Company: BANC-PF
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001628280-25-009438
Chunk: 17

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 17
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 and new loan originations/balance increases on existing loans. The provision for credit losses for 2023 included a $113.5 million provision for loan losses, offset partially by a $61.5 million reversal of the provision for credit losses related to lower unfunded loan commitments. The provision for loan losses in 2023 also included an initial provision of $22.2 million for acquired legacy Banc of California non-PCD loans. The increase in income tax expense was due primarily to higher pre-tax earnings incurred in 2024 compared to pre-tax loss in 2023.

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Net Interest Income 

The following table summarizes the distribution of average assets, liabilities, and stockholders’ equity, as well as interest income and yields earned on average interest‑earning assets and interest expense and rates paid on average interest‑bearing liabilities, presented on a tax equivalent basis, for the years indicated:

Year Ended December 31,202420232022InterestYieldsInterestYieldsInterestYieldsAverageIncome/andAverageIncome/andAverageIncome/andBalanceExpenseRatesBalanceExpenseRatesBalanceExpenseRates(Dollars in thousands)ASSETS:Loans and leases (1)(2)(3)$24,569,650 $1,501,534 6.11 %$25,330,351 $1,498,701 5.92 %$26,044,463 $1,320,449 5.07 %Investment securities (3)4,686,615 140,794 3.00 %6,827,059 174,996 2.56 %9,120,717 215,624 2.36 %Deposits in financial institutions3,226,658 170,377 5.28 %5,746,858 299,647 5.21 %2,185,585 34,158 1.56 %Total interest‑earning assets (1)32,482,923 1,812,705 5.58 %37,904,268 1,973,344 5.21 %37,350,765 1,570,231 4.20 %Other assets2,850,565 2,389,112 3,130,816 Total assets$35,333,488 $40,293,380 $40,481,581 LIABILITIES AND STOCKHOLDERS’ EQU