	74,574		73,112		78,408		38,294		39,442
Other real estate owned	—		334		386		441		441
Premises and equipment	78,884		80,326		76,542		61,615		59,001
Deferred income taxes, net	89,056		108,050		105,859		15,249		—
Bank owned life insurance	292,564		290,875		305,901		113,461		113,376
Intangible assets	85,507		90,012		94,550		79,349		83,312
Goodwill	898,569		898,434		901,166		808,322		808,322
Other assets	292,861		282,276		344,786		218,008		154,992
Total assets	$	19,736,544	$	19,844,240	$	20,517,074	$	11,976,209	$	11,776,012
LIABILITIES
Deposit accounts:
Noninterest-bearing checking	$	6,011,106	$	5,895,744	$	5,899,442	$	3,943,260	$	3,857,660
Interest-bearing:
Checking	2,913,260		2,937,910		3,098,454		577,966		586,019
Money market/savings	5,662,969		5,778,688		6,060,031		3,499,305		3,406,988
Retail certificates of deposit	1,471,512		1,542,029		1,651,976		897,680		973,465
Wholesale/brokered certificates of deposit	155,330		176,436		266,790		174,861		74,377
Total interest-bearing	10,203,071		10,435,063		11,077,251		5,149,812		5,040,849
Total deposits	16,214,177		16,330,807		16,976,693		9,093,072		8,898,509
FHLB advances and other borrowings	31,000		41,000		41,006		521,017		517,026
Subordinated debentures	501,511		501,443		501,375		215,269		215,145
Deferred income taxes, net	—		—		—		—		1,371
Accrued expenses and other liabilities	243,207		282,905		343,353		143,934		131,367
Total liabilities	16,989,895		17,156,155		17,862,427		9,973,292		9,763,418
STOCKHOLDERS’ EQUITY
Common stock	931		930		930		586		586
Additional paid-in capital	2,354,871		2,351,532		2,348,415		1,596,680		1,594,434
Retained earnings	330,555		289,960		247,078		361,242		396,051
Accumulated other comprehensive income (loss)	60,292		45,663		58,224		44,409		21,523
Total stockholders' equity	2,746,649		2,688,085		2,654,647		2,002,917		2,012,594
Total liabilities and stockholders' equity	$	19,736,544	$	19,844,240	$	20,517,074	$	11,976,209	$	11,776,012

17

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
(Unaudited)
	Three Months Ended						Year Ended
	December 31,		September 30,		December 31,		December 31,		December 31,
	2020		2020		2019		2020		2019
INTEREST INCOME
Loans	$	163,499	$	167,455	$	119,353	$	577,558	$	485,663
Investment securities and other interest-earning assets	17,325		14,536		10,493		53,168		40,444
Total interest income	180,824		181,991		129,846		630,726		526,107
INTEREST EXPENSE
Deposits	5,685		8,509		13,144		34,336		58,297
FHLB advances and other borrowings	121		113		730		1,532		9,829
Subordinated debentures	6,820		6,823		3,053		20,647		10,680
Total interest expense	12,626		15,445		16,927		56,515		78,806
Net interest income before provision for credit losses	168,198		166,546		112,919		574,211		447,301
Provision for credit losses	1,517		4,210		2,297		191,816		5,719
Net interest income after provision for credit losses	166,681		162,336		110,622		382,395		441,582
NONINTEREST INCOME
Loan servicing income	633		481		487		2,028		1,840
Service charges on deposit accounts	2,005		1,593		1,558		6,712		5,769
Other service fee income	459		487		359		1,554		1,438
Debit card interchange fee income	777		944		367		2,526		3,004
Earnings on BOLI	2,240		2,270		864		7,160		3,486
Net gain from sales of loans	328		9,542		1,698		8,609		6,642
Net gain from sales of investment securities	5,002		1,141		3,671		13,882		8,571
Trust custodial account fees	7,296		6,960		—		16,653		—
Other income	4,454		3,340		797		12,201		4,486
Total noninterest income	23,194		26,758		9,801		71,325		35,236
NONINTEREST EXPENSE
Compensation and benefits	52,044		51,021		36,409		180,452		139,187
Premises and occupancy	13,268		12,373		8,113		43,296		30,758
Data processing	5,990		6,783		3,241		20,491		12,301
Other real estate owned operations, net	(5)		(17)		31		1		160
FDIC insurance premiums	1,213		1,145		(766)		3,571		764
Legal and professional services	4,305		5,108		3,268		15,633		12,869
Marketing expense	1,442		1,718		1,713		5,891		6,402
Office expense	2,191		2,389		1,105		7,216		4,826
Loan expense	1,084		802		1,064		3,531		4,079
Deposit expense	5,026		4,728		4,537		19,700		15,266
Merger-related expense	5,071		2,988		—		49,129		656
Amortization of intangible assets	4,505		4,538		4,247		17,072		17,245
Other expense	3,805		5,003		3,254		15,136		14,552
Total noninterest expense	99,939		98,579		66,216		381,119		259,065
Net income before income taxes	89,936		90,515		54,207		72,601		217,753
Income tax	22,800		23,949		13,109		12,250		58,035
Net income	$	67,136	$	66,566	$	41,098	$	60,351	$	159,718
EARNINGS PER SHARE
Basic	$	0.71	$	0.71	$	0.69	$	0.75	$	2.62
Diluted	0.71		0.70		0.69		0.75		2.60
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic	93,568,994		93,529,967		58,816,352		79,209,560		60,339,714
Diluted	93,969,188		93,719,167		59,182,054		79,506,274		60,692,281

18

SELECTED FINANCIAL DATA

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCES AND YIELD DATA
	Three Months Ended
	December 31, 2020						September 30, 2020						December 31, 2019
	Average Balance		Interest		Average Yield/ Cost		Average Balance		Interest		Average Yield/ Cost		Average Balance		Interest		Average Yield/ Cost
Assets	(Dollars in thousands)
Interest-earning assets:
Cash and cash equivalents	$	1,239,035	$	286	0.09	%	$	1,388,897	$	305	0.09	%	$	201,161	$	283	0.56	%
Investment securities	3,964,592		17,039		1.72		3,283,840		14,231		1.73		1,445,158		10,210		2.83
Loans receivable, net (1) (2)	13,315,810		163,499		4.88		14,034,868		167,455		4.75		8,700,690		119,353		5.44
Total interest-earning assets	18,519,437		180,824		3.88		18,707,605		181,991		3.87		10,347,009		129,846		4.98
Noninterest-earning assets	1,540,456						1,659,156						1,230,083
Total assets	$	20,059,893					$	20,366,761					$	11,577,092
Liabilities and Equity
Interest-bearing deposits:
Interest checking	$	2,971,983	$	652	0.09	%	$	3,001,738	$	1,191	0.16	%	$	563,357	$	643	0.45	%
Money market	5,368,054		3,296		0.24		5,490,541		4,855		0.35		3,184,267		6,704		0.84
Savings	360,148		86		0.09		357,768		109		0.12		236,970		101		0.17
Retail certificates of deposit	1,507,959		1,413		0.37		1,587,712		1,857		0.47		998,594		4,272		1.70
Wholesale/brokered certificates of deposit	176,085		238		0.54		265,672		497		0.74		233,470		1,424		2.42
Total interest-bearing deposits	10,384,229		5,685		0.22		10,703,431		8,509		0.32		5,216,658		13,144		1.00
FHLB advances and other borrowings	37,560		121		1.28		41,041		113		1.10		153,333		730		1.89
Subordinated debentures	501,461		6,820		5.44		501,396		6,823		5.44		215,250		3,053		5.67
Total borrowings	539,021		6,941		5.12		542,437		6,936		5.09		368,583		3,783		4.07
Total interest-bearing liabilities	10,923,250		12,626		0.46		11,245,868		15,445		0.55		5,585,241		16,927		1.20
Noninterest-bearing deposits	6,125,171						5,877,619						3,814,809
Other liabilities	300,963						553,407						172,227
Total liabilities	17,349,384						17,676,894						9,572,277
Stockholders' equity	2,710,509						2,689,867						2,004,815
Total liabilities and equity	$	20,059,893					$	20,366,761					$	11,577,092
Net interest income			$	168,198					$	166,546					$	112,919
Net interest margin (3)					3.61	%					3.54	%					4.33	%
Cost of deposits					0.14						0.20						0.58
Cost of funds (4)					0.29						0.36						0.71
Ratio of interest-earning assets to interest-bearing liabilities					169.54						166.35						185.26

______________________________

(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 $11.0 million, $12.2 million, and $5.8 million, respectively.

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

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

19

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
LOAN PORTFOLIO COMPOSITION
	December 31,		September 30,		June 30,		March 31,		December 31,
	2020		2020		2020		2020		2019
	(Dollars in thousands)
Investor loans secured by real estate
CRE non-owner-occupied	$	2,675,085	$	2,707,930	$	2,783,692	$	2,040,198	$	2,070,141
Multifamily	5,171,356		5,142,069		5,225,557		1,625,682		1,575,726
Construction and land	321,993		337,872		357,426		377,525		438,786
SBA secured by real estate (1)	57,331		57,610		59,482		61,665		68,431
Total investor loans secured by real estate	8,225,765		8,245,481		8,426,157		4,105,070		4,153,084
Business loans secured by real estate (2)
CRE owner-occupied	2,114,050		2,119,788		2,170,154		1,887,632		1,846,554
Franchise real estate secured	347,932		359,329		364,647		371,428		353,240
SBA secured by real estate (3)	79,595		84,126		85,542		83,640		88,381
Total business loans secured by real estate	2,541,577		2,563,243		2,620,343		2,342,700		2,288,175
Commercial loans (4)
Commercial and industrial	1,768,834		1,820,995		2,051,313		1,458,969		1,393,270
Franchise non-real estate secured	444,797		515,980		523,755		547,793		564,357
SBA non-real estate secured	15,957		16,748		21,057		16,265		17,426
SBA PPP	—		—		1,128,780		—		—
Total commercial loans	2,229,588		2,353,723		3,724,905		2,023,027		1,975,053
Retail loans
Single family residential (5)	232,574		243,359		265,170		237,180		255,024
Consumer	6,929		45,034		46,309		46,892		50,975
Total retail loans	239,503		288,393		311,479		284,072		305,999
Gross loans held for investment (6)	13,236,433		13,450,840		15,082,884		8,754,869		8,722,311
Allowance for credit losses for loans held for investment (7)	(268,018)		(282,503)		(282,271)		(115,422)		(35,698)
Loans held for investment, net	$	12,968,415	$	13,168,337	$	14,800,613	$	8,639,447	$	8,686,613
Loans held for sale, at lower of cost or fair value	$	601	$	1,032	$	1,007	$	111	$	1,672

______________________________

(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 $113.8 million, $126.3 million, and $40.7 million as of December 31, 2020, September 30, 2020, and December 31, 2019 respectively.

(7)The allowance for credit losses as of December 31, 2019 was accounted for under ASC 450 and ASC 310, which is reflective of probable incurred losses as of the balance sheet date. Effective January 1, 2020, the allowance for credit losses is accounted for under ASC 326, which is reflective of estimated expected lifetime credit losses.

20

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
ASSET QUALITY INFORMATION
	December 31,			September 30,			June 30,			March 31,			December 31,
	2020			2020			2020			2020			2019
	(Dollars in thousands)
Asset Quality
Nonperforming loans	$	29,209		$	27,214		$	33,825		$	20,610		$	8,527
Other real estate owned	—			334			386			441			441
Nonperforming assets	$	29,209		$	27,548		$	34,211		$	21,051		$	8,968
Total classified assets (1)	$	128,332		$	137,042		$	90,334		$	54,586		$	45,387
Allowance for credit losses	268,018			282,503			282,271			115,422			35,698
Allowance for credit losses as a percent of total nonperforming loans	918		%	1,038		%	835		%	560		%	419		%
Nonperforming loans as a percent of loans held for investment	0.22			0.20			0.22			0.24			0.10
Nonperforming assets as a percent of total assets	0.15			0.14			0.17			0.18			0.08
Classified loans to total loans held for investment	0.97			1.02			0.60			0.62			0.52
Classified assets to total assets	0.65			0.69			0.44			0.46			0.39
Net loan charge-offs for the quarter ended	$	6,406		$	4,470		$	4,650		$	1,344		$	2,318
Net loan charge-offs for the quarter to average total loans	0.05		%	0.03		%	0.04		%	0.02		%	0.03		%
Allowance for credit losses to loans held for investment (2)	2.02			2.10			1.87			1.32			0.41
Allowance for credit losses to loans held for investment, excluding SBA PPP loans (2)	2.02			2.10			2.02			1.32			0.41
Loans modified under CARES Act	$	79,465		$	118,298		$	2,244,974		$	—		$	—
Loans modified under CARES Act as a percent of loans held for investment	0.60		%	0.88		%	14.88		%	—		%	—		%
Delinquent Loans:
30 - 59 days	$	1,269		$	7,084		$	6,248		$	8,285		$	2,104
60 - 89 days	57			1,086			4,133			1,502			10,559
90+ days	11,996			21,206			27,807			19,084			6,439
Total delinquency	$	13,322		$	29,376		$	38,188		$	28,871		$	19,102
Delinquency as a percent of loans held for investment	0.10		%	0.22		%	0.25		%	0.33		%	0.22		%

______________________________

(1) Includes substandard loans and other real estate owned.

(2) At December 31, 2020, 55% of loans held for investment include an aggregate fair value net discount of $113.8 million, or 0.85% of loans held for investment. At September 30, 2020, 58% of loans held for investment include an aggregate fair value net discount of $126.3 million, or 0.93% of loans held for investment. At December 31, 2019, 37% of loans held for investment include an aggregate fair value net discount of $40.7 million, or 0.46% of loans held for investment.

21

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)
December 31, 2020
Investor loans secured by real estate
CRE non-owner-occupied	$	2,792	$	—	$	—	$	—	$	2,792	$	2,792
SBA secured by real estate (2)	1,257		—		—		—		1,257		1,257
Total investor loans secured by real estate	4,049		—		—		—		4,049		4,049
Business loans secured by real estate (3)
CRE owner-occupied	6,083		—		—		—		6,083		6,083
SBA secured by real estate (4)	1,143		—		—		—		1,143		1,143
Total business loans secured by real estate	7,226		—		—		—		7,226		7,226
Commercial loans (5)
Commercial and industrial	2,040		—		1,934		126		3,974		2,733
Franchise non-real estate secured	—		—		13,238		—		13,238		13,238
SBA not secured by real estate	707		—		—		—		707		707
Total commercial loans	2,747		—		15,172		126		17,919		16,678
Retail Loans
Single family residential (6)	15		—		—		—		15		15
Total retail loans	15		—		—		—		15		15
Totals nonaccrual loans	$	14,037	$	—	$	15,172	$	126	$	29,209	$	27,968

______________________________

(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.

22

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
PAST DUE STATUS
			Days Past Due
	Current		30-59		60-89		90+		Total
	(Dollars in thousands)
December 31, 2020
Investor loans secured by real estate
CRE non-owner-occupied	$	2,674,328	$	—	$	—	$	757	$	2,675,085
Multifamily	5,171,355		1		—		—		5,171,356
Construction and land	321,993		—		—		—		321,993
SBA secured by real estate (1)	56,074		—		—		1,257		57,331
Total investor loans secured by real estate	8,223,750		1		—		2,014		8,225,765
Business loans secured by real estate (2)
CRE owner-occupied	2,108,746		—		—		5,304		2,114,050
Franchise real estate secured	347,932		—		—		—		347,932
SBA secured by real estate (3)	78,036		486		—		1,073		79,595
Total business loans secured by real estate	2,534,714		486		—		6,377		2,541,577
Commercial loans (4)
Commercial and industrial	1,765,451		428		57		2,898		1,768,834
Franchise non-real estate secured	444,797		—		—		—		444,797
SBA not secured by real estate	14,912		338		—		707		15,957
Total commercial loans	2,225,160		766		57		3,605		2,229,588
Retail loans
Single family residential (5)	232,559		15		—		—		232,574
Consumer loans	6,928		1		—		—		6,929
Total retail loans	239,487		16		—		—		239,503
Total loans	$	13,223,111	$	1,269	$	57	$	11,996	$	13,236,433

______________________________

(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.

23

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CREDIT RISK GRADES
	Pass		Special Mention		Substandard		Total Gross Loans
	(Dollars in thousands)
December 31, 2020
Investor loans secured by real estate
CRE non-owner-occupied	$	2,617,655	$	39,360	$	18,070	$	2,675,085
Multifamily	5,156,988		13,037		1,331		5,171,356
Construction and land	321,993		—		—		321,993
SBA secured by real estate (1)	44,754		4,366		8,211		57,331
Total investor loans secured by real estate	8,141,390		56,763		27,612		8,225,765
Business loans secured by real estate (2)
CRE owner-occupied	2,072,545		26,263		15,242		2,114,050
Franchise real estate secured	340,784		5,180		1,968		347,932
SBA secured by real estate (3)	71,668		1,337		6,590		79,595
Total business loans secured by real estate	2,484,997		32,780		23,800		2,541,577
Commercial loans (4)
Commercial and industrial	1,701,772		22,741		44,321		1,768,834
Franchise non-real estate secured	402,737		12,335		29,725		444,797
SBA not secured by real estate	12,214		1,574		2,169		15,957
Total commercial loans	2,116,723		36,650		76,215		2,229,588
Retail loans
Single family residential (5)	231,917		—		657		232,574
Consumer loans	6,881		—		48		6,929
Total retail loans	238,798		—		705		239,503
Total loans	$	12,981,908	$	126,193	$	128,332	$	13,236,433

_____________________________

(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.

24

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 amortization of intangible assets expense from net income and excluding the average intangible assets and average goodwill from the average stockholders' equity during the periods indicated. We further exclude merger-related expense and the related tax impact to arrive at return on average tangible common equity excluding merger-related expense. 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
	December 31,			September 30,			December 31,
	2020			2020			2019
Net income	$	67,136		$	66,566		$	41,098
Plus: amortization of intangible assets expense	4,505			4,538			4,247
Less: amortization of intangible assets expense tax adjustment	1,288			1,301			1,218
Net income for average tangible common equity	70,353			69,803			44,127
Plus: merger-related expense	5,071			2,988			—
Less: merger-related expense tax adjustment	1,450			857			—
Net income for average tangible common equity excluding merger-related expense	$	73,974		$	71,934		$	44,127
Average stockholders' equity	$	2,710,509		$	2,689,867		$	2,004,815
Less: average intangible assets	88,216			92,768			85,901
Less: average goodwill	898,436			898,430			808,322
Average tangible common equity	$	1,723,857		$	1,698,669		$	1,110,592
Return on average equity	9.91		%	9.90		%	8.20		%
Return on average tangible common equity	16.32		%	16.44		%	15.89		%
Return on average tangible common equity excluding merger-related expense	17.16		%	16.94		%	15.89		%

For periods presented below, return on average assets excluding merger-related expense is a non-GAAP financial measure derived from GAAP based amounts. We calculate this figure by excluding merger-related expense and the related tax impact from net income. 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
	December 31,			September 30,			December 31,
	2020			2020			2019
Net income	$	67,136		$	66,566		$	41,098
Plus: merger-related expense	5,071			2,988			—
Less: merger-related expense tax adjustment	1,450			857			—
Net income for average assets excluding merger-related expense	$	70,757		$	68,697		$	41,098
Average assets	$	20,059,893		$	20,366,761		$	11,577,092
Return on average average	1.34		%	1.31		%	1.42		%
Return on average average excluding merger-related expense	1.41		%	1.35		%	1.42		%

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 measure 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
	December 31,			September 30,			December 31,
	2020			2020			2019
Interest income	$	180,824		$	181,991		$	129,846
Interest expense	12,626			15,445			16,927
Net interest income	168,198			166,546			112,919
Noninterest income	23,194			26,758			9,801
Revenue	191,392			193,304			122,720
Noninterest expense	99,939			98,579			66,216
Plus: merger-related expense	5,071			2,988			—
Pre-provision net revenue	96,524			97,713			56,504
Pre-provision net revenue (annualized)	$	386,096		$	390,852		$	226,016
Average assets	$	20,059,893		$	20,366,761		$	11,577,092
Pre-provision net revenue on average assets	0.48		%	0.48		%	0.49		%
Pre-provision net revenue on average assets (annualized)	1.92		%	1.92		%	1.95		%

Noninterest expense (excluding merger-related expense) as a percent of average assets is non-GAAP financial measure derived from GAAP-based amounts. We calculate the noninterest expense (excluding merger-related expense) as a percent of average assets by excluding merger-related expenses from the noninterest expense and dividing by average 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 and a better comparison to the financial results of prior periods.
	Three Months Ended
	December 31,			September 30,			December 31,
	2020			2020			2019
Noninterest expense	$	99,939		$	98,579		$	66,216
Less: merger-related expense	5,071			2,988			—
Noninterest expense excluding merger-related expense	94,868			95,591			66,216
Average assets	$	20,059,893		$	20,366,761		$	11,577,092
Noninterest expense as a percent of average assets (annualized)	1.99		%	1.94		%	2.29		%
Noninterest expense excluding merger-related expense as a percent of average assets (annualized)	1.89		%	1.88		%	2.29		%

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.
	December 31,			September 30,			June 30,			March 31,			December 31,
	2020			2020			2020			2020			2019
Total stockholders' equity	$	2,746,649		$	2,688,085		$	2,654,647		$	2,002,917		$	2,012,594
Less: intangible assets	984,076			988,446			995,716			887,671			891,634
Tangible common equity	$	1,762,573		$	1,699,639		$	1,658,931		$	1,115,246		$	1,120,960
Book value per share	$	29.07		$	28.48		$	28.14		$	33.40		$	33.82
Less: intangible book value per share	10.42			10.47			10.56			14.80			14.98
Tangible book value per share	$	18.65		$	18.01		$	17.58		$	18.60		$	18.84
Total assets	$	19,736,544		$	19,844,240		$	20,517,074		$	11,976,209		$	11,776,012
Less: intangible assets	984,076			988,446			995,716			887,671			891,634
Tangible assets	$	18,752,468		$	18,855,794		$	19,521,358		$	11,088,538		$	10,884,378
Tangible common equity ratio	9.40		%	9.01		%	8.50		%	10.06		%	10.30		%

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 CDs, nonrecurring nonaccrual interest paid, and other one-time adjustments 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
	December 31,			September 30,			December 31,
	2020			2020			2019
Net interest income	$	168,198		$	166,546		$	112,919
Less: scheduled accretion income	4,911			6,858			2,030
Less: accelerated accretion income	6,120			5,338			3,798
Less: premium amortization on CD	2,358			2,968			72
Less: nonrecurring nonaccrual interest paid and other one-time adjustments	322			(275)			168
Core net interest income	154,487			151,657			106,851
Less: interest income on SBA PPP loans	—			838			—
Core net interest income excluding SBA PPP loans	$	154,487		$	150,819		$	106,851
Average interest-earning assets	$	18,519,437		$	18,707,605		$	10,347,009
Less: average SBA PPP loans	—			329,396			—
Average interest-earning assets excluding SBA PPP loans	$	18,519,437		$	18,378,209		$	10,347,009
Net interest margin	3.61		%	3.54		%	4.33		%
Core net interest margin	3.32		%	3.23		%	4.10		%
Core net interest margin excluding SBA PPP loans	3.32		%	3.26		%	4.10		%

25

EX-99.2

Investor Presentation Fourth Quarter 2020 January 26, 2021 Ronald J. Nicolas, Jr. Sr. EVP & Chief Financial Officer rnicolas@ppbi.com 949-864-8000 Steve Gardner Chairman, President & Chief Executive Officer sgardner@ppbi.com 949-864-8000

2© 2021 Pacific Premier Bancorp, Inc. | All rights reserved 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” or the “Bank”). 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 acquisitions we have made or may make. 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, 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 Reports on Form 10-Q for the quarters ended March 31, June 30, and September 30, 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.

3© 2021 Pacific Premier Bancorp, Inc. | All rights reserved PRESENTATION CONTENTS Company Overview – Fourth Quarter Results 4 Financial Highlights 12 Loan Portfolio and Credit Quality 19 Culture and Governance 25 Appendix Material 32

PPBI Company Overview

5© 2021 Pacific Premier Bancorp, Inc. | All rights reserved Balance Sheet and Capital Ratios(3) Profitability and Credit Quality(3) Assets $19.74 billion ROAA 1.34% Loans HFI $13.24 billion PPNR ROAA(4)(5) 1.92% TCE / TA(5) 9.40% Efficiency Ratio(5) 48.5% Tier 1 Capital Ratio 12.04% NPA / Assets 0.15% Total RBC Ratio 16.31% ACL / Loans 2.02% PACIFIC PREMIER BANCORP, INC. Premier commercial bank in key metropolitan areas throughout the Western U.S. Headquarters Irvine, CA Exchange/Listing Nasdaq: PPBI Market Capitalization(1) $3.3 Billion Average Daily Volume(2) 461,240 Shares Common Shares Outstanding(3) 94,483,136 Dividend Yield(1) 3.4% # of Research Analysts 6 Analysts Client Focus Small & Middle-Market Businesses Branch Network 65 Full Service Branch Locations Corporate Overview Note: All dollars in millions 1. Market data as of January 25, 2021 2. 3-month average as of January 25, 2021 3. As of December 31, 2020 or for the three months ended December 31, 2020 4. Pre-provision net revenue excludes merger-related expenses 5. Please refer to non-U.S. GAAP reconciliation in the appendix Financial Highlights BRANCH FOOTPRINT 11 2 Arizona Phoenix (1) Tucson (2) 3 Nevada Las Vegas (1) 1 Southern California Los Angeles-Orange (22) San Diego (6) Riverside-San Bernardino (9) 37 Central Coast California San Luis Obispo (9) Santa Barbara (2) 11 Pacific Northwest Seattle MSA (10) Portland MSA (2) Other Washington (1)

6© 2021 Pacific Premier Bancorp, Inc. | All rights reserved Q4 2020 RESULTS 1. Please refer to non-U.S. GAAP reconciliation in the appendix 2. Noninterest expense, excluding merger-related expense 3. Including fair value net discount on acquired loans 4. Share repurchase program announced on January 12, 2021; based on shares outstanding as of December 31, 2020 Earnings • Net income of $67.1 million, or $0.71 per diluted share • ROAA of 1.34% and ROATCE of 16.32%(1) • Pre-provision net revenue (“PPNR”) of $96.5 million and PPNR ROAA of 1.92%(1) • Net interest margin of 3.61%; core net interest margin of 3.32%(1) • Efficiency ratio of 48.5%(1) and noninterest expense of $94.9 million(2) Loans • Loan portfolio of $13.2 billion, a decrease of 1.6% from the prior quarter • Loan / deposit ratio of 81.6%, compared to 82.4% in Q3 2020 • Higher loan production of $911.3 million during Q4 2020 Deposits • Deposits of $16.2 billion, a decrease of 0.7% from the prior quarter • Non-maturity deposits of 90% and noninterest-bearing checking of 37% of total deposits • Average cost of deposits decreased to 0.14% from 0.20% in Q3 2020 Capital • Tangible common equity to tangible assets of 9.40% and total risk-based capital ratio of 16.31%(1) • Tangible book value per share increased $0.64 to $18.65(1) • Declared quarterly dividend of $0.30 per share, a 7% increase compared to the prior quarter • Announced a new stock repurchase program for up to 4.725 million shares, or ~5% of shares outstanding(4) Asset Quality • Delinquent loans decreased to 0.10% of total loans • Nonperforming assets were 0.15% of total assets • Net charge-offs of $6.4 million, or 0.05% of average loans • COVID-19 temporary loan modifications represent 0.6% of total loans • ACL of $268.0 million, or 2.02% of loans; loss absorption capacity equals 2.86% of loans(3)

7© 2021 Pacific Premier Bancorp, Inc. | All rights reserved PEER COMPARISON PPNR ROAA(2)(3) Pacific Premier has consistently outperformed Western bank peers(1) Net Interest Margin Efficiency Ratio(3) Nonperforming Assets to Total Assets 1. Peer group consists of Western region banks and thrifts with total assets between $5 billion and $50 billion as of September 30, 2020 2. Pre-provision net revenue exclusive of merger-related expenses 3. Please refer to the non-U.S. GAAP information in the appendix 0.04% 0.04% 0.08% 0.18% 0.17% 0.14% 0.15% 0.43% 0.36% 0.36% 0.39% 0.43% 0.38% 2017Y 2018Y 2019Y 2020Q1 2020Q2 2020Q3 2020Q4 PPBI Peer Median 1.78% 1.76% 1.88% 2.03% 1.60% 1.92% 1.92% 1.64% 1.68% 1.69% 1.50% 1.65% 1.61% 2017Y 2018Y 2019Y 2020Q1 2020Q2 2020Q3 2020Q4 PPBI Peer Median 4.43% 4.44% 4.33% 4.24% 3.79% 3.54% 3.61% 3.80% 3.95% 3.95% 3.67% 3.35% 3.28% 2017Y 2018Y 2019Y 2020Q1 2020Q2 2020Q3 2020Q4 PPBI Peer Median 51.0% 51.7% 50.8% 52.6% 52.9% 47.4% 48.5% 55.3% 56.0% 56.9% 57.4% 54.5% 55.1% 2017Y 2018Y 2019Y 2020Q1 2020Q2 2020Q3 2020Q4 PPBI Peer Median

8© 2021 Pacific Premier Bancorp, Inc. | All rights reserved DISCIPLINED ACQUIRER Note: All dollars in millions Acquisition Timeline $1,714 $2,038 $2,790 $4,036 $8,025 $11,487 $11,776 $11,976 $20,517 $19,844 $19,737 $- $5,000 $10,000 $15,000 $20,000 $25,000 2013 2014 2015 2016 2017 2018 2019 1Q'20 2Q'20 3Q'20 Q4'20 Non-Acquired Acquired Total Assets January 2015 Independence Bank ($422MM assets) January 2014 Infinity Franchise Holdings ($80MM assets), a specialty finance company January 2016 Security California Bancorp ($715MM assets) April 2017 and November 2017 Heritage Oaks Bancorp ($2.0B assets) and Plaza Bancorp ($1.3B assets) July 2018 Grandpoint Capital, Inc. ($3.2B assets) March 2013 and June 2013 First Associations Bank ($424MM assets) and San Diego Trust Bank ($211MM assets) April 2012 Palm Desert National Bank ($103MM assets) in FDIC-assisted deal February 2011 Canyon National Bank ($192MM assets) in FDIC- assisted deal PPBI acquisitions have strengthened and enhanced franchise value • Acquisitions are fully integrated into Pacific Premier with a “one bank, one culture” approach • Total Assets have grown 42% compounded annually since 2013 June 2020 Opus Bank ($8.3B assets)

9© 2021 Pacific Premier Bancorp, Inc. | All rights reserved $7 .8 3 $8 .1 9 $ 9. 65 $9 .0 8 $1 0. 12 $1 1. 17 $1 2. 51 $1 5. 25 $ 16 .9 7 $1 7. 56 $1 7. 92 $1 8. 41 $1 8. 84 $1 8. 60 $1 7. 58 $1 8. 01 $1 8. 65 $0 .2 2 $0 .4 4 $0 .6 6 $0 .8 8 $1 .1 3 $1 .3 8 $1 .6 3 $1 .9 1 TBVPS Cumulative Dividends SHAREHOLDER FOCUSED Consolidated PPBI Pacific Premier Bank Tangible Common Equity Ratio(2) 9.40% 9.01% 10.30% Leverage Ratio 9.47% 9.09% 10.54% Common Equity Tier 1 Ratio (CET1) 12.04% 11.79% 11.35% Tier 1 Ratio 12.04% 11.79% 11.42% Total Risk Based Capital Ratio 16.31% 16.11% 13.81% Leverage Ratio 10.89% 10.33% 12.39% Common Equity Tier 1 Ratio (CET1) 13.84% 13.40% 13.43% Tier 1 Ratio 13.84% 13.40% 13.43% Total Risk Based Capital Ratio 15.89% 15.48% 13.83% Q4 2020 Q3 2020 Q4 2019 • Dividend increased 7% from prior quarter to $0.30 share, optimizing capital management • Board approved repurchase program for up to 4.725 million shares, or 5% of shares outstanding(1) 1. Based upon 94,483,136 shares outstanding as of December 31, 2020 2. Please refer to non-U.S. GAAP reconciliation in appendix Growth in Tangible Book Value per Share (2)

10© 2021 Pacific Premier Bancorp, Inc. | All rights reserved INNOVATION LEADER Leveraging technology to better serve our clients and operate more efficiently Current and Planned Technology Offerings Salesforce® Integration • Integration of Salesforce® – a leading relationship management platform – licensed and implemented in 2012 • Fully leveraged across the enterprise • Continually enhancing, customizing and leveraging Salesforce® throughout the Bank to expand client relationships, develop new business, data aggregation, and management reporting  Pacific Premier API - Money Movement  Modernized Digital Online Banking  Zelle® P2P Payments  Integrated Payables Solutions  Same Day ACH Support  Direct Biller / Invoice Presentment  Enhanced Mobile with Debit Card Controls  Modernized Remote Deposit Capture  Expanded Secure File Transmissions Platform  Voice Recognition Biometric Authentication Note: Zelle and Salesforce are registered trademarks of Early Warning Services LLC and Salesforce.com, Inc.

11© 2021 Pacific Premier Bancorp, Inc. | All rights reserved PREMIER API BANKING Open API banking creates new opportunities to engage with clients, industry partners and FinTech companies alike Modernize the client’s access to secure funds movement and data analytics • Access to real-time account information, secure funds movement and data analytics • Manual, repetitive banking tasks are automated securely • Designed to address traditional pain points associated with cash movement and treasury management services • We can take our automated solutions directly into the client’s environment 33,000+ Active Accounts $3.5 Billion Deposits 89,000+ Daily API Transactions 19 Partners

PPBI Q4 2020 Financial Highlights

13© 2021 Pacific Premier Bancorp, Inc. | All rights reserved $67.3 $87.0 $120.7 $172.7 $278.6 $423.7 $482.5 $494.6 $548.8 $773.2 $765.6 64.7% 61.3% 55.9% 53.6% 51.0% 51.6% 50.8% 52.6% 52.9% 47.4% 48.5% 2013 2014 2015 2016 2017 2018 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Total Revenue Efficiency Ratio Pre-Provision Net Revenue(1)Revenue and Efficiency Ratio(1) CORE EARNINGS AND EFFICIENCY Note: All dollars in millions 1. Excludes merger-related expenses. Please refer to non-U.S. GAAP reconciliation in the appendix. 2. Assumes annualized total revenue and pre-provision net revenue (2)(2) (2)(2) (2)(2) Strong capital generation from pre-provision net revenue and operating efficiencies Since 2013: • Compound annual growth for total revenue of 42% and pre-provision net revenue of 49%(1)(2) • Efficiency ratio improved from 64.7% to 48.5%(1) (2) (2) $23.4 $33.6 $52.2 $79.0 $131.7 $192.3 $224.1 $235.0 $242.3 $390.9 $386.1 1.62% 1.84% 1.99% 2.19% 2.16% 1.96% 1.94% 2.03% 1.60% 1.92%1.92% 2013 2014 2015 2016 2017 2018 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Pre-Provision Net Revenue PPNR / Average Assets

14© 2021 Pacific Premier Bancorp, Inc. | All rights reserved 4.18% 4.21% 4.25% 4.48% 4.43% 4.44% 4.33% 4.24% 3.79% 3.54%3.61% 3.93% 4.09% 4.06% 4.20% 4.18% 4.24% 4.13% 4.08% 3.59% 3.23% 3.32% 2013 2014 2015 2016 2017 2018 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Reported Net Interest Margin Core Net Interest Margin NET INTEREST MARGIN 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. Reported and Core Net Interest Margin NIM increased in Q4 2020, primarily driven by lower cost of deposits and higher loan fees Loan Yields Cost of Deposits Factors Affecting Q4 2020 Net Interest Margin Increase Decrease (1) (1) 0.34% 0.34% 0.32% 0.28% 0.28% 0.51% 0.66% 0.48% 0.32% 0.20% 0.14% 2013 2014 2015 2016 2017 2018 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Cost of Deposits 5.59% 5.32% 5.39% 5.45% 5.31% 5.52% 5.54% 5.27% 4.77% 4.75% 4.88% 5.28% 5.18% 5.18% 5.13% 5.04% 5.31% 5.30% 5.08% 4.57% 4.41% 4.55% 2013 2014 2015 2016 2017 2018 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Reported Loan Yield Core Loan Yield

15© 2021 Pacific Premier Bancorp, Inc. | All rights reserved NIE & OPUS COST SAVINGS 1. Actual second half 2020 noninterest expense excludes merger-related expenses Pre-Merger Annual Noninterest Expense Pacific Premier Opus $160 $270 $430 $270 $120 Estimated Annual Noninterest Expense With Cost Savings Estimated 25% Cost Savings Actual 2H 2020 Noninterest Expense Annualized(1) $379 $390 Achieved greater than estimated cost savings during second half of 2020 • Estimated cost savings of 25% of Opus’ annual expense run rate; Q3 & Q4 2020 annualized NIE surpassed estimate • Cost savings were fully phased in at year-end

16© 2021 Pacific Premier Bancorp, Inc. | All rights reserved CECL & LOSS ABSORPTION CAPACITY ACL Change Attributions ($ in millions) Allowance for Credit Losses + Fair Value Mark Allowance for Credit Losses by Loan Type 1. SBA loans that are collateralized by hotel real property 2. SBA loans that are collateralized by real property other than hotel real property 3. Excludes PPP loans 4. Adds back the FV discount to the loans held for investment Increase Decrease Combined Loss Absorption Capacity (dollars in thousands) Balance % of Total Loans Held for Investment Allowance for Credit Losses 268,018$ 2.02% Plus: Fair Value Mark on Acquired Loans(4) 113,769 0.85% Total Allowance + Fair Value Mark(4) 381,787$ 2.86% (dollars in thousands) ACL Balance % of Loans HFI (3) ACL Balance % of Loans HFI Investor loans secured by real estate CRE non-owner occupied 54,105$ 2.00% 49,176$ 1.84% Multifamily 67,336 1.31% 62,534 1.21% Construction and land 15,557 4.60% 12,435 3.86% SBA secured by real estate(1) 5,327 9.25% 5,159 9.00% Business loans secured by real estate CRE owner-occupied 48,666 2.30% 50,517 2.39% Franchise real estate secured 11,988 3.34% 11,451 3.29% SBA secured by real estate(2) 6,160 7.32% 6,567 8.25% Commercial loans Commercial and industrial 47,914 2.63% 46,964 2.66% Franchise non-real estate secured 20,149 3.90% 20,525 4.61% SBA non-real estate secured 951 5.68% 995 6.24% Retail loans Single family residential 1,243 0.51% 1,204 0.52% Consumer loans 3,107 6.90% 491 7.09% ACL for Loans HFI 282,503$ 2.10% 268,018$ 2.02% ACL for off-balance sheet commitments 21,522 31,118 Total Allowance for Credit Losses 304,025$ 299,136$ 9/30/2020 12/31/2020 Updated economic forecast for CECL Model • Utilized Moody’s probability-weighted December economic forecast – model weightings unchanged from June and September 2020 • Unfunded commitments increase driven by higher loan commitments and composition

17© 2021 Pacific Premier Bancorp, Inc. | All rights reserved Branches 65% HOA 11% Pacific Premier Trust 9% Escrow & Specialty 14% Broker/ Wholesale 1% ATTRACTIVE DEPOSIT MIX 1. Quarterly average cost 2. As of December 31, 2020 • 90% of total deposits are non-maturity and 37% are noninterest-bearing demand • Deposit mix reflects our relationship-based business model Deposit Sources (% of Total) 0.58% 0.48% 0.32% 0.20% 0.14% Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Cost of Deposits(1) 88% 88% 89% 89% 90% Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Non-Maturity Deposits (% of Total Deposits) $16.2 Billion Balance % of Total Cost of Deposits(1) Weighted Avg Rate(2) (dollars in thousands) Noninterest-bearing demand 6,011,106$ 37% 0.00% 0.00% Interest-bearing demand 2,913,260 18% 0.09% 0.06% Money market and savings 5,662,969 35% 0.23% 0.22% Total non-maturity deposits 14,587,335 90% 0.11% 0.10% Retail certificates of deposit 1,471,512 9% 0.37% 0.83% Wholesale/brokered certificates of deposit 155,330 1% 0.54% 1.35% Total certificates of deposit 1,626,842 10% 0.39% 0.88% Total deposits 16,214,177$ 100% 0.14% 0.18% Q4 2020

18© 2021 Pacific Premier Bancorp, Inc. | All rights reserved HIGH QUALITY SECURITIES PORTFOLIO Investment Securities as of December 31, 2020(1) Historical Balances and Yields Liquid, highly-rated securities portfolio • Investment securities AFS totaled $3.93 billion, or 20% of total assets, as of December 31, 2020 • Securities increased $330.4 million from the prior quarter, primarily driven by purchases of AAA-rated municipal, agency securities and collateralized mortgage obligations • Q4 2020 average yield of 1.72% • Portfolio effective duration of 5.0 years • Net unrealized gain of $84.4 million • Held-to-Maturity securities were $23.7 million as of December 31, 2020 $3.9 Billion 1. Excludes securities classified as Held-to-Maturity, which totaled $23.7 million as of December 31, 2020 Muni MBS CMO Agency Corp Notes Treasuries Total % AAA $960.0 $833.5 $513.4 $690.4 -- $32.5 $3,029.8 77.1% AA $485.1 -- -- -- -- -- $485.1 12.3% A $0.9 -- -- -- $188.6 -- $189.5 4.8% BBB -- -- -- -- $226.7 -- $226.7 5.8% Total $1,446.0 $833.5 $513.4 $690.4 $415.3 $32.5 $3,931.1 100% Summary of Credit Ratings(1) Muni Bonds $1,446.0 37% MBS $833.5 21% CMO $513.4 13% Treasuries $32.5 1% Agency $690.4 17% Corp Notes $415.3 11% $1,406 $1,372 $2,369 $3,629 $3,955 $1,445 $1,503 $1,792 $3,284 $3,965 2.83% 2.74% 2.36% 1.73% 1.72% 4Q19 1Q20 2Q20 3Q20 4Q20 Period-end Balance Average Balance Average Yield

Loan Portfolio and Credit Quality

20© 2021 Pacific Premier Bancorp, Inc. | All rights reserved • 81% of loan portfolio is real estate secured • Geographically diversified Note: All dollars in thousands Note: SBA loans are unguaranteed portion and represent approximately 20% of principal balance for the respective borrower 1. As of December 31, 2020 and excludes the impact of fees, discounts and premiums 2. SBA loans that are collateralized by hotel real property 3. SBA loans that are collateralized by real property other than hotel 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 Loans by Type Loans by Geography(4) DIVERSIFIED LOAN PORTFOLIO Los Angeles 29% Orange County 10% Other CA 34% Pac NW 11% AZ 6% Other States 10% Balance Investor real estate secured CRE non-owner occupied 2,675,085$ 20.2 % 4.35 % Multifamily 5,171,356 39.1 4.04 Construction and land 321,993 2.4 5.60 SBA secured by real estate(2) 57,331 0.4 5.01 Total investor real estate secured 8,225,765 62.1 4.21 Business real estate secured CRE owner-occupied 2,114,050 16.0 4.45 Franchise real estate secured 347,932 2.6 5.07 SBA secured by real estate(3) 79,595 0.6 5.21 Total business real estate secured 2,541,577 19.2 4.56 Commercial Commercial and industrial 1,768,834 13.4 3.85 Franchise non-real estate secured 444,797 3.4 5.40 SBA non-real estate secured 15,957 0.1 5.62 Total commercial 2,229,588 16.8 4.16 Consumer Single family residential 232,574 1.8 4.28 Consumer 6,929 0.1 5.65 Total consumer 239,503 1.8 4.31 Total loans held for investment 13,236,433$ 100.0 % 4.27 % As of December 31, 2020 % of Total Weighted Average Rate(1) Investor real estate secured 62% Business real estate secured 19% Commercial 17% Consumer 2%

21© 2021 Pacific Premier Bancorp, Inc. | All rights reserved ASSET QUALITY TRENDS Nonperforming Assets (% of Total Assets) Past Due Loans (% of Total Loans) Classified Loans (% of Total Loans) Net Charge-offs (% of Loans) Asset quality trends remain positive in current economic environment $9.0 $21.1 $34.2 $27.5 $29.20.08% 0.18% 0.17% 0.14% 0.15% 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Nonperforming Assets NPAs / Assets $19.1 $28.9 $38.2 $29.4 $13.3 0.22% 0.33% 0.25% 0.22% 0.10% 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Past Due Loans PD Loans / Loans HFI $44.9 $54.1 $89.9 $136.7 $128.3 0.52% 0.62% 0.60% 1.02% 0.97% 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Classified Loans Classified Loans / Loans HFI $2.3 $1.3 $4.7 $4.5 $6.40.03% 0.02% 0.04% 0.03% 0.05% 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Net Charge-offs NCOs / Avg Loans

22© 2021 Pacific Premier Bancorp, Inc. | All rights reserved (dollars in thousands) Total Mods Loans HFI % of Loans HFI Total Mods(2) Loans HFI % of Loans HFI Total Mods Loans HFI % of Loans HFI CRE Non-ow ner Occupied 796,514$ 2,783,692$ 28.6% 127,282$ 2,707,930$ 4.7% 24,011$ 2,675,085$ 0.9% CRE NOO Office 176,093 764,677 23.0% 6,534 759,953 0.9% - 756,052 0.0% CRE NOO Retail 258,049 762,533 33.8% 13,427 749,649 1.8% 2,516 752,961 0.3% CRE NOO Hotel 270,187 388,068 69.6% 93,833 341,974 27.4% 19,036 342,055 5.6% CRE NOO Industrial & Other 92,185 868,414 10.6% 13,487 856,355 1.6% 2,459 824,016 0.3% Franchise Loans 489,847 888,402 55.1% 26,389 875,309 3.0% 28,675 792,728 3.6% Commercial & Industrial 91,558 2,051,313 4.5% 2,165 1,820,995 0.1% 3,195 1,768,834 0.2% SBA(1) - 166,081 0.0% 8,501 158,484 5.4% 4,955 152,883 3.2% CRE Ow ner Occupied 363,104 2,170,154 16.7% 38,507 2,119,788 1.8% 8,646 2,114,051 0.4% Construction & Land - 357,426 0.0% - 337,872 0.0% - 321,993 0.0% Multifamily 492,261 5,225,557 9.4% 31,864 5,142,069 0.6% 9,420 5,171,357 0.2% SFR and other 11,690 311,479 3.8% 3,026 288,393 1.0% 564 239,503 0.2% Total(1) 2,244,974$ 13,954,104$ 16.1% 237,735$ 13,450,840$ 1.8% 79,466$ 13,236,433$ 0.6% June 30, 2020 September 30, 2020 December 31, 2020 MODIFICATIONS CURRENT STATUS Temporary Loan Modifications 1. Excludes PPP Loans 2. Total mods as of September 30, 2020 included $119.4 million of in-process, potential loan modifications, of which $101.7 million were previously modified loans • Total modified loans were $79.5 million, or 0.6% of loans held for investment, as of December 31, 2020 • No extensions were in process as of December 31, 2020 Temporary loan modifications decreased to less than 1% of loans in Q4 2020

23© 2021 Pacific Premier Bancorp, Inc. | All rights reserved 3.23% 1.65% 0.15% 4.21% 0.38% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 PPBI Peer Median CREDIT RISK MANAGEMENT Credit quality has historically outperformed peers, including the 2008-2012 credit cycle Nonperforming Assets to Total Assets Comparison CNB Failed- Bank Acquisition 2/11/11 PDNB Failed- Bank Acquisition 4/27/12 Note: Peer group consists of Western region banks and thrifts with total assets between $5 billion and $50 billion as of September 30, 2020

24© 2021 Pacific Premier Bancorp, Inc. | All rights reserved CRE TO CAPITAL CONCENTRATION RATIO Note: Prior to 2020, CRE Concentration Ratio defined as (Non-owner Occupied CRE + Construction + Multifamily) / Total Risk-based Capital 1. CRE Concentration Ratio in 2020 defined as (Non-owner Occupied CRE + Construction + Multifamily) / (Tier 1 Capital + ACL attributable to loans) CRE Concentration Ratio(1) 627% 499% 415% 372% 310% 349% 316% 336% 362% 352% 365% 376% 389% 340% 336% 287% 287% 275% 356% 341% 342% 332% 326% 306% 285% 385% 363% 352% 0% 200% 400% 600% 800% Decreased Managed Growth Grandpoint Acquisition Experience in managing CRE concentrations well in excess of 300% • CRE concentrations are well-managed across the organization, and semi annually stress tested Opus Acquisition

PPBI Culture and Governance

26© 2021 Pacific Premier Bancorp, Inc. | All rights reserved CULTURE AT PACIFIC PREMIER BANK Our culture is defined by our Success Attributes

27© 2021 Pacific Premier Bancorp, Inc. | All rights reserved We are focused on transparency and continuous improvement in ESG Environmental Social(1) Governance • To further enhance our ESG efforts, in 2019 we commenced a formal ESG assessment to review our ESG activities, identify opportunity areas and mitigate ESG-related risks • In 2020, we have continued our ESG efforts and began initiatives to strengthen our ESG policies and tracking systems to ensure effective reporting on an ongoing basis • We created the role of Corporate Social Responsibility Officer and filled the position in Q4 2020 specifically to allocate resources to making further progress toward our ESG goals Commitment to Continuous Improvement Alignment to the UN Sustainable Development Goals Our ESG initiatives and the support we give to organizations in our communities help us align to several UN SDGs Current environmental initiatives aim to improve disclosures, evaluate climate risk, and reduce our environmental impact Our employees actively volunteer and support non- profit organizations and other community organizations to strengthen and empower the communities we serve $576 million of investments and loans in 7,337 affordable housing units Community Partnerships and Support 9,100 Volunteer Hours 300+ Community Partnerships Our full Board is responsible for overseeing ESG and corporate social responsibility efforts throughout our organization 2 ISS Governance QualityScore 68% of charitable giving benefited minority communities High-Quality Governance Structure • Early stages of developing a framework of the environmental impact of our loan standards as well as analyzing and assessing climate risk to our loan portfolio • Currently evaluating the adoption of a formal environmental disclosure framework, including the Sustainability Accounting Standards Board (“SASB”) and the Task Force on Climate-related Financial Disclosures (“TCFD”) methodologies 1. Community Partnerships and Support, COVID-19 Relief Efforts, and Social Justice Initiatives data is for the 12-month period ended December 31, 2020 COVID-19 Relief Efforts Social Justice Initiatives COMMITMENT TO ESG

28© 2021 Pacific Premier Bancorp, Inc. | All rights reserved Employee safety, supporting clients, and strengthening PPBI for the long-term • Activated our Business Continuity Program, Pandemic Preparedness Plan, and daily leadership calls • Branches remained open with reduced hours, lobbies with drive-throughs closed, social distancing measures exercised to keep employees and clients safe • Company-wide PPE provisions, cleaning protocols, reconfiguration of corporate HQ and branches to keep employees safe; rapid COVID-19 testing provided monthly for all employees and their partners • Special appreciation bonus and increased benefits; branch employees paid full-time for partial days worked • Hourly employees awarded 4-hour pay allocation to receive COVID-19 vaccination when available • Consistently monitored and analyzed the loan portfolio to identify potential at-risk segments • Monitored line of credit draws for deviations from normal activity • Held discussions with clients, analyzing the impact and utilizing government programs where appropriate • Designed a thoughtful loan modification program and granted accommodations on $2.3 billion of loans • Ensured we remain well capitalized across all regulatory capital ratios • Temporarily suspended stock buyback program and maintained quarterly cash dividend rate(1) • Ensured ample balance sheet liquidity, access to additional borrowing capacity and strong net income Employees Loan Portfolio Capital and Liquidity • Waived up to 5 non-sufficient funds / overdraft fees per month and early withdrawal fees on CDs, provided ATM fee waivers and increased daily cash withdrawal limits on ATM / Debit Cards • Closed 3,851 PPP loans, resulting in the retention of 122,803 jobs • Incorporated legislative, regulatory and accounting guidelines to establish COVID-19 modification program Clients OUR COVID-19 RESPONSE 1. New stock repurchase program announced on January 12, 2021. Quarterly dividend rate increased on October 27, 2020.

29© 2021 Pacific Premier Bancorp, Inc. | All rights reserved Our Board continues to strengthen our corporate governance practices to enhance long-term shareholder value Board Independence • Lead Independent Director • Independent Board (9 of 10 directors are independent) • All Board committees composed of independent directors • Independent directors conduct regular executive sessions led by the Lead Independent Director Board Practices • Annual Board and committee assessments • Risk oversight and strategic planning by full Board and committees • Outside Board service limited to three additional Boards • Board has direct access to all of our Senior Executive Officers Board Accountability • Annual election of all directors • Majority vote standard in place (uncontested elections) • Shareholders have the ability to call a special meeting with 10% support • Shareholder engagement program with feedback incorporated into Board deliberations Stock Ownership / Compensation • Robust stock ownership guidelines for all Directors and Named Executive Officers • Clawback policy in place • Maintain restrictions on hedging and pledging shares of our stock • Double trigger vesting provisions in place CORPORATE GOVERNANCE

30© 2021 Pacific Premier Bancorp, Inc. | All rights reserved Commitment to regular refreshment to evolve our Board in line with our strategy Process Overview • Our Board is committed to annually reviewing the appropriate skills and characteristics required of directors and making recommendations for potential nominees • The Board also believes that diversity and inclusion in various respects is extremely important (currently 3 independent directors are female) and is mindful of this need as candidates are considered to fill current Board vacancies Key Selection Criteria  Integrity and independence  Composition of the board should reflect sensitivity to the need for diversity with respect to gender, ethnic background and experience  Substantial accomplishments, and prior or current association with institutions noted for their excellence  Demonstrated leadership ability, with broad experience, diverse perspectives and the ability to exercise sound business judgment  An ability to make a significant and immediate contribution to the Board’s discussions and decision-making  Background and experience of candidates, particularly in areas important to the operation of the Company  Special skills, expertise or background that add to and complement the range of skills experiences and backgrounds  Career success that demonstrates the ability to make the kind of important and sensitive judgments that the Board is called upon to make  Availability and energy necessary to perform his or her duties as a director Our Process in Action Four Independent Directors Added Since 2018 • M. Christian Mitchell Prior Senior Partner, Deloitte • Barbara Polsky Partner Manatt, Phelps & Phillips, LLP • Jaynie Studenmund Prior Head of Retail & Business Banking, First Interstate Bank, Great Western Bank, and Home Savings • Richard Thomas Prior EVP and CFO, CVB Financial Corporation BOARD REFRESHMENT & EVALUATION PROCESS

31© 2021 Pacific Premier Bancorp, Inc. | All rights reserved PPBI INVESTMENT THESIS  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 that arise from this economic crisis  Shareholder value is our key focus – building long-term value for our owners  Diverse Board advising on strategy, overseeing risk and ESG, and supporting long-term value creation

Appendix Material

33© 2021 Pacific Premier Bancorp, Inc. | All rights reserved NON-U.S. GAAP FINANCIAL MEASURES Note: All dollars in thousands, except per share data 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. March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 2019 2019 2020 2020 2020 2020 Total stockholders' equity 78,602$ 86,777$ 134,517$ 175,226$ 199,592$ 298,980$ 459,740$ 1,241,996$ 1,969,697$ 2,007,064$ 1,984,456$ 1,988,998$ 2,012,594$ 2,002,917$ 2,654,647$ 2,688,085$ 2,746,649$ Less: Intangible assets - 2,069 2,626 24,056 28,564 58,002 111,941 536,343 909,282 904,846 900,162 895,885 891,634 887,671 995,716 988,446 984,076 Tangible common equity 78,602$ 84,708$ 131,891$ 151,170$ 171,028$ 240,978$ 347,799$ 705,653$ 1,060,415$ 1,102,218$ 1,084,294$ 1,093,113$ 1,120,960$ 1,115,246$ 1,658,931$ 1,699,639$ 1,762,573$ Total assets 826,816$ 961,128$ 1,173,792$ 1,714,187$ 2,038,897$ 2,790,646$ 4,036,311$ 8,024,501$ 11,487,387$ 11,580,495$ 11,783,781$ 11,811,497$ 11,776,012$ 11,976,209$ 20,517,074$ 19,844,240$ 19,736,544$ Less: Intangible assets - 2,069 2,626 24,056 28,564 58,002 111,941 536,343 909,282 904,846 900,162 895,885 891,634 887,671 995,716 988,446 984,076 Tangible assets 826,816$ 959,059$ 1,171,166$ 1,690,131$ 2,010,333$ 2,732,644$ 3,924,370$ 7,488,158$ 10,578,105$ 10,675,649$ 10,883,619$ 10,915,612$ 10,884,378$ 11,088,538$ 19,521,358$ 18,855,794$ 18,752,468$ Tangible common equity ratio 9.51% 8.83% 11.26% 8.94% 8.51% 8.82% 8.86% 9.42% 10.02% 10.32% 9.96% 10.01% 10.30% 10.06% 8.50% 9.01% 9.40% Basic shares outstanding 10,033,836 10,337,626 13,661,648 16,656,279 16,903,884 21,570,746 27,798,283 46,245,050 62,480,755 62,773,299 60,509,994 59,364,340 59,506,057 59,975,281 94,350,902 94,375,521 94,483,136 Book value per share 7.83$ 8.39$ 9.85$ 10.52$ 11.81$ 13.86$ 16.54$ 26.86$ 31.52$ 31.97$ 32.80$ 33.50$ 33.82$ 33.40$ 28.14$ 28.48$ 29.07$ Less: Intangible book value per share - 0.20 0.19 1.44 1.69 2.69 4.03 11.60 14.55 14.41 14.88 15.09 14.98 14.80 10.55 10.47 10.42 Tangible book value per share 7.83$ 8.19$ 9.65$ 9.08$ 10.12$ 11.17$ 12.51$ 15.26$ 16.97$ 17.56$ 17.92$ 18.41$ 18.84$ 18.60$ 17.58$ 18.01$ 18.65$ As of December 31, As of

34© 2021 Pacific Premier Bancorp, Inc. | All rights reserved NON-U.S. GAAP FINANCIAL MEASURES Note: All dollars in thousands 1. Annualized 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. 12/31/2020 9/30/2020 12/31/2019 Net Income (loss) 67,136$ 66,566$ 41,098$ Plus: amortization of intangible assets expense 4,505 4,538 4,247 Less: amortization of intangible assets expense tax adjustment 1,288 1,301 1,218 Net income (loss) for average tangible common equity 70,353$ 69,803$ 44,127$ Average stockholders' equity 2,710,509$ 2,689,867$ 2,004,815$ Less: average intangible assets 88,216 92,768 85,901 Less: average goodwill 898,434 898,430 808,322 Average tangible common equity 1,723,859$ 1,698,669$ 1,110,592$ Return on average equity(1) 9.91% 9.90% 8.20% Return on average tangible common equity(1) 16.32% 16.44% 15.89% Three Months Ended,

35© 2021 Pacific Premier Bancorp, Inc. | All rights reserved NON-U.S. GAAP FINANCIAL MEASURES Note: All dollars in thousands 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, amortization of intangible assets expense, 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 Q3 2020 Q4 2020 Total noninterest expense 50,815$ 54,938$ 73,332$ 98,063$ 167,958$ 249,905$ 259,065$ 66,631$ 115,970$ 98,579$ 99,939$ Less: amortization of intangible assets expense 764 1,014 1,350 2,039 6,144 13,594 17,245 3,965 4,066 4,538 4,505 Less: Merger-related expense 6,926 1,490 4,799 4,388 21,002 18,454 656 1,724 39,346 2,988 5,071 Less: Other real estate owned operations, net 618 75 121 385 72 4 160 14 9 (17) (5) Noninterest expense, adjusted 42,507$ 52,359$ 67,062$ 91,251$ 140,740$ 217,853$ 241,004$ 60,928$ 72,549$ 91,070$ 90,368$ Net interest income 58,444$ 73,635$ 106,299$ 153,075$ 247,502$ 392,711$ 447,301$ 109,175$ 130,292$ 166,546$ 168,198$ Add: Total noninterest income 8,811 13,377 14,388 19,602 31,114 31,027 35,236 14,475 6,898 26,758 23,194 Less: Net gain (loss) from investment securities 1,544 1,547 290 1,797 2,737 1,399 8,571 7,760 (21) 1,141 5,002 Less: OTTI impairment - securities (4) (29) - (205) 1 4 2 - - 1 1 Less: Net gain (loss) from other real estate owned - - - - 46 281 52 - (55) 13 (70) 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$ 192,149$ 186,459$ Efficiency Ratio 64.7% 61.3% 55.9% 53.6% 51.0% 51.6% 50.8% 52.6% 52.9% 47.4% 48.5%

36© 2021 Pacific Premier Bancorp, Inc. | All rights reserved NON-U.S. GAAP FINANCIAL MEASURES Note: All dollars in thousands 1. Annualized 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 Q2 2020 Q3 2020 Q4 2020 Interest income 63,800$ 81,339$ 118,356$ 166,605$ 270,005$ 448,423$ 526,107$ 123,789$ 144,122$ 181,991$ 180,824$ Interest expense 5,356 7,704 12,057 13,530 22,503 55,712 78,806 14,614 13,830 15,445 12,626 Net interest income 58,444 73,635 106,299 153,075 247,502 392,711 447,301 109,175 130,292 166,546 168,198 Noninterest income 8,811 13,377 14,388 19,602 31,114 31,027 35,236 14,475 6,898 26,758 23,194 Revenue 67,255 87,012 120,687 172,677 278,616 423,738 482,537 123,650 137,190 193,304 191,392 Noninterest expense 50,815 54,938 73,332 98,063 167,958 249,905 259,065 66,631 115,970 98,579 99,939 Add: Merger related expense 6,926 1,490 4,799 4,388 21,002 18,454 656 1,724 39,346 2,988 5,071 Pre-provision net revenue 23,366$ 33,564$ 52,154$ 79,002$ 131,660$ 192,287$ 224,128$ 58,743$ 60,566$ 97,713$ 96,524$ Pre-provision net revenue (annualized) 23,366$ 33,564$ 52,154$ 79,002$ 131,660$ 192,287$ 224,128$ 234,972$ 242,264$ 390,852$ 386,096$ 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$ 20,366,761$ 20,059,893$ PPNR / Average Assets 1.62% 1.84% 1.99% 2.19% 2.16% 1.96% 1.94% 0.51% 0.40% 0.48% 0.48% PPNR / Average Assets (annualized) 1.62% 1.84% 1.99% 2.19% 2.16% 1.96% 1.94% 2.03% 1.60% 1.92% 1.92%

37© 2021 Pacific Premier Bancorp, Inc. | All rights reserved 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. Note: All dollars in thousands FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 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$ 166,546$ 168,198$ 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 12,196 11,031 Less: Premium amortization on CD 139 143 200 411 969 1,551 201 124 124 72 63 1,054 2,968 2,358 Less: Nonrecurring nonaccrual interest paid - - - - - - 161 107 37 168 - (142) (275) 322 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$ 151,657$ 154,487$ 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$ 18,707,605$ 18,519,437$ 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% 3.54% 3.61% 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% 3.23% 3.32% FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 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$ 167,455$ 163,499$ 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 12,196 11,031 Less: Nonrecurring nonaccrual interest paid - - - - - - 161 107 37 168 - (142) (275) 322 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$ 155,534$ 152,146$ 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$ 14,034,868$ 13,315,810$ 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% 4.75% 4.88% 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% 4.41% 4.55%

XML

Cover Page Statement	Jan. 26, 2021
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jan. 26, 2021
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