[10-Q] Banc of California, Inc. Quarterly Earnings Report

Rhea-AI Filing Summary

Banc of California reported stronger first-half results driven by higher net interest income and loan growth. For the six months ended June 30, 2025, net earnings were $81,953 thousand, up from $61,185 thousand a year earlier, with net interest income of $472,580 thousand versus $458,590 thousand. Loans held for investment rose to $24,245,893 thousand from $23,781,663 thousand and total assets reached $34,250,453 thousand.

The company increased the provision for credit losses to $48,400 thousand (prior-year six months $21,000 thousand), while the allowance for loan and lease losses stood at $229,344 thousand. Loans held for sale expanded to $465,571 thousand. Noninterest expense declined to $369,522 thousand from $414,161 thousand, and common stock repurchases totaled $151,845 thousand; cash, cash equivalents, and restricted cash ended at $2,353,552 thousand.

Positive

• Year-to-date net earnings increased to $81,953 thousand from $61,185 thousand, showing improved profitability
• Net interest income rose to $472,580 thousand from $458,590 thousand, supporting core revenue
• Loans held for investment grew to $24,245,893 thousand from $23,781,663 thousand, indicating loan portfolio expansion
• Total assets increased to $34,250,453 thousand from $33,542,864 thousand
• Noninterest expense declined to $369,522 thousand from $414,161 thousand, improving operating leverage
• Common stock repurchases totaled $151,845 thousand in the six-month period

Negative

• Provision for credit losses rose to $48,400 thousand for six months versus $21,000 thousand a year earlier
• Allowance for loan and lease losses decreased to $229,344 thousand from $239,360 thousand despite higher provisioning
• Borrowings increased to $1,917,180 thousand from $1,391,814 thousand, showing greater reliance on wholesale funding
• Loans held for sale jumped to $465,571 thousand from $26,331 thousand, a significant change in loan disposition
• Noninterest-bearing deposits declined to $7,441,116 thousand from $7,719,913 thousand

Insights

Financial Analyst

TL;DR: Core earnings and lending growth improved; meaningful buybacks show capital return focus.

Banc of California delivered higher six-month net earnings of $81.95 million versus $61.19 million a year earlier, supported by modestly higher net interest income ($472.6M) and loan growth to $24.25B. Noninterest expense declined year-over-year, enhancing operating leverage. The company executed sizable common share repurchases ($151.8M), signaling shareholder-return activity. These factors combine to a constructive near-term operating performance for a relationship-focused commercial bank.

Risk Analyst

TL;DR: Mixed credit and liquidity signals—provisions rose materially; borrowings and loans held-for-sale increased significantly.

Provision for credit losses rose to $48.4M for the six months (vs. $21.0M prior-year), while the allowance for loan and lease losses declined to $229.3M, a dynamic that warrants scrutiny. Loans held for sale expanded to $465.6M from $26.3M, and borrowings increased to $1.917B from $1.392B, indicating higher wholesale funding reliance. The investment portfolio shows unrealized losses reflected in accumulated other comprehensive loss. These developments represent material credit and funding considerations that offset operating improvements.

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549  

Form 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ______

Commission File Number 001-35522

BANC OF CALIFORNIA, INC.

(Exact name of registrant as specified in its charter)

Maryland						04-3639825
(State of Incorporation)						(I.R.S. Employer Identification No.)

11611 San Vicente Boulevard, Suite 500

Los Angeles, CA 90049

(Address of Principal Executive Offices, Including Zip Code)

(855) 361-2262

(Registrant's Telephone Number, Including Area Code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Common Stock, par value $0.01 per share

BANC

New York Stock Exchange

Depositary Shares, each representing a 1/40th interest

in a share of 7.75% fixed rate reset non-cumulative

perpetual preferred stock, Series F

BANC/PF

New York Stock Exchange

(Title of Each Class)

(Trading Symbol)

(Name of Exchange on Which Registered)

    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☑  No   ☐

    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☑      No  ☐

    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

☑

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

1

    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes ☐ No  ☑

As of July 31, 2025, there were 147,301,051 shares of the registrant's voting common stock outstanding, excluding 83,781 shares of unvested restricted stock, and there were 477,321 shares of the registrant's class B non-voting common stock outstanding.

2

BANC OF CALIFORNIA, INC.

JUNE 30, 2025 QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

						Page
PART I. FINANCIAL INFORMATION
Item 1.			Condensed Consolidated Financial Statements (Unaudited)
			Condensed Consolidated Balance Sheets (Unaudited)			5
			Condensed Consolidated Statements of Earnings (Unaudited)			6
			Condensed Consolidated Statements of Comprehensive Income (Unaudited)			8
			Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)			9
			Condensed Consolidated Statements of Cash Flows (Unaudited)			13
			Notes to Condensed Consolidated Financial Statements (Unaudited)			15
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			72
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			110
Item 4.			Controls and Procedures			114
PART II. OTHER INFORMATION
Item 1.			Legal Proceedings			114
Item 1A.			Risk Factors			114
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			115
Item 3.			Defaults Upon Senior Securities			115
Item 4.			Mine Safety Disclosures			115
Item 5.			Other Information			115
Item 6.			Exhibits			116
Signatures						117

3

PART I. FINANCIAL INFORMATION

Glossary of Acronyms, Abbreviations, and Terms

The acronyms, abbreviations, and terms listed below are used in various sections of this Quarterly Report on Form 10-Q, including "Item 1. Financial Statements" and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations."

ACL

Allowance for Credit Losses

FRBSF

Federal Reserve Bank of San Francisco

AFS

Available-for-Sale

HFS

Held for Sale

AFX

American Financial Exchange

HLBV

Hypothetical Liquidation at Book Value

ALLL

Allowance for Loan and Lease Losses

HOA

Homeowners Association

ALM

Asset Liability Management

HTM

Held-to-Maturity

ASC

Accounting Standards Codification

ICS

IntraFi Cash Service

ASU

Accounting Standards Update

IRR

Interest Rate Risk

Basel III

A comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013

LIHTC

Low Income Housing Tax Credit

BOLI

Bank Owned Life Insurance

LOCOM

Lower of Cost or Market

CDI

Core Deposit Intangible Assets

MBS

Mortgage-Backed Securities

CECL

Current Expected Credit Loss

NAV

Net Asset Value

CET1

Common Equity Tier 1

NII

Net Interest Income

Civic

Civic Financial Services, LLC (a company acquired on February 1, 2021)

NVCE

Non-Voting Common Stock Equivalents

CMBS

Commercial Mortgage-Backed Securities

OREO

Other Real Estate Owned

CMOs

Collateralized Mortgage Obligations

PCD

Purchased Credit Deteriorated

CODM

Chief Operating Decision Maker

PSUs

Performance Stock Units

COVID-19

Coronavirus Disease

ROU

Right-of-use

CRA

Community Reinvestment Act

RSUs

Restricted Stock Units

CRI

Customer Relationship Intangible Assets

S&P

Standard & Poor's

DFPI

California Department of Financial Protection and Innovation

SBA

Small Business Administration

DTAs

Deferred Tax Assets

SBIC

Small Business Investment Company

ECR

Earnings Credit Rate

SEC

Securities and Exchange Commission

EVE

Economic Value of Equity

SOFR

Secured Overnight Financing Rate

FDIC

Federal Deposit Insurance Corporation

TRSAs

Time-Based Restricted Stock Awards

FHLB

Federal Home Loan Bank of San Francisco

U.S. GAAP

U.S. Generally Accepted Accounting Principles

FRB

Board of Governors of the Federal Reserve System

4

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

			June 30,						December 31,
			2025						2024
			(Unaudited)
			(Dollars in thousands,
			except par value amounts)
ASSETS:
Cash and due from banks			$	222,210					$	192,006
Interest-earning deposits in financial institutions			2,131,342						2,310,206
Total cash, cash equivalents, and restricted cash			2,353,552						2,502,212
Securities available-for-sale, at fair value, net of allowance for credit losses (amortized cost of
$2,480,037 and $2,526,644, respectively)(ACL of $775 and $0, respectively)			2,246,174						2,246,839
Securities held-to-maturity, at amortized cost, net of allowance for credit losses (fair value of
$2,195,476 and $2,156,694, respectively)(ACL of $695 and $1,500, respectively)			2,316,725						2,306,149
FRB and FHLB stock, at cost			162,243						147,773
Total investment securities			4,725,142						4,700,761
Loans held for sale			465,571						26,331
Loans and leases held for investment			24,245,893						23,781,663
Allowance for loan and lease losses			(229,344)						(239,360)
Total loans and leases held for investment, net			24,016,549						23,542,303
Equipment leased to others under operating leases			288,692						307,188
Premises and equipment, net			138,032						142,546
Bank owned life insurance			346,142						339,517
Goodwill			214,521						214,521
Intangible assets, net			118,930						132,944
Deferred tax asset, net			691,535						720,587
Other assets			891,787						913,954
Total assets			$	34,250,453					$	33,542,864
LIABILITIES:
Noninterest-bearing deposits			$	7,441,116					$	7,719,913
Interest-bearing deposits			20,087,317						19,471,996
Total deposits			27,528,433						27,191,909
Borrowings (including $117,180 and $118,838 at fair value, respectively)			1,917,180						1,391,814
Subordinated debt			949,213						941,923
Accrued interest payable and other liabilities			428,784						517,269
Total liabilities			30,823,610						30,042,915
Commitments and contingencies
STOCKHOLDERS' EQUITY:
Preferred stock			498,516						498,516
Common stock ($0.01 par value, 147,379,216 shares issued and 147,295,435 outstanding at
June 30, 2025; 158,557,735 shares issued and 158,346,529 outstanding at December 31
2024)			1,474						1,586
Class B non-voting common stock ($0.01 par value, 477,321 shares issued at June 30, 2025
and 477,321 shares issued at December 31, 2024)			5						5
Non-voting common stock equivalents ($0.01 par value, 9,790,600 shares issued at
June 30, 2025 and 9,790,600 shares issued at December 31, 2024)			98						98
Additional paid-in capital			3,609,109						3,785,725
Retained deficit			(369,142)						(431,201)
Accumulated other comprehensive loss, net			(313,217)						(354,780)
Total stockholders' equity			3,426,843						3,499,949
Total liabilities and stockholders' equity			$	34,250,453					$	33,542,864

See Notes to Condensed Consolidated Financial Statements.

5

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

			Three Months Ended																		Six Months Ended
			June 30,						March 31,						June 30,						June 30,
			2025						2025						2024						2025						2024
			(Unaudited)
			(In thousands, except per share amounts)
Interest income:
Loans and leases			$	362,303					$	346,103					$	388,853					$	708,406					$	774,318
Investment securities			37,616						37,862						33,836						75,478						68,139
Deposits in financial institutions			20,590						22,690						39,900						43,280						98,836
Total interest income			420,509						406,655						462,589						827,164						941,293
Interest expense:
Deposits			144,940						140,530						186,106						285,470						380,913
Borrowings			20,021						18,421						30,311						38,442						68,435
Subordinated debt			15,332						15,340						16,684						30,672						33,355
Total interest expense			180,293						174,291						233,101						354,584						482,703
Net interest income			240,216						232,364						229,488						472,580						458,590
Provision for credit losses			39,100						9,300						11,000						48,400						21,000
Net interest income after provision for
credit losses			201,116						223,064						218,488						424,180						437,590
Noninterest income:
Leased equipment income			10,231						10,784						11,487						21,015						23,203
Commissions and fees			9,641						9,958						8,629						19,599						16,771
Service charges on deposit accounts			4,456						4,543						4,540						8,999						9,245
Gain on sale of loans and leases			30						211						1,135						241						687
Dividends and (losses) gains on equity
investments			(114)						2,323						1,166						2,209						4,234
Warrant income (loss)			1,227						(295)						(324)						932						(146)
LOCOM HFS adjustment			(9)						—						(38)						(9)						292
Other income			7,171						6,126						3,197						13,297						9,322
Total noninterest income			32,633						33,650						29,792						66,283						63,608
Noninterest expense:
Compensation			88,362						86,417						85,914						174,779						178,150
Customer related expense			26,577						27,751						32,405						54,328						63,324
Occupancy			15,473						15,010						17,455						30,483						35,423
Information technology and data
processing			13,073						15,099						15,459						28,172						30,877
Insurance and assessments			9,403						7,283						26,431						16,686						46,892
Intangible asset amortization			7,159						7,160						8,484						14,319						16,888
Leased equipment depreciation			6,700						6,741						7,511						13,441						15,031
Other professional services			6,406						4,513						5,183						10,919						10,258
Loan expense			4,050						2,930						4,332						6,980						8,823
Acquisition, integration and
reorganization costs			—						—						(12,650)						—						(12,650)
Other expense			8,666						10,749						13,119						19,415						21,145
Total noninterest expense			185,869						183,653						203,643						369,522						414,161
Earnings before income taxes			47,880						73,061						44,637						120,941						87,037
Income tax expense			19,495						19,493						14,304						38,988						25,852
Net earnings			28,385						53,568						30,333						81,953						61,185
Preferred stock dividends			9,947						9,947						9,947						19,894						19,894
Net earnings available to common
and equivalent stockholders			$	18,438					$	43,621					$	20,386					$	62,059					$	41,291

See Notes to Condensed Consolidated Financial Statements.

6

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

			Three Months Ended																		Six Months Ended
			June 30,						March 31,						June 30,						June 30,
			2025						2025						2024						2025						2024
			(Unaudited)
			(In thousands, except per share amounts)
Earnings per share:
Basic			$	0.12					$	0.26					$	0.12					$	0.38					$	0.25
Diluted			$	0.12					$	0.26					$	0.12					$	0.38					$	0.25

    

See Notes to Condensed Consolidated Financial Statements.

7

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

			Three Months Ended																		Six Months Ended
			June 30,						March 31,						June 30,						June 30,
			2025						2025						2024						2025						2024
			(Unaudited)
			(In thousands)
Net earnings			$	28,385					$	53,568					$	30,333					$	81,953					$	61,185
Other comprehensive income, net of tax:
Unrealized net holding gains (losses) on securities
available-for-sale arising during the period			8,247						38,470						729						46,717						(17,479)
Income tax (expense) benefit related to unrealized net
holding gains (losses) arising during the period			(2,351)						(10,952)						(207)						(13,303)						4,960
Unrealized net holding gains (losses) on securities
available-for-sale, net of tax			5,896						27,518						522						33,414						(12,519)
Amortization of unrealized net loss on securities
transferred from available-for-sale to held-to-maturity			8,344						8,342						8,106						16,686						16,216
Income tax expense related to amortization of unrealized
net loss on securities transferred from
available-for-sale to held-to-maturity			(2,353)						(2,378)						(2,300)						(4,731)						(4,602)
Amortization of unrealized net loss on securities
transferred from available-for-sale
to held-to-maturity, net of tax			5,991						5,964						5,806						11,955						11,614
Change in fair value of credit-linked notes			(517)						146						636						(371)						(615)
Income tax benefit (expense) related to change in fair
value of credit-linked notes			180						(42)						(149)						138						206
Change in fair value of credit-linked notes,
net of tax			(337)						104						487						(233)						(409)
Unrealized (loss) gain on cash flow hedges arising
during the period			(1,952)						(2,973)						1,283						(4,925)						6,708
Income tax benefit (expense) related to unrealized gain
on cash flow hedges arising during the period			505						847						(321)						1,352						(1,939)
Unrealized (loss) gain on cash flow hedges,
net of tax			(1,447)						(2,126)						962						(3,573)						4,769
Other comprehensive income, net of tax			10,103						31,460						7,777						41,563						3,455
Comprehensive income			$	38,488					$	85,028					$	38,110					$	123,516					$	64,640

See Notes to Condensed Consolidated Financial Statements.

8

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

			Six Months Ended June 30, 2025
																					Non-
									Common Stock												Voting																		Accumulated
															Class B						Common						Additional												Other
			Preferred												Non-						Stock						Paid-in						Retained						Comprehensive
			Stock						Voting						Voting						Equivalents						Capital						Deficit						Loss, Net						Total
			(Unaudited)
			(In thousands, except per share amount)
Balance, December 31, 2024			$	498,516					$	1,586					$	5					$	98					$	3,785,725					$	(431,201)					$	(354,780)					$	3,499,949
Net earnings			—						—						—						—						—						53,568						—						53,568
Other comprehensive income,
net of tax			—						—						—						—						—						—						31,460						31,460
Restricted stock awarded and
earned stock compensation,
net of shares forfeited			—						2						—						—						5,493						—						—						5,495
Restricted stock surrendered			—						—						—						—						(2,699)						—						—						(2,699)
Shares purchased under
Dividend Reinvestment Plan			—						—						—						—						72						—						—						72
Shares repurchased under
Stock Repurchase Program
including excise tax			—						(27)						—						—						(38,904)						—						—						(38,931)
Cash dividends paid:
Preferred stock, $0.4845/share			—						—						—						—						—						(9,947)						—						(9,947)
Common stock, $0.10/share			—						—						—						—						(17,311)						—						—						(17,311)
Balance, March 31, 2025			$	498,516					$	1,561					$	5					$	98					$	3,732,376					$	(387,580)					$	(323,320)					$	3,521,656
Net earnings			—						—																		—						28,385						—						28,385
Other comprehensive income,
net of tax			—						—						—						—						—						—						10,103						10,103
Restricted stock awarded and
earned stock compensation,
net of shares forfeited			—						1						—						—						6,436						—						—						6,437
Restricted stock surrendered			—						—						—						—						(688)						—						—						(688)
Shares purchased under
Dividend Reinvestment Plan			—						—						—						—						72						—						—						72
Shares repurchased under
Stock Repurchase Program
including excise tax			—						(88)						—						—						(112,826)						—						—						(112,914)
Cash dividends paid:
Preferred stock, $0.4845/share			—						—						—						—						—						(9,947)						—						(9,947)
Common stock, $0.10/share			—						—						—						—						(16,261)						—						—						(16,261)
Balance, June 30, 2025			$	498,516					$	1,474					$	5					$	98					$	3,609,109					$	(369,142)					$	(313,217)					$	3,426,843

See Notes to Condensed Consolidated Financial Statements.

9

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

			Six Months Ended June 30, 2025
																					Non-Voting
									Common Stock												Common
			Preferred												Class B						Stock
			Stock						Voting						Non-Voting						Equivalents
			(Unaudited)
			(In ones)
Number of shares, December 31, 2024			513,250						158,557,735						477,321						9,790,600
Restricted stock awarded and earned stock
compensation, net of shares forfeited			—						440,587						—						—
Restricted stock surrendered			—						(183,480)						—						—
Shares purchased under Dividend Reinvestment Plan			—						5,146						—						—
Shares repurchased under Stock Repurchase Program			—						(2,684,823)						—						—
Number of shares, March 31, 2025			513,250						156,135,165						477,321						9,790,600
Restricted stock awarded and earned stock
compensation, net of shares forfeited			—						98,629						—						—
Restricted stock surrendered			—						(50,075)						—						—
Shares purchased under Dividend Reinvestment Plan			—						5,311						—						—
Shares repurchased under Stock Repurchase Program			—						(8,809,814)						—						—
Number of shares, June 30, 2025			513,250						147,379,216						477,321						9,790,600

See Notes to Condensed Consolidated Financial Statements.

10

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

			Six Months Ended June 30, 2024
																					Non-
									Common Stock												Voting																		Accumulated
															Class B						Common						Additional												Other
			Preferred												Non-						Stock						Paid-in						Retained						Comprehensive
			Stock						Voting						Voting						Equivalents						Capital						Deficit						Loss, Net						Total
			(Unaudited)
			(In thousands, except per share amount)
Balance, December 31, 2023			$	498,516					$	1,577					$	5					$	108					$	3,840,974					$	(518,301)					$	(432,114)					$	3,390,765
Net earnings			—						—						—						—						—						30,852						—						30,852
Other comprehensive loss,
net of tax			—						—						—						—						—						—						(4,322)						(4,322)
Restricted stock awarded and
earned stock compensation,
net of shares forfeited			—						(1)						—						—						4,657						—						—						4,656
Conversion of non-voting
common stock equivalents
to voting common stock			—						7						—						(7)						—						—						—						—
Restricted stock surrendered			—						—						—						—						(1,238)						—						—						(1,238)
Shares repurchased under
Dividend Reinvestment Plan			—						—						—						—						70						—						—						70
Cash dividends paid:
Preferred stock, $0.4845/share			—						—						—						—						—						(9,947)						—						(9,947)
Common stock, $0.10/share			—						—						—						—						(16,686)						—						—						(16,686)
Balance, March 31, 2024			$	498,516					$	1,583					$	5					$	101					$	3,827,777					$	(497,396)					$	(436,436)					$	3,394,150
Net earnings			—						—						—						—						—						30,333						—						30,333
Other comprehensive income,
net of tax			—						—						—						—						—						—						7,777						7,777
Restricted stock awarded and
earned stock compensation,
net of shares forfeited			—						—						—						—						3,912						—						—						3,912
Restricted stock surrendered			—						—						—						—						(1,154)						—						—						(1,154)
Shares repurchased under
Dividend Reinvestment Plan			—						—						—						—						78						—						—						78
Cash dividends paid:
Preferred stock, $0.4845/share			—						—						—						—						—						(9,947)						—						(9,947)
Common stock, $0.10/share			—						—						—						—						(17,301)						—						—						(17,301)
Balance, June 30, 2024			$	498,516					$	1,583					$	5					$	101					$	3,813,312					$	(477,010)					$	(428,659)					$	3,407,848

See Notes to Condensed Consolidated Financial Statements.

11

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

			Six Months Ended June 30, 2024
																					Non-Voting
									Common Stock												Common
			Preferred												Class B						Stock
			Stock						Voting						Non-Voting						Equivalents
			(Unaudited)
			(In ones)
Number of shares, December 31, 2023			513,250						157,651,752						477,321						10,829,990
Restricted stock awarded and earned stock
compensation, net of shares forfeited			—						67,209						—						—
Restricted stock surrendered			—						(17,364)						—						—
Shares purchased under Dividend Reinvestment Plan			—						4,721						—						—
Conversion of non-voting common stock equivalents
to voting common stock			—						684,390						—						(684,390)
Number of shares, March 31, 2024			513,250						158,390,708						477,321						10,145,600
Restricted stock awarded and earned stock
compensation, net of shares forfeited			—						(66,623)						—						—
Restricted stock surrendered			—						(77,549)						—						—
Shares purchased under Dividend Reinvestment Plan			—						6,255						—						—
Number of shares, June 30, 2024			513,250						158,252,791						477,321						10,145,600

See Notes to Condensed Consolidated Financial Statements.

12

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

			Six Months Ended
			June 30,
			2025						2024
			(Unaudited)
			(In thousands)
Cash flows from operating activities:
Net earnings			$	81,953					$	61,185
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization			25,369						27,687
Amortization of net premiums on investment securities			10,034						12,496
Accretion of net purchased loan discounts and deferred loan fees			(42,852)						(63,017)
Amortization of intangible assets			14,319						16,888
Amortization of operating lease ROU assets			11,750						17,842
Provision for credit losses			48,400						21,000
Gain on sale of foreclosed assets			(115)						(568)
Provision for losses on foreclosed assets			633						813
Gain on sale of loans and leases			(241)						(687)
Gain on sale of premises and equipment			—						81
Gain on BOLI death benefit			—						(52)
Unrealized loss on derivatives, foreign currencies, and credit-linked notes, net			271						3,169
LOCOM HFS adjustment			9						(292)
Earned stock compensation			11,932						8,568
Decrease in other assets			28,605						82,733
Decrease in accrued interest payable and other liabilities			(112,231)						(237,139)
Net cash provided by (used in) operating activities			77,836						(49,293)
Cash flows from investing activities:
Net increase in loans and leases			(949,050)						(101,402)
Proceeds from sales of loans and leases			32,421						530,292
Proceeds from maturities and paydowns of securities available-for-sale			209,739						84,629
Purchases of securities available-for-sale			(166,865)						(5,558)
Proceeds from maturities and paydowns of securities held-to-maturity			614						586
Purchases of FHLB and FRB stock			(16,256)						(7,816)
Redemptions of FHLB and FRB stock			1,786						1,782
Proceeds from sales of foreclosed assets			7,068						8,622
Purchases of premises and equipment			(2,794)						(6,639)
Proceeds from sales of premises and equipment			—						2
Proceeds from BOLI death benefit			—						1,519
Net decrease (increase) in equipment leased to others under operating leases			5,055						(6,674)
Net cash (used in) provided by investing activities			(878,282)						499,343
Cash flows from financing activities:
Net (decrease) increase in noninterest-bearing deposits			(278,797)						50,753
Net increase (decrease) in interest-bearing deposits			615,321						(1,648,072)
Repayments of borrowings			(176,184)						(2,075,372)
Proceeds from borrowings			700,000						600,000
Common shares repurchased under Stock Repurchase Program			(151,845)						—
Common shares purchased under Dividend Reinvestment Plan			144						148
Restricted stock surrendered			(3,387)						(2,392)
Preferred stock dividends paid			(19,894)						(19,894)
Common stock dividends paid			(33,572)						(33,987)
Net cash provided by (used in) by financing activities			651,786						(3,128,816)
Net decrease in cash, cash equivalents, and restricted cash			(148,660)						(2,678,766)
Cash, cash equivalents, and restricted cash, beginning of period			2,502,212						5,377,576
Cash, cash equivalents, and restricted cash, end of period			$	2,353,552					$	2,698,810

See Notes to Condensed Consolidated Financial Statements.

13

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

			Six Months Ended
			June 30,
			2025						2024
			(Unaudited)
			(In thousands)
Supplemental disclosures of cash flow information:
Cash paid for interest			$	373,260					$	607,769
Cash received for income taxes			(8,164)						(7,175)
Loans transferred to foreclosed assets			5,673						14,776
Transfers from loans held for investment to loans held for sale			441,248						1,915,180
Transfers to loans held for investment from loans held for sale			—						1,179

See Notes to Condensed Consolidated Financial Statements.

14

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 1.  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES        

Banc of California, Inc., a Maryland corporation, was incorporated in March 2002 and serves as the holding company for its wholly owned subsidiary, Banc of California (the “Bank”), a California state-chartered bank and member of the FRB. When we refer to the “holding company," we are referring to Banc of California, Inc., the parent company, on a stand-alone basis. When we refer to “we,” “us,” “our,” or the “Company,” we are referring to Banc of California, Inc. and its consolidated subsidiaries including the Bank, collectively. As a bank holding company, Banc of California, Inc. is subject to ongoing and comprehensive supervision, regulation, examination, and enforcement by the FRB. As a California state-chartered bank and a member of the FRB, the Bank is subject to ongoing and comprehensive supervision, regulation, examination, and enforcement by the DFPI and the FRB. The Bank is also a member of the FHLB system, and its deposit accounts are insured by the Deposit Insurance Fund (the "DIF") of the FDIC.

Banc of California is one of the nation's premier relationship-based business banks, providing banking and treasury management services to small-, middle-market, and venture-backed businesses. The Bank offers a broad range of loan and deposit products and services through full-service branches throughout California and in Denver, Colorado, and Durham, North Carolina, as well as through regional offices nationwide. The Bank also provides full-stack payment processing solutions through its subsidiary, Deepstack Technologies, LLC. Banc of California also serves the community association management industry nationwide with its technology-forward platform SmartStreet™. The Bank is committed to its local communities by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more.

We generate our revenue primarily from interest received on loans and leases and, to a lesser extent, from interest received on investment securities, and fees received in connection with deposit services, extending credit and other services offered, including treasury management and investment management services. Our major operating expenses are interest paid by the Bank on deposits and borrowings, compensation expense, customer related expense, information technology and data processing expense, occupancy expense, and general operating expenses.

Significant Accounting Policies

Our accounting policies are described in Note 1. Nature of Operations and Summary of Significant Accounting Policies, of our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the SEC ("Form 10-K").

Recently Issued Accounting Standards Not Yet Adopted

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The standard, among other changes, improves annual income tax disclosures by requiring disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The enhanced income tax disclosure requirements apply on a prospective basis to annual financial statements for periods beginning after December 15, 2024. However, retrospective application in all prior periods presented is permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses." The standard, among other changes, requires additional disclosure of the nature of expenses included in the income statement in response to longstanding requests from investors for more information about an entity’s expenses. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The prescribed categories include, among other things, employee compensation, depreciation, and intangible asset amortization. In addition, companies will need to provide qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. In January 2025, the FASB also issued ASU 2025-01, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures-Clarifying the Effective Date," which amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The enhanced income statement expense disclosure requirements apply on a prospective basis. However, retrospective application in all prior periods presented is permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures.

15

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

In May 2025, the FASB issued ASU 2025-03, "Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity." The new standard amends the guidance for identifying the accounting acquirer of a variable-interest entity ("VIE") in ASC 805, Business Combinations. Prior to the amendments, the guidance in ASC 805 stipulated that the primary beneficiary of a VIE acquired in a business combination would always be the accounting acquirer. The amendments revise this guidance to require entities to consider the factors in ASC 805-10-55-12 through 55-15 when determining the accounting acquirer in a business combinations that meets both of the following conditions: (1) the transaction is effected primarily by exchanging equity interests; and (2) the legal acquiree is a VIE that meets the definition of a business. This guidance is effective for fiscal years beginning after December 15, 2026 with early adoption permitted. The amendments are required to be applied prospectively to any acquisition transaction that occurs after the initial application date. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures.

Basis of Presentation    

The accounting and reporting policies of the Company are in accordance with U.S. generally accepted accounting principles, which we may refer to as U.S. GAAP. In the opinion of management, all significant intercompany accounts and transactions have been eliminated and adjustments, consisting solely of normal recurring accruals and considered necessary for the fair presentation of financial statements, have been included.

The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K.

Use of Estimates

The Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these consolidated financial statements in conformity with U.S. GAAP. Actual results could differ from those estimates. Material estimates subject to change in the near term include, among other items, the allowance for credit losses (the combination of the ALLL and the reserve for unfunded loan commitments), the carrying value of goodwill and other intangible assets, and the realization of deferred tax assets. These estimates may be adjusted as more current information becomes available, and any adjustment may be significant.

NOTE 2. RESTRICTED CASH

The Company is required to maintain reserve balances with the FRBSF. Such reserve requirements are based on a percentage of deposit liabilities and may be satisfied by cash on hand. There were no average reserves required to be held at the FRBSF for the six months ended June 30, 2025 and 2024. The following restricted cash balances are included in "Interest-earning deposits in financial institutions" on the condensed consolidated balance sheets. As of June 30, 2025 and December 31, 2024, we pledged cash collateral for our derivative contracts of $11.6 million and $5.3 million. In connection with the issuance of the credit-linked notes on September 29, 2022, we established a correspondent bank account at a third party financial institution as the collateral account for the credit-linked notes. The repayment of principal on the credit-linked notes is secured by this collateral account, which had a balance of $117.4 million at June 30, 2025 and $119.6 million at December 31, 2024. Starting in the second quarter of 2023, we began to pledge cash to secure the standby letters of credit that we have issued on behalf of our customers. As of June 30, 2025 and December 31, 2024, the balance of such restricted cash totaled $39.7 million and $59.3 million.

16

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 3. INVESTMENT SECURITIES     

Securities Available-for-Sale

The following tables present amortized cost, gross unrealized gains and losses, and fair values of AFS securities as of the dates indicated:

			June 30, 2025
									Allowance												Gross						Gross
			Amortized						for Credit						Net Carrying						Unrealized						Unrealized						Fair
Security Type			Cost						Losses						Amount						Gains						Losses						Value
			(In thousands)
Agency residential MBS			$	1,013,078					$	—					$	1,013,078					$	—					$	(163,213)					$	849,865
Agency commercial MBS			62,140						—						62,140						35						(1,303)						60,872
Agency residential CMOs			552,274						—						552,274						3,400						(17,605)						538,069
Municipal securities			602						—						602						—						—						602
Corporate debt securities			286,560						(775)						285,785						373						(23,020)						263,138
Private label residential CMOs			307,335						—						307,335						121						(31,000)						276,456
Collateralized loan obligations			227,910						—						227,910						520						(183)						228,247
Private label commercial MBS			11,569						—						11,569						—						(945)						10,624
Asset-backed securities			14,446						—						14,446						—						(44)						14,402
SBA securities			4,123						—						4,123						—						(224)						3,899
Total (1)			$	2,480,037					$	(775)					$	2,479,262					$	4,449					$	(237,537)					$	2,246,174

_________________________

(1)    Excludes accrued interest receivable of $11.1 million at June 30, 2025 which is recorded in "Other assets" on the condensed consolidated balance sheets.

			December 31, 2024
																					Gross						Gross
			Amortized																		Unrealized						Unrealized						Fair
Security Type			Cost																		Gains						Losses						Value
			(In thousands)
Agency residential MBS			$	1,051,601																	$	—					$	(189,761)					$	861,840
Agency commercial MBS			52,610																		—						(1,046)						51,564
Agency residential CMOs			467,319																		223						(20,911)						446,631
Municipal securities			602																		—						(8)						594
Corporate debt securities			289,098																		—						(31,386)						257,712
Private label residential CMOs			352,615																		7						(35,712)						316,910
Collateralized loan obligations			278,976																		469						(29)						279,416
Private label commercial MBS			13,585																		—						(1,213)						12,372
Asset-backed securities			15,674																		—						(74)						15,600
SBA securities			4,564																		—						(364)						4,200
Total (1)			$	2,526,644																	$	699					$	(280,504)					$	2,246,839

_________________________

(1)    Excludes accrued interest receivable of $12.6 million at December 31, 2024 which is recorded in "Other assets" on the condensed consolidated balance sheets.

As of June 30, 2025, AFS securities with a fair value of $3.9 million were pledged as collateral solely for public deposits.

17

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Realized Gains and Losses on Securities Available-for-Sale

The were no sales of AFS securities for the three months and six months ended June 30, 2025 and 2024.

Unrealized Losses on Securities Available-for-Sale

The following tables present the gross unrealized losses and fair values of AFS securities that were in unrealized loss positions as of the dates indicated:

			June 30, 2025
			Less Than 12 Months												12 Months or More												Total
									Gross												Gross												Gross
			Fair						Unrealized						Fair						Unrealized						Fair						Unrealized
Security Type			Value						Losses						Value						Losses						Value						Losses
			(In thousands)
Agency residential MBS			$	—					$	—					$	849,865					$	(163,213)					$	849,865					$	(163,213)
Agency commercial MBS			31,214						(51)						10,863						(1,252)						42,077						(1,303)
Agency residential CMOs			8,568						(9)						102,714						(17,596)						111,282						(17,605)
Corporate debt securities			3,736						(14)						243,805						(23,006)						247,541						(23,020)
Private label residential CMOs			77,300						(92)						127,704						(30,908)						205,004						(31,000)
Collateralized loan obligations			38,590						(183)						—						—						38,590						(183)
Private label commercial MBS			—						—						10,624						(945)						10,624						(945)
Asset-backed securities			—						—						14,402						(44)						14,402						(44)
SBA securities			—						—						3,899						(224)						3,899						(224)
Total			$	159,408					$	(349)					$	1,363,876					$	(237,188)					$	1,523,284					$	(237,537)

			December 31, 2024
			Less Than 12 Months												12 Months or More												Total
									Gross												Gross												Gross
			Fair						Unrealized						Fair						Unrealized						Fair						Unrealized
Security Type			Value						Losses						Value						Losses						Value						Losses
			(In thousands)
Agency residential MBS			$	—					$	—					$	861,840					$	(189,761)					$	861,840					$	(189,761)
Agency commercial MBS			40,291						(87)						11,273						(959)						51,564						(1,046)
Agency residential CMOs			273,347						(1,994)						104,757						(18,917)						378,104						(20,911)
Municipal securities			—						—						594						(8)						594						(8)
Corporate debt securities			15,968						(32)						241,744						(31,354)						257,712						(31,386)
Private label residential CMOs			180,915						(1,031)						129,178						(34,681)						310,093						(35,712)
Collateralized loan obligations			38,771						(29)						—						—						38,771						(29)
Private label commercial MBS			—						—						12,372						(1,213)						12,372						(1,213)
Asset-backed securities			15,600						(74)						—						—						15,600						(74)
SBA securities			—						—						4,200						(364)						4,200						(364)
Total			$	564,892					$	(3,247)					$	1,365,958					$	(277,257)					$	1,930,850					$	(280,504)

18

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The securities that were in an unrealized loss position at June 30, 2025, were considered impaired and required further review to determine if the unrealized losses were credit-related. As of June 30, 2025, the Company had recorded an allowance for credit losses on securities available-for-sale of $0.8 million on one corporate debt security. Except for the one corporate debt security noted, we concluded the unrealized losses were a result of the level of market interest rates relative to the types of securities and pricing changes caused by shifting supply and demand dynamics and not a result of downgraded credit ratings or other indicators of deterioration of the underlying issuers' ability to repay. We also considered the seniority of the tranches and U.S. government agency guarantees, if any, to assess whether an unrealized loss was credit-related. Further, we do not currently intend to sell any of the securities in an unrealized loss position and it is not more likely than not the Company will be required to sell these securities before their anticipated recovery. As such, we recognized the unrealized losses in "Accumulated other comprehensive loss, net" of "Stockholders' equity" on the condensed consolidated balance sheets.

Contractual Maturities of Securities Available-for-Sale

The following tables present the contractual maturities of our AFS securities portfolio based on amortized cost and fair value as of the dates indicated:

			June 30, 2025
									Due After						Due After
			Due						One Year						Five Years						Due
			Within						Through						Through						After
Security Type			One Year						Five Years						Ten Years						Ten Years						Total
			(In thousands)
Amortized Cost:
Agency residential MBS			$	—					$	—					$	—					$	1,013,078					$	1,013,078
Agency commercial MBS			—						40,031						9,994						12,115						62,140
Agency residential CMOs			—						—						14,353						537,921						552,274
Municipal securities			—						602						—						—						602
Corporate debt securities			—						15,753						270,807						—						286,560
Private label residential CMOs			—						—						—						307,335						307,335
Collateralized loan obligations			—						9,936						111,413						106,561						227,910
Private label commercial MBS			—						—						514						11,055						11,569
Asset-backed securities			—						—						—						14,446						14,446
SBA securities			—						—						4,123						—						4,123
Total			$	—					$	66,322					$	411,204					$	2,002,511					$	2,480,037

19

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			June 30, 2025
									Due After						Due After
			Due						One Year						Five Years						Due
			Within						Through						Through						After
Security Type			One Year						Five Years						Ten Years						Ten Years						Total
			(In thousands)
Fair Value:
Agency residential MBS			$	—					$	—					$	—					$	849,865					$	849,865
Agency commercial MBS			—						40,051						9,958						10,863						60,872
Agency residential CMOs			—						—						14,382						523,687						538,069
Municipal securities			—						602						—						—						602
Corporate debt securities			—						15,092						248,046						—						263,138
Private label residential CMOs			—						—						—						276,456						276,456
Collateralized loan obligations			—						9,932						111,389						106,926						228,247
Private label commercial MBS			—						—						506						10,118						10,624
Asset-backed securities			—						—						—						14,402						14,402
SBA securities			—						—						3,899						—						3,899
Total			$	—					$	65,677					$	388,180					$	1,792,317					$	2,246,174

CMBS, CMOs, and MBS have contractual maturity dates, but require periodic payments based upon scheduled amortization terms. Actual principal collections on these securities usually occur more rapidly than the scheduled amortization terms because of prepayments made by obligors of the underlying loan collateral.

Securities Held-to-Maturity

The following tables present amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair values of HTM securities as of the dates indicated:

			June 30, 2025
									Allowance
									for						Net						Gross						Gross
			Amortized						Credit						Carrying						Unrealized						Unrealized						Fair
Security Type			Cost						Losses						Amount						Gains						Losses						Value
			(In thousands)
Municipal securities			$	1,253,568					$	(20)					$	1,253,548					$	312					$	(62,253)					$	1,191,607
Agency commercial MBS			443,875						—						443,875						—						(23,511)						420,364
Private label commercial MBS			357,825						—						357,825						—						(14,850)						342,975
U.S. Treasury securities			191,487						—						191,487						—						(9,854)						181,633
Corporate debt securities			70,665						(675)						69,990						—						(11,093)						58,897
Total (1)			$	2,317,420					$	(695)					$	2,316,725					$	312					$	(121,561)					$	2,195,476

__________________________

(1)    Excludes accrued interest receivable of $13.4 million at June 30, 2025 which is recorded in "Other assets" on the condensed consolidated balance sheets.

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			December 31, 2024
									Allowance
									for						Net						Gross						Gross
			Amortized						Credit						Carrying						Unrealized						Unrealized						Fair
Security Type			Cost						Losses						Amount						Gains						Losses						Value
			(In thousands)
Municipal securities			$	1,251,364					$	(140)					$	1,251,224					$	35					$	(54,799)					$	1,196,460
Agency commercial MBS			440,476						—						440,476						—						(37,840)						402,636
Private label commercial MBS			355,342						—						355,342						—						(26,226)						329,116
U.S. Treasury securities			189,985						—						189,985						—						(16,702)						173,283
Corporate debt securities			70,482						(1,360)						69,122						—						(13,923)						55,199
Total (1)			$	2,307,649					$	(1,500)					$	2,306,149					$	35					$	(149,490)					$	2,156,694

__________________________

(1)    Excludes accrued interest receivable of $13.4 million at December 31, 2024 which is recorded in "Other assets" on the condensed consolidated balance sheets.

As of June 30, 2025, HTM securities with an amortized cost of $2.2 billion and a fair value of $2.1 billion were pledged as collateral primarily for the FRB secured line of credit and public deposits.

Allowance for Credit Losses on Securities Held-to-Maturity

Credit losses on HTM securities are recorded at the time of purchase, acquisition, or when the Company designates securities as held-to-maturity. Credit losses on HTM securities are representative of current expected credit losses that may be incurred over the life of the investment. Accrued interest receivable on HTM securities, which is included in "Other assets" on the condensed consolidated balance sheets, is excluded from the estimate of expected credit losses. HTM U.S. treasury securities and agency-backed MBS securities are considered to have no risk of loss as they are either explicitly or implicitly guaranteed by the U.S. government. The change in fair value in the HTM private label CMBS portfolio is solely driven by changes in interest rates. The Company has no knowledge of any underlying credit issues and the cash flows underlying the debt securities have not changed and are not expected to be impacted by changes in interest rates and, thus, there is no related ACL for this portfolio. The underlying bonds in the Company’s HTM municipal securities and HTM corporate debt securities portfolios are evaluated for credit losses in conjunction with management’s estimate of the ACL based primarily on credit ratings, and as of June 30, 2025, the Company had recorded an allowance for credit losses on securities held-to-maturity of $0.7 million.

Securities Held-to-Maturity by Credit Quality Indicator

The Company uses S&P, Moody's, Fitch, Kroll, and Egan Jones ratings as the credit quality indicators for its HTM securities. The following tables present our HTM securities portfolio at amortized cost by the lowest available credit rating as of the dates indicated:

			June 30, 2025
Security Type			AAA						AA+						AA						AA-												A												BBB						NR						Total
			(In thousands)
Amortized Cost:
Municipal securities			$	566,732					$	363,671					$	230,548					$	73,189											$	1,660											$	—					$	17,768					$	1,253,568
Agency commercial MBS			—						443,875						—						—												—												—						—						443,875
Private label commercial MBS			357,825						—						—						—												—												—						—						357,825
U.S. Treasury securities			—						191,487						—						—												—												—						—						191,487
Corporate debt securities			—						—						—						—												—												44,576						26,089						70,665
Total			$	924,557					$	999,033					$	230,548					$	73,189											$	1,660											$	44,576					$	43,857					$	2,317,420

21

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			December 31, 2024
Security Type			AAA						AA+						AA						AA-												A												BBB						NR						Total
			(In thousands)
Amortized Cost:
Municipal securities			$	571,347					$	369,072					$	218,581					$	72,952											$	1,667											$	—					$	17,745					$	1,251,364
Agency commercial MBS			—						440,476						—						—												—												—						—						440,476
Private label commercial MBS			355,342						—						—						—												—												—						—						355,342
U.S. Treasury securities			—						189,985						—						—												—												—						—						189,985
Corporate debt securities			—						—						—						—												—												44,507						25,975						70,482
Total			$	926,689					$	999,533					$	218,581					$	72,952											$	1,667											$	44,507					$	43,720					$	2,307,649

Contractual Maturities of Securities Held-to-Maturity

The following tables present the contractual maturities of our HTM securities portfolio based on amortized cost and fair value as of the date indicated:

			June 30, 2025
									Due After						Due After
			Due						One Year						Five Years						Due
			Within						Through						Through						After
Security Type			One Year						Five Years						Ten Years						Ten Years						Total
			(In thousands)
Amortized Cost:
Municipal securities			$	—					$	48,787					$	454,601					$	750,180					$	1,253,568
Agency commercial MBS			—						43,665						400,210						—						443,875
Private label commercial MBS			—						—						37,071						320,754						357,825
U.S. Treasury securities			—						—						191,487						—						191,487
Corporate debt securities			—						—						10,131						60,534						70,665
Total			$	—					$	92,452					$	1,093,500					$	1,131,468					$	2,317,420

			June 30, 2025
									Due After						Due After
			Due						One Year						Five Years						Due
			Within						Through						Through						After
Security Type			One Year						Five Years						Ten Years						Ten Years						Total
			(In thousands)
Fair Value:
Municipal securities			$	—					$	48,487					$	442,198					$	700,922					$	1,191,607
Agency commercial MBS			—						41,893						378,471						—						420,364
Private label commercial MBS			—						—						35,771						307,204						342,975
U.S. Treasury securities			—						—						181,633						—						181,633
Corporate debt securities			—						—						9,913						48,984						58,897
Total			$	—					$	90,380					$	1,047,986					$	1,057,110					$	2,195,476

CMBS have contractual maturity dates, but require periodic payments based upon scheduled amortization terms. Actual principal collections on these securities usually occur more rapidly than the scheduled amortization terms because of prepayments made by obligors of the underlying loan collateral.

22

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Interest Income on Investment Securities

The following table presents the composition of our interest income on investment securities for the periods indicated:

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2025						2024						2025						2024
			(In thousands)
Taxable interest			$	30,766					$	27,064					$	62,213					$	54,665
Non-taxable interest			4,547						4,746						9,064						9,466
Dividend income			2,303						2,026						4,201						4,008
Total interest income on investment securities			$	37,616					$	33,836					$	75,478					$	68,139

NOTE 4.  LOANS AND LEASES HELD FOR INVESTMENT

Our loans and leases held for investment are carried at the principal amount outstanding, net of deferred fees and costs, and in the case of acquired and purchased loans, net of purchase discounts and premiums. Deferred fees and costs and purchase discounts and premiums on acquired loans are recognized as an adjustment to interest income over the contractual life of the loans primarily using the effective interest method or taken into income when the related loans are paid off or included in the carrying amount of loans that are sold.

The following table summarizes the composition of our loans and leases held for investment as of the dates indicated:

			June 30,						December 31,
			2025						2024
			(In thousands)
Real estate mortgage			$	13,945,463					$	13,605,595
Real estate construction and land (1)			2,312,808						3,187,146
Commercial			7,768,546						6,788,923
Consumer			381,343						402,254
Total gross loans and leases held for investment			24,408,160						23,983,918
Unearned discounts, net (2)			(129,867)						(175,713)
Deferred fees, net			(32,400)						(26,542)
Total loans and leases held for investment			24,245,893						23,781,663
Allowance for loan and lease losses			(229,344)						(239,360)
Total loans and leases held for investment, net (3)			$	24,016,549					$	23,542,303

____________________

(1)    Includes land and acquisition and development loans of $200.6 million and $223.9 million at June 30, 2025 and December 31, 2024.

(2)    Represents net acquisition discounts of $198.5 million and purchase premiums of $68.6 million at June 30, 2025, and net acquisition discounts of $235.2 million and purchase premiums of $59.5 million at December 31, 2024.

(3)    Excludes accrued interest receivable of $100.7 million and $96.8 million at June 30, 2025 and December 31, 2024, respectively, which is recorded in "Other assets" on the condensed consolidated balance sheets.

23

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following tables present an aging analysis of our loans and leases held for investment by loan portfolio segment and class as of the dates indicated:

			June 30, 2025
			30 - 89						90 or More
			Days						Days						Total
			Past Due						Past Due						Past Due						Current						Total
			(In thousands)
Real estate mortgage:
Commercial			$	5,748					$	46,461					$	52,209					$	4,317,192					$	4,369,401
Multi-family			—						21,734						21,734						6,259,057						6,280,791
Other residential			45,034						26,021						71,055						3,086,561						3,157,616
Total real estate mortgage			50,782						94,216						144,998						13,662,810						13,807,808
Real estate construction and land:
Commercial			—						—						—						381,449						381,449
Residential			—						—						—						1,920,642						1,920,642
Total real estate construction and land			—						—						—						2,302,091						2,302,091
Commercial:
Asset-based			171						—						171						2,462,180						2,462,351
Venture capital			—						—						—						2,002,601						2,002,601
Other commercial			726						744						1,470						3,286,835						3,288,305
Total commercial			897						744						1,641						7,751,616						7,753,257
Consumer			2,221						606						2,827						379,910						382,737
Total			$	53,900					$	95,566					$	149,466					$	24,096,427					$	24,245,893

			December 31, 2024
			30 - 89						90 or More
			Days						Days						Total
			Past Due						Past Due						Past Due						Current						Total
			(In thousands)
Real estate mortgage:
Commercial			$	27,700					$	22,561					$	50,261					$	4,528,511					$	4,578,772
Multi-family			10,346						21,860						32,206						6,009,507						6,041,713
Other residential			39,873						36,976						76,849						2,730,325						2,807,174
Total real estate mortgage			77,919						81,397						159,316						13,268,343						13,427,659
Real estate construction and land:
Commercial			—						—						—						799,131						799,131
Residential			—						—						—						2,373,162						2,373,162
Total real estate construction and land			—						—						—						3,172,293						3,172,293
Commercial:
Asset-based			1,795						—						1,795						2,086,174						2,087,969
Venture capital			5,534						—						5,534						1,532,242						1,537,776
Other commercial			3,295						6,956						10,251						3,142,833						3,153,084
Total commercial			10,624						6,956						17,580						6,761,249						6,778,829
Consumer			2,804						493						3,297						399,585						402,882
Total			$	91,347					$	88,846					$	180,193					$	23,601,470					$	23,781,663

24

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

It is our policy to discontinue accruing interest when principal or interest payments are past due 90 days or more (unless the loan is both well secured and in the process of collection) or when, in the opinion of management, there is a reasonable doubt as to the collectability of a loan or lease in the normal course of business. Interest income on nonaccrual loans is recognized only to the extent cash is received and the principal balance of the loan is deemed collectable.

The following table presents our nonaccrual and performing loans and leases held for investment by loan portfolio segment and class as of the dates indicated:

			June 30, 2025																		December 31, 2024
			Nonaccrual						Performing						Total						Nonaccrual						Performing						Total
			(In thousands)
Real estate mortgage:
Commercial			$	98,112					$	4,271,289					$	4,369,401					$	97,655					$	4,481,117					$	4,578,772
Multi-family			22,594						6,258,197						6,280,791						22,763						6,018,950						6,041,713
Other residential			39,396						3,118,220						3,157,616						46,788						2,760,386						2,807,174
Total real estate mortgage			160,102						13,647,706						13,807,808						167,206						13,260,453						13,427,659
Real estate construction and land:
Commercial			—						381,449						381,449						—						799,131						799,131
Residential			—						1,920,642						1,920,642						—						2,373,162						2,373,162
Total real estate construction and land			—						2,302,091						2,302,091						—						3,172,293						3,172,293
Commercial:
Asset-based			1,731						2,460,620						2,462,351						1,940						2,086,029						2,087,969
Venture capital			—						2,002,601						2,002,601						6,291						1,531,485						1,537,776
Other commercial			4,967						3,283,338						3,288,305						13,544						3,139,540						3,153,084
Total commercial			6,698						7,746,559						7,753,257						21,775						6,757,054						6,778,829
Consumer			716						382,021						382,737						624						402,258						402,882
Total			$	167,516					$	24,078,377					$	24,245,893					$	189,605					$	23,592,058					$	23,781,663

At June 30, 2025, nonaccrual loans and leases included $95.6 million of loans and leases 90 or more days past due, $13.0 million of loans and leases 30 to 89 days past due, and $58.9 million of loans and leases current with respect to contractual payments that were placed on nonaccrual status based on management’s judgment regarding their collectability. At December 31, 2024, nonaccrual loans and leases included $88.8 million of loans and leases 90 or more days past due, $40.6 million of loans and leases 30 to 89 days past due, and $60.2 million of current loans and leases that were placed on nonaccrual status based on management’s judgment regarding their collectability.

As of June 30, 2025, our three largest loan relationships on nonaccrual status had an aggregate carrying value of $65.7 million and represented 39% of total nonaccrual loans and leases.

25

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following tables present the credit risk rating categories for loans and leases held for investment by loan portfolio segment and class as of the dates indicated. Classified loans and leases are those with a credit risk rating of either substandard or doubtful.

			June 30, 2025
			Classified						Special Mention						Pass						Total
			(In thousands)
Real estate mortgage:
Commercial			$	217,527					$	203,295					$	3,948,579					$	4,369,401
Multi-family			189,963						188,564						5,902,264						6,280,791
Other residential			39,411						1,258						3,116,947						3,157,616
Total real estate mortgage			446,901						393,117						12,967,790						13,807,808
Real estate construction and land:
Commercial			69,324						29,501						282,624						381,449
Residential			3,124						—						1,917,518						1,920,642
Total real estate construction and land			72,448						29,501						2,200,142						2,302,091
Commercial:
Asset-based			33,771						43,518						2,385,062						2,462,351
Venture capital			87,196						152,466						1,762,939						2,002,601
Other commercial			15,172						37,901						3,235,232						3,288,305
Total commercial			136,139						233,885						7,383,233						7,753,257
Consumer			1,068						5,065						376,604						382,737
Total			$	656,556					$	661,568					$	22,927,769					$	24,245,893

			December 31, 2024
			Classified						Special Mention						Pass						Total
			(In thousands)
Real estate mortgage:
Commercial			$	301,278					$	348,014					$	3,929,480					$	4,578,772
Multi-family			113,164						202,690						5,725,859						6,041,713
Other residential			47,993						14,351						2,744,830						2,807,174
Total real estate mortgage			462,435						565,055						12,400,169						13,427,659
Real estate construction and land:
Commercial			—						148,024						651,107						799,131
Residential			—						203,220						2,169,942						2,373,162
Total real estate construction and land			—						351,244						2,821,049						3,172,293
Commercial:
Asset-based			5,003						9,547						2,073,419						2,087,969
Venture capital			75,406						125,320						1,337,050						1,537,776
Other commercial			19,949						38,741						3,094,394						3,153,084
Total commercial			100,358						173,608						6,504,863						6,778,829
Consumer			709						7,408						394,765						402,882
Total			$	563,502					$	1,097,315					$	22,120,846					$	23,781,663

26

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table presents our nonaccrual loans and leases by loan portfolio segment and class and by with and without an allowance recorded as of the date indicated and interest income recognized on nonaccrual loans and leases for the periods indicated:                 

									Three Months						Six Months												Three Months						Six Months
									Ended						Ended												Ended						Ended
			June 30,						June 30,						June 30,						June 30,						June 30,						June 30,
			2025						2025						2025						2024						2024						2024
			Nonaccrual						Interest						Interest						Nonaccrual						Interest						Interest
			Recorded						Income						Income						Recorded						Income						Income
			Investment						Recognized						Recognized						Investment						Recognized						Recognized
			(In thousands)
With An Allowance Recorded:
Real estate mortgage:
Commercial			$	173					$	—					$	—					$	210					$	—					$	—
Multi-family			—						—						—						—						—						—
Other residential			64						—						—						283						—						—
Real estate construction and land:
Commercial			—						—						—						—						—						—
Residential			—						—						—						—						—						—
Commercial:
Asset-based			950						—						—						—						—						—
Venture capital			—						—						—						—						—						—
Other commercial			2,832						—						—						1,714						—						—
Consumer			716						—						—						800						—						—
With No Related Allowance
Recorded:
Real estate mortgage:
Commercial			$	97,939					$	4					$	7					$	62,288					$	4					$	8
Multi-family			22,594						—						—						934						—						—
Other residential			39,332						—						—						31,549						—						—
Real estate construction and land:
Commercial			—						—						—						—						—						—
Residential			—						—						—						—						—						—
Commercial:
Asset-based			781						—						—						8,081						—						—
Venture capital			—						—						—						—						—						—
Other commercial			2,135						1						1						11,211						45						45
Consumer			—						—						—						—						—						—
Total Loans and Leases With and
Without an Allowance Recorded:
Real estate mortgage			$	160,102					$	4					$	7					$	95,264					$	4					$	8
Real estate construction and land			—						—						—						—						—						—
Commercial			6,698						1						1						21,006						45						45
Consumer			716						—						—						800						—						—
Total			$	167,516					$	5					$	8					$	117,070					$	49					$	53

27

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following tables present our loans held for investment by loan portfolio segment and class, by credit quality indicator (internal risk ratings), and by year of origination (vintage year) as of the dates indicated:

																																													Revolving
																																													Converted
Amortized Cost Basis (1)			Term Loans by Origination Year																																				Revolving						to Term
June 30, 2025			2025						2024						2023						2022						2021						Prior						Loans						Loans						Total
			(In thousands)
Real Estate Mortgage:
Commercial
Internal risk rating:
1-2 High pass			$	—					$	200					$	—					$	32,617					$	28,293					$	108,906					$	—					$	—					$	170,016
3-4.5 Pass			243,427						191,522						125,694						794,481						651,306						1,700,177						66,541						5,415						3,778,563
5 Special mention			—						—						23,962						35,947						28,964						91,402						—						23,020						203,295
6-8 Classified			—						13,949						4,285						50,467						57,170						91,656						—						—						217,527
Total			$	243,427					$	205,671					$	153,941					$	913,512					$	765,733					$	1,992,141					$	66,541					$	28,435					$	4,369,401
Current YTD period:
Gross charge-offs			$	—					$	—					$	51					$	680					$	19					$	16,650					$	—					$	—					$	17,400
Real Estate Mortgage:
Multi-family
Internal risk rating:
1-2 High pass			$	—					$	—					$	—					$	65,371					$	180,174					$	182,548					$	—					$	—					$	428,093
3-4.5 Pass			271,503						219,213						56,201						2,152,229						1,145,606						1,619,819						9,600						—						5,474,171
5 Special mention			—						—						3,815						132,463						32,408						5,478						—						14,400						188,564
6-8 Classified			—						—						—						64,974						56,052						68,937						—						—						189,963
Total			$	271,503					$	219,213					$	60,016					$	2,415,037					$	1,414,240					$	1,876,782					$	9,600					$	14,400					$	6,280,791
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	3,275					$	—					$	—					$	3,275
Real Estate Mortgage:
Other residential
Internal risk rating:
1-2 High pass			$	—					$	—					$	—					$	—					$	—					$	—					$	2,497					$	60					$	2,557
3-4.5 Pass			451,406						31,398						23,336						308,461						2,107,603						93,353						98,774						59						3,114,390
5 Special mention			—						—						—						988						—						270						—						—						1,258
6-8 Classified			—						—						1,073						14,545						22,924						805						64						—						39,411
Total			$	451,406					$	31,398					$	24,409					$	323,994					$	2,130,527					$	94,428					$	101,335					$	119					$	3,157,616
Current YTD period:
Gross charge-offs			$	—					$	—					$	7					$	1,022					$	165					$	—					$	—					$	—					$	1,194

____________________

(1)    Amounts with negative balances are loans with zero principal balances and deferred loan origination fees.

28

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

																																													Revolving
																																													Converted
Amortized Cost Basis (1)			Term Loans by Origination Year																																				Revolving						to Term
June 30, 2025			2025						2024						2023						2022						2021						Prior						Loans						Loans						Total
			(In thousands)
Real Estate Construction
and Land: Commercial
Internal risk rating:
1-2 High pass			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
3-4.5 Pass			3,426						41,871						69,753						100,832						38,987						27,755						—						—						282,624
5 Special mention			—						—						—						—						29,501						—						—						—						29,501
6-8 Classified			—						—						—						—						69,324						—						—						—						69,324
Total			$	3,426					$	41,871					$	69,753					$	100,832					$	137,812					$	27,755					$	—					$	—					$	381,449
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	20,196					$	1,340					$	—					$	—					$	—					$	21,536
Real Estate Construction
and Land: Residential
Internal risk rating:
1-2 High pass			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
3-4.5 Pass			46,134						129,680						212,386						945,402						421,267						83,869						78,780						—						1,917,518
5 Special mention			—						—						—						—						—						—						—						—						—
6-8 Classified			—						—						—						—						3,124						—						—						—						3,124
Total			$	46,134					$	129,680					$	212,386					$	945,402					$	424,391					$	83,869					$	78,780					$	—					$	1,920,642
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Commercial: Asset-Based
Internal risk rating:
1-2 High pass			$	—					$	34,565					$	34,599					$	135,688					$	198,115					$	212,936					$	192,974					$	—					$	808,877
3-4.5 Pass			96,748						46,419						77,203						160,839						77,146						10,333						1,041,828						65,669						1,576,185
5 Special mention			—						—						—						—						—						—						5,541						37,977						43,518
6-8 Classified			—						—						194						6,517						—						—						25,334						1,726						33,771
Total			$	96,748					$	80,984					$	111,996					$	303,044					$	275,261					$	223,269					$	1,265,677					$	105,372					$	2,462,351
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Commercial: Venture
Capital
Internal risk rating:
1-2 High pass			$	(136)					$	(87)					$	(80)					$	—					$	414					$	2,090					$	104,358					$	22,195					$	128,754
3-4.5 Pass			33,366						117,226						107,915						18,218						32,930						18,620						1,234,944						70,966						1,634,185
5 Special mention			2,492						9,982						20,361						60,547						38,530						—						4,126						16,428						152,466
6-8 Classified			—						14,882						13,628						—						5,536						—						53,150						—						87,196
Total			$	35,722					$	142,003					$	141,824					$	78,765					$	77,410					$	20,710					$	1,396,578					$	109,589					$	2,002,601
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	5,257					$	—					$	—					$	—					$	5,257

____________________

(1)    Amounts with negative balances are loans with zero principal balances and deferred loan origination fees.

29

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

																																													Revolving
																																													Converted
Amortized Cost Basis (1)			Term Loans by Origination Year																																				Revolving						to Term
June 30, 2025			2025						2024						2023						2022						2021						Prior						Loans						Loans						Total
			(In thousands)
Commercial: Other
Commercial
Internal risk rating:
1-2 High pass			$	1,629					$	976					$	210					$	20,509					$	2,030					$	(15)					$	55,892					$	—					$	81,231
3-4.5 Pass			154,992						54,361						71,391						67,866						179,424						163,003						2,411,816						51,148						3,154,001
5 Special mention			—						3,018						8,591						5,573						9,554						264						10,098						803						37,901
6-8 Classified			—						—						—						3,769						101						2,177						7,248						1,877						15,172
Total			$	156,621					$	58,355					$	80,192					$	97,717					$	191,109					$	165,429					$	2,485,054					$	53,828					$	3,288,305
Current YTD period:
Gross charge-offs			$	—					$	—					$	1,393					$	97					$	229					$	2,005					$	9,130					$	64					$	12,918
Consumer
Internal risk rating:
1-2 High pass			$	—					$	—					$	—					$	17					$	11					$	—					$	705					$	—					$	733
3-4.5 Pass			17,700						29,716						15,396						55,188						162,620						90,441						4,638						172						375,871
5 Special mention			—						—						—						1,165						3,175						725						—						—						5,065
6-8 Classified			—						—						—						439						107						515						—						7						1,068
Total			$	17,700					$	29,716					$	15,396					$	56,809					$	165,913					$	91,681					$	5,343					$	179					$	382,737
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	296					$	854					$	768					$	1					$	—					$	1,919
Total Loans and Leases
Internal risk rating:
1-2 High pass			$	1,493					$	35,654					$	34,729					$	254,202					$	409,037					$	506,465					$	356,426					$	22,255					$	1,620,261
3-4.5 Pass			1,318,702						861,406						759,275						4,603,516						4,816,889						3,807,370						4,946,921						193,429						21,307,508
5 Special mention			2,492						13,000						56,729						236,683						142,132						98,139						19,765						92,628						661,568
6-8 Classified			—						28,831						19,180						140,711						214,338						164,090						85,796						3,610						656,556
Total			$	1,322,687					$	938,891					$	869,913					$	5,235,112					$	5,582,396					$	4,576,064					$	5,408,908					$	311,922					$	24,245,893
Current YTD period:
Gross charge-offs			$	—					$	—					$	1,451					$	22,291					$	7,864					$	22,698					$	9,131					$	64					$	63,499

______________________

(1)    Amounts with negative balances are loans with zero principal balances and deferred loan origination fees.

30

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

																																													Revolving
																																													Converted
Amortized Cost Basis (1)			Term Loans by Origination Year																																				Revolving						to Term
December 31, 2024			2024						2023						2022						2021						2020						Prior						Loans						Loans						Total
			(In thousands)
Real Estate Mortgage:
Commercial
Internal risk rating:
1-2 High pass			$	1,694					$	—					$	26,166					$	22,821					$	8,089					$	78,588					$	1					$	—					$	137,359
3-4.5 Pass			232,808						132,389						800,877						682,806						450,822						1,407,314						56,481						28,624						3,792,121
5 Special mention			—						23,844						123,589						24,364						—						176,217						—						—						348,014
6-8 Classified			13,587						1,765						27,579						68,488						20,853						169,006						—						—						301,278
Total			$	248,089					$	157,998					$	978,211					$	798,479					$	479,764					$	1,831,125					$	56,482					$	28,624					$	4,578,772
Current YTD period:
Gross charge-offs			$	—					$	—					$	175					$	12,217					$	9,714					$	1,481					$	—					$	—					$	23,587
Real Estate Mortgage:
Multi-family
Internal risk rating:
1-2 High pass			$	—					$	—					$	55,847					$	214,583					$	62,942					$	129,163					$	—					$	—					$	462,535
3-4.5 Pass			223,333						60,137						2,037,864						1,154,452						451,602						1,324,816						11,120						—						5,263,324
5 Special mention			—						—						112,963						35,065						—						40,262						—						14,400						202,690
6-8 Classified			—						—						40,018						33,877						4,751						34,518						—						—						113,164
Total			$	223,333					$	60,137					$	2,246,692					$	1,437,977					$	519,295					$	1,528,759					$	11,120					$	14,400					$	6,041,713
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Real Estate Mortgage:
Other residential
Internal risk rating:
1-2 High pass			$	—					$	—					$	—					$	—					$	—					$	—					$	3,510					$	—					$	3,510
3-4.5 Pass			(562)						31,318						336,719						2,235,006						53,094						43,510						42,158						77						2,741,320
5 Special mention			—						310						8,121						5,644						—						276						—						—						14,351
6-8 Classified			—						3,571						25,616						17,189						—						1,448						169						—						47,993
Total			$	(562)					$	35,199					$	370,456					$	2,257,839					$	53,094					$	45,234					$	45,837					$	77					$	2,807,174
Current YTD period:
Gross charge-offs			$	—					$	3,445					$	29,099					$	6,394					$	350					$	67					$	175					$	—					$	39,530

____________________

(1)    Amounts with negative balances are loans with zero principal balances and deferred loan origination fees.

31

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

																																													Revolving
																																													Converted
Amortized Cost Basis (1)			Term Loans by Origination Year																																				Revolving						to Term
December 31, 2024			2024						2023						2022						2021						2020						Prior						Loans						Loans						Total
			(In thousands)
Real Estate Construction
and Land: Commercial
Internal risk rating:
1-2 High pass			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
3-4.5 Pass			29,674						47,183						404,732						115,729						45,576						8,213						—						—						651,107
5 Special mention			10,501						—						—						111,933						—						—						25,590						—						148,024
6-8 Classified			—						—						—						—						—						—						—						—						—
Total			$	40,175					$	47,183					$	404,732					$	227,662					$	45,576					$	8,213					$	25,590					$	—					$	799,131
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Real Estate Construction
and Land: Residential
Internal risk rating:
1-2 High pass			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
3-4.5 Pass			97,488						194,405						1,113,955						436,335						224,511						—						103,248						—						2,169,942
5 Special mention			—						—						143,136						60,084						—						—						—						—						203,220
6-8 Classified			—						—						—						—						—						—						—						—						—
Total			$	97,488					$	194,405					$	1,257,091					$	496,419					$	224,511					$	—					$	103,248					$	—					$	2,373,162
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Commercial: Asset-Based
Internal risk rating:
1-2 High pass			$	39,542					$	37,081					$	163,918					$	222,942					$	15,730					$	251,167					$	195,994					$	—					$	926,374
3-4.5 Pass			100,098						88,514						180,433						68,372						9,653						34,331						618,036						47,608						1,147,045
5 Special mention			—						194						5,569						—						—						—						3,784						—						9,547
6-8 Classified			—						—						—						—						—						—						5,003						—						5,003
Total			$	139,640					$	125,789					$	349,920					$	291,314					$	25,383					$	285,498					$	822,817					$	47,608					$	2,087,969
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	92					$	—					$	—					$	—					$	92
Commercial: Venture
Capital
Internal risk rating:
1-2 High pass			$	(92)					$	(100)					$	—					$	414					$	2,101					$	—					$	72,745					$	23,426					$	98,494
3-4.5 Pass			100,854						104,022						79,659						76,224						3,784						17,749						777,199						79,065						1,238,556
5 Special mention			1,396						56,973						(1)						29,973						—						—						36,979						—						125,320
6-8 Classified			14,895						—						12,821						20,182						—						—						27,508						—						75,406
Total			$	117,053					$	160,895					$	92,479					$	126,793					$	5,885					$	17,749					$	914,431					$	102,491					$	1,537,776
Current YTD period:
Gross charge-offs			$	—					$	2,272					$	—					$	14,000					$	—					$	2					$	140					$	—					$	16,414

____________________

(1)    Amounts with negative balances are loans with zero principal balances and deferred loan origination fees.

32

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

																																													Revolving
																																													Converted
Amortized Cost Basis (1)			Term Loans by Origination Year																																				Revolving						to Term
December 31, 2024			2024						2023						2022						2021						2020						Prior						Loans						Loans						Total
			(In thousands)
Commercial: Other
Commercial
Internal risk rating:
1-2 High pass			$	685					$	241					$	20,873					$	3,360					$	10					$	(83)					$	73,596					$	—					$	98,682
3-4.5 Pass			66,097						98,878						117,846						199,252						39,244						160,030						2,252,507						61,858						2,995,712
5 Special mention			6,462						8,912						2,880						144						—						127						20,073						143						38,741
6-8 Classified			—						1,397						1,243						2,365						—						5,836						8,234						874						19,949
Total			$	73,244					$	109,428					$	142,842					$	205,121					$	39,254					$	165,910					$	2,354,410					$	62,875					$	3,153,084
Current YTD period:
Gross charge-offs			$	—					$	—					$	1,144					$	500					$	1,696					$	3,159					$	2,712					$	605					$	9,816
Consumer
Internal risk rating:
1-2 High pass			$	—					$	—					$	20					$	15					$	1					$	—					$	932					$	—					$	968
3-4.5 Pass			31,034						19,181						59,594						176,189						18,658						82,678						6,231						232						393,797
5 Special mention			—						—						1,327						4,179						142						1,760						—						—						7,408
6-8 Classified			—						—						32						283						34						350						—						10						709
Total			$	31,034					$	19,181					$	60,973					$	180,666					$	18,835					$	84,788					$	7,163					$	242					$	402,882
Current YTD period:
Gross charge-offs			$	—					$	198					$	790					$	2,733					$	352					$	1,427					$	4					$	—					$	5,504
Total Loans and Leases
Internal risk rating:
1-2 High pass			$	41,829					$	37,222					$	266,824					$	464,135					$	88,873					$	458,835					$	346,778					$	23,426					$	1,727,922
3-4.5 Pass			880,824						776,027						5,131,679						5,144,365						1,296,944						3,078,641						3,866,980						217,464						20,392,924
5 Special mention			18,359						90,233						397,584						271,386						142						218,642						86,426						14,543						1,097,315
6-8 Classified			28,482						6,733						107,309						142,384						25,638						211,158						40,914						884						563,502
Total			$	969,494					$	910,215					$	5,903,396					$	6,022,270					$	1,411,597					$	3,967,276					$	4,341,098					$	256,317					$	23,781,663
Current YTD period:
Gross charge-offs			$	—					$	5,915					$	31,208					$	35,844					$	12,204					$	6,136					$	3,031					$	605					$	94,943

____________________

(1)    Amounts with negative balances are loans with zero principal balances and deferred loan origination fees.

33

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Loan Modifications

The following tables present our loan modifications made to borrowers experiencing financial difficulty by type of modification for the periods indicated with related amortized cost balances as of the dates indicated:

			Three Months Ended June 30, 2025
			Loan Modifications
			Balances (Amortized Cost Basis) at
			June 30, 2025
																																							Combination - Term
																											Interest Rate												Extension and												Total Loan
			Term Extension												Payment Delay												Reduction												Rate Reduction												Modifications
									% of												% of												% of												% of												% of
									Loan												Loan												Loan												Loan												Loan
									Portfolio												Portfolio												Portfolio												Portfolio												Portfolio
			Balance						Class						Balance						Class						Balance						Class						Balance						Class						Balance						Class
			(Dollars in thousands)
Real estate mortgage:
Commercial			$	9,661					0.2		%				$	2,078					—		%				$	2,621					0.1		%				$	—					—		%				$	14,360					0.3		%
Multi-family			42,853						0.7		%				—						—		%				—						—		%				—						—		%				42,853						0.7		%
Other residential			—						—		%				—						—		%				—						—		%				—						—		%				—						—		%
Real estate
construction
and land:
Commercial			69,324						18.2		%				—						—		%				—						—		%				—						—		%				69,324						18.2		%
Residential			—						—		%				—						—		%				—						—		%				—						—		%				—						—		%
Commercial:
Asset-based			25,334						1.0		%				—						—		%				—						—		%				—						—		%				25,334						1.0		%
Venture capital			—						—		%				—						—		%				—						—		%				—						—		%				—						—		%
Other commercial			3,905						0.1		%				—						—		%				—						—		%				216						—		%				4,121						0.1		%
Consumer			7						—		%				—						—		%				—						—		%				—						—		%				7						—		%
Total			$	151,084											$	2,078											$	2,621											$	216											$	155,999

34

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			Six Months Ended June 30, 2025
			Loan Modifications
			Balances (Amortized Cost Basis) at
			June 30, 2025
																																							Combination - Term
																											Interest Rate												Extension and
			Term Extension												Payment Delay												Reduction												Rate Reduction
									% of												% of												% of												% of
									Loan												Loan												Loan												Loan
									Portfolio												Portfolio												Portfolio												Portfolio
			Balance						Class						Balance						Class						Balance						Class						Balance						Class
			(Dollars in thousands)
Real estate mortgage:
Commercial			$	47,572					1.1		%				$	3,657					0.1		%				$	2,621					0.1		%				$	—					—		%
Multi-family			67,157						1.1		%				—						—		%				—						—		%				—						—		%
Other residential			971						—		%				2,500						0.1		%				—						—		%				—						—		%
Real estate construction and land:
Commercial			69,324						18.2		%				—						—		%				—						—		%				—						—		%
Residential			3,124						0.2		%				—						—		%				—						—		%				—						—		%
Commercial:
Asset-based			25,334						1.0		%				—						—		%				—						—		%				—						—		%
Venture capital			7,395						0.4		%				—						—		%				—						—		%				—						—		%
Other commercial			4,237						0.1		%				—						—		%				—						—		%				547						—		%
Consumer			7						—		%				—						—		%				—						—		%				—						—		%
Total			$	225,121											$	6,157											$	2,621											$	547

35

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			Six Months Ended June 30, 2025
			Loan Modifications (continued)
			Balances (Amortized Cost Basis) at
			June 30, 2025
			Combination - Term
			Extension,
			Rate Reduction												Total Loan
			and Payment Delay												Modifications
									% of												% of
									Loan												Loan
									Portfolio												Portfolio
			Balance						Class						Balance						Class
			(Dollars in thousands)
Real estate mortgage:			$	—					—		%				$	53,850					1.2		%
Commercial			—						—		%				67,157						1.1		%
Multi-family			—						—		%				3,471						0.1		%
Other residential
Real estate construction and land:
Commercial			—						—		%				69,324						18.2		%
Residential			—						—		%				3,124						0.2		%
Commercial:
Asset-based			—						—		%				25,334						1.0		%
Venture capital			—						—		%				7,395						0.4		%
Other commercial			146						—		%				4,930						0.1		%
Consumer			—						—		%				7						—		%
Total			$	146											$	234,592

			Three Months Ended June 30, 2024
			Loan Modifications
			Balances (Amortized Cost Basis) at
			June 30, 2024
																											Combination - Term												Combination - Term
																											Extension and												Extension and												Total Loan
			Term Extension												Payment Delay												Principal Forgiveness												Payment Delay												Modifications
									% of												% of												% of												% of												% of
									Loan												Loan												Loan												Loan												Loan
									Portfolio												Portfolio												Portfolio												Portfolio												Portfolio
			Balance						Class						Balance						Class						Balance						Class						Balance						Class						Balance						Class
			(Dollars in thousands)
Real estate mortgage:
Commercial			$	2,695					0.1		%				$	14,253					0.3		%				$	13,500					0.3		%				$	—					—		%				$	30,448					0.6		%
Other residential			3,017						0.1		%				—						—		%				—						—		%				—						—		%				3,017						0.1		%
Commercial:
Other commercial			2,099						0.1		%				—						—		%				—						—		%				54						—		%				2,153						0.1		%
Consumer			12						—		%				—						—		%				—						—		%				—						—		%				12						—		%
Total			$	7,823											$	14,253											$	13,500											$	54											$	35,630

36

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			Six Months Ended June 30, 2024
			Loan Modifications
			Balances (Amortized Cost Basis) at
			June 30, 2024
																											Combination - Term												Combination - Term
																											Extension and												Extension and												Total Loan
			Term Extension												Payment Delay												Principal Forgiveness												Payment Delay												Modifications
									% of												% of												% of												% of												% of
									Loan												Loan												Loan												Loan												Loan
									Portfolio												Portfolio												Portfolio												Portfolio												Portfolio
			Balance						Class						Balance						Class						Balance						Class						Balance						Class						Balance						Class
			(Dollars in thousands)
Real estate mortgage:
Commercial			$	2,695					0.1		%				$	14,253					0.3		%				$	13,500					0.3		%				$	—					—		%				$	30,448					0.6		%
Other residential			4,356						0.2		%				—						—		%				—						—		%				—						—		%				4,356						0.2		%
Commercial:
Other commercial			2,099						0.1		%				—						—		%				—						—		%				54						—		%				2,153						0.1		%
Consumer			12						—		%				—						—		%				—						—		%				—						—		%				12						—		%
Total			$	9,162											$	14,253											$	13,500											$	54											$	36,969

The following tables present the financial effect of our loan modifications made to borrowers experiencing financial difficulty by type of modification for the periods indicated:

Three Months Ended June 30, 2025

Term Extension - Financial Effect

Real estate mortgage:

Commercial

Extended maturity by a weighted average 10 months.

Multi-family

Extended maturity by a weighted average 6 months.

Real estate construction and land:

Commercial

Extended maturity by a weighted average 4 months.

Commercial:

Asset-based

Extended maturity by a weighted average 47 months.

Other commercial

Extended maturity by a weighted average 15 months.

Consumer

Extended maturity by a weighted average 24 months.

			Three Months Ended June 30, 2025
			Payment Delay - Financial Effect
Real estate mortgage:
Commercial			Granted payment deferrals for a weighted average of 3 months.

			Three Months Ended June 30, 2025
			Interest Rate Reduction - Financial Effect
Real estate mortgage:
Commercial			Reduced interest rates by a weighted average 3.29% for a weighted average period of 14 months.

37

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Three Months Ended June 30, 2025

Combination - Term Extension and Rate Reduction - Financial Effect

Commercial:

Other commercial

Extended maturity by a weighted average 4.5 years and reduced interest rates by a weighted average 1.85%.

Six Months Ended June 30, 2025

Term Extension - Financial Effect

Real estate mortgage:

Commercial

Extended maturity by a weighted average 13 months.

Multi-family

Extended maturity by a weighted average 6 months.

Other residential

Extended maturity by a weighted average 9 months.

Real estate construction and land:

Commercial

Extended maturity by a weighted average 4 months.

Residential

Extended maturity by a weighted average 12 months.

Commercial:

Asset-based

Extended maturity by a weighted average 47 months.

Venture capital

Extended maturity by a weighted average 12 months.

Other commercial

Extended maturity by a weighted average 17 months.

Consumer

Extended maturity by a weighted average 24 months.

			Six Months Ended June 30, 2025
			Payment Delay - Financial Effect
Real estate mortgage:
Commercial			Granted payment deferrals for a weighted average of 4 months.
Other residential			Granted payment deferrals for a weighted average of 3 months.

			Six Months Ended June 30, 2025
			Interest Rate Reduction - Financial Effect
Real estate mortgage:
Commercial			Reduced interest rates by a weighted average 3.29% for a weighted average period of 14 months.

Six Months Ended June 30, 2025

Combination - Term Extension and Rate Reduction - Financial Effect

Commercial:

Other commercial

Extended maturity by a weighted average 4.6 years and reduced interest rates by a weighted average 1.91%.

Six Months Ended June 30, 2025

Term Extension, Rate Reduction and Payment Delay - Financial Effect

Commercial:

Other commercial

Extended maturity by a weighted average 5.1 years, reduced interest rates by a weighted average 5.75%, and granted payment deferrals for a weighted average of 3 months.

38

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Three Months Ended June 30, 2024

Term Extension - Financial Effect

Real estate mortgage:

Commercial

Extended maturity by a weighted average 14 months.

Other residential

Extended maturity by a weighted average 8 months.

Commercial:

Other commercial

Extended maturity by a weighted average 11 months.

Consumer

Extended maturity by a weighted average 12 months.

						Three Months Ended June 30, 2024
						Payment Delay - Financial Effect
Real estate mortgage:
Commercial						Deferred partial payments by a weighted average 8 months.

			Three Months Ended June 30, 2024
			Combination - Term Extension and Principal Forgiveness - Financial Effect
Real estate mortgage:
Commercial			Extended maturity by a weighted average 3 years and granted principal forgiveness totaling $4.0 million.

Three Months Ended June 30, 2024

Combination - Term Extension and Payment Delay - Financial Effect

Commercial:

Other commercial

Extended maturity by a weighted average 10 years and granted 4 months of payment deferrals.

Six Months Ended June 30, 2024

Term Extension - Financial Effect

Real estate mortgage:

Commercial

Extended maturity by a weighted average 14 months.

Other residential

Extended maturity by a weighted average 10 months.

Commercial:

Other commercial

Extended maturity by a weighted average 11 months.

Consumer

Extended maturity by a weighted average 12 months.

						Six Months Ended June 30, 2024
						Payment Delay - Financial Effect
Real estate mortgage:
Commercial						Deferred partial payments by a weighted average 8 months.

			Six Months Ended June 30, 2024
			Combination - Term Extension and Principal Forgiveness - Financial Effect
Real estate mortgage:
Commercial			Extended maturity by a weighted average 3 years and granted principal forgiveness totaling $4.0 million.

39

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Six Months Ended June 30, 2024

Combination - Term Extension and Payment Delay - Financial Effect

Commercial:

Other commercial

Extended maturity by a weighted average 10 years and granted 4 months of payment deferrals.

The following tables present the payment status of loans that were modified during the preceding 12-month period, with related amortized cost balances, as of the dates indicated:

			Payment Status (Amortized Cost Basis) at
			June 30, 2025
									30-89 Days						90 or More Days
			Current						Past Due						Past Due						Total
			(In thousands)
Real estate mortgage:
Commercial			$	117,025					$	—											$	117,025
Multi-family			67,157						—						—						67,157
Other residential			1,634						—						2,500						4,134
Real estate construction and land:
Commercial			69,324						—												69,324
Residential			3,124						—						—						3,124
Commercial:
Asset-based			25,334						—												25,334
Venture capital			13,121						—						—						13,121
Other commercial			5,376						—						—						5,376
Consumer			7						—						—						7
Total			$	302,102					$	—					$	2,500					$	304,602

			Payment Status (Amortized Cost Basis) at
			June 30, 2024
									30-89 Days						90 or More Days
			Current						Past Due						Past Due						Total
			(In thousands)
Real estate mortgage:
Commercial			$	30,448					$	—					$	—					$	30,448
Other residential			3,211						—						3,611						6,822
Commercial:
Other commercial			3,674						—						—						3,674
Consumer			12						—						—						12
Total			$	37,345					$	—					$	3,611					$	40,956

40

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following tables present information on loans that defaulted during the periods indicated, which had been modified during the preceding 12-month period, with related amortized cost balances as of the dates indicated:

Three Months Ended

Six Months Ended

June 30, 2025

June 30, 2025

Modified Loans That

Modified Loans That

Subsequently Defaulted

Subsequently Defaulted

Amortized Cost Basis at

Amortized Cost Basis at

June 30, 2025

June 30, 2025

Payment Delay

Payment Delay

(In thousands)

Real estate mortgage:

Other residential

2,500

2,500

Total

$

2,500

$

2,500

Three Months Ended

Six Months Ended

June 30, 2024

June 30, 2024

Modified Loans That

Modified Loans That

Subsequently Defaulted

Subsequently Defaulted

Amortized Cost Basis at

Amortized Cost Basis at

June 30, 2024

June 30, 2024

Term Extension

Term Extension

(In thousands)

Real estate mortgage:

Other residential

$

2,108

$

3,836

Commercial:

Other commercial

47

47

Total

$

2,155

$

3,883

41

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Leases Receivable

We provide equipment financing to our customers primarily with operating and direct financing leases. For direct financing leases, lease receivables are recorded on the balance sheet, but the leased equipment is not, although we generally retain legal title to the leased equipment until the end of each lease. Direct financing leases are stated at the net amount of minimum lease payments receivable, plus any unguaranteed residual value, less the amount of unearned income and net acquisition discount at the reporting date. Direct lease origination costs are amortized using the effective interest method over the life of the leases. Direct financing leases are subject to our accounting for ALLL. See Note 7. Leases for information regarding operating leases where we are the lessor.

The following table provides the components of leases receivable income for the periods indicated:

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2025						2024						2025						2024
			(In thousands)
Component of leases receivable income:
Interest income on net investments in leases			$	3,690					$	4,877					$	7,745					$	9,612

The following table presents the components of leases receivable as of the dates indicated:

			June 30, 2025						December 31, 2024
			(In thousands)
Net Investment in Direct Financing Leases:
Lease payments receivable			$	156,410					$	202,815
Unguaranteed residual assets			20,237						22,489
Deferred costs and other			1,487						1,955
Aggregate net investment in leases			$	178,134					$	227,259

The following table presents maturities of leases receivable as of the date indicated:

			June 30, 2025
			(In thousands)
Period ending December 31,
2025			$	31,236
2026			54,392
2027			39,446
2028			25,708
2029			18,697
Thereafter			4,240
Total undiscounted cash flows			173,719
Less: Unearned income			(17,309)
Present value of lease payments			$	156,410

42

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Allowance for Loan and Lease Losses

The following tables present a summary of the activity in the ALLL on loans and leases held for investment by loan portfolio segment for the periods indicated:

			Three Months Ended June 30, 2025
									Real Estate
			Real Estate						Construction
			Mortgage						and Land						Commercial						Consumer						Total
			(In thousands)
Allowance for Loan and Lease Losses:
Balance, beginning of period			$	130,116					$	14,125					$	75,988					$	14,757					$	234,986
Charge-offs			(16,080)						(21,536)						(8,593)						(739)						(46,948)
Recoveries			298						—						2,288						140						2,726
Net charge-offs			(15,782)						(21,536)						(6,305)						(599)						(44,222)
Provision			20,611						14,474						3,647						(152)						38,580
Balance, end of period			$	134,945					$	7,063					$	73,330					$	14,006					$	229,344
			Six Months Ended June 30, 2025
									Real Estate
			Real Estate						Construction
			Mortgage						and Land						Commercial						Consumer						Total
			(In thousands)
Allowance for Loan and Lease Losses:
Balance, beginning of period			$	145,754					$	10,940					$	67,833					$	14,833					$	239,360
Charge-offs			(21,869)						(21,536)						(18,175)						(1,919)						(63,499)
Recoveries			610						—						4,391						202						5,203
Net charge-offs			(21,259)						(21,536)						(13,784)						(1,717)						(58,296)
Provision			10,450						17,659						19,281						890						48,280
Balance, end of period			$	134,945					$	7,063					$	73,330					$	14,006					$	229,344
Ending Allowance by
Evaluation Methodology:
Individually evaluated			$	—					$	—					$	267					$	—					$	267
Collectively evaluated			$	134,945					$	7,063					$	73,063					$	14,006					$	229,077
Ending Loans and Leases by
Evaluation Methodology:
Individually evaluated			$	160,087					$	—					$	4,440					$	—					$	164,527
Collectively evaluated			13,647,721						2,302,091						7,748,817						382,737						24,081,366
Ending balance			$	13,807,808					$	2,302,091					$	7,753,257					$	382,737					$	24,245,893

43

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			Three Months Ended June 30, 2024
									Real Estate
			Real Estate						Construction
			Mortgage						and Land						Commercial						Consumer						Total
			(In thousands)
Allowance for Loan and Lease Losses:
Balance, beginning of period			$	198,274					$	30,011					$	47,054					$	16,164					$	291,503
Charge-offs			(53,881)						—						(3,148)						(1,041)						(58,070)
Recoveries			1,429						—						834						66						2,329
Net charge-offs			(52,452)						—						(2,314)						(975)						(55,741)
Provision			9,438						(4,730)						6,454						838						12,000
Balance, end of period			$	155,260					$	25,281					$	51,194					$	16,027					$	247,762
			Six Months Ended June 30, 2024
									Real Estate
			Real Estate						Construction
			Mortgage						and Land						Commercial						Consumer						Total
			(In thousands)
Allowance for Loan and Lease Losses:
Balance, beginning of period			$	186,827					$	33,830					$	45,156					$	15,874					$	281,687
Charge-offs			(56,358)						—						(3,852)						(2,874)						(63,084)
Recoveries			2,320						—						3,703						136						6,159
Net charge-offs			(54,038)						—						(149)						(2,738)						(56,925)
Provision			22,471						(8,549)						6,187						2,891						23,000
Balance, end of period			$	155,260					$	25,281					$	51,194					$	16,027					$	247,762
Ending Allowance by
Evaluation Methodology:
Individually evaluated			$	—					$	—					$	—					$	—					$	—
Collectively evaluated			$	155,260					$	25,281					$	51,194					$	16,027					$	247,762
Ending Loans and Leases by
Evaluation Methodology:
Individually evaluated			$	95,086					$	—					$	19,292					$	—					$	114,378
Collectively evaluated			13,478,514						3,357,597						5,852,517						425,903						23,114,531
Ending balance			$	13,573,600					$	3,357,597					$	5,871,809					$	425,903					$	23,228,909

The allowance for loan and lease losses decreased by $5.6 million in the second quarter of 2025 to $229.3 million compared to the first quarter due primarily to a $38.6 million provision, offset by net charge-offs of $44.2 million. The net charge-offs of $44.2 million included $36.9 million of charge-offs relating to a strategic loan sale process commenced in the second quarter in which $506.7 million of loans were reclassified as held for sale.

For additional information regarding the calculation of the ALLL using the CECL methodology, including discussion of forecasts used to estimate the allowance, please see Note 1(j). Nature of Operations and Summary of Significant Accounting Policies - Allowance for Credit Losses on Loans and Leases Held for Investment of the Notes to Consolidated Financial Statements contained in "Item 8. Financial Statements and Supplementary Data" of the Form 10-K.

44

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

A loan is considered collateral-dependent, and is individually evaluated for reserve purposes, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The following table summarizes collateral-dependent loans held for investment by collateral type as of the following dates:

			June 30, 2025																		December 31, 2024
			Real						Business																		Real						Business
			Property						Assets												Total						Property						Assets						Total
			(In thousands)
Real estate mortgage			$	160,087					$	—											$	160,087					$	167,060					$	—					$	167,060
Commercial			—						1,893												1,893						—						10,870						10,870
Total			$	160,087					$	1,893											$	161,980					$	167,060					$	10,870					$	177,930

Allowance for Credit Losses

The ACL is the combination of the ALLL and the reserve for unfunded loan commitments. The reserve for unfunded loan commitments is included within "Accrued interest payable and other liabilities" on the condensed consolidated balance sheets.

The following tables present a summary of the activity in the ALLL and reserve for unfunded loan commitments for the periods indicated:

			Three Months Ended
			June 30, 2025
			Allowance for						Reserve for						Total
			Loan and						Unfunded Loan						Allowance for
			Lease Losses						Commitments						Credit Losses
			(In thousands)
Balance, beginning of period			$	234,986					$	29,571					$	264,557
Charge-offs			(46,948)						—						(46,948)
Recoveries			2,726						—						2,726
Net charge-offs			(44,222)						—						(44,222)
Provision			38,580						(350)						38,230
Balance, end of period			$	229,344					$	29,221					$	258,565
			Six Months Ended
			June 30, 2025
			Allowance for						Reserve for						Total
			Loan and						Unfunded Loan						Allowance for
			Lease Losses						Commitments						Credit Losses
			(In thousands)
Balance, beginning of period			$	239,360					$	29,071					$	268,431
Charge-offs			(63,499)						—						(63,499)
Recoveries			5,203						—						5,203
Net charge-offs			(58,296)						—						(58,296)
Provision			48,280						150						48,430
Balance, end of period			$	229,344					$	29,221					$	258,565

45

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			Three Months Ended
			June 30, 2024
			Allowance for						Reserve for						Total
			Loan and						Unfunded Loan						Allowance for
			Lease Losses						Commitments						Credit Losses
			(In thousands)
Balance, beginning of period			$	291,503					$	28,571					$	320,074
Charge-offs			(58,070)						—						(58,070)
Recoveries			2,329						—						2,329
Net charge-offs			(55,741)						—						(55,741)
Provision			12,000						(1,000)						11,000
Balance, end of period			$	247,762					$	27,571					$	275,333
			Six Months Ended
			June 30, 2024
			Allowance for						Reserve for						Total
			Loan and						Unfunded Loan						Allowance for
			Lease Losses						Commitments						Credit Losses
			(In thousands)
Balance, beginning of period			$	281,687					$	29,571					$	311,258
Charge-offs			(63,084)						—						(63,084)
Recoveries			6,159						—						6,159
Net charge-offs			(56,925)						—						(56,925)
Provision			23,000						(2,000)						21,000
Balance, end of period			$	247,762					$	27,571					$	275,333

46

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 5.  GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Goodwill and other intangible assets arise from the acquisition method of accounting for business combinations. Goodwill and other intangible assets generated from business combinations and deemed to have indefinite lives are not subject to amortization and instead are tested for impairment annually at the reporting unit level unless a triggering event occurs thereby requiring an updated assessment. Our regular annual impairment assessment occurs in the fourth quarter.

Goodwill represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. Impairment exists when the carrying value of the goodwill exceeds the fair value of the reporting unit. An impairment loss would be recognized in an amount equal to that excess as a charge to "Noninterest expense" in the condensed consolidated statements of earnings.

The following table presents the carrying amount of goodwill as of the dates indicated:

			Goodwill
			(In thousands)
Balance, December 31, 2024			$	214,521
Balance, June 30, 2025			$	214,521

Our other intangible assets with definite lives are CDI and CRI. CDI and CRI are amortized on an accelerated basis over their respective estimated useful lives and reviewed for impairment at least quarterly. The amortization expense represents the estimated decline in the value of the underlying deposits or customer relationships acquired.

The following table presents the carrying amounts of CDI and CRI and the related accumulated amortization for the periods indicated:

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2025						2024						2025						2024
			(In thousands)
Gross carrying amount of CDI and CRI,
beginning of period			$	178,764					$	236,264					$	178,764					$	236,264
Accumulated Amortization:
Balance, beginning of period			(52,827)						(79,038)						(45,820)						(70,787)
Amortization expense			(7,007)						(8,332)						(14,014)						(16,583)
Balance, end of period			(59,834)						(87,370)						(59,834)						(87,370)
Net CDI and CRI, end of period			$	118,930					$	148,894					$	118,930					$	148,894

The following table presents the estimated aggregate future amortization expense for our current CDI and CRI as of the date indicated:

			June 30, 2025
			(In thousands)
Period ending December 31,
2025			$	13,643
2026			24,412
2027			21,166
2028			17,920
2029			14,675
Thereafter			27,114
Net CDI and CRI			$	118,930

47

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 6.  OTHER ASSETS

The following table presents the detail of our other assets as of the dates indicated:

			June 30,						December 31,
Other Assets			2025						2024
			(In thousands)
Investments:
LIHTC investments			$	270,786					$	295,964
SBIC investments			115,864						109,636
Alternative energy partnerships (HLBV investments)			17,054						17,472
Other equity and CRA investments			142,750						143,152
Total investments			546,454						566,224
Interest receivable			127,359						125,469
Operating lease ROU assets, net (1)			105,506						100,092
Prepaid expenses			39,280						39,432
Taxes receivable			8,986						18,009
Foreclosed assets, net			7,806						9,734
Equity warrants			3,571						3,763
Other receivables/assets			52,825						51,231
Total other assets			$	891,787					$	913,954

____________________

(1)    See Note 7. Leases for further details regarding the operating lease ROU assets.

NOTE 7. LEASES

Operating Leases as a Lessee

Our lease expense is a component of "Occupancy expense" on our condensed consolidated statements of earnings. The following table presents the components of lease expense for the periods indicated:

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2025						2024						2025						2024
			(In thousands)
Operating lease expense:
Fixed costs			$	7,327					$	8,927					$	14,296					$	18,362
Variable costs			124						100						236						148
Short-term lease costs			210						74						445						140
Sublease income			(1,156)						(1,321)						(2,288)						(2,517)
Net lease expense			$	6,505					$	7,780					$	12,689					$	16,133

The following table presents supplemental cash flow information related to leases for the periods indicated:

			Six Months Ended
			June 30,
			2025						2024
			(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	16,273					$	16,926
ROU assets obtained in exchange for lease obligations:
Operating leases			$	18,671					$	2,527

48

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table presents supplemental balance sheet and other information related to operating leases as of the dates indicated:

			June 30,						December 31,
			2025						2024
			(Dollars in thousands)
Operating leases:
Operating lease right-of-use assets, net			$	105,506					$	100,092
Operating lease liabilities			$	128,340					$	124,355
Weighted average remaining lease term (in years)			5.9						5.9
Weighted average discount rate			3.66		%				3.53		%

The following table presents the maturities of operating lease liabilities as of the date indicated:

			June 30, 2025
			(In thousands)
Period ending December 31,
2025			$	15,668
2026			30,880
2027			24,426
2028			20,247
2029			16,036
Thereafter			36,527
Total operating lease liabilities			143,784
Less: Imputed interest			(15,444)
Present value of operating lease liabilities			$	128,340

Operating Leases as a Lessor

We provide equipment financing to our customers through operating leases where we facilitate the purchase of equipment leased to our customers. The equipment is shown on the condensed consolidated balance sheets as "Equipment leased to others under operating leases" and is depreciated to its estimated residual value at the end of the lease term, shown as "Leased equipment depreciation" in the condensed consolidated statements of earnings, according to our fixed asset accounting policy. We receive periodic rental income payments under the leases, which are recorded as "Leased equipment income" in the condensed consolidated statements of earnings. The equipment is tested periodically for impairment. No impairment was recorded on "Equipment leased to others under operating leases" during the six months ended June 30, 2025 and 2024.

The following table presents the rental payments to be received on operating leases as of the date indicated:

			June 30, 2025
			(In thousands)
Period ending December 31,
2025			$	17,727
2026			34,344
2027			27,968
2028			24,925
2029			23,418
Thereafter			45,229
Total undiscounted cash flows			$	173,611

49

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 8.  BORROWINGS AND SUBORDINATED DEBT

Borrowings

The following table summarizes our borrowings as of the dates indicated:

			June 30, 2025												December 31, 2024
									Weighted												Weighted
									Average												Average
			Balance						Rate						Balance						Rate
			(Dollars in thousands)
FHLB secured advances			$	1,700,000					3.98		%				$	1,100,000					3.93		%
Credit-linked notes			117,180						15.07		%				118,838						15.29		%
AFX short-term borrowings			100,000						4.46		%				—						—		%
Senior Notes			—						—		%				174,000						5.25		%
Total borrowings			1,917,180						4.68		%				1,392,838						5.06		%
Acquisition discount on Senior Notes			—												(1,024)
Total borrowings, net (1)			$	1,917,180											$	1,391,814

___________________

(1)    All borrowings were held at the Bank level with the exception of the Senior Notes. The Senior Notes were repaid in full in April 2025.

The Bank has established secured and unsecured lines of credit under which it may borrow funds from time to time on a term or overnight basis from the FHLB, the FRBSF, and other financial institutions.

FHLB Secured Line of Credit. The Bank had secured financing capacity with the FHLB as of June 30, 2025 of $7.1 billion, collateralized by a blanket lien on $10.6 billion of qualifying loans and $19.4 million of securities. As of June 30, 2025, there were $568.7 million in letters of credit pledged and $1.7 billion outstanding. As of December 31, 2024, there were $527.9 million in letters of credit pledged and a $1.1 billion balance outstanding.

The following table presents the interest rates and maturity dates of FHLB secured advances as of the date indicated:

			June 30, 2025
															Maturity
FHLB Secured Advances			Balance						Rate						Date
			(Dollars in thousands)
Term advance			200,000						4.55		%				08/04/2025
Term advance			150,000						4.59		%				06/26/2026
Term advance			100,000						3.79		%				02/01/2027
Term advance			100,000						3.79		%				03/01/2027
Term advance			100,000						3.78		%				04/01/2027
Term advance			150,000						4.63		%				05/28/2027
Term advance			150,000						4.63		%				06/03/2027
Term advance			150,000						4.39		%				06/03/2027
Term advance			100,000						3.88		%				06/24/2027
Callable term advance			500,000						3.18		%				09/18/2034
Total FHLB secured advances			$	1,700,000					3.98		%

FRBSF Secured Line of Credit. The Bank has a secured line of credit with the FRBSF. As of June 30, 2025, the Bank had secured borrowing capacity of $5.7 billion collateralized by liens covering $5.3 billion of qualifying loans and $1.5 billion of securities. As of June 30, 2025 and December 31, 2024, there was no balance outstanding.

Senior Notes. The Senior Notes were unsecured debt obligations and ranked equally with our other unsecured unsubordinated obligations. We made interest payments on the Senior Notes semi-annually in arrears. On April 4, 2025, the Company repaid the Senior Notes in full that were scheduled to mature on April 15, 2025.

50

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Holding Company Line of Credit Arrangement. On December 23, 2024, Banc of California, Inc. entered into an unsecured revolving line of credit agreement as a borrower for $50.0 million. On March 17, 2025, the Company executed an amendment to the credit agreement which increased the Company's unsecured revolving line of credit to $100.0 million. The rate is based on 1-month SOFR plus a spread of 2.25% basis points. As of June 30, 2025 and December 31, 2024, there was no balance outstanding.

Credit-Linked Notes. On September 29, 2022, legacy Pacific Western Bank completed a credit-linked notes transaction. The notes were issued in five classes, each with an interest rate of SOFR plus a spread that ranges from 8.00% to 13.25%, with a weighted average spread of 10.76% at June 30, 2025. The notes are linked to the credit risk of an approximately $2.3 billion reference pool of previously purchased single-family residential mortgage loans at June 30, 2025. The notes are due June 27, 2052. Principal payments on the notes are based only on principal that is actually collected on these loans. The notes are reported at fair value of $117.2 million at June 30, 2025. See Note 2. Restricted Cash for information regarding the collateral for the notes and Note 11. Fair Value Option for additional information.

Federal Funds Arrangements with Commercial Banks. As of June 30, 2025, the Bank had unsecured lines of credit of $265.0 million in the aggregate with several commercial banks for the purchase of overnight funds, subject to availability of funds. These lines are renewable annually and have no unused commitment fees. As of June 30, 2025 and December 31, 2024, there were no balances outstanding. The Bank is a member of the AFX, through which it may either borrow or lend funds on an overnight or short-term basis with a group of pre-approved commercial banks. The availability of funds changes daily. As of June 30, 2025 there was a $100.0 million balance outstanding. At December 31, 2024 there was no balance outstanding.

51

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Subordinated Debt

The following table summarizes the terms of each issuance of subordinated debt outstanding as of the dates indicated:

			June 30, 2025												December 31, 2024												Date						Maturity						Rate Index
Series			Balance						Rate (1)						Balance						Rate (1)						Issued						Date						(Quarterly Reset)
			(Dollars in thousands)
Subordinated notes, net (2)(7)			$	381,459					3.25		%				$	381,185					3.25		%				04/30/2021						05/01/2031						Fixed rate (3)
Subordinated notes			75,000						4.375		%				75,000						4.375		%				10/30/2020						10/30/2030						Fixed rate (6)
Trust V			10,310						7.67		%				10,310						7.71		%				08/15/2003						09/17/2033						3-month Term SOFR + 3.10
Trust VI			10,310						7.63		%				10,310						7.67		%				09/03/2003						09/15/2033						3-month Term SOFR + 3.05
Trust CII			5,155						7.52		%				5,155						7.56		%				09/17/2003						09/17/2033						3-month Term SOFR + 2.95
Trust VII			61,856						7.29		%				61,856						7.60		%				02/05/2004						04/23/2034						3-month Term SOFR + 2.75
Trust CIII			20,619						6.27		%				20,619						6.31		%				08/15/2005						09/15/2035						3-month Term SOFR + 1.69
Trust FCCI			16,495						6.18		%				16,495						6.22		%				01/25/2007						03/15/2037						3-month Term SOFR + 1.60
Trust FCBI			10,310						6.13		%				10,310						6.17		%				09/30/2005						12/15/2035						3-month Term SOFR + 1.55
Trust CS 2005-1			82,475						6.53		%				82,475						6.57		%				11/21/2005						12/15/2035						3-month Term SOFR + 1.95
Trust CS 2005-2			128,866						6.49		%				128,866						6.80		%				12/14/2005						01/30/2036						3-month Term SOFR + 1.95
Trust CS 2006-1			51,545						9.45		%				51,545						9.95		%				02/22/2006						04/30/2036						Prime + 1.95
Trust CS 2006-2			51,550						6.49		%				51,550						6.80		%				09/27/2006						10/30/2036						3-month Term SOFR + 1.95
Trust CS 2006-3 (4)			30,381						4.24		%				26,687						5.10		%				09/29/2006						10/30/2036						3-month EURIBOR + 2.05
Trust CS 2006-4			16,470						9.45		%				16,470						9.95		%				12/05/2006						01/30/2037						Prime + 1.95
Trust CS 2006-5			6,650						6.49		%				6,650						6.80		%				12/19/2006						01/30/2037						3-month Term SOFR + 1.95
Trust CS 2007-2			39,177						6.49		%				39,177						6.80		%				06/13/2007						07/30/2037						3-month Term SOFR + 1.95
PMB Statutory Trust III			7,217						7.96		%				7,217						7.99		%				09/16/2002						09/26/2032						3-month Term SOFR + 3.40
PMB Capital Trust III			10,310						6.53		%				10,310						6.89		%				10/04/2004						10/08/2034						3-month Term SOFR + 2.00
Total subordinated debt			1,016,155						5.32		%				1,012,187						5.48		%
Acquisition discount (5)			(66,942)												(70,264)
Total subordinated debt, net			$	949,213											$	941,923

___________________

(1)    Rates do not include the effects of discounts and issuance costs.

(2)    Net of unamortized issuance costs of $3.5 million at June 30, 2025 and $3.8 million at December 31, 2024.

(3)    Interest rate is fixed until May 1, 2026, when it changes to a floating rate and resets quarterly equal to 3-month Term SOFR, plus a spread of 252 basis points.

(4)    Denomination is in Euros with a value of €25.8 million.

(5)    Amount represents the fair value adjustment on subordinated debt assumed in acquisitions.

(6)    Interest rate is fixed until October 30, 2025, when it changes to a floating rate equal to 3-month Term SOFR, plus a spread of 419.5 basis points.

(7)    Subordinated notes, net, issued at the Bank level rather than the holding company level.

52

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 9.  DERIVATIVES

We use derivative instruments and other risk management techniques to reduce our exposure to adverse fluctuations in interest rates and foreign currency exchange rates in accordance with our risk management policies and for certain loan clients to allow them to hedge the risk of rising interest rates and on their variable rate loans.

Our derivatives are carried at fair value and recorded in "Other assets" or "Accrued interest payable and other liabilities," as appropriate, in the condensed consolidated balance sheets. On the date we enter into a derivative contract, the derivative is designated as a fair value hedge, cash flow hedge, or a hedge designation is not made as it is a customer-related transaction. When a derivative is designated as a fair value hedge or cash flow hedge, the Company performs an assessment at inception, and at least quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the fair value or cash flows of the hedged items.

The following table presents the U.S. dollar notional amounts and fair values of our derivative instruments included in the condensed consolidated balance sheets as of the dates indicated:

			June 30, 2025																		December 31, 2024
			Notional						Fair Value												Notional						Fair Value
			Amount						Asset						Liability						Amount						Asset						Liability
			(In thousands)
Derivatives Designated as Cash Flow Hedges:
Interest rate swaps			$	300,000					$	—					$	4,136					$	300,000					$	1,442					$	—
Interest rate collars			1,000,000												310						—						—						—
Derivatives Not Designated as Hedging Instruments:
Interest rate contracts			154,302						4,638						4,585						192,405						6,516						6,428
Foreign exchange contracts			92,573						2,062						1,885						36,155						515						1,134
Equity warrant assets			15,080						3,571						—						16,066						3,763						—
Total contracts			$	1,561,955					$	10,271					$	10,916					$	544,626					$	12,236					$	7,562

Cash Flow Hedges

Cash flow hedges included pay-fixed, receive-floating interest rate swap contracts with notional amounts aggregating $300.0 million, five-year terms, and varying maturity dates throughout 2028. These swap contracts were entered into with institutional counterparties to hedge against variability in cash flow attributable to interest rate risk on a portion of the Company's borrowings. Cash flow hedges also included interest rate collars, which are option contracts designed to limit the Company's exposure to increases in short term interest rates while foregoing some of the upside if short term interest rates decrease significantly. The interest rate collars have notional amounts aggregating to $1.0 billion, with eighteen month terms, and maturing on October 31, 2026. These collars were entered into with institutional counterparties to hedge against variability in cash flows attributable to interest rate risk on a portion of the Company's floating rate deposits.

The cash flow hedges were deemed highly effective at inception and as of June 30, 2025. For derivatives designated as cash flow hedges, the portion of changes in fair value considered to be highly effective is reported as a component of AOCI on the condensed consolidated balance sheets until the related cash flows from the hedged items are recognized in earnings. As of June 30, 2025, the fair value of the cash flow hedges represented a net liability of $4.4 million, related to which a loss of $4.0 million (net of tax) was included in AOCI. The estimated amount to be reclassified in the next 12 months out of AOCI into earnings is $0.5 million.

Terminated Cash Flow Hedge

The Company terminated all of the pay-fixed, receive floating interest rate swap contracts classified as cash flow hedges with notional amounts of $355.0 million entered into during 2024. At June 30, 2025, we had a pre-tax net loss of $0.2 million deferred in AOCI related to terminated cash flow hedges, which will be fully amortized into interest expense by the third quarter of 2025.

53

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Other Interest Rate Swaps, Foreign Exchange Contracts, and Equity Warrant Assets Not Designated for Hedge Accounting

The Company offers borrowers interest rate swaps under a "back-to-back" loan hedging program and offsets these "pay floating/receive fixed" contracts with borrowers with "receive floating/pay fixed" swaps with counterparty banks. The total notional balance of these offsetting hedging contracts was $154.3 million at June 30, 2025.

The Company has also hedged the interest rate risk and foreign currency risk on €25.8 million of subordinated debt utilizing a combined cross currency swap/interest rate swap, which has had the effect of hedging the foreign currency risk and fixing the Euribor-based floating rate instrument at a fixed rate of 2.76% through July 2025. For the quarter ended June 30, 2025, changes in fair value and fees recorded to "Noninterest income" in the condensed consolidated statements of earnings were immaterial.

See Note 12. Fair Value Measurements for additional information regarding equity warrant assets.

NOTE 10.  COMMITMENTS AND CONTINGENCIES

The following table presents a summary of commitments described below as of the dates indicated:

			June 30,						December 31,
			2025						2024
			(In thousands)
Loan commitments to extend credit			$	4,673,596					$	4,887,690
Standby letters of credit			207,825						201,768
Total			$	4,881,421					$	5,089,458

The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the condensed consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of involvement that the Company has in particular classes of financial instruments.

Commitments to extend credit are contractual agreements to lend to our customers when customers are in compliance with their contractual credit agreements and when customers have contractual availability to borrow under such agreements. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The estimated exposure to loss from these commitments is included in the reserve for unfunded loan commitments, which amounted to $29.2 million at June 30, 2025 and $29.1 million at December 31, 2024.

Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. We provide standby letters of credit in conjunction with several of our lending arrangements and property lease obligations. Most guarantees expire within one year from the date of issuance. If a borrower defaults on its commitments subject to any letter of credit issued under these arrangements, we would be required to meet the borrower's financial obligation but would seek repayment of that financial obligation from the borrower. In some cases, borrowers have pledged cash and investment securities as collateral under these arrangements.

In addition, we invest in SBICs that call for capital contributions up to an amount specified in the partnership agreements, and in CRA-related loan pools. As of June 30, 2025 and December 31, 2024, we had commitments to contribute capital to these entities totaling $107.7 million and $79.7 million.

54

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table presents the years in which commitments are expected to be paid for our commitments to contribute capital to SBICs and CRA-related loan pools as of the date indicated:

			June 30, 2025
			(In thousands)
Period ending December 31,
2025			$	53,859
2026			53,858
Total			$	107,717

Legal Matters

In the ordinary course of our business, the Company is party to various legal actions, which we believe are incidental to the operation of our business. The outcome of such legal actions and the timing of ultimate resolution are inherently difficult to predict. In the opinion of management, based upon currently available information, any resulting liability, in addition to amounts already accrued, and taking into consideration insurance which may be applicable, would not have a material adverse effect on the Company’s financial statements or operations. The range of any reasonably possible liabilities is also not significant.

55

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 11.  FAIR VALUE OPTION

The Company may elect to report financial instruments and certain other items at fair value on an instrument-by-instrument basis with changes in fair value reported in earnings. The election is made upon the initial recognition of an eligible financial asset, financial liability, or firm commitment or when certain specified reconsideration events occur. The fair value election may not otherwise be revoked once an election is made. The changes in fair value are recorded in "Noninterest income" on the condensed consolidated statements of earnings. However, movements in debt valuation adjustments are reported as a component of "Accumulated other comprehensive loss, net" on the condensed consolidated balance sheets. Debt valuation adjustments represent the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk.

Fair Value Option for Certain Debt Liabilities

The Company has elected the fair value option for the credit-linked notes issued in September 2022. The Company elected the fair value option because these exposures are considered to be structured notes, which are financial instruments that contain embedded derivatives. The notes are linked to the credit risk of an approximately $2.3 billion reference pool of previously purchased single-family residential mortgage loans. The principal balance of the credit-linked notes was $117.0 million at June 30, 2025. The carrying value of the credit-linked notes at June 30, 2025 was the estimated fair value of $117.2 million. For the three and six months ended June 30, 2025, the interest expense on the credit-linked notes totaled $4.5 million and $9.0 million and totaled $5.0 million and $10.0 million for the three and six months ended June 30, 2024, and was recorded in "Interest expense - borrowings" on the condensed consolidated statements of earnings.

The following table presents the changes in fair value of the credit-linked notes for which the fair value option has been elected for the periods indicated:

			Three Months Ended												Six Months Ended
			June 30,												June 30,
Credit-Linked Notes			2025						2024						2025						2024
			(In thousands)
Changes in fair value - gains (losses) included in earnings			$	(637)					$	(2,427)					$	(155)					$	(2,775)
Changes in fair value - other comprehensive income (loss)			$	(517)					$	636					$	(371)					$	(615)

The following table provides information about the credit-linked notes carried at fair value as of the dates indicated:

			June 30,						December 31,
Credit-Linked Notes			2025						2024
			(In thousands)
Carrying value reported on the condensed consolidated balance sheets			$	117,180					$	118,838
Aggregate unpaid principal balance (less than) in excess of fair value			$	(225)					$	301

56

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 12.  FAIR VALUE MEASUREMENTS

The Company uses fair value to measure certain assets and liabilities on a recurring basis, primarily AFS securities, derivatives, and certain debt liabilities. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period and such measurements are therefore considered “nonrecurring” for purposes of disclosing our fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for individually evaluated loans and leases and other real estate owned and also to record impairment on certain assets, such as goodwill, CDI, and other long-lived assets.

For information regarding the valuation methodologies used to measure our assets recorded at fair value (under ASC Topic 820), and for estimating fair value for financial instruments not recorded at fair value (under ASC Topic 825, as amended by ASU 2016-01 and ASU 2018-03), see Note 1. Nature of Operations and Summary of Significant Accounting Policies and Note 15. Fair Value Measurements to the Consolidated Financial Statements of the Company's Form 10-K.

The Company also holds SBIC investments measured at fair value using the NAV per share practical expedient that are not required to be classified in the fair value hierarchy. At June 30, 2025, the fair value of these investments was $115.9 million.

The following tables present information on the assets and liabilities measured and recorded at fair value on a recurring basis as of the dates indicated:

			Fair Value Measurements as of
			June 30, 2025
Measured on a Recurring Basis			Total						Level 1						Level 2						Level 3
			(In thousands)
Securities available-for-sale:
Agency residential MBS			$	849,865					$	—					$	849,865					$	—
Agency commercial MBS			60,872						—						60,872						—
Agency residential CMOs			538,069						—						538,069						—
Municipal securities			602						—						602						—
Corporate debt securities			263,138						—						260,888						2,250
Private label residential CMOs			276,456						—						276,456						—
Collateralized loan obligations			228,247						—						228,247						—
Private label commercial MBS			10,624						—						10,624						—
Asset-backed securities			14,402						—						14,402						—
SBA securities			3,899						—						3,899						—
Total securities available-for-sale			$	2,246,174					$	—					$	2,243,924					$	2,250
Equity investments with readily determinable fair values			$	2					$	2					$	—					$	—
Derivatives (1):
Derivative assets
Interest rate and foreign exchange contracts			6,700						—						6,700						—
Equity warrants			3,571						—						—						3,571
Derivative liabilities
Cash flow hedges			4,446						—						4,446						—
Interest rate and foreign exchange contracts			6,470						—						6,470						—
Credit-linked notes			117,180						—						—						117,180

____________________

(1)    For information regarding derivative instruments, see Note 9. Derivatives.

57

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			Fair Value Measurements as of
			December 31, 2024
Measured on a Recurring Basis			Total						Level 1						Level 2						Level 3
			(In thousands)
Securities available-for-sale:
Agency residential MBS			$	861,840					$	—					$	861,840					$	—
Agency commercial MBS			51,564						—						51,564						—
Agency residential CMOs			446,631						—						446,631						—
Municipal securities			594						—						594						—
Corporate debt securities			257,712						—						255,582						2,130
Private label residential CMOs			316,910						—						316,910						—
Collateralized loan obligations			279,416						—						279,416						—
Private label commercial MBS			12,372						—						12,372						—
Asset-backed securities			15,600						—						15,600						—
SBA securities			4,200						—						4,200						—
Total securities available-for-sale			$	2,246,839					$	—					$	2,244,709					$	2,130
Equity investments with readily determinable fair values			$	3					$	3					$	—					$	—
Derivatives (1):
Derivative assets
Cash flow hedges			1,442						—						1,442						—
Interest rate and foreign exchange contracts			7,031						—						7,031						—
Equity warrants			3,763						—						—						3,763
Derivative liabilities
Interest rate and foreign exchange contracts			7,562						—						7,562						—
Credit-linked notes			118,838						—						—						118,838

____________________

(1)    For information regarding derivative instruments, see Note 9. Derivatives.

During the six months ended June 30, 2025, there was no transfer from Level 3 equity warrants to Level 1 equity investments with readily determinable fair values measured on a recurring basis. There was also no transfer of corporate debt securities from Level 3 to Level 2 during the six months ended June 30, 2025 and no transfer of corporate debt securities from Level 2 to Level 3 during the same period.

The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third-party pricing service for our Level 3 corporate debt securities available-for-sale measured at fair value on a recurring basis as of the date indicated:

			June 30, 2025
			Corporate Debt Securities
			Input or						Weighted
			Range						Average
Unobservable Inputs			of Inputs						Input (1)
Spread to 10 Year Treasury			6.6% - 8.9%						7.7%
Discount rates			10.9% - 13.1%						12.0%

____________________

(1)    Unobservable inputs for corporate debt securities were weighted by the relative fair values of the instruments.

58

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table presents information about quantitative inputs and assumptions used in the modified Black-Scholes option pricing model to determine the fair value for our Level 3 equity warrants measured at fair value on a recurring basis as of the date indicated:

			June 30, 2025
			Equity Warrants
									Weighted
			Range						Average
Unobservable Inputs			of Inputs						Input (1)
Volatility			18.6% - 125.6%						25.2%
Risk-free interest rate			3.7% - 4.4%						3.8%
Remaining life assumption (in years)			0.08 - 4.98						3.25

____________________

(1)    Unobservable inputs for equity warrants were weighted by the relative fair values of the instruments.

The following table summarizes activity for our Level 3 corporate debt securities available-for-sale, equity warrants, and credit-linked notes measured at fair value on a recurring basis for the period indicated:

			Corporate						Equity						Credit-Linked
			Debt Securities						Warrants						Notes
			(In thousands)
Balance, December 31, 2024			$	2,130					$	3,763					$	118,838
Total included in earnings			—						932						155
Total included in other comprehensive income			120						—						371
Issuances			—						187						—
Principal payments			—						—						(2,184)
Exercises and settlements			—						(1,311)						—
Balance, June 30, 2025			$	2,250					$	3,571					$	117,180
Unrealized net gains (losses) for the period included in other
comprehensive income for securities held at quarter-end			$	(750)

The following tables present assets measured at fair value on a non-recurring basis as of the dates indicated:

			Fair Value Measurement as of
			June 30, 2025
Measured on a Non-Recurring Basis			Total						Level 1						Level 2						Level 3
			(In thousands)
Individually evaluated loans and leases			$	14,640					$	—					$	9,813					$	4,827
OREO			2,191						—						2,191						—
Total non-recurring			$	16,831					$	—					$	12,004					$	4,827

			Fair Value Measurement as of
			December 31, 2024
Measured on a Non-Recurring Basis			Total						Level 1						Level 2						Level 3
			(In thousands)
Individually evaluated loans and leases			$	58,948					$	—					$	45,962					$	12,986
OREO			3,372						—						3,372						—
Total non-recurring			$	62,320					$	—					$	49,334					$	12,986

59

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

In addition to individually evaluated loans and leases and OREO, loans held for sale are carried at the lower of cost or market and may be measured at fair value on a nonrecurring basis when fair value is less than cost. Fair value is based on active bids and other observable market inputs, such as appraised value of the underlying collaterals, adjusted for specific attributes of that loan or other available market data for similar loans. Loans held for sale are classified as Level 2 in the fair value hierarchy.

The following table presents losses recognized on assets measured on a nonrecurring basis for the periods indicated:

			Three Months Ended												Six Months Ended
Losses on Assets			June 30,												June 30,
Measured on a Non-Recurring Basis			2025						2024						2025						2024
			(In thousands)
Individually evaluated loans and leases			$	490					$	2,680					$	1,394					$	11,232
OREO			367						340						424						579
Total losses			$	857					$	3,020					$	1,818					$	11,811

The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of the date indicated:

June 30, 2025

Valuation

Unobservable

Input or

Weighted

Asset

Fair Value

Technique

Inputs

Range

Average

(In thousands)

Individually evaluated

loans and leases (1)

$

543

Discounted cash flows

Discount rates

4.25% - 4.25%

4.25%

Individually evaluated

loans and leases

4,284

Third-party appraisals

No discounts

Total non-recurring Level 3

$

4,827

__________________

(1)    Relates to one loan at June 30, 2025.

60

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated:

			June 30, 2025
			Carrying						Estimated Fair Value
			Amount						Total						Level 1						Level 2						Level 3
			(In thousands)
Financial Assets:
Cash and due from banks			$	222,210					$	222,210					$	222,210					$	—					$	—
Interest-earning deposits in financial institutions			2,131,342						2,131,342						2,131,342						—						—
Securities available-for-sale			2,246,174						2,246,174						—						2,243,924						2,250
Securities held-to-maturity			2,316,725						2,195,476						181,633						2,010,087						3,756
Investment in FRB and FHLB stock			162,243						162,243						—						162,243						—
Loans held for sale			465,571						465,774						—						465,774						—
Loans and leases held for investment, net			24,016,549						22,923,445						—						9,813						22,913,632
Equity investments with readily determinable fair values			2						2						2						—						—
Equity warrants			3,571						3,571						—						—						3,571
Interest rate and foreign exchange contracts			6,700						6,700						—						6,700						—
Servicing rights			18,506						20,176						—						—						20,176
Financial Liabilities:
Demand, checking, money market, and savings deposits			22,723,554						22,723,554						—						22,723,554						—
Time deposits			4,804,879						4,794,326						—						4,794,326						—
Borrowings			1,917,180						1,918,351						100,000						1,701,171						117,180
Subordinated debt			949,213						918,445						—						918,445						—
Cash flow hedges			4,446						4,446						—						4,446						—
Interest rate and foreign exchange contracts			6,470						6,470						—						6,470						—

			December 31, 2024
			Carrying						Estimated Fair Value
			Amount						Total						Level 1						Level 2						Level 3
			(In thousands)
Financial Assets:
Cash and due from banks			$	192,006					$	192,006					$	192,006					$	—					$	—
Interest-earning deposits in financial institutions			2,310,206						2,310,206						2,310,206						—						—
Securities available-for-sale			2,246,839						2,246,839						—						2,244,709						2,130
Securities held-to-maturity			2,306,149						2,156,694						173,283						1,976,265						7,146
Investment in FRB and FHLB stock			147,773						147,773						—						147,773						—
Loans held for sale			26,331						26,562						—						26,562						—
Loans and leases held for investment, net			23,542,303						22,412,073						—						45,962						22,366,111
Equity investments with readily determinable fair values			3						3						3						—						—
Equity warrants			3,763						3,763						—						—						3,763
Cash flow hedges			1,442						1,442						—						1,442						—
Interest rate and foreign exchange contracts			7,031						7,031						—						7,031						—
Servicing rights			19,623						21,040						—						—						21,040
Financial Liabilities:
Demand, checking, money market, and savings deposits			22,625,485						22,625,485						—						22,625,485						—
Time deposits			4,566,424						4,556,575						—						4,556,575						—
Borrowings			1,391,814						1,382,742						—						1,263,904						118,838
Subordinated debt			941,923						901,532						—						901,532						—
Interest rate and foreign exchange contracts			7,562						7,562						—						7,562						—

61

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Limitations

Fair value estimates are made at a specific point in time and are based on relevant market information and information about the financial instrument. These estimates do not reflect income taxes or any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a portion of the Company’s financial instruments, fair value estimates are based on what management believes to be reasonable judgments regarding expected future cash flows, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimated fair values are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Since the fair values have been estimated as of June 30, 2025, the amounts that will actually be realized or paid at settlement or maturity of the instruments could be significantly different.

NOTE 13.  EARNINGS PER SHARE

The following tables present the computations of basic and diluted net earnings per share by class of common stock for the periods indicated:

			Three Months Ended June 30, 2025
															Non-Voting
									Class B						Common
			Voting						Non-Voting						Stock						Total
			Common						Common						Equivalents						Common
			(In thousands, except per share amounts)
Basic Earnings Per Share:
Net earnings available to common and equivalent stockholders			$	17,243					$	55					$	1,140					$	18,438
Less: Earnings allocated to unvested restricted stock (1)			(5)						—						—						(5)
Net earnings allocated to common and equivalent shares			$	17,238					$	55					$	1,140					$	18,433
Weighted average basic shares and unvested restricted
stock outstanding			148,236						477						9,791						158,504
Less: weighted average unvested restricted stock
outstanding			(150)						—						—						(150)
Weighted average basic shares outstanding			148,086						477						9,791						158,354
Basic earnings per share			$	0.12					$	0.12					$	0.12					$	0.12
Diluted Earnings Per Share:
Net earnings allocated to common and equivalent shares			$	17,243					$	55					$	1,140					$	18,438
Weighted average diluted shares outstanding			148,194						477						9,791						158,462
Diluted earnings per share			$	0.12					$	0.12					$	0.12					$	0.12

________________________

(1)    Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any.

62

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			Six Months Ended June 30, 2025
															Non-Voting
									Class B						Common
			Voting						Non-Voting						Stock						Total
			Common						Common						Equivalents						Common
			(In thousands, except per share amounts)
Basic Earnings Per Share:
Net earnings available to common and equivalent stockholders			$	58,159					$	181					$	3,719					$	62,059
Less: Earnings allocated to unvested restricted stock (1)			(49)						—						—						(49)
Net earnings allocated to common and equivalent shares			$	58,110					$	181					$	3,719					$	62,010
Weighted average basic shares and unvested restricted
stock outstanding			153,304						477						9,791						163,572
Less: weighted average unvested restricted stock
outstanding			(176)						—						—						(176)
Weighted average basic shares outstanding			153,128						477						9,791						163,396
Basic earnings per share			$	0.38					$	0.38					$	0.38					$	0.38
Diluted Earnings Per Share:
Net earnings allocated to common and equivalent shares			$	58,159					$	181					$	3,719					$	62,059
Weighted average diluted shares outstanding			153,399						477						9,791						163,667
Diluted earnings per share			$	0.38					$	0.38					$	0.38					$	0.38

________________________

(1)    Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any.

63

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			Three Months Ended June 30, 2024
															Non-Voting
									Class B						Common
			Voting						Non-Voting						Stock						Total
			Common						Common						Equivalents						Common
			(In thousands, except per share amounts)
Basic Earnings Per Share:
Net earnings available to common and equivalent stockholders			$	19,100					$	58					$	1,228					$	20,386
Less: Earnings allocated to unvested restricted stock (1)			2						—						—						2
Net earnings allocated to common and equivalent shares			$	19,102					$	58					$	1,228					$	20,388
Weighted average basic shares and unvested restricted
stock outstanding			158,381						477						10,147						169,005
Less: weighted average unvested restricted stock
outstanding			(573)						—						—						(573)
Weighted average basic shares outstanding			157,808						477						10,147						168,432
Basic earnings per share			$	0.12					$	0.12					$	0.12					$	0.12
Diluted Earnings Per Share:
Net earnings allocated to common and equivalent shares			$	19,102					$	58					$	1,228					$	20,388
Weighted average diluted shares outstanding			157,808						477						10,147						168,432
Diluted earnings per share			$	0.12					$	0.12					$	0.12					$	0.12

________________________

(1)    Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any.

64

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			Six Months Ended June 30, 2024
															Non-Voting
									Class B						Common
			Voting						Non-Voting						Stock						Total
			Common						Common						Equivalents						Common
			(In thousands, except per share amounts)
Basic Earnings Per Share:
Net earnings available to common and equivalent stockholders			$	38,622					$	117					$	2,552					$	41,291
Less: Earnings allocated to unvested restricted stock (1)			(51)						—						—						(51)
Net earnings allocated to common and equivalent shares			$	38,571					$	117					$	2,552					$	41,240
Weighted average basic shares and unvested restricted
stock outstanding			158,110						477						10,402						168,989
Less: weighted average unvested restricted stock
outstanding			(702)						—						—						(702)
Weighted average basic shares outstanding			157,408						477						10,402						168,287
Basic earnings per share			$	0.25					$	0.25					$	0.25					$	0.25
Diluted Earnings Per Share:
Net earnings allocated to common and equivalent shares			$	38,571					$	117					$	2,552					$	41,240
Weighted average diluted shares outstanding			157,408						477						10,402						168,287
Diluted earnings per share			$	0.25					$	0.25					$	0.25					$	0.25

________________________

(1)    Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any.

The following table presents the weighted average outstanding restricted shares and warrants that were not included in the computation of diluted earnings per share because their effect would be anti-dilutive for the periods indicated:

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2025						2024						2025						2024
			(In thousands)
Restricted stock awards and units (1)			150						573						176						702
Warrants			18,902						18,902						18,902						18,902

65

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 14. REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregation of Revenue

The following table presents interest income and noninterest income, the components of total revenue, as disclosed in the condensed consolidated statements of earnings and the related amounts which are from contracts with customers within the scope of ASC Topic 606, "Revenue from Contracts with Customers," for the periods indicated. As illustrated here, substantially all of our revenue is specifically excluded from the scope of ASC Topic 606.

			Three Months Ended June 30,
			2025												2024
			Total						Revenue from						Total						Revenue from
			Recorded						Contracts with						Recorded						Contracts with
			Revenue						Customers						Revenue						Customers
			(In thousands)
Total Interest Income			$	420,509					$	—					$	462,589					$	—
Noninterest Income:
Service charges on deposit accounts			4,456						4,456						4,540						4,540
Commissions and fees			9,641						4,594						8,629						4,403
Leased equipment income			10,231						—						11,487						—
Gain on sale of loans			30						—						1,135						—
Dividends and (losses) gains on equity investments			(114)						—						1,166						—
Warrant income (loss)			1,227						—						(324)						—
LOCOM HFS adjustment			(9)						—						(38)						—
Other income			7,171						259						3,197						133
Total noninterest income			32,633						9,309						29,792						9,076
Total Revenue			$	453,142					$	9,309					$	492,381					$	9,076

The following table presents revenue from contracts with customers based on the timing of revenue recognition for the periods indicated:

			Three Months Ended
			June 30,
			2025						2024
			(In thousands)
Products and services transferred at a point in time			$	3,698					$	4,203
Products and services transferred over time			5,611						4,873
Total revenue from contracts with customers			$	9,309					$	9,076

66

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			Six Months Ended June 30,
			2025												2024
			Total						Revenue from						Total						Revenue from
			Recorded						Contracts with						Recorded						Contracts with
			Revenue						Customers						Revenue						Customers
			(In thousands)
Total Interest Income			$	827,164					$	—					$	941,293					$	—
Noninterest Income:
Service charges on deposit accounts			8,999						8,999						9,245						9,245
Commissions and fees			19,599						9,997						16,771						9,386
Leased equipment income			21,015						—						23,203						—
Gain on sale of loans			241						—						687						—
Dividends and gains on equity investments			2,209						—						4,234						—
Warrant income (loss)			932						—						(146)						—
LOCOM HFS adjustment			(9)						—						292						—
Other income			13,297						505						9,322						226
Total noninterest income			66,283						19,501						63,608						18,857
Total Revenue			$	893,447					$	19,501					$	1,004,901					$	18,857

The following table presents revenue from contracts with customers based on the timing of revenue recognition for the periods indicated:

			Six Months Ended
			June 30,
			2025						2024
			(In thousands)
Products and services transferred at a point in time			$	8,251					$	9,081
Products and services transferred over time			11,250						9,776
Total revenue from contracts with customers			$	19,501					$	18,857

Contract Balances

The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers as of the dates indicated:

			June 30, 2025						December 31, 2024
			(In thousands)
Receivables, which are included in "Other assets"			$	1,729					$	1,679
Contract liabilities, which are included in "Accrued interest payable and other liabilities"			$	313					$	348

Contract liabilities relate to advance consideration received from customers for which revenue is recognized over the life of the contract. The change in contract liabilities for the six months ended June 30, 2025 due to revenue recognized that was included in the contract liability balance at the beginning of the period was $35,000.

67

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 15.  STOCKHOLDERS' EQUITY

Stock-Based Compensation

At the special meeting of stockholders held on November 22, 2023, the Company's stockholders approved the Amended and Restated Banc of California, Inc. 2018 Stock Incentive Plan (the “Amended and Restated 2018 Plan”). The Company’s Amended and Restated 2018 Plan permits stock-based compensation awards to officers, directors, employees, and consultants and will remain in effect until November 30, 2033. The Amended and Restated 2018 Plan authorizes grants of stock-based compensation instruments to purchase or issue up to 10,717,882 shares. As of June 30, 2025, there were 3,352,315 shares available for grant under the Amended and Restated 2018 Plan. In addition to the Amended and Restated 2018 Plan, in connection with the November 30, 2023 merger of PacWest Bancorp with and into Banc of California, Inc. (the “Merger”), the Company assumed the Amended and Restated PacWest Bancorp 2017 Stock Incentive Plan (the "PacWest 2017 Plan") with respect to PacWest's outstanding stock-based awards.

Restricted Stock (RSUs, TRSAs, and PSUs)

Restricted stock amortization totaled $6.2 million and $3.7 million for the three months ended June 30, 2025 and 2024 and $11.4 million and $8.1 million for the six months ended June 30, 2025 and 2024. Such amounts are included in "Compensation expense" on the condensed consolidated statements of earnings. The amount of unrecognized compensation expense related to all unvested RSUs, TRSAs, and PSUs as of June 30, 2025 totaled $55.9 million.

Restricted Stock Units and Time-Based Restricted Stock Awards

At June 30, 2025, there were 2,675,326 shares of unvested RSUs outstanding pursuant to the Amended and Restated 2018 Plan. At June 30, 2025, there were 83,877 shares of unvested TRSAs outstanding pursuant to the PacWest 2017 Plan. The RSUs and TRSAs generally vest over a service period of three or four years from the date of the grant or immediately upon death of an employee. Compensation expense related to RSUs and TRSAs is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using the straight‑line method. TRSAs were assumed by the Company in connection with the Merger and continue to vest in accordance with the original vesting schedule of the awards.

Performance Stock Units

At June 30, 2025, there were 2,426,262 units of unvested PSUs outstanding. Compensation expense related to the PSUs is based on the fair value of the underlying stock on the award date and is amortized over the vesting period using the straight-line method unless it is determined that: (1) attainment of the financial metrics is less than probable, in which case a portion of the amortization is suspended, or (2) attainment of the financial metrics is improbable, in which case a portion of the previously recognized amortization is reversed and also suspended. Annual PSU expense may vary during the performance period based upon changes in management's estimate of the number of shares that may ultimately vest. In the case where the performance target for the PSUs is based on a market condition (such as total shareholder return), the amortization is neither reversed nor suspended if it is subsequently determined that the attainment of the performance target is less than probable or improbable and the employee continues to meet the service requirement of the award.

Classes of Stock and Equity Instruments

Preferred Stock

Depositary shares each representing 1/40th of a share of 7.75% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series F (“Series F Preferred Stock”) are listed on the NYSE under the symbol “BANC/PF.” The Series F Preferred Stock ranks senior to our common stock and common stock equivalents both as to dividends and liquidation preference but generally have no voting rights. There are 50,000,000 total preferred shares authorized, of which 27,000,000 were authorized for the non-voting common stock equivalents (“NVCE”) and 513,250 were authorized and outstanding for the Series F Preferred stock at June 30, 2025 and December 31, 2024.

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Common Stock

Our voting common stock is listed on the NYSE under the symbol “BANC” and there were 446,863,844 shares authorized at June 30, 2025 and December 31, 2024 and 147,295,435 shares outstanding at June 30, 2025 and 158,346,529 shares outstanding at December 31, 2024.

Class B Non-Voting Common Stock

Our Class B non-voting common stock is not listed or traded on any national securities exchange or automated quotation system, and there currently is no established trading market for such stock. The Class B non-voting common stock ranks equally with, and has identical rights, preferences, and privileges as the voting common stock with respect to dividends and liquidation preference but generally have no voting rights. There were 3,136,156 shares authorized at June 30, 2025 and December 31, 2024 and 477,321 shares outstanding at June 30, 2025 and at December 31, 2024.

Non-Voting Common Stock Equivalents

In conjunction with the Merger, the Company issued a new class of NVCE from authorized preferred stock, which were issued under the Investment Agreements (as defined below). Our NVCE stock is not listed or traded on any national securities exchange or automated quotation system, and there currently is no established trading market for such stock. The NVCE stock does not have voting rights and ranks equally with, and has identical rights, preferences, and privileges as, the voting common stock with respect to dividends or distributions (including regular quarterly dividends) declared by the Board and rights upon any liquidation, dissolution, winding up or similar proceeding of the Company. There were 27,000,000 shares authorized at June 30, 2025 and December 31, 2024 and 9,790,600 shares outstanding at June 30, 2025 and at December 31, 2024.

Warrants

In conjunction with the Merger and per the terms of the investment agreements, each dated July 25, 2023, entered into by Banc of California, Inc. with the Warburg Investors (such agreement, the "Warburg Investment Agreement") and the Centerbridge Investor (together with the Warburg Investment Agreement, the "Investment Agreements"), respectively, the Warburg Investors received warrants to purchase 15,853,659 shares of NVCE stock (the "Warburg Warrants"), and the Centerbridge Investor received warrants to purchase 3,048,780 shares of voting common stock (the “Centerbridge Warrants”), each with an initial exercise price of $15.375 per share, subject to customary anti-dilution adjustments provided for under the warrant agreements. The warrants carry a term of seven years but are subject to mandatory exercise when the market price of the voting common stock reaches or exceeds $24.60 for 20 or more trading days during any 30-consecutive trading day period. These warrants are being accounted for as equity. The exercise price of the Centerbridge Warrants will be adjusted downward, per the terms of their warrant agreement, and the conversion price of the Warburg Warrants will also be adjusted, per the terms of their warrant agreement and the NVCE Articles Supplementary, for cash distributions to stockholders of the Company’s voting common stock, including the Company’s quarterly cash dividend.

Stock Repurchase Program

On March 17, 2025, we announced that our Board of Directors authorized the repurchase of up to $150.0 million of our common stock. On April 23, 2025, we announced an upsize of the stock repurchase program from $150.0 million to $300.0 million and expanded the program to cover both the Company's common stock and depositary shares representing its preferred stock. The repurchase authorization expires in March 2026.

During the first quarter of 2025, common stock repurchased under the program totaled 2,684,823 shares at a weighted average price per share of $14.36, or $38.5 million in the aggregate. During the second quarter of 2025, common stock repurchased under the program totaled 8,809,814 shares at a weighted average price per share of $12.65, or $111.5 million in the aggregate. During the six months ended June 30, 2025, common stock repurchased under the program totaled 11,494,637 shares at a weighted average price per share of $13.05, or $150.0 million in the aggregate. As of June 30, 2025, the Company had $150.0 million remaining under the stock repurchase authorization.

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 our 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, corporate and regulatory requirements, and market conditions. The program may be changed, suspended, or discontinued at any time.

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 16. SEGMENT REPORTING

The Company provides banking and treasury management services to small-, middle-market, and venture-backed businesses. The principal business activities of the Company are gathering deposits, originating and servicing loans and leases and investing in investment securities. The Company's CODM is the Chief Executive Officer.

The Company operates as one reportable segment - Commercial Banking - based on how the CODM manages the business activities, which are described above. The CODM uses net earnings to evaluate income generated from segment assets, assess performance, decide how to allocate resources, determine dividend availability, establish management's compensation, and guide other strategic decisions. The accounting policies of the Commercial Banking segment are the same as those described in Note 1. Nature of Operations and Summary of Significant Accounting Policies, of our audited consolidated financial statements included in our Form 10-K. Additionally, the Company does not have intra-entity sales or transfers.

The following presents our operating segment income statement, including significant expense categories, regularly reviewed by the CODM, and the reconciliation of segment net earnings to consolidated net earnings for the periods indicated:

			Three Months Ended												Six Months Ended
Income Statement			June 30,												June 30,
Commercial Banking Segment			2025												2024						2025						2024
			(Unaudited)
			(In thousands)
Total interest income			$	420,509											$	462,589					$	827,164					$	941,293
Total interest expense			180,293												233,101						354,584						482,703
Net interest income			240,216												229,488						472,580						458,590
Provision for credit losses			39,100												11,000						48,400						21,000
Net interest income after provision for credit losses			201,116												218,488						424,180						437,590
Noninterest income			32,633												29,792						66,283						63,608
Noninterest expense:
Compensation			88,362												85,914						174,779						178,150
Customer related expense			26,577												32,405						54,328						63,324
Occupancy			15,473												17,455						30,483						35,423
Information technology and data processing			13,073												15,459						28,172						30,877
Insurance and assessments			9,403												26,431						16,686						46,892
Intangible asset amortization			7,159												8,484						14,319						16,888
Leased equipment depreciation			6,700												7,511						13,441						15,031
Other professional services			6,406												5,183						10,919						10,258
Loan expense			4,050												4,332						6,980						8,823
Acquisition, integration and reorganization costs			—												(12,650)						—						(12,650)
Other expense(1)			8,666												13,119						19,415						21,145
Total noninterest expense			185,869												203,643						369,522						414,161
Earnings before income taxes			47,880												44,637						120,941						87,037
Income tax expense			19,495												14,304						38,988						25,852
Segment net earnings(2)			$	28,385											$	30,333					$	81,953					$	61,185

_________________________

(1)     Includes business development expense, communications expense, stationery and supplies, employee related expenses, operating and other losses, OREO expenses, and other corporate overhead and operating expenses.

(2)     Segment earnings is the same as net earnings reported on the condensed consolidated statements of earnings.

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following presents our operating segment balance sheet information and the reconciliation of segment assets to consolidated total assets as of the dates indicated:

Balance Sheet Data			June 30,						December 31,
Commercial Banking Segment			2025						2024
			(In thousands)
Segment total assets (1)			$	34,250,453					$	33,542,864

_________________________

(1)    Segment total assets is the same as total assets reported on the condensed consolidated balance sheets.

NOTE 17. RELATED PARTY TRANSACTIONS

Certain of our executive officers and directors, and their related interests, are customers of, or have had transactions with, the Bank in the ordinary course of business, including deposits, loans, and other financial services-related transactions. From time to time, the Bank may make loans to executive officers and directors, and their related interests, in the ordinary course of business and on substantially the same terms and conditions, including interest rates and collateral, as those of comparable transactions with non-insiders prevailing at the time, in accordance with the Bank's underwriting guidelines, and do not involve more than the normal risk of collectability or present other unfavorable features. As of June 30, 2025, no related party loans were categorized as nonaccrual, past due, restructured, or potential problem loans.

Transactions with Related Parties

The Company and the Bank have engaged in the transaction described below with the Company's current directors, executive officers, and beneficial owners of more than five percent of the outstanding shares of the Company's voting common stock and certain persons related to them.

The Company is a party to a services agreement with IntraFi Network LLC (“IntraFi”) whereby IntraFi provides the Bank with certain insured cash sweep services from time to time. Affiliates of funds managed by Warburg Pincus LLC hold a material investment interest in IntraFi. Additionally, one of Warburg Pincus LLC’s principals, Todd Schell, who currently serves as a member of the Board, is a member of the board of directors of IntraFi. Affiliates of funds managed by Warburg Pincus LLC beneficially owned approximately 10.59% of the Company’s outstanding voting common stock as of June 30, 2025, based on information reported on a Schedule 13D filed with the SEC on August 1, 2024. For the three and six months ended June 30, 2025, the amounts paid to IntraFi for certain insured cash sweep services were $1.9 million and $3.7 million, and were $1.9 million and $4.2 million for the three and six months ended June 30, 2024.

NOTE 18.  SUBSEQUENT EVENTS

Common Stock Dividend

On August 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 October 1, 2025, to stockholders of record at the close of business on September 15, 2025.

Preferred Stock Dividend

On August 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 September 1, 2025 to stockholders of record at the close of business on August 21, 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 six months ended June 30, 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-looking statements” about the Company and its subsidiaries within the meaning of the Private Securities Litigation Reform Act of 1995, including certain plans, strategies, goals, and projections and including statements about our expectations regarding our operating expenses, profitability, allowance for credit losses, net interest margin, net interest income, deposit growth, loan and lease portfolio growth and production, acquisitions and related integrations, maintaining capital adequacy, liquidity, goodwill, and interest rate risk management. All statements contained in this Quarterly Report on Form 10-Q that are not clearly historical in nature are forward-looking, and the words “anticipate,” “assume,” “intend,” “believe,” “forecast,” “expect,” “estimate,” “plan,” “continue,” “will,” “should,” “look forward” and similar expressions are generally intended to identify forward-looking statements. All forward-looking statements (including statements regarding future financial and operating results and future transactions and their results) involve risks, uncertainties, and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Actual results could differ materially from those contained or implied by such forward-looking statements for a variety of factors, including without limitation:

•changes in general economic conditions, either nationally or in our market areas, including the impact of tariffs, supply chain disruptions, and the risk of recession or an economic downturn;

•changes in the interest rate environment, including the recent and potential future changes in the FRB benchmark rate, which could adversely affect our revenue and expenses, the value of assets and obligations, the realization of deferred tax assets, the availability and cost of capital and liquidity, and the impacts of continuing or renewed inflation;

•the credit risks of lending activities, which may be affected by deterioration in real estate markets and the financial condition of borrowers, and the operational risk of lending activities, including the effectiveness of our underwriting practices and the risk of fraud, any of which may lead to increased loan delinquencies, losses, and non-performing assets, and may result in our allowance for credit losses not being adequate;

•fluctuations in the demand for loans, and fluctuations in commercial and residential real estate values in our market area;

•the quality and composition of our securities portfolio;

•our ability to develop and maintain a strong core deposit base, including among our venture banking clients, or other low cost funding sources necessary to fund our activities particularly in a rising or high interest rate environment;

•the rapid withdrawal of a significant amount of demand deposits over a short period of time;

•the costs and effects of litigation;

•risks related to the Company's acquisitions, including disruption to current plans and operations; difficulties in customer and employee retention; fees, expenses and charges related to these transactions being significantly higher than anticipated; and our inability to achieve expected revenues, cost savings, synergies, and other benefits;

•results of examinations by regulatory authorities of the Company and the possibility that any such regulatory authority may, among other things, limit our business activities, restrict our ability to invest in certain assets, refrain from issuing an approval or non-objection to certain capital or other actions, increase our allowance for credit losses, result in write-downs of asset values, restrict our ability or that of our bank subsidiary to pay dividends, or impose fines, penalties or sanctions;

•legislative or regulatory changes that adversely affect our business, including changes in tax laws and policies, accounting policies and practices, privacy laws, and regulatory capital or other rules;

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•the risk that our enterprise risk management framework may not be effective in mitigating risk and reducing the potential for losses;

•errors in estimates of fair values of certain of our assets and liabilities, as well as the value of collateral supporting our loans, which may result in significant changes in valuation or recoveries;

•failures or security breaches with respect to the network, applications, vendors, and computer systems on which we depend, including due to cybersecurity threats;

•our ability to attract and retain key members of our senior management team;

•the effects of climate change, severe weather events, natural disasters such as earthquakes and wildfires, pandemics, epidemics, and other public health crises, acts of war or terrorism, and other external events on our business;

•the impact of bank failures or other adverse developments at other banks on general depositor and investor sentiment regarding the stability and liquidity of banks;

•the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital;

•our existing indebtedness, together with any future incurrence of additional indebtedness, could adversely affect our ability to raise additional capital and to meet our debt obligations;

•the risk that we may incur significant losses on future asset sales or may not be able to execute anticipated asset sales; and

•other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and the other risks described in our Form 10-K and from time to time in other documents that we file with or furnish to the SEC.

All forward-looking statements included in this Quarterly Report on Form 10-Q are based on information available at the time the statement is made. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.

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Overview

Banc of California, Inc., a Maryland corporation, was incorporated in March 2002 and serves as the holding company for its wholly owned subsidiary, Banc of California (the “Bank”), a California state-chartered bank and member of the FRB. When we refer to the “holding company," we are referring to Banc of California, Inc., the parent company, on a stand-alone basis. When we refer to “we,” “us,” “our,” or the “Company,” we are referring to Banc of California, Inc. and its consolidated subsidiaries including the Bank, collectively. The Bank is a premier relationship-based business bank, providing banking and treasury management services to small-, middle-market, and venture-backed businesses. The Bank offers a broad range of loan and deposit products and services through full-service branches throughout California and in Denver, Colorado, and Durham, North Carolina, as well as through regional offices nationwide. The Bank also provides full-stack payment processing solutions through its subsidiary, Deepstack Technologies, and serves the community association management industry nationwide with its technology-forward platform, SmartStreetTM.

Recent Events

Stock Repurchase Program

On March 17, 2025, we announced that our Board of Directors authorized the repurchase of up to $150.0 million of our common stock. On April 23, 2025, the Company announced an upsize of its stock repurchase program from $150.0 million to $300.0 million and expanded the program to cover both the Company's common stock and depositary shares representing its preferred stock. The repurchase authorization expires in March 2026.

During the first quarter of 2025, common stock repurchased under the program totaled 2,684,823 shares at a weighted average price per share of $14.36, or $38.5 million in the aggregate. During the second quarter of 2025, common stock repurchased under the program totaled 8,809,814 shares at a weighted average price per share of $12.65, or $111.5 million in the aggregate. During the six months ended June 30, 2025, common stock repurchased under the program totaled 11,494,637 shares at a weighted average price per share of $13.05, or $150.0 million in the aggregate. As of June 30, 2025, the Company had $150.0 million remaining under the current stock repurchase authorization.

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 our 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, corporate and regulatory requirements, and market conditions. The program may be changed, suspended, or discontinued at any time.

Strategic Loan Sales Process

During the second quarter of 2025, the Company commenced a strategic loan sale process, reclassifying approximately $506.7 million of loans as held for sale. As of June 30, 2025, $30.5 million of these loans had been sold, while the remaining $476.2 million were transferred to held for sale at a lower of cost or market value of $441.2 million. The transferred loans included commercial real estate construction loans of $258.4 million, commercial real estate mortgage loans of $163.2 million, and multi-family loans of $19.6 million. While many of the loans being sold have sufficient collateral values, they have attributes that drive credit migration, and as a result we commenced the sales process for these loans.

As a result of the transfer, the Company recognized charge-offs totaling $36.9 million resulting in an incremental impact to provision expense of $26.3 million in the second quarter. The charge-off and provision impact reflects the estimated fair value based on active bids or other market inputs.

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Key Performance Indicators

Among other factors, our operating results generally depend on the following key performance indicators:

The Level of Net Interest Income

Net interest income is the excess of interest earned on our interest-earning assets over the interest paid on our interest-bearing liabilities. Net interest margin is net interest income (annualized if related to a non-annual period) expressed as a percentage of average interest-earning assets.

Net interest income is affected by changes in both interest rates and the volume of average interest-earning assets and interest-bearing liabilities. Our primary interest-earning assets are loans and investment securities, and our primary interest-bearing liabilities are deposits and borrowings. While our deposit balances will fluctuate depending on our customers’ liquidity and cash flow, market conditions, and competitive pressures, we seek to minimize the impact of these variances by attracting a high percentage of noninterest-bearing deposits. We continue to focus on growing granular relationship-based deposits as a key component of our core deposit strategy, which supports a stable funding base and strengthens our client franchise.

Loan and Lease Production

We actively seek new lending opportunities under an array of lending products. Our lending activities include real estate mortgage loans, real estate construction and land loans, commercial loans and leases, and a small amount of consumer lending. Our commercial real estate loans and real estate construction loans are secured by a range of property types. Our commercial loans and leases portfolio is diverse and generally includes various asset-secured loans, lender finance loans, equipment-secured loans and leases, venture capital loans to support venture capital firms’ operations and the operations of entrepreneurial and venture-backed companies during the various phases of their early life cycles, warehouse loans, and secured business loans.

Our loan origination process emphasizes credit quality. To augment our internal loan production, we have purchased loans such as single-family residential mortgage loans, multi-family loans from other banks, and private student loans from third-party lenders. These loan purchases help us manage the concentrations in our portfolio as they diversify the geographic risk, interest-rate risk, credit risk, and product composition of our loan portfolio. Achieving net loan growth is subject to many factors, including maintaining strict credit standards, competition from other lenders, and borrowers that opt to prepay loans.

The Magnitude of Credit Losses

We emphasize credit quality in originating and monitoring our loans and leases, and we measure our success by the levels of our classified loans and leases, nonaccrual loans and leases, and net charge-offs. We maintain an ACL on loans and leases, which is the sum of the ALLL and the reserve for unfunded loan commitments. Provisions for credit losses are charged to operations as and when needed for both on and off-balance sheet credit exposures. Loans and leases that are deemed uncollectible are charged off and deducted from the ALLL. Recoveries on loans and leases previously charged off are added to the ALLL. The provision for credit losses on the loan and lease portfolio is based on our allowance methodology, which considers the impact of assumptions and is reflective of historical experience, economic forecasts viewed to be reasonable and supportable by management, the current loan and lease composition, and relative credit risks known as of the balance sheet date. For originated and acquired credit-deteriorated loans, a provision for credit losses may be recorded to reflect credit deterioration after the origination date or after the acquisition date, respectively.

We regularly review loans and leases to determine whether there has been any deterioration in credit quality resulting from borrower operations or changes in collateral value or other factors which may affect the collectability of our loans and leases. Changes in economic conditions, such as the rate of economic growth, the unemployment rate, rate of inflation, increases in the general level of interest rates, declines in real estate values, changes in commodity prices, and adverse conditions in borrowers’ businesses, could negatively impact our borrowers and cause us to adversely classify loans and leases. An increase in classified loans and leases generally results in increased provisions for credit losses and an increased ACL. Any deterioration in the commercial real estate market may lead to increased provisions for credit losses because our loans are concentrated in commercial real estate loans.

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The Level of Noninterest Expense

Our noninterest expense includes fixed and controllable overhead, the largest components of which are compensation expense, customer related expense, information technology and data processing expense, and occupancy expense. Customer related expenses are primarily earnings credit rate ("ECRs") payments to customers and are mostly driven by the Homeowners Association ("HOA") business. ECRs are rate-sensitive and fluctuate in response to changes in the federal funds rate. Additionally, noninterest expense includes insurance and assessments, intangible asset amortization, leased equipment depreciation, other professional services, loan expenses, acquisition, integration and organization costs, and other expense. We monitor our efficiency ratio as a key measure of operational performance.

Critical Accounting Policies and Estimates

The following discussion and analysis of financial condition and results of operations are based upon our condensed consolidated financial statements and the notes thereto, which have been prepared in accordance with U.S. GAAP. The preparation of the condensed consolidated financial statements requires us to make a number of estimates and assumptions that affect the reported amounts and disclosures in the condensed consolidated financial statements. On an ongoing basis, we evaluate our estimates and assumptions based upon historical experience and various other factors and circumstances. We believe that our estimates and assumptions are reasonable; however, actual results may ultimately differ significantly from these estimates and assumptions, which could have a material adverse effect on the carrying value of assets and liabilities at the balance sheet dates and on our results of operations for the reporting periods.

Our accounting policies and estimates are fundamental to understanding the following discussion and analysis of financial condition and results of operations. We identify critical policies and estimates as those that require management to make particularly difficult, subjective, and/or complex judgments about matters that are inherently uncertain and because of the likelihood that materially different amounts would be reported under different conditions or using different assumptions. These policies and estimates relate to the ACL on loans and leases held for investment, business combinations, the carrying value of goodwill and other intangible assets, and the realization of deferred income tax assets and liabilities.

Our critical accounting policies and estimates are described in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Form 10-K.

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Non-GAAP Financial Measures

We use certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. This disclosure should 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, efficiency ratio, adjusted net earnings, and adjusted diluted earnings per share: 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 Ended															Six Months Ended
Return on Average Tangible						June 30,						March 31,												June 30,
Common Equity ("ROATCE")						2025						2025												2025						2024
						(Dollars in thousands)
Net earnings						$	28,385					$	53,568											$	81,953					$	61,185
Earnings before income taxes												$	73,061																	$	87,037
Add:			Intangible asset amortization									7,160																		16,888
			Adjusted earnings before income
			taxes for ROATCE									80,221																		103,925
Adjusted income tax expense (1)												20,296																		29,743
Adjustments:
			Intangible asset amortization			7,159																		14,319
			Tax impact of adjustment above (1)			(1,655)																		(3,311)
			Adjustment to net earnings			5,504																		11,008
Adjusted net earnings for ROATCE						33,889						59,925												92,961						74,182
Less:			Preferred stock dividends			9,947						9,947												19,894						19,894
			Adjusted net earnings available
			to common and equivalent
			stockholders for ROATCE			$	23,942					$	49,978											$	73,067					$	54,288
Average stockholders' equity						$	3,430,143					$	3,524,181											$	3,476,902					$	3,392,941
Less:			Average goodwill and intangible assets			337,352						344,610												340,961						356,807
Less:			Average preferred stock			498,516						498,516												498,516						498,516
			Average tangible common equity			$	2,594,275					$	2,681,055											$	2,637,425					$	2,537,618
Return on average equity (2)						3.32		%				6.16		%										4.75		%				3.63		%
Return on average tangible common equity (3)						3.70		%				7.56		%										5.59		%				4.30		%

___________________________________

(1)     Effective tax rates of 23.12% and 25.30% used for the three months ended June 30, 2025 and March 31, 2025. Effective tax rates of 23.12% and 28.62% used for the six months ended June 30, 2025 and 2024.

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

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

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Tangible Common Equity and			June 30,						December 31,
Tangible Book Value Per Common Share			2025						2024
			(Dollars in thousands, except per share data)
Stockholders’ equity			$	3,426,843					$	3,499,949
Less: Preferred stock			498,516						498,516
Total common equity			2,928,327						3,001,433
Less: Goodwill and intangible assets			333,451						347,465
Tangible common equity			$	2,594,876					$	2,653,968
Book value per common share (1)			$	18.58					$	17.78
Tangible book value per common share (2)			$	16.46					$	15.72
Common and equivalent shares outstanding (3)			157,647,137						168,825,656

_______________________________________ 

(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 Ended															Six Months Ended
			June 30,						March 31,												June 30,
Efficiency Ratio			2025						2025												2025						2024
			(Dollars in thousands)
Noninterest expense (1)			$	185,869					$	183,653											$	369,522					$	414,161
Less: Intangible asset amortization			(7,159)						(7,160)												(14,319)						(16,888)
Less: Acquisition, integration, and
reorganization costs			—						—												—						12,650
Noninterest expense used for
efficiency ratio			$	178,710					$	176,493											$	355,203					$	409,923
Net interest income			$	240,216					$	232,364											$	472,580					$	458,590
Noninterest income			32,633						33,650												66,283						63,608
Total revenue			272,849						266,014												538,863						522,198
Noninterest expense to total revenue			68.12		%				69.04		%										68.57		%				79.31		%
Efficiency ratio (2)			65.50		%				66.35		%										65.92		%				78.50		%

_______________________________________ 

(1)    Includes customer related expense of $26.6 million and $27.8 million for the three months ended June 30, 2025 and March 31, 2025, and $54.3 million and $63.3 million for the six months ended June 30, 2025 and 2024.

(2)    Noninterest expense used for efficiency ratio divided by total revenue.

78

Adjusted Net Earnings, Net Earnings			Three Months Ended												Six Months Ended
Available to Common and Equivalent			June 30,						March 31,						June 30,
Stockholders, Diluted EPS, and ROAA			2025						2025						2025						2024
			(Dollars in thousands)
Net earnings			$	28,385					$	53,568					$	81,953					$	61,185
Earnings before income taxes									$	73,061											$	87,037
Add: FDIC special assessment									—												4,814
Adjusted earnings before income taxes									73,061												91,851
Adjusted income tax expense (1)									19,493												26,288
Adjustments:
Provision for credit losses related to
transfer of loans to held for sale			$	26,289											$	26,289
Tax impact of adjustments above (1)			(6,078)												(6,078)
Income tax related adjustments			9,792												9,792
Adjustments to net earnings			30,003												30,003
Adjusted net earnings			58,388						53,568						111,956						65,563
Less: Preferred stock dividends			9,947						9,947						19,894						19,894
Adjusted net earnings available to
common and equivalent stockholders			$	48,441					$	43,621					$	92,062					$	45,669
Weighted average diluted common shares
outstanding			158,462						169,434						$	163,667					$	168,287
Diluted earnings per common share			$	0.12					$	0.26					$	0.38					$	0.25
Adjusted diluted earnings per common
share (2)			$	0.31					$	0.26					$	0.56					$	0.27
Average total assets			$	33,764,149					$	33,308,385					$	33,537,526					$	36,687,587
Return on average assets ("ROAA") (3)			0.34		%				0.65		%				0.49		%				0.34		%
Adjusted ROAA (4)			0.69		%				0.65		%				0.67		%				0.36		%

___________________________________

(1)     Effective tax rates of 23.12% and 25.30% used for the three months ended June 30, 2025 and March 31, 2025. Effective tax rates of 23.12% and 28.62% used for the six months ended June 30, 2025 and 2024.

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

(3)    Annualized net earnings divided by average assets.

(4)     Annualized adjusted net earnings divided by average assets.

79

Results of Operations

The Company reported net earnings available to common and equivalent stockholders of $18.4 million, or $0.12 per diluted common share, for the second quarter of 2025. On an adjusted basis, net earnings available to common and equivalent stockholders were $48.4 million for the quarter, or $0.31 per diluted common share.(1) This compares to net earnings available to common and equivalent stockholders of $43.6 million, or $0.26 per diluted common share, for the first quarter of 2025. The second quarter included provision expense, net of tax, of an additional $20.2 million taken during the quarter as a result of transferring $506.7 million of loans to held for sale at their lower of cost or market value. The second quarter also included a one-time non-cash income tax expense of $9.8 million primarily due to the revaluation of deferred tax assets related to recent California state tax changes passed as part of the 2025 California budget.

Second Quarter of 2025 Financial Highlights:

•Total revenue of $272.8 million increased by 3% from the first quarter of 2025 driven by solid loan growth combined with continued prudent expense management.

•Total loans of $24.7 billion (including loans held for sale) increased by 2%, or 9% annualized, from the first quarter of 2025 driven by growth in lender finance loans, equity fund loans, and purchased single-family residential loans.

•Strong loan originations totaled $2.2 billion including production, purchased loans, and unfunded new commitments, with a weighted average interest rate on production of 7.29%.

•Total deposits of $27.5 billion increased by 1%, and interest-bearing deposits of $20.1 billion increased by 2% from the first quarter of 2025.

•Net interest margin up 2 basis points vs. the first quarter of 2025 to 3.10% driven by a higher average yield on loans and leases increasing by 3 basis points and flat cost of funds from the first quarter of 2025.

•Commenced sales process for $506.7 million of loans and completed sales for $30.5 million of such loans during the second quarter. The remaining $476.2 million of loans were transferred to held for sale at a lower of cost or market value of $441.2 million.

•Credit quality metrics improved substantially primarily due to the transfer of loans to held for sale in connection with the strategic loan sales process. Nonperforming, classified, and special mention loans and leases, as a percentage of total loans and leases held for investment, decreased by 19 basis points, 46 basis points, and 115 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.

___________________________________

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

80

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

			Three Months Ended															Six Months Ended
			June 30,						March 31,												June 30,
			2025						2025												2025						2024
			(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 income			240,216						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 taxes			47,880						73,061												120,941						87,037
Income tax expense			(19,495)						(19,493)												(38,988)						(25,852)
Net earnings			28,385						53,568												81,953						61,185
Preferred stock dividends			(9,947)						(9,947)												(19,894)						(19,894)
Net earnings available to
common and equivalent stockholders			$	18,438					$	43,621											$	62,059					$	41,291
Per Common Share Data:
Diluted earnings per share (1)			$	0.12					$	0.26											$	0.38					$	0.25
Adjusted diluted earnings per share (1)(2)			$	0.31					$	0.26											$	0.56					$	0.27
Book value per share(1)			$	18.58					$	18.17
Tangible book value per share (1)(2)			$	16.46					$	16.12
Performance Ratios:
Return on average assets (3)			0.34		%				0.65		%										0.49		%				0.34		%
Return on average tangible common equity (2)(3)			3.70		%				7.56		%										5.59		%				4.30		%
Net interest margin (3)			3.10		%				3.08		%										3.09		%				2.73		%
Yield on average loans and leases (3)			5.93		%				5.90		%										5.92		%				6.13		%
Cost of average total deposits (3)			2.13		%				2.12		%										2.12		%				2.63		%
Noninterest expense to average total assets (3)			2.21		%				2.24		%										2.22		%				2.27		%
Noninterest expense to total revenue (4)			68.12		%				69.04		%										68.57		%				79.31		%
Efficiency ratio (2)(5)			65.50		%				66.35		%										65.92		%				78.50		%
Capital Ratios (consolidated):
Common equity tier 1 capital ratio			9.95		%				10.45		%
Tier 1 capital ratio			12.34		%				12.86		%
Total capital ratio			16.37		%				16.93		%
Tier 1 leverage capital ratio			9.74		%				10.19		%
Risk-weighted assets			$	26,352,199					$	26,104,878

_____________________________

(1)    Shares include non-voting common stock equivalents that are participating securities.

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

(3)    Annualized.

(4)    Total revenue equals the sum of net interest income and noninterest income.

(5)    Ratio calculated by dividing noninterest expense (less intangible asset amortization and acquisition, integration and reorganization costs) by total revenue (less gain/loss on sale of securities). See "- Non-GAAP Financial Measures." Noninterest expense includes customer related expense of $26.6 million and $27.8 million for the three months ended June 30, 2025 and March 31, 2025, and $54.3 million and $63.3 million for the six months ended June 30, 2025 and 2024.

81

Net Interest Income and Net Interest Margin

The following tables summarize the distribution of average assets, liabilities, and stockholders’ equity, as well as interest income and yields earned on average interest-earning assets and interest expense and rates paid on average interest-bearing liabilities, presented on a tax equivalent basis, for the periods indicated:

			Three Months Ended
			June 30, 2025												March 31, 2025
						Interest			Yields									Interest			Yields
			Average			Income/			and						Average			Income/			and
			Balance			Expense			Rates						Balance			Expense			Rates
			(Dollars in thousands)
ASSETS:
Loans and leases (1)			$	24,504,319		$	362,303		5.93		%				$	23,788,647		$	346,103		5.90		%
Investment securities			4,719,954			37,616			3.20		%				4,734,037			37,862			3.24		%
Deposits in financial institutions			1,872,736			20,590			4.41		%				2,088,139			22,690			4.41		%
Total interest‑earning assets			31,097,009			420,509			5.42		%				30,610,823			406,655			5.39		%
Other assets			2,667,140												2,697,562
Total assets			$	33,764,149											$	33,308,385
LIABILITIES AND
STOCKHOLDERS’ EQUITY:
Interest checking			$	7,778,882		52,877			2.73		%				$	7,343,451		47,879			2.64		%
Money market			5,412,681			33,615			2.49		%				5,415,716			33,003			2.47		%
Savings			1,959,987			12,777			2.61		%				1,948,649			12,857			2.68		%
Time			4,569,490			45,671			4.01		%				4,498,268			46,791			4.22		%
Total interest‑bearing deposits			19,721,040			144,940			2.95		%				19,206,084			140,530			2.97		%
Borrowings			1,628,584			20,021			4.93		%				1,397,720			18,421			5.34		%
Subordinated debt			946,740			15,332			6.50		%				942,817			15,340			6.60		%
Total interest‑bearing liabilities			22,296,364			180,293			3.24		%				21,546,621			174,291			3.28		%
Noninterest‑bearing demand deposits			7,583,894												7,714,830
Other liabilities			453,748												522,753
Total liabilities			30,334,006												29,784,204
Stockholders’ equity			3,430,143												3,524,181
Total liabilities and stockholders' equity			$	33,764,149											$	33,308,385
Net interest income						$	240,216											$	232,364
Net interest rate spread									2.18		%										2.11		%
Net interest margin									3.10		%										3.08		%
Total deposits (2)			$	27,304,934		$	144,940		2.13		%				$	26,920,914		$	140,530		2.12		%
Total funds (3)			$	29,880,258		$	180,293		2.42		%				$	29,261,451		$	174,291		2.42		%

_____________________

(1)    Total loans are net of deferred fees, related direct costs, and premiums and discounts, but exclude the allowance for loan losses. Includes net loan discount accretion of $16.1 million and $16.0 million for the three months ended June 30, 2025 and March 31, 2025.

(2)    Total deposits is the sum of interest-bearing deposits and noninterest-bearing demand deposits. The cost of total deposits is calculated as annualized interest expense on total deposits divided by average total deposits.

(3)    Total funds is the sum of total interest-bearing liabilities and noninterest-bearing demand deposits. The cost of total funds is calculated as annualized total interest expense divided by average total funds.

82

			Six Months Ended
			June 30, 2025												June 30, 2024
						Interest			Yields									Interest			Yields
			Average			Income/			and						Average			Income/			and
			Balance			Expense			Rates						Balance			Expense			Rates
			(Dollars in thousands)
ASSETS:
Loans and leases (1)			$	24,148,460		$	708,406		5.92		%				$	25,422,084		$	774,318		6.13		%
Investment securities			4,726,957			75,478			3.22		%				4,690,123			68,139			2.92		%
Deposits in financial institutions			1,979,843			43,280			4.41		%				3,667,630			98,836			5.42		%
Total interest‑earning assets			30,855,260			827,164			5.41		%				33,779,837			941,293			5.60		%
Other assets			2,682,266												2,907,750
Total assets			$	33,537,526											$	36,687,587
LIABILITIES AND
STOCKHOLDERS’ EQUITY:
Interest checking			$	7,562,369		100,756			2.69		%				$	7,778,540		122,625			3.17		%
Money market			5,414,190			66,618			2.48		%				5,350,202			74,127			2.79		%
Savings			1,954,349			25,634			2.65		%				2,019,399			35,026			3.49		%
Time			4,534,076			92,462			4.11		%				6,191,281			149,135			4.84		%
Total interest‑bearing deposits			19,464,984			285,470			2.96		%				21,339,422			380,913			3.59		%
Borrowings			1,513,790			38,442			5.12		%				2,453,003			68,435			5.61		%
Subordinated debt			944,790			30,672			6.55		%				937,686			33,355			7.15		%
Total interest‑bearing liabilities			21,923,564			354,584			3.26		%				24,730,111			482,703			3.93		%
Noninterest‑bearing demand deposits			7,649,000												7,783,324
Other liabilities			488,060												781,211
Total liabilities			30,060,624												33,294,646
Stockholders’ equity			3,476,902												3,392,941
Total liabilities and stockholders' equity			$	33,537,526											$	36,687,587
Net interest income						$	472,580											$	458,590
Net interest rate spread									2.15		%										1.67		%
Net interest margin									3.09		%										2.73		%
Total deposits (2)			$	27,113,984		$	285,470		2.12		%				$	29,122,746		$	380,913		2.63		%
Total funds (3)			$	29,572,564		$	354,584		2.42		%				$	32,513,435		$	482,703		2.99		%

_____________________

(1)    Total loans are net of deferred fees, related direct costs, and premiums and discounts, but exclude the allowance for loan losses. Includes net loan discount accretion of $32.1 million and $44.3 million for the six months ended June 30, 2025 and 2024..

(2)    Total deposits is the sum of interest-bearing deposits and noninterest-bearing demand deposits. The cost of total deposits is calculated as annualized interest expense on total deposits divided by average total deposits.

(3)    Total funds is the sum of total interest-bearing liabilities and noninterest-bearing demand deposits. The cost of total funds is calculated as annualized total interest expense divided by average total funds.

Second Quarter of 2025 Compared to First Quarter of 2025

Net interest income increased by $7.9 million to $240.2 million for the second quarter from $232.4 million for the first quarter attributable primarily to the following:

•An increase of $16.2 million in interest income from loans due primarily to a higher average balance in the second quarter, higher day count, and higher average yield driven by higher yield on loan production.

This was offset partially by:

•An increase of $4.4 million in interest expense on deposits due primarily to higher average interest-bearing deposit balances in the second quarter and higher day count, offset partially by lower interest rates.

83

•A decrease of $2.1 million in interest income from deposits in financial institutions driven mainly by a lower average balance as cash was utilized to fund strong loan growth.

•An increase of $1.6 million in interest expense on our borrowings driven primarily by a higher average balance to support loan funding activity and higher day count.

The net interest margin increased to 3.10% for the second quarter, up 2 basis points from 3.08% for the first quarter primarily driven by a higher average yield on interest-earning assets. The average yield on interest-earning assets increased to 5.42% from 5.39%, reflecting a 3 basis point increase in the average yield on loans and leases to 5.93%, due to strong growth in higher yielding loan categories and new loan production at a higher weighted average rate of 7.29%. Average loans and leases also increased by $715.7 million to $24.5 billion, supported by strong loan growth.

The average total cost of funds remained flat at 2.42% for the second quarter. The average cost of borrowings decreased by 41 basis points to 4.93%, driven by the redemption of $174 million of 5.25% Senior Notes and replacement with lower-cost long-term Federal Home Loan Bank of San Francisco ("FHLB") borrowings at a weighted average rate of 3.81%. The average cost of deposits increased slightly to 2.13% from 2.12%. Average deposits increased by $384.0 million, with a $515.0 million increase in interest-bearing deposits, offset partially by a $130.9 million decrease in noninterest-bearing deposits as the need to fund strong loan growth drove a mix shift towards interest-bearing deposits. Average noninterest-bearing deposits represented 27.8% of average total deposits in the second quarter and 28.7% in the first quarter.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

Net interest income increased by $14.0 million to $472.6 million for the six months ended June 30, 2025 from $458.6 million for the six months ended June 30, 2024 attributable primarily to the following:

•A decrease of $95.4 million in interest expense on deposits due primarily to lower interest paid on interest-bearing deposits as a result of deposit rate repricing driven by the 100 basis points of federal funds rate cuts in the second half of 2024 and lower average balance due mainly to the paydown of brokered deposits.

•A decrease of $30.0 million in interest expense on borrowings driven by lower average balance resulting from the payoff of higher-cost Bank Term Funding Program ("BTFP") borrowings in 2024, which were partially replaced with lower-cost long-term FHLB advances and lower market interest rates.

•An increase of $7.3 million in interest income from investment securities reflecting the benefits from 2024 balance sheet repositioning actions and reinvestment in higher-yield securities.

This was offset partially by:

•A decrease of $65.9 million in interest income from loans due primarily to a lower average balance attributable mainly to the sale in July 2024 of $1.95 billion of Civic loans, lower net loan discount accretion, and lower market interest rates reflective of the federal funds rate cuts.

•A decrease of $55.6 million in interest income from deposits in financial institutions primarily driven by lower balances, as we maintained a lower cash target level, and lower market interest rates.

The net interest margin increased to 3.09% for the six months ended June 30, 2025, up 36 basis points from 2.73% for the six months ended June 30, 2024. The year-over-year improvement was primarily driven by a 57 basis point decrease in the average total cost of funds to 2.42%, offset partially by a 19 basis point decrease in the average yield on interest-earning assets to 5.41%.

The average total cost of funds decreased by 57 basis points to 2.42%, driven by lower market interest rates and a shift in mix. The average cost of deposits decreased 51 basis points to 2.12%, reflecting the impact of federal funds rate cuts in the second half of 2024. Average total deposits decreased by $2.0 billion year over year, including a $1.9 billion reduction in average interest-bearing deposits and a $134.3 million decrease in average noninterest-bearing deposits. Average noninterest-bearing deposits represented 28.2% of average total deposits for the six months ended June 30, 2025 compared to 26.7% for the comparable period in 2024. The average cost of borrowings also decreased by 49 basis points to 5.12%, reflecting the paydown of higher-cost BTFP borrowings in the prior year and their replacement with lower-cost long-term FHLB advances.

84

The average yield on interest-earning assets decreased 19 basis points to 5.41%, primarily due to a 101 basis point decrease in the average yield on deposits in financial institutions, and a 21 basis point decrease in average yield on loans and leases, offset partially by a 30 basis point increase in the average yield on investment securities. The average yield on deposits in financial institutions decreased to 4.41% from 5.42% driven by the federal funds rate cuts described above, while the average yield on loans and leases decreased to 5.92% from 6.13%, driven by lower net loan discount accretion and market rates. The average yield on investment securities increased to 3.22% from 2.92%, reflecting continued benefits from 2024 balance sheet repositioning actions and reinvestment in higher-yield assets. Average deposits in financial institutions decreased by $1.7 billion to $2.0 billion, as we maintained a lower cash position.

Provision for Credit Losses

The following table sets forth the details of the provision for credit losses on loans and leases held for investment and securities and information regarding credit quality metrics for the periods indicated:

			Three Months Ended												Six Months Ended
			June 30,						March 31,												June 30,
			2025						2025												2025						2024
			(Dollars in thousands)
Provision For Credit Losses:
Addition to allowance for loan and lease losses			$	38,580					$	9,700											$	48,280					$	23,000
(Reduction in) addition to reserve for unfunded loan commitments			(350)						500												150						(2,000)
Total loan-related provision			38,230						10,200												$	48,430					$	21,000
Addition to (reduction in) allowance for held-to-maturity securities			95						(900)												(805)						—
Addition to allowance for available-for-sale securities			775						—												775						—
Total securities-related provision			870						(900)												(30)						—
Total provision for credit losses			$	39,100					$	9,300											$	48,400					$	21,000
Credit Quality Metrics:
Net charge-offs on loans and leases held for investment (1)			$	44,222					$	14,074											$	58,296					$	56,925
Annualized net charge-offs to average loans and leases			0.72		%				0.24		%										0.49		%				0.45		%
At quarter-end:
Allowance for credit losses			$	258,565					$	264,557
Allowance for credit losses to loans and leases held for investment			1.07		%				1.10		%
Allowance for credit losses to nonaccrual loans and leases held
for investment			154.4		%				123.9		%
Nonaccrual loans and leases held for investment			$	167,516					$	213,480
Nonaccrual loans and leases held for investment to loans and leases
held for investment			0.69		%				0.88		%
Classified loans and leases held for investment			$	656,556					$	764,723
Special mention loans and leases held for investment			$	661,568					$	937,014

______________________

(1)    See "- Balance Sheet Analysis - Allowance for Credit Losses on Loans and Leases Held for Investment" for detail of charge-offs and recoveries by loan portfolio segment, class, and subclass for the periods presented.

Provision for credit losses are charged to earnings for the ALLL, the reserve for unfunded loan commitments, and the ACL on HTM and AFS securities. The provision for credit losses on our loans and leases held for investment is based on our allowance methodology and is an expense that, in our judgment, is required to maintain an adequate ACL. For further details on our loan-related ACL methodology, see “- Balance Sheet Analysis - Allowance for Credit Losses on Loans and Leases Held for Investment” contained herein.

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Second Quarter of 2025 Compared to First Quarter of 2025

The provision for credit losses was $39.1 million for the second quarter compared to $9.3 million for the first quarter. The second quarter provision included a provision of loan losses of $38.6 million, offset partially by a $0.4 million reversal of the provision for unfunded loan commitments, and a provision for credit losses on investment securities of $0.9 million.

The second quarter provision for loan losses included $26.3 million related to loans transferred to held for sale for the strategic loan sales process. The remaining $12.3 million provision for loan losses was primarily driven by net charge-off activity experienced during the quarter, an increase in the quantitative reserve driven by the updated economic forecast, and an increase in the qualitative reserve related to loans secured by office properties.

The first quarter provision included a $9.7 million provision for loan losses and a $0.5 million provision for unfunded loan commitments, offset partially by a $0.9 million reversal of the provision for credit losses related to investment securities. The first quarter provision for loans and unfunded loan commitments was primarily driven by net charge-off activity experienced during the quarter, offset partially by lower specific reserves and changes in portfolio mix driven by growth in loan segments with low expected credit losses.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

The provision for credit losses was $48.4 million for the six months ended June 30, 2025 compared to $21.0 million for the six months ended June 30, 2024. The provision for the six months ended June 30, 2025 primarily included a provision for loan losses of $48.3 million and a provision for unfunded loan commitments of $0.2 million.

The provision for the six months ended June 30, 2025 included $26.3 million related to loans transferred to held for sale. The remaining provision for loans and unfunded loan commitments was primarily driven by net charge-off activity experienced in the first half of the year, with additional impacts from risk rating migration activity. These were offset partially by lower specific reserves and a favorable shift in the portfolio mix due to growth in loan segments with lower expected credit losses.

The provision for loans and unfunded loan commitments for the six months ended June 30, 2024 included a $23.0 million provision for loan losses and a $2.0 million reversal of the provision for unfunded loan commitments. The provision for the six months ended June 30, 2024 was generally due to higher net charge-offs and higher qualitative reserves, offset partially by the reserves released for the Civic loans transferred to held for sale in the second quarter of 2024.

Certain circumstances may lead to increased provisions for credit losses on loans and leases in the future. Examples of such circumstances include deterioration in economic conditions and forecasts, an increased amount of classified and/or criticized loans and leases, and net loan and lease and unfunded commitment growth. Deterioration in economic conditions and forecasts may include the rate of economic growth, the unemployment rate, the rate of inflation, changes in the general level of interest rates, changes in real estate values, and adverse conditions in borrowers’ businesses. See further discussion in “- Balance Sheet Analysis - Allowance for Credit Losses on Loans and Leases Held for Investment” contained herein.

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Noninterest Income

The following table summarizes noninterest income by category for the periods indicated:

			Three Months Ended												Six Months Ended
			June 30,						March 31,												June 30,
Noninterest Income			2025						2025												2025						2024
			(In thousands)
Leased equipment income			$	10,231					$	10,784											$	21,015					$	23,203
Commissions and fees			9,641						9,958												19,599						16,771
Service charges on deposit accounts			4,456						4,543												8,999						9,245
Gain on sale of loans and leases			30						211												241						687
Dividends and (loss) gains on equity investments			(114)						2,323												2,209						4,234
Warrant income (loss)			1,227						(295)												932						(146)
LOCOM HFS adjustment			(9)						—												(9)						292
Other			7,171						6,126												13,297						9,322
Total noninterest income			$	32,633					$	33,650											$	66,283					$	63,608

Second Quarter of 2025 Compared to First Quarter of 2025

Noninterest income decreased by $1.0 million to $32.6 million for the second quarter from $33.7 million for the first quarter due mainly to a $2.4 million decrease in dividends and gains on equity investments, offset partially by a $1.5 million increase in warrant income. The decrease in dividends and gains on equity investments was primarily related to fair value losses in the second quarter on SBIC investments compared to fair value gains in the first quarter. The increase in warrant income was driven by higher gains from warrant exercises.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

Noninterest income increased by $2.7 million to $66.3 million for the six months ended June 30, 2025 from $63.6 million for the six months ended June 30, 2024 due mainly to increases of $4.0 million in other income and $2.8 million in commissions and fees, offset partially by decreases of $2.2 million in leased equipment income and $2.0 million in dividends and gains on equity investments. The increase in other income was due mainly to a $2.6 million increase in the fair value mark on the credit-linked notes and a $1.1 million increase in gain on termination of leases. The increase in commissions and fees was due principally to higher loan-related fee income and higher customer service fees. The decrease in dividends and gains on equity investments was due mostly to lower fair value net gains in the first half of 2025 on SBIC investments compared to the same period in 2024.

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Noninterest Expense

The following table summarizes noninterest expense by category for the periods indicated:

			Three Months Ended															Six Months Ended
			June 30,						March 31,												June 30,
Noninterest Expense			2025						2025												2025						2024
			(In thousands)
Compensation			$	88,362					$	86,417											$	174,779					$	178,150
Customer related expense			26,577						27,751												54,328						63,324
Occupancy			15,473						15,010												30,483						35,423
Information technology and data processing			13,073						15,099												28,172						30,877
Insurance and assessments			9,403						7,283												16,686						46,892
Intangible asset amortization			7,159						7,160												14,319						16,888
Leased equipment depreciation			6,700						6,741												13,441						15,031
Other professional services			6,406						4,513												10,919						10,258
Loan expense			4,050						2,930												6,980						8,823
Other			8,666						10,749												19,415						21,145
Total operating expense			185,869						183,653												369,522						426,811
Acquisition, integration and reorganization costs			—						—												—						(12,650)
Total noninterest expense			$	185,869					$	183,653											$	369,522					$	414,161

Second Quarter of 2025 Compared to First Quarter of 2025

Noninterest expense increased by $2.2 million to $185.9 million for the second quarter from $183.7 million for the first quarter due mainly to increases of $2.1 million in insurance and assessments and $1.9 million in compensation expense, offset partially by a decrease of $2.0 million in information technology and data processing expenses. Insurance assessments increased mainly due to lower FDIC assessment and FDIC expense true-ups in the first quarter. Compensation expense increased mainly driven by higher incentive and equity compensation reversals related to staff exits in the prior quarter. Information technology and data processing decreased mainly driven by lower software subscription costs and certain expense true-ups.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

Noninterest expense decreased by $44.6 million to $369.5 million for the six-month period ended June 30, 2025 due mainly to decreases of $30.2 million in insurance and assessments, $9.0 million in customer related expenses, $4.9 million in occupancy, $3.4 million in compensation expense, and $13.1 million in all of the other expense categories, offset partially by an increase of $12.7 million in acquisition, integration and reorganization costs, as the prior-year period included a reversal of previously accrued merger-related costs due to lower actual expenses and there are no merger-related costs in the current year. Insurance and assessment decreased primarily due to incremental FDIC special assessments recorded in the first quarter of 2024, resulting from higher assessment rates. Customer related expense decreased due to lower earnings credit rate expenses, which were impacted by the lower federal funds rate. Occupancy decreased reflecting cost savings from branch consolidations following the merger. Compensation expense decreased primarily driven by reduced headcount following the merger.

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Income Taxes

Second Quarter of 2025 Compared to First Quarter of 2025

Income tax expense of $19.5 million was recorded for the second quarter resulting in an effective tax rate of 40.7% compared to income tax expense of $19.5 million and an effective tax rate of 26.7% for the first quarter.

The 40.7% effective tax rate in the second quarter of 2025 included a one-time non-cash income tax expense of $9.8 million due primarily to the revaluation of deferred tax assets ("DTA") related to the California state tax changes passed as part of the 2025 California budget enacted on June 30, 2025 and effective retroactively to January 1, 2025. We expect our tax rate going forward to be positively impacted by this state tax rule change.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

Income tax expense of $39.0 million was recorded for the six-month period ended June 30, 2025 resulting in an effective tax rate of 32.2% compared to income tax expense of $25.9 million and an effective tax rate of 29.7% for the comparable period in 2024. The higher 2025 year-to-date effective tax rate was due primarily to the one-time non-cash tax expense related to the DTA revaluation recorded in the second quarter of 2025.

Balance Sheet Analysis

The following table provides a summary of our balance sheet highlights as of the dates indicated:

			June 30,						December 31,						Increase
Balance Sheet Highlights			2025						2024						(Decrease)
			(In thousands)
Cash and cash equivalents			$	2,353,552					$	2,502,212					$	(148,660)
Securities available-for-sale			2,246,174						2,246,839						(665)
Securities held-to-maturity			2,316,725						2,306,149						10,576
Loans held for sale			465,571						26,331						439,240
Loans and leases held for investment			24,245,893						23,781,663						464,230
Total loans and leases			24,711,464						23,807,994						903,470
Total assets			34,250,453						33,542,864						707,589
Noninterest-bearing deposits			$	7,441,116					$	7,719,913					$	(278,797)
Total deposits			27,528,433						27,191,909						336,524
Borrowings			1,917,180						1,391,814						525,366
Subordinated debt			949,213						941,923						7,290
Total liabilities			30,823,610						30,042,915						780,695
Total stockholders' equity			3,426,843						3,499,949						(73,106)

Cash and Cash Equivalents

Cash and cash equivalents decreased by $148.7 million to $2.4 billion at June 30, 2025 compared to $2.5 billion at December 31, 2024, primarily attributable to the use of cash to support loan growth in the first half of the year.

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Securities Available-for-Sale

The following table presents the composition and durations of our AFS securities as of the dates indicated:

			June 30, 2025																		December 31, 2024
			Fair						% of						Duration						Fair						% of						Duration
Security Type			Value						Total						(in years)						Value						Total						(in years)
			(Dollars in thousands)
Agency residential MBS			$	849,865					38		%				7.7						$	861,840					38		%				7.6
Agency residential CMOs			538,069						24		%				2.6						446,631						20		%				3.2
Private label residential CMOs			276,456						12		%				4.0						316,910						14		%				3.9
Collateralized loan obligations			228,247						10		%				—						279,416						12		%				0.3
Corporate debt securities			263,138						12		%				1.1						257,712						12		%				1.4
Agency commercial MBS			60,872						3		%				3.8						51,564						2		%				1.9
Asset-backed securities			14,402						1		%				0.1						15,600						1		%				0.1
Private label commercial MBS			10,624						—		%				3.4						12,372						1		%				3.6
SBA securities			3,899						—		%				3.1						4,200						—		%				3.2
Municipal securities			602						—		%				0.7						594						—		%				3.7
Total securities available-for-sale			$	2,246,174					100		%				4.3						$	2,246,839					100		%				4.4

AFS securities decreased by $0.7 million to $2.2 billion at June 30, 2025 compared to $2.2 billion at December 31, 2024. The decrease was primarily driven by $209.7 million of principal paydowns, $3.7 million of net amortization, and a $0.8 million provision for credit losses, offset partially by purchases of $166.9 million and a $46.7 million increase in the fair value of AFS securities due to lower interest rates. As principal paydowns occurred, we reinvested in higher-yield securities to enhance our investment yield.

As of June 30, 2025, AFS securities had aggregate unrealized net after-tax losses in AOCI of $166.6 million compared to $200.1 million at December 31, 2024. The decrease in the AFS unrealized net losses related primarily to lower interest rates and the resulting impact on valuations.

Securities Held-to-Maturity

The following table presents the composition and duration of our HTM securities as of the dates indicated:

			June 30, 2025																		December 31, 2024
			Amortized						% of						Duration						Amortized						% of						Duration
Security Type			Cost						Total						(in years)						Cost						Total						(in years)
			(Dollars in thousands)
Municipal securities			$	1,253,568					54		%				8.5						$	1,251,364					55		%				8.0
Agency commercial MBS			443,875						19		%				5.5						440,476						19		%				5.9
Private label commercial MBS			357,825						16		%				5.2						355,342						15		%				5.6
U.S. Treasury securities			191,487						8		%				5.4						189,985						8		%				5.9
Corporate debt securities			70,665						3		%				4.3						70,482						3		%				4.0
Total securities held-to-maturity			$	2,317,420					100		%				7.1						$	2,307,649					100		%				7.0

HTM securities increased by $10.6 million to $2.3 billion at June 30, 2025 compared to $2.3 billion at December 31, 2024. The increase was primarily due to the accretion of $16.7 million of the remaining unrealized losses balance deferred in other comprehensive income ("OCI") from a prior transfer of securities from AFS to HTM on June 1, 2022, and the release of $0.8 million in credit loss reserve, offset partially by $6.3 million of net amortization and $0.6 million of principal paydowns.

As of June 30, 2025, HTM securities had aggregate unrealized net after-tax losses in AOCI of $145.9 million remaining from the balance established at the time of the AFS to HTM transfer, compared to $157.9 million at December 31, 2024.

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The following table shows the geographic composition of the majority of our HTM municipal securities portfolio as of the date indicated:

			June 30, 2025
			Amortized						% of
Municipal Securities by State			Cost						Total
			(Dollars in thousands)
California			$	315,040					25		%
Texas			277,997						22		%
Washington			188,183						15		%
Oregon			80,534						6		%
Maryland			64,199						5		%
Georgia			55,305						4		%
Colorado			48,505						4		%
Minnesota			34,660						3		%
Tennessee			31,104						3		%
Florida			21,952						2		%
Total of ten largest states			1,117,479						89		%
All other states			136,089						11		%
Total municipal securities held-to-maturity			$	1,253,568					100		%

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Loans and Leases Held for Investment

The following table presents the composition of our loans and leases held for investment by loan portfolio segment, class, and subclass as of the dates indicated:

			June 30, 2025												December 31, 2024
									% of												% of
Loan and Lease Portfolio			Balance						Total						Balance						Total
			(Dollars in thousands)
Real Estate Mortgage:
Commercial real estate			$	3,348,261					13		%				$	3,540,612					15		%
SBA program			623,432						3		%				630,412						2		%
Hotel			397,708						2		%				407,748						2		%
Total commercial real estate mortgage			4,369,401						18		%				4,578,772						19		%
Multi-family			6,280,791						26		%				6,041,713						26		%
Residential mortgage			3,082,834						13		%				2,682,667						11		%
Investor-owned residential			65,510						—		%				102,778						1		%
Residential renovation			9,272						—		%				21,729						—		%
Total other residential real estate			3,157,616						13		%				2,807,174						12		%
Total real estate mortgage			13,807,808						57		%				13,427,659						57		%
Real Estate Construction and Land:
Commercial			381,449						1		%				799,131						3		%
Residential			1,920,642						8		%				2,373,162						10		%
Total real estate construction and land (1)			2,302,091						9		%				3,172,293						13		%
Total real estate			16,109,899						66		%				16,599,952						70		%
Commercial:
Lender finance			1,190,285						5		%				727,913						3		%
Equipment finance			644,733						2		%				621,888						3		%
Premium finance			473,321						2		%				546,393						2		%
Other asset-based			154,012						1		%				191,775						1		%
Total asset-based			2,462,351						10		%				2,087,969						9		%
Equity fund loans			1,194,219						5		%				746,655						3		%
Venture lending			808,382						3		%				791,121						3		%
Total venture capital			2,002,601						8		%				1,537,776						6		%
Secured business loans			756,964						3		%				756,612						3		%
Warehouse lending			1,610,354						7		%				1,473,074						6		%
Other lending			920,987						4		%				923,398						4		%
Total other commercial			3,288,305						14		%				3,153,084						13		%
Total commercial			7,753,257						32		%				6,778,829						28		%
Consumer			382,737						2		%				402,882						2		%
Total loans and leases held for investment			$	24,245,893					100		%				$	23,781,663					100		%
Total unfunded loan commitments			$	4,673,596											$	4,887,690

 ________________________________

(1)    Includes land and acquisition and development loans of $200.6 million at June 30, 2025 and $223.9 million at December 31, 2024.

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Total loans and leases held for investment increased by $464.2 million and totaled $24.2 billion at June 30, 2025 compared to $23.8 billion at December 31, 2024. The increase in loans and leases held for investment was due primarily to increased balances in the venture capital, asset-based, other residential real estate mortgage mainly from purchased single-family residential loans, multi-family, and other commercial loan portfolios, offset partially by a decrease in the real estate construction and land loan segment and the commercial real estate mortgage loan portfolios.

In the second quarter of 2025, we commenced a strategic loan sale process and transferred $506.7 million of loans to held for sale. As of June 30, 2025, $30.5 million of these loans had been sold, and the remaining $476.2 million were transferred to held for sale at a lower of cost or market value of $441.2 million, which included commercial real estate construction loans of $258.4 million, commercial real estate mortgage loans of $163.2 million, and multi-family loans of $19.6 million. While many of the loans being sold have sufficient collateral values, they have attributes that drive credit migration, and as a result we have commenced the sales process for these loans.

The following table presents a roll forward of loans and leases held for investment for the period indicated:

			Six Months Ended
Roll Forward of Loans and Leases Held for Investment			June 30, 2025
			(In thousands)
Balance, beginning of period			$	23,781,663
Additions:
Production			2,100,659
Disbursements			2,652,527
Total production and disbursements			4,753,186
Reductions:
Payoffs			(2,053,313)
Paydowns			(1,693,043)
Total payoffs and paydowns			(3,746,356)
Sales			(32,180)
Transfers to foreclosed assets			(5,673)
Charge-offs			(63,499)
Transfers to loans held for sale			(441,248)
Total reductions			(4,288,956)
Net increase			464,230
Balance, end of period			$	24,245,893

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Real Estate Loans Held for Investment

Our real estate loan portfolio encompasses commercial real estate mortgage, residential real estate mortgage, and real estate construction and land loans. As of June 30, 2025 and December 31, 2024, the real estate loan comprised 66% and 70%, respectively of the total loan portfolio. The following table presents the geographic composition of our real estate loans held for investment by the top 10 states and all other states combined (in the order presented for the current quarter-end) as of the dates indicated:

			June 30, 2025												December 31, 2024
									% of												% of
Real Estate Loans by State			Balance						Total						Balance						Total
			(Dollars in thousands)
California			$	11,546,750					72		%				$	11,722,323					71		%
Colorado			1,169,165						7		%				1,224,295						7		%
Texas			564,217						4		%				542,312						3		%
Florida			444,817						3		%				437,987						3		%
Arizona			383,595						2		%				540,726						3		%
Washington			381,691						2		%				393,584						2		%
Nevada			308,770						2		%				388,627						2		%
Oregon			291,581						2		%				307,088						2		%
Utah			145,913						1		%				147,205						1		%
Illinois			60,648						—		%				106,463						1		%
Total of 10 largest states			15,297,147						95		%				15,810,610						95		%
All other states			812,752						5		%				789,342						5		%
Total real estate loans held for investment			$	16,109,899					100		%				$	16,599,952					100		%

At June 30, 2025 and December 31, 2024, 72% and 71% of our real estate loans were collateralized by property located in California because our full-service branches and our community banking activities are primarily located in California.

Loans and Leases Held for Sale

Total loans and leases held for sale increased by $439.2 million and totaled $465.6 million at June 30, 2025 compared to $26.3 million at December 31, 2024. The increase in loans held for sale was primarily driven by the transfer as discussed above related to the strategic loan sales process commenced in the second quarter of 2025.

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Allowance for Credit Losses on Loans and Leases Held for Investment

The ACL on loans and leases held for investment is the combination of the ALLL and the reserve for unfunded loan commitments. The ALLL is reported as a reduction of the amortized cost basis of loans and leases, while the reserve for unfunded loan commitments is included within "Accrued interest payable and other liabilities" on the condensed consolidated balance sheets. The amortized cost basis of loans and leases does not include accrued interest receivable, which is included in "Other assets" on the condensed consolidated balance sheets. The "Provision for credit losses" on the condensed consolidated statement of earnings is a combination of the provision for loan and lease losses, the provision for unfunded loan commitments, the provision for AFS debt securities, and the provision for HTM debt securities.

Under the CECL methodology, expected credit losses reflect losses over the remaining contractual life of an asset, considering the effect of prepayments and available information about the collectability of cash flows, including information about relevant historical experience, current conditions, and reasonable and supportable forecasts of future events and circumstances. Thus, the CECL methodology incorporates a broad range of information in developing credit loss estimates.

For further information regarding the calculation of the ACL on loans and leases held for investment using the CECL methodology, see Note 1. Nature of Operations and Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements contained in "Item 8. Financial Statements and Supplementary Data" of our Form 10-K.

In calculating our ACL, we continued to consider higher inflation rates, the Federal Reserve's monetary policy, the risk of a recession, technical or otherwise, and the impact of various geopolitical risks on the economy in our process for estimating expected credit losses given the changes in economic forecasts and assumptions along with the uncertainty related to the severity and duration of the economic consequences resulting from such events. Our methodology and framework along with the 4-quarter reasonable and supportable forecast period and 2-quarter reversion period have remained consistent since the implementation of CECL on January 1, 2020. Certain management assumptions are reassessed every quarter based on current expectations for credit losses, while other assumptions are assessed and updated on at least an annual basis.

For the second quarter of 2025, we used the Moody’s June 30, 2025 Baseline and S2 Downside 75th Percentile for the calculation of our quantitative component. The weightings of the scenarios were based on management’s current expectations for the economic forecast, acknowledging the risk of recession over our reasonable and supportable forecast period and the current economic uncertainty.

During the quarter, the total ACL decreased when compared to the previous quarter which was driven by a decrease in the quantitative reserve that was partially offset by an increase in the qualitative reserves. The primary drivers behind lower quantitative reserves was the sale or reclassification of more than $500 million of loans to held for sale during the quarter and net charge-off activity. The decrease in quantitative reserves was partially offset by updates to the macro-economic forecast, including the scenario weighting, and higher qualitative reserves. Growth in the loans held for investment portfolio during the quarter was primarily in portfolios with lower expected credit losses, such as warehouse lending, equity fund loans, and lender finance, while portfolios requiring higher reserves, such as commercial real estate and commercial construction, have lower overall balances.

As part of our ACL methodology, we consistently incorporate the use of qualitative factors in determining the overall ACL to capture risks that may not be appropriately reflected in our quantitative models. Such qualitative factors may include, but are not limited to: economic conditions not captured in in the quantitative reserve; collateral dependency related to certain loan portfolios including loans secured by office properties that were directly impacted by flexible/hybrid work environment; concentrations of credit within the loan portfolio including the commercial real estate portfolio; the quality of the Company’s credit review system; the volume and severity of adversely classified financial assets; the Company’s lending policies and procedures; and the effect of other external factors such as the regulatory and legal environments. During the second quarter of 2025, reserves associated with the qualitative adjustments increased when compared to the prior quarter. Primary qualitative adjustments were related to loans secured by office properties and concentration of credit associated with commercial real estate loans, multi-family loans, and construction loans.

95

The use of different economic forecasts, whether based on different scenarios, the use of multiple or single scenarios, or updated economic forecasts and scenarios, can change the outcome of the calculations. In addition to the economic forecasts, there are numerous components and assumptions that are integral to the overall estimation of the ACL. As part of our ACL process, sensitivity analyses are performed to assess how changing certain assumptions could impact the estimated ACL. At times, these analyses can provide information to further assist management in making decisions related to certain assumptions. We calculated alternative values for our ACL using various alternative forecast scenarios weightings and the calculated amounts for the quantitative component differed from the probability-weighted multiple scenario forecast ranging from increasing the dollar amount of the quantitative component of the ACL by 4.8% to lower reserves by 5.2%. However, from a sensitivity analysis perspective, changing key assumptions such as the macro-economic variable inputs from the economic forecasts, the reasonable and supportable forecast period, prepayment rates, loan segmentation, historical loss factors and/or periods, among others, would all change the outcome of the quantitative components of the ACL. Those results would then need to be assessed from a qualitative perspective, potentially requiring further adjustments to the qualitative component to arrive at a reasonable and appropriate ACL.

The determination of the ACL is complex and highly dependent on numerous models, assumptions, and judgments made by management. Management's current expectation for credit losses on loans and leases held for investment as quantified in the ACL incorporates certain management assumptions and is reflective of historical credit experience, economic forecasts viewed to be reasonable and supportable, current loan and lease composition, and relative credit risks known as of the balance sheet date.

Management believes the ACL is appropriate for the current expected credit losses in our loan and lease portfolio and associated unfunded loan commitments, and the credit risk ratings and inherent loss rates currently assigned are reasonable and appropriate as of the reporting date. It is possible that others, given the same information, may at any point in time reach different conclusions that could result in a significant impact to the Company's financial statements.

The following table presents information regarding the ACL on loans and leases held for investment as of the dates indicated:

			June 30,						December 31,
Allowance for Credit Losses Data			2025						2024
			(Dollars in thousands)
Allowance for loan and lease losses			$	229,344					$	239,360
Reserve for unfunded loan commitments			29,221						29,071
Total allowance for credit losses			$	258,565					$	268,431
Allowance for loan and lease losses to loans and leases held for investment			0.95		%				1.01		%
Allowance for credit losses to loans and leases held for investment			1.07		%				1.13		%

96

The following table presents the changes in our ACL on loans and leases held for investment for the periods indicated:

			Three Months Ended												Six Months Ended
Roll Forward of Allowance for Credit Losses			June 30,						March 31,						June 30,
on Loans and Leases Held for Investment			2025						2025						2025						2024
			(Dollars in thousands)
Balance, beginning of period			$	264,557					$	268,431					$	268,431					$	311,258
Provision for credit losses:
Addition to allowance for loan and lease losses			38,580						9,700						48,280						23,000
(Reduction in) addition to reserve for unfunded
loan commitments			(350)						500						150						(2,000)
Total provision for credit losses			38,230						10,200						48,430						21,000
Loans and leases charged off:
Real estate mortgage			(16,080)						(5,789)						(21,869)						(56,358)
Real estate construction and land			(21,536)						—						(21,536)						—
Commercial			(8,593)						(9,582)						(18,175)						(3,852)
Consumer			(739)						(1,180)						(1,919)						(2,874)
Total loans and leases charged off			(46,948)						(16,551)						(63,499)						(63,084)
Recoveries on loans and leases charged off:
Real estate mortgage			298						312						610						2,320
Real estate construction and land			—						—						—						—
Commercial			2,288						2,103						4,391						3,703
Consumer			140						62						202						136
Total recoveries on loans and leases charged off			2,726						2,477						5,203						6,159
Net charge-offs			(44,222)						(14,074)						(58,296)						(56,925)
Balance, end of period			$	258,565					$	264,557					$	258,565					$	275,333
Annualized net charge-offs to
average loans and leases			0.72		%				0.24		%				0.49		%				0.45		%

97

The following table presents charge-offs by loan portfolio segment, class, and subclass for the periods indicated:

			Three Months Ended												Six Months Ended
			June 30,						March 31,						June 30,
Allowance for Credit Losses Charge-offs			2025						2025						2025						2024
			(In thousands)
Real Estate Mortgage:
Commercial real estate			$	12,116					$	4,701					$	16,817					$	20,183
SBA program			277						306						583						700
Hotel			—						—						—						—
Total commercial real estate mortgage			12,393						5,007						17,400						20,883
Multi-family			3,275						—						3,275						—
Residential mortgage			—						129						129						—
Investor-owned residential			242						526						768						34,424
Residential renovation			170						127						297						1,051
Total other residential real estate			412						782						1,194						35,475
Total real estate mortgage			16,080						5,789						21,869						56,358
Real Estate Construction and Land:
Commercial			21,536						—						21,536						—
Residential			—						—						—						—
Total real estate construction and land			21,536						—						21,536						—
Total real estate			37,616						5,789						43,405						56,358
Commercial:
Lender finance			—						—						—						—
Equipment finance			—						—						—						—
Premium finance			—						—						—						—
Other asset-based			—						—						—						92
Total asset-based			—						—						—						92
Equity fund loans			—						—						—						—
Venture lending			136						5,121						5,257						2,414
Total venture capital			136						5,121						5,257						2,414
Secured business loans			3,053						524						3,577						211
Warehouse lending			—						—						—						—
Other lending			5,404						3,937						9,341						1,135
Total other commercial			8,457						4,461						12,918						1,346
Total commercial			8,593						9,582						18,175						3,852
Consumer			739						1,180						1,919						2,874
Total charge-offs			$	46,948					$	16,551					$	63,499					$	63,084

98

The following table presents recoveries by portfolio segment, class, and subclass for the periods indicated:

			Three Months Ended												Six Months Ended
			June 30,						March 31,						June 30,
Allowance for Credit Losses Recoveries			2025						2025						2025						2024
			(In thousands)
Real Estate Mortgage:
Commercial real estate			$	234					$	78					$	312					$	328
SBA program			34						162						196						225
Hotel			—						—						—						—
Total commercial real estate mortgage			268						240						508						553
Multi-family			—						—						—						500
Residential mortgage			5						11						16						2
Investor-owned residential			—						—						—						600
Residential renovation			25						61						86						665
Total other residential real estate			30						72						102						1,267
Total real estate mortgage			298						312						610						2,320
Real Estate Construction and Land:
Commercial			—						—						—						—
Residential			—						—						—						—
Total real estate construction and land			—						—						—						—
Total real estate			298						312						610						2,320
Commercial:
Lender finance			—						—						—						—
Equipment finance			—						—						—						—
Premium finance			5						4						9						—
Other asset-based			—						—						—						50
Total asset-based			5						4						9						50
Equity fund loans			—						—						—						—
Venture lending			—						50						50						461
Total venture capital			—						50						50						461
Secured business loans			195						301						496						319
Warehouse lending			—						—						—						—
Other lending			2,088						1,748						3,836						2,873
Total other commercial			2,283						2,049						4,332						3,192
Total commercial			2,288						2,103						4,391						3,703
Consumer			140						62						202						136
Total recoveries			$	2,726					$	2,477					$	5,203					$	6,159

99

Credit Quality

The overall quality of our loan portfolio remains strong, supported by disciplined underwriting, borrower strength, and robust credit metrics. Credit quality metrics improved primarily due to the transfer of loans to held for sale in connection with the strategic loan sales process in the second quarter of 2025. These sales and transfers contributed to broad-based improvements across key credit quality metrics.

Nonperforming Assets, Classified Loans and Leases, and Special Mention Loans and Leases

The following table presents information on our nonperforming assets, classified loans and leases, and special mention loans and leases as of the dates indicated:

			June 30,						December 31,
			2025						2024
			(Dollars in thousands)
Nonaccrual loans and leases held for investment			$	167,516					$	189,605
Accruing loans contractually past due 90 days or more			—						—
Total nonperforming loans and leases			167,516						189,605
Foreclosed assets, net			7,806						9,734
Total nonperforming assets			$	175,322					$	199,339
Classified loans and leases held for investment			$	656,556					$	563,502
Special mention loans and leases held for investment			$	661,568					$	1,097,315
Nonaccrual loans and leases held for investment to loans and leases held for investment			0.69		%				0.80		%
Nonperforming assets to loans and leases held for investment and foreclosed assets, net			0.72		%				0.84		%
Classified loans and leases held for investment to loans and leases held for investment			2.71		%				2.37		%
Special mention loans and leases held for investment to loans and leases held for investment			2.73		%				4.61		%
Allowance for credit losses to nonaccrual loans and leases held for investment			154.4		%				141.6		%

100

Nonaccrual Loans and Leases Held for Investment

The following table presents our nonaccrual loans and leases held for investment and accruing loans and leases past due between 30 and 89 days by loan portfolio segment and class as of the dates indicated:

			June 30, 2025												December 31, 2024												Increase (Decrease)
									Accruing												Accruing												Accruing
									and 30-89												and 30-89												and 30-89
									Days Past												Days Past												Days Past
			Nonaccrual						Due						Nonaccrual						Due						Nonaccrual						Due
			(In thousands)
Real estate mortgage:
Commercial			$	98,112					$	537					$	97,655					$	—					$	457					$	537
Multi-family			22,594						—						22,763						9,442						(169)						(9,442)
Other residential			39,396						37,342						46,788						34,417						(7,392)						2,925
Total real estate mortgage			160,102						37,879						167,206						43,859						(7,104)						(5,980)
Real estate construction and land:
Commercial			—						—						—						—						—						—
Residential			—						—						—						—						—						—
Total real estate construction and land			—						—						—						—						—						—
Commercial:
Asset-based			1,731						171						1,940						1,795						(209)						(1,624)
Venture capital			—						—						6,291						—						(6,291)						—
Other commercial			4,967						628						13,544						2,331						(8,577)						(1,703)
Total commercial			6,698						799						21,775						4,126						(15,077)						(3,327)
Consumer			716						2,220						624						2,804						92						(584)
Total held for investment			$	167,516					$	40,898					$	189,605					$	50,789					$	(22,089)					$	(9,891)

Nonperforming loans and leases held for investment decreased by $22.1 million to $167.5 million at June 30, 2025 compared to $189.6 million at December 31, 2024, due mainly to charge-offs of $19.8 million, transfers to accrual status of $16.8 million, transfers to held for sale of $5.7 million, and principal and other reductions of $60.1 million, offset partially by additions of $80.3 million. As of June 30, 2025, the Company's three largest loan relationships on nonaccrual status had an aggregate carrying value of $65.7 million and represented 39% of total nonaccrual loans and leases.

Loans and leases accruing and 30-89 days past due decreased by $9.9 million to $40.9 million as of June 30, 2025 compared to $50.8 million at December 31, 2024, due mainly to a decrease of $9.4 million in multi-family real estate mortgage delinquent loans.

Foreclosed Assets, Net

The following table presents foreclosed assets (primarily OREO), net of the valuation allowance, by property type as of the dates indicated:

			June 30,						December 31,
Property Type			2025						2024
			(In thousands)
Single-family residential			$	7,786					$	9,714
Total OREO, net			7,786						9,714
Other foreclosed assets			20						20
Total foreclosed assets, net			$	7,806					$	9,734

Foreclosed assets decreased by $1.9 million to $7.8 million at June 30, 2025 compared to $9.7 million at December 31, 2024, due mainly to sales of $7.0 million and a provision for losses of $0.6 million, offset partially by transfers from loans of $5.7 million.

101

Classified and Special Mention Loans and Leases Held for Investment

The following table presents the credit risk ratings of our loans and leases held for investment as of the dates indicated:

			June 30,						December 31,
Loan and Lease Credit Risk Ratings			2025						2024
			(In thousands)
Pass			$	22,927,769					$	22,120,846
Special mention			661,568						1,097,315
Classified			656,556						563,502
Total loans and leases held for investment			$	24,245,893					$	23,781,663

Classified and special mention loans and leases fluctuate from period to period as a result of loan repayments and downgrades or upgrades from our ongoing active portfolio management.

The following table presents the classified and special mention credit risk rating categories for loans and leases held for investment by loan portfolio segment and class and the related net changes as of the dates indicated:

			June 30, 2025												December 31, 2024												Increase (Decrease)
									Special												Special												Special
			Classified						Mention						Classified						Mention						Classified						Mention
			(In thousands)
Real estate mortgage:
Commercial			$	217,527					$	203,295					$	301,278					$	348,014					$	(83,751)					$	(144,719)
Multi-family			189,963						188,564						113,164						202,690						76,799						(14,126)
Other residential			39,411						1,258						47,993						14,351						(8,582)						(13,093)
Total real estate mortgage			446,901						393,117						462,435						565,055						(15,534)						(171,938)
Real estate construction and land:
Commercial			69,324						29,501						—						148,024						69,324						(118,523)
Residential			3,124						—						—						203,220						3,124						(203,220)
Total real estate construction and land			72,448						29,501						—						351,244						72,448						(321,743)
Commercial:
Asset-based			33,771						43,518						5,003						9,547						28,768						33,971
Venture capital			87,196						152,466						75,406						125,320						11,790						27,146
Other commercial			15,172						37,901						19,949						38,741						(4,777)						(840)
Total commercial			136,139						233,885						100,358						173,608						35,781						60,277
Consumer			1,068						5,065						709						7,408						359						(2,343)
Total			$	656,556					$	661,568					$	563,502					$	1,097,315					$	93,054					$	(435,747)

    

Classified loans and leases increased by $93.1 million to $656.6 million at June 30, 2025 compared to $563.5 million at December 31, 2024, due mainly to increases of $76.8 million in multi-family real estate mortgage classified loans, $69.3 million in commercial real estate construction and land classified loans, and $28.8 million in commercial asset-based classified loans, offset partially by a decrease of $83.8 million in commercial real estate mortgage classified loans primarily due to the transfer of loans to held for sale in connection with the strategic loan sales process.

Special mention loans and leases decreased by $435.7 million to $661.6 million at June 30, 2025 compared to $1.1 billion at December 31, 2024, due mainly to decreases of $203.2 million in residential real estate construction and land special mention loans resulting from credit migration out of the category, as well as $144.7 million in commercial real estate mortgage special mention loans and $118.5 million in commercial real estate construction and land special mention loans primarily due to the transfer of loans to held for sale in connection with the strategic loan sales process. These decreases were offset partially by increases of $34.0 million in commercial asset-based special mention loans and $27.1 million in venture capital special mention loans.

102

Deposits

The following table presents the composition of our deposit portfolio by account type as of the dates indicated:

			June 30, 2025												December 31, 2024
									% of												% of						Increase
Deposit Type			Balance						Total						Balance						Total						(Decrease)
			(Dollars in thousands)
Noninterest-bearing checking			$	7,441,116					27		%				$	7,719,913					28		%				$	(278,797)
Interest-bearing:
Checking			7,974,452						29		%				7,610,705						28		%				363,747
Money market			5,375,080						20		%				5,361,635						20		%				13,445
Savings			1,932,906						7		%				1,933,232						7		%				(326)
Time:
Non-brokered			2,492,890						9		%				2,488,217						9		%				4,673
Brokered			2,311,989						8		%				2,078,207						8		%				233,782
Total time deposits			4,804,879						17		%				4,566,424						17		%				238,455
Total interest-bearing			20,087,317						73		%				19,471,996						72		%				615,321
Total deposits			$	27,528,433					100		%				$	27,191,909					100		%				$	336,524

The following table presents time deposits based on the $250,000 FDIC insured limit as of the dates indicated:

			June 30, 2025												December 31, 2024
									% of												% of
									Total												Total
Time Deposits			Balance						Deposits						Balance						Deposits
			(Dollars in thousands)
Time deposits $250,000 and under			$	3,667,221					13		%				$	3,468,376					13		%
Time deposits over $250,000			1,137,658						4		%				1,098,048						4		%
Total time deposits			$	4,804,879					17		%				$	4,566,424					17		%

Total deposits increased by $336.5 million to $27.5 billion at June 30, 2025 compared to $27.2 billion at December 31, 2024. The increase of $336.5 million in total deposits was due primarily to increases of $363.7 million in checking accounts and $233.8 million in brokered time deposits, offset partially by a decrease of $278.8 million in noninterest-bearing checking accounts. At June 30, 2025, noninterest-bearing deposits totaled $7.4 billion, or 27%, of total deposits, and interest-bearing deposits totaled $20.1 billion, or 73%, of total deposits, compared to noninterest-bearing deposits of $7.7 billion, or 28% of total deposits, and interest-bearing deposits of $19.5 billion, or 72% of total deposits, at December 31, 2024.

As of June 30, 2025, FDIC-insured deposits represented approximately 71% of total deposits, including accounts eligible for pass-through insurance, down from 72% as of December 31, 2024. Available liquidity (on-balance sheet liquidity plus unused borrowing capacity and unpledged AFS securities) was $14.8 billion at June 30, 2025, which exceeded uninsured and uncollateralized deposits of $7.6 billion, with a coverage ratio of 196% as compared to a coverage ratio of 221% at December 31, 2024. Available liquidity also represented 54% of total deposits at June 30, 2025.

103

The following table summarizes the maturities of time deposits as of the date indicated:

			Time Deposits
			$250,000						Over
June 30, 2025			and Under						$250,000						Total
			(In thousands)
Maturities:
Due in three months or less			$	991,717					$	469,377					$	1,461,094
Due in over three months through six months			775,035						290,181						1,065,216
Due in over six months through 12 months			1,230,577						282,442						1,513,019
Total due within 12 months			2,997,329						1,042,000						4,039,329
Due in over 12 months through 24 months			663,567						84,603						748,170
Due in over 24 months			6,325						11,055						17,380
Total due over twelve months			669,892						95,658						765,550
Total			$	3,667,221					$	1,137,658					$	4,804,879

Client Investment Funds

In addition to deposit products, we also offer alternative, non-depository corporate treasury solutions for clients to invest excess liquidity. These off-balance sheet client funds totaled $1.5 billion at both June 30, 2025 and December 31, 2024.

Borrowings

The following table summarizes our borrowings as of the dates indicated:

			June 30, 2025												December 31, 2024
									Weighted												Weighted
									Average												Average
			Balance						Rate						Balance						Rate
			(Dollars in thousands)
FHLB secured advances			$	1,700,000					3.98		%				$	1,100,000					3.93		%
Credit-linked notes			117,180						15.07		%				118,838						15.29		%
AFX short-term borrowings			100,000						4.46		%				—						—		%
Senior Notes			—						—		%				174,000						5.25		%
Total borrowings			1,917,180						4.68		%				1,392,838						5.06		%
Acquisition discount on Senior Notes			—												(1,024)
Total borrowings, net			$	1,917,180											$	1,391,814

Borrowings increased by $525.4 million to $1.9 billion at June 30, 2025 compared to $1.4 billion at December 31, 2024 due to higher FHLB secured advances and AFX short-term borrowings, offset partially by the payoff of $174.0 million of Senior Notes in the second quarter of 2025. We utilized these borrowings to manage liquidity needs, including, but not limited to, funding asset growth, accommodating liability maturities and deposit withdrawals, and supporting business operations.

Subordinated Debt

As of June 30, 2025, the carrying value of subordinated debt totaled $949.2 million compared to $941.9 million at December 31, 2024. The increase was primarily driven by the accretion of the acquisition discount on acquired subordinated debt and higher valuation of the Euribor-based subordinated debt. At June 30, 2025, $131.0 million of subordinated debt was included in the Company's Tier I capital and $803.1 million was included in Tier II capital.

104

Regulatory Matters

Capital

Bank regulatory agencies measure capital adequacy through standardized risk-based capital guidelines that compare different levels of capital (as defined by such guidelines) to risk-weighted assets and off-balance sheet obligations. At June 30, 2025, banks considered to be “well capitalized” must maintain a minimum Tier 1 leverage ratio of 5.00%, a minimum common equity Tier 1 capital ratio of 6.50%, a minimum Tier 1 capital ratio of 8.00%, and a minimum Total capital ratio of 10.00%.

Regulatory capital requirements limit the amount of DTAs that may be included when determining the amount of regulatory capital. Deferred tax asset amounts in excess of the calculated limit are disallowed from regulatory capital. At June 30, 2025, such disallowed amounts were $315.7 million for the Company and $296.9 million for the Bank. No assurance can be given that the regulatory capital deferred tax asset limitation will not increase in the future or that the Company and the Bank will not have increased DTAs that are disallowed.

In 2020, the federal bank regulatory authorities approved a rule that delays the estimated impact on regulatory capital resulting from the adoption of CECL. We elected the CECL phase-in option provided by regulatory capital rules which delayed for two years the estimated impact of CECL on regulatory capital and phases it in over a three-year transition period beginning in the first quarter of 2022. The full impact of the CECL standard was phased-in to regulatory capital through December 31, 2024 under this phase-in option, and beginning in the first quarter of 2025, CECL was fully reflected in our regulatory capital.

Basel III currently requires all banking organizations to maintain a 2.50% capital conservation buffer above the minimum risk-based capital requirements to avoid certain limitations on capital distributions, stock repurchases and discretionary bonus payments to executive officers. The capital conservation buffer is exclusively comprised of common equity Tier 1 capital, and it applies to each of the three risk-based capital ratios but not to the leverage ratio. Effective January 1, 2019, the common equity Tier 1, Tier 1, and Total capital ratio minimums inclusive of the capital conservation buffer were 7.00%, 8.50%, and 10.50%. At June 30, 2025, the Company and the Bank were in compliance with the capital conservation buffer requirements.

The following tables present a comparison of our actual capital ratios to the minimum required ratios and well capitalized ratios as of the dates indicated:

															Minimum Required
															For Capital						For Capital						For Well
			June 30,						December 31,						Adequacy						Conservation						Capitalized
			2025						2024						Purposes						Buffer						Classification
Banc of California, Inc.:
Tier 1 leverage capital ratio			9.74%						10.15%						4.00%						N/A						N/A
CET1 capital ratio			9.95%						10.55%						4.50%						7.00%						N/A
Tier 1 capital ratio			12.34%						12.97%						6.00%						8.50%						6.00%
Total capital ratio			16.37%						17.05%						8.00%						10.50%						10.00%
Banc of California:
Tier 1 leverage capital ratio			10.42%						11.08%						4.00%						N/A						5.00%
CET1 capital ratio			13.21%						14.17%						4.50%						7.00%						6.50%
Tier 1 capital ratio			13.21%						14.17%						6.00%						8.50%						8.00%
Total capital ratio			15.65%						16.65%						8.00%						10.50%						10.00%

The Company's consolidated risk-based capital ratios decreased during the six months ended June 30, 2025 due mainly to the impact of stock repurchases, lower net earnings, and an increase in risk-weighted assets mostly driven by the growth in loan balances. The consolidated Tier 1 leverage ratio also decreased during the six months ended June 30, 2025 due mainly to higher average assets.

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Dividends on Common Stock and Interest on Subordinated Debt

As a bank holding company, Banc of California, Inc. is required to notify and receive approval from the FRB prior to declaring and paying a dividend to common stockholders during any period in which quarterly and/or cumulative twelve-month net earnings are insufficient to fund the dividend amount, among other requirements. Interest payments made on subordinated debt are considered dividend payments under FRB regulations. We may not pay a dividend if the FRB objects or until such time as we receive approval from the FRB or we no longer need to provide notice under applicable regulations. The Company currently is required to receive FRB approval to declare or pay a dividend to stockholders. Further, if the Company defaults or elects to defer the interest payments on its subordinated debt, it is restricted from paying dividends on its Series F preferred and common stock.

Dividends on Preferred Stock

The Company's ability to pay dividends on the Series F preferred stock depends on the ability of the Bank to pay dividends to the holding company. The ability of the Company and the Bank to pay dividends in the future is subject to bank regulatory requirements, including capital regulations and policies established by the FRB, and the DFPI, as applicable. Dividends on the Series F preferred stock will not be declared, paid, or set aside for payment to the extent such act would cause us to fail to comply with applicable laws and regulations, including applicable FRB capital adequacy regulations and policies.

Dividends on the Series F preferred stock are not cumulative or mandatory. If the Company's Board of Directors does not declare a dividend on the Series F preferred stock in respect of a dividend period, then no dividend shall be deemed to be payable for such dividend period or be cumulative, and the Company will have no obligation to pay any dividend for that dividend period, whether or not the Board of Directors declares a dividend on the Series F preferred stock or any other class or series of its capital stock for any future dividend period. However, if dividends on the Series F preferred stock have not been declared or paid for the equivalent of six dividend payments, whether or not for consecutive dividend periods, holders of the outstanding shares of Series F preferred stock, together with holders of any other series of the Company's preferred stock ranking equal with the Series F preferred stock with similar voting rights, will generally be entitled to vote for the election of two additional directors. Additionally, so long as any share of Series F preferred stock remains outstanding, unless dividends on all outstanding shares of Series F preferred stock for the most recently completed dividend period have been paid in full or declared and a sum sufficient for the payment thereof has been set aside for payment, no dividend shall be declared or paid or set aside for payment and no distribution shall be declared or made or set aside for payment on the Company's common stock.

Liquidity

Liquidity Management

Liquidity is the ongoing ability to accommodate liability maturities and deposit withdrawals, fund asset growth and business operations, and meet contractual obligations through unconstrained access to funding at reasonable market rates. Liquidity management involves forecasting funding requirements and maintaining sufficient capacity to meet the needs and accommodate fluctuations in asset and liability levels due to changes in the Company’s business operations or unanticipated events.

We have a Management Finance Committee ("MFC") that is comprised of members of senior management and is responsible for managing commitments to meet the needs of customers while achieving our financial objectives. MFC meets regularly to review funding capacities, current and forecasted loan demand, and investment opportunities.

We manage our liquidity by maintaining pools of liquid assets on-balance sheet, consisting of cash and receivables due from banks, interest-earning deposits in other financial institutions, and unpledged AFS securities, which we refer to as our primary liquidity. We also maintain available borrowing capacity under secured credit lines with the FHLB and the FRBSF, which we refer to as our secondary liquidity.

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As a member of the FHLB, the Bank had secured borrowing capacity with the FHLB of $7.1 billion at June 30, 2025, offset partially by $568.7 million pledged for letters of credit and a balance outstanding of $1.7 billion as of that date. The FHLB secured credit line was collateralized by a blanket lien on $10.6 billion of certain qualifying loans and $19.4 million of securities. The Bank also had secured borrowing capacity with the FRBSF under the Discount Window program totaling $5.7 billion at June 30, 2025, of which $5.7 billion was available. The FRBSF Discount Window secured credit line was collateralized by liens on $5.3 billion of qualifying loans and $1.5 billion of pledged securities.

In addition to its secured lines of credit with the FHLB and FRBSF, the Bank also maintains unsecured capacity for the purpose of borrowing overnight funds, subject to availability, of $265.0 million in the aggregate with several correspondent banks. As of June 30, 2025, there was no balance outstanding related to these sources. The Bank is a member of the AFX, through which it may either borrow or lend funds on an overnight or short-term basis with a group of pre-approved commercial banks. The availability of funds changes daily. As of June 30, 2025, there was a $100.0 million outstanding balance through the AFX. Additionally, the holding company has a $100.0 million unsecured revolving line of credit. As of June 30, 2025, there was no balance outstanding.

The following tables provide a summary of the Company's primary and secondary liquidity levels at the dates indicated:

			June 30,						December 31,
Primary Liquidity - On-Balance Sheet			2025						2024
			(Dollars In thousands)
Cash and due from banks			$	222,210					$	192,006
Interest-earning deposits in financial institutions			2,131,342						2,310,206
Less: Restricted cash			(168,661)						(184,159)
Securities available-for-sale, at fair value			2,246,174						2,246,839
Less: Pledged securities available-for-sale, at fair value			(3,899)						(4,200)
Less: Haircut on securities available-for-sale			(184,865)						(193,191)
Add: Allowance on securities available-for-sale			775						—
Total primary liquidity			$	4,243,076					$	4,367,501
Ratio of primary liquidity to total assets			12.4		%				13.0		%

Secondary Liquidity - Off-Balance Sheet			June 30,						December 31,
Available Secured Borrowing Capacity			2025						2024
			(In thousands)
Total secured borrowing capacity with the FHLB			$	7,104,531					$	6,853,652
Less: Letters of credit			(568,696)						(527,893)
Less: Secured advances outstanding			(1,700,000)						(1,100,000)
Available secured borrowing capacity with the FHLB			4,835,835						5,225,759
Available secured borrowing capacity with the FRBSF			5,735,280						6,295,540
Total secondary liquidity			$	10,571,115					$	11,521,299

During the six months ended June 30, 2025, the Company's primary liquidity decreased by $124.4 million to $4.2 billion at June 30, 2025 due mainly to a $148.7 million decrease in total cash and cash equivalents which was primarily used to fund loan growth. We also include certain unencumbered HTM securities in our internal liquidity stress test buffer which are not included in our primary liquidity. During the six months ended June 30, 2025, the Company's secondary liquidity decreased by $950.2 million to $10.6 billion at June 30, 2025 due to decreases in available secured borrowing capacity with the FHLB of $389.9 million and available secured borrowing capacity with the FRB of $560.3 million.

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Obtaining new customer deposits, or having existing customers increase their deposit balances with us, are the primary sources of funding for our operations and is one of the highest priorities of the Company. See "- Balance Sheet Analysis - Deposits" for additional information and detail of our deposits. Additionally, we fund our operations with cash flows from our loan and securities portfolios.

Our deposit balances may decrease if customers withdraw funds from the Bank. In order to address the Bank’s liquidity risk from fluctuating deposit balances, the Bank maintains adequate levels of available liquidity on and off the balance sheet.

We use brokered deposits, the availability of which is uncertain and subject to competitive market forces and regulations, for liquidity management purposes. At June 30, 2025, brokered deposits totaled $2.9 billion, consisting of $0.6 billion of non-maturity brokered accounts and $2.3 billion of brokered time deposits. At December 31, 2024, brokered deposits totaled $2.7 billion, consisting of $0.6 billion of non-maturity brokered accounts and $2.1 billion of brokered time deposits.

Our Liquidity Management Policy includes guidelines, which are governed by the Company's Risk Appetite Statement, which include the following metrics: Primary Liquidity Ratio (unencumbered liquid assets, which reflects cash and cash equivalents excluding restricted cash and the market value of unpledged AFS securities, net of a haircut, divided by total assets), Primary + Secondary Liquidity (unencumbered liquid assets, which reflect cash and cash equivalents excluding restricted cash and the market value of unpledged AFS securities, net of a haircut, and available borrowing capacity at the FHLB and FRB, divided by total assets), Brokered Deposits to Total Funding Ratio (brokered deposits to total deposits plus borrowings), Total Borrowings to Total Funding Ratio (borrowings to total deposits and borrowings), and Non-Core Funding to Total Funding Ratio (brokered deposits and borrowings to total deposits plus borrowings). At June 30, 2025, the Bank was in compliance with all of its funding concentration liquidity guidelines.

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Holding Company Liquidity

Banc of California, Inc. acts as a source of financial strength for the Bank which can also include being a source of liquidity. The primary sources of liquidity for the holding company include dividends from the Bank, intercompany tax payments from the Bank, and Banc of California, Inc.'s ability to raise capital, issue subordinated and senior debt, and secure outside borrowings. Banc of California, Inc.'s ability to obtain funds for the payment of dividends to our stockholders, the repurchase of shares of common and preferred stock, and other cash requirements is largely dependent upon the Bank’s earnings. The Bank is subject to restrictions under certain federal and state laws and regulations that limit its ability to transfer funds to the holding company through intercompany loans, advances, or cash dividends. Banc of California, Inc.'s ability to pay dividends is also subject to the restrictions set forth by the FRB, and by certain covenants contained in our subordinated debt. See "- Regulatory Matters - Dividend on Preferred Stock" for information regarding the payment of dividends on the Series F preferred stock.

On December 23, 2024, Banc of California, Inc. entered into an unsecured revolving line of credit agreement as a borrower for $50.0 million. On March 17, 2025, the Company executed an amendment to the credit agreement which increased the Company's unsecured revolving line of credit to $100.0 million. As of June 30, 2025 and December 31, 2024, there was no balance outstanding.

On March 17, 2025, we announced that our Board of Directors authorized the repurchase of up to $150.0 million of our common stock. On April 23, 2025, we announced an upsize of our stock repurchase program from $150.0 million to $300.0 million and expanded the program to cover both the Company's common stock and depositary shares representing its preferred stock. The repurchase authorization expires in March 2026. During the six months ended June 30, 2025, common stock repurchased under the program totaled 11,494,637 shares at a weighted average price per share of $13.05, or $150.0 million in the aggregate. As of June 30, 2025, the Company had $150.0 million remaining under the stock repurchase authorization. The program may be changed, suspended, or discontinued at any time.

At June 30, 2025, Banc of California, Inc. had $146.6 million in cash and cash equivalents, of which a substantial amount was on deposit at the Bank. We believe this amount of cash, along with anticipated future dividends from the Bank, will be sufficient to fund the holding company’s cash flow needs over the next 12 months.

Commitments and Contingencies

Our obligations also include off-balance sheet arrangements consisting of loan commitments, of which only a portion is expected to be funded, and standby letters of credit. At June 30, 2025, our loan commitments and standby letters of credit were $4.7 billion and $207.8 million. The loan commitments, a portion of which will eventually result in funded loans, increase our profitability through net interest income when drawn and unused commitment fees prior to being drawn. We manage our overall liquidity taking into consideration funded and unfunded commitments as a percentage of our liquidity sources. Our liquidity sources, as described in "- Liquidity - Liquidity Management," have been and are expected to be sufficient to meet the cash requirements of our lending activities. For further information on loan commitments, see Note 10. Commitments and Contingencies, of our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

This analysis should be read in conjunction with text under the caption "Quantitative and Qualitative Disclosures About Market Risk" in our Annual Report on Form 10-K for the year ended December 31, 2024, which text is incorporated herein by reference. Our analysis of market risk and market-sensitive financial information contains forward-looking statements and is subject to the disclosure at the beginning of Item 2 regarding such forward-looking information.

Market Risk - Foreign Currency Exposure

We enter into foreign exchange contracts with our clients and counterparty banks primarily for the purpose of offsetting or hedging clients' foreign currency exposures arising out of commercial transactions, and we enter into cross currency swaps and foreign exchange contracts to hedge exposures to loans and debt instruments denominated in foreign currencies. We have experienced and will continue to experience fluctuations in our net earnings as a result of transaction gains or losses related to revaluing certain asset and liability balances that are denominated in currencies other than the U.S. Dollar and the derivatives that hedge those exposures in order to minimize our foreign exchange risk.

As of June 30, 2025, the U.S. Dollar notional amounts of loans receivable and subordinated debt payable denominated in foreign currencies were $65.6 million and $30.4 million, and the U.S. Dollar notional amounts of derivatives outstanding to hedge these foreign currency exposures were $65.4 million and $28.5 million. We recognized a foreign currency translation net gain of $54,000 for the six months ended June 30, 2025 and a foreign currency translation net loss of $355,000 for the six months ended June 30, 2024.

Asset/Liability Management and Interest Rate Sensitivity

Interest Rate Risk - Company Governance. On at least a quarterly basis, we measure our IRR position using two methods: (i) Net Interest Income ("NII") simulation analysis and (ii) Economic Value of Equity ("EVE") modeling. The Management Finance Committee ("MFC") and the Finance Committee of the Company's Board of Directors review the results of these analyses at least quarterly. As discussed in more detail below, if projected changes to interest rates cause changes to our simulated net present value of equity and/or net interest income to be outside our pre-established IRR limits, we may adjust our asset and liability mix in an effort to bring our interest rate risk exposure within our established limits.

The pre-established IRR Limits are recommended by management, determined based on analytical review and available peer data published by regulatory agencies about the IRR Limits utilized by other regional banks, and documented in the Company's ALM Policy. The ALM Policy is approved by MFC and the Finance Committee of the Board of Directors annually. We believe our ALM Policy IRR Limits are consistent with prevailing practice in the regional banking industry.

We use a balance sheet simulation model (the "IRR Model") to estimate changes in NII and EVE that would result from immediate and sustained changes in interest rates as of the measurement date. This IRR Model assesses the changes in NII and EVE that would occur in response to an instantaneous and sustained increase and decrease in market interest rates of +-100, +-200, +-300, and +-400 basis points. This model is an IRR management tool, and the results are not necessarily an indication of our future net interest income. The IRR Model has inherent limitations and the model's results are based on a given set of rate changes and assumptions at a single point in time.

The IRR Model is updated at least quarterly, and the IRR Model results are reported to MFC and the Finance Committee of the Company's Board of Directors at each quarterly meeting, as applicable.

Our Risk When Interest Rates Change. The rates of interest we earn on assets and pay on liabilities generally are established contractually for a period of time, except for non-maturity deposits. Market interest rates change over time. Accordingly, our results of operations, like those of other financial institutions, are impacted by changes in interest rates and the interest rate sensitivity of our assets and liabilities. The risk associated with changes in interest rates and our ability to adapt to these changes is known as interest rate risk and is our most significant market risk.

How We Measure Our Risk of Interest Rate Changes. As part of our attempt to manage our exposure to changes in interest rates and comply with applicable regulations, we have established asset/liability committees to monitor our interest rate risk. In monitoring interest rate risk, we continually analyze and manage assets and liabilities based on their payment streams and interest rates, the timing of their maturities and/or prepayments, and their sensitivity to actual or potential changes in market interest rates.

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The Management Finance Committee ("MFC") is comprised of select members of senior management. The Company also has a Finance Committee of the Boards of Directors of the Company and the Bank (together with MFC, the “ALCOs”). In order to manage the risk of potential adverse effects of material and prolonged or volatile changes in interest rates on our results of operations, we have adopted asset/liability management policies to align maturities and repricing terms of interest-earning assets to interest-bearing liabilities. The asset/liability management policies establish guidelines for the volume and mix of assets and funding sources taking into account relative costs and spreads, interest rate sensitivity and liquidity needs, while management monitors adherence to those guidelines with oversight by the ALCOs. The objectives are to manage assets and funding sources to produce results that are consistent with liquidity, capital adequacy, growth, risk, and profitability goals. The ALCOs meet no less than quarterly to review, among other things, economic conditions and interest rate outlook, current and projected liquidity needs and capital position, anticipated changes in the volume and mix of assets and liabilities and interest rate risk exposure limits versus current projections pursuant to our economic value of equity analysis.

In order to manage our assets and liabilities and achieve the desired liquidity, credit quality, interest rate risk, profitability, and capital targets, we evaluate various strategies including:

•Complementing our current loan origination platform through strategic acquisitions of whole loans,

•Strategically managing multiple warehouse relationships,

•Originating shorter-term consumer loans,

•Managing the level of investments and duration of investment securities,

•Managing our deposits to establish stable deposit relationships, and

•Using certain derivatives such as interest rate swaps and collars as hedges to align maturities and repricing terms.

At times, depending on the level of general interest rates, the relationship between long- and short-term interest rates, market conditions and competitive factors, the ALCOs may decide to increase our interest rate risk position within the asset/liability tolerance set forth by our Board of Directors. As part of its procedures, the ALCOs regularly review interest rate risk by forecasting the impact of alternative interest rate environments on net interest income and our economic value of equity.

Interest Rate Sensitivity of Economic Value of Equity and Net Interest Income

Interest rate risk results from our banking activities and is the primary market risk for us. Interest rate risk is caused by the following factors:

•Repricing risk - timing differences in the repricing and maturity of interest-earning assets and interest-bearing liabilities;

•Option risk - changes in the expected maturities of assets and liabilities, such as borrowers’ ability to prepay loans and depositors’ ability to redeem certificates of deposit before maturity;

•Yield curve risk - changes in the yield curve where interest rates increase or decrease in a nonparallel fashion; and

•Basis risk - changes in spread relationships between different yield curves, such as U.S. Treasuries, U.S. Prime Rate, and SOFR.

Since our earnings are primarily dependent on our ability to generate net interest income, we focus on actively monitoring and managing the effects of adverse changes in interest rates on our net interest income. Management of our interest rate risk is overseen by the Finance Committee of the Boards of Directors of the Company and Bank, which delegates the day-to-day management of interest rate risk to the MFC. MFC ensures that the Bank is following the appropriate and current regulatory guidance in the formulation and implementation of our interest rate risk program. The Finance Committee of the Boards of Directors of the Company and the Bank reviews the results of our interest rate risk modeling at least quarterly to ensure that we have appropriately measured our interest rate risk, mitigated our exposures appropriately and any residual risk is acceptable. In addition to our annual review of our asset liability management policy, our Board of Directors periodically reviews the interest rate risk policy limits.

Interest rate risk management is an active process that encompasses monitoring loan and deposit flows complemented by investment and funding activities. Effective management of interest rate risk begins with understanding the dynamic repricing characteristics of our assets and liabilities and determining the appropriate interest rate risk posture given business forecasts, management objectives, market expectations, and policy constraints.

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Our interest rate risk exposure is measured and monitored through various risk management tools, including a simulation model that performs interest rate sensitivity analysis under multiple scenarios. The simulation model is based on the actual maturities and re-pricing characteristics of the Bank’s interest-rate sensitive assets and liabilities. The simulated interest rate scenarios include an instantaneous parallel shift in the yield curve (“Rate Shock”). We then evaluate the simulation results using two approaches: Net Interest Income at Risk (“NII at Risk”), and Economic Value of Equity (“EVE”). Under NII at Risk, the impact on net interest income from changes in interest rates on interest-earning assets and interest-bearing liabilities is modeled utilizing various assumptions for assets, liabilities, and derivatives.

We used a NII simulation model to measure the estimated changes in NII that would result over the next twelve months from immediate and sustained changes in interest rates as of June 30, 2025. We have assumed no growth or changes in the product mix of either our total interest-sensitive assets or liabilities over the next twelve months, therefore the results reflect an interest rate shock to a static balance sheet. This model is an interest rate risk management tool, and the results are not necessarily an indication of our future net interest income.

EVE measures the period end present value of assets minus the present value of liabilities. Asset liability management uses this value to measure the changes in the economic value of the Company under various interest rate scenarios. In some ways, the economic value approach provides a broader scope than net interest income volatility approach since it captures all anticipated future cash flows.

The balance sheet is considered “asset sensitive” when an increase in interest rates is expected to expand our net interest income, as rates earned on our interest-earning assets reprice higher at a pace faster than rates paid on our interest-bearing liabilities. Conversely, the balance sheet is considered “liability sensitive” when an increase in interest rates is expected to compress our net interest income, as rates paid on our interest-bearing liabilities reprice higher at a pace faster than rates earned on our interest-earning assets.

At both June 30, 2025 and December 31, 2024, our interest rate risk profile remained close to "neutral." This position reflects our balanced composition of repricing assets and beta-adjusted repricing deposits and other interest-bearing liabilities over the course of the next twelve months. Given the uncertainty of the magnitude, timing, and direction of future interest rate movements, as well as the shape of the yield curve, actual results may vary materially from those predicted by our model.

The following table presents the projected change in the Company’s economic value of equity at June 30, 2025 and net interest income over the next twelve months, which would occur upon an immediate change in interest rates, but without giving effect to any steps that management might take to counteract that change:

			Change in Interest Rates in Basis Points (bps) (1)
			Economic Value of Equity																		Net Interest Income
									Amount						Percentage												Amount						Percentage
June 30, 2025			Amount						Change						Change						Amount						Change						Change
			(Dollars in millions)
+200 bps			$	5,124					$	(307)					(5.7)		%				$	1,057					$	21					2.0		%
+100 bps			$	5,283					$	(149)					(2.7)		%				$	1,048					$	11					1.1		%
0 bps			$	5,432																	$	1,037
-100 bps			$	5,602					$	171					3.1		%				$	1,029					$	(7)					(0.7)		%
-200 bps			$	5,658					$	226					4.2		%				$	1,018					$	(19)					(1.8)		%

____________________

(1)Assumes an instantaneous uniform change in interest rates at all maturities and no rate shock has a rate lower than zero percent.

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Earnings-at-Risk

In addition to interest rate risk associated with net interest income, certain noninterest expense items are also sensitive to changes in market interest rates. One such item is the cost of earnings credit rates ("ECRs") provided on certain deposit accounts, primarily those associated with our HOA business. ECRs comprise most of our customer related expense and fluctuate in response to changes in short term rates and can therefore influence the Company's overall earnings sensitivity profile. We expect that a declining interest rate environment would reduce ECR costs and thereby reduce noninterest expense, conversely, when interest rates rise, ECR costs would also rise, thereby increasing noninterest expense. The Company's Earnings-at-Risk ("EaR") modeling incorporates the impact of these rate-sensitive noninterest expenses, in addition to interest income and expense, to assess the effect of interest rate movements on projected earnings over a twelve-month horizon.

As of June 30, 2025, client deposits eligible for ECRs totaled approximately $3.7 billion. Taking into account the rate sensitivity of ECRs, which are primarily attributable to such deposits, the Company's overall earnings profile would be considered "liability sensitive." During the second quarter of 2025, the Company also entered into interest rate collars with a notional value of $1.0 billion to mitigate the risk of increasing interest expense if short term interest rates increase. For further information on the interest rate collars, see Note 9. Derivatives, of our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

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ITEM 4. CONTROLS AND PROCEDURES

(a) Evaluation of disclosure controls and procedures. Our Chief Executive Officer and Chief Financial Officer have evaluated our disclosure controls and procedures as of June 30, 2025 and have concluded that these disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. These disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports we file or submit is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

(b) Changes in Internal Control Over Financial Reporting. There were no changes in our internal control over financial reporting that occurred during the second quarter of 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The information set forth in Note 10. Commitments and Contingencies of our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q is incorporated herein by reference.

In addition, in the ordinary course of our business, we are party to various legal actions, which we believe are incidental to the operation of our business. The outcome of such legal actions and the timing of ultimate resolution are inherently difficult to predict. In the opinion of management, based upon information currently available to us, any resulting liability, in addition to amounts already accrued, and taking into consideration insurance which may be applicable, would not have a material adverse effect on the Company’s financial statements or operations.

ITEM 1A. RISK FACTORS

For information regarding factors that could affect the Company's results of operations, financial condition, and liquidity, see the risk factors disclosed in the "Risk Factors" section of our Form 10-K. See also "Forward-Looking Information" disclosed in Part I, Item 2 of this Quarterly Report on Form 10-Q. There have been no material changes to the risk factors previously disclosed in our Form 10-K.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table sets forth information regarding repurchases of shares of our common stock during the three months ended June 30, 2025:

															Total Number of						Approximate Dollar
															Shares Purchased						Value of Shares
			Total												as Part of						That May Yet
			Number of						Average						Publicly						Be Purchased
			Shares						Price Paid						Announced						Under the
Period			Purchased (1)						Per Share						Program (2)						Program (2)
			(Dollars in thousands, except per share amounts)
April 1 - April 30, 2025			8,811,011						$	12.65					8,809,814						$	150,000
May 1 - May 31, 2025			48,759						$	13.77					—						$	150,000
June 1 - June 30, 2025			119						$	13.97					—						$	150,000
Total			8,859,889						$	12.66					8,809,814

__________________________

(1)    Includes shares repurchased pursuant to net settlement by employees in satisfaction of income tax withholding obligations incurred through the vesting of Company stock awards, and shares repurchased pursuant to the Company's publicly announced Stock Repurchase Program described in (2) below.

(2)    On March 17, 2025, the Company announced that its Board of Directors authorized a Stock Repurchase Program to purchase up to $150.0 million of its common stock. On April 23, 2025, the Company announced an upsize of its stock repurchase program from $150.0 million to $300.0 million and expanded the program to cover both the Company's common stock and depositary shares representing its preferred stock. The repurchase authorization expires in March 2026. The program may be changed, suspended, or discontinued at any time.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Trading Arrangements

During the quarter ended June 30, 2025, none of our directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (in each case, as defined in Item 408 of Regulation S-K) for the purchase or sale of the Company’s securities.

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ITEM 6. EXHIBITS

Exhibit Number			Description
2.1			Agreement and Plan of Merger, dated as of July 25, 2023, by and among PacWest Bancorp, Banc of California, Inc. and Cal Merger Sub, Inc. (Exhibit 2.1 to the Registrant's Current Report on Form 8-K filed on July 28, 2023 and incorporated herein by reference).
3.1			Third Articles of Restatement of Banc of California, Inc., restated as of February 27, 2024 (Exhibit 3.1 to the Registrant's Annual Report on Form 10-K filed on February 29, 2024 and incorporated herein by reference).
3.2			Sixth Amended and Restated Bylaws of Banc of California, Inc. (Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on May 15, 2023 and incorporated herein by reference.)
10.1*			Banc of California, Inc. Executive Change in Control Severance Plan (Filed herewith).
31.1			Section 302 Certification of Chief Executive Officer (Filed herewith).
31.2			Section 302 Certification of Chief Financial Officer (Filed herewith).
32.1+			Section 906 Certification of Chief Executive Officer (Furnished herewith).
32.2+			Section 906 Certification of Chief Financial Officer (Furnished herewith).
101			Interactive data files pursuant to Rule 405 of Regulation S-T formatted in Inline XBRL: (i) the Condensed Consolidated Balance Sheets as of June 30, 2025, and December 31, 2024, (ii) the Condensed Consolidated Statements of Earnings for the three months ended June 30, 2025, March 31, 2025, June 30, 2024, and six months ended June 30, 2025 and 2024, (iii) the Condensed Consolidated Statements of Comprehensive Income for the three months ended June 30, 2025, March 31, 2025, June 30, 2024, and six months ended June 30, 2025 and 2024, (iv) the Condensed Consolidated Statement of Changes in Stockholders’ Equity for the six months ended June 30, 2025 and 2024, (v) the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024, and (vi) the Notes to Condensed Consolidated Financial Statements. (Filed herewith).
104			Cover page of Banc of California, Inc.'s Quarterly Report on Form 10-Q formatted as Inline XBRL and contained in Exhibit 101.

__________________

*    Management contract or compensatory plan or arrangement.

+    This exhibit shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933, as amended, or the Exchange Act.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

116

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

						BANC OF CALIFORNIA, INC.
Date:			August 8, 2025			/s/ Jared M. Wolff
						Jared M. Wolff
						President and Chief Executive Officer
						(Principal Executive Officer)

Date:			August 8, 2025			/s/ Joseph Kauder
						Joseph Kauder
						Executive Vice President and Chief Financial Officer
						(Principal Financial Officer)

Date:			August 8, 2025			/s/ Karen Hon
						Karen Hon
						Executive Vice President and Chief Accounting Officer
						(Principal Accounting Officer)

117

FAQ

What were Banc of California (BANC) net earnings for the six months ended June 30, 2025?

Banc of California reported $81,953 thousand in net earnings for the six months ended June 30, 2025.

How large is BANC's loan portfolio and did it grow?

Loans held for investment totaled $24,245,893 thousand, up from $23,781,663 thousand at year-end 2024, reflecting loan growth.

How much did Banc of California record for provisions for credit losses in the period?

The company recorded a $48,400 thousand provision for credit losses for the six months ended June 30, 2025, versus $21,000 thousand in the prior-year period.

Did BANC repurchase shares during the period?

Yes. Common shares repurchased under the Stock Repurchase Program totaled $151,845 thousand during the six months.

What was the change in cash, cash equivalents, and restricted cash?

Cash, cash equivalents, and restricted cash decreased by $148,660 thousand for the six months, ending at $2,353,552 thousand.