Company: BANC-PF
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001628280-25-009438
Chunk: 484

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 484
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 under the Amended and Restated 2018 Plan. In addition to the Amended and Restated 2018 Plan, in connection with the Merger, the Company assumed the Amended and Restated PacWest Bancorp 2017 Stock Incentive Plan (the "PacWest 2017 Plan") with respect to PacWest's outstanding stock-based awards.  Restricted Stock (RSUs, TRSAs and PSUs)Restricted stock amortization totaled $14.5 million, $27.4 million, and $33.9 million for the years ended December 31, 2024, 2023, and 2022. Such amounts are included in compensation expense on the accompanying consolidated statements of earnings (loss) and exclude $944,000, $1,305,000, and $845,000 of stock-based compensation expense for the years ended December 31, 2024, 2023, and 2022 related to our directors, which is included in other expense on the accompanying consolidated statements of earnings (loss). The income tax benefit recognized in the consolidated statements of earnings (loss) related to this expense was $3.6 million, $3.9 million, and $6.6 million for the years ended December 31, 2024, 2023, and 2022. The amount of unrecognized compensation expense related to all RSUs, TRSAs, and PSUs as of December 31, 2024 totaled $45.1 million. Such expense is expected to be recognized over a weighted average period of 2.8 years.The following table presents a summary of restricted stock transactions during the year ended December 31, 2024: RSUsTRSAsPSUsWeightedWeightedWeightedAverageAverageAverageNumberGrant Date NumberGrant Date NumberGrant Date ofFair ValueofFair ValueofFair ValueYear Ended December 31, 2024Units(Per Unit)Shares(Per Share)Units(Per Unit)Unvested restricted stock, beginning of year 501,050 $11.21861,403 $48.95— —Granted1,752,607 $14.32— —2,550,486 $9.00Vested260,673 $17.06424,013 $48.37— —Forfeited233,649 $14.63226,184 $47.90266,955 $8.98Unvested restricted stock