Kroll Bond Rating Agency Affirms Pacific Premier Bank and Pacific Premier Bancorp, Inc. Credit Ratings of A- and BBB+ and Revises Outlook to Positive
27 June 2024 - 11:00PM
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 revised to Positive from
Stable.
Within the report, KBRA highlighted the Company’s proactive
approach to balance sheet management, which has placed the Company
in a position of comparative strength, with a strong, low-cost and
durable deposit franchise, coupled with robust capital levels.
KBRA analysts noted: “PPBI employs an experienced leadership
team with a proven track record of effectively managing growth,
both organic and M&A, as demonstrated in the years preceding
the pandemic. Earnings trends have been relatively stable, with an
operating ROA at ~1% in recent quarters, tracking in line with
rated peers.”
“Pacific Premier has delivered consistent performance for more
than two decades through our proactive and disciplined approach to
risk management,” commented Steve Gardner, Pacific Premier
Chairman, Chief Executive Officer, and President. “KBRA’s recent
report and revised Positive Outlook highlights our durable business
model that has served our organization well throughout various
economic cycles. As noted in KBRA’s report, we continue to maintain
a strong funding profile and higher-than-peer capital levels. We
are well-prepared to meet our clients’ needs, and our team is
focused on adding new client relationships to our franchise.”
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 constituting 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, Oregon, Arizona, and Nevada. Founded in
1983, Pacific Premier Bank has grown to become one of the largest
banks headquartered in the western region of the United States,
with approximately $19 billion in total assets. Pacific Premier
Bank provides banking products and services, including deposit
accounts, digital banking, and treasury management services, to
businesses, professionals, entrepreneurs, real estate investors,
and nonprofit organizations. Pacific Premier Bank also offers a
wide array of loan products, such as commercial business loans,
lines of credit, SBA loans, commercial real estate loans,
agribusiness loans, franchise lending, home equity lines of credit,
and construction loans. Pacific Premier Bank offers commercial
escrow services and facilitates 1031 Exchange transactions through
its Commerce Escrow division. Pacific Premier Bank offers clients
IRA custodial services through its Pacific Premier Trust division,
which has approximately $17 billion of assets under custody and
over 33,000 client accounts comprised of self-directed investors,
financial institutions, capital syndicators, and financial
advisors. Additionally, Pacific Premier Bank provides nationwide
customized banking solutions to Homeowners’ Associations and
Property Management companies. Pacific Premier Bank is an Equal
Housing Lender and Member FDIC. For additional information about
Pacific Premier Bancorp, Inc. and Pacific Premier Bank, visit our
website: www.ppbi.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240627089799/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 and Director of
Investor Relations 949-243-1082
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