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  4. [10-Q] BANC OF CALIFORNIA, INC. Quarterly Earnings Report

[10-Q] BANC OF CALIFORNIA, INC. Quarterly Earnings Report

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
10-Q
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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 September 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)
Maryland04-3639825
(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 shareBANCNew 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 FBANC/PFNew 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 October 28, 2025, there were 150,826,368 shares of the registrant's voting common stock outstanding, excluding 77,829 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.
SEPTEMBER 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)
15
 Notes to Condensed Consolidated Financial Statements (Unaudited)
17
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
75
Item 3.Quantitative and Qualitative Disclosures About Market Risk
113
Item 4.Controls and Procedures
117
PART II. OTHER INFORMATION
Item 1.Legal Proceedings
117
Item 1A.Risk Factors
117
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
118
Item 3. Defaults Upon Senior Securities
118
Item 4. Mine Safety Disclosures
118
Item 5.Other Information
118
Item 6.Exhibits
119
Signatures
120


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 LossesFRBSFFederal Reserve Bank of San Francisco
AFSAvailable-for-SaleHFSHeld for Sale
AFXAmerican Financial ExchangeHLBVHypothetical Liquidation at Book Value
ALLLAllowance for Loan and Lease LossesHOAHomeowners Association
ALMAsset Liability ManagementHTMHeld-to-Maturity
ASCAccounting Standards CodificationICSIntraFi Cash Service
ASUAccounting Standards UpdateIRRInterest Rate Risk
Basel IIIA comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013LIHTCLow Income Housing Tax Credit
BOLIBank Owned Life InsuranceLOCOMLower of Cost or Market
CDICore Deposit Intangible AssetsMBSMortgage-Backed Securities
CECLCurrent Expected Credit LossNAVNet Asset Value
CET1Common Equity Tier 1NIINet Interest Income
Civic Civic Financial Services, LLC (a company acquired on February 1, 2021)NVCENon-Voting Common Stock Equivalents
CMBS Commercial Mortgage-Backed SecuritiesOREOOther Real Estate Owned
CMOsCollateralized Mortgage ObligationsPCDPurchased Credit Deteriorated
CODMChief Operating Decision MakerPSUsPerformance Stock Units
COVID-19Coronavirus DiseaseROURight-of-use
CRACommunity Reinvestment ActRSUsRestricted Stock Units
CRICustomer Relationship Intangible AssetsS&PStandard & Poor's
DFPICalifornia Department of Financial Protection and InnovationSBASmall Business Administration
DTAsDeferred Tax AssetsSBICSmall Business Investment Company
ECREarnings Credit RateSECSecurities and Exchange Commission
EVEEconomic Value of EquitySOFRSecured Overnight Financing Rate
FDICFederal Deposit Insurance CorporationTRSAsTime-Based Restricted Stock Awards
FHLBFederal Home Loan Bank of San FranciscoU.S. GAAPU.S. Generally Accepted Accounting Principles
FRBBoard 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
September 30,December 31,
 20252024
(Unaudited)
(Dollars in thousands,
 except par value amounts)
ASSETS:
Cash and due from banks$205,364 $192,006 
Interest-earning deposits in financial institutions2,192,901 2,310,206 
Total cash, cash equivalents, and restricted cash2,398,265 2,502,212 
Securities available-for-sale, at fair value, net of allowance for credit losses (amortized cost of
$2,634,761 and $2,526,644, respectively)(ACL of $775 and $—, respectively)
2,426,734 2,246,839 
Securities held-to-maturity, at amortized cost, net of allowance for credit losses (fair value of
$2,223,622 and $2,156,694, respectively)(ACL of $695 and $1,500, respectively)
2,303,657 2,306,149 
FRB and FHLB stock, at cost159,337 147,773 
Total investment securities4,889,728 4,700,761 
Loans held for sale211,454 26,331 
Loans and leases held for investment24,110,642 23,781,663 
Allowance for loan and lease losses(240,501)(239,360)
Total loans and leases held for investment, net23,870,141 23,542,303 
Equipment leased to others under operating leases280,872 307,188 
Premises and equipment, net132,766 142,546 
Bank owned life insurance348,051 339,517 
Goodwill214,521 214,521 
Intangible assets, net111,923 132,944 
Deferred tax asset, net672,159 720,587 
Other assets883,085 913,954 
Total assets$34,012,965 $33,542,864 
LIABILITIES:  
Noninterest-bearing deposits$7,603,748 $7,719,913 
Interest-bearing deposits19,581,017 19,471,996 
Total deposits27,184,765 27,191,909 
Borrowings (including $115,022 and $118,838 at fair value, respectively)
2,005,022 1,391,814 
Subordinated debt950,888 941,923 
Accrued interest payable and other liabilities405,551 517,269 
Total liabilities30,546,226 30,042,915 
Commitments and contingencies
STOCKHOLDERS' EQUITY:
Preferred stock498,516 498,516 
Common stock ($0.01 par value, 150,904,772 shares issued and 150,826,212 outstanding at
September 30, 2025; 158,557,735 shares issued and 158,346,529 outstanding at December 31, 2024)
1,509 1,586 
Class B non-voting common stock ($0.01 par value, 477,321 shares issued at September 30, 2025
 and 477,321 shares issued at December 31, 2024)
5 5 
Non-voting common stock equivalents ($0.01 par value, 4,140,600 shares issued at
September 30, 2025 and 9,790,600 shares issued at December 31, 2024)
41 98 
Additional paid-in capital3,563,145 3,785,725 
Retained deficit(309,460)(431,201)
Accumulated other comprehensive loss, net(287,017)(354,780)
Total stockholders' equity3,466,739 3,499,949 
Total liabilities and stockholders' equity$34,012,965 $33,542,864 
See Notes to Condensed Consolidated Financial Statements.


5

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,
 20252025202420252024
(Unaudited)
 (In thousands, except per share amounts)
Interest income:
Loans and leases$372,723 $362,303 $369,913 $1,081,129 $1,144,231 
Investment securities38,291 37,616 34,912 113,769 103,051 
Deposits in financial institutions21,527 20,590 42,068 64,807 140,904 
Total interest income432,541 420,509 446,893 1,259,705 1,388,186 
Interest expense:
Deposits143,074 144,940 180,986 428,544 561,899 
Borrowings 20,461 20,021 16,970 58,903 85,405 
Subordinated debt15,562 15,332 16,762 46,234 50,117 
Total interest expense179,097 180,293 214,718 533,681 697,421 
Net interest income253,444 240,216 232,175 726,024 690,765 
Provision for credit losses9,700 39,100 9,000 58,100 30,000 
Net interest income after provision for
credit losses243,744 201,116 223,175 667,924 660,765 
Noninterest income:
Leased equipment income10,321 10,231 17,176 31,336 40,379 
Commissions and fees9,514 9,641 8,256 29,113 25,027 
Service charges on deposit accounts5,109 4,456 4,568 14,108 13,813 
(Loss) gain on sale of loans and leases(374)30 (62)(133)625 
Loss on sale of securities— — (59,946)— (59,946)
Dividends and gains (losses) on equity
investments2,291 (114)3,730 4,500 7,964 
Warrant income 433 1,227 211 1,365 65 
LOCOM HFS adjustment— (9)(74)(9)218 
Other income6,991 7,171 10,689 20,288 20,011 
Total noninterest income (loss)34,285 32,633 (15,452)100,568 48,156 
Noninterest expense:
Compensation88,865 88,362 85,585 263,644 263,735 
Customer related expense26,227 26,577 34,475 80,555 97,799 
Occupancy15,415 15,473 16,892 45,898 52,315 
Information technology and data
processing13,535 13,073 14,995 41,707 45,872 
Insurance and assessments8,994 9,403 12,708 25,680 59,600 
Intangible asset amortization7,160 7,159 8,485 21,479 25,373 
Leased equipment depreciation6,750 6,700 7,144 20,191 22,175 
Other professional services5,394 6,406 5,101 16,313 15,359 
Loan expense4,947 4,050 3,994 11,927 12,817 
Acquisition, integration and
reorganization costs— — (510)— (13,160)
Other expense8,397 8,666 7,340 27,812 28,485 
Total noninterest expense185,684 185,869 196,209 555,206 610,370 
Earnings before income taxes92,345 47,880 11,514 213,286 98,551 
Income tax expense 22,716 19,495 2,730 61,704 28,582 
Net earnings 69,629 28,385 8,784 151,582 69,969 
Preferred stock dividends9,947 9,947 9,947 29,841 29,841 
Net earnings (loss) available to common
and equivalent stockholders$59,682 $18,438 $(1,163)$121,741 $40,128 
See Notes to Condensed Consolidated Financial Statements.


6

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,
20252025202420252024
(Unaudited)
(In thousands, except per share amounts)
Earnings per share:
Basic$0.38 $0.12 $(0.01)$0.75 $0.24 
Diluted$0.38 $0.12 $(0.01)$0.75 $0.24 
    
See Notes to Condensed Consolidated Financial Statements.


7

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,
20252025202420252024
(Unaudited)
(In thousands)
Net earnings$69,629 $28,385 $8,784 $151,582 $69,969 
Other comprehensive income, net of tax:
Unrealized net holding gains on securities
available-for-sale arising during the period25,836 8,247 83,902 72,553 66,423 
Income tax expense related to unrealized net
holding gains arising during the period(7,124)(2,351)(23,810)(20,427)(18,850)
Unrealized net holding gains on securities
available-for-sale, net of tax18,712 5,896 60,092 52,126 47,573 
Reclassification adjustment for net losses included in
net earnings (1)
— — 59,946 — 59,946 
Income tax benefit related to reclassification adjustment— — (17,011)— (17,011)
Reclassification adjustment for net losses included
in net earnings, net of tax— — 42,935 — 42,935 
Amortization of unrealized net loss on securities
transferred from available-for-sale to held-to-maturity8,646 8,344 8,226 25,332 24,442 
Income tax expense related to amortization of unrealized
net loss on securities transferred from
available-for-sale to held-to-maturity(2,384)(2,353)(2,354)(7,115)(6,956)
Amortization of unrealized net loss on securities
transferred from available-for-sale
to held-to-maturity, net of tax6,262 5,991 5,872 18,217 17,486 
Change in fair value of credit-linked notes1,361 (517)(1,495)990 (2,110)
Income tax (expense) benefit related to change in fair
value of credit-linked notes(375)180 424 (237)630 
Change in fair value of credit-linked notes,
net of tax986 (337)(1,071)753 (1,480)
Unrealized gain (loss) on cash flow hedges arising
during the period331 (1,952)(10,216)(4,594)(3,508)
Income tax (expense) benefit related to unrealized gain
on cash flow hedges arising during the period(91)505 2,899 1,261 960 
Unrealized gain (loss) on cash flow hedges,
net of tax240 (1,447)(7,317)(3,333)(2,548)
Other comprehensive income, net of tax26,200 10,103 100,511 67,763 103,966 
Comprehensive income $95,829 $38,488 $109,295 $219,345 $173,935 
__________________________________
(1)    Entire amount recognized in "Loss on sale of securities" on the Condensed Consolidated Statements of Earnings (Loss).

See Notes to Condensed Consolidated Financial Statements.



8

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Nine Months Ended September 30, 2025
Non-
Common StockVotingAccumulated
Class BCommonAdditionalOther
Preferred Non-StockPaid-inRetainedComprehensive
 StockVotingVotingEquivalentsCapitalDeficitLoss, NetTotal
(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
Nine Months Ended September 30, 2025
Non-
Common StockVotingAccumulated
Class BCommonAdditionalOther
Preferred Non-StockPaid-inRetainedComprehensive
 StockVotingVotingEquivalentsCapitalDeficitLoss, NetTotal
(Unaudited)
(In thousands, except per share amount)
Balance, June 30, 2025$498,516 $1,474 $5 $98 $3,609,109 $(369,142)$(313,217)$3,426,843 
Net earnings— — — — — 69,629 — 69,629 
Other comprehensive income,
net of tax— — — — — — 26,200 26,200 
Exercise of options— — — — 77 — — 77 
Restricted stock awarded and
earned stock compensation,
net of shares forfeited— — — — 6,110 — — 6,110 
Conversion of non-voting
common stock equivalents
to voting common stock— 45 — (45)— — — — 
Restricted stock surrendered— — — — (230)— — (230)
Shares purchased under the
Dividend Reinvestment Plan— — — — 70 — — 70 
Shares repurchased under
Stock Repurchase Program
including excise tax— (10)— (12)(35,860)— — (35,882)
Cash dividends paid:
Preferred stock, $0.4845/share
— — — — — (9,947)— (9,947)
Common stock, $0.10/share
— — — — (16,131)— — (16,131)
Balance, September 30, 2025$498,516 $1,509 $5 $41 $3,563,145 $(309,460)$(287,017)$3,466,739 
See Notes to Condensed Consolidated Financial Statements.














10

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Nine Months Ended September 30, 2025
Non-Voting
Common StockCommon
PreferredClass BStock
StockVotingNon-VotingEquivalents
(Unaudited)
(In ones)
Number of shares, December 31, 2024513,250 158,557,735 477,321 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, 2025513,250 156,135,165 477,321 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, 2025513,250 147,379,216 477,321 9,790,600 
   Restricted stock awarded and earned stock
      compensation, net of shares forfeited— 34,712 — — 
   Restricted stock surrendered— (15,346)— — 
Shares purchased under Dividend Reinvestment Plan— 4,366 — — 
Shares repurchased under Stock Repurchase Program— (1,003,792)— (1,150,000)
Options exercised— 5,616 — — 
Conversion of non-voting common stock equivalents
to voting common stock— 4,500,000 — (4,500,000)
Number of shares, September 30, 2025513,250 150,904,772 477,321 4,140,600 
See Notes to Condensed Consolidated Financial Statements.


11

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Nine Months Ended September 30, 2024
Non-
Common StockVotingAccumulated
Class BCommonAdditionalOther
PreferredNon-StockPaid-inRetained Comprehensive
 Stock VotingVotingEquivalentsCapitalDeficitLoss, NetTotal
(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.












12

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Nine Months Ended September 30, 2024
Non-
Common StockVotingAccumulated
Class BCommonAdditionalOther
PreferredNon-StockPaid-inRetained Comprehensive
 Stock VotingVotingEquivalentsCapitalDeficitLoss, NetTotal
(Unaudited)
(In thousands, except per share amount)
Balance, June 30, 2024$498,516 $1,583 $5 $101 $3,813,312 $(477,010)$(428,659)$3,407,848 
Net earnings— — — — — 8,784 — 8,784 
Other comprehensive income,
net of tax— — — — — — 100,511 100,511 
Restricted stock awarded and
earned stock compensation,
net of shares forfeited— — — — 5,445 — — 5,445 
Conversion of non-voting common
stock equivalents to voting
common stock— 3 — (3)— — — — 
Restricted stock surrendered— — — — (158)— — (158)
Shares repurchased under
Dividend Reinvestment Plan— — — — 95 — — 95 
Cash dividends paid:
Preferred stock, $0.4845/share
— — — — — (9,947)— (9,947)
Common stock, $0.10/share
— — — — (16,380)— — (16,380)
Balance, September 30, 2024$498,516 $1,586 $5 $98 $3,802,314 $(478,173)$(328,148)$3,496,198 
See Notes to Condensed Consolidated Financial Statements.













13

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Nine Months Ended September 30, 2024
Non-Voting
Common StockCommon
PreferredClass BStock
StockVotingNon-VotingEquivalents
(Unaudited)
(In ones)
Number of shares, December 31, 2023513,250 157,651,752 477,321 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, 2024513,250 158,390,708 477,321 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, 2024513,250 158,252,791 477,321 10,145,600 
   Restricted stock awarded and earned stock
      compensation, net of shares forfeited— 2,001 — — 
   Restricted stock surrendered— (3,384)— — 
Shares purchased under Dividend Reinvestment Plan— 5,237 — — 
Conversion of non-voting common stock equivalents
to voting common stock— 355,000 — (355,000)
Number of shares, September 30, 2024513,250 158,611,645 477,321 9,790,600 
See Notes to Condensed Consolidated Financial Statements.


14

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
 September 30,
 20252024
(Unaudited)
 (In thousands)
Cash flows from operating activities:  
Net earnings $151,582 $69,969 
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization 37,531 41,199 
Amortization of net premiums on investment securities15,038 18,468 
Accretion of net purchased loan discounts and deferred loan fees(67,217)(87,108)
Amortization of intangible assets21,479 25,373 
Amortization of operating lease ROU assets17,672 27,614 
Provision for credit losses 58,100 30,000 
Gain on sale of foreclosed assets(92)(947)
Provision for losses on foreclosed assets756 1,020 
Loss (gain) on sale of loans and leases133 (625)
Loss on sale of premises and equipment — 24 
Loss on sale of securities— 59,946 
Gain on BOLI death benefit— (52)
Unrealized loss (gain) on derivatives, foreign currencies, and credit-linked notes, net217 (825)
LOCOM HFS adjustment9 (218)
Earned stock compensation 18,042 14,013 
Decrease in other assets38,418 124,162 
Decrease in accrued interest payable and other liabilities(138,151)(324,435)
Net cash provided by (used in) operating activities153,517 (2,422)
Cash flows from investing activities:
Net increase in loans and leases(744,844)(399,666)
Proceeds from sales of loans and leases 242,787 2,455,794 
Proceeds from maturities and paydowns of securities available-for-sale330,804 151,634 
Proceeds from sales of securities available-for-sale— 681,888 
Purchases of securities available-for-sale(444,452)(729,612)
Proceeds from maturities and paydowns of securities held-to-maturity 19,122 1,095 
Purchases of FHLB and FRB stock(16,291)(20,790)
Redemptions of FHLB and FRB stock4,727 2,013 
Proceeds from sales of foreclosed assets10,989 14,561 
Purchases of premises and equipment(2,979)(8,913)
Proceeds from sales of premises and equipment— 136 
Proceeds from BOLI death benefit1,256 2,074 
Net decrease in equipment leased to others under operating leases6,125 7,152 
Net cash (used in) provided by investing activities(592,756)2,157,366 
Cash flows from financing activities:
Net (decrease) increase in noninterest-bearing deposits(116,165)37,542 
Net increase (decrease) in interest-bearing deposits109,021 (3,611,042)
Repayments of borrowings(176,967)(2,422,278)
Proceeds from borrowings790,000 1,100,000 
Common shares repurchased under Stock Repurchase Program(187,727)— 
Common shares purchased under Dividend Reinvestment Plan214 243 
Exercise of options77 — 
Restricted stock surrendered(3,617)(2,550)
Preferred stock dividends paid(29,841)(29,841)
Common stock dividends paid(49,703)(50,367)
Net cash provided by (used in) by financing activities335,292 (4,978,293)
Net decrease in cash, cash equivalents, and restricted cash(103,947)(2,823,349)
Cash, cash equivalents, and restricted cash, beginning of period2,502,212 5,377,576 
Cash, cash equivalents, and restricted cash, end of period$2,398,265 $2,554,227 
See Notes to Condensed Consolidated Financial Statements.


15

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
 September 30,
 20252024
(Unaudited)
 (In thousands)
Supplemental disclosures of cash flow information:
Cash paid for interest$542,971 $819,859 
Cash received for income taxes(8,062)(7,160)
Loans transferred to foreclosed assets6,725 15,564 
Transfers from loans held for investment to loans held for sale448,107 1,930,285 
Transfers to loans held for investment from loans held for sale— 1,179 
See Notes to Condensed Consolidated Financial Statements.



16


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-service payment processing solutions to its clients and serves the Community Association Management industry nationwide with its technology-forward platform, SmartStreet™. The Bank is committed to its local communities through the Banc of California Charitable Foundation, and 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 services. Our major operating expenses are interest paid by the Bank on deposits and borrowings, compensation expense, customer related expense, occupancy expense, information technology and data processing 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 expects to adopt the standard on a prospective basis and will provide the required enhanced income tax disclosures in its Annual Report on Form 10-K for the year ending December 31, 2025.
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.


17


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.
In September 2025, the FASB issued ASU 2025-06, "Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software." The new standard clarifies and modernizes the accounting for costs related to internal-use software under ASC 350-40. Specifically, the amendments address the accounting for software developed using iterative and agile development methods, clarify the threshold for when capitalization of software costs should begin, and require that the disclosure requirements under ASC 360-10 apply to capitalized internal-use software costs. This guidance is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. Entities may apply the guidance using one of three transition methods: prospective, modified retrospective (based on the project’s status and whether costs were previously capitalized), or full retrospective application. 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 nine months ended September 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 September 30, 2025 and December 31, 2024, we pledged cash collateral for our derivative contracts of $14.6 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 $116.6 million at September 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 September 30, 2025 and December 31, 2024, the balance of such restricted cash totaled $39.8 million and $59.3 million.


18


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:
 September 30, 2025
AllowanceGrossGross
Amortizedfor CreditNet CarryingUnrealizedUnrealizedFair
Security TypeCostLossesAmountGainsLossesValue
 (In thousands)
Agency residential MBS$991,290 $— $991,290 $— $(147,135)$844,155 
Agency commercial MBS52,012 — 52,012 51 (1,181)50,882 
Agency residential CMOs794,497 — 794,497 3,756 (16,271)781,982 
Corporate debt securities276,498 (775)275,723 640 (19,415)256,948 
Private label residential CMOs286,280 — 286,280 526 (28,113)258,693 
Collateralized loan obligations205,993 — 205,993 553 (72)206,474 
Private label commercial MBS10,681 — 10,681 — (407)10,274 
Asset-backed securities13,875 — 13,875 7 — 13,882 
SBA securities3,635 — 3,635 — (191)3,444 
Total (1)
$2,634,761 $(775)$2,633,986 $5,533 $(212,785)$2,426,734 
_________________________
(1)    Excludes accrued interest receivable of $12.2 million at September 30, 2025 which is recorded in "Other assets" on the condensed consolidated balance sheets.
 December 31, 2024
GrossGross
AmortizedUnrealizedUnrealizedFair
Security TypeCostGainsLossesValue
 (In thousands)
Agency residential MBS$1,051,601 $— $(189,761)$861,840 
Agency commercial MBS52,610 — (1,046)51,564 
Agency residential CMOs467,319 223 (20,911)446,631 
Municipal securities602 — (8)594 
Corporate debt securities289,098 — (31,386)257,712 
Private label residential CMOs352,615 7 (35,712)316,910 
Collateralized loan obligations278,976 469 (29)279,416 
Private label commercial MBS13,585 — (1,213)12,372 
Asset-backed securities15,674 — (74)15,600 
SBA securities4,564 — (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 September 30, 2025, AFS securities with a fair value of $3.4 million were pledged as collateral solely for public deposits.


19


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



Realized Gains and Losses on Securities Available-for-Sale
The following table presents the amortized cost of AFS securities sold with related gross realized gains, gross realized losses, and net realized (losses) gains for the periods indicated:
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
(In thousands)
Amortized cost of securities sold$— $741,834 $— $741,834 
Gross realized losses— (59,946)— (59,946)
Unrealized Losses on Securities Available-for-Sale
The following tables present the gross unrealized losses and fair values of AFS securities that were in unrealized loss positions as of the dates indicated:
September 30, 2025
 Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Agency residential MBS$— $— $844,155 $(147,135)$844,155 $(147,135)
Agency commercial MBS4,997 (3)31,993 (1,178)36,990 (1,181)
Agency residential CMOs53,802 (181)102,342 (16,090)156,144 (16,271)
Corporate debt securities3,747 (3)230,586 (19,412)234,333 (19,415)
Private label residential CMOs— — 127,824 (28,113)127,824 (28,113)
Collateralized loan obligations28,765 (72)— — 28,765 (72)
Private label commercial MBS— — 10,274 (407)10,274 (407)
SBA securities— — 3,444 (191)3,444 (191)
Total$91,311 $(259)$1,350,618 $(212,526)$1,441,929 $(212,785)

December 31, 2024
 Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Agency residential MBS$— $— $861,840 $(189,761)$861,840 $(189,761)
Agency commercial MBS40,291 (87)11,273 (959)51,564 (1,046)
Agency residential CMOs273,347 (1,994)104,757 (18,917)378,104 (20,911)
Municipal securities — — 594 (8)594 (8)
Corporate debt securities15,968 (32)241,744 (31,354)257,712 (31,386)
Private label residential CMOs180,915 (1,031)129,178 (34,681)310,093 (35,712)
Collateralized loan obligations38,771 (29)— — 38,771 (29)
Private label commercial MBS— — 12,372 (1,213)12,372 (1,213)
Asset-backed securities15,600 (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)


20


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



The securities that were in an unrealized loss position at September 30, 2025, were considered impaired and required further review to determine if the unrealized losses were credit-related. As of September 30, 2025, the Company had recorded an allowance for credit losses on AFS securities of $0.8 million on one corporate debt security. Except for the one corporate debt security noted, we concluded the unrealized losses were a result of the level of market interest rates relative to the types of securities and pricing changes caused by shifting supply and demand dynamics and not a result of downgraded credit ratings or other indicators of deterioration of the underlying issuers' ability to repay. We also considered the seniority of the tranches and U.S. government agency guarantees, if any, to assess whether an unrealized loss was credit-related. Further, we do not currently intend to sell any of the securities in an unrealized loss position and it is not more likely than not the Company will be required to sell these securities before their anticipated recovery. As such, we recognized the unrealized losses in "Accumulated other comprehensive loss, net" of "Stockholders' equity" on the condensed consolidated balance sheets.
Contractual Maturities of Securities Available-for-Sale
The following tables present the contractual maturities of our AFS securities portfolio based on amortized cost and fair value as of the dates indicated:
September 30, 2025
Due AfterDue After
Due One Year Five YearsDue
WithinThroughThroughAfter
Security TypeOne YearFive YearsTen YearsTen YearsTotal
(In thousands)
Amortized Cost:
Agency residential MBS$— $— $— $991,290 $991,290 
Agency commercial MBS— 40,100 — 11,912 52,012 
Agency residential CMOs— — 14,093 780,404 794,497 
Corporate debt securities6,750 32,215 237,533 — 276,498 
Private label residential CMOs— — — 286,280 286,280 
Collateralized loan obligations— 5,674 93,763 106,556 205,993 
Private label commercial MBS— — 472 10,209 10,681 
Asset-backed securities— — — 13,875 13,875 
SBA securities— — 3,635 — 3,635 
Total$6,750 $77,989 $349,496 $2,200,526 $2,634,761 


21


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



September 30, 2025
Due AfterDue After
DueOne YearFive YearsDue
WithinThroughThroughAfter
Security TypeOne YearFive YearsTen YearsTen YearsTotal
(In thousands)
Fair Value:
Agency residential MBS$— $— $— $844,155 $844,155 
Agency commercial MBS— 40,134 — 10,748 50,882 
Agency residential CMOs— — 14,271 767,711 781,982 
Corporate debt securities6,750 31,655 218,543 — 256,948 
Private label residential CMOs— — — 258,693 258,693 
Collateralized loan obligations— 5,677 93,794 107,003 206,474 
Private label commercial MBS— — 466 9,808 10,274 
Asset-backed securities— — — 13,882 13,882 
SBA securities— — 3,444 — 3,444 
Total$6,750 $77,466 $330,518 $2,012,000 $2,426,734 
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:
 September 30, 2025
Allowance
forNetGrossGross
AmortizedCreditCarryingUnrealizedUnrealizedFair
Security TypeCostLossesAmountGainsLossesValue
 (In thousands)
Municipal securities $1,236,645 $(20)$1,236,625 $1,285 $(33,921)$1,203,989 
Agency commercial MBS445,605 — 445,605 — (20,778)424,827 
Private label commercial MBS359,091 — 359,091 — (10,467)348,624 
U.S. Treasury securities192,255 — 192,255 — (8,719)183,536 
Corporate debt securities70,756 (675)70,081 — (7,435)62,646 
Total (1)
$2,304,352 $(695)$2,303,657 $1,285 $(81,320)$2,223,622 
__________________________
(1)    Excludes accrued interest receivable of $11.2 million at September 30, 2025 which is recorded in "Other assets" on the condensed consolidated balance sheets.


22


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



 December 31, 2024
Allowance
forNetGrossGross
AmortizedCreditCarryingUnrealizedUnrealizedFair
Security TypeCostLossesAmountGainsLossesValue
 (In thousands)
Municipal securities $1,251,364 $(140)$1,251,224 $35 $(54,799)$1,196,460 
Agency commercial MBS440,476 — 440,476 — (37,840)402,636 
Private label commercial MBS355,342 — 355,342 — (26,226)329,116 
U.S. Treasury securities189,985 — 189,985 — (16,702)173,283 
Corporate debt securities70,482 (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 September 30, 2025, HTM securities with an amortized cost of $2.3 billion and a fair value of $2.2 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 September 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:
September 30, 2025
Security TypeAAAAA+AAAA-BBBNRTotal
(In thousands)
Amortized Cost:
Municipal securities$566,931 $363,584 $220,246 $84,175 $1,709 $— $1,236,645 
Agency commercial MBS— 445,605 — — — — 445,605 
Private label commercial MBS359,091 — — — — — 359,091 
U.S. Treasury securities— 192,255 — — — — 192,255 
Corporate debt securities— — — — 44,609 26,147 70,756 
Total$926,022 $1,001,444 $220,246 $84,175 $46,318 $26,147 $2,304,352 


23


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



December 31, 2024
Security TypeAAAAA+AAAA-ABBBNRTotal
(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 MBS355,342 — — — — — — 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 $2,307,649 
Contractual Maturities of Securities Held-to-Maturity
The following tables present the contractual maturities of our HTM securities portfolio based on amortized cost and fair value as of the date indicated:
September 30, 2025
Due AfterDue After
Due One Year Five YearsDue
WithinThroughThroughAfter
Security TypeOne YearFive YearsTen YearsTen YearsTotal
(In thousands)
Amortized Cost:
Municipal securities$— $104,005 $411,923 $720,717 $1,236,645 
Agency commercial MBS— 68,991 376,614 — 445,605 
Private label commercial MBS— — 37,186 321,905 359,091 
U.S. Treasury securities— — 192,255 — 192,255 
Corporate debt securities— — 44,811 25,945 70,756 
Total$— $172,996 $1,062,789 $1,068,567 $2,304,352 

September 30, 2025
Due AfterDue After
Due One Year Five YearsDue
WithinThroughThroughAfter
Security TypeOne YearFive YearsTen YearsTen YearsTotal
(In thousands)
Fair Value:
Municipal securities$— $103,176 $406,416 $694,397 $1,203,989 
Agency commercial MBS— 66,670 358,157 — 424,827 
Private label commercial MBS— — 36,229 312,395 348,624 
U.S. Treasury securities— — 183,536 — 183,536 
Corporate debt securities— — 41,321 21,325 62,646 
Total$— $169,846 $1,025,659 $1,028,117 $2,223,622 
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.


24


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 EndedNine Months Ended
September 30,September 30,
2025202420252024
(In thousands)
Taxable interest$31,608 $28,576 $93,821 $83,241 
Non-taxable interest4,400 4,622 13,464 14,088 
Dividend income2,283 1,714 6,484 5,722 
Total interest income on investment securities$38,291 $34,912 $113,769 $103,051 
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:
September 30,December 31,
20252024
(In thousands)
Real estate mortgage$13,696,540 $13,605,595 
Real estate construction and land (1)
2,165,789 3,187,146 
Commercial8,021,650 6,788,923 
Consumer367,850 402,254 
Total gross loans and leases held for investment24,251,829 23,983,918 
Unearned discounts, net (2)
(108,454)(175,713)
Deferred fees, net(32,733)(26,542)
Total loans and leases held for investment24,110,642 23,781,663 
Allowance for loan and lease losses(240,501)(239,360)
Total loans and leases held for investment, net (3)
$23,870,141 $23,542,303 
____________________
(1)    Includes land and acquisition and development loans of $217.7 million and $223.9 million at September 30, 2025 and December 31, 2024.
(2)    Represents net acquisition discounts of $175.0 million and purchase premiums of $66.6 million at September 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 $99.1 million and $96.8 million at September 30, 2025 and December 31, 2024, respectively, which is recorded in "Other assets" on the condensed consolidated balance sheets.


25


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:
September 30, 2025
30 - 8990 or More
DaysDaysTotal
Past DuePast DuePast DueCurrentTotal
 (In thousands)
Real estate mortgage:
Commercial$3,197 $51,231 $54,428 $4,238,197 $4,292,625 
Multi-family— — — 6,124,673 6,124,673 
Other residential46,026 52,666 98,692 3,063,872 3,162,564 
Total real estate mortgage49,223 103,897 153,120 13,426,742 13,579,862 
Real estate construction and land:
Commercial— — — 395,150 395,150 
Residential— — — 1,759,676 1,759,676 
Total real estate construction and land— — — 2,154,826 2,154,826 
Commercial:
Asset-based— — — 2,742,519 2,742,519 
Venture capital— — — 1,907,601 1,907,601 
Other commercial4,460 203 4,663 3,351,874 3,356,537 
Total commercial4,460 203 4,663 8,001,994 8,006,657 
Consumer2,733 852 3,585 365,712 369,297 
Total$56,416 $104,952 $161,368 $23,949,274 $24,110,642 
December 31, 2024
30 - 8990 or More
DaysDaysTotal
Past DuePast DuePast DueCurrentTotal
 (In thousands)
Real estate mortgage:
Commercial$27,700 $22,561 $50,261 $4,528,511 $4,578,772 
Multi-family10,346 21,860 32,206 6,009,507 6,041,713 
Other residential39,873 36,976 76,849 2,730,325 2,807,174 
Total real estate mortgage77,919 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-based1,795 — 1,795 2,086,174 2,087,969 
Venture capital5,534 — 5,534 1,532,242 1,537,776 
Other commercial3,295 6,956 10,251 3,142,833 3,153,084 
Total commercial10,624 6,956 17,580 6,761,249 6,778,829 
Consumer2,804 493 3,297 399,585 402,882 
Total$91,347 $88,846 $180,193 $23,601,470 $23,781,663 


26


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:
 September 30, 2025December 31, 2024
NonaccrualPerformingTotalNonaccrualPerformingTotal
 (In thousands)
Real estate mortgage:
Commercial$99,103 $4,193,522 $4,292,625 $97,655 $4,481,117 $4,578,772 
Multi-family841 6,123,832 6,124,673 22,763 6,018,950 6,041,713 
Other residential66,866 3,095,698 3,162,564 46,788 2,760,386 2,807,174 
Total real estate mortgage166,810 13,413,052 13,579,862 167,206 13,260,453 13,427,659 
Real estate construction and land:
Commercial— 395,150 395,150 — 799,131 799,131 
Residential— 1,759,676 1,759,676 — 2,373,162 2,373,162 
Total real estate construction and land— 2,154,826 2,154,826 — 3,172,293 3,172,293 
Commercial:
Asset-based103 2,742,416 2,742,519 1,940 2,086,029 2,087,969 
Venture capital— 1,907,601 1,907,601 6,291 1,531,485 1,537,776 
Other commercial6,676 3,349,861 3,356,537 13,544 3,139,540 3,153,084 
Total commercial6,779 7,999,878 8,006,657 21,775 6,757,054 6,778,829 
Consumer952 368,345 369,297 624 402,258 402,882 
Total$174,541 $23,936,101 $24,110,642 $189,605 $23,592,058 $23,781,663 
At September 30, 2025, nonaccrual loans and leases included $105.0 million of loans and leases 90 or more days past due, $11.0 million of loans and leases 30 to 89 days past due, and $58.6 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 September 30, 2025, our three largest loan relationships on nonaccrual status had an aggregate carrying value of $47.0 million and represented 27% of total nonaccrual loans and leases.


27


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.
September 30, 2025
ClassifiedSpecial MentionPassTotal
(In thousands)
Real estate mortgage:
Commercial$298,208 $109,921 $3,884,496 $4,292,625 
Multi-family182,431 153,360 5,788,882 6,124,673 
Other residential66,944 — 3,095,620 3,162,564 
Total real estate mortgage547,583 263,281 12,768,998 13,579,862 
Real estate construction and land:
Commercial— 81,400 313,750 395,150 
Residential2,985 8,276 1,748,415 1,759,676 
Total real estate construction and land2,985 89,676 2,062,165 2,154,826 
Commercial:
Asset-based71,377 7,143 2,663,999 2,742,519 
Venture capital123,392 103,725 1,680,484 1,907,601 
Other commercial16,865 36,466 3,303,206 3,356,537 
Total commercial211,634 147,334 7,647,689 8,006,657 
Consumer 1,380 5,688 362,229 369,297 
Total$763,582 $505,979 $22,841,081 $24,110,642 
December 31, 2024
ClassifiedSpecial MentionPassTotal
(In thousands)
Real estate mortgage:
Commercial$301,278 $348,014 $3,929,480 $4,578,772 
Multi-family113,164 202,690 5,725,859 6,041,713 
Other residential47,993 14,351 2,744,830 2,807,174 
Total real estate mortgage462,435 565,055 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-based5,003 9,547 2,073,419 2,087,969 
Venture capital75,406 125,320 1,337,050 1,537,776 
Other commercial19,949 38,741 3,094,394 3,153,084 
Total commercial100,358 173,608 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 


28


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 MonthsNine MonthsThree MonthsNine Months
EndedEndedEndedEnded
September 30,September 30,September 30,September 30,September 30,September 30,
 202520252025202420242024
NonaccrualInterestInterestNonaccrualInterestInterest
Recorded Income IncomeRecordedIncomeIncome
InvestmentRecognizedRecognizedInvestmentRecognizedRecognized
 (In thousands)
With An Allowance Recorded:  
Real estate mortgage:
Commercial$132 $— $— $201 $— $— 
Multi-family— — — — — — 
Other residential— — — 232 — — 
Real estate construction and land:
Commercial— — — — — — 
Residential— — — — — — 
Commercial:
Asset-based103 — — — — — 
Venture capital— — — 19,957 — — 
Other commercial1,696 — — 6,950 — — 
Consumer621 — — 519 — — 
With No Related Allowance
Recorded:
Real estate mortgage:
Commercial$98,971 $3 $9 $78,277 $3 $10 
Multi-family841 — — 916 — — 
Other residential66,866 — — 50,282 — — 
Real estate construction and land:
Commercial— — — — — — 
Residential— — — — — — 
Commercial:
Asset-based— — — 2,295 — — 
Venture capital— — — — — — 
Other commercial4,980 — — 8,712 — — 
Consumer331 — — — — — 
Total Loans and Leases With and
Without an Allowance Recorded:
Real estate mortgage$166,810 $3 $9 $129,908 $3 $10 
Real estate construction and land— — — — — — 
Commercial6,779 — — 37,914 — — 
Consumer952 — — 519 — — 
Total$174,541 $3 $9 $168,341 $3 $10 









29


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 YearRevolvingto Term
September 30, 202520252024202320222021PriorLoansLoansTotal
(In thousands)
Real Estate Mortgage:
Commercial
Internal risk rating:
1-2 High pass$— $185 $2,801 $22,049 $28,275 $100,144 $— $— $153,454 
3-4.5 Pass302,297 184,125 123,521 790,669 645,613 1,615,505 63,897 5,415 3,731,042 
5 Special mention— 9,958 — 22,241 29,638 25,049 — 23,035 109,921 
6-8 Classified— 13,949 27,531 58,203 55,259 143,266 — — 298,208 
Total$302,297 $208,217 $153,853 $893,162 $758,785 $1,883,964 $63,897 $28,450 $4,292,625 
Current YTD period:
Gross charge-offs$— $— $51 $731 $613 $16,650 $— $— $18,045 
Real Estate Mortgage:
Multi-family
Internal risk rating:
1-2 High pass$— $— $— $54,729 $175,810 $147,678 $— $— $378,217 
3-4.5 Pass319,440 160,618 56,158 2,157,112 1,143,518 1,563,712 10,107 — 5,410,665 
5 Special mention10,495 — 3,807 99,644 21,911 17,503 — — 153,360 
6-8 Classified— 19,977 — 64,973 28,358 69,123 — — 182,431 
Total$329,935 $180,595 $59,965 $2,376,458 $1,369,597 $1,798,016 $10,107 $— $6,124,673 
Current YTD period:
Gross charge-offs$— $— $— $— $— $3,275 $— $— $3,275 
Real Estate Mortgage:
Other residential
Internal risk rating:
1-2 High pass$— $— $— $— $— $— $— $— $— 
3-4.5 Pass521,387 29,086 22,128 278,636 2,058,439 95,965 89,979 — 3,095,620 
5 Special mention— — — — — — — — — 
6-8 Classified1,735 — 967 37,949 25,439 854 — — 66,944 
Total$523,122 $29,086 $23,095 $316,585 $2,083,878 $96,819 $89,979 $— $3,162,564 
Current YTD period:
Gross charge-offs$— $— $97 $2,176 $731 $— $— $— $3,004 
____________________
(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 YearRevolvingto Term
September 30, 202520252024202320222021PriorLoansLoansTotal
(In thousands)
Real Estate Construction
and Land: Commercial
Internal risk rating:
1-2 High pass$— $— $— $— $— $— $— $— $— 
3-4.5 Pass99,130 46,768 59,802 44,290 37,163 26,597 — — 313,750 
5 Special mention— — — 50,345 31,055 — — — 81,400 
6-8 Classified— — — — — — — — — 
Total$99,130 $46,768 $59,802 $94,635 $68,218 $26,597 $— $— $395,150 
Current YTD period:
Gross charge-offs$— $— $— $20,196 $1,340 $— $— $— $21,536 
Real Estate Construction
and Land: Residential
Internal risk rating:
1-2 High pass$— $— $— $— $— $— $— $— $— 
3-4.5 Pass65,735 155,852 189,285 903,353 271,324 78,873 83,993 — 1,748,415 
5 Special mention— — — 4,251 4,025 — — — 8,276 
6-8 Classified— — — — 2,985 — — — 2,985 
Total$65,735 $155,852 $189,285 $907,604 $278,334 $78,873 $83,993 $— $1,759,676 
Current YTD period:
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Commercial: Asset-Based
Internal risk rating:
1-2 High pass$13,033 $32,057 $25,235 $125,841 $190,815 $206,364 $175,059 $— $768,404 
3-4.5 Pass284,450 43,676 80,792 150,396 77,076 9,182 1,250,023 — 1,895,595 
5 Special mention— — — — — — 7,143 — 7,143 
6-8 Classified— — 194 5,565 37,977 — 27,641 — 71,377 
Total$297,483 $75,733 $106,221 $281,802 $305,868 $215,546 $1,459,866 $— $2,742,519 
Current YTD period:
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Commercial: Venture
Capital
Internal risk rating:
1-2 High pass$(278)$(89)$(62)$— $414 $— $80,610 $22,134 $102,729 
3-4.5 Pass89,864 94,937 96,894 19,432 37,674 17,708 1,142,538 78,708 1,577,755 
5 Special mention— 33,806 12,831 19,930 18,739 — 18,419 — 103,725 
6-8 Classified1,617 14,893 14,340 24,062 13,281 — 41,194 14,005 123,392 
Total$91,203 $143,547 $124,003 $63,424 $70,108 $17,708 $1,282,761 $114,847 $1,907,601 
Current YTD period:
Gross charge-offs$— $— $— $— $5,257 $— $— $— $5,257 
____________________
(1)    Amounts with negative balances are loans with zero principal balances and deferred loan origination fees.



31


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



Revolving
Converted
Amortized Cost Basis (1)
Term Loans by Origination YearRevolvingto Term
September 30, 202520252024202320222021PriorLoansLoansTotal
(In thousands)
Commercial: Other
Commercial
Internal risk rating:
1-2 High pass$246 $942 $191 $20,315 $1,276 $(14)$56,188 $(1)$79,143 
3-4.5 Pass191,980 52,235 63,375 54,606 173,239 149,507 2,506,584 32,537 3,224,063 
5 Special mention— — 9,498 5,587 10,197 180 10,212 792 36,466 
6-8 Classified— 3,051 — 3,046 79 1,642 7,706 1,341 16,865 
Total$192,226 $56,228 $73,064 $83,554 $184,791 $151,315 $2,580,690 $34,669 $3,356,537 
Current YTD period:
Gross charge-offs$— $— $1,394 $727 $228 $2,021 $11,177 $423 $15,970 
Consumer
Internal risk rating:
1-2 High pass$— $— $— $15 $9 $— $719 $— $743 
3-4.5 Pass20,800 26,679 14,478 52,400 155,605 84,812 6,569 143 361,486 
5 Special mention— — — 1,437 3,474 777 — — 5,688 
6-8 Classified— — — 484 175 716 — 5 1,380 
Total$20,800 $26,679 $14,478 $54,336 $159,263 $86,305 $7,288 $148 $369,297 
Current YTD period:
Gross charge-offs$— $— $— $609 $1,156 $1,110 $1 $1 $2,877 
Total Loans and Leases
Internal risk rating:
1-2 High pass$13,001 $33,095 $28,165 $222,949 $396,599 $454,172 $312,576 $22,133 $1,482,690 
3-4.5 Pass1,895,083 793,976 706,433 4,450,894 4,599,651 3,641,861 5,153,690 116,803 21,358,391 
5 Special mention10,495 43,764 26,136 203,435 119,039 43,509 35,774 23,827 505,979 
6-8 Classified3,352 51,870 43,032 194,282 163,553 215,601 76,541 15,351 763,582 
Total$1,921,931 $922,705 $803,766 $5,071,560 $5,278,842 $4,355,143 $5,578,581 $178,114 $24,110,642 
Current YTD period:
Gross charge-offs$— $— $1,542 $24,439 $9,325 $23,056 $11,178 $424 $69,964 
______________________
(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 YearRevolvingto Term
December 31, 202420242023202220212020PriorLoansLoansTotal
(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 Pass232,808 132,389 800,877 682,806 450,822 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 Classified13,587 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 Pass223,333 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.


33


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



Revolving
Converted
Amortized Cost Basis (1)
Term Loans by Origination YearRevolvingto Term
December 31, 202420242023202220212020PriorLoansLoansTotal
(In thousands)
Real Estate Construction
and Land: Commercial
Internal risk rating:
1-2 High pass$— $— $— $— $— $— $— $— $— 
3-4.5 Pass29,674 47,183 404,732 115,729 45,576 8,213 — — 651,107 
5 Special mention10,501 — — 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 Pass97,488 194,405 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 Pass100,098 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 Pass100,854 104,022 79,659 76,224 3,784 17,749 777,199 79,065 1,238,556 
5 Special mention1,396 56,973 (1)29,973 — — 36,979 — 125,320 
6-8 Classified14,895 — 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.



34


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



Revolving
Converted
Amortized Cost Basis (1)
Term Loans by Origination YearRevolvingto Term
December 31, 202420242023202220212020PriorLoansLoansTotal
(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 Pass66,097 98,878 117,846 199,252 39,244 160,030 2,252,507 61,858 2,995,712 
5 Special mention6,462 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 Pass31,034 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 Pass880,824 776,027 5,131,679 5,144,365 1,296,944 3,078,641 3,866,980 217,464 20,392,924 
5 Special mention18,359 90,233 397,584 271,386 142 218,642 86,426 14,543 1,097,315 
6-8 Classified28,482 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.


35


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 September 30, 2025
Loan Modifications
Balances (Amortized Cost Basis) at
September 30, 2025
Interest RateTotal Loan
Term ExtensionPayment DelayReductionModifications
% of% of% of% of
LoanLoanLoanLoan
PortfolioPortfolioPortfolioPortfolio
BalanceClassBalanceClassBalanceClassBalanceClass
(Dollars in thousands)
Real estate mortgage:
Commercial$115,256 2.7 %$— — %$3,349 0.1 %$118,605 2.8 %
Multi-family67,446 1.1 %— — %— — %67,446 1.1 %
Other residential1,445 — %— — %— — %1,445 — %
Real estate construction and land:
Residential2,985 0.2 %— — %— — %2,985 0.2 %
Commercial:
Asset-based37,977 1.4 %— — %— — %37,977 1.4 %
Venture capital38,599 2.0 %14,893 0.8 %— — %53,492 2.8 %
Other commercial179 — %— — %— — %179 — %
Total$263,887 $14,893 $3,349 $282,129 


36


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



Nine Months Ended September 30, 2025
Loan Modifications
Balances (Amortized Cost Basis) at
September 30, 2025
Combination - Term
Interest RateExtension and
Term ExtensionPayment DelayReductionRate Reduction
% of% of% of% of
LoanLoanLoanLoan
PortfolioPortfolioPortfolioPortfolio
BalanceClassBalanceClassBalanceClassBalanceClass
(Dollars in thousands)
Real estate mortgage:
Commercial$115,256 2.7 %$3,582 0.1 %$5,933 0.1 %$— — %
Multi-family67,446 1.1 %— — %— — %— — %
Other residential2,417 0.1 %2,197 0.1 %— — %— — %
Real estate construction and land:
Residential2,985 0.2 %— — %— — %— — %
Commercial:
Asset-based62,510 2.3 %— — %— — %— — %
Venture capital45,995 2.4 %14,893 0.8 %— — %— — %
Other commercial4,358 0.1 %— — %— — %532 — %
Consumer5 — %— — %— — %— — %
Total$300,972 $20,672 $5,933 $532 
Nine Months Ended September 30, 2025
Loan Modifications (continued)
Balances (Amortized Cost Basis) at
September 30, 2025
Combination - TermCombination - Term
Extension,Extension,
Rate Reductionand PrincipalTotal Loan
and Payment DelayForgivenessModifications
% of% of% of
LoanLoanLoan
PortfolioPortfolioPortfolio
BalanceClassBalanceClassBalanceClass
(Dollars in thousands)
Real estate mortgage:
Commercial$— — %$— — %$124,771 2.9 %
Multi-family— — %— — %67,446 1.1 %
Other residential— — %— — %4,614 0.1 %
Real estate construction and land:
Residential— — %— — %2,985 0.2 %
Commercial:
Asset-based— — %— — %62,510 2.3 %
Venture capital— — %— — %60,888 3.2 %
Other commercial136 — %4 — %5,030 0.1 %
Consumer— — %— — %5 — %
Total$136 $4 $328,249 


37


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



Three Months Ended September 30, 2024
Loan Modifications
Balances (Amortized Cost Basis) at
September 30, 2024
Combination - Term
Extension andTotal Loan
Term ExtensionPayment DelayPayment DelayModifications
% of% of% of% of
LoanLoanLoanLoan
PortfolioPortfolioPortfolioPortfolio
BalanceClassBalanceClassBalanceClassBalanceClass
(Dollars in thousands)
Real estate mortgage:
Commercial$93,551 2.1 %$45,957 1.0 %$— — %$139,508 3.1 %
Other residential1,528 0.1 %— — %— — %1,528 0.1 %
Commercial:
Asset-based2,195 0.1 %— — %— — %2,195 0.1 %
Venture capital— — %— — %13,156 1.0 %13,156 1.0 %
Other commercial2,141 0.1 %— — %— — %2,141 0.1 %
Total$99,415 $45,957 $13,156 $158,528 
Nine Months Ended September 30, 2024
Loan Modifications
Balances (Amortized Cost Basis) at
September 30, 2024
Combination - TermCombination - Term
Extension andExtension andTotal Loan
Term ExtensionPayment DelayPrincipal ForgivenessPayment DelayModifications
% of% of% of% of% of
LoanLoanLoanLoanLoan
PortfolioPortfolioPortfolioPortfolioPortfolio
BalanceClassBalanceClassBalanceClassBalanceClassBalanceClass
(Dollars in thousands)
Real estate mortgage:
Commercial$94,690 2.1 %$60,117 1.3 %$13,500 0.3 %$— — %$168,307 3.7 %
Other residential5,092 0.2 %— — %— — %— — %5,092 0.2 %
Commercial:
Asset-based2,195 0.1 %— — %— — %— — %2,195 0.1 %
Venture capital— — %— — %— — %13,156 1.0 %13,156 1.0 %
Other commercial2,386 0.1 %— — %— — %45 — %2,431 0.1 %
Consumer11 — %— — %— — %— — %11 — %
Total$104,374 $60,117 $13,500 $13,201 $191,192 


38


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



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 September 30, 2025
Term Extension - Financial Effect
Real estate mortgage:
Commercial
Extended maturity by a weighted average 16 months.
Multi-family
Extended maturity by a weighted average 12 months.
Other residential
Extended maturity by a weighted average 9 months.
Real estate construction and land:
Residential
Extended maturity by a weighted average 9 months.
Commercial:
Asset-based
Extended maturity by a weighted average 6 months.
Venture capital
Extended maturity by a weighted average 7 months.
Other commercial
Extended maturity by a weighted average 60 months.
Three Months Ended September 30, 2025
Payment Delay - Financial Effect
Commercial:
Venture capital
Granted payment deferrals for a weighted average of 3 months.
Three Months Ended September 30, 2025
Interest Rate Reduction - Financial Effect
Real estate mortgage:
Commercial
Reduced interest rates by a weighted average 3.15% for a weighted average period of 20 months.
Nine Months Ended September 30, 2025
Term Extension - Financial Effect
Real estate mortgage:
Commercial
Extended maturity by a weighted average 16 months.
Multi-family
Extended maturity by a weighted average 12 months.
Other residential
Extended maturity by a weighted average 9 months.
Real estate construction and land:
Residential
Extended maturity by a weighted average 9 months.
Commercial:
Asset-based
Extended maturity by a weighted average 22 months.
Venture capital
Extended maturity by a weighted average 8 months.
Other commercial
Extended maturity by a weighted average 18 months.
Consumer
Extended maturity by a weighted average 24 months.


39


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



Nine Months Ended September 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.
Commercial:
Venture capital
Granted payment deferrals for a weighted average of 3 months.
Nine Months Ended September 30, 2025
Interest Rate Reduction - Financial Effect
Real estate mortgage:
Commercial
Reduced interest rates by a weighted average 3.21% for a weighted average period of 17 months.
Nine Months Ended September 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 1.93%.
Nine Months Ended September 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.

Nine Months Ended September 30, 2025
Combination - Term Extension and Principal Forgiveness - Financial Effect
Commercial:
Other commercial
Extended maturity by a weighted average 2.9 years and forgave principal balances totaling $64,000.
Three Months Ended September 30, 2024
Term Extension - Financial Effect
Real estate mortgage:
Commercial
Extended maturity by a weighted average 15 months.
Other residential
Extended maturity by a weighted average 8 months.
Commercial:
Asset-based
Extended maturity by a weighted average 4 months.
Other commercial
Extended maturity by a weighted average 14 months.
Three Months Ended September 30, 2024
Payment Delay - Financial Effect
Real estate mortgage:
Commercial
Deferred partial payments by a weighted average 24 months.


40


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



Three Months Ended September 30, 2024
Combination - Term Extension and Payment Delay - Financial Effect
Commercial:
Venture capital
Extended maturity by a weighted average 3 months and granted 3 months of payment deferrals.
Nine Months Ended September 30, 2024
Term Extension - Financial Effect
Real estate mortgage:
Commercial
Extended maturity by a weighted average 15 months.
Other residential
Extended maturity by a weighted average 10 months.
Commercial:
Asset-based
Extended maturity by a weighted average 4 months.
Other commercial
Extended maturity by a weighted average 15 months.
Consumer
Extended maturity by a weighted average 12 months.
Nine Months Ended September 30, 2024
Payment Delay - Financial Effect
Real estate mortgage:
Commercial
Deferred partial payments by a weighted average 20 months.
Nine Months Ended September 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.
Nine Months Ended September 30, 2024
Combination - Term Extension and Payment Delay - Financial Effect
Commercial:
Venture capital
Extended maturity by a weighted average 3 months and granted 3 months of payment deferrals.
Other commercial
Extended maturity by a weighted average 10 years and granted 4 months of payment deferrals.


41


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



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
September 30, 2025
30-89 Days90 or More Days
CurrentPast DuePast DueTotal
(In thousands)
Real estate mortgage:
Commercial$142,746 $— $— $142,746 
Multi-family67,446 — — 67,446 
Other residential2,104 971 2,197 5,272 
Real estate construction and land:
Residential2,985 — — 2,985 
Commercial:
Asset-based62,510 — — 62,510 
Venture capital66,617 — — 66,617 
Other commercial1,799 3,518 — 5,317 
Consumer5 — — 5 
Total$346,212 $4,489 $2,197 $352,898 
Payment Status (Amortized Cost Basis) at
September 30, 2024
30-89 Days90 or More Days
CurrentPast DuePast DueTotal
(In thousands)
Real estate mortgage:
Commercial$154,206 $14,160 $— $168,366 
Other residential3,112 91 3,986 7,189 
Commercial:
Asset-based2,195 — — 2,195 
Venture capital13,156 — — 13,156 
Other commercial672 3,161 — 3,833 
Consumer11 — — 11 
Total$173,352 $17,412 $3,986 $194,750 
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
September 30, 2025
Modified Loans That Subsequently Defaulted
Amortized Cost Basis at
September 30, 2025
Combination - Term
Extension and
Term ExtensionRate ReductionTotal
(In thousands)
Real estate mortgage:
Other residential$971 $— $971 
Commercial:
Other commercial3,525 73 3,598 
Total$4,496 $73 $4,569 


42


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



Nine Months Ended
September 30, 2025
Modified Loans That Subsequently Defaulted
Amortized Cost Basis at
September 30, 2025
(In thousands)Combination - Term
Extension and
Term ExtensionPayment DelayRate ReductionTotal
Real estate mortgage:
Other residential$971 $2,197 $— $3,168 
Commercial:
Other commercial3,525 — 73 3,598 
Total$4,496 $2,197 $73 $6,766 
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
Modified Loans That Subsequently DefaultedModified Loans That Subsequently Defaulted
Amortized Cost Basis at Amortized Cost Basis at
September 30, 2024September 30, 2024
Term ExtensionPayment DelayTotalTerm ExtensionPayment DelayTotal
(In thousands)
Real estate mortgage:
Commercial$— $14,160 $14,160 $— $14,160 $14,160 
Other residential556 — 556 4,077 — 4,077 
Total$556 $14,160 $14,716 $4,077 $14,160 $18,237 


43


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 EndedNine Months Ended
September 30,September 30,
2025202420252024
(In thousands)
Component of leases receivable income:
Interest income on net investments in leases$3,454 $4,711 $11,199 $14,323 
The following table presents the components of leases receivable as of the dates indicated:
September 30, 2025December 31, 2024
(In thousands)
Net Investment in Direct Financing Leases:
Lease payments receivable$141,372 $202,815 
Unguaranteed residual assets20,424 22,489 
Deferred costs and other1,309 1,955 
Aggregate net investment in leases$163,105 $227,259 
The following table presents maturities of leases receivable as of the date indicated:
September 30, 2025
(In thousands)
Period ending December 31,
2025$14,550 
202654,062 
202739,116 
202825,703 
202918,693 
Thereafter4,240 
Total undiscounted cash flows156,364 
Less: Unearned income(14,992)
Present value of lease payments$141,372 


44


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 September 30, 2025
Real Estate
Real EstateConstruction
Mortgageand LandCommercialConsumerTotal
(In thousands)
Allowance for Loan and Lease Losses:
Balance, beginning of period $134,945 $7,063 $73,330 $14,006 $229,344 
Charge-offs(2,455)— (3,052)(958)(6,465)
Recoveries1,602 1,370 5,833 117 8,922 
Net (charge-offs) recoveries(853)1,370 2,781 (841)2,457 
Provision3,456 205 4,746 293 8,700 
Balance, end of period$137,548 $8,638 $80,857 $13,458 $240,501 
Nine Months Ended September 30, 2025
Real Estate
Real EstateConstruction
Mortgageand LandCommercialConsumerTotal
(In thousands)
Allowance for Loan and Lease Losses:
Balance, beginning of period$145,754 $10,940 $67,833 $14,833 $239,360 
Charge-offs(24,324)(21,536)(21,227)(2,877)(69,964)
Recoveries2,212 1,370 10,224 319 14,125 
Net charge-offs(22,112)(20,166)(11,003)(2,558)(55,839)
Provision 13,906 17,864 24,027 1,183 56,980 
Balance, end of period$137,548 $8,638 $80,857 $13,458 $240,501 
Ending Allowance by
Evaluation Methodology:
Individually evaluated $— $— $— $— $— 
Collectively evaluated $137,548 $8,638 $80,857 $13,458 $240,501 
Ending Loans and Leases by
Evaluation Methodology:
Individually evaluated $166,678 $— $4,981 $331 $171,990 
Collectively evaluated 13,413,184 2,154,826 8,001,676 368,966 23,938,652 
Ending balance$13,579,862 $2,154,826 $8,006,657 $369,297 $24,110,642 



45


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



Three Months Ended September 30, 2024
Real Estate
Real EstateConstruction
Mortgageand LandCommercialConsumerTotal
(In thousands)
Allowance for Loan and Lease Losses:
Balance, beginning of period $155,260 $25,281 $51,194 $16,027 $247,762 
Charge-offs(640)— (1,963)(1,560)(4,163)
Recoveries216 — 1,253 277 1,746 
Net charge-offs(424)— (710)(1,283)(2,417)
Provision9,798 (11,943)10,387 758 9,000 
Balance, end of period$164,634 $13,338 $60,871 $15,502 $254,345 
Nine Months Ended September 30, 2024
Real Estate
Real EstateConstruction
Mortgageand LandCommercialConsumerTotal
(In thousands)
Allowance for Loan and Lease Losses:
Balance, beginning of period $186,827 $33,830 $45,156 $15,874 $281,687 
Charge-offs(56,998)— (5,815)(4,434)(67,247)
Recoveries2,536 — 4,956 413 7,905 
Net charge-offs(54,462)— (859)(4,021)(59,342)
Provision 32,269 (20,492)16,574 3,649 32,000 
Balance, end of period$164,634 $13,338 $60,871 $15,502 $254,345 
Ending Allowance by
Evaluation Methodology:
Individually evaluated $— $— $8,196 $— $8,196 
Collectively evaluated $164,634 $13,338 $52,675 $15,502 $246,149 
Ending Loans and Leases by
Evaluation Methodology:
Individually evaluated $129,829 $— $36,527 $— $166,356 
Collectively evaluated 13,204,577 3,459,409 6,282,945 414,490 23,361,421 
Ending balance$13,334,406 $3,459,409 $6,319,472 $414,490 $23,527,777 
The allowance for loan and lease losses increased by $11.2 million in the third quarter of 2025 to $240.5 million compared to the second quarter due primarily to a $8.7 million provision and net recoveries of $2.5 million.
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.


46


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:
September 30, 2025December 31, 2024
RealBusiness RealBusiness
PropertyAssetsTotalPropertyAssetsTotal
(In thousands)
Real estate mortgage$166,678 $— $166,678 $167,060 $— $167,060 
Commercial— 3,465 3,465 — 10,870 10,870 
     Total$166,678 $3,465 $170,143 $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
September 30, 2025
Allowance forReserve forTotal
Loan andUnfunded LoanAllowance for
Lease LossesCommitmentsCredit Losses
(In thousands)
Balance, beginning of period$229,344 $29,221 $258,565 
Charge-offs(6,465)— (6,465)
Recoveries8,922 — 8,922 
Net recoveries2,457 — 2,457 
Provision8,700 1,000 9,700 
Balance, end of period$240,501 $30,221 $270,722 
Nine Months Ended
September 30, 2025
Allowance for Reserve forTotal
Loan and Unfunded LoanAllowance for
Lease LossesCommitmentsCredit Losses
(In thousands)
Balance, beginning of period $239,360 $29,071 $268,431 
Charge-offs(69,964)— (69,964)
Recoveries14,125 — 14,125 
Net charge-offs(55,839)— (55,839)
Provision56,980 1,150 58,130 
Balance, end of period$240,501 $30,221 $270,722 


47


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



Three Months Ended
September 30, 2024
Allowance forReserve forTotal
Loan andUnfunded LoanAllowance for
Lease LossesCommitmentsCredit Losses
(In thousands)
Balance, beginning of period$247,762 $27,571 $275,333 
Charge-offs(4,163)— (4,163)
Recoveries1,746 — 1,746 
Net charge-offs(2,417)— (2,417)
Provision9,000 — 9,000 
Balance, end of period$254,345 $27,571 $281,916 
Nine Months Ended
September 30, 2024
Allowance for Reserve forTotal
Loan and Unfunded LoanAllowance for
Lease LossesCommitmentsCredit Losses
(In thousands)
Balance, beginning of period$281,687 $29,571 $311,258 
Charge-offs(67,247)— (67,247)
Recoveries7,905 — 7,905 
Net charge-offs(59,342)— (59,342)
Provision 32,000 (2,000)30,000 
Balance, end of period$254,345 $27,571 $281,916 


48


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, September 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 EndedNine Months Ended
September 30,September 30,
 2025202420252024
 (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(59,834)(87,370)(45,820)(70,787)
Amortization expense(7,007)(8,332)(21,021)(24,915)
Balance, end of period(66,841)(95,702)(66,841)(95,702)
Net CDI and CRI, end of period$111,923 $140,562 $111,923 $140,562 
The following table presents the estimated aggregate future amortization expense for our current CDI and CRI as of the date indicated:
September 30, 2025
(In thousands)
Period ending December 31,
2025$6,636 
202624,412 
202721,166 
202817,920 
202914,675 
Thereafter27,114 
Net CDI and CRI$111,923 


49


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:
September 30,
December 31,
Other Assets20252024
(In thousands)
Investments:
LIHTC investments $271,814 $295,964 
SBIC investments 116,870 109,636 
Alternative energy partnerships (HLBV investments)16,429 17,472 
Other equity and CRA investments149,380 143,152 
      Total investments554,493 566,224 
Interest receivable127,466 125,469 
Operating lease ROU assets, net (1)
101,520 100,092 
Prepaid expenses35,307 39,432 
Taxes receivable8,491 18,009 
Foreclosed assets, net4,790 9,734 
Equity warrants 3,418 3,763 
Other receivables/assets47,600 51,231 
Total other assets$883,085 $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 EndedNine Months Ended
September 30,September 30,
2025202420252024
(In thousands)
Operating lease expense:
Fixed costs$7,205 $7,689 $21,501 $26,051 
Variable costs36 299 271 447 
Short-term lease costs233 267 679 407 
Sublease income(1,065)(1,129)(3,353)(3,646)
Net lease expense$6,409 $7,126 $19,098 $23,259 
The following table presents supplemental cash flow information related to leases for the periods indicated:
Nine Months Ended
September 30,
20252024
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$24,064 $28,689 
ROU assets obtained in exchange for lease obligations:
Operating leases$22,540 $3,437 


50


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:
September 30,December 31,
20252024
(Dollars in thousands)
Operating leases:
Operating lease right-of-use assets, net$101,520 $100,092 
Operating lease liabilities$123,254 $124,355 
Weighted average remaining lease term (in years)5.85.9
Weighted average discount rate3.75 %3.53 %
The following table presents the maturities of operating lease liabilities as of the date indicated:
September 30, 2025
(In thousands)
Period ending December 31,
2025$7,763 
202630,882 
202724,621 
202820,453 
202916,540 
Thereafter37,729 
Total operating lease liabilities137,988 
Less: Imputed interest(14,734)
Present value of operating lease liabilities$123,254 
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 nine months ended September 30, 2025 and 2024.
The following table presents the rental payments to be received on operating leases as of the date indicated:
September 30, 2025
(In thousands)
Period ending December 31,
2025$8,710 
202635,630 
202729,290 
202826,424 
202924,917 
Thereafter45,985 
Total undiscounted cash flows$170,956 




51


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:
September 30, 2025December 31, 2024
WeightedWeighted
AverageAverage
BalanceRateBalanceRate
(Dollars in thousands)
FHLB secured advances$1,700,000 3.96 %$1,100,000 3.93 %
Other short-term borrowings190,000 4.18 %— — %
Credit-linked notes115,022 15.09 %118,838 15.29 %
Senior Notes— — %174,000 5.25 %
Total borrowings2,005,022 4.62 %1,392,838 5.06 %
Acquisition discount on Senior Notes— (1,024)
Total borrowings, net (1)
$2,005,022 $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 September 30, 2025 of $7.1 billion, collateralized by a blanket lien on $10.6 billion of qualifying loans and $20.1 million of securities. As of September 30, 2025, there were $577.4 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:
September 30, 2025
Maturity
FHLB Secured AdvancesBalanceRateDate
(Dollars in thousands)
Term advance$200,000 4.42 %10/06/2025
Term advance (1)
150,000 4.59 %06/26/2026
Term advance100,000 3.79 %02/01/2027
Term advance100,000 3.79 %03/01/2027
Term advance100,000 3.78 %04/01/2027
Term advance (1)
150,000 4.63 %05/28/2027
Term advance (1)
150,000 4.63 %06/03/2027
Term advance (1)
150,000 4.39 %06/03/2027
Term advance100,000 3.88 %06/24/2027
Term advance (1)
500,000 3.18 %09/18/2034
Total FHLB secured advances$1,700,000 3.96 %
___________________
(1)    Represents FHLB term advances that include a put feature.which allows the FHLB to terminate the advance before its scheduled maturity date.
FRBSF Secured Line of Credit. The Bank has a secured line of credit with the FRBSF. As of September 30, 2025, the Bank had secured borrowing capacity of $5.5 billion collateralized by liens covering $5.0 billion of qualifying loans and $1.6 billion of securities. As of September 30, 2025 and December 31, 2024, there was no balance outstanding.



52


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 225 basis points. As of September 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.
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 10.75% at September 30, 2025. The notes are linked to the credit risk of an approximately $2.2 billion reference pool of previously purchased single-family residential mortgage loans at September 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 $115.0 million at September 30, 2025. See Note 2. Restricted Cash for information regarding the collateral for the notes and Note 11. Fair Value Option for additional information.
Other Short-Term Borrowing Arrangements. The Bank had credit limits of $215.0 million in the aggregate with several commercial banks, as well as borrowing arrangements with unaffiliated financial institutions that provide for the purchase of overnight funds and other short-term borrowings. The availability of these unsecured borrowings fluctuates regularly and is subject to the discretion of the counterparties. As of September 30, 2025, $190.0 million was outstanding under these arrangements, compared to no borrowings outstanding as of December 31, 2024.


53


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:
September 30, 2025December 31, 2024DateMaturityRate Index
SeriesBalance
Rate (1)
Balance
Rate (1)
IssuedDate
(Quarterly Reset)
(Dollars in thousands)
Subordinated notes, net (2)(3)(4)
$381,597 3.25 %$381,185 3.25 %04/30/202105/01/2031Fixed rate
Subordinated notes (5)
75,000 4.375 %75,000 4.375 %10/30/202010/30/2030Fixed rate
Trust V10,310 7.38 %10,310 7.71 %08/15/200309/17/2033
3-month Term SOFR + 3.10
Trust VI10,310 7.35 %10,310 7.67 %09/03/200309/15/2033
3-month Term SOFR + 3.05
Trust CII5,155 7.23 %5,155 7.56 %09/17/200309/17/2033
3-month Term SOFR + 2.95
Trust VII61,856 7.32 %61,856 7.60 %02/05/200404/23/2034
3-month Term SOFR + 2.75
Trust CIII20,619 5.99 %20,619 6.31 %08/15/200509/15/2035
3-month Term SOFR + 1.69
Trust FCCI16,495 5.90 %16,495 6.22 %01/25/200703/15/2037
3-month Term SOFR + 1.60
Trust FCBI10,310 5.85 %10,310 6.17 %09/30/200512/15/2035
3-month Term SOFR + 1.55
Trust CS 2005-182,475 6.25 %82,475 6.57 %11/21/200512/15/2035
3-month Term SOFR + 1.95
Trust CS 2005-2128,866 6.52 %128,866 6.80 %12/14/200501/30/2036
3-month Term SOFR + 1.95
Trust CS 2006-151,545 9.45 %51,545 9.95 %02/22/200604/30/2036
Prime + 1.95
Trust CS 2006-251,550 6.52 %51,550 6.80 %09/27/200610/30/2036
3-month Term SOFR + 1.95
Trust CS 2006-3 (6)
30,244 4.07 %26,687 5.10 %09/29/200610/30/2036
3-month EURIBOR + 2.05
Trust CS 2006-4 16,470 9.45 %16,470 9.95 %12/05/200601/30/2037
Prime + 1.95
Trust CS 2006-5 6,650 6.52 %6,650 6.80 %12/19/200601/30/2037
3-month Term SOFR + 1.95
Trust CS 2007-239,177 6.52 %39,177 6.80 %06/13/200707/30/2037
3-month Term SOFR + 1.95
PMB Statutory Trust III7,217 7.66 %7,217 7.99 %09/16/200209/26/2032
3-month Term SOFR + 3.40
PMB Capital Trust III10,310 6.59 %10,310 6.89 %10/04/200410/08/2034
3-month Term SOFR + 2.00
Total subordinated debt1,016,156 5.28 %1,012,187 5.48 %
Acquisition discount (7)
(65,268)(70,264)
Total subordinated debt, net$950,888 $941,923 
___________________
(1)    Rates do not include the effects of discounts and issuance costs.
(2)    Net of unamortized issuance costs of $3.4 million at September 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)    Subordinated notes, net, issued at the Bank level rather than the holding company level.
(5)    Interest rate was fixed until October 30, 2025, when it changed to a floating rate equal to 3-month Term SOFR, plus a spread of 419.5 basis points.
(6)    Denomination is in Euros with a value of €25.8 million.
(7)    Amount represents the fair value adjustment on subordinated debt assumed in acquisitions.



54


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:
September 30, 2025December 31, 2024
NotionalFair ValueNotionalFair Value
AmountAssetLiabilityAmountAssetLiability
(In thousands)
Derivatives Designated as Cash Flow Hedges:
Interest rate swaps$300,000 $— $4,281 $300,000 $1,442 $— 
Interest rate collars1,000,000 — 113 — — — 
Derivatives Not Designated as Hedging Instruments:
Interest rate contracts152,480 4,268 4,224 192,405 6,516 6,428 
Foreign exchange contracts97,312 128 119 36,155 515 1,134 
Equity warrant assets14,494 3,418 — 16,066 3,763 — 
Total contracts$1,564,286 $7,814 $8,737 $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 September 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 September 30, 2025, the fair value of the cash flow hedges represented a net liability of $4.4 million, related to which a loss of $3.9 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 $1.1 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, and all remaining deferred amounts in AOCI have been amortized into interest expense as of the end of the third quarter of 2025.


55


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 $152.5 million at September 30, 2025.
The Company has also hedged the interest rate risk and foreign currency risk on €25.8 million of subordinated debt utilizing a cross-currency swap. Under the current terms of the swap, the Company receives three-month Euribor plus 205 basis points and pays a fixed rate of 5.92% with ultimate principal exchanged at maturity. For the quarter ended September 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:
September 30,
December 31,
20252024
(In thousands)
Loan commitments to extend credit$4,822,917 $4,887,690 
Standby letters of credit225,096 201,768 
Total$5,048,013 $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 $30.2 million at September 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 September 30, 2025 and December 31, 2024, we had commitments to contribute capital to these entities totaling $107.4 million and $79.7 million.


56


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:
September 30, 2025
(In thousands)
Period ending December 31,
2025$53,683 
202653,682 
Total $107,365 
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.


57


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 $2.2 billion reference pool of previously purchased single-family residential mortgage loans. The principal balance of the credit-linked notes was $116.2 million at September 30, 2025. The carrying value of the credit-linked notes at September 30, 2025 was the estimated fair value of $115.0 million. For the three and nine months ended September 30, 2025, the interest expense on the credit-linked notes totaled $4.5 million and $13.5 million and totaled $5.0 million and $15.0 million for the three and nine months ended September 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 EndedNine Months Ended
September 30,September 30,
Credit-Linked Notes2025202420252024
 (In thousands)
Changes in fair value - gains (losses) included in earnings$14 $4,399 $(141)$1,624 
Changes in fair value - other comprehensive income (loss) $1,361 $(1,495)$990 $(2,110)
The following table provides information about the credit-linked notes carried at fair value as of the dates indicated:
September 30,December 31,
Credit-Linked Notes20252024
(In thousands)
Carrying value reported on the condensed consolidated balance sheets$115,022 $118,838 
Aggregate unpaid principal balance in excess of fair value$1,150 $301 



58


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 September 30, 2025, the fair value of these investments was $116.9 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
September 30, 2025
Measured on a Recurring BasisTotalLevel 1Level 2Level 3
(In thousands)
Securities available-for-sale:
Agency residential MBS$844,155 $— $844,155 $— 
Agency commercial MBS50,882 — 50,882 — 
Agency residential CMOs781,982 — 781,982 — 
Corporate debt securities256,948 — 254,623 2,325 
Private label residential CMOs258,693 — 258,693 — 
Collateralized loan obligations206,474 — 206,474 — 
Private label commercial MBS10,274 — 10,274 — 
Asset-backed securities13,882 — 13,882 — 
SBA securities3,444 — 3,444 — 
Total securities available-for-sale$2,426,734 $— $2,424,409 $2,325 
Equity investments with readily determinable fair values$3 $3 $— $— 
Derivatives (1):
Derivative assets
Interest rate and foreign exchange contracts4,396 — 4,396 — 
Equity warrants 3,418 — — 3,418 
Derivative liabilities
Cash flow hedges4,394 — 4,394 — 
Interest rate and foreign exchange contracts4,343 — 4,343 — 
Credit-linked notes115,022 — — 115,022 
____________________
(1)    For information regarding derivative instruments, see Note 9. Derivatives.


59


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 BasisTotalLevel 1Level 2Level 3
(In thousands)
Securities available-for-sale:
Agency residential MBS$861,840 $— $861,840 $— 
Agency commercial MBS51,564 — 51,564 — 
Agency residential CMOs446,631 — 446,631 — 
Municipal securities594 — 594 — 
Corporate debt securities257,712 — 255,582 2,130 
Private label residential CMOs316,910 — 316,910 — 
Collateralized loan obligations279,416 — 279,416 — 
Private label commercial MBS12,372 — 12,372 — 
Asset-backed securities15,600 — 15,600 — 
SBA securities4,200 — 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 hedges1,442 — 1,442 — 
Interest rate and foreign exchange contracts7,031 — 7,031 — 
Equity warrants 3,763 — — 3,763 
Derivative liabilities
Interest rate and foreign exchange contracts7,562 — 7,562 — 
Credit-linked notes118,838 — — 118,838 
____________________
(1)    For information regarding derivative instruments, see Note 9. Derivatives.
During the nine months ended September 30, 2025, there was a $2,000 transfer from Level 3 equity warrants to Level 1 equity investments with readily determinable fair values measured on a recurring basis. There was no transfer of AFS corporate debt securities from Level 3 to Level 2 during the nine months ended September 30, 2025 and no transfer of AFS 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:
September 30, 2025
Corporate Debt Securities
Input or
Weighted
Range
Average
Unobservable Inputsof Inputs
Input (1)
Spread to 10 Year Treasury
3.1% - 8.5%
5.5%
Discount rates
7.2% - 12.7%
9.7%
____________________
(1)    Unobservable inputs for corporate debt securities were weighted by the relative fair values of the instruments.


60


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:
September 30, 2025
Equity Warrants
Weighted
RangeAverage
Unobservable Inputsof Inputs
Input (2)
Volatility (1)
17.4% - 1,905.1%
25.0%
Risk-free interest rate
3.6% - 4.2%
3.7%
Remaining life assumption (in years)
0.08 - 4.97
3.22
____________________
(1)    The high-end volatility input relates to an out-of-the-money warrant with an immaterial fair value and near-term expiration.
(2)    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 SecuritiesWarrantsNotes
(In thousands)
Balance, December 31, 2024$2,130 $3,763 $118,838 
Total included in earnings— 1,365 141 
Total included in other comprehensive income 195 — (990)
Issuances— 247 — 
Principal payments— — (2,967)
Exercises and settlements — (1,955)— 
Transfers to Level 1 (equity investments with readily
determinable fair values)— (2)— 
Balance, September 30, 2025$2,325 $3,418 $115,022 
Unrealized net loss for the period included in other
comprehensive income for securities held at quarter-end$(675)
The following tables present assets measured at fair value on a non-recurring basis as of the dates indicated:
Fair Value Measurement as of
September 30, 2025
Measured on a Non-Recurring BasisTotalLevel 1Level 2Level 3
(In thousands)
Individually evaluated loans and leases $19,113 $— $16,248 $2,865 
OREO467 — 467 — 
Total non-recurring$19,580 $— $16,715 $2,865 

Fair Value Measurement as of
December 31, 2024
Measured on a Non-Recurring BasisTotalLevel 1Level 2Level 3
(In thousands)
Individually evaluated loans and leases $58,948 $— $45,962 $12,986 
OREO3,372 — 3,372 — 
Total non-recurring$62,320 $— $49,334 $12,986 


61


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 EndedNine Months Ended
Losses on Assets September 30,September 30,
Measured on a Non-Recurring Basis2025202420252024
(In thousands)
Individually evaluated loans and leases$827 $8,945 $1,743 $29,192 
OREO123 207 274 336 
Total losses$950 $9,152 $2,017 $29,528 
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:
September 30, 2025
ValuationUnobservableInput or
Weighted
Asset
Fair Value
TechniqueInputsRange
Average
(In thousands)
Individually evaluated
loans and leases$2,865Third-party appraisalsNo discounts
Total non-recurring Level 3$2,865



62


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:
September 30, 2025
Carrying
Estimated Fair Value
AmountTotalLevel 1Level 2Level 3
(In thousands)
Financial Assets:
Cash and due from banks$205,364 $205,364 $205,364 $— $— 
Interest-earning deposits in financial institutions2,192,901 2,192,901 2,192,901 — — 
Securities available-for-sale2,426,734 2,426,734 — 2,424,409 2,325 
Securities held-to-maturity2,303,657 2,223,622 183,536 2,036,210 3,876 
Investment in FRB and FHLB stock159,337 159,337 — 159,337 — 
Loans held for sale211,454 211,613 — 211,613 — 
Loans and leases held for investment, net23,870,141 22,968,320 — 16,248 22,952,072 
Equity investments with readily determinable fair values3 3 3 — — 
Equity warrants3,418 3,418 — — 3,418 
Interest rate and foreign exchange contracts4,396 4,396 — 4,396 — 
Servicing rights17,998 19,818 — — 19,818 
Financial Liabilities:
Demand, checking, money market, and savings deposits22,458,245 22,458,245 — 22,458,245 — 
Time deposits4,726,520 4,721,428 — 4,721,428 — 
Borrowings2,005,022 2,008,135 190,000 1,703,113 115,022 
Subordinated debt950,888 934,793 — 934,793 — 
Cash flow hedges4,394 4,394 — 4,394 — 
Interest rate and foreign exchange contracts4,343 4,343 — 4,343 — 

December 31, 2024
Carrying
Estimated Fair Value
AmountTotalLevel 1Level 2Level 3
(In thousands)
Financial Assets:
Cash and due from banks$192,006 $192,006 $192,006 $— $— 
Interest-earning deposits in financial institutions2,310,206 2,310,206 2,310,206 — — 
Securities available-for-sale2,246,839 2,246,839 — 2,244,709 2,130 
Securities held-to-maturity2,306,149 2,156,694 173,283 1,976,265 7,146 
Investment in FRB and FHLB stock147,773 147,773 — 147,773 — 
Loans held for sale26,331 26,562 — 26,562 — 
Loans and leases held for investment, net23,542,303 22,412,073 — 45,962 22,366,111 
Equity investments with readily determinable fair values3 3 3 — — 
Equity warrants3,763 3,763 — — 3,763 
Cash flow hedges1,442 1,442 — 1,442 — 
Interest rate and foreign exchange contracts7,031 7,031 — 7,031 — 
Servicing rights19,623 21,040 — — 21,040 
Financial Liabilities:
Demand, checking, money market, and savings deposits22,625,485 22,625,485 — 22,625,485 — 
Time deposits4,566,424 4,556,575 — 4,556,575 — 
Borrowings1,391,814 1,382,742 — 1,263,904 118,838 
Subordinated debt941,923 901,532 — 901,532 — 
Interest rate and foreign exchange contracts7,562 7,562 — 7,562 — 


63


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 September 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 September 30, 2025
Non-Voting
Class BCommon
VotingNon-VotingStock Total
CommonCommonEquivalentsCommon
(In thousands, except per share amounts)
Basic Earnings Per Share:
Net earnings available to common and equivalent stockholders$56,374 $181 $3,127 $59,682 
Less: Earnings allocated to unvested restricted stock (1)
(31)— — (31)
Net earnings allocated to common and equivalent shares$56,343 $181 $3,127 $59,651 
Weighted average basic shares and unvested restricted
stock outstanding148,477 477 8,231 157,185 
Less: weighted average unvested restricted stock
outstanding(82)— — (82)
Weighted average basic shares outstanding148,395 477 8,231 157,103 
Basic earnings per share$0.38 $0.38 $0.38 $0.38 
Diluted Earnings Per Share:
Net earnings available to common and equivalent stockholders$56,374 $181 $3,127 $59,682 
Reallocation of net earnings as a result of conversion of
NVCE to Voting Common3,127 — — — 
Reallocation of net earnings2 (2)395 — 
Net earnings for diluted earnings per share$59,503 $179 $3,522 $59,682 
Weighted average diluted shares outstanding149,188 477 9,386 159,051 
Conversion of NVCE to Voting Common9,386 — — — 
Shares used in computation of diluted earnings per share158,574 477 9,386 159,051 
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.



64


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



Nine Months Ended September 30, 2025
Non-Voting
Class BCommon
VotingNon-VotingStock Total
CommonCommonEquivalentsCommon
(In thousands, except per share amounts)
Basic Earnings Per Share:
Net earnings available to common and equivalent stockholders$114,387 $360 $6,994 $121,741 
Less: Earnings allocated to unvested restricted stock (1)
(89)— — (89)
Net earnings allocated to common and equivalent shares$114,298 $360 $6,994 $121,652 
Weighted average basic shares and unvested restricted
stock outstanding151,677 477 9,266 161,420 
Less: weighted average unvested restricted stock
outstanding(144)— — (144)
Weighted average basic shares outstanding151,533 477 9,266 161,276 
Basic earnings per share$0.75 $0.75 $0.75 $0.75 
Diluted Earnings Per Share:
Net earnings available to common and equivalent stockholders$114,387 $360 $6,994 $121,741 
Reallocation of net earnings as a result of conversion of
NVCE to Voting Common6,994 — — — 
Reallocation of net earnings2 (2)188 — 
Net earnings for diluted earnings per share$121,383 $358 $7,182 $121,741 
Weighted average diluted shares outstanding151,959 477 9,557 161,993 
Conversion of NVCE to Voting Common9,557 — — — 
Shares used in computation of diluted earnings per share161,516 477 9,557 161,993 
Diluted earnings per share$0.75 $0.75 $0.75 $0.75 
________________________
(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.



65


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



Three Months Ended September 30, 2024
Non-Voting
Class BCommon
VotingNon-VotingStock Total
CommonCommonEquivalentsCommon
(In thousands, except per share amounts)
Basic Loss Per Share:
Net loss available to common and equivalent stockholders$(1,092)$(3)$(68)$(1,163)
Less: Earnings allocated to unvested restricted stock (1)
59 — — 59 
Net loss allocated to common and equivalent shares$(1,033)$(3)$(68)$(1,104)
Weighted average basic shares and unvested restricted
stock outstanding158,503 477 9,903 168,883 
Less: weighted average unvested restricted stock
outstanding(300)— — (300)
Weighted average basic shares outstanding158,203 477 9,903 168,583 
Basic loss per share$(0.01)$(0.01)$(0.01)$(0.01)
Diluted Loss Per Share:
Net loss allocated to common and equivalent shares$(1,033)$(3)$(68)$(1,104)
Weighted average diluted shares outstanding158,203 477 9,903 168,583 
Diluted loss per share$(0.01)$(0.01)$(0.01)$(0.01)
________________________
(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.


66


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



Nine Months Ended September 30, 2024
Non-Voting
Class BCommon
VotingNon-VotingStock Total
CommonCommonEquivalentsCommon
(In thousands, except per share amounts)
Basic Earnings Per Share:
Net earnings available to common and equivalent stockholders$37,575 $114 $2,439 $40,128 
Less: Earnings allocated to unvested restricted stock (1)
27 — — 27 
Net earnings allocated to common and equivalent shares$37,602 $114 $2,439 $40,155 
Weighted average basic shares and unvested restricted
stock outstanding158,242 477 10,234 168,953 
Less: weighted average unvested restricted stock
outstanding(567)— — (567)
Weighted average basic shares outstanding157,675 477 10,234 168,386 
Basic earnings per share$0.24 $0.24 $0.24 $0.24 
Diluted Earnings Per Share:
Net earnings allocated to common and equivalent shares$37,602 $114 $2,439 $40,155 
Weighted average diluted shares outstanding157,675 477 10,234 168,386 
Diluted earnings per share$0.24 $0.24 $0.24 $0.24 
________________________
(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 terms of each class of the Company’s capital stock are described in Note 15. Stockholders’ Equity to the accompanying condensed consolidated financial statements.
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 EndedNine Months Ended
September 30,September 30,
2025202420252024
(In thousands)
Restricted stock awards and units 81 300 144 567 
Warrants— 18,902 — 18,902 


67


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 September 30,
20252024
TotalRevenue fromTotalRevenue from
RecordedContracts withRecordedContracts with
RevenueCustomersRevenueCustomers
(In thousands)
Total Interest Income$432,541 $— $446,893 $— 
Noninterest Income:
   Service charges on deposit accounts5,109 5,109 4,568 4,568 
   Commissions and fees9,514 4,605 8,256 4,322 
   Leased equipment income10,321 — 17,176 — 
   Loss on sale of loans(374)— (62)— 
   Loss on sale of securities— — (59,946)— 
   Dividends and gains on equity investments2,291 — 3,730 — 
   Warrant income 433 — 211 — 
LOCOM HFS adjustment— — (74)— 
   Other income6,991 54 10,689 170 
      Total noninterest income (loss)34,285 9,768 (15,452)9,060 
Total Revenue$466,826 $9,768 $431,441 $9,060 
The following table presents revenue from contracts with customers based on the timing of revenue recognition for the periods indicated:
Three Months Ended
September 30,
20252024
(In thousands)
Products and services transferred at a point in time$3,802 $4,012 
Products and services transferred over time5,966 5,048 
Total revenue from contracts with customers$9,768 $9,060 


68


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



Nine Months Ended September 30,
20252024
TotalRevenue fromTotalRevenue from
RecordedContracts withRecordedContracts with
RevenueCustomersRevenueCustomers
(In thousands)
Total Interest Income$1,259,705 $— $1,388,186 $— 
Noninterest Income:
   Service charges on deposit accounts14,108 14,108 13,813 13,813 
   Commissions and fees29,113 14,602 25,027 13,708 
   Leased equipment income31,336 — 40,379 — 
   (Loss) gain on sale of loans(133)— 625 — 
   Loss on sale of securities— — (59,946)— 
   Dividends and gains on equity investments4,500 — 7,964 — 
   Warrant income 1,365 — 65 — 
LOCOM HFS adjustment(9)— 218 — 
   Other income20,288 559 20,011 396 
      Total noninterest income 100,568 29,269 48,156 27,917 
Total Revenue$1,360,273 $29,269 $1,436,342 $27,917 
The following table presents revenue from contracts with customers based on the timing of revenue recognition for the periods indicated:
Nine Months Ended
September 30,
20252024
(In thousands)
Products and services transferred at a point in time$12,053 $13,093 
Products and services transferred over time17,216 14,824 
Total revenue from contracts with customers$29,269 $27,917 
Contract Balances
The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers as of the dates indicated:
September 30, 2025December 31, 2024
(In thousands)
Receivables, which are included in "Other assets"$1,649 $1,679 
Contract liabilities, which are included in "Accrued interest payable and other liabilities"$296 $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 nine months ended September 30, 2025 due to revenue recognized that was included in the contract liability balance at the beginning of the period was $52,000.


69


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 September 30, 2025, there were 3,392,919 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 $5.9 million and $5.2 million for the three months ended September 30, 2025 and 2024 and $17.3 million and $13.3 million for the nine months ended September 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 September 30, 2025 totaled $49.8 million.
Restricted Stock Units and Time-Based Restricted Stock Awards
At September 30, 2025, there were 2,611,113 shares of unvested RSUs outstanding pursuant to the Amended and Restated 2018 Plan. At September 30, 2025, there were 78,656 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 September 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 September 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 September 30, 2025 and December 31, 2024 and 150,826,212 shares outstanding at September 30, 2025 and 158,346,529 shares outstanding at December 31, 2024.
Class B Non-Voting Common Stock
Our Class B non-voting, non-convertible 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 September 30, 2025 and December 31, 2024 and 477,321 shares outstanding at September 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. The NVCE stock is convertible into shares of voting common stock on a one-for-one basis, generally upon transfer to an eligible holder or the occurrence of other specified events in accordance with the terms of the Warburg Investment Agreements with affiliates of funds managed by Warburg Pincus LLC (the "Warburg Investors"). There were 27,000,000 shares of NVCE stock authorized at September 30, 2025 and December 31, 2024 and 4,140,600 shares of NVCE stock outstanding at September 30, 2025 and 9,790,600 at December 31, 2024.
During the third quarter of 2025, certain affiliates of Warburg Pincus LLC sold 4,500,000 shares of the Company’s NVCE in a negotiated block trade with a third party at a price per share of $16.38. The transaction was executed at a market-based price reflecting a customary block trade discount, and the NVCE shares automatically converted to common shares upon sale. The Company also repurchased 1,150,000 shares of its NVCE stock from the Warburg Investors at that same price per share under the Company's authorized share repurchase program. The repurchased shares were retired upon settlement and recorded as a reduction to stockholders’ equity.
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 exercise 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.

In addition to their holdings of NVCE and warrants, the Warburg Investors beneficially owned approximately 10.34% of the Company’s outstanding voting common stock as of September 30, 2025. See Note 17. Related Party Transactions for additional information regarding these holdings.


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



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 third quarter of 2025, common and common equivalent stock repurchased under the program totaled 2,153,792 shares at a weighted average price per share of $16.48, or $35.5 million in aggregate. The third quarter of 2025 repurchases include 1,150,000 shares of our NVCE stock from the Warburg Investors at a price per share of $16.38. During the nine months ended September 30, 2025, common and common equivalent stock repurchased under the program totaled 13,648,429 shares at a weighted average price per share of $13.59, or $185.5 million in the aggregate. As of September 30, 2025, the Company had $114.5 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. 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 EndedNine Months Ended
Income Statement September 30,September 30,
Commercial Banking Segment2025202420252024
 (In thousands)
Total interest income$432,541 $446,893 $1,259,705 $1,388,186 
Total interest expense179,097 214,718 533,681 697,421 
Net interest income253,444 232,175 726,024 690,765 
Provision for credit losses9,700 9,000 58,100 30,000 
Net interest income after provision for credit losses243,744 223,175 667,924 660,765 
Noninterest income34,285 (15,452)100,568 48,156 
Noninterest expense:
Compensation88,865 85,585 263,644 263,735 
Customer related expense26,227 34,475 80,555 97,799 
Occupancy15,415 16,892 45,898 52,315 
Information technology and data processing13,535 14,995 41,707 45,872 
Insurance and assessments8,994 12,708 25,680 59,600 
Intangible asset amortization7,160 8,485 21,479 25,373 
Leased equipment depreciation6,750 7,144 20,191 22,175 
Other professional services5,394 5,101 16,313 15,359 
Loan expense4,947 3,994 11,927 12,817 
Acquisition, integration and reorganization costs— (510)— (13,160)
Other expense(1)
8,397 7,340 27,812 28,485 
Total noninterest expense185,684 196,209 555,206 610,370 
Earnings before income taxes92,345 11,514 213,286 98,551 
Income tax expense22,716 2,730 61,704 28,582 
Segment net earnings(2)
$69,629 $8,784 $151,582 $69,969 
_________________________
(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 September 30,December 31,
Commercial Banking Segment20252024
(In thousands)
Segment total assets (1)
$34,012,965 $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 September 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 10.34% of the Company’s outstanding voting common stock as of September 30, 2025, based on information reported on a Schedule 13D filed with the SEC on August 1, 2024. For the three and nine months ended September 30, 2025, the amounts paid to IntraFi for certain insured cash sweep services were $1.9 million and $5.6 million, and were $1.8 million and $6.0 million for the three and nine months ended September 30, 2024.
During the third quarter of 2025, the Company also repurchased 1,150,000 shares of our NVCE stock from the Warburg Investors. See Note 15. Stockholders’ Equity for additional information regarding this transaction.
NOTE 18.  SUBSEQUENT EVENTS
Common Stock Dividend
On November 6, 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 January 2, 2026, to stockholders of record at the close of business on December 15, 2025.
Preferred Stock Dividend
On November 6, 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 December 1, 2025 to stockholders of record at the close of business on November 20, 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 nine months ended September 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-service payment processing solutions to its clients and serves the Community Association Management industry nationwide with its technology-forward platform, SmartStreet™.
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 nine months ended September 30, 2025, the Company repurchased a total of 13.6 million shares of common and common equivalent stock for $185.5 million, at a weighted-average price of $13.59 per share. This included the repurchase of 2.7 million shares in the first quarter, 8.8 million in the second quarter, and 2.2 million in the third quarter. As of September 30, 2025, the Company had $114.5 million remaining under the stock repurchase authorization. For further information on the stock repurchase program, see Note 15. Stockholders' Equity, of our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
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. 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 in the second quarter. 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 of 2025.
As of September 30, 2025, the Company had liquidated $292.0 million of these loans through the sale of $236.4 million of loans and the repayment of an additional $55.6 million prior to sale. The Company also recognized a loss of $0.4 million on the loans sold. As of September 30, 2025, $180.9 million of loans remained to be sold relating to the strategic loan sale.


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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 ECR payments to customers and are mostly driven by the 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, 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 EndedNine Months Ended
Return on Average Tangible
September 30,June 30,September 30,
Common Equity ("ROATCE")
2025202520252024
(Dollars in thousands)
Net earnings $69,629 $28,385 $151,582 $69,969 
Earnings before income taxes$98,551 
Add:Intangible asset amortization25,373 
Adjusted earnings before income
taxes for ROATCE123,924 
Adjusted income tax expense (1)
(34,215)
Adjustments:
Intangible asset amortization7,160 7,159 21,479 
Tax impact of adjustment above (1)
(1,958)(1,655)(5,872)
Adjustment to net earnings5,202 5,504 15,607 
Adjusted net earnings for ROATCE74,831 33,889 167,189 89,709 
Less:Preferred stock dividends9,947 9,947 29,841 29,841 
Adjusted net earnings available
to common and equivalent
stockholders for ROATCE$64,884 $23,942 $137,348 $59,868 
Average stockholders' equity$3,437,335 $3,430,143 $3,463,568 $3,412,964 
Less:Average goodwill and intangible assets330,277 337,352 337,361 358,321 
Less:Average preferred stock 498,516 498,516 498,516 498,516 
Average tangible common equity$2,608,542 $2,594,275 $2,627,691 $2,556,127 
Return on average equity (2)
8.04 %3.32 %5.85 %2.74 %
Return on average tangible common equity (3)
9.87 %3.70 %6.99 %3.13 %
___________________________________
(1)     Effective tax rates of 27.34% and 23.12% used for the three months ended September 30, 2025 and June 30, 2025. Effective tax rates of 27.34% and 27.61% used for the nine months ended September 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 andSeptember 30,December 31,
Tangible Book Value Per Common Share20252024
(Dollars in thousands, except per share data)
Stockholders’ equity$3,466,739 $3,499,949 
Less: Preferred stock 498,516 498,516 
Total common equity2,968,223 3,001,433 
Less: Goodwill and intangible assets326,444 347,465 
Tangible common equity$2,641,779 $2,653,968 
Book value per common share (1)
$19.09 $17.78 
Tangible book value per common share (2)
$16.99 $15.72 
Common and equivalent shares outstanding (3)
155,522,693 168,825,656 
_______________________________________ 
(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 EndedNine Months Ended
September 30,June 30,September 30,
Efficiency Ratio2025202520252024
(Dollars in thousands)
Noninterest expense (1)
$185,684 $185,869 $555,206 $610,370 
Less: Intangible asset amortization(7,160)(7,159)(21,479)(25,373)
Less: Acquisition, integration, and
reorganization costs— — — 13,160 
Noninterest expense used for
efficiency ratio$178,524 $178,710 $533,727 $598,157 
Net interest income$253,444 $240,216 $726,024 $690,765 
Noninterest income34,285 32,633 100,568 48,156 
Total revenue287,729 272,849 826,592 738,921 
Add: Loss on sale of securities— — — 59,946 
Total revenue used for efficiency ratio$287,729 $272,849 $826,592 $798,867 
Noninterest expense to total revenue64.53 %68.12 %67.17 %82.60 %
Efficiency ratio (2)
62.05 %65.50 %64.57 %74.88 %
_______________________________________ 
(1)    Includes customer related expense of $26.2 million and $26.6 million for the three months ended September 30, 2025 and June 30, 2025, and $80.6 million and $97.8 million for the nine months ended September 30, 2025 and 2024.
(2)    Noninterest expense used for efficiency ratio divided by total revenue.




81

Adjusted Net Earnings, Net EarningsThree Months EndedNine Months Ended
Available to Common and EquivalentSeptember 30,June 30,September 30,
Stockholders, Diluted EPS, and ROAA2025202520252024
(Dollars in thousands)
Net earnings$69,629 $28,385 $151,582 $69,969 
Earnings before income taxes$98,551 
Add: FDIC special assessment5,816 
Add: Loss on sale of securities59,946 
Less: Acquisition, integration, and
reorganization costs (13,160)
Adjusted earnings before income taxes151,153 
Adjusted income tax expense (1)
(41,733)
Adjustments:
Provision for credit losses related to
transfer of loans to held for sale26,289 $26,289 
Tax impact of adjustments above (1)
(6,078)(7,187)
Income tax related adjustments9,792 9,792 
Adjustments to net earnings30,003 28,894 
Adjusted net earnings69,629 58,388 180,476 109,420 
Less: Preferred stock dividends9,947 9,947 29,841 29,841 
Adjusted net earnings available to
common and equivalent stockholders$59,682 $48,441 $150,635 $79,579 
Weighted average diluted common shares
outstanding159,051 158,462 $161,993 $168,386 
Diluted earnings per common share$0.38 $0.12 $0.75 $0.24 
Adjusted diluted earnings per common
share (2)
$0.38 $0.31 $0.93 $0.47 
Average total assets$33,831,217 $33,764,149 $33,636,499 $35,928,284 
Return on average assets ("ROAA") (3)
0.82 %0.34 %0.60 %0.26 %
Adjusted ROAA (4)
0.82 %0.69 %0.72 %0.41 %
___________________________________
(1)     Effective tax rates of 27.34% and 23.12% used for the three months ended September 30, 2025 and June 30, 2025. Effective tax rates of 27.34% and 27.61% used for the nine months ended September 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.
Three Months EndedNine Months Ended
September 30,June 30,September 30,
Pre-Tax Pre-Provision Income2025202520252024
(Dollars in thousands)
Net interest income (GAAP)$253,444 $240,216 $726,024 $690,765 
Add: Noninterest income (GAAP)34,285 32,633 100,568 48,156 
Total revenues (GAAP)287,729 272,849 826,592 738,921 
Less: Noninterest expense (GAAP)185,684 185,869 555,206 610,370 
Pre-tax pre-provision income (Non-GAAP)$102,045 $86,980 $271,386 $128,551 



82

Results of Operations
The Company reported net earnings available to common and equivalent stockholders of $59.7 million, or $0.38 per diluted common share, for the third quarter of 2025. This compares to 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 second quarter of 2025, or $0.31 per diluted common share.(1) The second quarter of 2025 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 estimated fair 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 California state tax changes passed as part of the 2025 California budget.
Third Quarter of 2025 Financial Highlights:
•Total revenue of $287.7 million increased over 5% and pre-tax pre-provision income(1) of $102.0 million increased 17% from the second quarter of 2025 driven by strong net interest income growth, margin expansion, and continued expense discipline.
•Net interest margin increased by 12 basis points from the previous quarter to 3.22% driven by a higher average yield on loans and leases increasing by 12 basis points and lower cost of funds decreasing by 5 basis points.
•Noninterest-bearing deposits of $7.6 billion increased 9% annualized from the previous quarter. Noninterest-bearing deposits represented 28% of total deposits at the end of the third quarter, up from 27% at the end of the second quarter.
•Loan production and disbursements totaled $2.1 billion with a weighted average interest rate on production of 7.08%.
•Liquidated $263.5 million of held for sale commercial real estate loans through strategic loan sales and payoffs.
•Credit quality metrics remained stable with 4% reduction in criticized loans from the previous quarter. The allowance for credit losses ratio increased to 1.12%, up from 1.07% in the previous quarter.
•Noninterest expense of $185.7 million remained flat from the previous quarter resulting in an efficiency ratio(1) decrease to 62.05% from 65.50% in the previous quarter.
•Repurchased 2.2 million shares of common and common equivalent stock at a weighted average price per share of $16.48, or $35.5 million in the aggregate, during the third quarter, and 13.6 million shares of common stock at a weighted average price per share of $13.59, or $185.5 million in the aggregate, year-to-date.
•Maintained strong capital ratios well above the regulatory thresholds for "well capitalized" banks, including a 12.56% Tier 1 capital ratio and 10.14% CET 1 capital ratio and continued growth in book value per share to $19.09, up 3% from the previous quarter, and tangible book value per share(1) to $16.99, up 3% from the previous quarter.
___________________________________
(1)    See "- Non-GAAP Financial Measures."


83

The following table presents financial results and performance ratios for the periods indicated:
Three Months EndedNine Months Ended
September 30,June 30,September 30,
2025202520252024
(Dollars in thousands, except per share data)
Earnings Summary:
Interest income$432,541 $420,509 $1,259,705 $1,388,186 
Interest expense(179,097)(180,293)(533,681)(697,421)
Net interest income253,444 240,216 726,024 690,765 
Provision for credit losses(9,700)(39,100)(58,100)(30,000)
Noninterest income 34,285 32,633 100,568 48,156 
Operating expense(185,684)(185,869)(555,206)(623,530)
Acquisition, integration and reorganization costs— — — 13,160 
Earnings before income taxes92,345 47,880 213,286 98,551 
Income tax expense (22,716)(19,495)(61,704)(28,582)
Net earnings 69,629 28,385 151,582 69,969 
Preferred stock dividends(9,947)(9,947)(29,841)(29,841)
Net earnings available to
common and equivalent stockholders$59,682 $18,438 $121,741 $40,128 
Per Common Share Data:
Diluted earnings per share (1)
$0.38 $0.12 $0.75 $0.24 
Adjusted diluted earnings per share (1)(2)
$0.38 $0.31 $0.93 $0.47 
Book value per share(1)
$19.09 $18.58 
Tangible book value per share (1)(2)
$16.99 $16.46 
Performance Ratios:
Return on average assets (3)
0.82 %0.34 %0.60 %0.26 %
Return on average tangible common equity (2)(3)
9.87 %3.70 %6.99 %3.13 %
Net interest margin (3)
3.22 %3.10 %3.13 %2.79 %
Yield on average loans and leases (3)
6.05 %5.93 %5.96 %6.14 %
Cost of average total deposits (3)
2.08 %2.13 %2.11 %2.60 %
Noninterest expense to average total assets (3)
2.18 %2.21 %2.21 %2.27 %
Noninterest expense to total revenue (4)
64.53 %68.12 %67.17 %82.60 %
Efficiency ratio (2)(5)
62.05 %65.50 %64.57 %74.88 %
Capital Ratios (consolidated):
Common equity tier 1 capital ratio10.14 %9.95 %
Tier 1 capital ratio12.56 %12.34 %
Total capital ratio16.69 %16.37 %
Tier 1 leverage capital ratio9.77 %9.74 %
Risk-weighted assets$26,025,644 $26,352,199 
_____________________________
(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 $26.2 million and $26.6 million for the three months ended September 30, 2025 and June 30, 2025, and $80.6 million and $97.8 million for the nine months ended September 30, 2025 and 2024.




84

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
September 30, 2025June 30, 2025
Interest
Yields
InterestYields
Average
Income/
and
AverageIncome/and
Balance
Expense
Rates
BalanceExpenseRates
(Dollars in thousands)
ASSETS:
Loans and leases (1)
$24,458,255 $372,723 6.05 %$24,504,319 $362,303 5.93 %
Investment securities 4,782,070 38,291 3.18 %4,719,954 37,616 3.20 %
Deposits in financial institutions1,958,011 21,527 4.36 %1,872,736 20,590 4.41 %
Total interest‑earning assets
31,198,336 432,541 5.50 %31,097,009 420,509 5.42 %
Other assets2,632,881 2,667,140 
Total assets$33,831,217 $33,764,149 
LIABILITIES AND
STOCKHOLDERS’ EQUITY:
Interest checking $7,855,639 53,995 2.73 %$7,778,882 52,877 2.73 %
Money market 5,154,138 30,461 2.34 %5,412,681 33,615 2.49 %
Savings 1,966,040 12,689 2.56 %1,959,987 12,777 2.61 %
Time 4,633,089 45,929 3.93 %4,569,490 45,671 4.01 %
Total interest‑bearing deposits19,608,906 143,074 2.89 %19,721,040 144,940 2.95 %
Borrowings1,705,697 20,461 4.76 %1,628,584 20,021 4.93 %
Subordinated debt949,690 15,562 6.50 %946,740 15,332 6.50 %
Total interest‑bearing liabilities22,264,293 179,097 3.19 %22,296,364 180,293 3.24 %
Noninterest‑bearing demand deposits
7,683,136 7,583,894 
Other liabilities446,453 453,748 
Total liabilities30,393,882 30,334,006 
Stockholders’ equity3,437,335 3,430,143 
Total liabilities and stockholders' equity$33,831,217 $33,764,149 
Net interest income $253,444 $240,216 
Net interest rate spread 2.31 %2.18 %
Net interest margin 3.22 %3.10 %
Total deposits (2)
$27,292,042 $143,074 2.08 %$27,304,934 $144,940 2.13 %
Total funds (3)
$29,947,429 $179,097 2.37 %$29,880,258 $180,293 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 $19.3 million and $16.1 million for the three months ended September 30, 2025 and June 30, 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.




85

Nine Months Ended
September 30, 2025September 30, 2024
Interest
Yields
InterestYields
Average
Income/
and
AverageIncome/and
Balance
Expense
Rates
BalanceExpenseRates
(Dollars in thousands)
ASSETS:
Loans and leases (1)
$24,252,860 $1,081,129 5.96 %$24,878,682 $1,144,231 6.14 %
Investment securities 4,745,530 113,769 3.21 %4,681,872 103,051 2.94 %
Deposits in financial institutions1,972,486 64,807 4.39 %3,479,130 140,904 5.41 %
Total interest‑earning assets
30,970,876 1,259,705 5.44 %33,039,684 1,388,186 5.61 %
Other assets2,665,623 2,888,600 
Total assets$33,636,499 $35,928,284 
LIABILITIES AND
STOCKHOLDERS’ EQUITY:
Interest checking $7,661,200 154,751 2.70 %$7,733,588 184,505 3.19 %
Money market 5,326,554 97,079 2.44 %5,218,774 106,488 2.73 %
Savings 1,958,289 38,323 2.62 %2,022,600 52,166 3.45 %
Time 4,567,443 138,391 4.05 %6,073,993 218,740 4.81 %
Total interest‑bearing deposits19,513,486 428,544 2.94 %21,048,955 561,899 3.57 %
Borrowings1,578,462 58,903 4.99 %1,986,468 85,405 5.74 %
Subordinated debt946,441 46,234 6.53 %938,624 50,117 7.13 %
Total interest‑bearing liabilities22,038,389 533,681 3.24 %23,974,047 697,421 3.89 %
Noninterest‑bearing demand deposits
7,660,504 7,804,534 
Other liabilities474,038 736,739 
Total liabilities30,172,931 32,515,320 
Stockholders’ equity3,463,568 3,412,964 
Total liabilities and stockholders' equity$33,636,499 $35,928,284 
Net interest income $726,024 $690,765 
Net interest rate spread 2.20 %1.72 %
Net interest margin 3.13 %2.79 %
Total deposits (2)
$27,173,990 $428,544 2.11 %$28,853,489 $561,899 2.60 %
Total funds (3)
$29,698,893 $533,681 2.40 %$31,778,581 $697,421 2.93 %
_____________________
(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 $51.5 million and $67.3 million for the nine months ended September 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.
Third Quarter of 2025 Compared to Second Quarter of 2025
Net interest income increased by $13.2 million to $253.4 million for the third quarter from $240.2 million for the second quarter, attributable primarily to the following:
•An increase of $10.4 million in interest income from loans due primarily to higher average yield driven mainly by higher rate on new loan production, a higher day count, and higher income from loan payoffs, including the payoff of a large commercial real estate loan.
•A decrease of $1.9 million in interest expense on deposits due primarily to lower average balances largely driven by lower brokered deposits and lower interest rates, partially offset by a higher day count.


86

•An increase of $0.9 million in interest income from deposits in financial institutions driven mainly by higher average balances and a higher day count, partially offset by lower interest rates.
The net interest margin was 3.22% for the third quarter, up 12 basis points from 3.10% for the second quarter, primarily driven by a higher average yield on interest-earning assets. The average yield on interest-earning assets increased to 5.50% from 5.42%, reflecting a 12 basis point increase in the average yield on loans and leases to 6.05%, largely due to the higher income related to loan payoffs discussed above.
The average total cost of funds was 2.37% for the third quarter, down 5 basis points from 2.42% for the second quarter, driven primarily by lower deposit and borrowing costs and a favorable shift in the funding mix. Brokered deposits decreased as strong customer deposit inflows in the third quarter were used to reduce higher-cost funding sources. As a result, the average total cost of deposits decreased by 5 basis points to 2.08% from 2.13% in the second quarter, while the average cost of borrowings declined by 17 basis points to 4.76%.
Average total deposits decreased by $12.9 million, with a $112.1 million decrease in average interest-bearing deposits partially offset by a $99.2 million increase in average noninterest-bearing deposits. Average noninterest-bearing deposits represented 28.2% of average total deposits in the third quarter, up from 27.8% in the second quarter.
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Net interest income increased by $35.3 million to $726.0 million for the nine months ended September 30, 2025 from $690.8 million for the nine months ended September 30, 2024 attributable primarily to the following:
•A decrease of $133.4 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 balances due mainly to the paydown of brokered deposits.
•A decrease of $30.4 million in interest expense on borrowings and subordinated debt driven by lower average balances resulting from the payoff of higher-cost borrowings in 2024, which were partially replaced with lower-cost long-term FHLB advances and lower market interest rates.
•An increase of $10.7 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 $76.1 million in interest income from deposits in financial institutions driven by lower balances, as we maintained a lower cash target level and lower market interest rates.
•A decrease of $63.1 million in interest income from loans due primarily to lower market interest rates reflective of federal funds rate cuts, lower average balances attributable mainly to the sale in July 2024 of $1.95 billion of Civic loans, and by lower net loan discount accretion income.
The net interest margin was 3.13% for the nine months ended September 30, 2025, up 34 basis points from 2.79% for the nine months ended September 30, 2024. The year-over-year improvement was primarily driven by a 53 basis point decrease in the average total cost of funds to 2.40%, offset partially by a 17 basis point decrease in the average yield on interest-earning assets to 5.44%.
The average total cost of funds decreased by 53 basis points to 2.40%, driven by lower market interest rates and a shift in mix. The average cost of deposits declined by 49 basis points to 2.11%, reflecting the impact of federal funds rate cuts in the second half of 2024. Average total deposits decreased by $1.7 billion year over year, including a $1.5 billion reduction in average interest-bearing deposits and a $144.0 million decrease in average noninterest-bearing deposits. Despite this decline, average noninterest-bearing deposits represented 28.2% of average total deposits for the nine months ended September 30, 2025, up from 27.0% for the comparable period in 2024. The average cost of borrowings also decreased by 75 basis points to 4.99%, reflecting the paydown of higher-cost borrowings in the prior year and their replacement with lower-cost long-term FHLB advances.


87

The average yield on interest-earning assets declined by 17 basis points to 5.44%, due primarily to a 102 basis point decrease in the average yield on deposits in financial institutions, and an 18 basis point decline in the average yield on loans and leases, offset partially by a 27 basis point increase in the average yield on investment securities. The average yield on deposits in financial institutions decreased to 4.39% from 5.41% driven by the federal funds rate cuts described above, while the average yield on loans and leases decreased to 5.96% from 6.14%, driven by lower net loan discount accretion income and market rates. The average yield on investment securities increased to 3.21% from 2.94%, reflecting continued benefits from the 2024 balance sheet repositioning actions and reinvestment into higher-yield assets.
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 EndedNine Months Ended
September 30,June 30,September 30,
2025202520252024
(Dollars in thousands)
Provision For Credit Losses:
Addition to allowance for loan and lease losses $8,700 $38,580 $56,980 $32,000 
Addition to (reduction in) reserve for unfunded loan commitments1,000 (350)1,150 (2,000)
Total loan-related provision 9,700 38,230 $58,130 $30,000 
Addition to (reduction in) allowance for held-to-maturity securities— 95 (805)— 
Addition to allowance for available-for-sale securities— 775 775 — 
Total securities-related provision— 870 (30)— 
Total provision for credit losses$9,700 $39,100 $58,100 $30,000 
Credit Quality Metrics:
Net (recoveries) charge-offs on loans and leases held for investment (1)
$(2,457)$44,222 $55,839 $59,342 
Annualized net (recoveries) charge-offs to average loans and leases(0.04)%0.72 %0.31 %0.32 %
At quarter-end:
Allowance for credit losses$270,722 $258,565 
Allowance for credit losses to loans and leases held for investment1.12 %1.07 %
Allowance for credit losses to nonaccrual loans and leases held
for investment155.1 %154.4 %
Nonaccrual loans and leases held for investment $174,541 $167,516 
Nonaccrual loans and leases held for investment to loans and leases
held for investment0.72 %0.69 %
Classified loans and leases held for investment
$763,582 $656,556 
Special mention loans and leases held for investment$505,979 $661,568 
______________________
(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.


88

Third Quarter of 2025 Compared to Second Quarter of 2025
The provision for credit losses was $9.7 million for the third quarter compared to $39.1 million for the second quarter. The third quarter provision included a provision for loan losses of $8.7 million and a $1.0 million provision for unfunded loan commitments.
The third quarter provision for loan losses and unfunded commitments reflected changes in loan risk ratings, new originations, changes in the macroeconomic outlook, and higher unfunded commitments, partially offset by net recoveries and lower qualitative reserve driven primarily by lower balances in commercial real estate loans secured by office properties compared to the second quarter.
The second quarter provision included a $38.6 million provision for loan losses and a $0.9 million provision for credit losses related to investment securities, offset by a $0.4 million reversal of the provision for unfunded loan commitments.
The second quarter provision for loan losses included $26.3 million related to loans transferred to held for sale ("HFS") for the pending strategic loan sales. The remaining $12.3 million increase in provision for loan losses was primarily driven by net charge-off activity experienced during the quarter, and an increase in the reserve driven by the updated economic forecast.
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
The provision for credit losses was $58.1 million for the nine months ended September 30, 2025 compared to $30.0 million for the nine months ended September 30, 2024. The provision for the 2025 period primarily included a provision for loan losses of $57.0 million and a provision for unfunded loan commitments of $1.2 million.
The provision for the 2025 period included $26.3 million related to loans transferred to HFS, as described above. The remaining increase in the provision for loan losses and unfunded loan commitments was primarily driven by net charge-off activity, with additional impacts from changes in loan risk ratings. 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 losses and unfunded loan commitments for the 2024 period included a $32.0 million provision for loan losses and a $2.0 million reversal of the provision for unfunded loan commitments. The provision for the 2024 period was generally due to higher net charge-offs and higher qualitative reserves, offset partially by the reserves released for the Civic loans transferred to HFS in the second quarter of 2024 and sold in the third 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.


89

Noninterest Income
The following table summarizes noninterest income by category for the periods indicated:
Three Months EndedNine Months Ended
September 30,June 30,September 30,
Noninterest Income2025202520252024
(In thousands)
Leased equipment income$10,321 $10,231 $31,336 $40,379 
Commissions and fees9,514 9,641 29,113 25,027 
Service charges on deposit accounts5,109 4,456 14,108 13,813 
(Loss) gain on sale of loans and leases(374)30 (133)625 
Loss on sale of securities— — — (59,946)
Dividends and gains (loss) on equity investments2,291 (114)4,500 7,964 
Warrant income 433 1,227 1,365 65 
LOCOM HFS adjustment— (9)(9)218 
Other 6,991 7,171 20,288 20,011 
Total noninterest income$34,285 $32,633 $100,568 $48,156 
Third Quarter of 2025 Compared to Second Quarter of 2025
Noninterest income increased by $1.7 million to $34.3 million for the third quarter from $32.6 million for the second quarter due mainly to a $2.4 million increase in dividends and gains on equity investments, offset partially by a $0.8 million decrease in warrant income. The increase in dividends and gains on equity investments was primarily related to fair value gains in the third quarter on SBIC investments compared to fair value losses in the second quarter. The decrease in warrant income was driven by lower gains from warrant exercises.
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Noninterest income increased by $52.4 million to $100.6 million for the nine months ended September 30, 2025 from $48.2 million for the nine months ended September 30, 2024 . The prior year period included a $59.9 million loss on the sale of $742 million of securities executed as part of a balance sheet repositioning initiative, which was partially offset by a $9.0 million decrease in leased equipment income, as the prior year benefited from higher gains from early lease terminations and sale of leased assets.


90

Noninterest Expense
The following table summarizes noninterest expense by category for the periods indicated:
Three Months EndedNine Months Ended
September 30,June 30,September 30,
Noninterest Expense2025202520252024
(In thousands)
Compensation$88,865 $88,362 $263,644 $263,735 
Customer related expense26,227 26,577 80,555 97,799 
Occupancy15,415 15,473 45,898 52,315 
Information technology and data processing13,535 13,073 41,707 45,872 
Insurance and assessments8,994 9,403 25,680 59,600 
Intangible asset amortization7,160 7,159 21,479 25,373 
Leased equipment depreciation6,750 6,700 20,191 22,175 
Other professional services5,394 6,406 16,313 15,359 
Loan expense4,947 4,050 11,927 12,817 
Other8,397 8,666 27,812 28,485 
Total operating expense185,684 185,869 555,206 623,530 
Acquisition, integration and reorganization costs— — — (13,160)
Total noninterest expense$185,684 $185,869 $555,206 $610,370 
Third Quarter of 2025 Compared to Second Quarter of 2025
Noninterest expense remained relatively flat at $185.7 million for the third quarter compared to $185.9 million for the second quarter.
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Noninterest expense decreased by $55.2 million to $555.2 million for the nine-month period ended September 30, 2025 due mainly to decreases of $33.9 million in insurance and assessments, $17.2 million in customer related expenses, $6.4 million in occupancy, and $10.7 million in all of the other expense categories, offset partially by an increase of $13.2 million in acquisition, integration and reorganization costs. Insurance and assessment decreased primarily due to incremental FDIC special assessments recorded in 2024, which reflected higher assessment rates. Customer related expense decreased due to lower earnings credit rate expenses, driven by the lower federal funds rate. Occupancy expenses decreased as a result of cost savings from branch consolidations following the PacWest Bancorp merger. Acquisition, integration and reorganization costs of $13.2 million in 2024 reflected adjustments to the merger-related accruals, as actual expenses were lower than previously estimated.



91

Income Taxes
Third Quarter of 2025 Compared to Second Quarter of 2025
Income tax expense of $22.7 million was recorded for the third quarter resulting in an effective tax rate of 24.6% compared to income tax expense of $19.5 million and an effective tax rate of 40.7% for the second quarter.
The higher 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 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.
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Income tax expense of $61.7 million was recorded for the nine-month period ended September 30, 2025 resulting in an effective tax rate of 28.9% compared to income tax expense of $28.6 million and an effective tax rate of 29.0% for the comparable period in 2024.
On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted in the U.S. The OBBBA includes significant tax reform provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act and the restoration of immediate deductions of certain capital asset additions. While our initial evaluation indicates these tax law changes will not materially impact the Company’s future effective tax rate, we will continue to monitor any additional changes and relevant guidance, and to assess any potential impact to our financial statements.
Balance Sheet Analysis
The following table provides a summary of our balance sheet highlights as of the dates indicated:
September 30,December 31,Increase
Balance Sheet Highlights20252024(Decrease)
(In thousands)
Cash and cash equivalents$2,398,265 $2,502,212 $(103,947)
Securities available-for-sale2,426,734 2,246,839 179,895 
Securities held-to-maturity2,303,657 2,306,149 (2,492)
Loans held for sale211,454 26,331 185,123 
Loans and leases held for investment24,110,642 23,781,663 328,979 
Total loans and leases24,322,096 23,807,994 514,102 
Total assets34,012,965 33,542,864 470,101 
Noninterest-bearing deposits7,603,748 7,719,913 (116,165)
Total deposits27,184,765 27,191,909 (7,144)
Borrowings2,005,022 1,391,814 613,208 
Subordinated debt950,888 941,923 8,965 
Total liabilities30,546,226 30,042,915 503,311 
Total stockholders' equity3,466,739 3,499,949 (33,210)
Cash and Cash Equivalents
Cash and cash equivalents decreased by $103.9 million to $2.4 billion at September 30, 2025 compared to $2.5 billion at December 31, 2024, primarily attributable to the use of cash to support loan growth.


92

Securities Available-for-Sale
The following table presents the composition and durations of our AFS securities as of the dates indicated:
 September 30, 2025December 31, 2024
Fair
% of
DurationFair
% of
Duration
Security TypeValue
Total
(in years)Value
Total
(in years)
 (Dollars in thousands)
Agency residential MBS$844,155 35 %7.7 $861,840 38 %7.6 
Agency residential CMOs781,982 32 %2.7 446,631 20 %3.2 
Private label residential CMOs258,693 11 %3.9 316,910 14 %3.9 
Collateralized loan obligations206,474 9 %— 279,416 12 %0.3 
Corporate debt securities256,948 11 %1.0 257,712 12 %1.4 
Agency commercial MBS50,882 2 %3.4 51,564 2 %1.9 
Asset-backed securities13,882 — %0.1 15,600 1 %0.1 
Private label commercial MBS10,274 — %3.3 12,372 1 %3.6 
SBA securities3,444 — %3.3 4,200 — %3.2 
Municipal securities — — %— 594 — %3.7 
Total securities available-for-sale$2,426,734 100 %4.2 $2,246,839 100 %4.4 
AFS securities increased by $179.9 million to $2.4 billion at September 30, 2025 compared to $2.2 billion at December 31, 2024, due primarily to purchases of $444.5 million and a $72.6 million increase in the fair value of AFS securities resulting from lower interest rates, offset partially by $330.8 million of principal paydowns, maturities, and calls.
As of September 30, 2025, AFS securities had aggregate unrealized net after-tax losses in AOCI of $147.9 million compared to $200.1 million at December 31, 2024. The decrease in unrealized net losses on AFS securities was driven by a decline in interest rates, which positively impacted the fair values of these securities.
Securities Held-to-Maturity
The following table presents the composition and duration of our HTM securities as of the dates indicated:
 September 30, 2025December 31, 2024
Amortized
% of
DurationAmortized
% of
Duration
Security TypeCost
Total
(in years)Cost
Total
(in years)
 (Dollars in thousands)
Municipal securities $1,236,645 54 %7.9$1,251,364 55 %8.0
Agency commercial MBS445,605 19 %5.4440,476 19 %5.9
Private label commercial MBS359,091 16 %5.0355,342 15 %5.6
U.S. Treasury securities192,255 8 %5.2189,985 8 %5.9
Corporate debt securities70,756 3 %4.170,482 3 %4.0
Total securities held-to-maturity$2,304,352 100 %6.6$2,307,649 100 %7.0
HTM securities remained relatively flat at $2.3 billion at both September 30, 2025 and December 31, 2024.
As of September 30, 2025, HTM securities had aggregate unrealized net after-tax losses in AOCI of $139.7 million remaining from the balance established at the time of the AFS to HTM transfer on June 1, 2022, compared to $157.9 million at December 31, 2024.


93

The following table shows the geographic composition of the majority of our HTM municipal securities portfolio as of the date indicated:
September 30, 2025
Amortized
% of
Municipal Securities by State
Cost
Total
(Dollars in thousands)
 California$315,596 26 %
 Texas278,282 23 %
 Washington187,962 15 %
 Oregon80,807 7 %
 Maryland64,121 5 %
 Georgia55,295 4 %
 Colorado48,429 4 %
 Minnesota34,598 3 %
 Tennessee31,132 2 %
Connecticut17,619 1 %
Total of ten largest states1,113,841 90 %
All other states122,804 10 %
Total municipal securities held-to-maturity$1,236,645 100 %


94

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:
September 30, 2025December 31, 2024
% of
% of
Loan and Lease Portfolio
Balance
Total
Balance
Total
(Dollars in thousands)
Real Estate Mortgage:
Commercial real estate$3,253,113 13 %$3,540,612 15 %
SBA program638,028 3 %630,412 2 %
Hotel401,484 2 %407,748 2 %
Total commercial real estate mortgage4,292,625 18 %4,578,772 19 %
Multi-family6,124,673 25 %6,041,713 26 %
Residential mortgage3,093,783 13 %2,682,667 11 %
Investor-owned residential60,664 — %102,778 1 %
Residential renovation8,117 — %21,729 — %
Total other residential real estate3,162,564 13 %2,807,174 12 %
Total real estate mortgage13,579,862 56 %13,427,659 57 %
Real Estate Construction and Land:
Commercial 395,150 2 %799,131 3 %
Residential1,759,676 7 %2,373,162 10 %
Total real estate construction and land (1)
2,154,826 9 %3,172,293 13 %
Total real estate 15,734,688 65 %16,599,952 70 %
Commercial:
Lender finance 1,450,521 6 %727,913 3 %
Equipment finance632,371 2 %621,888 3 %
Premium finance465,164 2 %546,393 2 %
Other asset-based194,463 1 %191,775 1 %
Total asset-based2,742,519 11 %2,087,969 9 %
Equity fund loans1,047,768 4 %746,655 3 %
Venture lending859,833 4 %791,121 3 %
Total venture capital1,907,601 8 %1,537,776 6 %
Secured business loans759,882 3 %756,612 3 %
Warehouse lending1,770,691 7 %1,473,074 6 %
Other lending825,964 4 %923,398 4 %
Total other commercial3,356,537 14 %3,153,084 13 %
Total commercial8,006,657 33 %6,778,829 28 %
Consumer369,297 2 %402,882 2 %
Total loans and leases held for investment$24,110,642 100 %$23,781,663 100 %
Total unfunded loan commitments$4,822,917 $4,887,690 
 ________________________________
(1)    Includes land and acquisition and development loans of $217.7 million at September 30, 2025 and $223.9 million at December 31, 2024, respectively.



95

Total loans and leases held for investment increased by $329.0 million and totaled $24.1 billion at September 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 asset-based, venture capital, other residential real estate mortgage (mainly from purchased single-family residential loans), 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, the Company commenced a strategic loan sale process and transferred $506.7 million of loans to held for sale. While many of the loans in the sale portfolio are adequately collateralized, they possess credit characteristics or risk attributes that have contributed to credit migration, and accordingly, the Company commenced the sales process for these loans.
As of June 30, 2025, $30.5 million of these loans had been sold at market value of $28.5 million, and the remaining $476.2 million were transferred to held for sale and carried at the lower of cost or market value of $441.2 million. The loans transferred to held for sale consisted of $258.4 million in commercial real estate construction loans, $163.2 million in commercial real estate mortgage loans, and $19.6 million in multi-family loans.
During the third quarter of 2025, the Company sold $207.9 million of these loans that had been transferred to held for sale, and $55.6 million of such loans were repaid prior to sale. Sold loans consisted of $174.9 million in commercial real estate construction loans, $20.4 million in multi-family loans, and $12.2 million in commercial real estate mortgage loans. These loan sales met the requisite criteria to be accounted for as sales in accordance with ASC 860, Transfers and Servicing. In connection with the sale, the Company recognized a loss of $0.4 million on the loans sold. As of September 30, 2025, $180.9 million of loans remained classified as held for sale under the strategic loan sale initiative.
The following table presents a roll forward of loans and leases held for investment for the period indicated:
Nine Months Ended
Roll Forward of Loans and Leases Held for InvestmentSeptember 30, 2025
(In thousands)
Balance, beginning of period$23,781,663 
Additions:
Production2,880,263 
Disbursements3,941,273 
Total production and disbursements6,821,536 
Reductions:
Payoffs (3,093,011)
Paydowns(2,839,746)
Total payoffs and paydowns(5,932,757)
Sales(35,004)
Transfers to foreclosed assets(6,725)
Charge-offs(69,964)
Transfers to loans held for sale(448,107)
Total reductions(6,492,557)
Net increase 328,979 
Balance, end of period$24,110,642 



96

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 September 30, 2025 and December 31, 2024, the real estate loan comprised 65% 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:
September 30, 2025December 31, 2024
% of
% of
Real Estate Loans by StateBalance
Total
Balance
Total
(Dollars in thousands)
California$11,312,481 72 %$11,722,323 71 %
Colorado1,073,813 7 %1,224,295 7 %
Texas549,034 3 %542,312 3 %
Florida441,976 3 %437,987 3 %
Washington371,442 2 %393,584 2 %
Arizona367,792 2 %540,726 3 %
Nevada316,538 2 %388,627 2 %
Oregon310,986 2 %307,088 2 %
Utah143,340 1 %147,205 1 %
New York97,067 1 %98,920 1 %
Total of 10 largest states14,984,469 95 %15,803,067 95 %
All other states750,219 5 %796,885 5 %
Total real estate loans held for investment$15,734,688 100 %$16,599,952 100 %
At September 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 Held for Sale
Total loans held for sale increased by $185.1 million to $211.5 million at September 30, 2025 compared to $26.3 million at December 31, 2024. The increase primarily reflects the transfer of loans to HFS as part of the Company’s strategic loan sale process initiated in the second quarter of 2025, partially offset by subsequent loan liquidations, as discussed above.


97

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 third quarter of 2025, we used the Moody’s September 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.
The ACL on loans and leases, which includes the reserve for unfunded loan commitments, totaled $270.7 million, or 1.12% of total loans and leases, at September 30, 2025, compared to $268.4 million, or 1.13% of total loans and leases, at December 31, 2024. The $2.3 million increase in the allowance was driven was primarily driven by ACL provision expense of $58.1 million partially offset by net charge off activity totaling $55.8 million including the charge-offs associated with the transfer of loans to held for sale in the second quarter.
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 third quarter of 2025, reserves associated with the qualitative adjustments decreased 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.



98

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 4.95% to lower reserves by 5.34%. 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:
September 30,
December 31,
Allowance for Credit Losses Data
20252024
(Dollars in thousands)
Allowance for loan and lease losses$240,501 $239,360 
Reserve for unfunded loan commitments30,221 29,071 
Total allowance for credit losses$270,722 $268,431 
Allowance for loan and lease losses to loans and leases held for investment1.00 %1.01 %
Allowance for credit losses to loans and leases held for investment1.12 %1.13 %


99

The following table presents the changes in our ACL on loans and leases held for investment for the periods indicated:
Three Months EndedNine Months Ended
Roll Forward of Allowance for Credit LossesSeptember 30,June 30,September 30,
on Loans and Leases Held for Investment2025202520252024
(Dollars in thousands)
Balance, beginning of period $258,565 $264,557 $268,431 $311,258 
Provision for credit losses:
Addition to allowance for loan and lease losses8,700 38,580 56,980 32,000 
Addition to (reduction in) reserve for unfunded
loan commitments1,000 (350)1,150 (2,000)
Total provision for credit losses9,700 38,230 58,130 30,000 
Loans and leases charged off:
Real estate mortgage(2,455)(16,080)(24,324)(56,998)
Real estate construction and land— (21,536)(21,536)— 
Commercial(3,052)(8,593)(21,227)(5,815)
Consumer(958)(739)(2,877)(4,434)
Total loans and leases charged off(6,465)(46,948)(69,964)(67,247)
Recoveries on loans and leases charged off:
Real estate mortgage1,602 298 2,212 2,536 
Real estate construction and land1,370 — 1,370 — 
Commercial5,833 2,288 10,224 4,956 
Consumer117 140 319 413 
Total recoveries on loans and leases charged off 8,922 2,726 14,125 7,905 
Net recoveries (charge-offs)2,457 (44,222)(55,839)(59,342)
Balance, end of period$270,722 $258,565 $270,722 $281,916 
Annualized net (recoveries) charge-offs to
average loans and leases(0.04)%0.72 %0.31 %0.32 %









100

The following table presents charge-offs by loan portfolio segment, class, and subclass for the periods indicated:
Three Months EndedNine Months Ended
September 30,June 30,September 30,
Allowance for Credit Losses Charge-offs
2025202520252024
(In thousands)
Real Estate Mortgage:
Commercial real estate$594 $12,116 $17,411 $20,368 
SBA program51 277 634 926 
Hotel— — — — 
Total commercial real estate mortgage645 12,393 18,045 21,294 
Multi-family— 3,275 3,275 — 
Residential mortgage720 — 849 67 
Investor-owned residential930 242 1,698 34,479 
Residential renovation160 170 457 1,158 
Total other residential real estate1,810 412 3,004 35,704 
Total real estate mortgage2,455 16,080 24,324 56,998 
Real Estate Construction and Land:
Commercial— 21,536 21,536 — 
Residential — — — — 
Total real estate construction and land— 21,536 21,536 — 
Total real estate2,455 37,616 45,860 56,998 
Commercial:
Lender finance — — — — 
Equipment finance— — — — 
Premium finance— — — — 
Other asset-based— — — 92 
Total asset-based— — — 92 
Equity fund loans— — — — 
Venture lending— 136 5,257 2,414 
Total venture capital— 136 5,257 2,414 
Secured business loans688 3,053 4,265 943 
Warehouse lending— — — — 
Other lending2,364 5,404 11,705 2,366 
Total other commercial3,052 8,457 15,970 3,309 
Total commercial3,052 8,593 21,227 5,815 
Consumer958 739 2,877 4,434 
Total charge-offs$6,465 $46,948 $69,964 $67,247 


101

The following table presents recoveries by portfolio segment, class, and subclass for the periods indicated:
Three Months EndedNine Months Ended
September 30,June 30,September 30,
Allowance for Credit Losses Recoveries 2025202520252024
(In thousands)
Real Estate Mortgage:
Commercial real estate$1,531 $234 $1,843 $389 
SBA program56 34 252 256 
Hotel— — — — 
Total commercial real estate mortgage1,587 268 2,095 645 
Multi-family— — — 500 
Residential mortgage6 5 22 5 
Investor-owned residential9 — 9 721 
Residential renovation— 25 86 665 
Total other residential real estate15 30 117 1,391 
Total real estate mortgage1,602 298 2,212 2,536 
Real Estate Construction and Land:
Commercial 1,370 — 1,370 — 
Residential — — — — 
Total real estate construction and land1,370 — 1,370 — 
Total real estate2,972 298 3,582 2,536 
Commercial:
Lender finance — — — — 
Equipment finance— — — — 
Premium finance6 5 15 — 
Other asset-based1,488 — 1,488 113 
Total asset-based1,494 5 1,503 113 
Equity fund loans— — — — 
Venture lending233 — 283 1,270 
Total venture capital233 — 283 1,270 
Secured business loans2,215 195 2,711 340 
Warehouse lending— — — — 
Other lending1,891 2,088 5,727 3,233 
Total other commercial4,106 2,283 8,438 3,573 
Total commercial5,833 2,288 10,224 4,956 
Consumer117 140 319 413 
Total recoveries$8,922 $2,726 $14,125 $7,905 


102

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 commenced in the second quarter of 2025. These sales and transfers contributed to broad-based improvements across key credit quality metrics.
As of September 30, 2025, criticized loans and leases decreased by $391.3 million, or 24%, from December 31, 2024, driven by special mention loans and leases decreasing by 54% to 2.10% of total loans and leases held for investment, down from 4.61%. This improvement was partially offset by classified loans and leases increasing during the same period by 36% to 3.17% of total loans and leases, up from 2.37%, largely due to a risk rating framework update implemented within the Venture Banking loan portfolio. Classified loans and leases also included a $49.6 million commercial real estate loan which became classified in the third quarter of 2025. Subsequent to the end of the third quarter, the borrower entered into a contract to sell the underlying property at a price above our loan amount. The sale is expected to close in the fourth quarter.
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:
September 30,
December 31,
20252024
(Dollars in thousands)
Nonaccrual loans and leases held for investment $174,541 $189,605 
Accruing loans contractually past due 90 days or more— — 
Total nonperforming loans and leases 174,541 189,605 
Foreclosed assets, net4,790 9,734 
Total nonperforming assets$179,331 $199,339 
Classified loans and leases held for investment $763,582 $563,502 
Special mention loans and leases held for investment505,979 1,097,315 
Criticized loans and leases held for investment$1,269,561 $1,660,817 
Nonaccrual loans and leases held for investment to loans and leases held for investment0.72 %0.80 %
Nonperforming assets to loans and leases held for investment and foreclosed assets, net0.74 %0.84 %
Classified loans and leases held for investment to loans and leases held for investment3.17 %2.37 %
Special mention loans and leases held for investment to loans and leases held for investment2.10 %4.61 %
Allowance for credit losses to nonaccrual loans and leases held for investment155.1 %141.6 %


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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:
September 30, 2025December 31, 2024Increase (Decrease)
Accruing AccruingAccruing
and 30-89and 30-89and 30-89
Days PastDays Past Days Past
NonaccrualDueNonaccrualDueNonaccrualDue
(In thousands)
Real estate mortgage:
Commercial$99,103 $1,822 $97,655 $— $1,448 $1,822 
Multi-family841 — 22,763 9,442 (21,922)(9,442)
Other residential66,866 39,962 46,788 34,417 20,078 5,545 
Total real estate mortgage166,810 41,784 167,206 43,859 (396)(2,075)
Real estate construction and land:
Commercial— — — — — — 
Residential— — — — — — 
Total real estate construction and land— — — — — — 
Commercial:
Asset-based103 — 1,940 1,795 (1,837)(1,795)
Venture capital— — 6,291 — (6,291)— 
Other commercial6,676 897 13,544 2,331 (6,868)(1,434)
Total commercial6,779 897 21,775 4,126 (14,996)(3,229)
Consumer952 2,733 624 2,804 328 (71)
Total held for investment$174,541 $45,414 $189,605 $50,789 $(15,064)$(5,375)
Nonperforming loans and leases held for investment decreased by $15.1 million to $174.5 million at September 30, 2025 compared to $189.6 million at December 31, 2024, due mainly to principal and other reductions of $87.4 million, charge-offs of $22.5 million, transfers to accrual status of $19.8 million, and transfers to held for sale of $5.7 million, offset partially by additions of $120.3 million. As of September 30, 2025, the Company's three largest loan relationships on nonaccrual status had an aggregate carrying value of $47.0 million and represented 27% of total nonaccrual loans and leases.
Loans and leases accruing and 30-89 days past due decreased by $5.4 million to $45.4 million as of September 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, offset partially by an increase of $5.5 million in other residential 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:
September 30,
December 31,
Property Type20252024
(In thousands)
Single-family residential$4,770 $9,714 
Total OREO, net4,770 9,714 
Other foreclosed assets20 20 
Total foreclosed assets, net$4,790 $9,734 
Foreclosed assets decreased by $4.9 million to $4.8 million at September 30, 2025 compared to $9.7 million at December 31, 2024, due mainly to sales of $10.9 million and a provision for losses of $0.8 million, offset partially by transfers from loans of $6.7 million.


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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:
September 30,December 31,
Loan and Lease Credit Risk Ratings
20252024
(In thousands)
Pass$22,841,081 $22,120,846 
Special mention505,979 1,097,315 
Classified763,582 563,502 
Total loans and leases held for investment$24,110,642 $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:
September 30, 2025December 31, 2024Increase (Decrease)
Special Special Special
ClassifiedMentionClassifiedMentionClassifiedMention
(In thousands)
Real estate mortgage:
Commercial$298,208 $109,921 $301,278 $348,014 $(3,070)$(238,093)
Multi-family182,431 153,360 113,164 202,690 69,267 (49,330)
Other residential66,944 — 47,993 14,351 18,951 (14,351)
Total real estate mortgage547,583 263,281 462,435 565,055 85,148 (301,774)
Real estate construction and land:
Commercial— 81,400 — 148,024 — (66,624)
Residential2,985 8,276 — 203,220 2,985 (194,944)
Total real estate construction and land2,985 89,676 — 351,244 2,985 (261,568)
Commercial:
Asset-based71,377 7,143 5,003 9,547 66,374 (2,404)
Venture capital123,392 103,725 75,406 125,320 47,986 (21,595)
Other commercial16,865 36,466 19,949 38,741 (3,084)(2,275)
Total commercial211,634 147,334 100,358 173,608 111,276 (26,274)
Consumer1,380 5,688 709 7,408 671 (1,720)
Total$763,582 $505,979 $563,502 $1,097,315 $200,080 $(591,336)
    
Classified loans and leases increased by $200.1 million to $763.6 million at September 30, 2025 compared to $563.5 million at December 31, 2024, due mainly to increases of $69.3 million in multi-family real estate mortgage classified loans, $66.4 million in asset-based classified loans, $48.0 million in venture capital classified loans, and $19.0 million in other residential real estate mortgage classified loans.
Special mention loans and leases decreased by $591.3 million to $506.0 million at September 30, 2025 compared to $1.1 billion at December 31, 2024, due mainly to decreases of $238.1 million in commercial real estate mortgage special mention loans, largely driven by credit migration out of the category as well as loans sold or transferred to held for sale in connection with the strategic loan sales process, $194.9 million in residential real estate construction and land special mention loans, primarily due to credit migration, $66.6 million in commercial real estate construction and land special mention loans, $49.3 million in multi-family real estate mortgage special mention loans, and $21.6 million in venture capital special mention loans.


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Deposits
The following table presents the composition of our deposit portfolio by account type as of the dates indicated:
September 30, 2025December 31, 2024
% of
% of
Increase
Deposit TypeBalance
Total
Balance
Total
(Decrease)
(Dollars in thousands)
Noninterest-bearing checking$7,603,748 28 %$7,719,913 28 %$(116,165)
Interest-bearing:
Checking7,930,951 29 %7,610,705 28 %320,246 
Money market4,974,177 19 %5,361,635 20 %(387,458)
Savings1,949,369 7 %1,933,232 7 %16,137 
Time:
Non-brokered2,468,017 9 %2,488,217 9 %(20,200)
Brokered2,258,503 8 %2,078,207 8 %180,296 
Total time deposits4,726,520 17 %4,566,424 17 %160,096 
Total interest-bearing19,581,017 72 %19,471,996 72 %109,021 
Total deposits$27,184,765 100 %$27,191,909 100 %$(7,144)
The following table presents time deposits based on the $250,000 FDIC insured limit as of the dates indicated:
September 30, 2025December 31, 2024
% of
% of
Total
Total
Time DepositsBalanceDepositsBalanceDeposits
(Dollars in thousands)
Time deposits $250,000 and under$3,570,672 13 %$3,468,376 13 %
Time deposits over $250,0001,155,848 4 %1,098,048 4 %
Total time deposits$4,726,520 17 %$4,566,424 17 %
Total deposits remained relatively flat and decreased by $7.1 million to $27.18 billion at September 30, 2025 compared to $27.19 billion at December 31, 2024. At September 30, 2025, noninterest-bearing deposits totaled $7.6 billion, or 28%, of total deposits, and interest-bearing deposits totaled $19.6 billion, or 72%, 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 September 30, 2025, FDIC-insured deposits represented approximately 70% 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 September 30, 2025, which exceeded uninsured and uncollateralized deposits of $7.6 billion, with a coverage ratio of 194% as compared to a coverage ratio of 221% at December 31, 2024. Available liquidity also represented 54% of total deposits at September 30, 2025.



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The following table summarizes the maturities of time deposits as of the date indicated:
Time Deposits
$250,000
Over
September 30, 2025
and Under
$250,000
Total
(In thousands)
Maturities:
Due in three months or less$923,700 $306,730 $1,230,430 
Due in over three months through six months812,165 432,958 1,245,123 
Due in over six months through 12 months1,157,424 318,065 1,475,489 
Total due within 12 months2,893,289 1,057,753 3,951,042 
Due in over 12 months through 24 months671,181 91,808 762,989 
Due in over 24 months6,202 6,287 12,489 
Total due over twelve months677,383 98,095 775,478 
Total $3,570,672 $1,155,848 $4,726,520 
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 $1.1 billion at September 30, 2025 and 1.5 billion at December 31, 2024.
Borrowings
The following table summarizes our borrowings as of the dates indicated:
September 30, 2025December 31, 2024
WeightedWeighted
AverageAverage
BalanceRateBalanceRate
(Dollars in thousands)
FHLB secured advances$1,700,000 3.96 %$1,100,000 3.93 %
Other short-term borrowings190,000 4.18 %— — %
Credit-linked notes115,022 15.09 %118,838 15.29 %
Senior Notes— — %174,000 5.25 %
Total borrowings2,005,022 4.62 %1,392,838 5.06 %
Acquisition discount on Senior Notes— (1,024)
Total borrowings, net$2,005,022 $1,391,814 

Borrowings increased by $613.2 million to $2.0 billion at September 30, 2025 compared to $1.4 billion at December 31, 2024, due to higher FHLB secured advances and other 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
Subordinated debt increased by $9.0 million to $950.9 million at September 30, 2025 compared to $941.9 million at December 31, 2024, due primarily to the accretion of the acquisition discount on acquired subordinated debt and higher valuation of the Euribor-based subordinated debt. At September 30, 2025, $131.0 million of subordinated debt was included in the Company's Tier I capital and $804.8 million was included in Tier II capital.


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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 September 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 September 30, 2025, such disallowed amounts were $317.8 million for the Company and $294.8 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 September 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 CapitalFor CapitalFor Well
September 30,December 31,AdequacyConservationCapitalized
20252024PurposesBufferClassification
Banc of California, Inc.:
Tier 1 leverage capital ratio9.77%10.15%4.00%N/AN/A
CET1 capital ratio10.14%10.55%4.50%7.00%N/A
Tier 1 capital ratio12.56%12.97%6.00%8.50%6.00%
Total capital ratio16.69%17.05%8.00%10.50%10.00%
Banc of California:
Tier 1 leverage capital ratio10.44%11.08%4.00%N/A5.00%
CET1 capital ratio13.42%14.17%4.50%7.00%6.50%
Tier 1 capital ratio13.42%14.17%6.00%8.50%8.00%
Total capital ratio15.94%16.65%8.00%10.50%10.00%
The Company's consolidated risk-based capital ratios decreased during the nine months ended September 30, 2025 due mainly to the impact of stock repurchases, offset by earnings for the period. The consolidated Tier 1 leverage ratio also decreased during the nine months ended September 30, 2025 due mainly to the impact of stock repurchases and higher average assets, offset by earnings.



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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 September 30, 2025, offset partially by $577.4 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 $20.1 million of securities. The Bank also had secured borrowing capacity with the FRBSF under the Discount Window program totaling $5.5 billion at September 30, 2025, of which $5.5 billion was available. The FRBSF Discount Window secured credit line was collateralized by liens on $5.0 billion of qualifying loans and $1.6 billion of pledged securities.
In addition to its secured lines of credit with the FHLB and FRBSF, the Bank also had credit limits of $215.0 million in the aggregate with several commercial banks, as well as borrowing arrangements with unaffiliated financial institutions that provide for the purchase of overnight funds or other short-term borrowings. The availability of these unsecured borrowings fluctuates regularly and is subject to the discretion of the counterparties. As of September 30, 2025, the Bank had $190.0 million outstanding under these arrangements. Additionally, the holding company has a $100.0 million unsecured revolving line of credit. As of September 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:
September 30,
December 31,
Primary Liquidity - On-Balance Sheet20252024
(Dollars In thousands)
Cash and due from banks$205,364$192,006
Interest-earning deposits in financial institutions2,192,9012,310,206
Total cash, cash equivalents, and restricted cash2,398,2652,502,212
Less: Restricted cash(171,003)(184,159)
Add: Securities available-for-sale, at fair value2,426,7342,246,839
Add: Allowance on securities available-for-sale775—
Less: Pledged securities available-for-sale, at fair value(3,444)(4,200)
Less: Haircut on securities available-for-sale(189,335)(193,191)
Total primary liquidity$4,461,992$4,367,501
Ratio of primary liquidity to total assets13.1 %13.0 %

Secondary Liquidity - Off-Balance Sheet September 30,
December 31,
Available Secured Borrowing Capacity20252024
(In thousands)
Total secured borrowing capacity with the FHLB$7,062,106 $6,853,652 
Less: Letters of credit(577,442)(527,893)
Less: Secured advances outstanding(1,700,000)(1,100,000)
Available secured borrowing capacity with the FHLB4,784,664 5,225,759 
Available secured borrowing capacity with the FRBSF5,503,924 6,295,540 
Total secondary liquidity$10,288,588 $11,521,299 
The Company's primary liquidity increased by $94.5 million to $4.5 billion at September 30, 2025 compared to $4.4 billion at December 31, 2024, due mainly to an increase of $179.9 million in AFS securities, partially offset by a decrease of $103.9 million in total cash, cash equivalents, and restricted cash. We also include certain unencumbered HTM securities in our internal liquidity stress test buffer which are not included in our primary liquidity. The Company's secondary liquidity decreased by $1.2 billion to $10.3 billion at September 30, 2025 compared to $11.5 billion at December 31, 2024, due to decreases in available secured borrowing capacity with the FRB of $791.6 million and with the FHLB of $441.1 million.


110

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 September 30, 2025, brokered deposits totaled $2.4 billion, consisting of $2.3 billion of brokered time deposits and $0.2 billion of non-maturity brokered accounts. At December 31, 2024, brokered deposits totaled $2.7 billion, consisting of $2.1 billion of brokered time deposits and $0.6 billion of non-maturity brokered accounts.
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). The Bank regularly monitors and assesses its liquidity position relative to these established guidelines to ensure alignment with its established risk parameters.



111

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 that increased the Company's unsecured revolving line of credit to $100.0 million. As of September 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 nine months ended September 30, 2025, common and common equivalent stock repurchased under the program totaled 13,648,429 shares at a weighted average price per share of $13.59, or $185.5 million in the aggregate. As of September 30, 2025, the Company had $114.5 million remaining under the stock repurchase authorization. The program may be changed, suspended, or discontinued at any time.
At September 30, 2025, Banc of California, Inc. had $158.1 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 September 30, 2025, our loan commitments and standby letters of credit were $4.8 billion and $225.1 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 September 30, 2025, the U.S. Dollar notional amounts of loans receivable and subordinated debt payable denominated in foreign currencies were $67.8 million and $30.2 million, and the U.S. Dollar notional amounts of derivatives outstanding to hedge these foreign currency exposures were $66.8 million and $29.9 million. We recognized a foreign currency translation net gain of $18,000 for the nine months ended September 30, 2025 and a foreign currency translation net loss of $752,000 for the nine months ended September 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 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 September 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. During the third quarter of 2025, we updated our deposit decay assumptions, which resulted in changes to the base case EVE and the corresponding sensitivity analysis. These assumptions are reviewed periodically and may be modified as historical data and observed deposit behaviors are updated.
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 September 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 September 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 EquityNet Interest Income
AmountPercentageAmountPercentage
September 30, 2025AmountChangeChangeAmountChangeChange
(Dollars in millions)
+200 bps$4,144 $(628)(13.2)%$1,100 $23 2.2 %
+100 bps$4,495 $(277)(5.8)%$1,087 $10 1.0 %
0 bps$4,773 $1,077 
-100 bps$4,919 $147 3.1 %$1,072 $(5)(0.5)%
-200 bps$5,009 $236 5.0 %$1,068 $(9)(0.8)%
____________________
(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 ECRs provided on certain deposit accounts, primarily those associated with our HOA business. ECRs are comprised mostly 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 September 30, 2025, client deposits eligible for ECRs totaled approximately $3.6 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 September 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 third 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.


117

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 September 30, 2025:
Total Number of Approximate Dollar
Shares PurchasedValue of Shares
Total as Part of That May Yet
Number of AveragePublicly Be Purchased
Shares Price PaidAnnouncedUnder the
Period
Purchased (1)
Per Share
Program (2)
Program (2)
(Dollars in thousands, except per share amounts)
July 1 - July 31, 2025
— $— — $150,000 
August 1 - August 31, 2025
13,738 $14.79 — $150,000 
September 1 - September 30, 2025
2,155,400 $16.48 2,153,792 $114,502 
Total2,169,138 $16.47 2,153,792 
__________________________
(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 September 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 NumberDescription
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).
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 September 30, 2025, and December 31, 2024, (ii) the Condensed Consolidated Statements of Earnings for the three months ended September 30, 2025, June 30, 2025, September 30, 2024, and nine months ended September 30, 2025 and 2024, (iii) the Condensed Consolidated Statements of Comprehensive Income for the three months ended September 30, 2025, June 30, 2025, September 30, 2024, and nine months ended September 30, 2025 and 2024, (iv) the Condensed Consolidated Statement of Changes in Stockholders’ Equity for the nine months ended September 30, 2025 and 2024, (v) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 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.
__________________
+    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.


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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:November 10, 2025
/s/ Jared M. Wolff
 
Jared M. Wolff
 Chairman and Chief Executive Officer
(Principal Executive Officer)

Date:November 10, 2025
/s/ Joseph Kauder
 
Joseph Kauder
 Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

Date:November 10, 2025
/s/ Karen Hon
 
Karen Hon
 Executive Vice President and Chief Accounting Officer
(Principal Accounting Officer)






















120

Source: View Original Filing on SEC EDGAR

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[Form 4] BANC OF CALIFORNIA, INC. Insider Trading Activity

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