# EDGAR Filing Document

**Accession Number:** 0001028918
**File Stem:** 0001028918-23-000002
**Filing Date:** 2023-1
**Character Count:** 186494
**Document Hash:** 11442bbd97d5bff9dad2aca85270d209
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001028918-23-000002.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001028918-23-000002

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20230126

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PACIFIC PREMIER BANCORP INC
- **CENTRAL INDEX KEY:** 0001028918
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 330743196
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-22193
- **FILM NUMBER:** 23553781

**BUSINESS ADDRESS:**
- **STREET 1:** 17901 VON KARMAN AVE
- **STREET 2:** SUITE 1200
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92614
- **BUSINESS PHONE:** 949-864-8000

**MAIL ADDRESS:**
- **STREET 1:** 17901 VON KARMAN AVE
- **STREET 2:** SUITE 1200
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92614

?xml version="1.0" ? ppbi-20230126

**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) | Date of Report (Date of earliest event reported) | **<u>January 26, 2023</u>** | **<u>January 26, 2023</u>** |
| **PACIFIC PREMIER BANCORP, INC.** | **PACIFIC PREMIER BANCORP, INC.** | **PACIFIC PREMIER BANCORP, INC.** | **PACIFIC PREMIER BANCORP, INC.** |
| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) |
| **Delaware** | **0-22193** | **0-22193** | **33-0743196** |
| (State or other jurisdiction <br>of incorporation) | (Commission<br>File Number) | (Commission<br>File Number) | (I.R.S. Employer<br>Identification No.) |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of principal executive offices) (Zip Code)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registrant's telephone number, including area code **<u>(949) 864-8000</u>**

**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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RESULTS OF OPERATIONS AND FINANCIAL CONDITION**

On January 26, 2023, Pacific Premier Bancorp, Inc. ("PPBI") issued a press release setting forth its (unaudited) financial results for the fourth quarter of 2022. A copy of PPBI's press release is furnished as Exhibit 99.1 and hereby incorporated by reference. A presentation regarding PPBI's financial results for the three months ended December 31, 2022 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTHER EVENTS**

**Quarterly Dividend**

On January 24, 2023, PPBI's Board of Directors declared a $0.33 per share dividend, payable on February 10, 2023 to stockholders of record on February 3, 2023.

**ITEM 9.01**&nbsp;&nbsp;&nbsp;&nbsp;**FINANCIAL STATEMENTS AND EXHIBITS**

---

| | |
|:---|:---|
| <u>[99.1](ppbi_exx991xearnings-2022x.htm)</u> | <u>[Press Release dated January 26, 2023](ppbi_exx991xearnings-2022x.htm)</u> |
| <u>[99.2](pacificpremierbancorpq42.htm)</u> | <u>[Investor Presentation, Fourth Quarter 2022](pacificpremierbancorpq42.htm)</u> |
| 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.

---

| | | | |
|:---|:---|:---|:---|
| | | **<u>PACIFIC PREMIER BANCORP, INC</u>.** | **<u>PACIFIC PREMIER BANCORP, INC</u>.** |
| Dated: | **<u>January 26, 2023</u>** | By: | <u>/s/</u> **<u>STEVEN R. GARDNER</u>** |
|  |  |  | Steven R. Gardner |
|  |  |  | Chairman, Chief Executive Officer, and President |

---

## Exhibit 99.1

**Exhibit 99.1**

**Pacific Premier Bancorp, Inc. Announces Fourth Quarter 2022 Financial Results and a Quarterly Cash Dividend of $0.33 Per Share**

**Fourth Quarter 2022 Summary**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Net income of $73.7 million, or $0.77 per diluted share***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Return on average assets of 1.36%, return on average equity of 10.71%, and return on average tangible common equity***<sup>(1)</sup> ***of 16.99%***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Pre-provision net revenue ("PPNR") to average assets***<sup>(1)</sup> ***of 1.89%, annualized, increased from 1.85% in the prior quarter***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Efficiency ratio***<sup>(1)</sup> ***of 47.4%, compared with 48.3% in the prior quarter***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Net interest margin of 3.61%, and core net interest margin***<sup>(1)</sup> ***of 3.38%***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Cost of deposits of 0.58%, and cost of core deposits***<sup>(1)</sup> ***of 0.31%***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Loan-to-deposit ratio of 84.6%, compared with 84.0% in the prior quarter***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Nonperforming assets to total assets of 0.14%, and net charge-offs to average loans of 0.03%***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Total risk-based capital ratio of 15.53% and common equity tier 1 capital ratio of 12.99%***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Tangible book value per share***<sup>(1)</sup> ***increased $0.70, or 3.7%, to $19.38 compared to the prior quarter***

Irvine, Calif., January 26, 2023 -- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the "Company" or "Pacific Premier"), the holding company of Pacific Premier Bank (the "Bank"), reported net income of $73.7 million, or $0.77 per diluted share, for the fourth quarter of 2022, compared with net income of $73.4 million, or $0.77 per diluted share, for the third quarter of 2022, and net income of $84.8 million, or $0.89 per diluted share, for the fourth quarter of 2021.

For the fourth quarter of 2022, the Company's return on average assets ("ROAA") was 1.36%, return on average equity ("ROAE") was 10.71%, and return on average tangible common equity ("ROATCE")<sup>(1)</sup> was 16.99%, compared to 1.35%, 10.57%, and 16.74%, respectively, for the third quarter of 2022 and 1.63%, 11.90%, and 18.66%, respectively, for the fourth quarter of 2021. Total assets as of December 31, 2022 were $21.69 billion, compared to $21.62 billion at September 30, 2022 and $21.09 billion at December 31, 2021.

Steven R. Gardner, Chairman, President, and Chief Executive Officer of the Company, commented, "Our fourth quarter results reflect the benefits of the actions we took over the past several quarters to proactively manage risk and position the balance sheet for higher interest rates. Despite a more challenging operating environment, we continued to deliver solid financial performance, including an increase in pre-provision net revenue<sup>(1)</sup> and higher returns compared to the prior quarter. Tangible book value per share<sup>(1)</sup> grew nearly 4% during the fourth quarter, and all of our capital ratios increased.

"We remain committed to our disciplined, consistent approach to new business development, which enabled us to add attractive full banking relationships with high quality commercial clients during the current quarter. With higher interest rates impacting demand for commercial real estate and multifamily loans, coupled with our conservative approach to new loan production, we saw a slight contraction in total loans during the fourth quarter. Our core commercial deposit base remained relatively stable, but the lower level of commercial real estate transactions continued to result in deposit outflows from our commercial escrow and exchange business. We replaced these outflows with additional time deposits of varying maturities, keeping our loan-to-deposit ratio in the mid-80% range.

"As we head into 2023, our strong liquidity and capital levels provide us with optionality as we navigate an uncertain economic environment. Starting in the fourth quarter of 2022, our teams began executing on new initiatives and marketing efforts to expand the products and services we are offering to existing clients and to

enhance new client acquisitions, which we expect will drive growth in future periods. As always, we will be here when our clients need us most, and we will maintain our commitment to delivering value to our shareholders, clients, employees, and the communities we serve."

<sup>(1)</sup> 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** | **Three Months Ended** | **Three Months Ended** |
| | **December 31,** | **September 30,** | **December 31,** |
| <u>(Dollars in thousands, except per share data)</u> | **2022** | **2022** | **2021** |
| **Financial Highlights** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $73673 | $73363 | $84831 |
| &nbsp;&nbsp;&nbsp;Net interest income | 181396 | 181112 | 170719 |
| &nbsp;&nbsp;&nbsp;Diluted earnings per share | 0.77 | 0.77 | 0.89 |
| &nbsp;&nbsp;&nbsp;Common equity dividend per share | 0.33 | 0.33 | 0.33 |
| &nbsp;&nbsp;&nbsp;Return on average assets | 1.36% | 1.35% | 1.63% |
| &nbsp;&nbsp;&nbsp;Return on average equity | 10.71 | 10.57 | 11.90 |
| &nbsp;&nbsp;Return on average tangible common equity <sup>(1)</sup> | 16.99 | 16.74 | 18.66 |
| &nbsp;&nbsp;Pre-provision net revenue on average assets <sup>(1)</sup> | 1.89 | 1.85 | 1.93 |
| &nbsp;&nbsp;&nbsp;Net interest margin | 3.61 | 3.61 | 3.53 |
| &nbsp;&nbsp;Core net interest margin <sup>(1)</sup> | 3.38 | 3.44 | 3.38 |
| &nbsp;&nbsp;&nbsp;Cost of deposits | 0.58 | 0.22 | 0.04 |
| &nbsp;&nbsp;Cost of core deposits <sup>(1)</sup> | 0.31 | 0.11 | 0.03 |
| &nbsp;&nbsp;Efficiency ratio <sup>(1)</sup> | 47.4 | 48.3 | 48.0 |
| &nbsp;&nbsp;&nbsp;Noninterest expense as a percent of average assets | 1.83 | 1.86 | 1.86 |
| &nbsp;&nbsp;&nbsp;Total assets | $21688017 | $21619201 | $21094429 |
| &nbsp;&nbsp;&nbsp;Total deposits | 17352401 | 17746374 | 17115589 |
| &nbsp;&nbsp;&nbsp;Loans-to-deposit ratio | 84.6% | 84.0% | 83.6% |
| &nbsp;&nbsp;&nbsp;Non-maturity deposits as a percent of total deposits | 85.6 | 89.5 | 93.8 |
| &nbsp;&nbsp;&nbsp;Book value per share | $29.45 | $28.79 | $30.58 |
| &nbsp;&nbsp;Tangible book value per share <sup>(1)</sup> | 19.38 | 18.68 | 20.29 |
| &nbsp;&nbsp;&nbsp;Total capital ratio | 15.53% | 14.83% | 14.62% |

---

**<u>_____________________________________________________________</u>**

<sup>(1)</sup> Reconciliations of the non-GAAP measures are set forth at the end of this press release.

------

**INCOME STATEMENT HIGHLIGHTS**

*Net Interest Income and Net Interest Margin*

Net interest income totaled $181.4 million in the fourth quarter of 2022, an increase of $284,000, or 0.2%, from the third quarter of 2022. The slight increase in net interest income was driven by higher yields on interest-earning assets, as well as a favorable interest impact from fair value hedges on fixed-rate loans, mostly offset by a higher cost of funds.

The net interest margin for the fourth quarter of 2022 was 3.61% and unchanged from the third quarter of 2022. The core net interest margin<sup>(6)</sup> decreased 6 basis points to 3.38%, compared to 3.44% in the prior quarter, predominantly driven by lower loan-related fees as well as a higher cost of funds offsetting the impact of higher yields on interest-earning assets.

Net interest income for the fourth quarter of 2022 increased $10.7 million, or 6.3%, compared to the fourth quarter of 2021. The increase was primarily attributable to higher yields on average interest-earning assets, partially offset by a higher cost of funds.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** |
| **CONSOLIDATED AVERAGE BALANCES AND YIELD DATA** | **CONSOLIDATED AVERAGE BALANCES AND YIELD DATA** | **CONSOLIDATED AVERAGE BALANCES AND YIELD DATA** | **CONSOLIDATED AVERAGE BALANCES AND YIELD DATA** | **CONSOLIDATED AVERAGE BALANCES AND YIELD DATA** | **CONSOLIDATED AVERAGE BALANCES AND YIELD DATA** | **CONSOLIDATED AVERAGE BALANCES AND YIELD DATA** | **CONSOLIDATED AVERAGE BALANCES AND YIELD DATA** | **CONSOLIDATED AVERAGE BALANCES AND YIELD DATA** | **CONSOLIDATED AVERAGE BALANCES AND YIELD DATA** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **September 30, 2022** | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| <u>(Dollars in thousands)</u> | **Average Balance** | **Interest** | **Average<br> Yield/<br> Cost** | **Average Balance** | **Interest** | **Average<br> Yield/<br> Cost** | **Average Balance** | **Interest** | **Average Yield/ Cost** |
| **Assets** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1015197 | $8636 | 3.37% | $665510 | $2754 | 1.64% | $334371 | $66 | 0.08% |
| &nbsp;&nbsp;&nbsp;Investment securities | 4130042 | 24688 | 2.39 | 4277444 | 22067 | 2.06 | 4833251 | 19522 | 1.62 |
| &nbsp;&nbsp;&nbsp;Loans receivable, net <sup>(1) (2)</sup> | 14799417 | 184457 | 4.94 | 14986682 | 174204 | 4.61 | 14005836 | 157418 | 4.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | $19944656 | $217781 | 4.33 | $19929636 | $199025 | 3.96 | $19173458 | $177006 | 3.66 |
| **Liabilities** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | $11021383 | $25865 | 0.93% | $10839359 | $9873 | 0.36% | $10471426 | $1694 | 0.06% |
| &nbsp;&nbsp;&nbsp;Borrowings | 1157258 | 10520 | 3.62 | 966981 | 8040 | 3.31 | 400014 | 4593 | 4.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | $12178641 | $36385 | 1.19 | $11806340 | $17913 | 0.60 | $10871440 | $6287 | 0.23 |
| Noninterest-bearing deposits | $6587400 |  |  | $6893463 |  |  | $6911702 |  |  |
| Net interest income |  | $181396 |  |  | $181112 |  |  | $170719 |  |
| Net interest margin <sup>(3)</sup> |  |  | 3.61% |  |  | 3.61% |  |  | 3.53% |
| Cost of deposits <sup>(4)</sup> |  |  | 0.58 |  |  | 0.22 |  |  | 0.04 |
| Cost of funds <sup>(5)</sup> |  |  | 0.77 |  |  | 0.38 |  |  | 0.14 |
| Cost of core deposits <sup>(6)</sup> |  |  | 0.31 |  |  | 0.11 |  |  | 0.03 |
| Ratio of interest-earning assets to interest-bearing liabilities | Ratio of interest-earning assets to interest-bearing liabilities | Ratio of interest-earning assets to interest-bearing liabilities | 163.77 |  |  | 168.80 |  |  | 176.37 |

---

**<u>______________________________</u>**

<sup>(1)</sup> 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.

<sup>(2)</sup> Interest income includes net discount accretion of $3.5 million, $4.6 million, and $7.9 million, for the three months ended December 31, 2022, September 30, 2022, and December 31, 2021, respectively.

<sup>(3)</sup> Represents annualized net interest income divided by average interest-earning assets.

<sup>(4)</sup> Represents annualized interest expense on deposits divided by the sum of average interest-bearing deposits and noninterest-bearing deposits.

<sup>(5)</sup> Represents annualized total interest expense divided by the sum of average total interest-bearing liabilities and noninterest-bearing deposits.

<sup>(6)</sup> Reconciliations of the non-GAAP measures are set forth at the end of this press release.

------

*Provision for Credit Losses*

For the fourth quarter of 2022, the Company recorded a $2.8 million provision expense, compared to a $1.1 million provision expense for the third quarter of 2022, and a $14.6 million provision recapture for the fourth quarter of 2021. The provision for credit losses for the fourth quarter of 2022 was impacted by changes to the overall size, composition, asset quality trends, and unfunded commitments of the loan portfolio.

The provision recapture for loans in the fourth quarter of 2021 was reflective of favorable changes in the macroeconomic forecasts related to the COVID-19 pandemic relative to prior periods.

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **December 31,** | **September 30,** | **December 31,** |
| <u>(Dollars in thousands)</u> | **2022** | **2022** | **2021** |
| **Provision for Credit Losses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Provision for loan losses | $3899 | $546 | $(14710) |
| &nbsp;&nbsp;&nbsp;Provision for unfunded commitments | (1013) | 549 | 51 |
| &nbsp;&nbsp;&nbsp;Provision for held-to-maturity securities | (48) | (18) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provision for credit losses | $2838 | $1077 | $(14648) |

---

*Noninterest Income*

Noninterest income for the fourth quarter of 2022 was $20.5 million, an increase of $333,000 from the third quarter of 2022. During the fourth quarter of 2022, the Bank sold $3.6 million of Small Business Administration ("SBA") loans for a net gain of $151,000 and $6.4 million of other loans for no gain, compared with $9.6 million of SBA loans sold for a net gain of $434,000 and $15.0 million of other loans for a net gain of $23,000 in the third quarter of 2022.

Noninterest income for the fourth quarter of 2022 decreased $6.8 million, compared to the fourth quarter of 2021. The decrease was primarily due to a $3.6 million decrease in net gain from sales of investment securities, a $1.9 million decrease in trust custodial account fees resulting primarily from a decrease in the market value of assets under custody, a $1.2 million decrease in net gain from loan sales, and a $939,000 decrease in escrow and exchange fees attributable to lower transaction volumes, partially offset by an $851,000 increase in other income.

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **December 31,** | **September 30,** | **December 31,** |
| <u>(Dollars in thousands)</u> | **2022** | **2022** | **2021** |
| **Noninterest income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Loan servicing income | $346 | $397 | $505 |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 2689 | 2704 | 2590 |
| &nbsp;&nbsp;&nbsp;Other service fee income | 295 | 323 | 391 |
| &nbsp;&nbsp;&nbsp;Debit card interchange fee income | 1048 | 808 | 769 |
| &nbsp;&nbsp;&nbsp;Earnings on bank owned life insurance | 3359 | 3339 | 3521 |
| &nbsp;&nbsp;&nbsp;Net gain from sales of loans | 151 | 457 | 1334 |
| &nbsp;&nbsp;&nbsp;Net (loss) gain from sales of investment securities |  | (393) | 3585 |
| &nbsp;&nbsp;&nbsp;Trust custodial account fees | 9722 | 9951 | 11611 |
| &nbsp;&nbsp;&nbsp;Escrow and exchange fees | 1282 | 1555 | 2221 |
| &nbsp;&nbsp;&nbsp;Other income | 1605 | 1023 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | $20497 | $20164 | $27281 |

---

------

*Noninterest Expense*

Noninterest expense totaled $99.2 million for the fourth quarter of 2022, a decrease of $1.7 million compared to the third quarter of 2022, primarily due to a $2.0 million decrease in compensation and benefits.

Noninterest expense increased by $1.9 million compared to the fourth quarter of 2021 primarily due to a $2.9 million increase in deposit expense and a $1.1 million increase in data processing, partially offset by a $1.7 million decrease in compensation and benefits.

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **December 31,** | **September 30,** | **December 31,** |
| <u>(Dollars in thousands)</u> | **2022** | **2022** | **2021** |
| **Noninterest expense** |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and benefits | $54347 | $56355 | $56076 |
| &nbsp;&nbsp;&nbsp;Premises and occupancy | 11641 | 12011 | 11403 |
| &nbsp;&nbsp;&nbsp;Data processing | 6991 | 7058 | 5881 |
| &nbsp;&nbsp;&nbsp;FDIC insurance premiums | 1463 | 1461 | 1389 |
| &nbsp;&nbsp;&nbsp;Legal and professional services | 5175 | 4075 | 5870 |
| &nbsp;&nbsp;&nbsp;Marketing expense | 1985 | 1912 | 1821 |
| &nbsp;&nbsp;&nbsp;Office expense | 1310 | 1338 | 1463 |
| &nbsp;&nbsp;&nbsp;Loan expense | 743 | 789 | 857 |
| &nbsp;&nbsp;&nbsp;Deposit expense | 6770 | 4846 | 3836 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | 3440 | 3472 | 3880 |
| &nbsp;&nbsp;&nbsp;Other expense | 5317 | 7549 | 4776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | $99182 | $100866 | $97252 |

---

*Income Tax*

For the fourth quarter of 2022, our income tax expense totaled $26.2 million, resulting in an effective tax rate of 26.2%, compared to income tax expense of $26.0 million and an effective tax rate of 26.1% for the third quarter of 2022, and income tax expense of $30.6 million and an effective tax rate of 26.5% for the fourth quarter of 2021.

For full year 2022, our income tax expense totaled $100.6 million, resulting in an effective tax rate of 26.2%.

------

**BALANCE SHEET HIGHLIGHTS**

*Loans*

Loans held for investment totaled $14.7 billion at December 31, 2022, a decrease of $232.5 million, or 1.6%, from September 30, 2022, and an increase of $380.4 million, or 2.7%, from December 31, 2021. The decrease from September 30, 2022 was driven primarily by lower loan fundings, partially offset by lower loan prepayments and maturities. The increase from December 31, 2021 was due to loan fundings, partially offset by loan amortization, prepayments, and maturities.

During the fourth quarter of 2022, loan commitments totaled $239.8 million, and new loan fundings totaled $149.1 million, compared with $789.2 million in loan commitments and $450.7 million in new loan fundings for the third quarter of 2022, and $1.48 billion in loan commitments and $1.07 billion in new loan fundings for the fourth quarter of 2021.

At December 31, 2022, the total loan-to-deposit ratio was 84.6%, compared with 84.0% and 83.6%, at September 30, 2022 and December 31, 2021, 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:

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **December 31,** | **September 30,** | **December 31,** |
| <u>(Dollars in thousands)</u> | **2022** | **2022** | **2021** |
| Beginning loan balance | $14979098 | $15101652 | $13990961 |
| &nbsp;&nbsp;New commitments | 239829 | 789198 | 1479445 |
| &nbsp;&nbsp;Unfunded new commitments | (90758) | (338534) | (408963) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net new fundings | 149071 | 450664 | 1070482 |
| &nbsp;&nbsp;Amortization/maturities/payoffs | (481120) | (568615) | (935064) |
| &nbsp;&nbsp;Net draws on existing lines of credit | 107560 | 21416 | 194548 |
| &nbsp;&nbsp;Loan sales | (9471) | (24701) | (13427) |
| &nbsp;&nbsp;Charge-offs | (4271) | (1318) | (734) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) increase | (238231) | (122554) | 315805 |
| Ending gross loan balance before basis adjustment | 14740867 | 14979098 | 14306766 |
| &nbsp;&nbsp;Basis adjustment associated with fair value hedge <sup>(1)</sup> | (61926) | (68124) |  |
| Ending gross loan balance | $14678941 | $14910974 | $14306766 |

---

**<u>______________________________</u>**

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

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

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| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **September 30,** | **December 31,** |
| <u>(Dollars in thousands)</u> | **2022** | **2022** | **2021** |
| **Investor loans secured by real estate** |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate ("CRE") non-owner-occupied | $2660321 | $2771272 | $2771137 |
| &nbsp;&nbsp;&nbsp;Multifamily | 6112026 | 6199581 | 5891934 |
| &nbsp;&nbsp;&nbsp;Construction and land | 399034 | 373194 | 277640 |
| &nbsp;&nbsp;SBA secured by real estate <sup>(1)</sup> | 42135 | 42998 | 46917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investor loans secured by real estate | 9213516 | 9387045 | 8987628 |
| **Business loans secured by real estate** <sup>(2)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;CRE owner-occupied | 2432163 | 2477530 | 2251014 |
| &nbsp;&nbsp;&nbsp;Franchise real estate secured | 378057 | 383468 | 380381 |
| &nbsp;&nbsp;SBA secured by real estate <sup>(3)</sup> | 61368 | 64002 | 69184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total business loans secured by real estate | 2871588 | 2925000 | 2700579 |
| **Commercial loans** <sup>(4)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and industrial | 2160948 | 2164623 | 2103112 |
| &nbsp;&nbsp;&nbsp;Franchise non-real estate secured | 404791 | 409773 | 392576 |
| &nbsp;&nbsp;&nbsp;SBA non-real estate secured | 11100 | 11557 | 11045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial loans | 2576839 | 2585953 | 2506733 |
| **Retail loans** |  |  |  |
| &nbsp;&nbsp;Single family residential <sup>(5)</sup> | 72997 | 75176 | 95292 |
| &nbsp;&nbsp;&nbsp;Consumer | 3284 | 3761 | 5665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total retail loans | 76281 | 78937 | 100957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment before basis adjustment <sup>(6)</sup> | 14738224 | 14976935 | 14295897 |
| Basis adjustment associated with fair value hedge <sup>(7)</sup> | (61926) | (68124) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment | 14676298 | 14908811 | 14295897 |
| Allowance for credit losses for loans held for investment | (195651) | (195549) | (197752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment, net | $14480647 | $14713262 | $14098145 |
| Total unfunded loan commitments | 2489203 | 2823555 | 2507911 |
| Loans held for sale, at lower of cost or fair value | $2643 | $2163 | $10869 |

---

**<u>___________________________________________</u>**

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

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

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

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

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

<sup>(6)</sup> Includes unaccreted fair value net purchase discounts of $54.8 million, $59.0 million, and $77.1 million as of December 31, 2022, September 30, 2022, and December 31, 2021, respectively.

<sup>(7)</sup> Represents the basis adjustment associated with the application of hedge accounting on certain loans.

&nbsp;&nbsp;&nbsp;&nbsp;

The total end of period weighted average interest rate on loans, excluding fees and discounts, at December 31, 2022 was 4.61%, compared with 4.34% at September 30, 2022 and 3.95% at December 31, 2021. The quarter-over-quarter and year-over-year increases reflect higher rates on new loan originations and the repricing of floating rate loans as a result of the Federal Reserve Bank's interest rate increases since March 2022.

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

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **December 31,** | **September 30,** | **December 31,** |
| <u>(Dollars in thousands)</u> | **2022** | **2022** | **2021** |
| **Investor loans secured by real estate** |  |  |  |
| &nbsp;&nbsp;&nbsp;CRE non-owner-occupied | $34258 | $88708 | $94740 |
| &nbsp;&nbsp;&nbsp;Multifamily | 28285 | 151269 | 552600 |
| &nbsp;&nbsp;&nbsp;Construction and land | 31175 | 123557 | 94343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investor loans secured by real estate | 93718 | 363534 | 741683 |
| **Business loans secured by real estate** <sup>(2)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;CRE owner-occupied | 24266 | 80676 | 147322 |
| &nbsp;&nbsp;&nbsp;Franchise real estate secured | 840 | 14011 | 52034 |
| &nbsp;&nbsp;SBA secured by real estate <sup>(3)</sup> | 4198 | 6468 | 15631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total business loans secured by real estate | 29304 | 101155 | 214987 |
| **Commercial loans** <sup>(4)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and industrial | 96566 | 288857 | 469018 |
| &nbsp;&nbsp;&nbsp;Franchise non-real estate secured | 14130 | 22413 | 43219 |
| &nbsp;&nbsp;&nbsp;SBA non-real estate secured | 1058 | 4673 | 3500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial loans | 111754 | 315943 | 515737 |
| **Retail loans** |  |  |  |
| &nbsp;&nbsp;Single family residential <sup>(5)</sup> | 5053 | 8566 | 6800 |
| &nbsp;&nbsp;&nbsp;Consumer |  |  | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total retail loans | 5053 | 8566 | 7038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loan commitments | $239829 | $789198 | $1479445 |

---

**<u>______________________________</u>**

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

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

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

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

<sup>(5)</sup> 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 6.34% in the fourth quarter of 2022, compared to 5.55% in the third quarter of 2022, and 3.55% in the fourth quarter of 2021.

*Asset Quality and Allowance for Credit Losses*

At December 31, 2022, our ACL on loans held for investment was $195.7 million, an increase of $102,000 from September 30, 2022, and a decrease of $2.1 million from December 31, 2021. During the fourth quarter of 2022, the Company incurred $3.8 million of net charge-offs, compared with $1.1 million of net charge-offs and $1.0 million of net recoveries during the third quarter of 2022 and the fourth quarter of 2021, respectively.

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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:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** |
| (Dollars in thousands) | **Beginning ACL Balance** | **Charge-offs** | **Recoveries** | **Provision for Credit Losses** | **Ending <br>ACL Balance** |
| **Investor loans secured by real estate** |  |  |  |  |  |
| &nbsp;&nbsp;CRE non-owner occupied | $37104 | $(3632) | $— | $220 | $33692 |
| &nbsp;&nbsp;Multifamily | 56086 |  |  | 248 | 56334 |
| &nbsp;&nbsp;Construction and land | 6440 |  |  | 674 | 7114 |
| &nbsp;&nbsp;SBA secured by real estate <sup>(1)</sup> | 2955 |  |  | (363) | 2592 |
| **Business loans secured by real estate** <sup>(2)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;CRE owner-occupied | 31826 |  | 23 | 491 | 32340 |
| &nbsp;&nbsp;Franchise real estate secured | 6710 |  |  | 309 | 7019 |
| &nbsp;&nbsp;SBA secured by real estate <sup>(3)</sup> | 4785 |  |  | (437) | 4348 |
| **Commercial loans** <sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;Commercial and industrial | 35498 | (637) | 387 | (79) | 35169 |
| &nbsp;&nbsp;Franchise non-real estate secured | 13194 |  |  | 2835 | 16029 |
| &nbsp;&nbsp;SBA non-real estate secured | 440 |  | 7 | (6) | 441 |
| **Retail loans** |  |  |  |  |  |
| &nbsp;&nbsp;Single family residential <sup>(5)</sup> | 296 |  | 57 | (1) | 352 |
| &nbsp;&nbsp;Consumer loans | 215 | (2) |  | 8 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Totals | $195549 | $(4271) | $474 | $3899 | $195651 |

---

**<u>______________________________</u>**

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

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

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

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

<sup>(5)</sup> 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 December 31, 2022 was 1.33%, compared to 1.31% at September 30, 2022 and 1.38% at December 31, 2021. The fair value net discount on loans acquired through bank acquisitions was $54.8 million, or 0.37% of total loans held for investment, as of December 31, 2022, compared to $59.0 million, or 0.39% of total loans held for investment, as of September 30, 2022, and $77.1 million, or 0.54% of total loans held for investment, as of December 31, 2021.

Nonperforming assets totaled $30.9 million, or 0.14% of total assets, at December 31, 2022, compared with $60.5 million, or 0.28% of total assets, at September 30, 2022 and $31.3 million, or 0.15% of total assets, at December 31, 2021. Loan delinquencies were $43.3 million, or 0.30% of loans held for investment, at December 31, 2022, compared to $41.3 million, or 0.28% of loans held for investment, at September 30, 2022, and $19.5 million, or 0.14% of loans held for investment, at December 31, 2021.

Classified loans totaled $149.3 million, or 1.02% of loans held for investment, at December 31, 2022, compared with $110.1 million, or 0.74% of loans held for investment, at September 30, 2022, and $121.8 million, or 0.85% of loans held for investment, at December 31, 2021.

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

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| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **September 30,** | **December 31,** |
| (Dollars in thousands) | **2022** | **2022** | **2021** |
| **Asset Quality** |  |  |  |
| &nbsp;&nbsp;&nbsp;Nonperforming loans | $30905 | $60464 | $31273 |
| &nbsp;&nbsp;&nbsp;Other real estate owned |  |  |  |
| &nbsp;&nbsp;&nbsp;Nonperforming assets | $30905 | $60464 | $31273 |
| &nbsp;&nbsp;Total classified assets <sup>(1)</sup> | $149304 | $110143 | $121827 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | 195651 | 195549 | 197752 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses as a percent of total nonperforming loans | 633% | 323% | 632% |
| &nbsp;&nbsp;&nbsp;Nonperforming loans as a percent of loans held for investment | 0.21 | 0.41 | 0.22 |
| &nbsp;&nbsp;&nbsp;Nonperforming assets as a percent of total assets | 0.14 | 0.28 | 0.15 |
| &nbsp;&nbsp;&nbsp;Classified loans to total loans held for investment | 1.02 | 0.74 | 0.85 |
| &nbsp;&nbsp;&nbsp;Classified assets to total assets | 0.69 | 0.51 | 0.58 |
| &nbsp;&nbsp;&nbsp;Net loan charge-offs (recoveries) for the quarter ended | $3797 | $1072 | $(981) |
| &nbsp;&nbsp;&nbsp;Net loan charge-offs (recoveries) for the quarter to average total loans | 0.03% | 0.01% | (0.01)% |
| &nbsp;&nbsp;Allowance for credit losses to loans held for investment <sup>(2)</sup> | 1.33 | 1.31 | 1.38 |
| **Delinquent Loans:** |  |  |  |
| &nbsp;&nbsp;&nbsp;30 - 59 days | $20538 | $1484 | $1395 |
| &nbsp;&nbsp;&nbsp;60 - 89 days | 185 | 6535 |  |
| &nbsp;&nbsp;&nbsp;90+ days | 22625 | 33238 | 18100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total delinquency | $43348 | $41257 | $19495 |
| Delinquency as a percent of loans held for investment | 0.30% | 0.28% | 0.14% |

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**<u>______________________________</u>**

<sup>(1)</sup> Includes substandard loans and other real estate owned.

<sup>(2)</sup> At December 31, 2022, 26% of loans held for investment include a fair value net discount of $54.8 million, or 0.37% of loans held for investment. At September 30, 2022, 27% of loans held for investment include a fair value net discount of $59.0 million, or 0.39% of loans held for investment. At December 31, 2021, 36% of loans held for investment include a fair value net discount of $77.1 million, or 0.54% of loans held for investment.

*Investment Securities*

At December 31, 2022, available-for-sale ("AFS") and held-to-maturity ("HTM") investment securities were $2.60 billion and $1.39 billion, respectively, compared to $2.66 billion and $1.39 billion, respectively, at September 30, 2022, and $4.27 billion and $381.7 million, respectively, at December 31, 2021. In total, investment securities were $3.99 billion at December 31, 2022, a decrease of $57.5 million from $4.05 billion at September 30, 2022 and a decrease of $666.4 million from $4.66 billion at December 31, 2021. The decrease in the fourth quarter of 2022 compared to the prior quarter was primarily the result of principal payments, amortization, and redemptions of $85.1 million, partially offset by a mark-to-market fair value loss reduction of $20.6 million. The Company did not purchase or sell any securities during the fourth quarter of 2022.

The decrease in investment securities from December 31, 2021 was primarily the result of $934.7 million in sales, $426.2 million in principal payments, discounts from the AFS securities transferred from HTM, amortization, and redemptions, and a $299.0 million decrease in mark-to-market fair value adjustments as a result of higher interest rates, partially offset by $986.6 million in purchases.

------

*Deposits*

At December 31, 2022, deposits totaled $17.35 billion, a decrease of $394.0 million, or 2.2%, from September 30, 2022, and an increase of $236.8 million, or 1.38%, from December 31, 2021.

At December 31, 2022, core deposits<sup>(1)</sup> totaled $14.85 billion, or 85.6% of total deposits, a decrease of $1.03 billion, or 6.5%, from September 30, 2022, and a decrease of $1.20 billion, or 7.5%, from December 31, 2021. The linked-quarter decrease was partially driven by a $396.7 million decrease in the Bank's commercial escrow and exchange business, as well as declines in commercial and consumer deposit accounts.

At December 31, 2022, non-core deposits totaled $2.50 billion, an increase of $631.7 million, or 33.8%, from September 30, 2022, and an increase of $1.44 billion, or 135.3%, from December 31, 2021. The increase in the fourth quarter of 2022 compared to the prior quarter was primarily due to the addition of $417.7 million in brokered certificates of deposit and an increase of $214.0 million in retail certificates of deposit. The increase from December 31, 2021 was primarily driven by an increase in brokered certificates of deposit.

The weighted average cost of deposits for the fourth quarter of 2022 was 0.58%, compared with 0.22% for the third quarter of 2022 and 0.04% for the fourth quarter of 2021. The increase in the weighted average cost of deposits for the fourth quarter of 2022 compared to the third quarter of 2022 was principally driven by higher pricing across all deposit categories, and higher average retail and brokered certificates of deposit. The weighted average cost of core deposits<sup>(2)</sup> for the fourth quarter of 2022 was 0.31%, compared to 0.11% for the third quarter of 2022, and 0.03% for the fourth quarter of 2021.

At December 31, 2022, the end-of-period weighted average rate of total deposits was 0.79%, compared to 0.37% at September 30, 2022 and 0.04% at December 31, 2021. At December 31, 2022, the end-of-period weighted average rate of core deposits was 0.43%, compared to 0.20% at September 30, 2022 and 0.03% at December 31, 2021.

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| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **September 30,** | **December 31,** |
| <u>(Dollars in thousands)</u> | **2022** | **2022** | **2021** |
| **Deposit Accounts** |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing checking | $6306825 | $6775465 | $6757259 |
| &nbsp;&nbsp;&nbsp;Interest-bearing: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Checking | 3119850 | 3605498 | 3493331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market/savings | 5422577 | 5493958 | 5801173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total core deposits <sup>(1)</sup> | 14849252 | 15874921 | 16051763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokered money market | 30 | 30 | 5553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail certificates of deposit | 1086423 | 872421 | 1058273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale/brokered certificates of deposit | 1416696 | 999002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-core deposits | 2503149 | 1871453 | 1063826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $17352401 | $17746374 | $17115589 |
| Cost of deposits | 0.58% | 0.22% | 0.04% |
| Cost of core deposits <sup>(2)</sup> | 0.31 | 0.11 | 0.03 |
| Noninterest-bearing deposits as a percent of total deposits | 36.3 | 38.2 | 39.5 |
| Non-maturity deposits as a percent of total deposits | 85.6 | 89.5 | 93.8 |
| Core deposits as a percent of total deposits | 85.6 | 89.5 | 93.8 |

---

**<u>______________________________</u>**

<sup>(1)</sup> Core deposits are total deposits excluding all certificates of deposits and all brokered deposits.

<sup>(2)</sup> Reconciliations of the non-GAAP measures are set forth at the end of this press release.

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*Borrowings*

At December 31, 2022, total borrowings amounted to $1.33 billion, an increase of $400.2 million from September 30, 2022 and an increase of $442.6 million from December 31, 2021. Total borrowings at December 31, 2022 included $1.00 billion of Federal Home Loan Bank of San Francisco ("FHLB") term advances and $331.2 million of subordinated debt. The increase in borrowings at December 31, 2022 as compared to September 30, 2022 was primarily due to an increase of $400.0 million in FHLB term advances to manage interest rate risk and liquidity. The increase in borrowings at December 31, 2022 as compared to December 31, 2021 was primarily due to an increase of $450.0 million in FHLB term advances for the same purpose.

*Capital Ratios*

At December 31, 2022, our common stockholder's equity was $2.80 billion, or 12.90% of total assets, compared with $2.74 billion, or 12.65% of total assets, at September 30, 2022, and $2.89 billion, or 13.68% of total assets, at December 31, 2021, with a book value per share of $29.45, compared with $28.79 at September 30, 2022 and $30.58 at December 31, 2021. At December 31, 2022, the ratio of tangible common equity to total assets<sup>(1)</sup> was 8.88%, compared with 8.59% at September 30, 2022 and 9.52% at December 31, 2021, and tangible book value per share<sup>(1)</sup> was $19.38, compared with $18.68 at September 30, 2022 and $20.29 at December 31, 2021. The increase in tangible book value per share at December 31, 2022 from the prior quarter was primarily driven by net income and other comprehensive income on our AFS securities portfolio during the quarter, partially offset by the dividends paid. The decrease in tangible book value per share at December 31, 2022 from December 31, 2021 was primarily driven by the other comprehensive loss from the impact of higher interest rates on our AFS securities portfolio and dividends paid, partially offset by net income in 2022.

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. 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 December 31, 2022, 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.

**<u>_____________________________________________________________</u>**

<sup>(1)</sup> Reconciliations of the non-GAAP measures are set forth at the end of this press release.

------

The following table presents capital ratios and share data as of the dates indicated:

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| | | | |
|:---|:---|:---|:---|
|<br>**Capital Ratios** | **December 31,**<br>**2022** | **September 30,**<br>**2022** | **December 31,**<br>**2021** |
| **Pacific Premier Bancorp, Inc. Consolidated** |  |  |  |
| &nbsp;&nbsp;&nbsp;Tier 1 leverage ratio | 10.29% | 10.12% | 10.08% |
| &nbsp;&nbsp;&nbsp;Common equity tier 1 risk-based capital ratio | 12.99 | 12.36 | 12.11 |
| &nbsp;&nbsp;&nbsp;Tier 1 risk-based capital ratio | 12.99 | 12.36 | 12.11 |
| &nbsp;&nbsp;&nbsp;Total risk-based capital ratio | 15.53 | 14.83 | 14.62 |
| &nbsp;&nbsp;Tangible common equity ratio <sup>(1)</sup> | 8.88 | 8.59 | 9.52 |
| **Pacific Premier Bank** |  |  |  |
| &nbsp;&nbsp;&nbsp;Tier 1 leverage ratio | 11.80% | 11.64% | 11.62% |
| &nbsp;&nbsp;&nbsp;Common equity tier 1 risk-based capital ratio | 14.89 | 14.23 | 13.96 |
| &nbsp;&nbsp;&nbsp;Tier 1 risk-based capital ratio | 14.89 | 14.23 | 13.96 |
| &nbsp;&nbsp;&nbsp;Total risk-based capital ratio | 15.74 | 15.05 | 14.70 |
| **Share Data** |  |  |  |
| &nbsp;&nbsp;&nbsp;Book value per share | $29.45 | $28.79 | $30.58 |
| &nbsp;&nbsp;Tangible book value per share <sup>(1)</sup> | 19.38 | 18.68 | 20.29 |
| &nbsp;&nbsp;&nbsp;Common equity dividends declared per share | 0.33 | 0.33 | 0.33 |
| &nbsp;&nbsp;Closing stock price <sup>(2)</sup> | 31.56 | 30.96 | 40.03 |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding | 95021760 | 95016767 | 94389543 |
| &nbsp;&nbsp;Market Capitalization <sup>(2)(3)</sup> | $2998887 | $2941719 | $3778413 |

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**<u>______________________________</u>**

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

<sup>(2)</sup> As of the last trading day prior to period end.

<sup>(3)</sup> Dollars in thousands.

*Dividend and Stock Repurchase Program*

On January 24, 2023, the Company's Board of Directors declared a $0.33 per share dividend, payable on February 10, 2023 to stockholders of record on February 3, 2023. In January 2021, the Company's Board of Directors approved a stock repurchase program, which authorized the repurchase up to 4,725,000 shares of its common stock. During the fourth quarter of 2022, 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 January 26, 2023 to discuss its financial results. Analysts and investors may participate in the question-and-answer session. A live webcast will be available on the <u>Webcasts</u> 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. Participants should ask to be joined into the Pacific Premier Bancorp, Inc. call. Additionally, a telephone replay will be made available through February 2, 2023 at (877) 344-7529, access code 4933909.

*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, 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 $22 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 over $17 billion of assets under custody and approximately 39,000 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. 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; 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; our ability to attract and retain deposits and access to other sources of liquidity; 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; the effectiveness of our risk management framework and quantitative models; changes in the level of our nonperforming assets and charge-offs; the transition away from USD LIBOR and related uncertainty as well as the risk and costs related to our adoption of 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; 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; 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; 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, 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; 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 2021 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.

Contacts:

Pacific Premier Bancorp, Inc.

Steven R. Gardner

Chairman, Chief Executive Officer, and President

(949) 864-8000

Ronald J. Nicolas, Jr.

Senior Executive Vice President and Chief Financial Officer

(949) 864-8000

Matthew J. Lazzaro

Senior Vice President, Director of Investor Relations

(949) 243-1082

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** |
| **CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION** | **CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION** | **CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION** | **CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION** | **CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION** | **CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** |
| <u>(Dollars in thousands)</u> | **2022** | **2022** | **2022** | **2022** | **2021** |
| **ASSETS** |  |  |  |  |  |
| Cash and cash equivalents | $1101249 | $739211 | $972798 | $809259 | $304703 |
| Interest-bearing time deposits with financial institutions | 1734 | 1733 | 2216 | 2216 | 2216 |
| Investments held-to-maturity, at amortized cost, net of allowance for credit losses | 1388103 | 1385502 | 1390682 | 996382 | 381674 |
| Investment securities available for sale, at fair value | 2601013 | 2661079 | 2679070 | 3222095 | 4273864 |
| FHLB, FRB, and other stock | 119918 | 118778 | 118636 | 116973 | 117538 |
| Loans held for sale, at lower of cost or fair value | 2643 | 2163 | 2957 | 11646 | 10869 |
| Loans held for investment | 14676298 | 14908811 | 15047608 | 14733755 | 14295897 |
| Allowance for credit losses | (195651) | (195549) | (196075) | (197517) | (197752) |
| &nbsp;&nbsp;&nbsp;Loans held for investment, net | 14480647 | 14713262 | 14851533 | 14536238 | 14098145 |
| Accrued interest receivable | 73784 | 66192 | 66898 | 60922 | 65728 |
| Premises and equipment | 64543 | 65651 | 68435 | 70453 | 71908 |
| Deferred income taxes, net | 183602 | 190948 | 163767 | 133938 | 87344 |
| Bank owned life insurance | 460010 | 457301 | 454593 | 451968 | 449353 |
| Intangible assets | 55588 | 59028 | 62500 | 65978 | 69571 |
| Goodwill | 901312 | 901312 | 901312 | 901312 | 901312 |
| Other assets | 253871 | 257041 | 258522 | 242916 | 260204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $21688017 | $21619201 | $21993919 | $21622296 | $21094429 |
| **LIABILITIES** |  |  |  |  |  |
| Deposit accounts: |  |  |  |  |  |
| &nbsp;&nbsp;Noninterest-bearing checking | $6306825 | $6775465 | $6934318 | $7106548 | $6757259 |
| &nbsp;&nbsp;Interest-bearing: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Checking | 3119850 | 3605498 | 4149432 | 3679067 | 3493331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market/savings | 5422607 | 5493988 | 5545230 | 5872597 | 5806726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail certificates of deposit | 1086423 | 872421 | 855966 | 1031011 | 1058273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale/brokered certificates of deposit | 1416696 | 999002 | 599667 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing | 11045576 | 10970909 | 11150295 | 10582675 | 10358330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 17352401 | 17746374 | 18084613 | 17689223 | 17115589 |
| FHLB advances and other borrowings | 1000000 | 600000 | 600000 | 600000 | 558000 |
| Subordinated debentures | 331204 | 331045 | 330886 | 330726 | 330567 |
| Accrued expenses and other liabilities | 206023 | 206386 | 223201 | 219329 | 203962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 18889628 | 18883805 | 19238700 | 18839278 | 18208118 |
| **STOCKHOLDERS' EQUITY** |  |  |  |  |  |
| Common stock | 933 | 933 | 933 | 933 | 929 |
| Additional paid-in capital | 2362663 | 2357731 | 2353361 | 2348727 | 2351294 |
| Retained earnings | 700040 | 657845 | 615943 | 577591 | 541950 |
| Accumulated other comprehensive loss | (265247) | (281113) | (215018) | (144233) | (7862) |
| &nbsp;&nbsp;Total stockholders' equity | 2798389 | 2735396 | 2755219 | 2783018 | 2886311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $21688017 | $21619201 | $21993919 | $21622296 | $21094429 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** |
| **CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONSOLIDATED STATEMENTS OF OPERATIONS** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| <u>(Dollars in thousands, except per share data)</u> | **2022** | **2022** | **2021** | **2022** | **2021** |
| **INTEREST INCOME** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans | $184457 | $174204 | $157418 | $673720 | $622033 |
| &nbsp;&nbsp;&nbsp;Investment securities and other interest-earning assets | 33324 | 24821 | 19588 | 94858 | 74706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 217781 | 199025 | 177006 | 768578 | 696739 |
| **INTEREST EXPENSE** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | 25865 | 9873 | 1694 | 40093 | 11817 |
| &nbsp;&nbsp;&nbsp;FHLB advances and other borrowings | 5960 | 3480 | 33 | 13131 | 99 |
| &nbsp;&nbsp;&nbsp;Subordinated debentures | 4560 | 4560 | 4560 | 18242 | 22449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 36385 | 17913 | 6287 | 71466 | 34365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income before provision for credit losses | 181396 | 181112 | 170719 | 697112 | 662374 |
| &nbsp;&nbsp;&nbsp;Provision for credit losses | 2838 | 1077 | (14648) | 4832 | (70876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 178558 | 180035 | 185367 | 692280 | 733250 |
| **NONINTEREST INCOME** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loan servicing income | 346 | 397 | 505 | 1664 | 2121 |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 2689 | 2704 | 2590 | 10698 | 9219 |
| &nbsp;&nbsp;&nbsp;Other service fee income | 295 | 323 | 391 | 1351 | 1566 |
| &nbsp;&nbsp;&nbsp;Debit card interchange fee income | 1048 | 808 | 769 | 3628 | 3489 |
| &nbsp;&nbsp;&nbsp;Earnings on bank owned life insurance | 3359 | 3339 | 3521 | 13159 | 11299 |
| &nbsp;&nbsp;&nbsp;Net gain from sales of loans | 151 | 457 | 1334 | 3238 | 4428 |
| &nbsp;&nbsp;&nbsp;Net (loss) gain from sales of investment securities |  | (393) | 3585 | 1710 | 16906 |
| &nbsp;&nbsp;&nbsp;Trust custodial account fees | 9722 | 9951 | 11611 | 41606 | 38176 |
| &nbsp;&nbsp;&nbsp;Escrow and exchange fees | 1282 | 1555 | 2221 | 6325 | 7286 |
| &nbsp;&nbsp;&nbsp;Other income | 1605 | 1023 | 754 | 5369 | 13360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | 20497 | 20164 | 27281 | 88748 | 107850 |
| **NONINTEREST EXPENSE** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and benefits | 54347 | 56355 | 56076 | 225245 | 215690 |
| &nbsp;&nbsp;&nbsp;Premises and occupancy | 11641 | 12011 | 11403 | 47433 | 48234 |
| &nbsp;&nbsp;&nbsp;Data processing | 6991 | 7058 | 5881 | 26649 | 23770 |
| &nbsp;&nbsp;&nbsp;FDIC insurance premiums | 1463 | 1461 | 1389 | 5772 | 5274 |
| &nbsp;&nbsp;&nbsp;Legal and professional services | 5175 | 4075 | 5870 | 17947 | 18554 |
| &nbsp;&nbsp;&nbsp;Marketing expense | 1985 | 1912 | 1821 | 7632 | 6917 |
| &nbsp;&nbsp;&nbsp;Office expense | 1310 | 1338 | 1463 | 5103 | 5957 |
| &nbsp;&nbsp;&nbsp;Loan expense | 743 | 789 | 857 | 3810 | 4469 |
| &nbsp;&nbsp;&nbsp;Deposit expense | 6770 | 4846 | 3836 | 19448 | 15654 |
| &nbsp;&nbsp;&nbsp;Merger-related expense |  |  |  |  | 5 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | 3440 | 3472 | 3880 | 13983 | 15936 |
| &nbsp;&nbsp;&nbsp;Other expense | 5317 | 7549 | 4776 | 23648 | 19817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | 99182 | 100866 | 97252 | 396670 | 380277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income before income taxes | 99873 | 99333 | 115396 | 384358 | 460823 |
| &nbsp;&nbsp;&nbsp;Income tax | 26200 | 25970 | 30565 | 100615 | 120934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $73673 | $73363 | $84831 | $283743 | $339889 |
| **EARNINGS PER SHARE** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.78 | $0.77 | $0.90 | $2.99 | $3.60 |
| &nbsp;&nbsp;&nbsp;Diluted | 0.77 | 0.77 | 0.89 | 2.98 | 3.58 |
| **WEIGHTED AVERAGE SHARES OUTSTANDING** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 93810468 | 93793502 | 93415304 | 93718293 | 93532109 |
| &nbsp;&nbsp;&nbsp;Diluted | 94176633 | 94120637 | 93906491 | 94091461 | 94012137 |

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**SELECTED FINANCIAL DATA**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** |
| **CONSOLIDATED AVERAGE BALANCES AND YIELD DATA** | **CONSOLIDATED AVERAGE BALANCES AND YIELD DATA** | **CONSOLIDATED AVERAGE BALANCES AND YIELD DATA** | **CONSOLIDATED AVERAGE BALANCES AND YIELD DATA** | **CONSOLIDATED AVERAGE BALANCES AND YIELD DATA** | **CONSOLIDATED AVERAGE BALANCES AND YIELD DATA** | **CONSOLIDATED AVERAGE BALANCES AND YIELD DATA** | **CONSOLIDATED AVERAGE BALANCES AND YIELD DATA** | **CONSOLIDATED AVERAGE BALANCES AND YIELD DATA** | **CONSOLIDATED AVERAGE BALANCES AND YIELD DATA** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **September 30, 2022** | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| <u>(Dollars in thousands)</u> | **Average Balance** | **Interest** | **Average<br> Yield/<br> Cost** | **Average Balance** | **Interest** | **Average<br> Yield/<br> Cost** | **Average Balance** | **Interest** | **Average Yield/ Cost** |
| **Assets** |  |  |  |  |  |  |  |  |  |
| Interest-earning assets: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1015197 | $8636 | 3.37% | $665510 | $2754 | 1.64% | $334371 | $66 | 0.08% |
| &nbsp;&nbsp;&nbsp;Investment securities | 4130042 | 24688 | 2.39 | 4277444 | 22067 | 2.06 | 4833251 | 19522 | 1.62 |
| &nbsp;&nbsp;&nbsp;Loans receivable, net <sup>(1) (2)</sup> | 14799417 | 184457 | 4.94 | 14986682 | 174204 | 4.61 | 14005836 | 157418 | 4.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 19944656 | 217781 | 4.33 | 19929636 | 199025 | 3.96 | 19173458 | 177006 | 3.66 |
| Noninterest-earning assets | 1784277 |  |  | 1757800 |  |  | 1693547 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $21728933 |  |  | $21687436 |  |  | $20867005 |  |  |
| **Liabilities and Equity** |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest checking | $3320146 | $3752 | 0.45% | $3812448 | $1658 | 0.17% | $3501323 | $225 | 0.03% |
| &nbsp;&nbsp;&nbsp;Money market | 4998726 | 7897 | 0.63 | 5053890 | 2940 | 0.23 | 5467559 | 925 | 0.07 |
| &nbsp;&nbsp;&nbsp;Savings | 443016 | 310 | 0.28 | 434591 | 28 | 0.03 | 418218 | 27 | 0.03 |
| &nbsp;&nbsp;&nbsp;Retail certificates of deposit | 975958 | 3941 | 1.60 | 835645 | 1420 | 0.67 | 1084326 | 517 | 0.19 |
| &nbsp;&nbsp;&nbsp;Wholesale/brokered certificates of deposit | 1283537 | 9965 | 3.08 | 702785 | 3827 | 2.16 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 11021383 | 25865 | 0.93 | 10839359 | 9873 | 0.36 | 10471426 | 1694 | 0.06 |
| &nbsp;&nbsp;&nbsp;FHLB advances and other borrowings | 826125 | 5960 | 2.86 | 636006 | 3480 | 2.17 | 69538 | 33 | 0.19 |
| &nbsp;&nbsp;&nbsp;Subordinated debentures | 331133 | 4560 | 5.51 | 330975 | 4560 | 5.51 | 330476 | 4560 | 5.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total borrowings | 1157258 | 10520 | 3.62 | 966981 | 8040 | 3.31 | 400014 | 4593 | 4.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 12178641 | 36385 | 1.19 | 11806340 | 17913 | 0.60 | 10871440 | 6287 | 0.23 |
| Noninterest-bearing deposits | 6587400 |  |  | 6893463 |  |  | 6911702 |  |  |
| Other liabilities | 211731 |  |  | 212509 |  |  | 232863 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities | 18977772 |  |  | 18912312 |  |  | 18016005 |  |  |
| Stockholders' equity | 2751161 |  |  | 2775124 |  |  | 2851000 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and equity | $21728933 |  |  | $21687436 |  |  | $20867005 |  |  |
| Net interest income |  | $181396 |  |  | $181112 |  |  | $170719 |  |
| Net interest margin <sup>(3)</sup> |  |  | 3.61% |  |  | 3.61% |  |  | 3.53% |
| Cost of deposits <sup>(4)</sup> |  |  | 0.58 |  |  | 0.22 |  |  | 0.04 |
| Cost of funds <sup>(5)</sup> |  |  | 0.77 |  |  | 0.38 |  |  | 0.14 |
| Cost of core deposits <sup>(6)</sup> |  |  | 0.31 |  |  | 0.11 |  |  | 0.03 |
| Ratio of interest-earning assets to interest-bearing liabilities | Ratio of interest-earning assets to interest-bearing liabilities | Ratio of interest-earning assets to interest-bearing liabilities | 163.77 |  |  | 168.80 |  |  | 176.37 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
| <u>(Dollars in thousands)</u> | **Average<br>Balance** | **Interest** | **Average<br>Yield/Cost** | **Average<br>Balance** | **Interest** | **Average<br>Yield/Cost** |
| **Assets** |  |  |  |  |  |  |
| Interest-earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $678270 | $12691 | 1.87% | $904159 | $877 | 0.10% |
| &nbsp;&nbsp;&nbsp;Investment securities | 4301005 | 82167 | 1.91 | 4495956 | 73829 | 1.64 |
| &nbsp;&nbsp;&nbsp;Loans receivable, net <sup>(1)(2)</sup> | 14767554 | 673720 | 4.56 | 13497119 | 622033 | 4.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 19746829 | 768578 | 3.89 | 18897234 | 696739 | 3.69 |
| Noninterest-earning assets | 1766599 |  |  | 1595168 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $21513428 |  |  | $20492402 |  |  |
| **Liabilities and Equity** |  |  |  |  |  |  |
| Interest-bearing deposits: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest checking | $3681244 | $6351 | 0.17% | $3276638 | $1270 | 0.04% |
| &nbsp;&nbsp;&nbsp;Money market | 5155785 | 12735 | 0.25 | 5507469 | 6824 | 0.12 |
| &nbsp;&nbsp;&nbsp;Savings | 433156 | 391 | 0.09 | 393332 | 251 | 0.06 |
| &nbsp;&nbsp;&nbsp;Retail certificates of deposit | 944963 | 6498 | 0.69 | 1248956 | 3332 | 0.27 |
| &nbsp;&nbsp;&nbsp;Wholesale/brokered certificates of deposit | 520652 | 14118 | 2.71 | 29645 | 140 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 10735800 | 40093 | 0.37 | 10456040 | 11817 | 0.11 |
| FHLB advances and other borrowings | 574320 | 13131 | 2.29 | 24947 | 99 | 0.40 |
| Subordinated debentures | 330885 | 18242 | 5.51 | 410067 | 22449 | 5.47 |
| &nbsp;&nbsp;&nbsp;Total borrowings | 905205 | 31373 | 3.47 | 435014 | 22548 | 5.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 11641005 | 71466 | 0.61 | 10891054 | 34365 | 0.32 |
| Noninterest-bearing deposits | 6859141 |  |  | 6527259 |  |  |
| Other liabilities | 224739 |  |  | 275496 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities | 18724885 |  |  | 17693809 |  |  |
| Stockholders' equity | 2788543 |  |  | 2798593 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and equity | $21513428 |  |  | $20492402 |  |  |
| Net interest income |  | $697112 |  |  | $662374 |  |
| Net interest rate spread |  |  | 3.28% |  |  | 3.37% |
| Net interest margin <sup>(3)</sup> |  |  | 3.53 |  |  | 3.51 |
| Cost of deposits <sup>(4)</sup> |  |  | 0.23 |  |  | 0.07 |
| Cost of funds <sup>(5)</sup> |  |  | 0.39 |  |  | 0.20 |
| Cost of core deposits <sup>(6)</sup> |  |  | 0.12 |  |  | 0.05 |
| Ratio of interest-earning assets to interest-bearing liabilities | Ratio of interest-earning assets to interest-bearing liabilities |  | 169.63 |  |  | 173.51 |

---

**<u>______________________________</u>**&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Average balance includes loans held for sale and nonperforming loans and is net of deferred loan origination fees/costs and discounts/premiums, and the basis adjustments of certain loans included in fair value hedging relationships.

<sup>(2)</sup> Interest income includes net discount accretion of $3.5 million, $4.6 million, and $7.9 million, for the three months ended December 31, 2022, September 30, 2022, and December 31, 2021, respectively, and $21.7 million and $36.7 million, respectively, for the years ended December 31, 2022 and December 31, 2021, respectively.

<sup>(3)</sup> Represents net interest income divided by average interest-earning assets.

<sup>(4)</sup> Represents annualized interest expense on deposits divided by the sum of average interest-bearing deposits and noninterest-bearing deposits.

<sup>(5)</sup> Represents annualized total interest expense divided by the sum of average total interest-bearing liabilities and noninterest-bearing deposits.

<sup>(6)</sup> Reconciliations of the non-GAAP measures are set forth at the end of this press release.

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** |
| **LOAN PORTFOLIO COMPOSITION** | **LOAN PORTFOLIO COMPOSITION** | **LOAN PORTFOLIO COMPOSITION** | **LOAN PORTFOLIO COMPOSITION** | **LOAN PORTFOLIO COMPOSITION** | **LOAN PORTFOLIO COMPOSITION** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** |
| <u>(Dollars in thousands)</u> | **2022** | **2022** | **2022** | **2022** | **2021** |
| **Investor loans secured by real estate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CRE non-owner-occupied | $2660321 | $2771272 | $2788715 | $2774650 | $2771137 |
| &nbsp;&nbsp;&nbsp;Multifamily | 6112026 | 6199581 | 6188086 | 6041085 | 5891934 |
| &nbsp;&nbsp;&nbsp;Construction and land | 399034 | 373194 | 331734 | 303811 | 277640 |
| &nbsp;&nbsp;SBA secured by real estate <sup>(1)</sup> | 42135 | 42998 | 44199 | 42642 | 46917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investor loans secured by real estate | 9213516 | 9387045 | 9352734 | 9162188 | 8987628 |
| **Business loans secured by real estate** <sup>(2)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CRE owner-occupied | 2432163 | 2477530 | 2486747 | 2391984 | 2251014 |
| &nbsp;&nbsp;&nbsp;Franchise real estate secured | 378057 | 383468 | 387683 | 384267 | 380381 |
| &nbsp;&nbsp;SBA secured by real estate <sup>(3)</sup> | 61368 | 64002 | 67191 | 68466 | 69184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total business loans secured by real estate | 2871588 | 2925000 | 2941621 | 2844717 | 2700579 |
| **Commercial loans** <sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and industrial | 2160948 | 2164623 | 2295421 | 2242632 | 2103112 |
| &nbsp;&nbsp;&nbsp;Franchise non-real estate secured | 404791 | 409773 | 415830 | 388322 | 392576 |
| &nbsp;&nbsp;&nbsp;SBA non-real estate secured | 11100 | 11557 | 11008 | 10761 | 11045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial loans | 2576839 | 2585953 | 2722259 | 2641715 | 2506733 |
| **Retail loans** |  |  |  |  |  |
| &nbsp;&nbsp;Single family residential <sup>(5)</sup> | 72997 | 75176 | 77951 | 79978 | 95292 |
| &nbsp;&nbsp;&nbsp;Consumer | 3284 | 3761 | 4130 | 5157 | 5665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total retail loans | 76281 | 78937 | 82081 | 85135 | 100957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment before basis adjustment <sup>(6)</sup> | 14738224 | 14976935 | 15098695 | 14733755 | 14295897 |
| Basis adjustment associated with fair value hedge <sup>(7)</sup> | (61926) | (68124) | (51087) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment | 14676298 | 14908811 | 15047608 | 14733755 | 14295897 |
| Allowance for credit losses for loans held for investment | (195651) | (195549) | (196075) | (197517) | (197752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment, net | $14480647 | $14713262 | $14851533 | $14536238 | $14098145 |
| Loans held for sale, at lower of cost or fair value | $2643 | $2163 | $2957 | $11646 | $10869 |

---

**<u>______________________________</u>**

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

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

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

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

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

<sup>(6)</sup> Includes unaccreted fair value net purchase discounts of $54.8 million, $59.0 million, $63.6 million, $71.2 million, and $77.1 million as of December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022, and December 31, 2021 respectively.

<sup>(7)</sup> Represents the basis adjustment associated with the application of hedge accounting on certain loans.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** |
| **ASSET QUALITY INFORMATION** | **ASSET QUALITY INFORMATION** | **ASSET QUALITY INFORMATION** | **ASSET QUALITY INFORMATION** | **ASSET QUALITY INFORMATION** | **ASSET QUALITY INFORMATION** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** |
| <u>(Dollars in thousands)</u> | **2022** | **2022** | **2022** | **2022** | **2021** |
| **Asset Quality** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Nonperforming loans | $30905 | $60464 | $44445 | $55309 | $31273 |
| &nbsp;&nbsp;&nbsp;Other real estate owned |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonperforming assets | $30905 | $60464 | $44445 | $55309 | $31273 |
| &nbsp;&nbsp;Total classified assets <sup>(1)</sup> | $149304 | $110143 | $106153 | $122528 | $121827 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | 195651 | 195549 | 196075 | 197517 | 197752 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses as a percent of total nonperforming loans | 633% | 323% | 441% | 357% | 632% |
| &nbsp;&nbsp;&nbsp;Nonperforming loans as a percent of loans held for investment | 0.21 | 0.41 | 0.30 | 0.38 | 0.22 |
| &nbsp;&nbsp;&nbsp;Nonperforming assets as a percent of total assets | 0.14 | 0.28 | 0.20 | 0.26 | 0.15 |
| &nbsp;&nbsp;&nbsp;Classified loans to total loans held for investment | 1.02 | 0.74 | 0.71 | 0.83 | 0.85 |
| &nbsp;&nbsp;&nbsp;Classified assets to total assets | 0.69 | 0.51 | 0.48 | 0.57 | 0.58 |
| &nbsp;&nbsp;&nbsp;Net loan charge-offs (recoveries) for the quarter ended | $3797 | $1072 | $5245 | $446 | $(981) |
| &nbsp;&nbsp;&nbsp;Net loan charge-offs (recoveries) for the quarter to average total loans | 0.03% | 0.01% | 0.04% | —% | (0.01)% |
| &nbsp;&nbsp;Allowance for credit losses to loans held for investment <sup>(2)</sup> | 1.33 | 1.31 | 1.30 | 1.34 | 1.38 |
| **Delinquent Loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;30 - 59 days | $20538 | $1484 | $6915 | $25332 | $1395 |
| &nbsp;&nbsp;&nbsp;60 - 89 days | 185 | 6535 |  | 74 |  |
| &nbsp;&nbsp;&nbsp;90+ days | 22625 | 33238 | 29360 | 18245 | 18100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total delinquency | $43348 | $41257 | $36275 | $43651 | $19495 |
| Delinquency as a percent of loans held for investment | 0.30% | 0.28% | 0.24% | 0.30% | 0.14% |

---

**<u>______________________________</u>**

<sup>(1)</sup> Includes substandard loans and other real estate owned.

<sup>(2)</sup> At December 31, 2022, 26% of loans held for investment include a fair value net discount of $54.8 million, or 0.37% of loans held for investment. At September 30, 2022, 27% of loans held for investment include a fair value net discount of $59.0 million, or 0.39% of loans held for investment. At June 30, 2022, 29% of loans held for investment include a fair value net discount of $63.6 million, or 0.42% of loans held for investment. At March 31, 2022, 32% of loans held for investment include a fair value net discount $71.2 million, or 0.48% of loans held for investment. At December 31, 2021, 36% of loans held for investment include a fair value net discount of $77.1 million, or 0.54% of loans held for investment.

------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** |
| **NONACCRUAL LOANS** <sup>(1)</sup> | **NONACCRUAL LOANS** <sup>(1)</sup> | **NONACCRUAL LOANS** <sup>(1)</sup> | **NONACCRUAL LOANS** <sup>(1)</sup> | **NONACCRUAL LOANS** <sup>(1)</sup> | **NONACCRUAL LOANS** <sup>(1)</sup> | **NONACCRUAL LOANS** <sup>(1)</sup> |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| <u>(Dollars in thousands)</u> | **Collateral Dependent Loans** | **ACL** | **Non-Collateral Dependent Loans** | **ACL** | **Total Nonaccrual Loans** | **Nonaccrual Loans With No ACL** |
| **December 31, 2022** |  |  |  |  |  |  |
| **Investor loans secured by real estate** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CRE non-owner-occupied | $4429 | $— | $— | $— | $4429 | $4429 |
| &nbsp;&nbsp;&nbsp;Multifamily | 8780 |  |  |  | 8780 | 8780 |
| &nbsp;&nbsp;SBA secured by real estate <sup>(2)</sup> | 533 |  |  |  | 533 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investor loans secured by real estate | 13742 |  |  |  | 13742 | 13742 |
| **Business loans secured by real estate** <sup>(3)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CRE owner-occupied | 11475 | 1742 |  |  | 11475 | 9733 |
| &nbsp;&nbsp;SBA secured by real estate <sup>(4)</sup> | 1191 |  |  |  | 1191 | 1191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total business loans secured by real estate | 12666 | 1742 |  |  | 12666 | 10924 |
| **Commercial loans** <sup>(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and industrial | 3908 |  |  |  | 3908 | 3908 |
| &nbsp;&nbsp;&nbsp;SBA not secured by real estate | 589 |  |  |  | 589 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial loans | 4497 |  |  |  | 4497 | 4497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Totals nonaccrual loans | $30905 | $1742 | $— | $— | $30905 | $29163 |

---

**<u>______________________________</u>**

<sup>(1)</sup> 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.

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

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

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** |
| **PAST DUE STATUS** | **PAST DUE STATUS** | **PAST DUE STATUS** | **PAST DUE STATUS** | **PAST DUE STATUS** | **PAST DUE STATUS** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  |  | **Days Past Due** | **Days Past Due** | **Days Past Due** |  |
| <u>(Dollars in thousands)</u> | **Current** | **30-59** | **60-89** | **90+** | **Total** |
| **December 31, 2022** |  |  |  |  |  |
| **Investor loans secured by real estate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CRE non-owner-occupied | $2655892 | $— | $— | $4429 | $2660321 |
| &nbsp;&nbsp;&nbsp;Multifamily | 6103246 | 2723 |  | 6057 | 6112026 |
| &nbsp;&nbsp;&nbsp;Construction and land | 399034 |  |  |  | 399034 |
| &nbsp;&nbsp;SBA secured by real estate <sup>(1)</sup> | 42135 |  |  |  | 42135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investor loans secured by real estate | 9200307 | 2723 |  | 10486 | 9213516 |
| **Business loans secured by real estate** <sup>(2)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CRE owner-occupied | 2424174 | 1434 |  | 6555 | 2432163 |
| &nbsp;&nbsp;&nbsp;Franchise real estate secured | 370984 | 7073 |  |  | 378057 |
| &nbsp;&nbsp;SBA secured by real estate <sup>(3)</sup> | 60177 |  | 104 | 1087 | 61368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total business loans secured by real estate | 2855335 | 8507 | 104 | 7642 | 2871588 |
| **Commercial loans** <sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and industrial | 2152302 | 4657 | 81 | 3908 | 2160948 |
| &nbsp;&nbsp;&nbsp;Franchise non-real estate secured | 401199 | 3592 |  |  | 404791 |
| &nbsp;&nbsp;&nbsp;SBA not secured by real estate | 10511 |  |  | 589 | 11100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial loans | 2564012 | 8249 | 81 | 4497 | 2576839 |
| **Retail loans** |  |  |  |  |  |
| &nbsp;&nbsp;Single family residential <sup>(5)</sup> | 71940 | 1057 |  |  | 72997 |
| &nbsp;&nbsp;&nbsp;Consumer loans | 3282 | 2 |  |  | 3284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total retail loans | 75222 | 1059 |  |  | 76281 |
| Loans held for investment before basis adjustment <sup>(6)</sup> | $14694876 | $20538 | $185 | $22625 | $14738224 |

---

**<u>______________________________</u>**

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

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

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

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

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

<sup>(6)</sup> Excludes the basis adjustment of $61.9 million to the carrying amount of certain loans included in fair value hedging relationships.

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| | | | | |
|:---|:---|:---|:---|:---|
| **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** | **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** |
| **CREDIT RISK GRADES** | **CREDIT RISK GRADES** | **CREDIT RISK GRADES** | **CREDIT RISK GRADES** | **CREDIT RISK GRADES** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| <u>(Dollars in thousands)</u> | **Pass** | **Special<br>Mention** | **Substandard** | **Total Gross<br>Loans** |
| **December 31, 2022** |  |  |  |  |
| **Investor loans secured by real estate** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CRE non-owner-occupied | $2647607 | $7487 | $5227 | $2660321 |
| &nbsp;&nbsp;&nbsp;Multifamily | 6089836 | 12667 | 9523 | 6112026 |
| &nbsp;&nbsp;&nbsp;Construction and land | 399034 |  |  | 399034 |
| &nbsp;&nbsp;SBA secured by real estate <sup>(1)</sup> | 33161 |  | 8974 | 42135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investor loans secured by real estate | 9169638 | 20154 | 23724 | 9213516 |
| **Business loans secured by real estate** <sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CRE owner-occupied | 2363719 | 2351 | 66093 | 2432163 |
| &nbsp;&nbsp;&nbsp;Franchise real estate secured | 352645 | 18036 | 7376 | 378057 |
| &nbsp;&nbsp;SBA secured by real estate <sup>(3)</sup> | 55865 | 118 | 5385 | 61368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total business loans secured by real estate | 2772229 | 20505 | 78854 | 2871588 |
| **Commercial loans** <sup>(4)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and industrial | 2093726 | 31273 | 35949 | 2160948 |
| &nbsp;&nbsp;&nbsp;Franchise non-real estate secured | 368013 | 27583 | 9195 | 404791 |
| &nbsp;&nbsp;&nbsp;SBA not secured by real estate | 9550 |  | 1550 | 11100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial loans | 2471289 | 58856 | 46694 | 2576839 |
| **Retail loans** |  |  |  |  |
| &nbsp;&nbsp;Single family residential <sup>(5)</sup> | 72992 |  | 5 | 72997 |
| &nbsp;&nbsp;&nbsp;Consumer loans | 3257 |  | 27 | 3284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total retail loans | 76249 |  | 32 | 76281 |
| Loans held for investment before basis adjustment <sup>(6)</sup> | $14489405 | $99515 | $149304 | $14738224 |

---

**<u>______________________________</u>**

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

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

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

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

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

<sup>(6)</sup> Excludes the basis adjustment of $61.9 million to the carrying amount of certain loans included in fair value hedging relationships.

------

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| |
|:---|
| **PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES** |
| **GAAP to NON-GAAP RECONCILIATIONS** |
| (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 and merger-related expense, where applicable, 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. | 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 and merger-related expense, where applicable, 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. | 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 and merger-related expense, where applicable, 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. | 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 and merger-related expense, where applicable, 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. | 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 and merger-related expense, where applicable, 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. | 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 and merger-related expense, where applicable, 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** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| <u>(Dollars in thousands)</u> | **2022** | **2022** | **2021** | **2022** | **2021** |
| Net income | $73673 | $73363 | $84831 | $283743 | $339889 |
| Plus: amortization of intangible assets expense | 3440 | 3472 | 3880 | 13983 | 15936 |
| Less: amortization of intangible assets expense tax adjustment <sup>(1)</sup> | 978 | 991 | 1107 | 3987 | 4556 |
| &nbsp;&nbsp;&nbsp;Net income for average tangible common equity | 76135 | 75844 | 87604 | 293739 | 351269 |
| Plus: merger-related expense |  |  |  |  | 5 |
| Less: merger-related expense tax adjustment <sup>(1)</sup> |  |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;Net income for average tangible common equity excluding merger-related expense | $76135 | $75844 | $87604 | $293739 | $351273 |
| Average stockholders' equity | $2751161 | $2775124 | $2851000 | $2788543 | $2798593 |
| Less: average intangible assets | 57624 | 61101 | 71897 | 62833 | 77817 |
| Less: average goodwill | 901312 | 901312 | 901312 | 901312 | 900458 |
| &nbsp;&nbsp;&nbsp;Average tangible common equity | $1792225 | $1812711 | $1877791 | $1824398 | $1820318 |
| Return on average equity (annualized) | 10.71% | 10.57% | 11.90% | 10.18% | 12.14% |
| Return on average tangible common equity (annualized) | 16.99% | 16.74% | 18.66% | 16.10% | 19.30% |
| Return on average tangible common equity excluding merger-related expense | 16.99% | 16.74% | 18.66% | 16.10% | 19.30% |

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**<u>______________________________</u>**

<sup>(1)</sup> Adjusted by statutory tax rate

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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 expense, where applicable, from the net income. Management believes that the exclusion of such items from this financial measure provides useful information to gain an understanding of the operating results of our core business and a better comparison to the financial results of prior periods. | 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 expense, where applicable, from the net income. Management believes that the exclusion of such items from this financial measure provides useful information to gain an understanding of the operating results of our core business and a better comparison to the financial results of prior periods. | 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 expense, where applicable, from the net income. Management believes that the exclusion of such items from this financial measure provides useful information to gain an understanding of the operating results of our core business and a better comparison to the financial results of prior periods. | 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 expense, where applicable, from the net income. Management believes that the exclusion of such items from this financial measure provides useful information to gain an understanding of the operating results of our core business and a better comparison to the financial results of prior periods. | 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 expense, where applicable, from the net income. Management believes that the exclusion of such items from this financial measure provides useful information to gain an understanding of the operating results of our core business and a better comparison to the financial results of prior periods. | 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 expense, where applicable, from the net income. Management believes that the exclusion of such items from this financial measure provides useful information to gain an understanding of the operating results of our core business and a better comparison to the financial results of prior periods. |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| <u>(Dollars in thousands)</u> | **2022** | **2022** | **2021** | **2022** | **2021** |
| Interest income | $217781 | $199025 | $177006 | $768578 | $696739 |
| Interest expense | 36385 | 17913 | 6287 | 71466 | 34365 |
| &nbsp;&nbsp;Net interest income | 181396 | 181112 | 170719 | 697112 | 662374 |
| Noninterest income | 20497 | 20164 | 27281 | 88748 | 107850 |
| &nbsp;&nbsp;Revenue | 201893 | 201276 | 198000 | 785860 | 770224 |
| Noninterest expense | 99182 | 100866 | 97252 | 396670 | 380277 |
| Plus: merger-related expense |  |  |  |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-provision net revenue | 102711 | 100410 | 100748 | 389190 | 389952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-provision net revenue (annualized) | $410844 | $401640 | $402992 | $389190 | $389952 |
| Average assets | $21728933 | $21687436 | $20867005 | $21513428 | $20492402 |
| Pre-provision net revenue on average assets | 0.47% | 0.46% | 0.48% | 1.81% | 1.90% |
| Pre-provision net revenue on average assets (annualized) | 1.89% | 1.85% | 1.93% | 1.81% | 1.90% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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. | 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. | 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. | 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. | 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. | 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. |
|  | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** |
| <u>(Dollars in thousands, except per share data)</u> | **2022** | **2022** | **2022** | **2022** | **2021** |
| Total stockholders' equity | $2798389 | $2735396 | $2755219 | $2783018 | $2886311 |
| Less: intangible assets | 956900 | 960340 | 963812 | 967290 | 970883 |
| &nbsp;&nbsp;&nbsp;Tangible common equity | $1841489 | $1775056 | $1791407 | $1815728 | $1915428 |
| Total assets | $21688017 | $21619201 | $21993919 | $21622296 | $21094429 |
| Less: intangible assets | 956900 | 960340 | 963812 | 967290 | 970883 |
| &nbsp;&nbsp;&nbsp;Tangible assets | $20731117 | $20658861 | $21030107 | $20655006 | $20123546 |
| Tangible common equity ratio | 8.88% | 8.59% | 8.52% | 8.79% | 9.52% |
| Common shares issued and outstanding | 95021760 | 95016767 | 94976605 | 94945849 | 94389543 |
| Book value per share | $29.45 | $28.79 | $29.01 | $29.31 | $30.58 |
| Less: intangible book value per share | 10.07 | 10.11 | 10.15 | 10.19 | 10.29 |
| &nbsp;&nbsp;&nbsp;Tangible book value per share | $19.38 | $18.68 | $18.86 | $19.12 | $20.29 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Core net interest income and core net interest margin are non-GAAP financial measures derived from GAAP-based amounts. We calculate core net interest income by excluding scheduled accretion income, accelerated accretion income, premium amortization on CDs, nonrecurring nonaccrual interest adjustments, and gain (loss) on interest rate contract in fair value hedging relationships 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 net interest income and core net interest margin are non-GAAP financial measures derived from GAAP-based amounts. We calculate core net interest income by excluding scheduled accretion income, accelerated accretion income, premium amortization on CDs, nonrecurring nonaccrual interest adjustments, and gain (loss) on interest rate contract in fair value hedging relationships 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 net interest income and core net interest margin are non-GAAP financial measures derived from GAAP-based amounts. We calculate core net interest income by excluding scheduled accretion income, accelerated accretion income, premium amortization on CDs, nonrecurring nonaccrual interest adjustments, and gain (loss) on interest rate contract in fair value hedging relationships 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 net interest income and core net interest margin are non-GAAP financial measures derived from GAAP-based amounts. We calculate core net interest income by excluding scheduled accretion income, accelerated accretion income, premium amortization on CDs, nonrecurring nonaccrual interest adjustments, and gain (loss) on interest rate contract in fair value hedging relationships 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 net interest income and core net interest margin are non-GAAP financial measures derived from GAAP-based amounts. We calculate core net interest income by excluding scheduled accretion income, accelerated accretion income, premium amortization on CDs, nonrecurring nonaccrual interest adjustments, and gain (loss) on interest rate contract in fair value hedging relationships 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 net interest income and core net interest margin are non-GAAP financial measures derived from GAAP-based amounts. We calculate core net interest income by excluding scheduled accretion income, accelerated accretion income, premium amortization on CDs, nonrecurring nonaccrual interest adjustments, and gain (loss) on interest rate contract in fair value hedging relationships 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** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| <u>(Dollars in thousands)</u> | **2022** | **2022** | **2021** | **2022** | **2021** |
| Net interest income | $181396 | $181112 | $170719 | $697112 | $662374 |
| Less: scheduled accretion income | 2179 | 2377 | 3097 | 10039 | 13874 |
| Less: accelerated accretion income | 1358 | 2269 | 4770 | 11628 | 22792 |
| Less: premium amortization on CD | 30 | 39 | 183 | 225 | 3266 |
| Less: nonrecurring nonaccrual interest adjustments | (111) | (848) | 349 | (1267) | (544) |
| Less: gain (loss) on fair value hedging relationships | 8004 | 4240 | (819) | 10705 | (914) |
| &nbsp;&nbsp;&nbsp;Core net interest income | 169936 | 173035 | 163139 | 665782 | 623900 |
| Average interest-earning assets | $19944656 | $19929636 | $19173458 | $19746829 | $18897234 |
| Net interest margin | 3.61% | 3.61% | 3.53% | 3.53% | 3.51% |
| Core net interest margin | 3.38% | 3.44% | 3.38% | 3.37% | 3.30% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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 merger-related expense, where applicable, to the sum of net interest income before provision for credit losses and total noninterest income, less gain (loss) from investment securities and other income - security recoveries, and net 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. | 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 merger-related expense, where applicable, to the sum of net interest income before provision for credit losses and total noninterest income, less gain (loss) from investment securities and other income - security recoveries, and net 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. | 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 merger-related expense, where applicable, to the sum of net interest income before provision for credit losses and total noninterest income, less gain (loss) from investment securities and other income - security recoveries, and net 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. | 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 merger-related expense, where applicable, to the sum of net interest income before provision for credit losses and total noninterest income, less gain (loss) from investment securities and other income - security recoveries, and net 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. | 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 merger-related expense, where applicable, to the sum of net interest income before provision for credit losses and total noninterest income, less gain (loss) from investment securities and other income - security recoveries, and net 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. | 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 merger-related expense, where applicable, to the sum of net interest income before provision for credit losses and total noninterest income, less gain (loss) from investment securities and other income - security recoveries, and net 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** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| <u>(Dollars in thousands)</u> | **2022** | **2022** | **2021** | **2022** | **2021** |
| Total noninterest expense | $99182 | $100866 | $97252 | $396670 | $380277 |
| Less: amortization of intangible assets | 3440 | 3472 | 3880 | 13983 | 15936 |
| Less: merger-related expense |  |  |  |  | 5 |
| &nbsp;&nbsp;&nbsp;Noninterest expense, adjusted | $95742 | $97394 | $93372 | $382687 | $364336 |
| Net interest income before provision for credit losses | $181396 | $181112 | $170719 | $697112 | $662374 |
| Add: total noninterest income | 20497 | 20164 | 27281 | 88748 | 107850 |
| Less: net (loss) gain from investment securities |  | (393) | 3585 | 1710 | 16906 |
| Less: other income - security recoveries |  |  | 1 |  | 10 |
| Less: net loss from debt extinguishment |  |  |  |  | (180) |
| &nbsp;&nbsp;&nbsp;Revenue, adjusted | $201893 | $201669 | $194414 | $784150 | $753488 |
| &nbsp;&nbsp;&nbsp;Efficiency ratio | 47.4% | 48.3% | 48.0% | 48.8% | 48.4% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Cost of core deposits is a non-GAAP financial measure derived from GAAP-based amounts. Cost of core deposits is calculated as the ratio of core deposit interest expense to average core deposits. We calculate core deposit interest expense by excluding interest expense for certificates of deposit and brokered deposits from total deposit expense, and we calculate average core deposits by excluding certificates of deposit and brokered deposits from total deposits. Management believes cost of core deposits is a useful measure to assess the Company's deposit base, including its potential volatility. | Cost of core deposits is a non-GAAP financial measure derived from GAAP-based amounts. Cost of core deposits is calculated as the ratio of core deposit interest expense to average core deposits. We calculate core deposit interest expense by excluding interest expense for certificates of deposit and brokered deposits from total deposit expense, and we calculate average core deposits by excluding certificates of deposit and brokered deposits from total deposits. Management believes cost of core deposits is a useful measure to assess the Company's deposit base, including its potential volatility. | Cost of core deposits is a non-GAAP financial measure derived from GAAP-based amounts. Cost of core deposits is calculated as the ratio of core deposit interest expense to average core deposits. We calculate core deposit interest expense by excluding interest expense for certificates of deposit and brokered deposits from total deposit expense, and we calculate average core deposits by excluding certificates of deposit and brokered deposits from total deposits. Management believes cost of core deposits is a useful measure to assess the Company's deposit base, including its potential volatility. | Cost of core deposits is a non-GAAP financial measure derived from GAAP-based amounts. Cost of core deposits is calculated as the ratio of core deposit interest expense to average core deposits. We calculate core deposit interest expense by excluding interest expense for certificates of deposit and brokered deposits from total deposit expense, and we calculate average core deposits by excluding certificates of deposit and brokered deposits from total deposits. Management believes cost of core deposits is a useful measure to assess the Company's deposit base, including its potential volatility. | Cost of core deposits is a non-GAAP financial measure derived from GAAP-based amounts. Cost of core deposits is calculated as the ratio of core deposit interest expense to average core deposits. We calculate core deposit interest expense by excluding interest expense for certificates of deposit and brokered deposits from total deposit expense, and we calculate average core deposits by excluding certificates of deposit and brokered deposits from total deposits. Management believes cost of core deposits is a useful measure to assess the Company's deposit base, including its potential volatility. | Cost of core deposits is a non-GAAP financial measure derived from GAAP-based amounts. Cost of core deposits is calculated as the ratio of core deposit interest expense to average core deposits. We calculate core deposit interest expense by excluding interest expense for certificates of deposit and brokered deposits from total deposit expense, and we calculate average core deposits by excluding certificates of deposit and brokered deposits from total deposits. Management believes cost of core deposits is a useful measure to assess the Company's deposit base, including its potential volatility. |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| <u>(Dollars in thousands)</u> | **2022** | **2022** | **2021** | **2022** | **2021** |
| Total deposits interest expense | $25865 | $9873 | $1694 | $40093 | $11817 |
| Less: certificates of deposit interest expense | 3941 | 1420 | 517 | 6498 | 3332 |
| Less: brokered deposits interest expense | 9965 | 3827 | 1 | 14120 | 149 |
| &nbsp;&nbsp;Core deposits expense | $11959 | $4626 | $1176 | $19475 | $8336 |
| Total average deposits | $17608783 | $17732822 | $17383128 | $17594941 | $16983299 |
| Less: average certificates of deposit | 975958 | 835645 | 1084326 | 944963 | 1248956 |
| Less: average brokered deposits | 1283567 | 703848 | 5552 | 523530 | 35194 |
| &nbsp;&nbsp;Average core deposits | $15349258 | $16193329 | $16293250 | $16126448 | $15699149 |
| Cost of core deposits | 0.31% | 0.11% | 0.03% | 0.12% | 0.05% |

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## Exhibit 99.2

![](pacificpremierbancorpq42001.jpg)

Investor Presentation Fourth Quarter 2022 January 26, 2023 Ronald J. Nicolas, Jr. Sr. EVP & Chief Financial Officer rnicolas@ppbi.com 949-864-8000 Steve Gardner Chairman, Chief Executive Officer, & President sgardner@ppbi.com 949-864-8000

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![](pacificpremierbancorpq42002.jpg)

2© 2023 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, capital management, 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. 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; the effects of, and changes in, our ability to attract and retain deposits and access to other sources of liquidity, 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; risks and uncertainties related to our adoption of the SOFR family of interest rates to replace LIBOR; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the U.S. Securities and Exchange Commission ("SEC"), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters, including ASU 2016-13 (Topic 326), "Measurement of Credit Losses on Financial Instruments," commonly referenced as the CECL model, which has changed how we estimate credit losses and may further increase the required level of our allowance for credit losses in future periods; possible credit related impairments of securities held by us; possible impairment charges to goodwill, including any impairment that may result from increasing volatility in our stock price; the impact of 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; the possibility that we may reduce or discontinue the payments of dividends on our common stock; the possibility that we may discontinue, reduce or limit repurchases of 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, including the war between Russia and Ukraine, 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; climate change, including regulatory, compliance and credit and reputational risks; cybersecurity threats and the cost of defending against them, including compliance 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 2021 Annual Report on Form 10-K 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.

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![](pacificpremierbancorpq42003.jpg)

3© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved PRESENTATION CONTENTS Corporate Overview 4 Fourth Quarter Performance Highlights 6 PPBI Strategy & Technology Overview 11 Balance Sheet Highlights 14 Asset Quality & Credit Risk Management 21 Culture and Governance 32 Appendix: Non-GAAP Reconciliation 37

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![](pacificpremierbancorpq42004.jpg)

PPBI Corporate Overview

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![](pacificpremierbancorpq42005.jpg)

5© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved Balance Sheet and Capital Ratios(2) Profitability and Credit Quality(2) Assets $21.7 billion ROAA 1.36% Loans HFI $14.7 billion PPNR ROAA(3) 1.89% TCE / TA(3) 8.88% Efficiency Ratio(3) 47.4% Tier 1 Capital Ratio 12.99% NPA / Assets 0.14% Total Capital Ratio 15.53% ACL / Loans 1.33% Premier commercial bank in key metropolitan areas throughout the Western U.S. 1. Market data as of January 25, 2023 2. As of December 31, 2022 or for the three months ended December 31, 2022, excludes the basis adjustment associated with the application of hedge accounting on certain loans 3. Please refer to non-U.S. GAAP reconciliation in the appendix 4Q22 Financial Highlights PACIFIC PREMIER BANCORP, INC. Corporate Overview & Market Data Branch Network 59 Full Service Branch Locations Market Capitalization(1) $2.9 Billion Dividend Yield(1) 4.36% P/TBV(1) 1.62x Pacific Premier Footprint 10 1 Arizona Phoenix (1) Tucson (2) 3 Nevada Las Vegas (1) 1 Southern California Los Angeles-Orange (21) San Diego (5) Riverside-San Bernardino (9) 35 Central Coast California San Luis Obispo (7) Santa Barbara (2) 9 Pacific Northwest Seattle MSA (9) Other Washington (1) Portland MSA (1)

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Fourth Quarter Performance Highlights

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7© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved Q4 2022 RESULTS 1. Please refer to non-U.S. GAAP reconciliation in the appendix 2. Including fair value net discount on acquired loans 3. Excludes the basis adjustment associated with the application of hedge accounting on certain loans Operating Results • Net income of $73.7 million, or $0.77 per diluted share • ROAA of 1.36% and ROATCE of 16.99%(1) • Pre-provision net revenue ("PPNR") of $102.7 million and PPNR ROAA of 1.89%(1) • Net interest margin of 3.61%; core net interest margin of 3.38%(1) • Efficiency ratio of 47.4%(1) and noninterest expense of $99.2 million Loans • Loan portfolio of $14.7 billion(3), slight decrease reflects strategic pricing and credit actions • Quarterly loan production of $239.8 million • 4Q 2022 weighted average interest rate on new loan commitments increased to 6.34% from 5.55% in 3Q 2022 • Loan / deposit ratio of 84.6%, compared to 84.0% in Q3 2022 Deposits • Core deposits of $14.8 billion, core deposits equaled 85.6% of total deposits • Non-interest bearing deposits represent 36.3% of total deposits • Average cost of core deposits remained low at 0.31%(1) Capital • Declared quarterly dividend of $0.33 per share • Tangible common equity to tangible assets increased to 8.88%(1) and total capital ratio increased to 15.53% • Tangible book value per share increased $0.70 to $19.38(1) Asset Quality • Delinquent loans were 0.30% of total loans held for investment • Nonperforming assets were 0.14% of total assets • Net charge-offs of $3.8 million compared to $1.1 million in 3Q 2022 • ACL for LHFI of $195.7 million, or 1.33% of loans; total loss absorption capacity equals 1.70% of loans(2)

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![](pacificpremierbancorpq42008.jpg)

8© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved $67.3 $87.0 $120.7 $172.7 $278.6 $423.7 $482.5 $645.5 $770.2 $785.9 64.7% 61.3% 55.9% 53.6% 51.0% 51.6% 50.8% 49.8% 48.4% 48.8% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 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 Strong capital generation from pre-provision net revenue and operating efficiencies • Compound annual growth rate for total revenue of 31% and pre-provision net revenue of 37%(1) • Efficiency ratio improved from 64.7% to 48.8%(1), highlighting the benefits of scale and expense management $23.4 $33.6 $52.2 $79.0 $131.7 $192.3 $224.1 $313.5 $389.9 $389.2 1.62% 1.84% 1.99% 2.19% 2.16% 1.96% 1.94% 1.86% 1.90% 1.81% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Pre-Provision Net Revenue PPNR / Average Assets

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![](pacificpremierbancorpq42009.jpg)

9© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved PEER COMPARISON PPNR ROAA(2)(3) Pacific Premier has consistently outperformed regional bank peers(1) Net Interest Margin Efficiency Ratio(3) Nonperforming Assets to Total Assets 1. Peer group consists of KBW Regional Banking Index constituents (KRX) 2. Pre-provision net revenue exclusive of merger-related expenses 3. Please refer to the non-U.S. GAAP information in the appendix 0.18% 0.04% 0.04% 0.04% 0.08% 0.15% 0.15% 0.14% 0.72% 0.72% 0.57% 0.44% 0.45% 0.47% 0.22% 2015Y 2016Y 2017Y 2018Y 2019Y 2020Y 2021Y 2022Y PPBI KRX Median 55.9% 53.6% 51.0% 51.6% 50.8% 49.8% 48.4% 48.8% 58.2% 59.2% 56.2% 56.2% 55.6% 56.5% 56.8% 2015Y 2016Y 2017Y 2018Y 2019Y 2020Y 2021Y 2022Y PPBI KRX Median 4.25% 4.48% 4.43% 4.44% 4.33% 3.74% 3.51% 3.53% 3.38% 3.35% 3.49% 3.64% 3.47% 3.03% 2.90% 2015Y 2016Y 2017Y 2018Y 2019Y 2020Y 2021Y 2022Y PPBI KRX Median 1.99% 2.19% 2.16% 1.96% 1.94% 1.86% 1.90% 1.81% 1.57% 1.47% 1.61% 1.78% 1.67% 1.43% 1.56% 2015Y 2016Y 2017Y 2018Y 2019Y 2020Y 2021Y 2022Y PPBI KRX Median

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![](pacificpremierbancorpq42010.jpg)

10© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved 5.00% 7.00% 8.50% 10.50% 10.12% 12.36% 12.36% 14.83% 10.29% 12.99% 12.99% 15.53% Tier 1 Leverage Ratio CET1 Ratio Tier 1 Ratio TRBC Ratio Well-Capitalized Req. 3Q22 4Q22 STRONG CAPITAL POSITION Consolidated PPBI Capital Ratios • Strong internal capital generation, declared $0.33 per share dividend in 4Q22 • Meaningful growth in 4Q22 and exceed well-capitalized regulatory requirements 1. Please refer to non-U.S. GAAP reconciliation in the appendix 2. Regulatory standards for "well-capitalized" threshold calculated under Basel III capital rules inclusive of the required conservation buffer Consolidated PPBI Pacific Premier Bank Leverage Ratio 10.29% 10.12% 5.00% Common Equity Tier 1 Ratio (CET1) 12.99% 12.36% 7.00% Tier 1 Ratio 12.99% 12.36% 8.50% Total Capital Ratio 15.53% 14.83% 10.50% Tangible Common Equity Ratio(1) 8.88% 8.59% N/A Leverage Ratio 11.80% 11.64% 5.00% Common Equity Tier 1 Ratio (CET1) 14.89% 14.23% 7.00% Tier 1 Ratio 14.89% 14.23% 8.50% Total Capital Ratio 15.74% 15.05% 10.50% Q4 2022 Q3 2022 Threshold (2)

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Strategy and Technology Overview

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12© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved PREMIER 360™ Total client transparency throughout the organization using proprietary Salesforce™ enabled platform™ Client and Data Management Highly customized solution designed to enhance the client experience, maximize banking relationships, optimize business development and accelerate new client acquisition Workflow Management Automated workflows centered around the client, allowing Pacific Premier to be highly efficient and maximize resource capacity Call Center Management Using the combination of top tier call center technology and Premier 360™, provides employees the right tools to deliver best-in-class services Digital Marketing Management Marketing automation that sends electronic communications to prospective and existing clients on behalf of Pacific Premier™

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![](pacificpremierbancorpq42013.jpg)

13© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved CLIENT ACQUISITION - PREMIER 360™ New Client Acquisition Onboarding Clients Premier360™ Reporting  Premier360™ is the central database of all potential banking clients and referral sources  Each relationship manager owns a targeted number of prospects and referral sources which they call regularly  Marketing campaigns are customized, targeted and delivered digitally to prospective clients enabling better call penetration  All client onboarding starts and finishes through Premier360™ – universal client view as every business unit has visibility of each prospective and existing client  Each potential banking relationship is customized to the current and future banking needs of the client  Clients have a dedicated relationship manager that owns the relationship  All potential client and referral source calls and appointments are tracked with activity reports in Premier360™  All business units have access to onboarding pipeline to track progress to ensure client expectations are met  All existing client calls and appointments are tracked in Premier360™ to foster stronger relationships

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PPBI Balance Sheet Highlights

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![](pacificpremierbancorpq42015.jpg)

15© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved Note: All dollars in thousands, unless noted otherwise Note: SBA loans are unguaranteed portion and represent approximately 25% of principal balance for the respective borrower 1. As of December 31, 2022 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. Dollars in millions, Payoff & Prepayment includes prepayments, maturities and normal amortization. 5. As of December 31, 2022, and includes $1.2 billion of variable swaps on fixed rate loans DIVERSIFIED LOAN PORTFOLIO Loans Outstanding by Type and Weighted Average Rate(1) December 31, 2022 Loan Repricing Structure(5) New Commitments and Prepay / Payoff Trends(4) - Balance Investor real estate secured CRE non-owner occupied 2,660,321$18.1 % 4.51% Multifamily 6,112,026 41.6 3.86% Construction and land 399,034 2.7 8.24% SBA secured by real estate(2) 42,135 0.3 7.61% Total investor real estate secured 9,213,516 62.7 4.25% Business real estate secured CRE owner-occupied 2,432,163 16.6 4.22% Franchise real estate secured 378,057 2.6 4.75% SBA secured by real estate(3) 61,368 0.4 7.45% Total business real estate secured 2,871,588 19.6 4.36% Commercial loans Commercial and industrial 2,160,948 14.7 6.32% Franchise non-real estate secured 404,791 2.8 4.91% SBA non-real estate secured 11,100 0.1 7.83% Total commercial 2,576,839 17.6 6.11% Retail Loans Single family residential 72,997 0.5 5.51% Consumer 3,284 0.0 6.29% Total retail loans 76,281 0.5 5.53% Total loans held for investment 14,738,224$100.4 % 4.61% Basis adjustment associated with fair value hedge (61,926) (0.4) Total loans held for investment 14,676,298$100.0 % % of Total Weighted Average Rate(1) As of December 31, 2022 $1,479 $1,462 $1,504 $789 $240 $935 $787 $937 $569 $481 3.55% 3.55% 4.11% 5.55% 6.34% 4Q21 1Q22 2Q22 3Q22 4Q22 New Commitments Amort. / Payoff / Prepay New Commitments Rate Variable 22% Hybrid Adjustable 47% Fixed 23% Fixed with Variable Swap 8%

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16© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved Commercial and Business 37% Multifamily 41% Commercial Real Estate 21% Consumer 1% 1. As of December 31, 2022 excludes the basis adjustment associated with the application of hedge accounting on certain loans 2. Commercial and business loans, distribution by North American Industry Classification (NAICS) 3. Reflects average utilization rate Loans Outstanding by Type(1) Commercial & Business Loans by Industry(2) DIVERSIFIED LOAN PORTFOLIO (CONT'D) $14.7 Billion Business centric loan portfolio • High quality loan portfolio reflects deep and long-tenured client relationships • Commercial loans with diverse set of industries across Western U.S. • Fourth quarter new loan commitments of $240 million as weighted average rate on new commitments increased 79 bps to 6.34% from 5.55% in 3Q22 • 4Q22 C&I line of credit average utilization rate decreased slightly to 39.6%. C&I Loan Utilization Rates and Commitments(3) Arts, Entertainment, and Recreation, 2% Accommodation and Food Services, 18% Construction, 11% Manufacturing, 7% Health Care and Social Assistance, 7% Other Services (except Public Administration), 8% Finance and Insurance, 7% Wholesale Trade, 5% Retail Trade, 1% Public Administration, 4% Professional, Scientific, & Technical Services, 3% Real Estate and Rental and Leasing, 6% All Other, 21% $2,928 $3,027 $3,078 $3,031 $2,933 35.2% 39.5% 41.6% 40.4% 39.6% 4Q21 1Q22 2Q22 3Q22 4Q22 C&I LOC Commitments LOC Utilization Rate

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![](pacificpremierbancorpq42017.jpg)

17© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved Muni Bonds 29% MBS 26% CMO 19% Treasurys 1% Agency 11% Corp & Bank Notes 14% Other 0% SECURITIES PORTFOLIO Investment Securities as of December 31, 2022 Securities Valuation as of December 31, 2022 Highly-rated securities portfolio • Investment securities totaled $4.0 billion, or 18.4% of total assets as of December 31, 2022 • Favorable incremental quarterly AOCI impact, with unrealized loss position of $303.7 million at December 31, 2022 for AFS portfolio • Q4 2022 average yield of 2.35%(1) • AFS portfolio effective duration of 3.1 years $4.0 Billion 4Q22 Securities Mix 4Q22 AFS Duration HTM 35% AFS 65% ($ in millions) Carrying Value Fair Value Unrealized Loss AFS $2,904.7 $2,601.0 ($303.7) HTM $1,388.1 $1,097.1 ($291.1) Total $4,292.9 $3,698.1 ($594.8) 1. For AFS and HTM securities, excludes FRB Stock and FHLB stock <1 Yr 32% 1-3 Yrs 19% 3-5 Yrs 24% >5 Yrs 25%

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18© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved 0.07 0.33 1.58 3.08 4.33 0.04 0.04 0.06 0.22 0.58 4Q21 1Q22 2Q22 3Q22 4Q22 Federal Funds Rate Cost of Total Deposits Non-interest Bearing Deposits, 36% Interest- bearing Core Deposits, 49% Brokered Deposits, 8% Retail CDs, 6% Total Deposits of $17.4 billion as of December 31, 2022 Relationship-based core deposits • Low-cost core deposit mix reflects our relationship- based business model • Core deposits comprise 86% of total deposits - average core deposit costs of 0.31% • 4Q22 total deposit costs of 0.58% reflecting growth of brokered and retail CDs • Commercial escrow and exchange deposits decreased $397 million linked-quarter and ended 4Q22 at $634 million HIGH QUALITY DEPOSIT FRANCHISE 1. As of December 31, 2022 2. Quarterly average cost 3. Please refer to the non-U.S. GAAP information in the appendix 2022 Quarterly Average Cost of Total Deposits Trend Relative to Fed Funds Rate 4Q22 Deposit Mix • Total Deposits = 18% Period-end Beta 4Q21-4Q22 Cost of core deposits: 0.31% Balance(1) % of Total Avg. Cost of Deposits(2) Spot Cost of Deposits (dollars in thousands) Noninterest-bearing demand 6,306,825$36% 0.00% 0.00% Interest-bearing demand 3,119,850 18% 0.45% 0.63% Money market / savings 5,422,577 31% 0.60% 0.83% Total core deposits 14,849,252 86% 0.31% 0.43% Retail certificates of deposit 1,086,423 6% 1.60% 2.23% Brokered money market 30 0% 0.00% 0.05% Wholesale/brokered certificates of depo 1,416,696 8% 3.08% 3.48% Total non-core deposits 2,503,149 14% 2.44% 2.95% Total deposits 17,352,401$100% 0.58% 0.79%

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![](pacificpremierbancorpq42019.jpg)

19© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved Source: S&P Global Market Intelligence; Note: Financial data as of September 30, 2022; Deposit data as of June 30, 2022 1. Ranking includes banks headquartered in CA, OR and WA with less than $100 billion in assets, and measures total deposits in these states; Pro forma for pending acquisitions DEPOSIT MARKET SHARE (1) Other office locations: HOA Addison, TX Trust Denver, CO Franchise Woodcliff Lake, NJ Commercially-focused institution with diversified business lines

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![](pacificpremierbancorpq42020.jpg)

20© 2023 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, gain (loss) on interest rate contract in fair value hedging relationships from net interest income, and other one-time adjustments. Cost of core deposits excludes interest expense for certificates of deposit and brokered deposits. Reported and Core Net Interest Margin 4Q NIM unchanged compared to prior quarter, with benefit from swap income and higher asset yields offset by higher cost of funds and lower accretion and fees Loan Yields Cost of Funds and Cost of Deposits Factors Affecting Net Interest Margin Increase Decrease (1) (1) 3.53% 3.41% 3.49% 3.61% 3.61% 3.38% 3.33% 3.33% 3.44% 3.38% Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Reported Net Interest Margin Core Net Interest Margin 4.46% 4.25% 4.42% 4.61% 4.94% 4.25% 4.14% 4.21% 4.40% 4.64% Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Reported Loan Yield Core Loan Yield 0.04% 0.04% 0.06% 0.22% 0.58%0.14% 0.15% 0.22% 0.38% 0.77% Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Cost of Deposits Cost of Funds

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Asset Quality & Credit Risk Management

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![](pacificpremierbancorpq42022.jpg)

22© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved LOAN PORTFOLIO & CECL ACL for LHFI + Fair Value MarkAllowance 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 CECL model update • Reserves reflect changes in asset quality offset by change in loan balances and portfolio composition ACL for LHFI Change Attributions ($ in millions) (dollars in thousands) Balance % of Total Loans Held for Investment ACL for LHFI 195,651$1.33% Plus: Fair Value Mark on Acquired Loans(3) 54,795 0.37% Total ACL & Fair Value Mark(3) 250,446$1.70% (dollars in thousands) ACL Balance % of Loans HFI Investor loans secured by real estate CRE non-owner occupied 33,692$1.27% Multifamily 56,334 0.92% Construction and land 7,114 1.78% SBA secured by real estate(1) 2,592 6.15% Business loans secured by real estate CRE owner-occupied 32,340 1.33% Franchise real estate secured 7,019 1.86% SBA secured by real estate(2) 4,348 7.09% Commercial loans Commercial and industrial 35,169 1.63% Franchise non-real estate secured 16,029 3.96% SBA non-real estate secured 441 3.97% Retail loans Single family residential 352 0.48% Consumer loans 221 6.73% ACL for Loans HFI 195,651$1.33% 12/31/2022

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![](pacificpremierbancorpq42023.jpg)

23© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved ASSET QUALITY TRENDS Nonperforming Assets (% of Total Assets) Past Due Loans (% of LHFI) Classified Loans (% of Total Loans) Net Charge-offs (Recoveries) (% of Average Loans) Asset quality remains strong reflecting disciplined credit risk management Note: Dollars in millions $19.5 $43.7 $36.3 $41.3 $43.30.14% 0.30% 0.24% 0.28% 0.30% 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Past Due Loans PD Loans / Loans HFI $31.3 $55.3 $44.4 $60.5 $30.9 0.15% 0.26% 0.20% 0.28% 0.14% 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Nonperforming Assets NPAs / Assets $121.8 $122.5 $106.2 $110.1 $149.3 0.85% 0.83% 0.71% 0.74% 1.02% 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Classified Loans Classified Loans / Loans HFI -$1.0 $0.4 $5.2 $1.1 $3.8 -0.01% 0.00% 0.04% 0.01% 0.03% 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Net Charge-offs (Recoveries) NCOs / Avg Loans

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![](pacificpremierbancorpq42024.jpg)

24© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved 0.14% 4.21% Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 PPBI Peer Median PDNB Failed- Bank Acquisition 4/27/12 CREDIT RISK MANAGEMENT Credit quality has historically outperformed peers throughout varying cycles Nonperforming Assets to Total Assets Comparison CNB Failed- Bank Acquisition 2/11/11 Note: Peer group consists of Western region banks and thrifts with total assets between $5 billion and $69 billion as of September 30, 2022

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![](pacificpremierbancorpq42025.jpg)

25© 2023 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) Decreased Managed Growth Grandpoint Acquisition Experience in managing CRE concentrations through multiple cycles • CRE concentrations are well-managed across the organization and stress-tested semiannually • 67% of loans included in CRE concentration at December 31, 2022 are multifamily loans with historically strong performance Opus Acquisition CRE TO CAPITAL CONCENTRATION RATIO 627% 499% 415% 372% 310% 349% 376% 275% 356% 285% 385% 346% 0% 100% 200% 300% 400% 500% 600% 700% 800% Construction CRE NOO Multifamily

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![](pacificpremierbancorpq42026.jpg)

Selected Loan Metrics Fourth Quarter 2022 As of December 31, 2022

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![](pacificpremierbancorpq42027.jpg)

27© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved BUSINESS REAL ESTATE SECURED: CRE OWNER OCCUPIED By Industry(1) By Geography (2) • Business loans secured by owner occupied commercial real estate • Properties located in job centers, with emphasis on metro markets and supporting suburbs, primarily in California and Western states • Relationship borrowers who are core banking clients of PPBI • Repayment based on operating cash flows of the business • Disciplined underwriting based on actual results, not projections • Diversified by industry and geography Portfolio Characteristics – CRE Owner Occupied Loan Balance Outstanding (1) $2.4 billion Number of Loans 1,544 Average Loan Size $1.6 million Loan-to-Value (Weighted Average) 53% Seasoning (Weighted Average) 40 months 1 Distribution by North American Industry Classification System (NAICS) 2. Based on state of primary real property collateral if available, otherwise borrower address is used. All California information is for respective county. Portfolio Fundamentals (1) Excludes SBA and Franchise loans

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![](pacificpremierbancorpq42028.jpg)

28© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved COMMERCIAL AND INDUSTRIAL By Industry(1) • Lending focused on small and middle market businesses • Diversified by industry and geography • 86% of borrowers have a deposit relationship • Repayment based on operating cash flows of the business • Disciplined underwriting based on actual results, not projections • Limited exposure to syndicated or leveraged loans Portfolio Characteristics – Commercial and Industrial Loan Balance Outstanding (1) $2.2 billion Number of Loans 5,244 Average Loan Size $412,000 Number of Relationships 3,731 Average Relationship Size (2) $1.1 million Portfolio Fundamentals (1) Excludes SBA and Franchise loans (2) Based on commitment 1 Distribution by North American Industry Classification System (NAICS) 2. Based on state of primary real property collateral if available, otherwise borrower address is used. All California information is for respective county. By Geography (2)

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![](pacificpremierbancorpq42029.jpg)

29© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved INVESTOR REAL ESTATE SECURED: MULTIFAMILY Portfolio Characteristics – Multifamily Loan Balance Outstanding $6.1 billion Number of Loans 2,548 Average Loan Size $2.4 million Loan-to-Value (Weighted Average) 59% DSCR (Weighted Average)\* 1.62x Seasoning (Weighted Average) 31 months Geographic Distribution • Loans to seasoned owners of multifamily properties with significant operating experience • Core competency for PPBI, an asset class which performed well for the bank during the Great Recession of 2008 • Disciplined underwriting uses the lesser of actual or market rents and market vacancy, not projections or positive market rent trends • Loans are typically guaranteed by principals or entities with significant net worth and liquidity • Limited non-recourse lending reflects seasoned stabilized properties with modest leverage and strong operating results • 67% of multifamily loans are secured by real estate in California Portfolio Fundamentals \*DSCR is computed using the most recent NOI provided and annualized payment amount

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![](pacificpremierbancorpq42030.jpg)

30© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved INVESTOR REAL ESTATE SECURED: CRE NON-OWNER OCCUPIED By Property Type By Geography (1) • Core competency for PPBI, an asset class which performed well for the bank during the Great Recession of 2008 • Seasoned owners and managers of income properties • Secured by stabilized properties with recurring cash flows • Strong underwriting standards with minimum DSCR of 1.25x and maximum loan-to-value of 75%, majority with personal guarantees • Global cash flow and global DSCR for the majority of our exposure • Disciplined underwriting uses the lesser of actual or market rents and market vacancy, not projections or pro formas • 80% of loans are to borrowers who maintain a deposit relationship Portfolio Characteristics – CRE Non-Owner Occupied Loan Balance Outstanding(1) $2.7 billion Number of Loans 1,346 Average Loan Size $2.0 million Loan-to-Value (Weighted Average) 50% DSCR (Weighted Average)(2) 1.90x Seasoning (Weighted Average) 49 months 1. Based on state of primary real property collateral if available, otherwise borrower address is used. All California information is for respective county. Portfolio Fundamentals (1) Excludes SBA loans (2) DSCR is computed using the most recent NOI provided and annualized payment amount

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![](pacificpremierbancorpq42031.jpg)

31© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved FRANCHISE LOANS Portfolio Fundamentals • 93% of Franchise portfolio are Quick Service Restaurant ("QSR") brands and fast food with national scale with the resources to innovate and command market share • Well diversified by brand, guarantors, geography and collateral type (CRE and C&I) • 100% of the QSR franchise concepts in our portfolio profile have drive-thru, takeout and/or delivery capabilities, with this component expected to remain higher than pre- pandemic levels and thus bring added strength to our portfolio • Borrowers have over 22 years of operating experience on average, and each borrower operates over 20 store locations on average • Principals provide personal guarantees and all related loans are cross collateralized and cross defaulted • Highly disciplined approach, maintain well-defined market niche with minimal exceptions 1 Other category includes 17 different concepts, none of which is more than 3% 2. Based on state of primary real property collateral if available, otherwise borrower address. Other category includes 29 different states, none of which is more than 3%. By Franchise Concept(1) By Geography (2) Portfolio Characteristics – Franchise Loans Loan Balance Outstanding $782.8 million % of Loans Secured by Real Estate Collateral 48% Number of Relationships 172 Average Relationship Size (1) $4.6 million Average Length of Relationship 55 months Number of Loans 686 Average Loan Size $1.1 million FCCR (2) (Weighted Average) 1.73x Franchise portfolio consists of loans to QSRs, a well defined segment with a history of resiliency in a recessionary environment (1) Based on commitment (2) Fixed Charge Coverage Ratio includes certain fixed expenses in the denominator and is a more conservative measure than DSCR

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![](pacificpremierbancorpq42032.jpg)

PPBI Culture and ESG

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![](pacificpremierbancorpq42033.jpg)

33© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved CULTURE AT PACIFIC PREMIER Our culture is defined by our Success Attributes and they are the foundation of our "one bank, one culture" approach Organizational Culture Integrity • Do the right thing, every time. • Conduct business with the highest ethical standards. • Take responsibility for your actions. Improve • Improvement is incremental. Small changes over time have a significant impact. • Mistakes happen. Learn from them and don't repeat them • Be responsible for your personal and professional development Communicate • Over-communicate. • Provide timely and complete information to all stakeholders. • Collaborate to make better decisions. Achieve • Results matter • Be open to achieving results in new ways • A winning attitude is contagious Urgency • Operate with a sense of urgency. • Be thoughtful, making decisions in a timely manner. • Act today, not tomorrow.

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![](pacificpremierbancorpq42034.jpg)

34© 2023 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 • Published inaugural Corporate Social Responsibility Report including SASB and TCFD metrics • Completed Materiality Assessment to identify most relevant ESG issues • Awarded an Outstanding rating in our last two consecutive Community Reinvestment Act (CRA) exams • Continued Premier Inclusion program and strategy to promote initiatives related to diversity, equity and inclusion • Partnered with Gallup in Q1 2022 to facilitate Premier Perspective, an employment engagement survey Alignment to the United Nations Sustainable Development Goals ("SDGs") Our corporate responsibility efforts across community development and corporate giving align most closely with 8 SDGs Current environmental initiatives aim to improve disclosures, evaluate climate risk, and reduce our environmental impact Our commitment to our communities, customers and employees is at the core of our ESG strategy(2) Community Support 7,418 Volunteer Hours 480+ Community Partnerships Our full Board is responsible for overseeing ESG and corporate social responsibility efforts throughout our organization 80% of charitable giving benefited minority communities $50M Commitment to Equitable Impact Initiative • Disclosed Scope 1 and Scope 2 greenhouse gas emissions. Evaluated relevancy of Scope 3 factors. • Established Climate-related Credit Risk Working Group to oversee the Bank's approach to managing climate related risks including physical climate risk considerations • Launched "Premier Green Impact" program focused on engaging employees and promoting sustainability practices within the company 1. Management = any individual with direct reports 2. Community Partnerships and Support and Social Justice Initiatives data is for the 12-month period ended December 31, 2021 Social Justice Initiatives COMMITMENT TO ESG • The Board's Nominating and Governance Committee, responsible for overseeing ESG program • 50% of Board committees chaired by women • Rose McKinney-James was appointed to the Board March 28, 2022, bringing expertise in ESG, risk management, government and regulatory affairs • Stephanie Hsieh was appointed to the Board July 29, 2022, bringing expertise in legal and enterprise risk management, product development, and corporate strategy. 3 2 Employee HighlightsEmployee Highlights Commitment to Continuous Improvement

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![](pacificpremierbancorpq42035.jpg)

35© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved Six Independent Directors Independent Director Tenure Added Since 2019 As of 12/31/22 2022 Rose McKinney-James Managing Principal, Energy Works LLC and McKinney-James & Associates Stephanie Hsieh Executive Director, Biocom California and Director, Founder, and former CEO, Meditope Biosciences, Inc. 2021 George Pereira Prior COO and CFO, Charles Schwab Investment Management Inc. 2020 Richard Thomas Prior EVP / CFO, CVB Financial Corp. 2019 Barbara Polsky Senior Advisor, Jiko Group, Inc. and prior Partner Manatt, Phelps & Phillips, LLP 10+ Years 18% 0-4 Years 55% 5-9 Years 27% 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 • The Board believes in and practices diversity and inclusion - 45% of independent directors demonstrate gender or ethnic diversity at 12/31/2022 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  Banking/Financial Services Expertise  Public Company oversight experience  Significant experience in governance areas such as audit, corporate governance, enterprise risk, executive compensation practices and regulatory compliance  Special skills, expertise or background that add to and complement the range of skills including cybersecurity, data security, technology and ESG oversight  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 Average Tenure 5.5 Years BOARD REFRESHMENT & EVALUATION PROCESS 2019 Jaynie Studenmund Prior Head of Retail & Business Banking, First Interstate Bank, Great Western Bank, and Home Savings

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![](pacificpremierbancorpq42036.jpg)

36© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved PPBI INVESTMENT THESIS  Shareholder value is our key focus – building long-term value for our owners  Our culture differentiates us and drives fundamentals for all stakeholders  Diverse Board advising on strategy, overseeing risk and ESG, and supporting long-term value creation  Financial results remain solid – strong capital ratios and core earnings  Emphasis on risk management is a key strength of our organization  We have maintained a strong credit culture in both good times and bad  Highly experienced and respected bank acquirer – 11 successful acquisitions since 2011

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![](pacificpremierbancorpq42037.jpg)

Appendix: Information - Non-GAAP Reconciliation

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![](pacificpremierbancorpq42038.jpg)

38© 2023 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. Dec. 31, March 31, June 30, Sept. 30, Dec. 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 2022 2022 Total stockholders' equity 175,226$199,592$298,980$459,740$1,241,996$1,969,697$2,012,594$2,746,649$2,886,311$2,783,018$2,755,219$2,735,396$2,798,389$ Less: Intangible assets 24,056 28,564 58,002 111,941 536,343 909,282 891,634 984,076 970,883 967,290 963,812 960,340 956,900 Tangible common equity 151,170$171,028$240,978$347,799$705,653$1,060,415$1,120,960$1,762,573$1,915,428$1,815,728$1,791,407$1,775,056$1,841,489$ Total assets 1,714,187$2,037,731$2,789,599$4,036,311$8,024,501$11,487,387$11,776,012$19,736,544$21,094,429$21,622,296$21,993,919$21,619,201$21,688,017$ Less: Intangible assets 24,056 28,564 58,002 111,941 536,343 909,282 891,634 984,076 970,883 967,290 963,812 960,340 956,900 Tangible assets 1,690,131$2,009,167$2,731,597$3,924,370$7,488,158$10,578,105$10,884,378$18,752,468$20,123,546$20,655,006$21,030,107$20,658,861$20,731,117$ Tangible common equity ratio 8.94% 8.51% 8.82% 8.86% 9.42% 10.02% 10.30% 9.40% 9.52% 8.79% 8.52% 8.59% 8.88% Basic shares outstanding 16,656,279 16,903,884 21,570,746 27,798,283 46,245,050 62,480,755 59,506,057 94,483,136 94,389,543 94,945,849 94,976,605 95,016,767 95,021,760 Book value per share 10.52$11.81$13.86$16.54$26.86$31.52$33.82$29.07$30.58$29.31$29.01$28.79$29.45$ Less: Intangible book value per share 1.44 1.69 2.69 4.03 11.60 14.55 14.98 10.42 10.29 10.19 10.15 10.11 10.07 Tangible book value per share 9.08$10.12$11.17$12.51$15.26$16.97$18.84$18.65$20.29$19.12$18.86$18.68$19.38$ As of December 31, As of

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![](pacificpremierbancorpq42039.jpg)

39© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved NON-U.S. GAAP FINANCIAL MEASURES Note: All dollars in thousands 1. Annualized Return on average tangible common equity is a non-U.S. GAAP financial measure derived from U.S. GAAP-based amounts. We calculate this figure by excluding CDI amortization expense and excluding the average CDI and average goodwill from the average stockholders' equity during the period. We believe that this non-U.S. GAAP financial measure provides information that is important to investors and that is useful in understanding our performance. This non-U.S. GAAP financial measure is supplemental and is not a substitute for an analysis based on U.S. GAAP measures. As companies may use different calculations for this measure, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the U.S. GAAP measure of return on average equity to the non-U.S. GAAP measure of return on average tangible common equity is set forth below. 12/31/2022 9/30/2022 12/31/2021 12/31/2022 12/31/2021 Net Income 73,673$73,363$84,831$283,743$339,889$ Plus: amortization of intangible assets expense 3,440 3,472 3,880 13,983 15,936 Less: amortization of intangible assets expense tax adjustment 978 991 1,107 3,987 4,556 Net income for average tangible common equity 76,135$75,844$87,604$293,739$351,269$ Plus: merger-related expense - - - - 5 Less: merger-related expense tax adjustment - - - - 1 Net income for average tangible common equity excluding merger-related expenses 76,135$75,844$87,604$293,739$351,273$ Average stockholders' equity 2,751,161$2,775,124$2,851,000$2,788,543$2,798,593$ Less: average intangible assets 57,624 61,101 71,897 62,833 77,817 Less: average goodwill 901,312 901,312 901,312 901,312 900,458 Average tangible common equity 1,792,225$1,812,711$1,877,791$1,824,398$1,820,318$ Return on average equity(1) 10.71% 10.57% 11.90% 10.18% 12.14% Return on average tangible common equity(1) 16.99% 16.74% 18.66% 16.10% 19.30% Return on average tangible common equity excluding merger-related expense(1) 16.99% 16.74% 18.66% 16.10% 19.30% Three Months Ended Year Ended

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![](pacificpremierbancorpq42040.jpg)

40© 2023 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. FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Total noninterest expense 50,815$54,938$73,332$98,063$167,958$249,905$259,065$381,119$380,277$396,670$97,252$97,648$98,974$100,866$99,182$ Less: amortization of intangible assets expense 764 1,014 1,350 2,039 6,144 13,594 17,245 17,072 15,936 13,983 3,880 3,592 3,479 3,472 3,440 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$364,336$382,687$93,372$94,056$95,495$97,394$95,742$ Net interest income 58,444$73,635$106,299$153,075$247,502$392,711$447,301$574,211$662,374$697,112$170,719$161,839$172,765$181,112$181,396$ Plus: Total noninterest income 8,811 13,377 14,388 19,602 31,114 31,027 35,236 71,325 107,850 88,748 27,281 25,894 22,193 20,164 20,497 Less: Net gain (loss) from investment securities 1,544 1,547 290 1,797 2,737 1,399 8,571 13,882 16,906 1,710 3,585 2,134 (31) (393) - Less: Other income - security recoveries(1) (4) (29) - (205) 1 4 2 2 10 - 1 - - - - Less: Net gain (loss) from other real estate owned - - - 18 46 281 52 (112) - - - - - - - Less: Net gain (loss) from debt extinguishment - - - - - - (612) - (180) - - - - - - Revenue, adjusted 65,715$85,494$120,397$171,067$275,832$422,054$474,524$631,764$753,488$784,150$194,414$185,599$194,989$201,669$201,893$ Efficiency Ratio 64.7% 61.3% 55.9% 53.6% 51.0% 51.6% 50.8% 49.8% 48.4% 48.8% 48.0% 50.7% 49.0% 48.3% 47.4%

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![](pacificpremierbancorpq42041.jpg)

41© 2023 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 FY 2021 FY 2022 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Interest income 63,800$81,339$118,356$166,605$270,005$448,423$526,107$630,726$696,739$768,578$177,006$168,546$183,226$199,025$217,781$ Interest expense 5,356 7,704 12,057 13,530 22,503 55,712 78,806 56,515 34,365 71,466 6,287 6,707 10,461 17,913 36,385 Net interest income 58,444 73,635 106,299 153,075 247,502 392,711 447,301 574,211 662,374 697,112 170,719 161,839 172,765 181,112 181,396 Noninterest income 8,811 13,377 14,388 19,602 31,114 31,027 35,236 71,325 107,850 88,748 27,281 25,894 22,193 20,164 20,497 Revenue 67,255 87,012 120,687 172,677 278,616 423,738 482,537 645,536 770,224 785,860 198,000 187,733 194,958 201,276 201,893 Noninterest expense 50,815 54,938 73,332 98,063 167,958 249,905 259,065 381,119 380,277 396,670 97,252 97,648 98,974 100,866 99,182 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$389,952$389,190$100,748$90,085$95,984$100,410$102,711$ Pre-provision net revenue(1) 23,366$33,564$52,154$79,002$131,660$192,287$224,128$313,546$389,952$389,190$402,992$360,340$383,936$401,640$410,844$ 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$20,492,402$21,513,428$20,867,005$20,956,791$21,670,153$21,687,436$21,728,933$ PPNR / Average Assets 1.62% 1.84% 1.99% 2.19% 2.16% 1.96% 1.94% 1.86% 1.90% 1.81% 0.48% 0.43% 0.44% 0.46% 0.47% PPNR / Average Assets(1) 1.62% 1.84% 1.99% 2.19% 2.16% 1.96% 1.94% 1.86% 1.90% 1.81% 1.93% 1.72% 1.77% 1.85% 1.89%

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![](pacificpremierbancorpq42042.jpg)

42© 2023 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, nonrecurring nonaccrual interest paid, and gain (loss) on interest rate contract in fair value hedging relationships 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, nonrecurring nonaccrual interest paid, and gain (loss) on interest rate contract in fair value hedging relationships from net 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 FY 2021 FY 2022 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Net interest income 58,444$73,635$106,299$153,075$247,502$392,711$447,301$574,211$662,374$697,112$170,719$161,839$172,765$181,112$181,396$ Less: Accretion income 3,241 1,927 4,387 9,178 12,901 16,082 20,609 33,180 36,666 21,667 7,867 5,940 7,544 4,646 3,537 Less: Premium amortization on CD 139 143 200 411 969 1,551 521 6,443 3,266 225 183 96 60 39 30 Less: Nonrecurring nonaccrual interest paid - - - - - 380 470 (95) (544) (1,267) 349 (356) 48 (848) (111) Less: gain (loss) on fair value hedging relationships - - - - - - - - 914 10,705 (819) (1,667) 128 4,240 8,004 Core net interest income 55,064$71,565$101,712$143,486$233,632$374,698$425,701$534,683$622,072$665,782$163,139$157,826$164,985$173,035$169,936$ 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$18,897,234$19,746,829$19,173,458$19,240,232$19,876,806$19,929,636$19,944,656$ Net interest margin 4.18% 4.21% 4.25% 4.48% 4.43% 4.44% 4.33% 3.74% 3.51% 3.53% 3.53% 3.41% 3.49% 3.61% 3.61% Core net interest margin 3.93% 4.09% 4.06% 4.20% 4.18% 4.24% 4.13% 3.48% 3.29% 3.37% 3.38% 3.33% 3.33% 3.44% 3.38% FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Loan interest income 58,089$75,751$111,097$157,935$251,027$415,410$485,663$577,558$622,033$673,720$157,418$150,604$164,455$174,204$184,457$ Less: Loan accretion 3,241 1,927 4,387 9,178 12,901 16,082 20,609 33,180 36,666 21,667 7,867 5,940 7,544 4,646 3,537 Less: Nonrecurring nonaccrual interest paid - - - - - 380 470 (95) (544) (1,267) 349 (356) 48 (848) (111) Less: gain (loss) on fair value hedging relationships - - - - - - - - 914 10,705 (819) (1,667) 128 4,240 8,004 Core loan interest income 54,848$73,824$106,710$148,757$238,126$398,948$464,584$544,473$584,997$642,615$150,021$146,687$156,735$166,166$173,027$ 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$13,497,119$14,767,554$14,005,836$14,371,588$14,919,182$14,986,682$14,799,417$ Loan yield 5.59% 5.32% 5.39% 5.45% 5.31% 5.52% 5.54% 4.89% 4.61% 4.56% 4.46% 4.25% 4.42% 4.61% 4.94% Core loan yield 5.28% 5.18% 5.18% 5.13% 5.04% 5.30% 5.30% 4.61% 4.33% 4.35% 4.25% 4.14% 4.21% 4.40% 4.64%

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![](pacificpremierbancorpq42043.jpg)

43© 2023 Pacific Premier Bancorp, Inc. \| All rights reserved NON-U.S. GAAP FINANCIAL MEASURES Cost of core deposits is a non-GAAP financial measure derived from GAAP based amounts. Cost of core deposits is calculated as the ratio of core deposit interest expense to average core deposits. We calculate core deposit interest expense by excluding interest expense for certificates of deposit and brokered deposits from total deposit expense, and we calculate average core deposits by excluding certificates of deposit and brokered deposits from total deposits. Management believes cost of core deposits is a useful measure to assess the Company's deposit base, including its potential volatility. Note: All dollars in thousands Q4 2022 Q3 2022 Q4 2021 FY 2022 FY 2021 Total deposits interest expense 25,865$9,873$1,694$40,093$11,817$ Less: certificates of deposit interest expense 3,941 1,420 517 6,498 3,332 Less: brokered deposit interest expense 9,965 3,827 1 14,120 149 Core deposits expense 11,959$4,626$1,176$19,475$8,336$ Total average deposits 17,608,783$17,732,822$17,383,128$17,594,941$16,983,299$ Less: average certificates of deposit 975,958 835,645 1,084,326 944,963 1,248,956 Less: average brokered deposits 1,283,567 703,848 5,552 523,530 35,194 Average core deposits 15,349,258$16,193,329$16,293,250$16,126,448$15,699,149$ Cost of core deposits 0.31% 0.11% 0.03% 0.12% 0.05%

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