Pacific Premier Bancorp, Inc. Announces First Quarter 2024 Financial Results and a Quarterly Cash Dividend of $0.33 Per Share

Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company” or “Pacific Premier”), the holding company of Pacific Premier Bank (the “Bank”), reported net income of $47.0 million, or $0.49 per diluted share, for the first quarter of 2024, compared with net loss of $135.4 million, or $1.44 per diluted share, for the fourth quarter of 2023, and net income of $62.6 million, or $0.66 per diluted share, for the first quarter of 2023.

For the first quarter of 2024, the Company’s return on average assets (“ROAA”) was 0.99%, return on average equity (“ROAE”) was 6.50%, and return on average tangible common equity (“ROATCE”)⁽¹⁾ was 10.05%, compared to (2.76)%, (19.01)%, and (28.01)%, respectively, for the fourth quarter of 2023, and 1.15%, 8.87%, and 13.89%, respectively, for the first quarter of 2023. Total assets were $18.81 billion at March 31, 2024, compared to $19.03 billion at December 31, 2023, and $21.36 billion at March 31, 2023.

Steven R. Gardner, Chairman, Chief Executive Officer, and President of the Company, commented, “Our team delivered solid first quarter financial performance with net income of $47.0 million, or $0.49 per share, reflecting a full quarter’s benefit from the securities portfolio repositioning as our net interest margin expanded 11 basis points to 3.39%. Our commitment to prudent and proactive risk, liquidity, and capital management in the current dynamic environment continues to drive strong capital levels that rank amongst the top of our peers, with our TCE⁽¹⁾ ratio increasing 25 basis points to 10.97%.

“On the business development front, our dedicated relationship managers, retail branch bankers, and treasury management teams continue to successfully collaborate to expand our client base and deepen existing client relationships. During the first quarter, total deposits increased by $192 million, driven by a $120 million increase in non-maturity deposits, enabling us to further reduce FHLB borrowings by $400 million. Some of the quarterly deposit inflows were seasonal in nature, which we expect to reverse as we move through the year.

“First quarter asset quality trends remained strong, although nonperforming loans increased to $63.8 million, primarily the result of a single, diversified, Pacific Northwest commercial banking relationship, wherein the borrower remains current on all payments. Our team is actively engaged with the client and continues to approach the relationship consistent with our longstanding proactive approach to credit risk management.

“With our strong capital levels combined with our significant loss absorbing capacity, we have strategically positioned the company to perform in a variety of economic and credit scenarios. There are a number of factors contributing to an uncertain outlook, including ongoing inflationary pressures, interest rate volatility, and domestic and international geopolitical risks. Our franchise has been built on a culture of risk management and a proactive approach to building sustainable franchise value. We will continue to manage the business proactively and prudently while leveraging the strength of our relationship banking teams to capitalize on compelling opportunities as they may arise. I would like to thank all Pacific Premier employees for their outstanding efforts during the quarter, as well as all of our stakeholders for continuing to support our organization.”

______________________________
(1)		Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures are set forth at the end of this press release.

FINANCIAL HIGHLIGHTS
		Three Months Ended
		March 31,				December 31,				March 31,
(Dollars in thousands, except per share data)		2024				2023				2023
Financial highlights (unaudited)
Net income (loss)		$	47,025			$	(135,376	)		$	62,562
Net interest income			145,127				146,789				168,610
Diluted earnings (loss) per share			0.49				(1.44	)			0.66
Common equity dividend per share paid			0.33				0.33				0.33
ROAA			0.99	%			(2.76	)%			1.15	%
ROAE			6.50				(19.01	)			8.87
ROATCE (1)			10.05				(28.01	)			13.89
Pre-provision net revenue (loss) to average assets (1)			1.43				(3.88	)			1.63
Net interest margin			3.39				3.28				3.44
Cost of deposits			1.59				1.56				0.94
Cost of non-maturity deposits (1)			1.06				1.02				0.54
Efficiency ratio (1)			60.2				60.1				51.7
Noninterest expense as a percent of average assets			2.16				2.09				1.87
Total assets		$	18,813,181			$	19,026,645			$	21,361,564
Total deposits			15,187,828				14,995,626				17,207,810
Non-maturity deposits (1) as a percent of total deposits			84.4	%			84.7	%			82.6	%
Noninterest-bearing deposits as a percent of total deposits			32.9				32.9				36.1
Loan-to-deposit ratio			85.7				88.6				82.4
Nonperforming assets as a percent of total assets			0.34				0.13				0.14
Delinquency as a percentage of loans held for investment			0.09				0.08				0.15
Allowance for credit losses to loans held for investment (2)			1.48				1.45				1.38
Book value per share		$	30.09			$	30.07			$	29.58
Tangible book value per share (1)			20.33				20.22				19.61
Tangible common equity ratio (1)			10.97	%			10.72	%			9.20	%
Common equity tier 1 capital ratio			15.02				14.32				13.54
Total capital ratio			18.23				17.29				16.33

______________________________
(1)		Reconciliations of the non-GAAP measures are set forth at the end of this press release.
(2)		At March 31, 2024, 25% of loans held for investment include a fair value net discount of $41.2 million, or 0.32% of loans held for investment. At December 31, 2023, 24% of loans held for investment include a fair value net discount of $43.3 million, or 0.33% of loans held for investment. At March 31, 2023, 26% of loans held for investment include a fair value net discount of $52.2 million, or 0.37% of loans held for investment.

INCOME STATEMENT HIGHLIGHTS

Net Interest Income and Net Interest Margin

Net interest income totaled $145.1 million in the first quarter of 2024, a decrease of $1.7 million, or 1.1%, from the fourth quarter of 2023. The decrease in net interest income was primarily attributable to lower average interest-earning asset balances, a higher cost of funds, and one less day of interest, partially offset by higher yields on interest-earning assets, as well as lower average borrowings.

The net interest margin for the first quarter of 2024 increased 11 basis points to 3.39%, from 3.28% in the prior quarter. The increase was primarily due to higher yields on investment securities as a result of a full quarter's benefit from the securities repositioning to higher-yielding available-for-sale (“AFS”) Treasury securities, partially offset by a higher cost of funds.

Net interest income for the first quarter of 2024 decreased $23.5 million, or 13.9%, compared to the first quarter of 2023. The decrease was attributable to a higher cost of funds and lower average interest-earning asset balances, partially offset by lower average interest-bearing liabilities and higher yields on average interest-earning assets, all the result of the higher interest rate environment and the Company's balance sheet management strategies to prioritize capital accumulation.

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCES AND YIELD DATA
(Unaudited)
		Three Months Ended
		March 31, 2024											December 31, 2023											March 31, 2023
(Dollars in thousands)		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		$	1,140,909			$	13,638			4.81	%		$	1,281,793			$	15,744			4.87	%		$	1,335,611			$	13,594			4.13	%
Investment securities			2,948,170				26,818			3.64				3,203,608				24,675			3.08				4,165,681				26,791			2.57
Loans receivable, net (1) (2)			13,149,038				172,975			5.29				13,257,767				176,773			5.29				14,394,775				180,958			5.10
Total interest-earning assets		$	17,238,117			$	213,431			4.98			$	17,743,168			$	217,192			4.86			$	19,896,067			$	221,343			4.51
Liabilities
Interest-bearing deposits		$	10,058,808			$	59,506			2.38	%		$	10,395,116			$	60,915			2.32	%		$	11,104,624			$	40,234			1.47	%
Borrowings			850,811				8,798			4.15				942,689				9,488			4.01				1,319,114				12,499			3.83
Total interest-bearing liabilities		$	10,909,619			$	68,304			2.52			$	11,337,805			$	70,403			2.46			$	12,423,738			$	52,733			1.72
Noninterest-bearing deposits		$	4,996,939										$	5,141,585										$	6,219,818
Net interest income						$	145,127										$	146,789										$	168,610
Net interest margin (3)										3.39	%										3.28	%										3.44	%
Cost of deposits (4)										1.59											1.56											0.94
Cost of funds (5)										1.73											1.69											1.15
Cost of non-maturity deposits (6)										1.06											1.02											0.54
Ratio of interest-earning assets to interest-bearing liabilities										158.01											156.50											160.15

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(1)		Average balance includes loans held for sale and nonperforming loans and is net of deferred loan origination fees/costs, discounts/premiums, and the basis adjustment of certain loans included in fair value hedging relationships.
(2)		Interest income includes net discount accretion of $2.1 million, $2.6 million, and $2.5 million for the three months ended March 31, 2024, December 31, 2023, and March 31, 2023, respectively.
(3)		Represents annualized net interest income divided by average interest-earning assets.
(4)		Represents annualized interest expense on deposits divided by the sum of average interest-bearing deposits and noninterest-bearing deposits.
(5)		Represents annualized total interest expense divided by the sum of average total interest-bearing liabilities and noninterest-bearing deposits.
(6)		Reconciliations of the non-GAAP measures are set forth at the end of this press release.

Provision for Credit Losses

For the first quarter of 2024, the Company recorded a $3.9 million provision expense, compared to $1.7 million for the fourth quarter of 2023, and $3.0 million for the first quarter of 2023. The provision for credit losses was largely attributable to increases associated with economic forecasts, partially offset by changes to the overall size and composition of the loan portfolio.

		Three Months Ended
		March 31,				December 31,				March 31,
(Dollars in thousands)		2024				2023				2023
Provision for credit losses
Provision for loan losses		$	6,288			$	8,275			$	3,021
Provision for unfunded commitments			(2,425	)			(6,577	)			(189	)
Provision for held-to-maturity securities			(11	)			(2	)			184
Total provision for credit losses		$	3,852			$	1,696			$	3,016

Noninterest Income

Noninterest income for the first quarter of 2024 was $25.8 million, an increase of $260.0 million from the fourth quarter of 2023. The increase was related to the investment securities portfolio repositioning which resulted in a loss of $254.1 million during the fourth quarter of 2023. Excluding the prior quarter's loss, noninterest income increased $5.9 million, primarily due to a $5.1 million gain on debt extinguishment resulting from an early redemption of a $200.0 million Federal Home Loan Bank of San Francisco (“FHLB”) term advance as well as a $1.3 million increase in trust custodial account fees driven by annual tax fees earned during the current quarter.

Noninterest income for the first quarter of 2024 increased $4.6 million compared to the first quarter of 2023. The increase was primarily due to a $5.1 million gain on debt extinguishment resulting from an early redemption of a $200.0 million FHLB term advance during the current quarter.

		Three Months Ended
		March 31,				December 31,				March 31,
(Dollars in thousands)		2024				2023				2023
Noninterest income
Loan servicing income		$	529			$	359			$	573
Service charges on deposit accounts			2,688				2,648				2,629
Other service fee income			336				322				296
Debit card interchange fee income			765				844				803
Earnings on bank owned life insurance			4,159				3,678				3,374
Net (loss) gain from sales of loans			—				(4	)			29
Net (loss) gain from sales of investment securities			—				(254,065	)			138
Trust custodial account fees			10,642				9,388				11,025
Escrow and exchange fees			696				1,074				1,058
Other income			5,959				1,562				1,261
Total noninterest income (loss)		$	25,774			$	(234,194	)		$	21,186

Noninterest Expense

Noninterest expense totaled $102.6 million for the first quarter of 2024, a decrease of $137,000 compared to the fourth quarter of 2023. The results were impacted by a $523,000 FDIC special assessment in the first quarter of 2024 and a $2.1 million FDIC special assessment during the fourth quarter of 2023. Excluding the special assessments, noninterest expense increased $1.4 million, primarily due to a $2.2 million increase in compensation and benefits related to higher payroll taxes and the annual equity-based compensation awards, as well as a $1.5 million increase in deposit expense due to higher deposit earnings credit rates, partially offset by a $1.1 million decrease in other expense.

Noninterest expense for the first quarter of 2024 increased by $1.3 million compared to the first quarter of 2023. The increase was primarily due to a $4.2 million increase in deposit expense, partially offset by a $1.4 million decrease in legal and professional services and a $935,000 decrease in premises and occupancy.

		Three Months Ended
		March 31,				December 31,				March 31,
(Dollars in thousands)		2024				2023				2023
Noninterest expense
Compensation and benefits		$	54,130			$	51,907			$	54,293
Premises and occupancy			10,807				11,183				11,742
Data processing			7,511				7,409				7,265
Other real estate owned operations, net			46				103				108
FDIC insurance premiums			2,629				4,267				2,425
Legal and professional services			4,143				4,663				5,501
Marketing expense			1,558				1,728				1,838
Office expense			1,093				1,367				1,232
Loan expense			770				437				646
Deposit expense			12,665				11,152				8,436
Amortization of intangible assets			2,836				3,022				3,171
Other expense			4,445				5,532				4,695
Total noninterest expense		$	102,633			$	102,770			$	101,352

Income Tax

For the first quarter of 2024, income tax expense totaled $17.4 million, resulting in an effective tax rate of 27.0%, compared with income tax benefit of $56.5 million and an effective tax rate of 29.4% for the fourth quarter of 2023, and income tax expense of $22.9 million and an effective tax rate of 26.8% for the first quarter of 2023. The income tax benefit in the prior quarter was primarily attributable to the pretax loss from sales of AFS securities recorded for the fourth quarter of 2023, driven by the Company's balance sheet repositioning.

BALANCE SHEET HIGHLIGHTS

Loans

Loans held for investment totaled $13.01 billion at March 31, 2024, a decrease of $276.9 million, or 2.1%, from December 31, 2023, and a decrease of $1.16 billion, or 8.2%, from March 31, 2023. The decrease from December 31, 2023 was primarily due to lower loan production and fundings, as well as a decrease in credit line draws, partially offset by slower loan prepayments and maturities.

During the first quarter of 2024, new loan commitments totaled $45.6 million, and new loan fundings totaled $14.0 million, compared with $128.1 million in loan commitments and $103.7 million in new loan fundings for the fourth quarter of 2023, and $116.8 million in loan commitments and $66.9 million in new loan fundings for the first quarter of 2023. During the first quarter of 2024, new origination activity remained muted given the uncertain economic and interest rate outlook as well as softer borrower demand.

At March 31, 2024, the total loan-to-deposit ratio was 85.7%, compared to 88.6% and 82.4% at December 31, 2023 and March 31, 2023, respectively.

The following table presents the primary loan roll-forward activities for total gross loans, including both loans held for investment and loans held for sale, during the quarters indicated:

	Three Months Ended
	March 31,				December 31,				March 31,
(Dollars in thousands)	2024				2023				2023
Beginning gross loan balance before basis adjustment	$	13,318,571			$	13,319,591			$	14,740,867
New commitments		45,563				128,102				116,835
Unfunded new commitments		(31,531	)			(24,429	)			(49,891	)
Net new fundings		14,032				103,673				66,944
Amortization/maturities/payoffs		(358,863	)			(422,607	)			(519,986	)
Net draws on existing lines of credit		109,860				354,711				(53,436	)
Loan sales		(32,676	)			(32,464	)			(803	)
Charge-offs		(6,529	)			(4,138	)			(3,664	)
Transferred to other real estate owned		—				(195	)			(6,886	)
Net decrease		(274,176	)			(1,020	)			(517,831	)
Ending gross loan balance before basis adjustment	$	13,044,395			$	13,318,571			$	14,223,036
Basis adjustment associated with fair value hedge (1)		(32,324	)			(29,551	)			(50,005	)
Ending gross loan balance	$	13,012,071			$	13,289,020			$	14,173,031

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(1)		Represents the basis adjustment associated with the application of hedge accounting on certain loans.

The following table presents the composition of the loans held for investment as of the dates indicated:

		March 31,				December 31,				March 31,
(Dollars in thousands)		2024				2023				2023
Investor loans secured by real estate
Commercial real estate (“CRE”) non-owner-occupied		$	2,309,252			$	2,421,772			$	2,590,824
Multifamily			5,558,966				5,645,310				5,955,239
Construction and land			486,734				472,544				420,079
SBA secured by real estate (1)			35,206				36,400				40,669
Total investor loans secured by real estate			8,390,158				8,576,026				9,006,811
Business loans secured by real estate (2)
CRE owner-occupied			2,149,362				2,191,334				2,342,175
Franchise real estate secured			294,938				304,514				371,902
SBA secured by real estate (3)			48,426				50,741				60,527
Total business loans secured by real estate			2,492,726				2,546,589				2,774,604
Commercial loans (4)
Commercial and industrial (“C&I”)			1,774,487				1,790,608				1,967,128
Franchise non-real estate secured			301,895				319,721				388,722
SBA non-real estate secured			10,946				10,926				10,437
Total commercial loans			2,087,328				2,121,255				2,366,287
Retail loans
Single family residential (5)			72,353				72,752				70,913
Consumer			1,830				1,949				3,174
Total retail loans			74,183				74,701				74,087
Loans held for investment before basis adjustment (6)			13,044,395				13,318,571				14,221,789
Basis adjustment associated with fair value hedge (7)			(32,324	)			(29,551	)			(50,005	)
Loans held for investment			13,012,071				13,289,020				14,171,784
Allowance for credit losses for loans held for investment			(192,340	)			(192,471	)			(195,388	)
Loans held for investment, net		$	12,819,731			$	13,096,549			$	13,976,396
Total unfunded loan commitments		$	1,459,515			$	1,703,470			$	2,413,169
Loans held for sale, at lower of cost or fair value		$	—			$	—			$	1,247

______________________________
(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 net deferred origination costs (fees) of $797,000, $(74,000), and $(745,000), and unaccreted fair value net purchase discounts of $41.2 million, $43.3 million, and $52.2 million as of March 31, 2024, December 31, 2023, and March 31, 2023, respectively.
(7)		Represents the basis adjustment associated with the application of hedge accounting on certain loans.

The total end-of-period weighted average interest rate on loans, excluding fees and discounts, at March 31, 2024 was 4.91%, compared to 4.87% at December 31, 2023, and 4.68% at March 31, 2023. The quarter-over-quarter and year-over-year increases reflect higher rates on new originations and the repricing of loans as a result of the increases in benchmark interest rates.

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

		Three Months Ended
		March 31,				December 31,				March 31,
(Dollars in thousands)		2024				2023				2023
Investor loans secured by real estate
CRE non-owner-occupied		$	850			$	1,450			$	1,200
Multifamily			480				94,462				4,464
Total investor loans secured by real estate			1,330				95,912				5,664
Business loans secured by real estate (1)
CRE owner-occupied			6,745				3,870				6,562
Franchise real estate secured			—				—				3,217
SBA secured by real estate (2)			—				—				497
Total business loans secured by real estate			6,745				3,870				10,276
Commercial loans (3)
Commercial and industrial			32,477				24,766				93,150
Franchise non-real estate secured			—				—				1,666
SBA non-real estate secured			—				—				720
Total commercial loans			32,477				24,766				95,536
Retail loans
Single family residential (4)			4,936				3,554				5,359
Consumer			75				—				—
Total retail loans			5,011				3,554				5,359
Total loan commitments		$	45,563			$	128,102			$	116,835

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(1)		Loans to businesses that are collateralized by real estate where the operating cash flow of the business is the primary source of repayment.
(2)		SBA loans that are collateralized by real property other than hotel/motel real property.
(3)		Loans to businesses where the operating cash flow of the business is the primary source of repayment.
(4)		Single family residential includes home equity lines of credit, as well as second trust deeds.

The weighted average interest rate on new loan commitments increased to 8.62% in the first quarter of 2024, compared to 6.34% in the fourth quarter of 2023, and 7.43% in the first quarter of 2023.

Asset Quality and Allowance for Credit Losses

At March 31, 2024, our allowance for credit losses (“ACL”) on loans held for investment was $192.3 million, a decrease of $131,000 from December 31, 2023, and a decrease of $3.0 million from March 31, 2023. The decrease in the ACL from December 31, 2023 and March 31, 2023 reflects the relative changes in size and composition in our loans held for investment, partially offset by changes in economic forecasts.

During the first quarter of 2024, the Company incurred $6.4 million of net charge-offs, primarily related to the sale of special mention and substandard CRE and franchise loans during the quarter, compared to $3.9 million during the fourth quarter of 2023, and $3.3 million during the first quarter of 2023.

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, 2024
(Dollars in thousands)	Beginning ACL Balance				Charge-offs				Recoveries				Provision for Credit Losses				Ending ACL Balance
Investor loans secured by real estate
CRE non-owner-occupied	$	31,030			$	(927	)		$	—			$	678			$	30,781
Multifamily		56,312				—				5				2,094				58,411
Construction and land		9,314				—				—				(1,143	)			8,171
SBA secured by real estate (1)		2,182				(253	)			—				255				2,184
Business loans secured by real estate (2)
CRE owner-occupied		28,787				(4,452	)			63				4,362				28,760
Franchise real estate secured		7,499				(212	)			—				(29	)			7,258
SBA secured by real estate (3)		4,427				—				1				(140	)			4,288
Commercial loans (4)
Commercial and industrial		36,692				(585	)			39				961				37,107
Franchise non-real estate secured		15,131				(100	)			—				(711	)			14,320
SBA non-real estate secured		458				—				2				35				495
Retail loans
Single family residential (5)		505				—				—				(63	)			442
Consumer loans		134				—				—				(11	)			123
Totals	$	192,471			$	(6,529	)		$	110			$	6,288			$	192,340

______________________________
(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 ratio of ACL to loans held for investment at March 31, 2024 increased to 1.48%, compared to 1.45% at December 31, 2023, and 1.38% at March 31, 2023. The fair value net discount on loans acquired through acquisitions was $41.2 million, or 0.32% of total loans held for investment, as of March 31, 2024, compared to $43.3 million, or 0.33% of total loans held for investment, as of December 31, 2023, and $52.2 million, or 0.37% of total loans held for investment, as of March 31, 2023.

Nonperforming assets totaled $64.1 million, or 0.34% of total assets, at March 31, 2024, compared with $25.1 million, or 0.13% of total assets, at December 31, 2023, and $30.4 million, or 0.14% of total assets, at March 31, 2023. The increase in nonperforming assets at March 31, 2024, was primarily the result of loans to one borrower relationship totaling $37.6 million, all of which were current as of March 31, 2024. Loan delinquencies were $12.2 million, or 0.09% of loans held for investment, at March 31, 2024, compared to $10.1 million, or 0.08% of loans held for investment, at December 31, 2023, and $20.8 million, or 0.15% of loans held for investment, at March 31, 2023.

Classified loans totaled $204.7 million, or 1.57% of loans held for investment, at March 31, 2024, compared with $142.0 million, or 1.07% of loans held for investment, at December 31, 2023, and $161.1 million, or 1.14% of loans held for investment, at March 31, 2023. The increase in classified loans included the $37.6 million in loans related to one borrower relationship that were placed on nonaccrual during the first quarter of 2024 and remained current as of March 31, 2024.

The following table presents the asset quality metrics of the loan portfolio as of the dates indicated.

		March 31,				December 31,				March 31,
(Dollars in thousands)		2024				2023				2023
Asset quality
Nonperforming loans		$	63,806			$	24,817			$	24,872
Other real estate owned			248				248				5,499
Nonperforming assets		$	64,054			$	25,065			$	30,371
Total classified assets (1)		$	204,937			$	142,210			$	166,576
Allowance for credit losses			192,340				192,471				195,388
Allowance for credit losses as a percent of total nonperforming loans			301	%			776	%			786	%
Nonperforming loans as a percent of loans held for investment			0.49				0.19				0.18
Nonperforming assets as a percent of total assets			0.34				0.13				0.14
Classified loans to total loans held for investment			1.57				1.07				1.14
Classified assets to total assets			1.09				0.75				0.78
Net loan charge-offs for the quarter ended		$	6,419			$	3,902			$	3,284
Net loan charge-offs for the quarter to average total loans			0.05	%			0.03	%			0.02	%
Allowance for credit losses to loans held for investment (2)			1.48				1.45				1.38
Delinquent loans (3)
30 - 59 days		$	1,983			$	2,484			$	761
60 - 89 days			974				1,294				1,198
90+ days			9,221				6,276				18,884
Total delinquency		$	12,178			$	10,054			$	20,843
Delinquency as a percentage of loans held for investment			0.09	%			0.08	%			0.15	%

______________________________
(1)		Includes substandard and doubtful loans, and other real estate owned.
(2)		At March 31, 2024, 25% of loans held for investment include a fair value net discount of $41.2 million, or 0.32% of loans held for investment. At December 31, 2023, 24% of loans held for investment include a fair value net discount of $43.3 million, or 0.33% of loans held for investment. At March 31, 2023, 26% of loans held for investment include a fair value net discount of $52.2 million, or 0.37% of loans held for investment.
(3)		Nonaccrual loans are included in this aging analysis based on the loan's past due status.

Investment Securities

At March 31, 2024, AFS and held-to-maturity (“HTM”) investment securities were $1.15 billion and $1.72 billion, respectively, compared to $1.14 billion and $1.73 billion, respectively, at December 31, 2023, and $2.11 billion and $1.75 billion, respectively, at March 31, 2023.

In total, investment securities were $2.87 billion at March 31, 2024, an increase of $4.9 million from December 31, 2023, and a decrease of $987.4 million from March 31, 2023. The increase in the first quarter of 2024 compared to the prior quarter was primarily the result of $170.2 million in purchases and a decrease of $1.9 million in AFS investment securities mark-to-market unrealized loss, partially offset by $167.3 million in principal payments, amortization and accretion, and redemptions.

The decrease in investment securities from March 31, 2023 was primarily the result of $1.52 billion in sales of AFS investment securities and $410.9 million in principal payments, discounts from the AFS securities transferred to HTM, partially offset by $722.7 million in purchases of AFS and HTM investment securities and a decrease of $219.0 million in AFS securities mark-to-market unrealized loss.

Deposits

At March 31, 2024, total deposits were $15.19 billion, an increase of $192.2 million, or 1.3%, from December 31, 2023, and a decrease of $2.02 billion, or 11.7%, from March 31, 2023. The increase from the prior quarter was largely driven by increases of $169.2 million in money market and savings, $110.3 million in retail certificates of deposit, and $64.8 million in noninterest-bearing checking, partially offset by reductions of $114.0 million in interest-bearing checking and $38.1 million in brokered certificates of deposit. The decrease from March 31, 2023 was attributable to the decreases of $1.21 billion in noninterest-bearing checking and $1.17 billion in brokered certificates of deposit.

At March 31, 2024, non-maturity deposits⁽¹⁾ totaled $12.82 billion, or 84.4% of total deposits, an increase of $120.0 million, or 0.9%, from December 31, 2023, and a decrease of $1.39 billion, or 9.8%, from March 31, 2023. The increase from prior quarter was largely driven by seasonal deposit growth within our HOA business. The decrease from the first quarter of 2023 was attributable to the continued effect of clients prepaying or paying down loans and redeploying funds into higher yielding alternatives.

At March 31, 2024, maturity deposits totaled $2.37 billion, an increase of $72.2 million, or 3.1%, from December 31, 2023, and a decrease of $631.1 million, or 21.1%, from March 31, 2023. The increase in the first quarter of 2024 compared to the prior quarter was primarily driven by an increase of $110.3 million in retail certificates of deposit, partially offset by the reduction of $38.1 million in brokered certificates of deposit. The decrease from March 31, 2023 was primarily driven by decreases in brokered certificates of deposit.

The weighted average cost of total deposits for the first quarter of 2024 was 1.59%, compared to 1.56% for the fourth quarter of 2023, and 0.94% for the first quarter of 2023. The increases in the weighted average cost of deposits for the first quarter of 2024, compared to the fourth quarter of 2023 and the first quarter of 2023, were principally driven by higher pricing across deposit categories. The weighted average cost of non-maturity deposits⁽¹⁾ for the first quarter of 2024 was 1.06%, compared to 1.02% for the fourth quarter of 2023, and 0.54% for the first quarter of 2023.

At March 31, 2024, the end-of-period weighted average rate of total deposits was 1.66%, compared to 1.55% at December 31, 2023, and 1.15% at March 31, 2023. At March 31, 2024, the end-of-period weighted average rate of non-maturity deposits was 1.12%, compared to 1.04% at December 31, 2023, and 0.61% at March 31, 2023.

At March 31, 2024, the Company’s FDIC-insured deposits as a percentage of total deposits was 60%. Insured and collateralized deposits comprised 66% of total deposits at March 31, 2024, which was the same level at December 31, 2023.

______________________________
(1)		Reconciliations of the non-GAAP measures are set forth at the end of this press release.

The following table presents the composition of deposits as of the dates indicated.

		March 31,				December 31,				March 31,
(Dollars in thousands)		2024				2023				2023
Deposit accounts
Noninterest-bearing checking		$	4,997,636			$	4,932,817			$	6,209,104
Interest-bearing:
Checking			2,785,626				2,899,621				2,871,812
Money market/savings			5,037,636				4,868,442				5,128,857
Total non-maturity deposits (1)			12,820,898				12,700,880				14,209,773
Retail certificates of deposit			1,794,813				1,684,560				1,257,146
Wholesale/brokered certificates of deposit			572,117				610,186				1,740,891
Total maturity deposits			2,366,930				2,294,746				2,998,037
Total deposits		$	15,187,828			$	14,995,626			$	17,207,810
Cost of deposits			1.59	%			1.56	%			0.94	%
Cost of non-maturity deposits (1)			1.06				1.02				0.54
Noninterest-bearing deposits as a percent of total deposits			32.9				32.9				36.1
Non-maturity deposits (1) as a percent of total deposits			84.4				84.7				82.6

______________________________
(1)		Reconciliations of the non-GAAP measures are set forth at the end of this press release.

Borrowings

At March 31, 2024, total borrowings amounted to $532.0 million, a decrease of $399.8 million from December 31, 2023, and a decrease of $599.4 million from March 31, 2023. Total borrowings at March 31, 2024 were comprised of $200.0 million of FHLB term advances and $332.0 million of subordinated debt. The decrease in borrowings at March 31, 2024 as compared to December 31, 2023 was due to a decrease of $400.0 million in FHLB term advances. The decrease in borrowings at March 31, 2024 as compared to March 31, 2023 was due to a decrease of $600.0 million in FHLB term advances.

As of March 31, 2024, our unused borrowing capacity was $8.53 billion, which consists of available lines of credit with FHLB and other correspondent banks as well as access through the Federal Reserve Bank's discount window, which was not utilized during the first quarter of 2024.

Capital Ratios

At March 31, 2024, our common stockholders' equity was $2.90 billion, or 15.43% of total assets, compared with $2.88 billion, or 15.15%, at December 31, 2023, and $2.83 billion, or 13.25%, at March 31, 2023, with a book value per share of $30.09, compared with $30.07 at December 31, 2023, and $29.58 at March 31, 2023. At March 31, 2024, the ratio of tangible common equity to tangible assets⁽¹⁾ was 10.97%, compared with 10.72% at December 31, 2023, and 9.20% at March 31, 2023, and tangible book value per share⁽¹⁾ was $20.33, compared with $20.22 at December 31, 2023, and $19.61 at March 31, 2023.

______________________________
(1)		Reconciliations of the non-GAAP measures are set forth at the end of this press release.

The Company implemented the current expected credit losses (“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. In the first quarter of 2022, the Company began phasing into regulatory capital the cumulative adjustments at the end of the second year of the transition period at 25% per year. At March 31, 2024, the Company and Bank were in compliance with the capital conservation buffer requirement and exceeded the minimum Common Equity Tier 1, Tier 1, and total capital ratios, inclusive of the fully phased-in capital conservation buffer of 7.0%, 8.5%, and 10.5%, respectively, and the Bank qualified as “well capitalized” for purposes of the federal bank regulatory prompt corrective action regulations.

		March 31,				December 31,				March 31,
Capital ratios		2024				2023				2023
Pacific Premier Bancorp, Inc. Consolidated
Tier 1 leverage ratio			11.48	%			11.03	%			10.41	%
Common equity tier 1 capital ratio			15.02				14.32				13.54
Tier 1 capital ratio			15.02				14.32				13.54
Total capital ratio			18.23				17.29				16.33
Tangible common equity ratio (1)			10.97				10.72				9.20
Pacific Premier Bank
Tier 1 leverage ratio			12.97	%			12.43	%			11.93	%
Common equity tier 1 capital ratio			16.96				16.13				15.52
Tier 1 capital ratio			16.96				16.13				15.52
Total capital ratio			18.21				17.23				16.55
Share data
Book value per share		$	30.09			$	30.07			$	29.58
Tangible book value per share (1)			20.33				20.22				19.61
Common equity dividends declared per share			0.33				0.33				0.33
Closing stock price (2)			24.00				29.11				24.02
Shares issued and outstanding			96,459,966				95,860,092				95,714,777
Market capitalization (2)(3)		$	2,315,039			$	2,790,487			$	2,299,069

______________________________
(1)		Reconciliations of the non-GAAP measures are 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 22, 2024, the Company's Board of Directors declared a $0.33 per share dividend, payable on May 13, 2024 to stockholders of record as of May 6, 2024. In January 2021, the Company’s Board of Directors approved a stock repurchase program, which authorized the repurchase of up to 4,725,000 shares of its common stock. During the first quarter of 2024, the Company did not repurchase any shares of common stock.

Conference Call and Webcast

The Company will host a conference call at 9:00 a.m. PT / 12:00 p.m. ET on April 24, 2024 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 [phone]. Participants should ask to be joined to the Pacific Premier Bancorp, Inc. call. Additionally, a telephone replay will be made available through May 1, 2024, at [phone], replay code 4066481.

About Pacific Premier Bancorp, Inc.

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

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, liquidity, 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. These 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; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity, and regulatory responses to these developments; 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; interest rate, liquidity, economic, market, credit, operational, and inflation risks associated with our business, including the speed and predictability of changes in these risks; our ability to attract and retain deposits and access to other sources of liquidity, particularly in a rising or high interest rate environment, and the quality and composition of our deposits; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the U.S. Federal budget or debt, or turbulence or uncertainty in domestic or foreign financial markets; 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; possible impairment charges to goodwill, including any impairment that may result from increased volatility in our stock price; 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; compliance risks, including the costs of monitoring, testing, and maintaining compliance with complex laws and regulations; the effectiveness of our risk management framework and quantitative models; 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; possible credit-related impairments of securities held by us; changes in the level of our nonperforming assets and charge-offs; the impact of governmental efforts to restructure the U.S. financial regulatory system; the impact of recent or future changes in the FDIC insurance assessment rate or the rules and regulations related to the calculation of the FDIC insurance assessment amount, including any special assessments; changes in consumer spending, borrowing, and savings habits; the effects of concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; the possibility that we may reduce or discontinue the payments of dividends on our common stock; the possibility that we may discontinue, reduce or otherwise limit the level of repurchases of our common stock we may make from time to time pursuant to our stock repurchase 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, including the war between Russia and Ukraine, Israel and Hamas and overall tension in the Middle East, and trade tensions, all of which could impact business and economic conditions in the United States and abroad; public health crises and pandemics 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; climate change, including the enhanced regulatory, compliance, credit, and reputational risks and costs; natural disasters, earthquakes, fires, and severe weather; 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 2023 Annual Report on Form 10-K 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.

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
		March 31,				December 31,				September 30,				June 30,				March 31,
(Dollars in thousands)		2024				2023				2023				2023				2023
ASSETS
Cash and cash equivalents		$	1,028,818			$	936,473			$	1,400,276			$	1,463,677			$	1,424,896
Interest-bearing time deposits with financial institutions			995				995				1,242				1,487				1,734
Investment securities held-to-maturity, at amortized cost, net of allowance for credit losses			1,720,481				1,729,541				1,737,866				1,737,604				1,749,030
Investment securities available-for-sale, at fair value			1,154,021				1,140,071				1,914,599				2,011,791				2,112,852
FHLB, FRB, and other stock			97,063				99,225				105,505				105,369				105,479
Loans held for sale, at lower of amortized cost or fair value			—				—				641				2,184				1,247
Loans held for investment			13,012,071				13,289,020				13,270,120				13,610,282				14,171,784
Allowance for credit losses			(192,340	)			(192,471	)			(188,098	)			(192,333	)			(195,388	)
Loans held for investment, net			12,819,731				13,096,549				13,082,022				13,417,949				13,976,396
Accrued interest receivable			67,642				68,516				68,131				70,093				69,660
Other real estate owned			248				248				450				270				5,499
Premises and equipment, net			54,789				56,676				59,396				61,527				63,450
Deferred income taxes, net			111,390				113,580				192,208				184,857				177,778
Bank owned life insurance			474,404				471,178				468,191				465,288				462,732
Intangible assets			40,449				43,285				46,307				49,362				52,417
Goodwill			901,312				901,312				901,312				901,312				901,312
Other assets			341,838				368,996				297,574				275,113				257,082
Total assets		$	18,813,181			$	19,026,645			$	20,275,720			$	20,747,883			$	21,361,564
LIABILITIES
Deposit accounts:
Noninterest-bearing checking		$	4,997,636			$	4,932,817			$	5,782,305			$	5,895,975			$	6,209,104
Interest-bearing:
Checking			2,785,626				2,899,621				2,598,449				2,759,855				2,871,812
Money market/savings			5,037,636				4,868,442				4,873,582				4,801,288				5,128,857
Retail certificates of deposit			1,794,813				1,684,560				1,525,919				1,366,071				1,257,146
Wholesale/brokered certificates of deposit			572,117				610,186				1,227,192				1,716,686				1,740,891
Total interest-bearing			10,190,192				10,062,809				10,225,142				10,643,900				10,998,706
Total deposits			15,187,828				14,995,626				16,007,447				16,539,875				17,207,810
FHLB advances and other borrowings			200,000				600,000				800,000				800,000				800,000
Subordinated debentures			332,001				331,842				331,682				331,523				331,364
Accrued expenses and other liabilities			190,551				216,596				281,057				227,351				191,229
Total liabilities			15,910,380				16,144,064				17,420,186				17,898,749				18,530,403
STOCKHOLDERS’ EQUITY
Common stock			941				938				937				937				937
Additional paid-in capital			2,378,171				2,377,131				2,371,941				2,366,639				2,361,830
Retained earnings			619,405				604,137				771,285				757,025				731,123
Accumulated other comprehensive loss			(95,716	)			(99,625	)			(288,629	)			(275,467	)			(262,729	)
Total stockholders' equity			2,902,801				2,882,581				2,855,534				2,849,134				2,831,161
Total liabilities and stockholders' equity		$	18,813,181			$	19,026,645			$	20,275,720			$	20,747,883			$	21,361,564

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
		Three Months Ended
		March 31,				December 31,				March 31,
(Dollars in thousands, except per share data)		2024				2023				2023
INTEREST INCOME
Loans		$	172,975			$	176,773			$	180,958
Investment securities and other interest-earning assets			40,456				40,419				40,385
Total interest income			213,431				217,192				221,343
INTEREST EXPENSE
Deposits			59,506				60,915				40,234
FHLB advances and other borrowings			4,237				4,927				7,938
Subordinated debentures			4,561				4,561				4,561
Total interest expense			68,304				70,403				52,733
Net interest income before provision for credit losses			145,127				146,789				168,610
Provision for credit losses			3,852				1,696				3,016
Net interest income after provision for credit losses			141,275				145,093				165,594
NONINTEREST INCOME
Loan servicing income			529				359				573
Service charges on deposit accounts			2,688				2,648				2,629
Other service fee income			336				322				296
Debit card interchange fee income			765				844				803
Earnings on bank owned life insurance			4,159				3,678				3,374
Net (loss) gain from sales of loans			—				(4	)			29
Net (loss) gain from sales of investment securities			—				(254,065	)			138
Trust custodial account fees			10,642				9,388				11,025
Escrow and exchange fees			696				1,074				1,058
Other income			5,959				1,562				1,261
Total noninterest income (loss)			25,774				(234,194	)			21,186
NONINTEREST EXPENSE
Compensation and benefits			54,130				51,907				54,293
Premises and occupancy			10,807				11,183				11,742
Data processing			7,511				7,409				7,265
Other real estate owned operations, net			46				103				108
FDIC insurance premiums			2,629				4,267				2,425
Legal and professional services			4,143				4,663				5,501
Marketing expense			1,558				1,728				1,838
Office expense			1,093				1,367				1,232
Loan expense			770				437				646
Deposit expense			12,665				11,152				8,436
Amortization of intangible assets			2,836				3,022				3,171
Other expense			4,445				5,532				4,695
Total noninterest expense			102,633				102,770				101,352
Net income (loss) before income taxes			64,416				(191,871	)			85,428
Income tax expense (benefit)			17,391				(56,495	)			22,866
Net income (loss)		$	47,025			$	(135,376	)		$	62,562
EARNINGS (LOSS) PER SHARE
Basic		$	0.49			$	(1.44	)		$	0.66
Diluted		$	0.49			$	(1.44	)		$	0.66
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic			94,350,259				94,233,813				93,857,812
Diluted			94,477,355				94,334,878				94,182,522

SELECTED FINANCIAL DATA

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCES AND YIELD DATA
(Unaudited)
		Three Months Ended
		March 31, 2024											December 31, 2023											March 31, 2023
(Dollars in thousands)		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		$	1,140,909			$	13,638			4.81	%		$	1,281,793			$	15,744			4.87	%		$	1,335,611			$	13,594			4.13	%
Investment securities			2,948,170				26,818			3.64				3,203,608				24,675			3.08				4,165,681				26,791			2.57
Loans receivable, net (1)(2)			13,149,038				172,975			5.29				13,257,767				176,773			5.29				14,394,775				180,958			5.10
Total interest-earning assets			17,238,117				213,431			4.98				17,743,168				217,192			4.86				19,896,067				221,343			4.51
Noninterest-earning assets			1,796,279											1,881,777											1,788,806
Total assets		$	19,034,396										$	19,624,945										$	21,684,873
Liabilities and equity
Interest-bearing deposits:
Interest checking		$	2,838,332			$	9,903			1.40	%		$	3,037,642			$	11,170			1.46	%		$	3,008,712			$	5,842			0.79	%
Money market			4,636,141				23,632			2.05				4,525,403				22,038			1.93				4,992,084				13,053			1.06
Savings			287,735				227			0.32				308,968				190			0.24				453,079				508			0.45
Retail certificates of deposit			1,727,728				19,075			4.44				1,604,507				16,758			4.14				1,206,966				7,775			2.61
Wholesale/brokered certificates of deposit			568,872				6,669			4.72				918,596				10,759			4.65				1,443,783				13,056			3.67
Total interest-bearing deposits			10,058,808				59,506			2.38				10,395,116				60,915			2.32				11,104,624				40,234			1.47
FHLB advances and other borrowings			518,879				4,237			3.28				610,913				4,927			3.20				987,817				7,938			3.26
Subordinated debentures			331,932				4,561			5.50				331,776				4,561			5.50				331,297				4,561			5.51
Total borrowings			850,811				8,798			4.15				942,689				9,488			4.01				1,319,114				12,499			3.83
Total interest-bearing liabilities			10,909,619				68,304			2.52				11,337,805				70,403			2.46				12,423,738				52,733			1.72
Noninterest-bearing deposits			4,996,939											5,141,585											6,219,818
Other liabilities			231,889											296,604											218,925
Total liabilities			16,138,447											16,775,994											18,862,481
Stockholders' equity			2,895,949											2,848,951											2,822,392
Total liabilities and equity		$	19,034,396										$	19,624,945										$	21,684,873
Net interest income						$	145,127										$	146,789										$	168,610
Net interest margin (3)										3.39	%										3.28	%										3.44	%
Cost of deposits (4)										1.59											1.56											0.94
Cost of funds (5)										1.73											1.69											1.15
Cost of non-maturity deposits (6)										1.06											1.02											0.54
Ratio of interest-earning assets to interest-bearing liabilities										158.01											156.50											160.15

______________________________
(1)		Average balance includes loans held for sale and nonperforming loans and is net of deferred loan origination fees/costs, discounts/premiums, and the basis adjustment of certain loans included in fair value hedging relationships.
(2)		Interest income includes net discount accretion of $2.1 million, $2.6 million, and $2.5 million for the three months ended March 31, 2024, December 31, 2023, and March 31, 2023, respectively.
(3)		Represents annualized net interest income divided by average interest-earning assets.
(4)		Represents annualized interest expense on deposits divided by the sum of average interest-bearing deposits and noninterest-bearing deposits.
(5)		Represents annualized total interest expense divided by the sum of average total interest-bearing liabilities and noninterest-bearing deposits.
(6)		Reconciliations of the non-GAAP measures are set forth at the end of this press release.

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
LOAN PORTFOLIO COMPOSITION
(Unaudited)
		March 31,				December 31,				September 30,				June 30,				March 31,
(Dollars in thousands)		2024				2023				2023				2023				2023
Investor loans secured by real estate
CRE non-owner-occupied		$	2,309,252			$	2,421,772			$	2,514,056			$	2,571,246			$	2,590,824
Multifamily			5,558,966				5,645,310				5,719,210				5,788,030				5,955,239
Construction and land			486,734				472,544				444,576				428,287				420,079
SBA secured by real estate (1)			35,206				36,400				37,754				38,876				40,669
Total investor loans secured by real estate			8,390,158				8,576,026				8,715,596				8,826,439				9,006,811
Business loans secured by real estate (2)
CRE owner-occupied			2,149,362				2,191,334				2,228,802				2,281,721				2,342,175
Franchise real estate secured			294,938				304,514				313,451				318,539				371,902
SBA secured by real estate (3)			48,426				50,741				53,668				57,084				60,527
Total business loans secured by real estate			2,492,726				2,546,589				2,595,921				2,657,344				2,774,604
Commercial loans (4)
Commercial and industrial			1,774,487				1,790,608				1,588,771				1,744,763				1,967,128
Franchise non-real estate secured			301,895				319,721				335,053				351,944				388,722
SBA non-real estate secured			10,946				10,926				10,667				9,688				10,437
Total commercial loans			2,087,328				2,121,255				1,934,491				2,106,395				2,366,287
Retail loans
Single family residential (5)			72,353				72,752				70,984				70,993				70,913
Consumer			1,830				1,949				1,958				2,241				3,174
Total retail loans			74,183				74,701				72,942				73,234				74,087
Loans held for investment before basis adjustment (6)			13,044,395				13,318,571				13,318,950				13,663,412				14,221,789
Basis adjustment associated with fair value hedge (7)			(32,324	)			(29,551	)			(48,830	)			(53,130	)			(50,005	)
Loans held for investment			13,012,071				13,289,020				13,270,120				13,610,282				14,171,784
Allowance for credit losses for loans held for investment			(192,340	)			(192,471	)			(188,098	)			(192,333	)			(195,388	)
Loans held for investment, net		$	12,819,731			$	13,096,549			$	13,082,022			$	13,417,949			$	13,976,396
Loans held for sale, at lower of cost or fair value		$	—			$	—			$	641			$	2,184			$	1,247

______________________________
(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 net deferred origination costs (fees) of $797,000, $(74,000), $451,000, $142,000, and $(745,000), and unaccreted fair value net purchase discounts of $41.2 million, $43.3 million, $46.2 million, $48.4 million, and $52.2 million as of March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023, and March 31, 2023, respectively.
(7)		Represents the basis adjustment associated with the application of hedge accounting on certain loans.

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
ASSET QUALITY INFORMATION
(Unaudited)
		March 31,				December 31,				September 30,				June 30,				March 31,
(Dollars in thousands)		2024				2023				2023				2023				2023
Asset quality
Nonperforming loans		$	63,806			$	24,817			$	25,458			$	17,151			$	24,872
Other real estate owned			248				248				450				270				5,499
Nonperforming assets		$	64,054			$	25,065			$	25,908			$	17,421			$	30,371
Total classified assets (1)		$	204,937			$	142,210			$	149,708			$	120,216			$	166,576
Allowance for credit losses			192,340				192,471				188,098				192,333				195,388
Allowance for credit losses as a percent of total nonperforming loans			301	%			776	%			739	%			1,121	%			786	%
Nonperforming loans as a percent of loans held for investment			0.49				0.19				0.19				0.13				0.18
Nonperforming assets as a percent of total assets			0.34				0.13				0.13				0.08				0.14
Classified loans to total loans held for investment			1.57				1.07				1.12				0.88				1.14
Classified assets to total assets			1.09				0.75				0.74				0.58				0.78
Net loan charge-offs for the quarter ended		$	6,419			$	3,902			$	6,752			$	3,665			$	3,284
Net loan charge-offs for the quarter to average total loans			0.05	%			0.03	%			0.05	%			0.03	%			0.02	%
Allowance for credit losses to loans held for investment (2)			1.48				1.45				1.42				1.41				1.38
Delinquent loans (3)
30 - 59 days		$	1,983			$	2,484			$	2,967			$	649			$	761
60 - 89 days			974				1,294				475				31				1,198
90+ days			9,221				6,276				7,484				30,271				18,884
Total delinquency		$	12,178			$	10,054			$	10,926			$	30,951			$	20,843
Delinquency as a percent of loans held for investment			0.09	%			0.08	%			0.08	%			0.23	%			0.15	%

______________________________
(1)		Includes substandard and doubtful loans, and other real estate owned.
(2)		At March 31, 2024, 25% of loans held for investment include a fair value net discount of $41.2 million, or 0.32% of loans held for investment. At December 31, 2023, 24% of loans held for investment include a fair value net discount of $43.3 million, or 0.33% of loans held for investment. At September 30, 2023, 24% of loans held for investment include a fair value net discount of $46.2 million, or 0.35% of loans held for investment. At June 30, 2023, 25% of loans held for investment include a fair value net discount of $48.4 million, or 0.35% of loans held for investment. At March 31, 2023, 26% of loans held for investment include a fair value net discount of $52.2 million, or 0.37% of loans held for investment.
(3)		Nonaccrual loans are included in this aging analysis based on the loan's past due status.

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
NONACCRUAL LOANS (1)
(Unaudited)
(Dollars in thousands)		Collateral Dependent Loans				ACL				Non- Collateral Dependent Loans				ACL				Total Nonaccrual Loans				Nonaccrual Loans With No ACL
March 31, 2024
Investor loans secured by real estate
CRE non-owner-occupied		$	24,008			$	2,657			$	—			$	—			$	24,008			$	17,499
SBA secured by real estate (2)			1,258				—				—				—				1,258				1,258
Total investor loans secured by real estate			25,266				2,657				—				—				25,266				18,757
Business loans secured by real estate (3)
CRE owner-occupied			12,602				—				—				—				12,602				12,602
Franchise real estate secured			—				—				292				43				292				—
Total business loans secured by real estate			12,602				—				292				43				12,894				12,602
Commercial loans (4)
Commercial and industrial			1,380				—				22,161				1,521				23,541				13,541
Franchise non-real estate secured			—				—				1,559				231				1,559				—
SBA not secured by real estate			546				—				—				—				546				546
Total commercial loans			1,926				—				23,720				1,752				25,646				14,087
Total nonaccrual loans		$	39,794			$	2,657			$	24,012			$	1,795			$	63,806			$	45,446

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

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
PAST DUE STATUS
(Unaudited)
						Days Past Due (7)
(Dollars in thousands)		Current				30-59				60-89				90+				Total
March 31, 2024
Investor loans secured by real estate
CRE non-owner-occupied		$	2,308,852			$	—			$	—			$	400			$	2,309,252
Multifamily			5,558,966				—				—				—				5,558,966
Construction and land			486,734				—				—				—				486,734
SBA secured by real estate (1)			34,409				—				381				416				35,206
Total investor loans secured by real estate			8,388,961				—				381				816				8,390,158
Business loans secured by real estate (2)
CRE owner-occupied			2,144,734				—				—				4,628				2,149,362
Franchise real estate secured			294,646				—				—				292				294,938
SBA secured by real estate (3)			48,426				—				—				—				48,426
Total business loans secured by real estate			2,487,806				—				—				4,920				2,492,726
Commercial loans (4)
Commercial and industrial			1,770,803				1,729				575				1,380				1,774,487
Franchise non-real estate secured			300,336				—				—				1,559				301,895
SBA not secured by real estate			10,146				254				—				546				10,946
Total commercial loans			2,081,285				1,983				575				3,485				2,087,328
Retail loans
Single family residential (5)			72,335				—				18				—				72,353
Consumer loans			1,830				—				—				—				1,830
Total retail loans			74,165				—				18				—				74,183
Loans held for investment before basis adjustment (6)		$	13,032,217			$	1,983			$	974			$	9,221			$	13,044,395

______________________________
(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)		Excludes the basis adjustment of $32.3 million to the carrying amount of certain loans included in fair value hedging relationships.
(7)		Nonaccrual loans are included in this aging analysis based on the loan's past due status.

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
CREDIT RISK GRADES
(Unaudited)
(Dollars in thousands)		Pass				Special Mention				Substandard				Doubtful				Total Gross Loans
March 31, 2024
Investor loans secured by real estate
CRE non-owner-occupied		$	2,271,367			$	6,699			$	31,186			$	—			$	2,309,252
Multifamily			5,511,977				29,879				17,110				—				5,558,966
Construction and land			486,303				431				—				—				486,734
SBA secured by real estate (1)			27,485				—				7,721				—				35,206
Total investor loans secured by real estate			8,297,132				37,009				56,017				—				8,390,158
Business loans secured by real estate (2)
CRE owner-occupied			2,056,124				49,227				44,011				—				2,149,362
Franchise real estate secured			287,593				1,597				5,748				—				294,938
SBA secured by real estate (3)			43,907				82				4,437				—				48,426
Total business loans secured by real estate			2,387,624				50,906				54,196				—				2,492,726
Commercial loans (4)
Commercial and industrial			1,620,751				75,752				73,875				4,109				1,774,487
Franchise non-real estate secured			285,554				648				15,693				—				301,895
SBA not secured by real estate			10,147				—				799				—				10,946
Total commercial loans			1,916,452				76,400				90,367				4,109				2,087,328
Retail loans
Single family residential (5)			72,353				—				—				—				72,353
Consumer loans			1,830				—				—				—				1,830
Total retail loans			74,183				—				—				—				74,183
Loans held for investment before basis adjustment (6)		$	12,675,391			$	164,315			$	200,580			$	4,109			$	13,044,395

______________________________
(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)		Excludes the basis adjustment of $32.3 million to the carrying amount of certain loans included in fair value hedging relationships.

GAAP TO NON-GAAP RECONCILIATIONS

PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES
(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 assets excluding net loss from investment securities repositioning and FDIC special assessment is a non-GAAP financial measure derived from GAAP based amounts. We calculate this figure by excluding the net loss from investment securities repositioning during the fourth quarter of 2023, the FDIC special assessment, and the related tax impact from net income. Management believes that the exclusion of such nonrecurring items from this financial measure provides useful information to gain an understanding of the operating results of our core business and a better comparison of financial performance.
		Three Months Ended
		March 31,				December 31,				March 31,
(Dollars in thousands)		2024				2023				2023
Net income (loss)		$	47,025			$	(135,376	)		$	62,562
Less: net loss from investment securities repositioning			—				(254,065	)			—
Add: FDIC special assessment			523				2,080				—
Less: tax adjustment (1)			148				72,387				—
Adjusted net income for average assets		$	47,400			$	48,382			$	62,562
Average assets		$	19,034,396			$	19,624,945			$	21,684,873
ROAA (annualized)			0.99	%			(2.76	)%			1.15	%
Adjusted ROAA (annualized)			1.00	%			0.99	%			1.15	%

______________________________
(1)		Adjusted by statutory tax rate

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. The adjusted net income, adjusted return on average equity, and adjusted return on average tangible common equity further exclude the nonrecurring items to provide a better comparison to the financial results of prior periods.
		Three Months Ended
		March 31,				December 31,				March 31,
(Dollars in thousands)		2024				2023				2023
Net income (loss)		$	47,025			$	(135,376	)		$	62,562
Plus: amortization of intangible assets expense			2,836				3,022				3,171
Less: tax adjustment (1)			801				854				901
Net income (loss) for average tangible common equity		$	49,060			$	(133,208	)		$	64,832
Less: net loss from investment securities repositioning			—				(254,065	)			—
Add: FDIC special assessment			523				2,080				—
Less: tax adjustment (1)			148				72,387				—
Adjusted net income for average tangible common equity		$	49,435			$	50,550			$	64,832
Average stockholders' equity		$	2,895,949			$	2,848,951			$	2,822,392
Less: average intangible assets			42,134				45,050				54,310
Less: average goodwill			901,312				901,312				901,312
Average tangible common equity			1,952,503				1,902,589				1,866,770
Add: average after-tax realized loss from investment securities repositioning			—				(94,887	)			—
Adjusted average tangible common equity		$	1,952,503			$	1,807,702			$	1,866,770
ROAE (annualized)			6.50	%			(19.01	)%			8.87	%
Adjusted ROAE (annualized)			6.55	%			7.03	%			8.87	%
ROATCE (annualized)			10.05	%			(28.01	)%			13.89	%
Adjusted ROATCE (annualized)			10.13	%			11.19	%			13.89	%

_____________________________________
(1)		Adjusted by statutory tax rate.

The adjusted basic earnings per common share and adjusted diluted earnings per common share are non-GAAP financial measures derived from GAAP based amounts. We calculate the adjusted basic earnings per common share by dividing net income allocable to common shareholders, excluding the net loss from investment securities repositioning during the fourth quarter of 2023, the FDIC special assessment, and the related tax impact, by the weighted average number of common shares outstanding for the reporting period, excluding outstanding participating securities. The adjusted diluted earnings per common share is computed by dividing net income allocable to common shareholders, excluding the net loss from investment securities repositioning, FDIC special assessment, and the related tax impact, by the weighted average number of diluted common shares outstanding over the reporting period, adjusted to include the effect of potentially dilutive common shares based on adjusted net income, but excludes awards considered participating securities. The computation of diluted earnings per common share excludes the impact of the assumed exercise or issuance of securities that would have an anti-dilutive effect. 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 of financial performance.
		Three Months Ended
		March 31,				December 31,				March 31,
(Dollars in thousands, except per share data)		2024				2023				2023
Basic
Net income (loss)		$	47,025			$	(135,376	)		$	62,562
Less: dividends and undistributed earnings allocated to participating securities			(779	)			(560	)			(823	)
Net income (loss) allocated to common stockholders			46,246				(135,936	)			61,739
Less: net loss from investment securities repositioning			—				(254,065	)			—
Add: FDIC special assessment			523				2,080				—
Less: tax adjustment (1)			148				72,387				—
Adjusted net income allocated to common stockholders		$	46,621			$	47,822			$	61,739
Weighted average common shares outstanding			94,350,259				94,233,813				93,857,812
Basic earnings (loss) per common share		$	0.49			$	(1.44	)		$	0.66
Adjusted basic earnings per common share		$	0.49			$	0.51			$	0.66
Diluted
Net income (loss) allocated to common stockholders		$	46,246			$	(135,936	)		$	61,739
Less: net loss from investment securities repositioning			—				(254,065	)			—
Add: FDIC special assessment			523				2,080				—
Less: tax adjustment (1)			148				72,387				—
Adjusted net income allocated to common stockholders		$	46,621			$	47,822			$	61,739
Weighted average common shares outstanding			94,350,259				94,233,813				93,857,812
Dilutive effect of share-based compensation			127,096				—				324,710
Weighted average diluted common shares			94,477,355				94,233,813				94,182,522
Dilutive effect of share-based compensation			—				101,065				—
Adjusted weighted average diluted common shares			94,477,355				94,334,878				94,182,522
Diluted earnings (loss) per common share		$	0.49			$	(1.44	)		$	0.66
Adjusted diluted earnings per common share		$	0.49			$	0.51			$	0.66

______________________________
(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 and provision for credit losses from net income. The adjusted pre-provision net income further excludes the net loss from investment securities repositioning during the fourth quarter of 2023 and the FDIC special assessment to provide a better comparison of financial performance. 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,
(Dollars in thousands)		2024				2023				2023
Interest income		$	213,431			$	217,192			$	221,343
Interest expense			68,304				70,403				52,733
Net interest income			145,127				146,789				168,610
Noninterest income (loss)			25,774				(234,194	)			21,186
Revenue (loss)			170,901				(87,405	)			189,796
Noninterest expense			102,633				102,770				101,352
Pre-provision net revenue (loss)			68,268				(190,175	)			88,444
Less: net loss from investment securities repositioning			—				(254,065	)			—
Add: FDIC special assessment			523				2,080				—
Adjusted pre-provision net revenue		$	68,791			$	65,970			$	88,444
Pre-provision net revenue (loss) (annualized)		$	273,072			$	(760,700	)		$	353,776
Adjusted pre-provision net revenue (annualized)		$	275,164			$	263,880			$	353,776
Average assets		$	19,034,396			$	19,624,945			$	21,684,873
Pre-provision net revenue (loss) to average assets			0.36	%			(0.97	)%			0.41	%
Pre-provision net revenue (loss) to average assets (annualized)			1.43	%			(3.88	)%			1.63	%
Adjusted pre-provision net revenue on average assets			0.36	%			0.34	%			0.41	%
Adjusted pre-provision net revenue on average assets (annualized)			1.45	%			1.34	%			1.63	%

Efficiency ratio is a non-GAAP financial measure derived from GAAP-based amounts. This figure represents the ratio of noninterest expense, less amortization of intangible assets and other real estate owned operations, where applicable, to the sum of net interest income before provision for credit losses and total noninterest income less (loss) gain from investment securities, (loss) gain from other real estate owned, and gain from debt extinguishment. The adjusted efficiency ratio further excludes the FDIC special assessment to provide a better comparison to the financial results of prior periods. 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,
(Dollars in thousands)		2024				2023				2023
Total noninterest expense		$	102,633			$	102,770			$	101,352
Less: amortization of intangible assets			2,836				3,022				3,171
Less: other real estate owned operations, net			46				103				108
Adjusted noninterest expense			99,751				99,645				98,073
Less: FDIC special assessment			523				2,080				—
Adjusted noninterest expense excluding FDIC special assessment		$	99,228			$	97,565			$	98,073
Net interest income before provision for credit losses		$	145,127			$	146,789			$	168,610
Add: total noninterest income (loss)			25,774				(234,194	)			21,186
Less: net (loss) gain from sales of investment securities			—				(254,065	)			138
Less: net loss from other real estate owned			—				(24	)			—
Less: net gain from debt extinguishment			5,067				793				—
Adjusted revenue		$	165,834			$	165,891			$	189,658
Efficiency ratio			60.2	%			60.1	%			51.7	%
Adjusted efficiency ratio excluding FDIC special assessment			59.8	%			58.8	%			51.7	%

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,
(Dollars in thousands, except per share data)		2024				2023				2023				2023				2023
Total stockholders' equity		$	2,902,801			$	2,882,581			$	2,855,534			$	2,849,134			$	2,831,161
Less: intangible assets			941,761				944,597				947,619				950,674				953,729
Tangible common equity		$	1,961,040			$	1,937,984			$	1,907,915			$	1,898,460			$	1,877,432
Total assets		$	18,813,181			$	19,026,645			$	20,275,720			$	20,747,883			$	21,361,564
Less: intangible assets			941,761				944,597				947,619				950,674				953,729
Tangible assets		$	17,871,420			$	18,082,048			$	19,328,101			$	19,797,209			$	20,407,835
Tangible common equity ratio			10.97	%			10.72	%			9.87	%			9.59	%			9.20	%
Common shares issued and outstanding			96,459,966				95,860,092				95,900,847				95,906,217				95,714,777
Book value per share		$	30.09			$	30.07			$	29.78			$	29.71			$	29.58
Less: intangible book value per share			9.76				9.85				9.88				9.91				9.96
Tangible book value per share		$	20.33			$	20.22			$	19.89			$	19.79			$	19.61

Cost of non-maturity deposits is a non-GAAP financial measure derived from GAAP-based amounts. Cost of non-maturity deposits is calculated as the ratio of non-maturity deposit interest expense to average non-maturity deposits. We calculate non-maturity deposit interest expense by excluding interest expense for all certificates of deposit from total deposit expense, and we calculate average non-maturity deposits by excluding all certificates of deposit from total deposits. Management believes cost of non-maturity deposits is a useful measure to assess the Company's deposit base, including its potential volatility.
		Three Months Ended
		March 31,				December 31,				March 31,
(Dollars in thousands)		2024				2023				2023
Total deposits interest expense		$	59,506			$	60,915			$	40,234
Less: certificates of deposit interest expense			19,075				16,758				7,775
Less: brokered certificates of deposit interest expense			6,669				10,759				13,056
Non-maturity deposit expense		$	33,762			$	33,398			$	19,403
Total average deposits		$	15,055,747			$	15,536,701			$	17,324,442
Less: average certificates of deposit			1,727,728				1,604,507				1,206,966
Less: average brokered certificates of deposit			568,872				918,596				1,443,783
Average non-maturity deposits		$	12,759,147			$	13,013,598			$	14,673,693
Cost of non-maturity deposits			1.06	%			1.02	%			0.54	%

 

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The Pacific Premier Bancorp Stock at the time of publication of the news with a raise of 0,00 % to 21,20USD on Lang & Schwarz stock exchange (24. April 2024, 11:58 Uhr).