Company: BANC-PF
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001628280-25-009438
Chunk: 311

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 311
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 fair value loss adjustments— 170,971 — Add: Unfunded commitments fair value loss adjustments— 106,767 — Add: Goodwill impairment— 1,376,736 29,000 Adjusted earnings before income taxes232,904 60,928 652,592 Adjusted income tax expense (benefit) (1)57,667 8,603 165,497 Adjusted net earnings 175,237 52,325 487,095 Less: Preferred stock dividends39,788 39,788 19,339 Adjusted net earnings available tocommon and equivalent stockholders$135,449 $12,537 $467,756 Weighted average common shares outstanding168,684 85,394 77,271 Diluted earnings (loss) per common share$0.52 $(22.71)$5.14 Adjusted diluted earnings per common share (2)$0.80 $0.15 $6.05 Average total assets$35,333,488 $40,293,380 $40,481,581 Return on average assets ("ROAA") (3)0.36 %(4.71)%1.05 %Adjusted ROAA (4)0.50 %0.13 %1.20 %

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(1)    Effective tax rates of 24.76%, 14.12%, and 25.36% used for the years ended December 31, 2024, 2023, and 2022.

(2)    Adjusted net earnings (loss) available to common and equivalent stockholders divided by weighted average common shares outstanding.

(3)    Net earnings (loss) divided by average assets.

(4)    Adjusted net earnings divided by average assets

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Results of Operations

Earnings Performance 

The following table presents performance metrics for the years indicated:

Year Ended December 31,202420232022(Dollars in thousands)Earnings Summary:Interest income$1,812,705 $1,971,000 $1,556,489 Interest expense(886,655)(1,223,872)(265,727)Net interest income926,050 747,128 1,290,762 Provision for credit losses(42,801)(52,000)(24,500)Noninterest income (loss)77,145 (448