Company: BANC-PF
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001169770-25-000029
Chunk: 149

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 8
Chunk 149
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851 Adjusted income tax expense (1)19,493 26,288 Adjustments:Provision for credit losses related totransfer of loans to held for sale$26,289 $26,289 Tax impact of adjustments above (1)(6,078)(6,078)Income tax related adjustments9,792 9,792 Adjustments to net earnings30,003 30,003 Adjusted net earnings58,388 53,568 111,956 65,563 Less: Preferred stock dividends9,947 9,947 19,894 19,894 Adjusted net earnings available tocommon and equivalent stockholders$48,441 $43,621 $92,062 $45,669 Weighted average diluted common sharesoutstanding158,462 169,434 $163,667 $168,287 Diluted earnings per common share$0.12 $0.26 $0.38 $0.25 Adjusted diluted earnings per commonshare (2)$0.31 $0.26 $0.56 $0.27 Average total assets$33,764,149 $33,308,385 $33,537,526 $36,687,587 Return on average assets ("ROAA") (3)0.34 %0.65 %0.49 %0.34 %Adjusted ROAA (4)0.69 %0.65 %0.67 %0.36 %

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(1)     Effective tax rates of 23.12% and 25.30% used for the three months ended June 30, 2025 and March 31, 2025. Effective tax rates of 23.12% and 28.62% used for the six months ended June 30, 2025 and 2024.

(2)     Adjusted net earnings available to common and equivalent stockholders divided by weighted average diluted common shares outstanding.

(3)    Annualized net earnings divided by average assets.

(4)     Annualized adjusted net earnings divided by average assets.

79

Results of Operations

The Company reported net earnings available to common and equivalent stockholders of $18.4 million, or $0.12 per diluted common share, for the second quarter of 2025. On an adjusted basis, net earnings available to common and