Company: BANC-PF
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0001169770-25-000015
Chunk: 42

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 42
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 cost savings targets from the merger;

◦ We implemented robust expense savings initiatives focused on identifying efficiencies during the merger integration process, hitting our cost savings targets a quarter before originally expected.

◦ This reduction in noninterest expense improved our adjusted noninterest expense (excluding customer-related expenses and merger and integration costs) to average total assets ratio by 38 basis points, reflecting improvement in our core profitability.

• Reducing wholesale funding from 16.6% at year-end 2023 to 10.3% in the 4th quarter of 2024;

• Reducing our average total cost of deposits from 2.94% in the 4th quarter of 2023 to 2.26% in the 4th quarter of 2024; and

• Increasing C&I loans from 25.6% at year-end 2023 to 30.1% in the 4th quarter of 2024.

As a result of these key accomplishments, we achieved strong growth in earnings per share, tangible book value per share, and overall capital levels in 2024, inclusive of losses associated with our balance sheet repositioning.

(1) Denotes a non-GAAP measure. See Appendix - Non-GAAP Measures for further information.

#### 41Banc of CaliforniaAnnual Proxy Statement2025
| Compensation Discussion and Analysis |

(1) Denotes a non-GAAP measure. See Appendix - Non-GAAP Measures for further information.

The successful execution of our strategic plan and merger integration in 2024 is also reflected in our stock performance relative to our peer index, the Keefe, Bruyette & Woods (KBW) NASDAQ Regional Banking Index (KRX). As shown below, the Company was closely aligned with or outperformed the index through the year, reflecting the strength of the Company's execution and performance against our industry peers.

With the strength of the balance sheet and franchise we have built and our merger integration complete, we believe that we are well positioned to consistently grow our client roster, generate profitable growth, and create additional value for our stockholders in the coming years.

Since 2019, we have continued to execute on our strategic plan to become one of the nation's premier commercial banks .

Since Mr. Wolff was appointed Chief Executive Officer in 2019, we have substantially grown our franchise as reflected in the metrics provided below, expanding from just 32 branches concentrated in the Southern California market in 2019 to having 80 full-service branches throughout the entire state