BANC OF CALIFORNIA, INC.
For the period ended Dec 31, 2024. Filed Mar 27, 2025.
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Dec 31, 2024 · Filed Mar 27, 2025
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Contents
Appendix
Non-GAAP Reconciliation: Return on Average Tangible Common Equity for the Years Ended December 31, 2024, 2023, 2022, 2021, and 2020
| Year Ended | |||||
|---|---|---|---|---|---|
| December 31, 2024 (1) | December 31, 2023 (1) | December 31, 2022 (1) | December 31, 2021 (1) | December 31, 2020 (1) | |
| (dollars in thousands) | |||||
| Return on Average Tangible Common Equity | |||||
| Net earnings (loss) | $126,888 | $(1,899,137) | $120,939 | $62,346 | $12,574 |
| Earnings (loss) before income taxes | $168,654 | $(2,211,338) | $168,884 | $82,622 | $14,360 |
| Add: Goodwill impairment | — | 1,376,736 | — | — | — |
| Add: Intangible asset amortization | 33,143 | 11,419 | 1,705 | 1,276 | 1,518 |
| Adjusted earnings (loss) before income taxes | 201,797 | (823,183) | 170,589 | 83,898 | 15,878 |
| Adjusted income tax (benefit) expense(2) | 49,965 | (116,233) | 52,196 | 24,114 | 2,043 |
| Adjusted net earnings (loss) | 151,832 | (706,950) | 118,393 | 59,784 | 13,835 |
| Less: Preferred stock dividends | 39,788 | 39,788 | 1,420 | 8,322 | 13,869 |
| Adjusted net earnings (loss) available to common and equivalent stockholders | $112,044 | $(746,738) | $116,973 | $51,462 | $(34) |
| Average stockholders' equity | $3,431,364 | $2,994,428 | $992,252 | $896,988 | $882,050 |
| Less: Average intangible assets | 356,960 | 379,005 | 106,599 | 52,612 | 40,536 |
| Less: Average preferred stock | 498,516 | 498,516 | 18,731 | 112,201 | 186,209 |
| Average tangible common equity | $2,575,888 | $2,116,907 | $866,922 | $732,175 | $655,305 |
| Return on average tangible common equity(3) | 4.4% | (35.3)% | 13.5% | 7.0% | —% |
(1) Financial information and metrics for the year ended December 31, 2024 and 2023 represent reported financial results and metric of the combined company. Following the PacWest Merger, net loss for the year ended December 31, 2023 reflect PacWest financial results only on a standalone basis until the closing of the PacWest Merger on November 30, 2023, and results of the combined company for the month of December 2023. Net earnings for the years ended December 31, 2022, 2021, and 2020 represent reported financial results of the legacy Banc of California on which compensation was based.
(2) Effective tax rates of 24.8% and 14.1% used for the year ended December 31, 2024 and 2023; blended tax rate of 29.6% used for the year ended December 31, 2022, 2021, and 2020.
(3) Adjusted net earnings (loss) available to common and equivalent stockholders' divided by average tangible common equity.
| 92 | Banc of California | Annual Proxy Statement | 2025 |
Appendix
Non-GAAP Reconciliation: Return on Average Tangible Common Equity (ROATCE) for the Fourth Quarter Ended December 31, 2024
| Fourth Quarter Ended | |
|---|---|
| December 31, 2024 (1) | |
| (dollars in thousands) | |
| Return on Average Tangible Common Equity | |
| Net earnings | $56,919 |
| Earnings before income taxes | $70,103 |
| Add: Intangible asset amortization | 7,770 |
| Adjusted earnings before income taxes | 77,873 |
| Adjusted income tax expense(1) | 19,281 |
| Adjusted net earnings | 58,592 |
| Less: Preferred stock dividends | 9,947 |
| Adjusted net earnings available to common and equivalent stockholders | $48,645 |
| Average stockholders' equity | $3,486,164 |
| Less: Average intangible assets | 352,907 |
| Less: Average preferred stock | 498,516 |
| Average tangible common equity | $2,634,741 |
| Return on average tangible common equity(2) | 7.4% |
(1) Effective tax rate of 24.8% used for the fourth quarter ended December 31, 2024.
(2) Annualized adjusted net earnings available to common and equivalent stockholders divided by average tangible common equity.
| 93 | Banc of California | Annual Proxy Statement | 2025 |
Appendix
Non-GAAP Reconciliation: Adjusted Noninterest Expense to Average Total Assets for the Fourth Quarter Ended December 31, 2024 and 2023
| Fourth Quarter Ended | ||
|---|---|---|
| December 31, 2024 | December 31, 2023 (1) | |
| (dollars in thousands) | ||
| Adjusted Noninterest Expense to Average Total Assets | ||
| Noninterest expense | $181,370 | $363,638 |
| Less: Acquisition, integration, and reorganization costs | 1,023 | (111,800) |
| Adjusted noninterest expense | $182,393 | $251,838 |
| Less: Customer related expense | (31,672) | (45,826) |
| Adjusted noninterest expense excluding customer related expenses | $150,721 | $206,012 |
| Average assets | 33,562,028 | 37,640,387 |
| Noninterest expense to average total assets | 2.15% | 3.83% |
| Adjusted noninterest expense to average total assets | 2.16% | 2.65% |
| Adjusted noninterest expense excluding customer related expenses to average total assets | 1.79% | 2.17% |
(1) Does not reflect normalization to include combined company expenses for the full quarter and incentive compensation adjusted to target.
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