Company: BANC-PF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001169770-25-000024
Chunk: 137

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 137
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 the following tables for and as of the periods presented.

Three Months EndedMarch 31,December 31,March 31,Return on Average Tangible Common Equity202520242024(Dollars in thousands)Net earnings  $53,568 $56,919 $30,852 Earnings before income taxes$73,061 $70,103 $42,400 Add:Intangible asset amortization7,160 7,770 8,404 Adjusted earnings before income taxes80,221 77,873 50,804 Adjusted income tax expense (1)20,296 19,281 13,412 Adjusted net earnings 59,925 58,592 37,392 Less:Preferred stock dividends9,947 9,947 9,947 Adjusted net earnings available to common and equivalent stockholders$49,978 $48,645 $27,445 Average stockholders' equity$3,524,181 $3,486,164 $3,390,532 Less:Average intangible assets344,610 352,907 360,680 Less:Average preferred stock 498,516 498,516 498,516 Average tangible common equity$2,681,055 $2,634,741 $2,531,336 Return on average equity (2)6.16 %6.50 %3.66 %Return on average tangible common equity (3)7.56 %7.35 %4.36 %

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(1)     Effective tax rates of 25.30%, 24.76% and 26.40% used for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. 

(2)     Annualized net earnings divided by average stockholders' equity.

(3)     Annualized adjusted net earnings available to common and equivalent stockholders divided by average tangible common equity.

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Tangible Common Equity andMarch 31,December 31,Tangible Book Value Per Common Share20252024(Dollars in thousands, except per share data)Stockholders’ equity$3,521,656 $3,499,949 Less: Preferred stock 498,516 498,516 Total common equity3,023,140 3,001,433 Less