Company: BANC-PF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001169770-25-000024
Chunk: 140

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 140
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.17 and tangible book value per share(1) of 2.5% to $16.12 from the fourth quarter of 2024, with both metrics increasing by 6.1% and 7.3%, respectively, from the first quarter of 2024.

•Strong credit quality with low net charge-offs at 0.24% of average loans and leases. Appropriate credit reserves with the ACL ratio mostly flat at 1.10% of total loans and leases.

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(1)    See "- Non-GAAP Financial Measures."

69

The following table presents financial results and performance ratios for the periods indicated:

Three Months EndedMarch 31,December 31,March 31,202520242024(Dollars in thousands, except per share data)Earnings Summary:Interest income$406,655 $424,519 $478,704 Interest expense(174,291)(189,234)(249,602)Net interest income232,364 235,285 229,102 Provision for credit losses(9,300)(12,801)(10,000)Noninterest income 33,650 28,989 33,816 Operating expense(183,653)(182,393)(210,518)Acquisition, integration and reorganization costs— 1,023 — Earnings before income taxes73,061 70,103 42,400 Income tax expense  (19,493)(13,184)(11,548)Net earnings  53,568 56,919 30,852 Preferred stock dividends(9,947)(9,947)(9,947)Net earnings available tocommon and equivalent stockholders$43,621 $46,972 $20,905 Per Common Share Data:Diluted earnings per share (1)$0.26 $0.28 $0.12 Book value per share(1)$18.17 $17.78 $17.13 Tangible book value per share (1)(2)$16.12 $15.72 $15.03 Performance Ratios:Return on average assets 0.65 %0.67 %0.33 %Return on average tangible common equity (2)7.56 %7.35 %4.36 %Net interest margin 3.08 %3.04 %2.66 %Yield on average