Company: BANC-PF
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001628280-25-009438
Chunk: 1

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 1
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. continuing as the surviving legal corporation and Banc of California, Inc. concurrently closed a $400 million equity capital raise. The Merger was accounted for as a reverse merger using the acquisition method of accounting, therefore, PacWest Bancorp was deemed the acquirer for financial reporting purposes, even though Banc of California, Inc. was the legal acquirer. The Merger was an all-stock transaction and has been accounted for as a business combination. Banc of California, Inc.'s financial results for all periods ended prior to November 30, 2023 reflect PacWest Bancorp results only on a standalone basis. In addition, Banc of California, Inc.'s reported financial results for the year ended December 31, 2023 reflect PacWest Bancorp financial results only on a standalone basis until the closing of the Merger on November 30, 2023, and results of the combined company for the month of December 2023. The number of shares issued and outstanding, earnings per share, and all references to share quantities or metrics of Banc of California, Inc. have been retrospectively restated to reflect the equivalent number of shares issued in the Merger as the Merger was accounted for as a reverse merger. Under the reverse merger method of accounting, the assets and liabilities of legacy Banc of California, Inc. as of November 30, 2023 were recorded at their respective fair values.

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The following table presents balance sheet data as of the dates indicated:

December 31,202420232022(In thousands)Balance Sheet Data:Total assets $33,542,864 $38,534,064 $41,228,936 Interest-earning deposits in financial institutions2,310,206 5,175,149 2,027,949 Securities available-for-sale2,246,839 2,346,864 4,843,487 Securities held-to-maturity2,306,149 2,287,291 2,269,135 Loans and leases held for investment23,781,663 25,489,687 28,609,129 Goodwill214,521 198,627 1,376,736 Core deposit and customer relationship intangibles132,944 165,477 31,381 Total liabilities30,042,915 35,143,299 37,278,405 Noninterest-bearing deposits7,719,913 7,774,254 11,212,357