Company: BANC-PF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001169770-25-000024
Chunk: 6

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 2
Chunk 6
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 not be viewed as a substitute for results determined in accordance with GAAP. The methodology for determining these non-GAAP measures may differ among companies and may not be comparable. We used the following non-GAAP measures in this Quarterly Report on Form 10-Q:  

•Return on average tangible common equity, tangible common equity, tangible book value per common share, and efficiency ratio: Given that the use of these measures is prevalent among banking regulators, investors, and analysts, we disclose them in addition to the related GAAP measures of return on average equity, book value per common share, and noninterest expense to total revenue, respectively. The reconciliations of these non-GAAP measures to the GAAP measures are presented in the following tables for and as of the periods presented.

Three Months EndedMarch 31,December 31,March 31,Return on Average Tangible Common Equity202520242024(Dollars in thousands)Net earnings  $53,568 $56,919 $30,852 Earnings before income taxes$73,061 $70,103 $42,400 Add:Intangible asset amortization7,160 7,770 8,404 Adjusted earnings before income taxes80,221 77,873 50,804 Adjusted income tax expense (1)20,296 19,281 13,412 Adjusted net earnings 59,925 58,592 37,392 Less:Preferred stock dividends9,947 9,947 9,947 Adjusted net earnings available to common and equivalent stockholders$49,978 $48,645 $27,445 Average stockholders' equity$3,524,181 $3,486,164 $3,390,532 Less:Average intangible assets344,610 352,907 360,680 Less:Average preferred stock 498,516 498,516 498,516 Average tangible common equity$2,681,055 $2,634,741 $2,531,336 Return on average equity (2)6.16 %6.50 %3.66 %Return on average tangible common equity (3)7.56 %7.35 %4.36 %

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(1)     Effective tax rates of 25.30%, 24.76% and 26.40% used for the three months ended March 31, 2025