Company: BANC-PF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001169770-25-000024
Chunk: 130

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 130
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 the program to cover both the Company's common stock and depositary shares representing its preferred stock. As before, the repurchase authorization expires in March 2026. Purchases may be made in open-market transactions, in block transactions on or off an exchange, in privately negotiated transactions or by other means as determined by the Company's management and in accordance with the regulations of the SEC. The timing of purchases and the number of shares repurchased under the program will depend on a variety of factors including price, trading volume, market conditions, and corporate and regulatory requirements. The program may be changed, suspended, or discontinued at any time.

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIESNotes to Condensed Consolidated Financial Statements (Unaudited)

Payoff of Senior NotesOn April 4, 2025, the Company repaid in full all of the 5.25% Senior Notes, which had an aggregate principal amount of $174.0 million, that were originally issued on March 31, 2015 and scheduled to mature on April 15, 2025.Common Stock DividendOn May 8, 2025, the Company announced that the Board of Directors had declared a quarterly cash dividend of $0.10 per common share. The cash dividend is payable on July 1, 2025, to stockholders of record at the close of business on June 16, 2025.Preferred Stock DividendOn May 8, 2025, the Company announced that the Board of Directors had declared a quarterly cash dividend of $0.4845 per Depositary Share. The cash dividend is payable on June 2, 2025 to stockholders of record at the close of business on May 19, 2025.

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 

         The following is management's discussion and analysis of the major factors that influenced our results of operations and financial condition as of and for the three and three months ended March 31, 2025. This analysis should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024 (the "Form 10-K") and with the unaudited condensed consolidated financial statements and notes thereto set forth in this Quarterly Report on Form 10-Q.

Forward-Looking Information                               

This Quarterly Report on Form 10-Q contains certain “forward