Company: BANC-PF
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001628280-25-009438
Chunk: 475

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 475
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44,734 Total current tax expense46,710 37,606 108,567 Deferred Tax (Benefit) Expense:Federal(6,082)(238,865)35,789 State1,138 (110,942)(401)Total deferred tax (benefit) expense (4,944)(349,807)35,388 Total income tax (benefit) expense$41,766 $(312,201)$143,955 The following table presents a reconciliation of the recorded income tax expense to the amount of taxes computed by applying the applicable federal statutory income tax rates of 21% for 2024, 2023, and 2022 to earnings before income taxes:Year Ended December 31, 202420232022(In thousands)Computed expected income tax (benefit) expense at federal statutory rate$35,417 $(464,381)$119,189 State tax (benefit) expense, net of federal tax benefit12,657 (156,669)36,310 Goodwill impairment— 286,811 — Tax‑exempt interest benefit(15,572)(12,518)(12,293)Increase in cash surrender value of life insurance(1,246)(1,455)(1,246)Low income housing tax credits, net of amortization(12,378)(8,574)(7,158)Nondeductible employee compensation1,683 3,947 6,067 Nondeductible acquisition‑related expense— 5,456 — Nondeductible FDIC premiums9,377 18,973 4,257 Change in unrecognized tax benefits40 443 (2,017)Valuation allowance change(2,115)(5,948)1,805 Disallowed interest11,043 12,318 2,455 Equity compensation shortfall (windfall)4,991 4,949 (410)State rate and apportionment changes(4,662)2,240 (2,189)Other, net2,531 2,207 (815)Recorded income tax (benefit) expense$41,766 $(312,201)$143,955 The Company recognized $57.9 million, $42.7 million, and $34.4 million of tax credits and other tax benefits associated with its investments in LIHTC partnerships for the years ended December 31, 2024