Pacific Premier Bancorp Ranked 3rd Best Performing Regional Bank by S&P Global Market Intelligence
Company Release - 4/5/2019 6:00 AM ET
IRVINE, Calif.--(BUSINESS WIRE)-- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI), the holding company of Pacific Premier Bank, announced today that it was ranked as the third best performing regional bank in the United States by S&P Global Market Intelligence based on its financial results for the year ended December 31, 2018. This represents Pacific Premier Bancorp’s first year being classified as a regional bank by S&P Global Market Intelligence, which defines “regional banks” as banks and thrifts with between $10 billion and $50 billion in total assets. Prior to moving into the larger regional bank category, Pacific Premier Bancorp had been ranked by S&P Global Market Intelligence as one of the 10 best performing community banks in the country for three consecutive years.
S&P Global Market Intelligence’s rankings are based on six metrics: return on average tangible common equity, net charge-offs as a percentage of average loans, adjusted Texas ratio, efficiency ratio, net interest margin, and loan growth. In 2018, 87 companies were eligible for the S&P Global Market Intelligence rankings in the regional bank size category.
“We are proud to continue our track record as one of the top performing banks in the United States,” said Steven R. Gardner, Chairman, President and Chief Executive Officer of Pacific Premier Bancorp. “At the end of 2010, Pacific Premier was a small community bank in Orange County that had approximately $800 million in assets. Following the successful execution of our organic and acquisitive growth strategies, Pacific Premier is now one of the leading commercial banking franchises on the West Coast with more than $11 billion in assets, a deep presence across Southern California and the Central Coast, and a growing footprint in additional high growth markets in Arizona, Nevada and Washington. We believe our consistent ranking among the top banks in the country is a testament to our dedicated and hardworking team’s ability to prudently manage our growth while continuing to deliver superior financial performance for our shareholders.”
About Pacific Premier Bancorp, Inc.
Pacific Premier Bancorp (the “Company”) is the holding company for Pacific Premier Bank, one of the largest banks headquartered in Southern California with approximately $11.5 billion in assets. Pacific Premier Bank is a business bank primarily focused on serving small and middle market businesses in the counties of Orange, Los Angeles, Riverside, San Bernardino, San Diego, San Luis Obispo and Santa Barbara, California, as well as markets in the states of Arizona, Nevada and Washington. Through its more than 40 depository branches, Pacific Premier Bank offers a diverse range of lending products including commercial, commercial real estate, construction, and SBA loans, as well as specialty banking products for homeowners associations and franchise lending nationwide.
The statements contained herein that are not historical facts are forward-looking statements based on management’s current expectations and beliefs regarding future financial results and shareholder value creation.
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 expected cost savings, synergies and other financial benefits from any acquisition the Company has made or may make might not be realized within the expected time frames or at all; the strength of the United States economy in general and the strength of the local economies in which the Company conducts 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, interest rate, market and monetary fluctuations; the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers; the willingness of users to substitute competitors’ products and services for the Company’s products and services; the impact of changes in financial services policies, laws and regulations (including the Dodd-Frank Wall Street Reform and Consumer Protection Act) and of governmental efforts to restructure the U.S. financial regulatory system; technological changes; changes in the level of the Company’s nonperforming assets and charge offs; any oversupply of inventory and deterioration in values of California real estate, both residential and commercial; the effect of changes in accounting policies and practices, as may be adopted from time-to-time by bank regulatory agencies, the Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; possible other-than-temporary impairment of securities held by us; changes in consumer spending, borrowing and savings habits; the effects of the Company’s lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; ability to attract deposits and other sources of liquidity; 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; unanticipated regulatory or judicial proceedings; and the Company’s 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 2018 Annual Report on Form 10-K of Pacific Premier Bancorp, Inc. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20190405005066/en/
Pacific Premier Bancorp, Inc.
Steven R. Gardner
Chairman, President and Chief Executive Officer
Ronald J. Nicolas, Jr.
Senior Executive Vice President and Chief Financial Officer
Source: Pacific Premier Bancorp, Inc.