Company: BANC-PF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001169770-25-000024
Chunk: 138

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 138
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: Goodwill and intangible assets340,458 347,465 Tangible common equity$2,682,682 $2,653,968 Book value per common share (1)$18.17 $17.78 Tangible book value per common share (2)$16.12 $15.72 Common and equivalent shares outstanding (3)166,403,086 168,825,656 

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(1)    Total common equity divided by common and equivalent shares outstanding.

(2)    Tangible common equity divided by common and equivalent shares outstanding.

(3)    Common and equivalent shares outstanding include non-voting common stock equivalents that are participating securities.

Three Months EndedMarch 31,December 31,March 31,Efficiency Ratio202520242024(Dollars in thousands)Noninterest expense (1)$183,653 $181,370 $210,518 Less: Intangible asset amortization(7,160)(7,770)(8,404)Less: Acquisition, integration, andreorganization costs— 1,023 — Noninterest expense used forefficiency ratio$176,493 $174,623 $202,114 Net interest income$232,364 $235,285 $229,102 Noninterest income33,650 28,989 33,816 Total revenue266,014 264,274 262,918 Add: Loss on sale of securities— 454 — Total revenue used for efficiency ratio$266,014 $264,728 $262,918 Noninterest expense to total revenue69.04 %68.63 %80.07 %Efficiency ratio (2)66.35 %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