Kroll Bond Rating Agency Affirms Pacific Premier Bank and Pacific Premier Bancorp, Inc. Credit Ratings of A- and BBB+
05 June 2023 - 10:58PM
Business Wire
Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company” or
“Pacific Premier”) announced today that Kroll Bond Rating Agency,
LLC (“KBRA”), a Nationally Recognized Statistical Rating
Organization registered with the U.S. Securities and Exchange
Commission, recently affirmed the Company’s senior unsecured debt
rating of BBB+, the subordinated debt rating of BBB, and the
short-term debt rating of K2.
KBRA also affirmed the deposit and senior unsecured debt ratings
of A-, the subordinated debt rating of BBB+, and the short-term
deposit and debt ratings of K2 for Pacific Premier Bank, the
Company’s wholly-owned bank subsidiary. According to KBRA, the
outlook for all long-term ratings is stable supported by the
Company’s long-term credit performance.
Within the report, KBRA highlighted the Company’s conservative
risk management approach along with sound loan underwriting and
loan review practices, which have enabled the Company to sustain a
history of comparatively low credit cost.
KBRA analysts noted: “PPBI’s recent strategy has also benefited
capital ratios, particularly risk-based measures which have
increased ~150 bps since 2Q22 and included a CET1 ratio situated
well above peer averages.”
“Pacific Premier has successfully navigated volatile markets for
over twenty years through our proactive and disciplined approach to
risk management,” commented Steve Gardner, Pacific Premier
Chairman, Chief Executive Officer, and President. “KBRA’s recent
report reinforces our strong business model that has enabled us to
effectively navigate the recent industry turmoil. As noted in their
report, our capital levels exceed the majority of our peers. We are
well prepared to meet our clients’ needs, and are focused on
driving business development efforts and generating new client
relationships throughout the communities we serve.”
The Kroll release, disclosures, and additional information on
rating categories are on their website.
Note Regarding Ratings
A rating is not investment or financial advice and is not a
recommendation to buy, sell or hold securities. Ratings may be
subject to revision or withdrawal at any time by the assigning
rating organization. Each rating organization has its own
methodology for assigning ratings and, accordingly, each rating
should be evaluated independently of any other rating. The
foregoing description of the rating is qualified in its entirety by
reference to the full text of KBRA’s press release, disclosures and
additional information on rating categories which can be found on
their website at www.kbra.com. The KBRA press release, credit
ratings, and analysis constitute part of the information contained
therein are, and must be construed solely as, statements of opinion
of KBRA and not statements of fact or recommendations of KBRA or
the Company to purchase, sell or hold any of the Company's
securities.
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 over
$21 billion in total assets. Pacific Premier Bank provides banking
products and services, including deposit accounts, digital banking,
and treasury management services, to businesses, professionals,
entrepreneurs, real estate investors, and nonprofit organizations.
Pacific Premier Bank also offers a wide array of loan products,
such as commercial business loans, lines of credit, SBA loans,
commercial real estate loans, agribusiness loans, franchise
lending, home equity lines of credit, and construction loans.
Pacific Premier Bank offers commercial escrow services and
facilitates 1031 Exchange transactions through its Commerce Escrow
division. Pacific Premier Bank offers clients IRA custodial
services through its Pacific Premier Trust division, which has
approximately $17 billion of assets under custody and 38,000 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230605005323/en/
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
Pacific Premier Bancorp (NASDAQ:PPBI)
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