8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported)		April 27, 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 Global Select Market

ITEM 2.02         RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On April 27, 2021, Pacific Premier Bancorp, Inc. (“PPBI”) issued a press release setting forth its (unaudited) financial results for the first quarter of 2021. A copy of PPBI's press release is furnished as Exhibit 99.1 and hereby incorporated by reference. A presentation regarding PPBI’s financial results for the three months ended March 31, 2021 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 to this Current Report on Form 8-K, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities under that Section, nor shall it be deemed incorporated by reference in any registration statement or other filings of PPBI under the Securities Act of 1933, as amended, except as shall be set forth by specific reference in such filing.

ITEM 8.01         OTHER EVENTS

Quarterly Dividend

On April 23, 2021, PPBI’s Board of Directors declared a $0.33 per share dividend, payable on May 14, 2021 to shareholders of record on May 7, 2021.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS

99.1	Press Release dated April 27, 2021
99.2	Investor Presentation, First Quarter 2021
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

		PACIFIC PREMIER BANCORP, INC.
Dated:	April 27, 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 First Quarter 2021 Financial Results and Increases Quarterly Cash Dividend to $0.33 per Share

First Quarter 2021 Summary

•Net income of $68.7 million, or $0.72 per diluted share

•Return on average assets of 1.37%, return on average equity of 9.99%, and return on average tangible common equity of 16.21%

•Increases common equity quarterly dividend by $0.03 to $0.33 per share

•Net interest margin of 3.55% and core net interest margin of 3.30%

•Cost of deposits of 0.11% in the first quarter compared with 0.14% in the prior quarter

•Non-maturity deposits of $15.4 billion, or 91.8% of total deposits

•Noninterest-bearing deposits represent 37.7% of total deposits

•Nonperforming assets represent 0.19% of total assets

    Irvine, Calif., April 27, 2021 -- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company” or “Pacific Premier”), the holding company of Pacific Premier Bank (the “Bank”), reported net income of $68.7 million, or $0.72 per diluted share, for the first quarter of 2021, compared with net income of $67.1 million, or $0.71 per diluted share, for the fourth quarter of 2020, and net income of $25.7 million, or $0.43 per diluted share, for the first quarter of 2020.

    For the quarter ended March 31, 2021, the Company’s return on average assets (“ROAA”) was 1.37%, return on average equity (“ROAE”) was 9.99%, and return on average tangible common equity (“ROATCE”) was 16.21%, compared to 1.34%, 9.91%, and 16.32%, respectively, for the fourth quarter of 2020 and 0.89%, 5.05%, and 9.96%, respectively, for the first quarter of 2020. Total assets were $20.17 billion at March 31, 2021, compared to $19.74 billion at December 31, 2020, and $11.98 billion at March 31, 2020. 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, “Our first quarter results reflect the strength and discipline of the organization we have built, as our ability to offset a challenging environment by reducing our deposit costs, tightly controlling operating expenses, and maintaining exceptional asset quality helped us to continue generating a high level of profitability.

“We were able to largely offset another quarter of significant payoffs and a decline in credit line utilization rates with a record level of new loan production. Despite the first quarter typically being a seasonally low period for the origination of new loans, we generated more than $1.15 billion in new loan commitments, an increase of 27% compared to the prior quarter. Our teams are working very well together and they continue to generate larger and more sophisticated banking relationships. We are seeing stronger loan production across all of our primary lines of business, as well as an overall increase in the average rate on new loan commitments.

“Our loan pipeline continues to build, which should put us in a good position to generate loan growth as we move through the year, favorably remix the balance sheet towards higher yielding earning assets, and drive growth in net interest income.

“Given our consistent financial performance and our increasing confidence in the outlook for earnings growth as the economy strengthens, we have increased our common stock dividend to $0.33 per share, from $0.30 per share in the prior quarter. With our strong capital ratios, we are able to increase the capital returned to our shareholders through the dividend payout, while also being well positioned to support continued organic growth and execute on strategic transactions that we believe would further enhance the value of our franchise,” said Mr. Gardner.

1

FINANCIAL HIGHLIGHTS

	Three Months Ended
	March 31,			December 31,			March 31,
	2021			2020			2020
Financial Highlights (Unaudited)	(Dollars in thousands, except per share data)
Net income	$	68,668		$	67,136		$	25,740
Diluted earnings per share	0.72			0.71			0.43
Common equity dividend per share paid	0.30			0.28			0.25
Return on average assets	1.37		%	1.34		%	0.89		%
Return on average equity	9.99			9.91			5.05
Return on average tangible common equity (1)	16.21			16.32			9.96
Pre-provision net revenue on average assets (1)	1.86			1.92			2.03
Net interest margin	3.55			3.61			4.24
Core net interest margin (1)	3.30			3.32			4.08
Cost of deposits	0.11			0.14			0.48
Efficiency ratio (1)	48.6			48.5			52.6
Noninterest expense (excluding merger-related expense) as a percent of average assets (1)	1.85			1.89			2.24
Total assets	$	20,173,298		$	19,736,544		$	11,976,209
Total deposits	16,740,007			16,214,177			9,093,072
Loans to deposit ratio	78		%	82		%	96		%
Non-maturity deposits as a percent of total deposits	92		%	90		%	88		%
Book value per share	$	28.56		$	29.07		$	33.40
Tangible book value per share (1)	18.19			18.65			18.60
Total risk-based capital ratio	16.26		%	16.31		%	14.23		%

______________________________

(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, efficiency ratio, 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

INCOME STATEMENT HIGHLIGHTS

Net Interest Income and Net Interest Margin

Net interest income totaled $161.7 million in the first quarter of 2021, a decrease of $6.5 million, or 3.9%, from the fourth quarter of 2020. The decrease in net interest income reflected 2 less days of interest, lower average loan balances and yields, and lower accretion income, partially offset by a lower cost of funds driven by lower rates paid on deposits and lower average balances of retail and brokered certificates of deposit.

The net interest margin for the first quarter of 2021 was 3.55%, compared with 3.61% in the prior quarter. Our core net interest margin, which excludes the impact of loan accretion income of $9.9 million, compared to $11.0 million in the prior quarter, certificates of deposit mark-to-market amortization, and other adjustments, decreased 2 basis points to 3.30%, compared to 3.32% in the prior quarter. The decrease was driven by lower average loan yields and the shift in our interest-earning assets mix, partially offset by a lower cost of deposits.

Net interest income for the first quarter of 2021 increased $52.5 million, or 48.1%, compared to the first quarter of 2020. The increase was attributable to an increase in average interest-earning assets of $8.13 billion, which primarily resulted from the acquisition of Opus Bank (“Opus”) in the second quarter of 2020, as well as a higher average investment securities balance and a lower cost of funds, partially offset by lower average loan and investment yields and a higher average balance of deposits.

3

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCES AND YIELD DATA
(Dollars in thousands)
(Unaudited)
	Three Months Ended
	March 31, 2021						December 31, 2020						March 31, 2020
	Average Balance		Interest Income/Expense		Average  Yield/  Cost		Average Balance		Interest Income/Expense		Average  Yield/  Cost		Average Balance		Interest Income/Expense		Average Yield/ Cost
Assets
Cash and cash equivalents	$	1,309,366	$	301	0.09	%	$	1,239,035	$	286	0.09	%	$	215,746	$	216	0.40	%
Investment securities	4,087,451		17,468		1.71		3,964,592		17,039		1.72		1,502,572		10,308		2.74
Loans receivable, net (1) (2)	13,093,609		155,225		4.81		13,315,810		163,499		4.88		8,645,252		113,265		5.27
Total interest-earning assets	$	18,490,426	$	172,994	3.79		$	18,519,437	$	180,824	3.88		$	10,363,570	$	123,789	4.80
Liabilities
Interest-bearing deposits	$	10,420,199	$	4,426	0.17		$	10,384,229	$	5,685	0.22		$	4,956,839	$	10,487	0.85
Borrowings	523,565		6,916		5.36		539,021		6,941		5.12		552,741		4,127		3.00
Total interest-bearing liabilities	$	10,943,764	$	11,342	0.42		$	10,923,250	$	12,626	0.46		$	5,509,580	$	14,614	1.07
Noninterest-bearing deposits	$	6,034,319					$	6,125,171					$	3,898,399
Net interest income			$	161,652					$	168,198					$	109,175
Net interest margin (3)					3.55						3.61						4.24
Cost of deposits					0.11						0.14						0.48
Cost of funds (4)					0.27						0.29						0.62
Ratio of interest-earning assets to interest-bearing liabilities					168.96						169.54						188.10

______________________________

(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 $9.9 million, $11.0 million, and $4.1 million, respectively.

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

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

Provision for Credit Losses

    Provision for credit losses for the first quarter of 2021 was $2.0 million, an increase of $457,000 from the fourth quarter of 2020, and a decrease of $23.5 million from the first quarter of 2020. The increase from the fourth quarter of 2020 was primarily due to a provision for unfunded commitments of $1.7 million as a result of an increase in outstanding unfunded commitments in the commercial and industrial loan segment. The provision for loan losses for the first quarter of 2021 reflected improved economic conditions, lower loans held for investment, and lower net charge-offs compared to the prior quarter. The provision in the first quarter of 2020 reflected unfavorable changes in economic forecasts related to the onset of the COVID-19 pandemic.

	Three Months Ended
	March 31,		December 31,		March 31,
	2021		2020		2020
Provision for Credit Losses	(Dollars in thousands)
Provision for loan losses	$	315	$	(8,079)	$	25,382
Provision for unfunded commitments	1,659		9,596		72
Total provision for credit losses	$	1,974	$	1,517	$	25,454

4

Noninterest Income

Noninterest income for the first quarter of 2021 was $23.7 million, an increase of $546,000 from the fourth quarter of 2020. The increase was primarily due to $2.3 million of Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) referral fees, partially offset by a $1.0 million decrease in net gain from sales of investment securities.

During the first quarter of 2021, the Bank sold $1.3 million of SBA loans for a net gain of $69,000 and fully charged-off loans for a net gain of $292,000, compared to the sale of $2.1 million of SBA loans and $59.2 million of other loans for net gains of $154,000 and $174,000, respectively, during the fourth quarter of 2020.

During the first quarter of 2021, the Bank sold $175.3 million of investment securities for a net gain of $4.0 million, compared to the sale of $202.6 million of investment securities for a net gain of $5.0 million in the fourth quarter of 2020.

Noninterest income for the first quarter of 2021 increased $9.3 million, or 64.0%, compared to the first quarter of 2020. The increase was primarily due to the addition of $7.2 million of trust custodial account fees and $1.5 million of escrow and exchange fees following the Opus acquisition, a $2.8 million increase in other income primarily due to $2.3 million of SBA PPP referral fees, a $791,000 increase in equity investment income, and an $897,000 increase in earnings on bank-owned life insurance (“BOLI”), partially offset by a $3.7 million decrease in net gain from sales of investment securities and a $410,000 decrease in net gain from the sales of loans.

The net gain from sales of loans for the first quarter of 2021 decreased from the same period last year primarily due to the sale of $1.3 million of SBA loans for a net gain of $69,000 and the sale of fully charged-off loans for a net gain of $292,000, compared with the sale of $15.9 million of SBA loans for a net gain of $1.2 million and $23.0 million of other loans for a net loss of $404,000 during the first quarter of 2020.

	Three Months Ended
	March 31,		December 31,		March 31,
	2021		2020		2020
Noninterest Income	(Dollars in thousands)
Loan servicing income	$	458	$	633	$	480
Service charges on deposit accounts	2,032		2,005		1,715
Other service fee income	473		459		311
Debit card interchange fee income	787		777		348
Earnings on BOLI	2,233		2,240		1,336
Net gain from sales of loans	361		328		771
Net gain from sales of investment securities	4,046		5,002		7,760
Trust custodial account fees	7,222		7,296		—
Escrow and exchange fees	1,526		1,257		—
Other income	4,602		3,197		1,754
Total noninterest income	$	23,740	$	23,194	$	14,475

5

Noninterest Expense

Noninterest expense totaled $92.5 million for the first quarter of 2021, a decrease of $7.5 million compared to the fourth quarter of 2020, primarily due to the decrease of $5.1 million in merger-related expense associated with the Opus acquisition. Excluding merger-related expense, noninterest expense decreased $2.4 million compared to the fourth quarter of 2020, driven primarily by a $1.3 million decrease in premises and occupancy expense, a $1.2 million decrease in deposit expense, as well as other decreases, partially offset by a $663,000 increase in other expense primarily related to higher charitable contributions.

Noninterest expense increased by $25.9 million compared to the first quarter of 2020. Excluding merger-related expense, noninterest expense increased $27.6 million compared to the first quarter of 2020. The increase was primarily due to an $18.2 million increase in compensation and benefits, a $3.8 million increase in premises and occupancy expense, a $2.6 million increase in data processing expense, a $1.2 million increase in other expense, an $814,000 increase in FDIC insurance premiums, an $809,000 increase in legal and professional services, and a $726,000 increase in office expense, all predominately as a result of the additional operations, personnel, branches, and divisions retained with the acquisition of Opus. These increases were partially offset by a $1.1 million decrease in deposit expense.

	Three Months Ended
	March 31,		December 31,		March 31,
	2021		2020		2020
Noninterest Expense	(Dollars in thousands)
Compensation and benefits	$	52,548	$	52,044	$	34,376
Premises and occupancy	11,980		13,268		8,168
Data processing	5,828		5,990		3,253
Other real estate owned operations, net	—		(5)		14
FDIC insurance premiums	1,181		1,213		367
Legal and professional services	3,935		4,305		3,126
Marketing expense	1,598		1,442		1,412
Office expense	1,829		2,191		1,103
Loan expense	1,115		1,084		822
Deposit expense	3,859		5,026		4,988
Merger-related expense	5		5,071		1,724
Amortization of intangible assets	4,143		4,505		3,965
Other expense	4,468		3,805		3,313
Total noninterest expense	$	92,489	$	99,939	$	66,631

Income Tax

For the first quarter of 2021, our effective tax rate was 24.5%, compared with 25.4% for the fourth quarter of 2020 and 18.5% for the first quarter of 2020. The decrease in effective tax rate compared with the prior quarter was primarily due to the excess tax benefit from stock-based compensation recognized in the first quarter. The lower effective tax rate from the first quarter of 2020 was due to tax benefits of $2.6 million associated with net operating loss carryback related to our acquisition of Grandpoint Capital, Inc. in 2018 as a result of Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) that was signed into law on March 27, 2020 in response to the COVID-19 pandemic.

6

BALANCE SHEET HIGHLIGHTS

Loans

Loans held for investment totaled $13.12 billion at March 31, 2021, a decrease of $119.0 million from December 31, 2020, and an increase of $4.36 billion from March 31, 2020. The decrease from December 31, 2020 was driven by loan maturities and prepayments as well as lower line utilization rates, partially offset by higher funded loans in the first quarter of 2021.

During the first quarter of 2021, the Bank generated $1.15 billion of loan commitments and funded $746.3 million of new loans, compared with $911.3 million in loan commitments and $712.5 million in funded loans for the fourth quarter of 2020, and $443.7 million in loan commitments and $353.9 million in funded loans for the first quarter of 2020. Business line utilization rates decreased to 29.7% at the end of the first quarter of 2021, compared with 36.1% at the end of the fourth quarter of 2020 and 50.6% at the end of first quarter of 2020.

The increase in loans held for investment from March 31, 2020 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 March 31, 2021, the ratio of loans held for investment to total deposits was 78.4%, compared with 81.6% and 96.3% at December 31, 2020 and March 31, 2020, respectively.

7

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

	March 31,		December 31,		March 31,
	2021		2020		2020
	(Dollars in thousands)
Investor loans secured by real estate
Commercial real estate (“CRE”) non-owner-occupied	$	2,729,785	$	2,675,085	$	2,040,198
Multifamily	5,309,592		5,171,356		1,625,682
Construction and land	316,458		321,993		377,525
SBA secured by real estate (1)	56,381		57,331		61,665
Total investor loans secured by real estate	8,412,216		8,225,765		4,105,070
Business loans secured by real estate (2)
CRE owner-occupied	2,029,984		2,114,050		1,887,632
Franchise real estate secured	340,805		347,932		371,428
SBA secured by real estate (3)	73,967		79,595		83,640
Total business loans secured by real estate	2,444,756		2,541,577		2,342,700
Commercial loans (4)
Commercial and industrial	1,656,098		1,768,834		1,458,969
Franchise non-real estate secured	399,041		444,797		547,793
SBA non-real estate secured	14,908		15,957		16,265
Total commercial loans	2,070,047		2,229,588		2,023,027
Retail loans
Single family residential (5)	184,049		232,574		237,180
Consumer	6,324		6,929		46,892
Total retail loans	190,373		239,503		284,072
Gross loans held for investment (6)	13,117,392		13,236,433		8,754,869
Allowance for credit losses for loans held for investment	(266,999)		(268,018)		(115,422)
Loans held for investment, net	$	12,850,393	$	12,968,415	$	8,639,447
Loans held for sale, at lower of cost or fair value	$	7,311	$	601	$	111

______________________________

(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 $103.9 million, $113.8 million, and $35.9 million as of March 31, 2021, December 31, 2020, and March 31, 2020, respectively.

The total end-of-period weighted average interest rate on loans, excluding fees and discounts, at March 31, 2021 was 4.21%, compared to 4.27% at December 31, 2020 and 4.76% at March 31, 2020. The quarter-over-quarter and year-over-year decreases reflect the impact of lower rates on new originations as well as the repricing of loans as a result of the Federal Reserve Board's federal funds rate decrease in March 2020.

8

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

	March 31,		December 31,		March 31,
	2021		2020		2020
	(Dollars in thousands)
Investor loans secured by real estate
CRE non-owner-occupied	$	128,408	$	80,298	$	111,980
Multifamily	407,156		398,651		39,831
Construction and land	94,124		60,336		26,525
SBA secured by real estate (1)	—		—		2,131
Total investor loans secured by real estate	629,688		539,285		180,467
Business loans secured by real estate (2)
CRE owner-occupied	110,353		96,779		115,774
Franchise real estate secured	24,429		27,162		21,577
SBA secured by real estate (3)	4,101		1,999		7,119
Total business loans secured by real estate	138,883		125,940		144,470
Commercial loans (4)
Commercial and industrial	352,530		228,076		97,381
Franchise non-real estate secured	17,647		8,005		12,414
SBA non-real estate secured	686		283		1,263
Total commercial loans	370,863		236,364		111,058
Retail loans
Single family residential (5)	13,353		8,888		6,052
Consumer	558		786		1,635
Total retail loans	13,911		9,674		7,687
Total loan commitments	$	1,153,345	$	911,263	$	443,682

______________________________

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

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

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

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

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

The weighted average interest rate on new loan commitments was 3.63% in the first quarter of 2021, compared with 3.55% in the fourth quarter of 2020 and 4.59% in the first quarter of 2020.

9

Asset Quality and Allowance for Credit Losses

At March 31, 2021, our allowance for credit losses (“ACL”) on loans held for investment was $267.0 million, a slight decrease of $1.0 million from December 31, 2020 and an increase of $151.6 million from March 31, 2020, and continues to reflect the impact of the COVID-19 pandemic and resulting uncertainty in the macroeconomic environment. The slight decrease from December 31, 2020 was driven principally by lower loans held for investment and loan mix. The increase from March 31, 2020 was primarily due to the acquisition of Opus during the second quarter of 2020, which added a Day 1 provision for loan losses of $75.9 million for non-purchased credit deteriorated (“PCD”) loans and $21.2 million for PCD loans, as well as the unfavorable changes in economic forecasts employed in the Company's CECL model related to the COVID-19 pandemic during 2020.

During the first quarter of 2021, the Company incurred $1.3 million of net charge-offs, compared to $6.4 million and $1.3 million during the fourth quarter of 2020 and the first quarter of 2020, respectively.

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

	Three Months Ended March 31, 2021
	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	$	49,176	$	(154)	$	—	$	(3,477)	$	45,545
Multifamily	62,534		—		—		17,281		79,815
Construction and land	12,435		—		—		828		13,263
SBA secured by real estate (1)	5,159		(265)		—		247		5,141
Business loans secured by real estate (2)
CRE owner-occupied	50,517		—		15		(8,938)		41,594
Franchise real estate secured	11,451		—		—		(575)		10,876
SBA secured by real estate (3)	6,567		(98)		—		(18)		6,451
Commercial loans (4)
Commercial and industrial	46,964		(1,279)		601		(2,913)		43,373
Franchise non-real estate secured	20,525		(156)		—		(1,466)		18,903
SBA non-real estate secured	995		—		2		(107)		890
Retail loans
Single family residential (5)	1,204		—		—		(382)		822
Consumer loans	491		—		—		(165)		326
Totals	$	268,018	$	(1,952)	$	618	$	315	$	266,999

______________________________

(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 credit losses to loans held for investment at March 31, 2021 was 2.04%, compared to 2.02% at December 31, 2020 and 1.32% at March 31, 2020. Under the guidance of ASC 820: Fair Value Measurements and Disclosures, the fair value net discount on loans acquired through total bank acquisitions was $103.9 million, or 0.79% of total loans held for investment, as of March 31, 2021, compared to $113.8 million, or 0.85%of total loans held for investment, as of December 31, 2020, and $35.9 million, or 0.41% of total loans held for investment, as of March 31, 2020.

Nonperforming assets totaled $38.9 million, or 0.19% of total assets, at March 31, 2021, compared with $29.2 million, or 0.15% of total assets, at December 31, 2020 and $21.1 million, or 0.18% of total assets, at March 31, 2020. During the first quarter of 2021, nonperforming loans increased $9.7 million to $38.9 million from December 31, 2020. Total loan delinquencies were $22.6 million, or 0.17% of loans held for investment, at March 31, 2021, compared to $13.3 million, or 0.10% of loans held for investment, at December 31, 2020, and $28.9 million, or 0.33% of loans held for investment, at March 31, 2020.

Classified loans totaled $134.7 million, or 1.03% of loans held for investment, at March 31, 2021, compared with $128.3 million, or 0.97% of loans held for investment, at December 31, 2020, and $54.1 million, or 0.62% of loans held for investment, at March 31, 2020. The year-over-year increase was driven, in part, by the migration to the substandard risk grade of approximately $54.4 million of loans subject to temporary loan modifications during 2020, the addition of classified loans from the Opus acquisition in the second quarter of 2020, as well as the net changes in risk ratings during fiscal 2020.

Interest is not typically accrued on loans 90 days or more past due or when, in the opinion of management, there is reasonable doubt as to the timely collection of principal or interest. There were no loans 90 days or more past due and still accruing interest at March 31, 2021. There were no troubled debt restructured loans at March 31, 2021 or December 31, 2020. Troubled debt restructured loans totaled $2.3 million at March 31, 2020.

At March 31, 2021, there were no loans remaining within their modification period due to COVID-19 hardship under the CARES Act. Additionally, as of March 31, 2021, there were no loans in-process for potential modification. At December 31, 2020, 52 loans totaling $79.5 million, or 0.60% of loans held for investment, remained within their COVID-19 hardship modification period, of which $20.2 million of loans had migrated to the substandard risk grade. No loans were in-process for potential modification as of December 31, 2020.

11

	March 31,			December 31,			March 31,
	2021			2020			2020
Asset Quality	(Dollars in thousands)
Nonperforming loans	$	38,909		$	29,209		$	20,610
Other real estate owned	—			—			441
Other assets owned	—			—			—
Nonperforming assets	$	38,909		$	29,209		$	21,051
Total classified assets (1)	$	134,667		$	128,332		$	54,586
Allowance for credit losses	266,999			268,018			115,422
Allowance for credit losses as a percent of total nonperforming loans	686		%	918		%	560		%
Nonperforming loans as a percent of loans held for investment	0.30			0.22			0.24
Nonperforming assets as a percent of total assets	0.19			0.15			0.18
Classified loans to total loans held for investment	1.03			0.97			0.62
Classified assets to total assets	0.67			0.65			0.46
Net loan charge-offs for the quarter ended	$	1,334		$	6,406		$	1,344
Net loan charge-offs for the quarter to average total loans	0.01		%	0.05		%	0.02		%
Allowance for credit losses to loans held for investment (2)	2.04			2.02			1.32
Loans modified under the CARES Act	$	—		$	79,465		$	—
Loans modified under the CARES Act as a percent of loans held for investment	—		%	0.60		%	—		%
Delinquent Loans
30 - 59 days	$	13,116		$	1,269		$	8,285
60 - 89 days	61			57			1,502
90+ days	9,410			11,996			19,084
Total delinquency	$	22,587		$	13,322		$	28,871
Delinquency as a percentage of loans held for investment	0.17		%	0.10		%	0.33		%

______________________________

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

(2) At March 31, 2021, 51% of loans held for investment include a fair value net discount of $103.9 million, or 0.79% of loans held for investment. At December 31, 2020, 55% of loans held for investment include a fair value net discount of $113.8 million, or 0.85% of loans held for investment. At March 31, 2020, 34% of loans held for investment include a fair value net discount of $35.9 million, or 0.41% of loans held for investment.

12

Investment Securities

Investment securities totaled $3.88 billion at March 31, 2021, a decrease of $75.6 million, or 1.9%, from December 31, 2020, and an increase of $2.51 billion, or 182.7%, from March 31, 2020. The decrease in the first quarter of 2021 compared to the prior quarter was primarily the result of $175.3 million in sales, $170.4 million in principal payments, amortization, and redemptions, and a $105.7 million decrease in mark-to-market fair value adjustment, partially offset by $375.8 million in purchases. The increase in investment securities from March 31, 2020 was primarily the result of $2.99 billion in purchases and $829.9 million of investment securities acquired from Opus, partially offset by $780.4 million in sales, $445.5 million in principal payments, amortization and redemptions, and an $83.5 million decrease in mark-to-market fair value adjustment. The Company’s assessment of held-to-maturity and available-for-sale investment securities indicated that no ACL was required as of March 31, 2021.

Deposits

At March 31, 2021, deposits totaled $16.74 billion, an increase of $525.8 million from December 31, 2020 and an increase of $7.65 billion from March 31, 2020. At March 31, 2021, non-maturity deposits totaled $15.37 billion, or 91.8% of total deposits, an increase of $781.9 million, or 5.4%, from December 31, 2020 and an increase of $7.35 billion, or 91.6%, from March 31, 2020. During the first quarter of 2021, deposit increases included $291.6 million in noninterest-bearing deposits, $248.4 million in money market and savings deposits, and $241.8 million in interest-bearing checking deposits, partially offset by decreases of $118.1 million in retail certificates of deposits and $137.9 million in brokered certificates of deposit as compared to the fourth quarter of 2020. The increase in deposits from March 31, 2020 was primarily due to the acquisition of Opus.

The weighted average cost of deposits for the first quarter of 2021 was 0.11%, compared to 0.14% for the fourth quarter of 2020, and 0.48% for the first quarter of 2020, including the favorable impact of the acquired certificates of deposit mark-to-market amortization. The decrease in the weighted average cost of deposits in the first quarter of 2021 compared to the prior quarters was principally driven by lower pricing across all deposit product categories.

The end of period weighted average rate of deposits at March 31, 2021 was 0.12%.

	March 31,			December 31,			March 31,
	2021			2020			2020
Deposit Accounts	(Dollars in thousands)
Noninterest-bearing checking	$	6,302,703		$	6,011,106		$	3,943,260
Interest-bearing:
Checking	3,155,071			2,913,260			577,966
Money market/savings	5,911,417			5,662,969			3,499,305
Retail certificates of deposit	1,353,431			1,471,512			897,680
Wholesale/brokered certificates of deposit	17,385			155,330			174,861
Total interest-bearing	10,437,304			10,203,071			5,149,812
Total deposits	$	16,740,007		$	16,214,177		$	9,093,072
Cost of deposits	0.11		%	0.14		%	0.48		%
Noninterest-bearing deposits as a percentage of total deposits	37.7			37.1			43.4
Non-maturity deposits as a percent of total deposits	91.8			90.0			88.2
Core deposits as a percent of total deposits (1)	96.2			94.9			93.0

______________________________

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

13

Borrowings

At March 31, 2021, total borrowings amounted to $511.6 million, a decrease of $20.9 million from December 31, 2020 and a decrease of $224.7 million from March 31, 2020. Total borrowings at March 31, 2021 included $10.0 million of Federal Home Loan Bank of San Francisco (“FHLB”) advances and $501.6 million of subordinated debt. At March 31, 2021, total borrowings represented 2.5% of total assets, compared to 2.7% and 6.1%, as of December 31, 2020 and March 31, 2020, respectively. The decrease in borrowings at March 31, 2021 as compared to December 31, 2020 was primarily due to lower FHLB advances. The decrease in borrowings at March 31, 2021 as compared to March 31, 2020 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 March 31, 2021, our common stockholder's equity was $2.70 billion, or 13.40% of total assets, compared with $2.75 billion, or 13.92%, at December 31, 2020 and $2.00 billion, or 16.72%, at March 31, 2020, with a book value per share of $28.56, compared with $29.07 at December 31, 2020 and $33.40 at March 31, 2020. At March 31, 2021, our ratio of tangible common equity to total assets was 8.97%, compared with 9.40% at December 31, 2020 and 10.06% at March 31, 2020, with a tangible book value per share of $18.19, compared with $18.65 at December 31, 2020 and $18.60 at March 31, 2020. Reconciliations of the non-GAAP measures of tangible common equity ratio and tangible book value per share to the GAAP measures of common stockholders' equity and book value per share, respectively, are set forth at the end of this press release.

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 March 31, 2021, the Company exceeded all regulatory minimum capital adequacy requirements, inclusive of the fully phased in capital conservation buffer, with a tier 1 leverage ratio of 9.66%, common equity tier 1 capital ratio of 12.05%, tier 1 capital ratio of 12.05%,and total capital ratio of 16.26%.

At March 31, 2021, the Bank had a tier 1 leverage ratio of 11.13%, common equity tier 1 capital ratio of 13.90%, tier 1 capital ratio of 13.90%, and total capital ratio of 15.92%. These capital ratios exceeded the “well capitalized” standards defined by the federal banking regulators of 5.00% for tier 1 leverage ratio, 6.50% 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 7.00%, 8.50%, and 10.50%, respectively.

14

	March 31,			December 31,			March 31,
Capital Ratios	2021			2020			2020
Pacific Premier Bancorp, Inc. Consolidated
Tier 1 leverage ratio	9.66		%	9.47		%	10.68		%
Common equity tier 1 risk-based capital ratio	12.05			12.04			11.59
Tier 1 risk-based capital ratio	12.05			12.04			11.66
Total risk-based capital ratio	16.26			16.31			14.23
Tangible common equity ratio	8.97			9.40			10.06
Pacific Premier Bank
Tier 1 leverage ratio	11.13		%	10.89		%	12.54		%
Common equity tier 1 risk-based capital ratio	13.90			13.84			13.70
Tier 1 risk-based capital ratio	13.90			13.84			13.70
Total risk-based capital ratio	15.92			15.89			14.28
Share Data
Book value per share	$	28.56		$	29.07		$	33.40
Tangible book value per share (1)	18.19			18.65			18.60
Common equity dividend per share paid	0.30			0.28			0.25
Closing stock price (2)	43.44			31.33			18.84
Shares issued and outstanding	94,644,415			94,483,136			59,975,281
Market capitalization (2)(3)	$	4,111,353		$	2,960,157		$	1,129,934

______________________________

(1) A reconciliation of the 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 at the end of this press release.

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

(3) Dollars in thousands.

Dividend and Stock Repurchase Program

On April 23, 2021, the Company's Board of Directors declared a $0.33 per share dividend, payable on May 14, 2021 to stockholders of record as of May 7, 2021. This represents a $0.03 per share, or 10% increase, compared to the prior quarter’s quarterly dividend rate. On January 11, 2021, 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. During the first quarter of 2021, the Company repurchased 199,674 shares of common stock at an average price of $34.51 per share with a total market value of $6.9 million under its stock repurchase program.

Subsequent Events

On April 15, 2021, the Company redeemed all three subordinated notes totaling $25.0 million that the Company assumed as part of the acquisition of Plaza Bancorp, Inc. in 2017. Prior to redemption, the subordinated notes carried a fixed interest rate of 7.125% and were scheduled to mature on June 26, 2025. The subordinated notes securities were called at 103% of the principal amount of the notes, plus accrued and unpaid interest, for an aggregate amount of $25.8 million. The Company recorded a loss on early debt extinguishment of $647,000 after considering $103,000 fair value mark related to purchase accounting adjustments.

15

Conference Call and Webcast

    The Company will host a conference call at 9:00 a.m. PT / 12:00 p.m. ET on April 27, 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 May 4, 2021 at (877) 344-7529, conference ID 10153857.

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 $17 billion of assets under custody and approximately 43,000 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 STATEMENTS

    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 the COVID-19 pandemic, 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,

16

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 governmental efforts to restructure the U.S. financial regulatory system; 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 2020 Annual Report on Form 10-K filed with the SEC and available at the SEC’s Internet site (http://www.sec.gov).

17

    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)

18

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)
(Unaudited)
	March 31,		December 31,		September 30,		June 30,		March 31,
	2021		2020		2020		2020		2020
ASSETS
Cash and cash equivalents	$	1,554,668	$	880,766	$	1,103,077	$	1,341,730	$	534,032
Interest-bearing time deposits with financial institutions	2,708		2,845		2,845		2,845		2,708
Investments held-to-maturity, at amortized cost	21,931		23,732		27,980		32,557		34,553
Investment securities available-for-sale, at fair value	3,857,337		3,931,115		3,600,731		2,336,066		1,337,761
FHLB, FRB, and other stock, at cost	117,843		117,055		116,819		94,658		92,858
Loans held for sale, at lower of amortized cost or fair value	7,311		601		1,032		1,007		111
Loans held for investment	13,117,392		13,236,433		13,450,840		15,082,884		8,754,869
Allowance for credit losses	(266,999)		(268,018)		(282,503)		(282,271)		(115,422)
Loans held for investment, net	12,850,393		12,968,415		13,168,337		14,800,613		8,639,447
Accrued interest receivable	65,098		74,574		73,112		78,408		38,294
Other real estate owned	—		—		334		386		441
Premises and equipment	76,329		78,884		80,326		76,542		61,615
Deferred income taxes, net	104,450		89,056		108,050		105,859		15,249
Bank owned life insurance	292,932		292,564		290,875		305,901		113,461
Intangible assets	81,364		85,507		90,012		94,550		79,349
Goodwill	900,204		898,569		898,434		901,166		808,322
Other assets	240,730		292,861		282,276		344,786		218,008
Total assets	$	20,173,298	$	19,736,544	$	19,844,240	$	20,517,074	$	11,976,209
LIABILITIES:
Deposit accounts:
Noninterest-bearing checking	$	6,302,703	$	6,011,106	$	5,895,744	$	5,899,442	$	3,943,260
Interest-bearing:
Checking	3,155,071		2,913,260		2,937,910		3,098,454		577,966
Money market/savings	5,911,417		5,662,969		5,778,688		6,060,031		3,499,305
Retail certificates of deposit	1,353,431		1,471,512		1,542,029		1,651,976		897,680
Wholesale/brokered certificates of deposit	17,385		155,330		176,436		266,790		174,861
Total interest-bearing	10,437,304		10,203,071		10,435,063		11,077,251		5,149,812
Total deposits	16,740,007		16,214,177		16,330,807		16,976,693		9,093,072
FHLB advances and other borrowings	10,000		31,000		41,000		41,006		521,017
Subordinated debentures	501,611		501,511		501,443		501,375		215,269
Accrued expenses and other liabilities	218,582		243,207		282,905		343,353		143,934
Total liabilities	17,470,200		16,989,895		17,156,155		17,862,427		9,973,292
STOCKHOLDERS’ EQUITY:
Common stock	931		931		930		930		586
Additional paid-in capital	2,348,445		2,354,871		2,351,532		2,348,415		1,596,680
Retained earnings	368,911		330,555		289,960		247,078		361,242
Accumulated other comprehensive (loss) income	(15,189)		60,292		45,663		58,224		44,409
Total stockholders' equity	2,703,098		2,746,649		2,688,085		2,654,647		2,002,917
Total liabilities and stockholders' equity	$	20,173,298	$	19,736,544	$	19,844,240	$	20,517,074	$	11,976,209

19

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
(Unaudited)
	Three Months Ended
	March 31,		December 31,		March 31,
	2021		2020		2020
INTEREST INCOME
Loans	$	155,225	$	163,499	$	113,265
Investment securities and other interest-earning assets	17,769		17,325		10,524
Total interest income	172,994		180,824		123,789
INTEREST EXPENSE
Deposits	4,426		5,685		10,487
FHLB advances and other borrowings	65		121		1,081
Subordinated debentures	6,851		6,820		3,046
Total interest expense	11,342		12,626		14,614
Net interest income before provision for credit losses	161,652		168,198		109,175
Provision for credit losses	1,974		1,517		25,454
Net interest income after provision for credit losses	159,678		166,681		83,721
NONINTEREST INCOME
Loan servicing income	458		633		480
Service charges on deposit accounts	2,032		2,005		1,715
Other service fee income	473		459		311
Debit card interchange fee income	787		777		348
Earnings on BOLI	2,233		2,240		1,336
Net gain from sales of loans	361		328		771
Net gain from sales of investment securities	4,046		5,002		7,760
Trust custodial account fees	7,222		7,296		—
Escrow and exchange fees	1,526		1,257		—
Other income	4,602		3,197		1,754
Total noninterest income	23,740		23,194		14,475
NONINTEREST EXPENSE
Compensation and benefits	52,548		52,044		34,376
Premises and occupancy	11,980		13,268		8,168
Data processing	5,828		5,990		3,253
Other real estate owned operations, net	—		(5)		14
FDIC insurance premiums	1,181		1,213		367
Legal and professional services	3,935		4,305		3,126
Marketing expense	1,598		1,442		1,412
Office expense	1,829		2,191		1,103
Loan expense	1,115		1,084		822
Deposit expense	3,859		5,026		4,988
Merger-related expense	5		5,071		1,724
Amortization of intangible assets	4,143		4,505		3,965
Other expense	4,468		3,805		3,313
Total noninterest expense	92,489		99,939		66,631
Net income before income taxes	90,929		89,936		31,565
Income tax expense	22,261		22,800		5,825
Net income	$	68,668	$	67,136	$	25,740
EARNINGS PER SHARE
Basic	$	0.73	$	0.71	$	0.43
Diluted	$	0.72	$	0.71	$	0.43
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic	93,529,147		93,568,994		59,007,191
Diluted	94,093,644		93,969,188		59,189,717

20

SELECTED FINANCIAL DATA

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCES AND YIELD DATA
(Dollars in thousands)
(Unaudited)
	Three Months Ended
	March 31, 2021						December 31, 2020						March 31, 2020
	Average Balance		Interest Income/Expense		Average Yield/Cost		Average Balance		Interest Income/Expense		Average Yield/Cost		Average Balance		Interest Income/Expense		Average Yield/Cost
Assets
Interest-earning assets:
Cash and cash equivalents	$	1,309,366	$	301	0.09	%	$	1,239,035	$	286	0.09	%	$	215,746	$	216	0.40	%
Investment securities	4,087,451		17,468		1.71		3,964,592		17,039		1.72		1,502,572		10,308		2.74
Loans receivable, net (1)(2)	13,093,609		155,225		4.81		13,315,810		163,499		4.88		8,645,252		113,265		5.27
Total interest-earning assets	18,490,426		172,994		3.79		18,519,437		180,824		3.88		10,363,570		123,789		4.80
Noninterest-earning assets	1,503,834						1,540,456						1,227,766
Total assets	$	19,994,260					$	20,059,893					$	11,591,336
Liabilities and Equity
Interest-bearing deposits:
Interest checking	$	3,060,055	$	419	0.06	%	$	2,971,983	$	652	0.09	%	$	576,203	$	609	0.43	%
Money market	5,447,909		2,588		0.19		5,368,054		3,296		0.24		3,161,867		6,071		0.77
Savings	368,288		82		0.09		360,148		86		0.09		238,848		97		0.16
Retail certificates of deposit	1,425,093		1,201		0.34		1,507,959		1,413		0.37		936,489		3,464		1.49
Wholesale/brokered certificates of deposit	118,854		136		0.46		176,085		238		0.54		43,432		246		2.28
Total interest-bearing deposits	10,420,199		4,426		0.17		10,384,229		5,685		0.22		4,956,839		10,487		0.85
FHLB advances and other borrowings	22,012		65		1.20		37,560		121		1.28		337,551		1,081		1.29
Subordinated debentures	501,553		6,851		5.46		501,461		6,820		5.44		215,190		3,046		5.66
Total borrowings	523,565		6,916		5.36		539,021		6,941		5.12		552,741		4,127		3.00
Total interest-bearing liabilities	10,943,764		11,342		0.42		10,923,250		12,626		0.46		5,509,580		14,614		1.07
Noninterest-bearing deposits	6,034,319						6,125,171						3,898,399
Other liabilities	266,536						300,963						146,231
Total liabilities	17,244,619						17,349,384						9,554,210
Stockholders' equity	2,749,641						2,710,509						2,037,126
Total liabilities and equity	$	19,994,260					$	20,059,893					$	11,591,336
Net interest income			$	161,652					$	168,198					$	109,175
Net interest margin (3)					3.55	%					3.61	%					4.24	%
Cost of deposits					0.11						0.14						0.48
Cost of funds (4)					0.27						0.29						0.62
Ratio of interest-earning assets to interest-bearing liabilities					168.96						169.54						188.10

______________________________

(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 $9.9 million, $11.0 million, and $4.1 million, respectively.

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

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

21

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
LOAN PORTFOLIO COMPOSITION
(Dollars in thousands)
(Unaudited)
	March 31,		December 31,		September 30,		June 30,		March 31,
	2021		2020		2020		2020		2020
Investor loans secured by real estate
CRE non-owner-occupied	$	2,729,785	$	2,675,085	$	2,707,930	$	2,783,692	$	2,040,198
Multifamily	5,309,592		5,171,356		5,142,069		5,225,557		1,625,682
Construction and land	316,458		321,993		337,872		357,426		377,525
SBA secured by real estate (1)	56,381		57,331		57,610		59,482		61,665
Total investor loans secured by real estate	8,412,216		8,225,765		8,245,481		8,426,157		4,105,070
Business loans secured by real estate (2)
CRE owner-occupied	2,029,984		2,114,050		2,119,788		2,170,154		1,887,632
Franchise real estate secured	340,805		347,932		359,329		364,647		371,428
SBA secured by real estate (3)	73,967		79,595		84,126		85,542		83,640
Total business loans secured by real estate	2,444,756		2,541,577		2,563,243		2,620,343		2,342,700
Commercial loans (4)
Commercial and industrial	1,656,098		1,768,834		1,820,995		2,051,313		1,458,969
Franchise non-real estate secured	399,041		444,797		515,980		523,755		547,793
SBA non-real estate secured	14,908		15,957		16,748		21,057		16,265
SBA PPP	—		—		—		1,128,780		—
Total commercial loans	2,070,047		2,229,588		2,353,723		3,724,905		2,023,027
Retail loans
Single family residential (5)	184,049		232,574		243,359		265,170		237,180
Consumer	6,324		6,929		45,034		46,309		46,892
Total retail loans	190,373		239,503		288,393		311,479		284,072
Gross loans held for investment (6)	13,117,392		13,236,433		13,450,840		15,082,884		8,754,869
Allowance for credit losses for loans held for investment (7)	(266,999)		(268,018)		(282,503)		(282,271)		(115,422)
Loans held for investment, net	$	12,850,393	$	12,968,415	$	13,168,337	$	14,800,613	$	8,639,447
Loans held for sale, at lower of cost or fair value	$	7,311	$	601	$	1,032	$	1,007	$	111

______________________________

(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 $103.9 million, $113.8 million, $126.3 million, $144.5 million, and $35.9 million as of March 31, 2021, December 31, 2020, September 30,2020, June 30, 2020, and March 31, 2020, respectively.

22

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
ASSET QUALITY INFORMATION
(Dollars in thousands)
(Unaudited)
	March 31,			December 31,			September 30,			June 30,			March 31,
	2021			2020			2020			2020			2020
Asset Quality
Nonperforming loans	$	38,909		$	29,209		$	27,214		$	33,825		$	20,610
Other real estate owned	—			—			334			386			441
Other assets owned	—			—			—			—			—
Nonperforming assets	$	38,909		$	29,209		$	27,548		$	34,211		$	21,051
Total classified assets (1)	$	134,667		$	128,332		$	137,042		$	90,334		$	54,586
Allowance for credit losses	266,999			268,018			282,503			282,271			115,422
Allowance for credit losses as a percent of total nonperforming loans	686		%	918		%	1,038		%	835		%	560		%
Nonperforming loans as a percent of loans held for investment	0.30			0.22			0.20			0.22			0.24
Nonperforming assets as a percent of total assets	0.19			0.15			0.14			0.17			0.18
Classified loans to total loans held for investment	1.03			0.97			1.02			0.60			0.62
Classified assets to total assets	0.67			0.65			0.69			0.44			0.46
Net loan charge-offs for the quarter ended	$	1,334		$	6,406		$	4,470		$	4,650		$	1,344
Net loan charge-offs for the quarter to average total loans	0.01		%	0.05		%	0.03		%	0.04		%	0.02		%
Allowance for credit losses to loans held for investment (2)	2.04			2.02			2.10			1.87			1.32
Allowance for credit losses to loans held for investment, excluding SBA PPP loans (2)	2.04			2.02			2.10			2.02			1.32
Loans modified under the CARES Act	$	—		$	79,465		$	118,298		$	2,244,974		$	—
Loans modified under the CARES Act as a percent of loans held for investment	—		%	0.60		%	0.88		%	14.88		%	—		%
Delinquent Loans
30 - 59 days	$	13,116		$	1,269		$	7,084		$	6,248		$	8,285
60 - 89 days	61			57			1,086			4,133			1,502
90+ days	9,410			11,996			21,206			27,807			19,084
Total delinquency	$	22,587		$	13,322		$	29,376		$	38,188		$	28,871
Delinquency as a percent of loans held for investment	0.17		%	0.10		%	0.22		%	0.25		%	0.33		%

______________________________

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

(2) At March 31, 2021, 51% of loans held for investment include a fair value net discount of $103.9 million, or 0.79% of loans held for investment. At December 31, 2020, 55% of loans held for investment include a fair value net discount of $113.8 million, or 0.85% of loans held for investment. At March 31, 2020, 34% of loans held for investment include a fair value net discount of $35.9 million, or 0.41% of loans held for investment.

23

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
NONACCRUAL LOANS (1)
(Dollars in thousands)
(Unaudited)
	Collateral Dependent Loans		ACL		Non-Collateral Dependent Loans		ACL		Total Nonaccrual Loans		Nonaccrual Loans With No ACL
March 31, 2021
Investor loans secured by real estate
CRE non-owner-occupied	$	12,284	$	—	$	—	$	—	$	12,284	$	12,284
SBA secured by real estate (2)	440		—		—		—		440		440
Total investor loans secured by real estate	12,724		—		—		—		12,724		12,724
Business loans secured by real estate (3)
CRE owner-occupied	6,060		—		—		—		6,060		6,060
SBA secured by real estate (4)	727		—		—		—		727		727
Total business loans secured by real estate	6,787		—		—		—		6,787		6,787
Commercial loans (5)
Commercial and industrial	1,767		—		3,843		688		5,610		2,132
Franchise non-real estate secured	—		—		13,082		—		13,082		13,082
SBA not secured by real estate	692		—		—		—		692		692
Total commercial loans	2,459		—		16,925		688		19,384		15,906
Retail Loans
Single family residential (6)	14		—		—		—		14		14
Total retail loans	14		—		—		—		14		14
Totals nonaccrual loans	$	21,984	$	—	$	16,925	$	688	$	38,909	$	35,431

______________________________

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

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

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

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

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

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

24

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
PAST DUE STATUS
(Dollars in thousands)
(Unaudited)
			Days Past Due
	Current		30-59		60-89		90+		Total
March 31, 2021
Investor loans secured by real estate
CRE non-owner-occupied	$	2,719,494	$	9,743	$	—	$	548	$	2,729,785
Multifamily	5,309,592		—		—		—		5,309,592
Construction and land	316,458		—		—		—		316,458
SBA secured by real estate (1)	55,941		—		—		440		56,381
Total investor loans secured by real estate	8,401,485		9,743		—		988		8,412,216
Business loans secured by real estate (2)
CRE owner-occupied	2,024,680		—		—		5,304		2,029,984
Franchise real estate secured	340,805		—		—		—		340,805
SBA secured by real estate (3)	73,307		—		—		660		73,967
Total business loans secured by real estate	2,438,792		—		—		5,964		2,444,756
Commercial loans (4)
Commercial and industrial	1,651,203		3,068		61		1,766		1,656,098
Franchise non-real estate secured	399,041		—		—		—		399,041
SBA not secured by real estate	13,911		305		—		692		14,908
Total commercial loans	2,064,155		3,373		61		2,458		2,070,047
Retail loans
Single family residential (5)	184,049		—		—		—		184,049
Consumer loans	6,324		—		—		—		6,324
Total retail loans	190,373		—		—		—		190,373
Total loans	$	13,094,805	$	13,116	$	61	$	9,410	$	13,117,392

______________________________

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

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

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

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

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

25

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CREDIT RISK GRADES
(Dollars in thousands)
(Unaudited)
	Pass		Special Mention		Substandard		Total Gross Loans
March 31, 2021
Investor loans secured by real estate
CRE non-owner-occupied	$	2,641,315	$	54,755	$	33,715	$	2,729,785
Multifamily	5,294,583		13,678		1,331		5,309,592
Construction and land	316,458		—		—		316,458
SBA secured by real estate (1)	44,268		4,818		7,295		56,381
Total investor loans secured by real estate	8,296,624		73,251		42,341		8,412,216
Business loans secured by real estate (2)
CRE owner-occupied	1,999,252		13,346		17,386		2,029,984
Franchise real estate secured	335,657		5,148		—		340,805
SBA secured by real estate (3)	64,688		2,361		6,918		73,967
Total business loans secured by real estate	2,399,597		20,855		24,304		2,444,756
Commercial loans (4)
Commercial and industrial	1,594,357		20,888		40,853		1,656,098
Franchise non-real estate secured	362,447		11,833		24,761		399,041
SBA not secured by real estate	11,370		1,456		2,082		14,908
Total commercial loans	1,968,174		34,177		67,696		2,070,047
Retail loans
Single family residential (5)	183,769		—		280		184,049
Consumer loans	6,278		—		46		6,324
Total retail loans	190,047		—		326		190,373
Total loans	$	12,854,442	$	128,283	$	134,667	$	13,117,392

______________________________

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

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

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

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

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

26

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
GAAP RECONCILIATIONS
(Dollars in thousands, except per share data)
(Unaudited)
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. Management believes that the exclusion of such items from this financial measure provides useful information to gain an understanding of the operating results of our core business.
	Three Months Ended
	March 31,			December 31,			March 31,
	2021			2020			2020
Net income	$	68,668		$	67,136		$	25,740
Plus: amortization of intangible assets expense	4,143			4,505			3,965
Less: amortization of intangible assets expense tax adjustment (1)	1,185			1,288			1,137
Net income for average tangible common equity	71,626			70,353			28,568
Plus: merger-related expense	5			5,071			1,724
Less: merger-related expense tax adjustment (1)	1			1,450			494
Net income for average tangible common equity excluding merger-related expense	$	71,630		$	73,974		$	29,798
Average stockholders' equity	$	2,749,641		$	2,710,509		$	2,037,126
Less: average intangible assets	83,946			88,216			81,744
Less: average goodwill	898,587			898,436			808,322
Average tangible common equity	$	1,767,108		$	1,723,857		$	1,147,060
Return on average equity (annualized)	9.99		%	9.91		%	5.05		%
Return on average tangible common equity (annualized)	16.21		%	16.32		%	9.96		%
Return on average tangible common equity excluding merger-related expense (annualized)	16.21		%	17.16		%	10.39		%

______________________________

(1) Adjusted by statutory tax rate

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
	March 31,			December 31,			March 31,
	2021			2020			2020
Net income	$	68,668		$	67,136		$	25,740
Plus: merger-related expense	5			5,071			1,724
Less: merger-related expense tax adjustment (1)	1			1,450			494
Net income for average assets excluding merger-related expense	$	68,672		$	70,757		$	26,970
Average assets	$	19,994,260		$	20,059,893		$	11,591,336
Return on average assets (annualized)	1.37		%	1.34		%	0.89		%
Return on average assets excluding merger-related expense (annualized)	1.37		%	1.41		%	0.93		%

______________________________

(1) Adjusted by statutory tax rate

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 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
	March 31,			December 31,			March 31,
	2021			2020			2020
Interest income	$	172,994		$	180,824		$	123,789
Interest expense	11,342			12,626			14,614
Net interest income	161,652			168,198			109,175
Noninterest income	23,740			23,194			14,475
Revenue	185,392			191,392			123,650
Noninterest expense	92,489			99,939			66,631
Add: merger-related expense	5			5,071			1,724
Pre-provision net revenue	92,908			96,524			58,743
Pre-provision net revenue (annualized)	$	371,632		$	386,096		$	234,972
Average assets	$	19,994,260		$	20,059,893		$	11,591,336
Pre-provision net revenue on average assets	0.46		%	0.48		%	0.51		%
Pre-provision net revenue on average assets (annualized)	1.86		%	1.92		%	2.03		%

Noninterest expense (excluding merger-related expense) as a percent of average assets is a 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
	March 31,			December 31,			March 31,
	2021			2020			2020
Noninterest expense	$	92,489		$	99,939		$	66,631
Less: merger-related expense	5			5,071			1,724
Noninterest expense excluding merger-related expense	$	92,484		$	94,868		$	64,907
Average assets	$	19,994,260		$	20,059,893		$	11,591,336
Noninterest expense as a percent of average assets (annualized)	1.85		%	1.99		%	2.30		%
Noninterest expense excluding merger-related expense as a percent of average assets (annualized)	1.85		%	1.89		%	2.24		%

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 excludes intangible assets from the calculation of risk-based capital ratios. Accordingly, we believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our capital position and ratios.
	March 31,			December 31,			September 30,			June 30,			March 31,
	2021			2020			2020			2020			2020
Total stockholders' equity	$	2,703,098		$	2,746,649		$	2,688,085		$	2,654,647		$	2,002,917
Less: intangible assets	981,568			984,076			988,446			995,716			887,671
Tangible common equity	$	1,721,530		$	1,762,573		$	1,699,639		$	1,658,931		$	1,115,246
Common shares issued and outstanding	94,644,415			94,483,136			94,375,521			94,350,902			59,975,281
Book value per share	$	28.56		$	29.07		$	28.48		$	28.14		$	33.40
Less: intangible book value per share	10.37			10.42			10.47			10.55			14.80
Tangible book value per share	$	18.19		$	18.65		$	18.01		$	17.58		$	18.60
Total assets	$	20,173,298		$	19,736,544		$	19,844,240		$	20,517,074		$	11,976,209
Less: intangible assets	981,568			984,076			988,446			995,716			887,671
Tangible assets	$	19,191,730		$	18,752,468		$	18,855,794		$	19,521,358		$	11,088,538
Tangible common equity ratio	8.97		%	9.40		%	9.01		%	8.50		%	10.06		%

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, and nonrecurring nonaccrual interest paid from net interest income. The core net interest margin is calculated as the ratio of core net interest income to average interest-earning assets. Management believes that the exclusion of such items from this financial measure provides useful information to gain an understanding of the operating results of our core business.
	Three Months Ended
	March 31,			December 31,			March 31,
	2021			2020			2020
Net interest income	$	161,652		$	168,198		$	109,175
Less: scheduled accretion income	3,878			4,911			1,793
Less: accelerated accretion income	5,988			6,120			2,312
Less: premium amortization on CD	1,751			2,358			63
Less: nonrecurring nonaccrual interest paid	(603)			322			—
Core net interest income	$	150,638		$	154,487		$	105,007
Average interest-earning assets	$	18,490,426		$	18,519,437		$	10,363,570
Net interest margin	3.55		%	3.61		%	4.24		%
Core net interest margin	3.30		%	3.32		%	4.08		%

Efficiency ratio is a non-GAAP financial measure derived from GAAP-based amounts. This figure represents the ratio of noninterest expense less other real estate owned operations, core deposit intangible amortization, and merger-related expense to the sum of net interest income before provision for loan losses and total noninterest income, less gain/(loss) on sale of securities, other income - security recoveries, 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 measure provides useful information to gain an understanding of the operating results of our core business.
	Three Months Ended
	March 31,			December 31,			March 31,
	2021			2020			2020
Total noninterest expense	$	92,489		$	99,939		$	66,631
Less: amortization of intangible assets	4,143			4,505			3,965
Less: merger-related expense	5			5,071			1,724
Less: other real estate owned operations, net	—			(5)			14
Noninterest expense, adjusted	$	88,341		$	90,368		$	60,928
Net interest income before provision for loan losses	$	161,652		$	168,198		$	109,175
Add: total noninterest income	23,740			23,194			14,475
Less: net gain from investment securities	4,046			5,002			7,760
Less: other income - security recoveries	2			1			—
Less: net gain (loss) from other real estate owned	—			(70)			—
Less: net gain (loss) from debt extinguishment	(503)			—			—
Revenue, adjusted	$	181,847		$	186,459		$	115,890
Efficiency ratio	48.6		%	48.5		%	52.6		%

27

EX-99.2

Investor Presentation First Quarter 2021 April 27, 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, 2020, 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 4 Financial Highlights 11 Loan Portfolio and Credit Quality 19 Culture and Governance 24 Appendix Material 31

PPBI Company Overview

5© 2021 Pacific Premier Bancorp, Inc. | All rights reserved Balance Sheet and Capital Ratios(3) Profitability and Credit Quality(3) Assets $20.17 billion ROAA 1.37% Loans HFI $13.12 billion PPNR ROAA(4)(5) 1.86% TCE / TA(5) 8.97% Efficiency Ratio(5) 48.6% Tier 1 Capital Ratio 12.05% NPA / Assets 0.19% Total RBC Ratio 16.26% ACL / Loans 2.04% Premier commercial bank in key metropolitan areas throughout the Western U.S. Headquarters Irvine, CA Exchange/Listing Nasdaq: PPBI Market Capitalization(1) $4.1 Billion Average Daily Volume(2) 432,407 Shares Common Shares Outstanding(3) 94,644,415 Dividend Yield(1) 3.0% # 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 April 26, 2021 2. 3-month average as of April 26, 2021 3. As of March 31, 2021 or for the three months ended March 31, 2021 4. Pre-provision net revenue excludes merger-related expense 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) PACIFIC PREMIER BANCORP, INC.

6© 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 December 31, 2020 2. Pre-provision net revenue exclusive of merger-related expenses 3. Please refer to the non-U.S. GAAP information in the appendix 1.99% 2.19% 2.16% 1.96% 1.94% 1.86% 1.86% 1.66% 1.67% 1.67% 1.71% 1.70% 1.50% 2015Y 2016Y 2017Y 2018Y 2019Y 2020Y 2021Q1 PPBI Peer Median 4.25% 4.48% 4.43% 4.44% 4.33% 3.74% 3.55% 3.88% 3.75% 3.80% 4.02% 3.99% 3.41% 2015Y 2016Y 2017Y 2018Y 2019Y 2020Y 2021Q1 PPBI Peer Median 55.9% 53.6% 51.0% 51.6% 50.8% 49.8% 48.6% 59.4% 58.5% 54.4% 55.4% 56.1% 56.5% 2015Y 2016Y 2017Y 2018Y 2019Y 2020Y 2021Q1 PPBI Peer Median 0.18% 0.04% 0.04% 0.04% 0.08% 0.15% 0.19% 0.83% 0.52% 0.43% 0.36% 0.36% 0.41% 2015Y 2016Y 2017Y 2018Y 2019Y 2020Y 2021Q1 PPBI Peer Median

7© 2021 Pacific Premier Bancorp, Inc. | All rights reserved DISCIPLINED ACQUIRER Note: All dollars in millions Acquisition Timeline 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 41% compounded annually since 2013 June 2020 Opus Bank ($8.3B assets) $1,714 $2,038 $2,790 $4,036 $8,025 $11,487 $11,776 $19,737 $20,173 $- $5,000 $10,000 $15,000 $20,000 $25,000 2013 2014 2015 2016 2017 2018 2019 2020 1Q'21 Non-Acquired Acquired

8© 2021 Pacific Premier Bancorp, Inc. | All rights reserved $9 .0 8 $1 0. 12 $1 1. 17 $1 2. 51 $1 5. 26 $ 16 .9 7 $1 8. 84 $1 8. 65 $1 8. 19 $0 .8 8 $1 .9 1 $2 .2 1 TBVPS Cumulative Dividends SHAREHOLDER FOCUSED Consolidated PPBI Pacific Premier Bank Leverage Ratio 9.66% 9.47% 10.68% Common Equity Tier 1 Ratio (CET1) 12.05% 12.04% 11.59% Tier 1 Ratio 12.05% 12.04% 11.66% Total Risk Based Capital Ratio 16.26% 16.31% 14.23% Tangible Common Equity Ratio(1) 8.97% 9.40% 10.06% Leverage Ratio 11.13% 10.89% 12.54% Common Equity Tier 1 Ratio (CET1) 13.90% 13.84% 13.70% Tier 1 Ratio 13.90% 13.84% 13.70% Total Risk Based Capital Ratio 15.92% 15.89% 14.28% Q1 2021 Q4 2020 Q1 2020 • Dividend increased 10% from prior quarter to $0.33 share, optimizing capital management • Repurchased approximately 200,000 shares during the first quarter 1. Please refer to non-U.S. GAAP reconciliation in appendix Growth in Tangible Book Value per Share (1)

9© 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.

10© 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 Q1 2021 Financial Highlights

12© 2021 Pacific Premier Bancorp, Inc. | All rights reserved Q1 2021 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 approved on January 11, 2021 Earnings • Net income of $68.7 million, or $0.72 per diluted share • ROAA of 1.37% and ROATCE of 16.21%(1) • Pre-provision net revenue (“PPNR”) of $92.9 million and PPNR ROAA of 1.86%(1) • Net interest margin of 3.55%; core net interest margin of 3.30%(1) • Efficiency ratio of 48.6%(1) and noninterest expense of $92.5 million(2) Loans • Loan portfolio of $13.1 billion, a decrease of 0.9% from the prior quarter • Record loan production of $1.15 billion during Q1 2021 • Loan / deposit ratio of 78.4%, compared to 81.6% in Q4 2020 Deposits • Deposits of $16.7 billion, an increase of 3.2% from the prior quarter • Non-maturity deposits of 92% and noninterest-bearing checking of 38% of total deposits • Average cost of deposits decreased to 0.11% from 0.14% in Q4 2020 Capital • Declared quarterly dividend of $0.33 per share, a 10% increase compared to the prior quarter • Repurchased ~200,000 shares under current authorization(4) • Tangible common equity to tangible assets of 8.97% and total risk-based capital ratio of 16.26%(1) • Tangible book value per share of $18.19(1) Asset Quality • Delinquent loans were 0.17% of total loans • Nonperforming assets were 0.19% of total assets • Net charge-offs of $1.3 million, or 0.01% of average loans • No COVID-19 temporary loan modifications as of March 31, 2021 • ACL of $267.0 million, or 2.04% of loans; loss absorption capacity equals 2.81% of loans(3)

13© 2021 Pacific Premier Bancorp, Inc. | All rights reserved $67.3 $87.0 $120.7 $172.7 $278.6 $423.7 $482.5 $645.5 $741.6 64.7% 61.3% 55.9% 53.6% 51.0% 51.6% 50.8% 49.8% 48.6% 2013 2014 2015 2016 2017 2018 2019 2020 Q1 2021 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 Strong capital generation from pre-provision net revenue and operating efficiencies Since 2013: • Compound annual growth for total revenue of 39% and pre-provision net revenue of 46%(1)(2) • Efficiency ratio improved from 64.7% to 48.6%(1) (2) (2) $23.4 $33.6 $52.2 $79.0 $131.7 $192.3 $224.1 $313.5 $371.6 1.62% 1.84% 1.99% 2.19% 2.16% 1.96% 1.94% 1.86% 1.86% 2013 2014 2015 2016 2017 2018 2019 2020 Q1 2021 Pre-Provision Net Revenue PPNR / Average Assets

14© 2021 Pacific Premier Bancorp, Inc. | All rights reserved 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 decreased in Q1 2021, primarily driven by changes in the mix of earning assets Loan Yields Cost of Deposits Factors Affecting Q1 2021 Net Interest Margin Increase Decrease (1) (1) 4.18% 4.21% 4.25% 4.48% 4.43% 4.44% 4.33% 3.74% 3.55% 3.93% 4.09% 4.06% 4.20% 4.18% 4.24% 4.13% 3.48% 3.30% 2013 2014 2015 2016 2017 2018 2019 2020 Q1 2021 Reported Net Interest Margin Core Net Interest Margin 5.59% 5.32% 5.39% 5.45% 5.31% 5.52% 5.54% 4.89% 4.81% 5.28% 5.18% 5.18% 5.13% 5.04% 5.30% 5.30% 4.61% 4.52% 2013 2014 2015 2016 2017 2018 2019 2020 Q1 2021 Reported Loan Yield Core Loan Yield 0.34% 0.34% 0.32% 0.28% 0.28% 0.51% 0.66% 0.25% 0.11% 2013 2014 2015 2016 2017 2018 2019 2020 Q1 2021 Cost of Deposits

15© 2021 Pacific Premier Bancorp, Inc. | All rights reserved NIE & OPUS COST SAVINGS 1. Actual Q1 2021 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 Q1 2021 Noninterest Expense Annualized(1) $370 $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. Adds back the FV discount to the loans held for investment Increase Decrease Combined Loss Absorption Capacity Updated economic forecast for CECL Model • Utilized Moody’s probability-weighted March economic forecast – model weightings unchanged from December 2020 • Unfunded commitments increase driven by higher loan commitments and composition (dollars in thousands) ACL Balance % of Loans HFI ACL Balance % of Loans HFI Investor loans secured by real estate CRE non-owner occupied 49,176$ 1.84% 45,545$ 1.67% Multifamily 62,534 1.21% 79,815 1.50% Construction and land 12,435 3.86% 13,263 4.19% SBA secured by real estate(1) 5,159 9.00% 5,141 9.63% Business loans secured by real estate CRE owner-occupied 50,517 2.39% 41,594 2.05% Franchise real estate secured 11,451 3.29% 10,876 3.19% SBA secured by real estate(2) 6,567 8.25% 6,451 8.72% Commercial loans Commercial and industrial 46,964 2.66% 43,373 2.62% Franchise non-real estate secured 20,525 4.61% 18,903 4.74% SBA non-real estate secured 995 6.24% 890 5.97% Retail loans Single family residential 1,204 0.52% 822 0.45% Consumer loans 491 7.09% 326 5.15% ACL for Loans HFI 268,018$ 2.02% 266,999$ 2.04% ACL for off-balance sheet commitments 31,118 32,778 Total Allowance for Credit Losses 299,136$ 299,777$ 12/31/2020 3/31/2021 (dollars in thousands) Balance % of Total Loans Held for Investment Allowance for Credit Losses 266,999$ 2.04% Plus: Fair Value Mark on Acquired Loans(3) 103,906 0.79% Total Allowance + Fair Value Mark(3) 370,905$ 2.81%

17© 2021 Pacific Premier Bancorp, Inc. | All rights reserved ATTRACTIVE DEPOSIT MIX 1. Quarterly average cost 2. As of March 31, 2021 • 92% of total deposits are non-maturity and 38% are noninterest-bearing demand • Deposit mix reflects our relationship-based business model Deposit Sources (% of Total) $16.7 Billion 0.48% 0.32% 0.20% 0.14% 0.11% Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Cost of Deposits(1) 88% 89% 89% 90% 92% Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Non-Maturity Deposits (% of Total) Branches 64% HOA 12% Pacific Premier Trust 9% Escrow & Specialty 14% Broker/ Wholesale 1% Balance % of Total Cost of Deposits(1) Weighted Avg Rate(2) (dollars in thousands) Noninterest-bearing demand 6,302,703$ 38% 0.00% 0.00% Interest-bearing demand 3,155,071 19% 0.06% 0.05% Money market and savings 5,911,417 35% 0.19% 0.15% Total non-maturity deposits 15,369,191 92% 0.09% 0.07% Retail certificates of deposit 1,353,431 8% 0.34% 0.67% Wholesale/brokered certificates of deposit 17,385 0% 0.46% 1.15% Total certificates of deposit 1,370,816 8% 0.35% 0.68% Total deposits 16,740,007$ 100% 0.11% 0.12% Q1 2021

18© 2021 Pacific Premier Bancorp, Inc. | All rights reserved HIGH QUALITY SECURITIES PORTFOLIO Investment Securities as of March 31, 2021 Historical Balances and Yields Liquid, highly-rated securities portfolio • Investment securities totaled $3.88 billion, or 19% of total assets, as of March 31, 2021 • Securities decreased $75.6 million from the prior quarter • Sold $175.3 million and recorded a $4 million gain • Held-to-Maturity securities were $21.9 million as of March 31, 2021 • Q1 2021 average yield of 1.71% • Portfolio effective duration of 6.2 years • Unrealized loss of $21.3 million $3.9 Billion Rating Muni MBS CMO Agency Corp Notes Treasuries Total % AAA $995.4 $893.6 $509.0 $663.2 -- $32.1 $3,093.3. 79.7% AA $423.0 -- -- -- -- -- $423.0 10.9% A $2.3 -- -- -- $150.1 -- $152.4 3.9% BBB $1.3 -- -- -- $209.3 -- $210.7 5.4% Total $1,422.1 $893.6 $509.0 $663.2 $359.4 $32.1 $3,879.3 100% Summary of Credit Ratings $1,372 $2,369 $3,629 $3,955 $3,879 $1,503 $1,792 $3,284 $3,965 $4,087 2.74% 2.36% 1.73% 1.72% 1.71% 1Q20 2Q20 3Q20 4Q20 1Q21 Period-end Balance Average Balance Average Yield Muni Bonds $1,422.1 37% MBS $893.6 23% CMO $509.0 13% Treasuries $32.1 1% Agency $663.2 17%Corp Notes $359.4 9%

Loan Portfolio and Credit Quality

20© 2021 Pacific Premier Bancorp, Inc. | All rights reserved • 83% of loan portfolio is real estate secured • Geographically diversified Note: All dollars in thousands Note: SBA loans are unguaranteed portion and represent approximately 25% of principal balance for the respective borrower 1. As of March 31, 2021 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 Investor real estate secured 64% Business real estate secured 19% Commercial 16% Retail 1% Los Angeles 29% Orange County 11% Other CA 34% Pacific NW 11% AZ 6% Other States 9% Balance Investor real estate secured CRE non-owner occupied 2,729,785$ 20.8 % 4.32 % Multifamily 5,309,592 40.5 3.98 Construction and land 316,458 2.4 5.33 SBA secured by real estate(2) 56,381 0.4 5.00 Total investor real estate secured 8,412,216 64.1 4.15 Business real estate secured CRE owner-occupied 2,029,984 15.5 4.37 Franchise real estate secured 340,805 2.6 4.96 SBA secured by real estate(3) 73,967 0.6 5.24 Total business real estate secured 2,444,756 18.6 4.47 Commercial Commercial and industrial 1,656,098 12.6 3.89 Franchise non-real estate secured 399,041 3.0 5.31 SBA non-real estate secured 14,908 0.1 5.61 Total commercial 2,070,047 15.8 4.17 Consumer Single family residential 184,049 1.4 4.24 Consumer 6,324 0.0 5.24 Total consumer 190,373 1.5 4.27 Total loans held for investment 13,117,392$ 100.0 % 4.21 % As of March 31, 2021 % of Total Weighted Average Rate(1)

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 $21.1 $34.2 $27.5 $29.2 $38.9 0.18% 0.17% 0.14% 0.15% 0.19% 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 Nonperforming Assets NPAs / Assets $28.9 $38.2 $29.4 $13.3 $22.6 0.33% 0.25% 0.22% 0.10% 0.17% 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 Past Due Loans PD Loans / Loans HFI $54.1 $89.9 $136.7 $128.3 $134.7 0.62% 0.60% 1.02% 0.97% 1.03% 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 Classified Loans Classified Loans / Loans HFI $1.3 $4.7 $4.5 $6.4 $1.3 0.02% 0.04% 0.03% 0.05% 0.01% 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 Net Charge-offs NCOs / Avg Loans

22© 2021 Pacific Premier Bancorp, Inc. | All rights reserved 3.23% 1.65% 0.19% 4.21% 0.41% 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 Q1 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 21 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 December 31, 2020

23© 2021 Pacific Premier Bancorp, Inc. | All rights reserved 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 and after 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% 349% 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 stress tested semiannually Opus Acquisition CRE TO CAPITAL CONCENTRATION RATIO

PPBI Culture and Governance

25© 2021 Pacific Premier Bancorp, Inc. | All rights reserved CULTURE AT PACIFIC PREMIER BANK Our culture is defined by our Success Attributes

26© 2021 Pacific Premier Bancorp, Inc. | All rights reserved We are focused on transparency and continuous improvement in ESG Environmental ISS QualityScore: 4 Social ISS QualityScore: 3 Governance ISS QualityScore: 1 • We created and filled the roles of Director of ESG & Corporate Responsibility and Corporate Social Responsibility Officer, specifically to allocate resources to making further progress toward our ESG goals • We established a management-level ESG Management Group to help develop, implement, and manage the Company’s ESG program • Issued our inaugural ESG Overview Report which highlight actions we have taken to enhance our oversight of, and transparency with respect to, ESG-related issues 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 68% of charitable giving benefited minority communities • Early stages of developing a GHG emissions inventory and environmental impact of our loan standards • Initial assessment of potential impacts of climate-related risks and opportunities • 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 • The Board made its Nominating and Governance Committee, composed entirely of independent directors, responsible for overseeing our strategy, policies and initiatives related to our ESG program • Specific aspects of ESG are overseen by other Board committees, including the Enterprise Risk Committee

27© 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, closed lobbies of branches with drive-throughs, 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 • 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 approved on January 11, 2021. Quarterly dividend rate increased on October 27, 2020.

28© 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

29© 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

30© 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

32© 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. As of March 31, 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total stockholders' equity 78,602$ 86,777$ 134,517$ 175,226$ 199,592$ 298,980$ 459,740$ 1,241,996$ 1,969,697$ 2,012,594$ 2,746,649$ 2,703,098$ Less: Intangible assets - 2,069 2,626 24,056 28,564 58,002 111,941 536,343 909,282 891,634 984,076 981,568 Tangible common equity 78,602$ 84,708$ 131,891$ 151,170$ 171,028$ 240,978$ 347,799$ 705,653$ 1,060,415$ 1,120,960$ 1,762,573$ 1,721,530$ Total assets 826,816$ 961,128$ 1,173,792$ 1,714,187$ 2,037,731$ 2,789,599$ 4,036,311$ 8,024,501$ 11,487,387$ 11,776,012$ 19,736,544$ 20,173,298$ Less: Intangible assets - 2,069 2,626 24,056 28,564 58,002 111,941 536,343 909,282 891,634 984,076 981,568 Tangible assets 826,816$ 959,059$ 1,171,166$ 1,690,131$ 2,009,167$ 2,731,597$ 3,924,370$ 7,488,158$ 10,578,105$ 10,884,378$ 18,752,468$ 19,191,730$ Tangible common equity ratio 9.51% 8.83% 11.26% 8.94% 8.51% 8.82% 8.86% 9.42% 10.02% 10.30% 9.40% 8.97% 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 59,506,057 94,483,136 94,644,415 Book value per share 7.83$ 8.39$ 9.85$ 10.52$ 11.81$ 13.86$ 16.54$ 26.86$ 31.52$ 33.82$ 29.07$ 28.56$ Less: Intangible book value per share - 0.20 0.19 1.44 1.69 2.69 4.03 11.60 14.55 14.98 10.42 10.37 Tangible book value per share 7.83$ 8.19$ 9.65$ 9.08$ 10.12$ 11.17$ 12.51$ 15.26$ 16.97$ 18.84$ 18.65$ 18.19$ As of December 31,

33© 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. 3/31/2021 12/31/2020 3/31/2020 Net Income (loss) 68,668$ 67,136$ 25,740$ Plus: amortization of intangible assets expense 4,143 4,505 3,965 Less: amortization of intangible assets expense tax adjustment 1,185 1,288 1,137 Net income for average tangible common equity 71,626$ 70,353$ 28,568$ Plus: merger-related expense 5 5,071 1,724 Less: merger-related expense tax adjustment 1 1,450 494 Net income for average tangible common equity excluding merger-related expenses 71,630$ 73,974$ 29,798$ Average stockholders' equity 2,749,641$ 2,710,509$ 2,037,126$ Less: average intangible assets 83,946 88,216 81,744 Less: average goodwill 898,587 898,436 808,322 Average tangible common equity 1,767,108$ 1,723,857$ 1,147,060$ Return on average equity(1) 9.99% 9.91% 5.05% Return on average tangible common equity(1) 16.21% 16.32% 9.96% Return on average tangible common equity excluding merger-related expense(1) 16.21% 17.16% 10.39% Three Months Ended,

34© 2021 Pacific Premier Bancorp, Inc. | All rights reserved NON-U.S. GAAP FINANCIAL MEASURES Note: All dollars in thousands 1. Losses from 2013-2016 related to Other Than Temporary Impairment 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, other income – security recoveries, and gain/(loss) on sale of other real estate owned. 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. (1) FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Q1 2021 Total noninterest expense 50,815$ 54,938$ 73,332$ 98,063$ 167,958$ 249,905$ 259,065$ 381,119$ 92,489$ Less: amortization of intangible assets expense 764 1,014 1,350 2,039 6,144 13,594 17,245 17,072 4,143 Less: Merger-related expense 6,926 1,490 4,799 4,388 21,002 18,454 656 49,129 5 Less: Other real estate owned operations, net 618 75 121 385 72 4 160 1 - Noninterest expense, adjusted 42,507$ 52,359$ 67,062$ 91,251$ 140,740$ 217,853$ 241,004$ 314,917$ 88,341$ Net interest income 58,444$ 73,635$ 106,299$ 153,075$ 247,502$ 392,711$ 447,301$ 574,211$ 161,652$ Add: Total noninterest income 8,811 13,377 14,388 19,602 31,114 31,027 35,236 71,325 23,740 Less: Net gain (loss) from investment securities 1,544 1,547 290 1,797 2,737 1,399 8,571 13,882 4,046 Less: Other income - security recoveries (4) (29) - (205) 1 4 2 2 2 Less: Net gain (loss) from other real estate owned - - - 18 46 281 52 (112) - Less: Net gain (loss) from debt extinguishment - - - - - - (612) - (503) Revenue, adjusted 65,715$ 85,494$ 120,397$ 171,067$ 275,832$ 422,054$ 474,524$ 631,764$ 181,847$ Efficiency Ratio 64.7% 61.3% 55.9% 53.6% 51.0% 51.6% 50.8% 49.8% 48.6%

35© 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 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 FY 2020 Q1 2021 Interest income 63,800$ 81,339$ 118,356$ 166,605$ 270,005$ 448,423$ 526,107$ 630,726$ 172,994$ Interest expense 5,356 7,704 12,057 13,530 22,503 55,712 78,806 56,515 11,342 Net interest income 58,444 73,635 106,299 153,075 247,502 392,711 447,301 574,211 161,652 Noninterest income 8,811 13,377 14,388 19,602 31,114 31,027 35,236 71,325 23,740 Revenue 67,255 87,012 120,687 172,677 278,616 423,738 482,537 645,536 185,392 Noninterest expense 50,815 54,938 73,332 98,063 167,958 249,905 259,065 381,119 92,489 Add: Merger-related expense 6,926 1,490 4,799 4,388 21,002 18,454 656 49,129 5 Pre-provision net revenue 23,366$ 33,564$ 52,154$ 79,002$ 131,660$ 192,287$ 224,128$ 313,546$ 92,908$ Pre-provision net revenue (annualized) 23,366$ 33,564$ 52,154$ 79,002$ 131,660$ 192,287$ 224,128$ 313,546$ 371,632$ Average Assets 1,441,555$ 1,827,935$ 2,621,545$ 3,601,411$ 6,094,883$ 9,794,917$ 11,546,912$ 16,817,242$ 19,994,260$ PPNR / Average Assets 1.62% 1.84% 1.99% 2.19% 2.16% 1.96% 1.94% 1.86% 0.46% PPNR / Average Assets (annualized) 1.62% 1.84% 1.99% 2.19% 2.16% 1.96% 1.94% 1.86% 1.86%

36© 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 FY 2019 FY 2020 Q1 2021 Net interest income 58,444$ 73,635$ 106,299$ 153,075$ 247,502$ 392,711$ 447,301$ 574,211$ 161,652$ Less: Accretion income 3,241 1,927 4,387 9,178 12,901 16,082 20,609 33,180 9,866 Less: Premium amortization on CD 139 143 200 411 969 1,551 521 6,443 1,751 Less: Nonrecurring nonaccrual interest paid - - - - - 380 470 (95) (603) Core net interest income 55,064$ 71,565$ 101,712$ 143,486$ 233,632$ 374,698$ 425,701$ 534,683$ 150,638$ Average interest-earning assets 1,399,806$ 1,750,871$ 2,503,009$ 3,414,847$ 5,583,774$ 8,836,075$ 10,319,552$ 15,373,474$ 18,490,426$ Net interest margin 4.18% 4.21% 4.25% 4.48% 4.43% 4.44% 4.33% 3.74% 3.55% Core net interest margin 3.93% 4.09% 4.06% 4.20% 4.18% 4.24% 4.13% 3.48% 3.30% FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Q1 2021 Loan interest income 58,089$ 75,751$ 111,097$ 157,935$ 251,027$ 415,410$ 485,663$ 577,558$ 155,225$ Less: Loan accretion 3,241 1,927 4,387 9,178 12,901 16,082 20,609 33,180 9,866 Less: Nonrecurring nonaccrual interest paid - - - - - 380 470 (95) (603) Core loan interest income 54,848$ 73,824$ 106,710$ 148,757$ 238,126$ 398,948$ 464,584$ 544,473$ 145,962$ Average loans 1,039,654$ 1,424,727$ 2,061,788$ 2,900,379$ 4,724,808$ 7,527,004$ 8,768,389$ 11,819,898$ 13,093,609$ Loan yield 5.59% 5.32% 5.39% 5.45% 5.31% 5.52% 5.54% 4.89% 4.81% Core loan yield 5.28% 5.18% 5.18% 5.13% 5.04% 5.30% 5.30% 4.61% 4.52%

XML

Cover Page Statement	Apr. 27, 2021
Cover [Abstract]
Document Type	8-K
Document Period End Date	Apr. 27, 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