Company: BANC-PF
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001628280-25-009438
Chunk: 113

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 113
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 Inc. common stock continues to trade on NYSE, with the ticker symbol of “BANC.”The following table provides the preliminary purchase price allocation as of the Merger Date and the assets acquired and liabilities assumed at their estimated fair value as of the Merger Date as recorded by the Company. November 30, 2023Purchase Price Consideration:(In thousands)Total merger consideration$663,004 Fair value of assets acquired:Cash and due from banks$335,300 Investment securities available-for-sale872,800 Loans and leases held for sale2,182,988 Loans and leases held for investment, net of allowance for loan and lease losses3,965,112 Premises and equipment103,500 Other intangible assets145,500 Current and deferred tax assets, net209,100 Other assets392,550 Total assets acquired$8,206,850 Fair value of liabilities assumed:Deposits$6,547,659 FHLB advances 794,000 Long-term debt257,600 Other liabilities143,214 Total liabilities assumed$7,742,473 Net assets acquired464,377 Goodwill$198,627 

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements

The estimates of fair value were recorded based on initial valuations available at the Merger Date and further adjusted in 2024 based on new information. In many cases, the determination of fair value required management to make estimates about discount rates, expected future cash flows, market conditions and other future events that were highly subjective in nature and subject to change. While the Company believes that the information available on the Merger Date provided a reasonable basis for estimating fair value, additional information obtained during the measurement period resulted in changes in 2024. During the year ended December 31, 2024, the Company recorded adjustments related to the Merger resulting in an increase to goodwill of $15.9 million, within the one-year measurement period subsequent to the acquisition date of November 30, 2023. These adjustments largely related to the estimated fair value of acquired loans. The measurement period ended on the earlier of one year after the Merger Date or the date that the Company concluded that all necessary information about the facts and circumstances that existed as of the Merger Date had been obtained.In connection with the Merger, the Company recorded $214.5 million of goodwill. Goodwill represents the