Kroll Bond Rating Agency Affirms Pacific Premier Credit Ratings of A- and BBB+
June 05, 2023
IRVINE, Calif.— (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.