Company: BANC-PF
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001169770-25-000029
Chunk: 151

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 8
Chunk 151
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 basis points, respectively, from the first quarter of 2025. 

•Results include $9.8 million of one-time non-cash income tax expense largely driven by the reevaluation of deferred tax assets due to California state tax changes enacted under the 2025 California budget.

•Repurchases of 8.8 million shares of common stock at a weighted average price per share of $12.65, or $111.5 million in the aggregate, during the second quarter, and 11.5 million shares of common stock at a weighted average price per share of $13.05, or $150.0 million in the aggregate, in the first half of the year. As of June 30, 2025, the Company had $150.0 million remaining under the stock repurchase authorization.

•Maintained strong capital ratios well above the regulatory thresholds for "well capitalized" banks, including a 12.34% Tier 1 capital ratio and 9.95% CET 1 capital ratio and continued growth in book value per share to $18.58, up 2% vs. the first quarter of 2025 and tangible book value per share(1) to $16.46, up 2% vs. the first quarter of 2025. 

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(1)    See "- Non-GAAP Financial Measures."

80

The following table presents financial results and performance ratios for the periods indicated:

Three Months EndedSix Months EndedJune 30,March 31,June 30,2025202520252024(Dollars in thousands, except per share data)Earnings Summary:Interest income$420,509 $406,655 $827,164 $941,293 Interest expense(180,293)(174,291)(354,584)(482,703)Net interest income240,216 232,364 472,580 458,590 Provision for credit losses(39,100)(9,300)(48,400)(21,000)Noninterest income 32,633 33,650 66,283 63,608 Operating expense(185,869)(183,653)(369,522)(426,811)Acquisition, integration and reorganization costs— — — 12,650 Earnings before income taxes47,880 73,061 120,941 87,037 Income tax expense  (19,495)(19,493)(38,988)(25,