Company: BANC-PF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001169770-25-000024
Chunk: 8

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 2
Chunk 8
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.35 %65.96 %76.87 %

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(1)    Includes customer related expense of $27,751, $31,672, and $30,919 for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

(2)    Noninterest expense used for efficiency ratio divided by total revenue used for efficiency ratio.

68

Results of Operations

The Company reported net earnings available to common and equivalent stockholders of $43.6 million, or $0.26 per diluted common share, for the first quarter of 2025. This compares to net earnings available to common and equivalent stockholders of $47.0 million, or $0.28 per diluted common share, for the fourth quarter of 2024, and net earnings available to common and equivalent stockholders of $20.9 million, or $0.12 per diluted common share, for the first quarter of 2024.

Financial results for the first quarter of 2025 included:

•Total loans of $24.1 billion grew by 6% annualized or $344.9 million from the fourth quarter of 2024 driven primarily by growth in the commercial and industrial ("C&I") loan portfolio subclasses of lender finance, equity fund loans, and warehouse lending, as well as an increase in multi-family real estate mortgage loans.

•New loan originations totaled $2.6 billion including production, purchased loans, and unfunded new commitments with a weighted average interest rate on production of 7.20%.

•Repurchase of $38.5 million of common stock with a weighted average price per share of $14.36 during the first quarter, and $150.0 million with a weighted average price per share of $13.05 cumulatively through April 21, 2025, or 6.8% of common shares outstanding as of March 17, 2025, the date that the $150 million authorization was announced.

•Net interest margin up 4 basis points from the fourth quarter of 2024 to 3.08% and up 42 basis points from the first quarter of 2024.

•Average total cost of deposits declined by 14 basis points to 2.12% from the fourth quarter of 2024 and down 54 basis points from the first quarter of 2024.

•Average noninterest-bearing deposits stable at