Company: BANC-PF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001169770-25-000024
Chunk: 153

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 153
---
2025 Compared to First Quarter of 2024

Income tax expense of $19.5 million was recorded for the first quarter of 2025 resulting in an effective tax rate of 26.7% compared to income tax expense of $11.5 million for the first quarter of 2024 and an effective tax rate of 27.2%. The lower effective tax rate in the first quarter of 2025 was primarily attributable to lower disallowed FDIC insurance premium deduction. 

Balance Sheet Analysis

The following table provides a summary of our balance sheet highlights as of the dates indicated:

March 31,December 31,IncreaseBalance Sheet Highlights20252024(Decrease)(In thousands)Cash and cash equivalents$2,343,889 $2,502,212 $(158,323)Securities available-for-sale2,334,058 2,246,839 87,219 Securities held-to-maturity2,311,912 2,306,149 5,763 Loans held for sale25,797 26,331 (534)Loans and leases held for investment24,126,527 23,781,663 344,864 Total assets33,779,918 33,542,864 237,054 Noninterest-bearing deposits$7,593,950 $7,719,913 $(125,963)Total deposits27,193,191 27,191,909 1,282 Borrowings1,670,782 1,391,814 278,968 Subordinated debt944,908 941,923 2,985 Total liabilities30,258,262 30,042,915 215,347 Total stockholders' equity3,521,656 3,499,949 21,707 

Cash and Cash Equivalents

Cash and cash equivalents decreased by $158.3 million during the first quarter of 2025 to $2.3 billion at March 31, 2025 compared to $2.5 billion at December 31, 2024, primarily reflecting a lower cash target level being maintained during the quarter.

78

Securities Available-for-Sale 

The following table presents the composition and durations of our AFS securities as of the dates indicated:

 March 31, 2025December 31, 2024Fair% of DurationFair% of DurationSecurity TypeValueTotal(in years)ValueTotal(in years)