Company: BANC-PF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001169770-25-000024
Chunk: 7

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 2
Chunk 7
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, December 31, 2024 and March 31, 2024, respectively. 

(2)     Annualized net earnings divided by average stockholders' equity.

(3)     Annualized adjusted net earnings available to common and equivalent stockholders divided by average tangible common equity.

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Tangible Common Equity andMarch 31,December 31,Tangible Book Value Per Common Share20252024(Dollars in thousands, except per share data)Stockholders’ equity$3,521,656 $3,499,949 Less: Preferred stock 498,516 498,516 Total common equity3,023,140 3,001,433 Less: Goodwill and intangible assets340,458 347,465 Tangible common equity$2,682,682 $2,653,968 Book value per common share (1)$18.17 $17.78 Tangible book value per common share (2)$16.12 $15.72 Common and equivalent shares outstanding (3)166,403,086 168,825,656 

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(1)    Total common equity divided by common and equivalent shares outstanding.

(2)    Tangible common equity divided by common and equivalent shares outstanding.

(3)    Common and equivalent shares outstanding include non-voting common stock equivalents that are participating securities.

Three Months EndedMarch 31,December 31,March 31,Efficiency Ratio202520242024(Dollars in thousands)Noninterest expense (1)$183,653 $181,370 $210,518 Less: Intangible asset amortization(7,160)(7,770)(8,404)Less: Acquisition, integration, andreorganization costs— 1,023 — Noninterest expense used forefficiency ratio$176,493 $174,623 $202,114 Net interest income$232,364 $235,285 $229,102 Noninterest income33,650 28,989 33,816 Total revenue266,014 264,274 262,918 Add: Loss on sale of securities— 454 — Total revenue used for efficiency ratio$266,014 $264,728 $262,918 Noninterest expense to total revenue69.04 %68.63 %80.07 %Efficiency ratio (2)66