Company: BANC-PF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001169770-25-000024
Chunk: 139

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 139
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 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 29% of average total deposits for the first quarter of 2025 and fourth quarter of 2024, and up from 26% for the first quarter of 2024.

•High liquidity levels, with available on-balance sheet liquidity and unused borrowing capacity of $15.1 billion at March 31, 2025, which was 2.1 times greater than uninsured and uncollateralized deposits.

•Strong capital ratios well above the regulatory thresholds for "well capitalized" banks, including a 12.86% Tier 1 capital ratio and a 10.45% CET 1 capital ratio.

•Continued growth in book value per share of 2.2% to $18