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美國證券交易委員會

華盛頓特區，20549  

表格：10-Q

☑			根據第13或15（d）條提交的季度報告 1934年證券交易所法案 截至本季度末2024年9月30日

或

☐			根據第13或15（d）條提交的過渡報告 1934年證券交易所法案 對於從__的過渡期

委員會文件編號：001-35522

加州銀行公司

(註冊人的確切姓名載於其章程)

馬里蘭州						04-3639825
(成立爲法團的狀況)						(國際稅務局僱主身分證號碼)

聖維森特大道11611號，500套房

洛杉磯, 鈣 90049

（主要行政辦公室地址，包括郵政編碼）

(855) 361-2262

（註冊人的電話號碼，包括地區代碼）

根據該法第12(B)條登記的證券：

普通股，每股面值0.01美元

BANC

紐約證券交易所

存托股份，每股代表1/40的權益

固定利率重置份額爲7.75%

永久優先股，F系列

銀行/愛國陣線

紐約證券交易所

（每個班級的標題）

（交易符號）

(Name註冊的交易所）

    通過勾選標記標明註冊人是否（1）在過去12個月內（或在註冊人被要求提交此類報告的較短期限內）提交了1934年證券交易法第13或15（d）條要求提交的所有報告，以及（2）在過去90天內是否遵守此類提交要求。 是  ☑  不是   ☐

    通過勾選標記檢查註冊人是否已在過去12個月內（或在註冊人被要求提交此類文件的較短期限內）以電子方式提交了根據S-t法規第405條（本章第232.405條）要求提交的所有交互數據文件。 是  ☑      不是  ☐

    通過複選標記來確定註冊人是大型加速申報人、加速申報人、非加速申報人、小型報告公司還是新興成長型公司。請參閱《交易法》第120億.2條規則中「大型加速備案人」、「加速備案人」、「小型報告公司」和「新興成長型公司」的定義。

☑

大型加速文件服務器

☐

加速文件管理器

☐

非加速文件服務器

☐

規模較小的報告公司

☐

新興成長型公司

如果是一家新興的成長型公司，用複選標記表示註冊人是否已選擇不使用延長的過渡期來遵守根據《交易所法》第13(A)節提供的任何新的或修訂的財務會計準則。☐

通過勾選標記檢查註冊人是否爲空殼公司（定義見《交易法》第120億.2條）.     是☐ 不是  ☑

1

---

截至2024年10月31日，已有 158,329,608 登記人已發行的有投票權普通股，不包括216，753股未歸屬的限制性股票，以及登記人已發行的b類無投票權普通股有477，321股。

2

---

加州銀行公司

2024年9月30日表格10-Q季度報告

目錄

 

						頁面
第一部分：財務信息
第1項。			簡明合併財務報表(未經審計)
			簡明綜合資產負債表(未經審計)			5
			簡明合併收益（虧損）表（未經審計）			6
			簡明綜合全面收益（虧損）表（未經審計）			8
			簡明合併股東權益變動表（未經審計）			9
			簡明合併現金流量表(未經審計)			13
			簡明合併財務報表附註(未經審計)			15
第二項。			管理層對財務狀況和經營成果的探討與分析			70
第三項。			關於市場風險的定量和定性披露			107
第四項。			控制和程序			110
第二部分.其他信息
第1項。			法律訴訟			110
第1A項。			風險因素			110
第二項。			未登記的股權證券銷售和收益的使用			110
第三項。			高級證券違約			111
第四項。			煤礦安全信息披露			111
第五項。			其他信息			111
第六項。			陳列品			111
簽名						112

3

---

第一部分：財務信息

首字母縮略詞、縮寫詞和術語詞彙表

以下列出的縮寫詞、縮寫和術語用於本季度報告10-Q表格的各個部分，包括「第1項。財務報表」和“第2項。管理層對財務狀況和經營結果的討論和分析。"

ACL

信貸損失準備

HFS

持有待售

AFS

可供出售

HLBV

假設按賬面價值清算

AFX

美國金融交易所

HTM

持有至到期

全部都是

貸款和租賃損失準備

ICS

IntraFi現金服務

ASC

會計準則編撰

IRR

利率風險

ASU

會計準則更新

LIHTC

低收入住房稅收抵免

BAM

美國銀行資產管理公司

倫敦金屬交易所

成本較低還是市場較低

巴塞爾協議III

聯邦儲備銀行和聯邦存款保險公司於2013年批准了針對美國銀行組織的全面資本框架和規則

MBS

抵押貸款支持證券

博利

銀行擁有的人壽保險

NAV

資產淨值

CDI

核心存款無形資產

NII

淨利息收入

CECL

當前預期信用損失

NVCE

無投票權普通股等值股票

CET1

普通股一級股權

奧利奧

擁有的其他房地產

公民

Civic Financial Services，LLC（一家於2021年2月1日收購的公司）

PCD

購買信貸惡化

CMBS

商業抵押貸款支持證券

PRSU

基於業績的限制性股票單位

Cmos

抵押抵押債券

ROU

使用權

新冠肺炎

冠狀病毒病

RSU

限售股單位

CRA

《社區再投資法案》

標普(S&P)

Standard & Poor's

CRI

客戶關係無形資產

SBA

小企業管理局

DFPI

加州金融保護與創新部

SBIC

小企業投資公司

夏娃

論股權的經濟價值

美國證券交易委員會

美國證券交易委員會

FDIC

美國聯邦存款保險公司

軟性

有擔保的隔夜融資利率

FHLB

舊金山聯邦住房貸款銀行

TRSA

基於時間的限制性股票獎勵

FRB

美國聯邦儲備系統理事會

美國公認會計原則

美國公認會計原則

FRBSF

舊金山聯邦儲備銀行

4

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項目1.濃縮合並財務報表（未經審計）

加州銀行公司和子公司

CONDENSED CONSOLIDATED BALANCE SHEETS

			9月30日，						十二月三十一日，
			2024						2023
			(未經審計)
			（美元單位：千美元，面值除外）
資產：
現金和銀行到期款項			$	251,869					$	202,427
金融機構存款收益			2,302,358						5,175,149
現金總額、現金等價物和受限現金			2,554,227						5,377,576
可供出售證券，按公允價值計算，扣除信用損失撥備
（攤銷成本 $2,526,306 和$2,699,255，分別)			2,300,284						2,346,864
持有至到期的證券，按攤銷成本計算，扣除信用損失撥備（
$2,229,482 和$2,168,316，分別）			2,301,263						2,287,291
FRb和FHLb庫存，按成本計算			145,123						126,346
總投資證券			4,746,670						4,760,501
持有待售貸款			28,639						122,757
爲投資而持有的貸款和租賃			23,553,534						25,534,730
遞延費用，淨額			(25,757)						(45,043)
貸款和租賃損失準備			(254,345)						(281,687)
持有用於投資的貸款和租賃總額，淨額			23,273,432						25,208,000
根據經營租賃出租給他人的設備			314,998						344,325
房舍和設備，淨額			143,200						146,798
銀行自營人壽保險			343,212						339,643
商譽			216,770						198,627
無形資產，淨額			140,562						165,477
遞延稅項淨資產			706,849						739,111
其他資產			964,054						1,131,249
總資產			$	33,432,613					$	38,534,064
負債：
無息存款			$	7,811,796					$	7,774,254
計息存款			19,016,473						22,627,515
總存款			26,828,269						30,401,769
借款（包括美元119,624 和 $123,116 分別按公允價值計算）			1,591,833						2,911,322
次級債務			942,151						936,599
應付應計利息和其他負債			574,162						893,609
總負債			29,936,415						35,143,299
承付款和或有事項
股東股票：
優先股			498,516						498,516
普通股($0.01面值，158,611,645已發行及已發行股份158,328,021 o在
2024年9月30日; 157,651,752 發行及 156,790,349 12月31日未償還
2023)			1,586						1,577
b類無投票權普通股（美元0.01面值，477,321 2024年9月30日發行的股票
和477,321 2023年12月31日發行的股份）			5						5
無投票權普通股等值（美元0.01 面值， 9,790,600 發行股份
2024年9月30日和 10,829,990 2023年12月31日發行的股份）			98						108
額外實收資本			3,802,314						3,840,974
留存赤字			(478,173)						(518,301)
累計其他綜合虧損淨額			(328,148)						(432,114)
股東權益總額			3,496,198						3,390,765
總負債和股東權益			$	33,432,613					$	38,534,064

請參閱簡明合併財務報表附註。

5

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加州銀行公司和子公司

濃縮合並收益（損失）報表

			止三個月																		止九個月
			9月30日，						6月30日，						9月30日，						9月30日，
			2024						2024						2023						2024						2023
			（未經審計）
			(以千爲單位，每股除外)
利息收入：
貸款和租賃			$	369,913					$	388,853					$	310,392					$	1,144,231					$	1,150,049
投資證券			34,912						33,836						45,326						103,051						133,716
金融機構存款			42,068						39,900						90,366						140,904						219,995
利息收入總額			446,893						462,589						446,084						1,388,186						1,503,760
利息支出：
存款			180,986						186,106						205,982						561,899						540,663
借貸			16,970						30,311						94,234						85,405						324,270
次級債務			16,762						16,684						15,139						50,117						42,750
總利息支出			214,718						233,101						315,355						697,421						907,683
淨利息收入			232,175						229,488						130,729						690,765						596,077
信貸損失準備金			9,000						11,000						—						30,000						5,000
撥備後的淨利息收入
信貸損失			223,175						218,488						130,729						660,765						591,077
非利息收入：
租賃設備收入			17,176						11,487						14,554						40,379						50,798
其他佣金和費用			8,256						8,629						7,641						25,027						29,226
存款帳戶手續費			4,568						4,540						4,018						13,813						11,906
出售貸款和租賃的（損失）收益			(62)						1,135						(1,901)						625						(157,820)
出售證券的損失			(59,946)						—						—						(59,946)						—
股權股息和收益
投資			3,730						1,166						3,837						7,964						7,593
令狀收入（損失）			211						(324)						(88)						65						(545)
LOCOm HFS調整			(74)						(38)						307						218						(11,636)
其他收入			10,689						3,197						15,440						20,011						22,595
非利息（損失）收入總額			(15,452)						29,792						43,808						48,156						(47,883)
非利息支出：
補償			85,585						85,914						71,642						263,735						242,999
客戶相關費用			34,475						32,405						26,971						97,799						78,278
保險和評估			12,708						26,431						38,298						59,600						75,650
入住率			16,892						17,455						15,293						52,315						45,743
信息技術和數據
正在處理中			14,995						15,459						12,840						45,872						38,706
無形資產攤銷			8,485						8,484						2,389						25,373						7,189
租賃設備折舊			7,144						7,511						8,333						22,175						26,796
其他專業服務			5,101						5,183						5,597						15,359						21,643
借款費用			3,994						4,332						4,243						12,817						16,012
收購、整合和
重組成本			(510)						(12,650)						9,925						(13,160)						30,833
商譽減值			—						—						—						—						1,376,736
其他費用			7,340						13,119						5,572						28,485						133,958
總非利息支出			196,209						203,643						201,103						610,370						2,094,543
所得稅前收益（損失）			11,514						44,637						(26,566)						98,551						(1,551,349)
所得稅費用（福利）			2,730						14,304						(3,222)						28,582						(135,167)
淨收益（虧損）			8,784						30,333						(23,344)						69,969						(1,416,182)
優先股股息			9,947						9,947						9,947						29,841						29,841
普通股可用的淨（損失）收益
和同等股東			$	(1,163)					$	20,386					$	(33,291)					$	40,128					$	(1,446,023)

請參閱簡明合併財務報表附註。

6

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加州銀行公司和子公司

濃縮合並收益（損失）報表

			止三個月																		止九個月
			9月30日，						6月30日，						9月30日，						9月30日，
			2024						2024						2023						2024						2023
			（未經審計）
			(以千爲單位，每股除外)
每股收益(虧損)：
基本			$	(0.01)					$	0.12					$	(0.42)					$	0.24					$	(18.61)
稀釋			$	(0.01)					$	0.12					$	(0.42)					$	0.24					$	(18.61)

    

請參閱簡明合併財務報表附註。

7

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加州銀行公司和子公司

簡明綜合全面收益表(損益表)

			止三個月																		止九個月
			9月30日，						6月30日，						9月30日，						9月30日，
			2024						2024						2023						2024						2023
			（未經審計）
			(In數千）
淨收益（虧損）			$	8,784					$	30,333					$	(23,344)					$	69,969					$	(1,416,182)
其他綜合收益(虧損)，稅後淨額：
證券未實現淨持有收益（損失）
期內產生的可供出售			83,902						729						(149,201)						66,423						(145,375)
與未實現淨額相關的所得稅（費用）福利
期內產生的持有收益（損失）			(23,810)						(207)						41,328						(18,850)						40,268
證券未實現淨持有收益（損失）
可供出售，不含稅			60,092						522						(107,873)						47,573						(105,107)
淨虧損的重新分類調整
淨收益 (1)			59,946						—						—						59,946						—
與重新分類調整相關的所得稅優惠			(17,011)						—						—						(17,011)						—
包括淨虧損的重新分類調整
淨利潤，扣除稅款			42,935						—						—						42,935						—
證券未實現淨損失攤銷
從可供出售轉爲持有至到期			8,226						8,106						7,998						24,442						23,759
與未實現攤銷相關的所得稅費用
轉移自的證券淨損失
可供出售至持有至到期			(2,354)						(2,300)						(2,215)						(6,956)						(6,581)
證券未實現淨損失攤銷
從可供出售轉入
持有至到期，不含稅			5,872						5,806						5,783						17,486						17,178
信用掛鉤票據公允價值變化			(1,495)						636						3,050						(2,110)						7,107
與公平變動相關的所得稅優惠（費用）
信用掛鉤票據的價值			424						(149)						(839)						630						(1,957)
信用掛鉤票據公允價值變化，
稅後淨額			(1,071)						487						2,211						(1,480)						5,150
產生的現金流量對沖未實現（損失）收益
在此期間			(10,216)						1,283						—						(3,508)						—
與未實現收益相關的所得稅優惠（費用）
關於期內產生的現金流量對沖			2,899						(321)						—						960						—
現金流量對沖未實現（損失）收益，
稅後淨額			(7,317)						962						—						(2,548)						—
其他綜合收益(虧損)，稅後淨額			100,511						7,777						(99,879)						103,966						(82,779)
綜合收益(虧損)			$	109,295					$	38,110					$	(123,223)					$	173,935					$	(1,498,961)

__________________________________

(1)    全部金額在“出售證券的損失“關於簡明合併收益（虧損）報表。

請參閱簡明合併財務報表附註。

8

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加州銀行公司和子公司

股東權益變動的濃縮合並報表

			截至2024年9月30日的九個月
																					非-
									普通股												投票																		積累
															B類						共同						額外												其他
			擇優												非-						股票						已繳費						保留						全面
			股票						投票						投票						等價物						資本						赤字						虧損淨額						總
			（未經審計）
			(In數千，每股金額除外）
平衡，2023年12月31日			$	498,516					$	1,577					$	5					$	108					$	3,840,974					$	(518,301)					$	(432,114)					$	3,390,765
淨收益			—						—						—						—						—						30,852						—						30,852
其他綜合損失、
稅後淨額			—						—						—						—						—						—						(4,322)						(4,322)
授予的限制性股票和
賺取股票補償，
扣除沒收股份			—						(1)						—						—						4,657						—						—						4,656
無投票權的轉換
普通股等值
有投票權的普通股			—						7						—						(7)						—						—						—						—
已上交的限制性股票			—						—						—						—						(1,238)						—						—						(1,238)
根據
股息再投資計劃			—						—						—						—						70						—						—						70
支付的現金股息：
優先股, $0.48/分享			—						—						—						—						—						(9,947)						—						(9,947)
普通股, $0.10/分享			—						—						—						—						(16,686)						—						—						(16,686)
餘額，2024年3月31日			$	498,516					$	1,583					$	5					$	101					$	3,827,777					$	(497,396)					$	(436,436)					$	3,394,150
淨收益			—						—																		—						30,333						—						30,333
其他綜合收益、
扣除稅項			—						—						—						—						—						—						7,777						7,777
授予的限制性股票和
賺取股票補償，
扣除沒收股份			—						—						—						—						3,912						—						—						3,912
已上交的限制性股票			—						—						—						—						(1,154)						—						—						(1,154)
根據
股息再投資計劃			—						—						—						—						78						—						—						78
已付現金股息：
優先股，$0.48/分享			—						—						—						—						—						(9,947)						—						(9,947)
普通股，$0.10/分享			—						—						—						—						(17,301)						—						—						(17,301)
餘額，2024年6月30日			$	498,516					$	1,583					$	5					$	101					$	3,813,312					$	(477,010)					$	(428,659)					$	3,407,848
淨收益			—						—																		—						8,784						—						8,784
其他全面收入，
稅後淨額			—						—						—						—						—						—						100,511						100,511
授予的限制性股票和
賺取股票補償，
扣除沒收股份			—						—						—						—						5,445						—						—						5,445
無投票權的轉換
普通股等值
有投票權的普通股			—						3						—						(3)						—						—						—						—
已上交的限制性股票			—						—						—						—						(158)						—						—						(158)
根據
股息再投資計劃			—						—						—						—						95						—						—						95
已付現金股息：
優先股，$0.48/分享			—						—						—						—						—						(9,947)						—						(9,947)
普通股，$0.10/分享			—						—						—						—						(16,380)						—						—						(16,380)
餘額，2024年9月30日			$	498,516					$	1,586					$	5					$	98					$	3,802,314					$	(478,173)					$	(328,148)					$	3,496,198

請參閱簡明合併財務報表附註。

9

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加州銀行公司和子公司

股東權益變動的濃縮合並報表

			截至2024年9月30日的九個月
																					無投票權
									普通股												共同
			擇優												B類						股票
			股票						投票						無投票權						等價物
			（未經審計）
			(In一個）
股數，2023年12月31日			513,250						157,651,752						477,321						10,829,990
限制性股票獎勵和賺取股票
賠償，扣除沒收股份			—						67,209						—						—
已上交的限制性股票			—						(17,364)						—						—
根據股息再投資計劃購買的股份			—						4,721						—						—
無投票權普通股等值的轉換
有投票權的普通股			—						684,390						—						(684,390)
股數，2024年3月31日			513,250						158,390,708						477,321						10,145,600
限制性股票獎勵和賺取股票
賠償，扣除沒收股份			—						(66,623)						—						—
已上交的限制性股票			—						(77,549)						—						—
根據股息再投資計劃購買的股份			—						6,255						—						—
股數，2024年6月30日			513,250						158,252,791						477,321						10,145,600
限制性股票獎勵和賺取股票
賠償，扣除沒收股份			—						2,001						—						—
已上交的限制性股票			—						(3,384)						—						—
根據股息再投資計劃購買的股份			—						5,237						—						—
無投票權普通股等值的轉換
有投票權的普通股			—						355,000						—						(355,000)
股數，2024年9月30日			513,250						158,611,645						477,321						9,790,600

請參閱簡明合併財務報表附註。

10

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加州銀行公司和子公司

股東權益變動的濃縮合並報表

			截至2023年9月30日的9個月
																					非-
									普通股												投票																		積累
															B類						共同						額外												其他
			擇優												非-						股票						已繳費						保留						全面
			庫存						投票						投票						等價物						資本						盈利						虧損淨額						總
			（未經審計）
			(In數千，每股金額除外）
平衡，2022年12月31日			$	498,516					$	1,230					$	—					$	—					$	2,821,064					$	1,420,624					$	(790,903)					$	3,950,531
淨虧損			—						—						—						—						—						(1,195,424)						—						(1,195,424)
其他全面收入，
稅後淨額			—						—						—						—						—						—						54,843						54,843
授予的限制性股票和
賺取股票補償，
扣除沒收股份			—						2						—						—						4,981						—						—						4,983
已上交的限制性股票			—						—						—						—						(4,053)						—						—						(4,053)
支付的現金股息：
優先股，$0.48/分享			—						—						—						—						—						(9,947)						—						(9,947)
普通股，$0.38/分享			—						—						—						—						(29,456)						—						—						(29,456)
平衡，2023年3月31日			$	498,516					$	1,232					$	—					$	—					$	2,792,536					$	215,253					$	(736,060)					$	2,771,477
淨虧損			—						—						—						—						—						(197,414)						—						(197,414)
其他綜合損失、
稅後淨額			—						—						—						—						—						—						(37,743)						(37,743)
授予的限制性股票和
賺取股票補償，
扣除沒收股份			—						1						—						—						8,933						—						—						8,934
已上交的限制性股票			—						—						—						—						(1,019)						—						—						(1,019)
支付的現金股息：
優先股，$0.48/分享			—						—						—						—						—						(9,947)						—						(9,947)
普通股，$0.02/分享			—						—						—						—						(1,093)						—						—						(1,093)
平衡，2023年6月30日			$	498,516					$	1,233					$	—					$	—					$	2,799,357					$	7,892					$	(773,803)					$	2,533,195
淨虧損			—						—						—						—						—						(23,344)						—						(23,344)
其他綜合損失、
稅後淨額			—						—						—						—						—						—						(99,879)						(99,879)
授予的限制性股票和
賺取股票補償，
扣除沒收股份			—						(2)						—						—						259						—						—						257
已上交的限制性股票			—						—						—						—						(194)						—						—						(194)
支付的現金股息：
優先股，$0.48/分享			—						—						—						—						—						(9,947)						—						(9,947)
普通股，$0.02/分享			—						—						—						—						(811)						—						—						(811)
平衡，2023年9月30日			$	498,516					$	1,231					$	—					$	—					$	2,798,611					$	(25,399)					$	(873,682)					$	2,399,277

請參閱簡明合併財務報表附註。

11

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加州銀行公司和子公司

股東權益變動的濃縮合並報表

			截至2023年9月30日的9個月
																					無投票權
									普通股												共同
			擇優												B類						股票
			股票						投票						無投票權						等價物
			（未經審計）
			(In一個）
股數，2022年12月31日			513,250						78,973,869						—						—
限制性股票獎勵和賺取股票
賠償，扣除沒收股份			—						110,661						—						—
已上交的限制性股票			—						(96,106)						—						—
股數，2023年3月31日			513,250						78,988,424						—						—
限制性股票獎勵和賺取股票
賠償，扣除沒收股份			—						54,188						—						—
已上交的限制性股票			—						(103,588)						—						—
股數，2023年6月30日			513,250						78,939,024						—						—
限制性股票獎勵和賺取股票
賠償，扣除沒收股份			—						(116,014)						—						—
已上交的限制性股票			—						(16,041)						—						—
股數，2023年9月30日			513,250						78,806,969						—						—

請參閱簡明合併財務報表附註。

12

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加州銀行公司和子公司

簡明綜合現金流量表

			止九個月
			9月30日，
			2024						2023
			（未經審計）
			(In數千）
經營活動的現金流：
淨收益（虧損）			$	69,969					$	(1,416,182)
將淨利潤（虧損）與經營活動提供的淨現金（使用）進行調節的調整：
商譽減值			—						1,376,736
折舊及攤銷			41,199						40,295
投資證券淨溢價攤銷			18,468						28,981
遞延貸款費用和折扣淨減少			(87,108)						(62,420)
無形資產攤銷			25,373						7,189
營業租賃淨資產攤銷			27,614						20,937
信貸損失準備金			30,000						5,000
出售止贖資產的收益			(947)						(793)
止贖資產損失撥備			1,020						701
出售貸款和租賃的（收益）損失			(625)						157,820
房屋和設備出售損失（收益）			24						(647)
出售證券的損失			59,946						—
BOLI死亡福利金的收益			(52)						(416)
衍生品、外幣和信貸掛鉤票據的未實現（收益）損失，淨			(825)						4,026
LOCOm HFS調整			(218)						11,636
賺取的股票報酬			14,013						14,174
收購、整合和重組成本			—						70
其他資產減少(增加)			124,162						(166,765)
應計應付利息和其他負債（減少）增加			(324,435)						33,857
經營活動提供的現金淨額(用於)			(2,422)						54,199
投資活動產生的現金流：
貸款和租賃淨（增加）減少			(399,666)						450,455
出售貸款和租賃的收益			2,455,794						5,946,033
可供出售證券到期和償還的收益			151,634						203,958
出售可供出售證券的收益			681,888						—
購買可供出售的證券			(729,612)						(12,752)
持有至到期證券的到期收益和償付			1,095						1,061
購買FHLb和FRb股票			(20,790)						(194,918)
FHLb和FRb股票的贖回			2,013						211,958
出售止贖資產的收益			14,561						14,235
購買場地和設備，淨額			(8,913)						(12,106)
出售房屋和設備的收益			136						9,018
BOLI死亡救濟金收益			2,074						3,567
根據經營租賃出租給他人的設備淨減少			7,152						25,151
投資活動提供的現金淨額			2,157,366						6,645,660
融資活動的現金流：
無息存款淨增加（減少）			37,542						(5,633,324)
生息存款淨減少			(3,611,042)						(1,704,329)
償還借款			(2,422,278)						(1,525,037)
借款收益			1,100,000						6,058,743
根據股息再投資計劃購買的股份			243						—
已上交的限制性股票			(2,550)						(5,266)
支付的優先股股息			(29,841)						(29,841)
已支付普通股股息			(50,367)						(31,360)
融資活動所用現金淨額			(4,978,293)						(2,870,414)
現金、現金等價物和限制性現金淨(減)增			(2,823,349)						3,829,445
期初現金、現金等價物和限制性現金			5,377,576						2,240,222
現金、現金等價物和受限現金，期末			$	2,554,227					$	6,069,667

請參閱簡明合併財務報表附註。

13

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加州銀行公司和子公司

簡明合併現金流量表

			止九個月
			9月30日，
			2024						2023
			（未經審計）
			(In數千）
現金流量信息的補充披露：
支付利息的現金			$	819,859					$	715,421
支付所得稅的現金（收到）			(7,160)						1,095
貸款轉移到止贖資產			15,564						15,950
從持作投資的貸款轉移至持作出售的貸款			1,930,285						3,076,427
從持作出售的貸款轉入持作投資的貸款			1,179						394,716

請參閱簡明合併財務報表附註。

14

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加州銀行公司和子公司

簡明合併財務報表附註(未經審計)

注1. 重要會計政策的組織和總結     

加州銀行是馬里蘭州的一家公司，於2002年3月註冊成立，是其全資附屬公司加州銀行(下稱「銀行」)的控股公司，加州銀行是加利福尼亞州特許銀行，也是FRB的成員。當我們提到「母公司」或「控股公司」時，我們指的是母公司加州銀行，在獨立的基礎上。當我們提到「我們」、「我們」、「我們的」或「公司」時，我們指的是加州銀行及其合併子公司，包括該銀行，統稱爲。作爲一家銀行控股公司，加州銀行受到FRB持續和全面的監督、監管、審查和執法。作爲一家加利福尼亞州特許銀行和FRB成員，該銀行受到DFP I和FRB持續和全面的監督、監管、審查和執行。本行亦爲聯邦存款保險公司制度的成員，其存款帳戶由聯邦存款保險公司的存款保險基金(「存款保險基金」)承保。

加州銀行是美國首屈一指的基於關係的商業銀行之一，專注於爲小型、中型市場和風險投資支持的企業提供銀行和金庫管理服務。該銀行通過以下方式提供廣泛的貸款和存款產品和服務 80 遍佈加利福尼亞州、科羅拉多州丹佛和北卡羅來納州達勒姆的全方位服務分支機構，並通過其子公司Deepstack Technology，LLC（「Deepstack」）提供全棧支付處理解決方案。加州銀行還通過其技術前沿平台SmartStreet™爲全國社區協會管理行業提供服務。該銀行致力於當地社區，支持提供金融知識和就業培訓、小企業支持、經濟適用住房等的組織。

我們的收入主要來自貸款和租賃收到的利息，在較小程度上來自投資證券收到的利息，以及與存款服務、擴大信貸和提供的其他服務（包括金庫管理和投資管理服務）有關的費用。我們的主要運營費用是銀行支付的存款和借款利息、補償、佔用和一般運營費用。

重大會計政策

我們的會計政策在註釋1中描述。 經營性質和重要會計政策摘要，包含在我們的年度R中的經審計合併財務報表向SEC提交的截至2023年12月31日的年度10-k表格電子申報（「10-K表格」）。

2024年採用的會計準則

自2024年1月1日起，公司採用了ASO 2022-03，”公允價值計量（主題820）：受合同銷售限制的股本證券的公允價值計量。" 該標準明確了在計量公允價值時不應考慮合同銷售限制。它還要求投資受合同銷售限制的股權證券的實體披露有關此類證券的某些定性和定量信息。 公司在確定其股權證券的公允價值時沒有考慮合同銷售限制，因此，本修訂的採用並未對公司的合併財務報表產生重大影響。

自2024年1月1日起，本公司採用ASU 2023-02、投資-權益法和合資企業(主題323)：使用比例攤銷法覈算稅收抵免結構中的投資(新出現問題工作隊的共識)。這一標準將比例攤銷法擴展到對所有稅收抵免結構中的投資進行覈算。這種會計方法以前只允許低收入住房稅收抵免(LIHTC)投資，但現在通過選舉，所有符合五個條件的社區開發稅收抵免投資報告都可以使用。在新的指導下，報告實體可以在逐個稅收抵免計劃的基礎上做出會計政策選擇，而不是針對個人投資或在報告實體層面上。公司在預期的基礎上採納了這一最新情況，並確定採用這一修訂不會對公司的綜合財務報表產生實質性影響。

15

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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.

On November 30, 2023, PacWest Bancorp merged with and into Banc of California, Inc. (the “Merger”), with Banc of California, Inc. continuing as the surviving legal corporation and Banc of California, Inc. concurrently closed a $400 million equity capital raise. The Merger was accounted for as a reverse merger using the acquisition method of accounting, therefore, PacWest Bancorp was deemed the acquirer for financial reporting purposes, even though Banc of California, Inc. was the legal acquirer. The Merger was an all-stock transaction and has been accounted for as a business combination. Banc of California, Inc.'s financial results for all periods ended prior to November 30, 2023 reflect PacWest Bancorp results only on a standalone basis. In addition, Banc of California, Inc.'s reported financial results for the year ended December 31, 2023 reflect PacWest Bancorp financial results only on a standalone basis until the closing of the Merger on November 30, 2023, and results of the combined company for the month of December 2023. The number of shares issued and outstanding, earnings per share, and all references to share quantities or metrics of Banc of California, Inc. have been retrospectively restated to reflect the equivalent number of shares issued in the Merger as the Merger was accounted for as a reverse merger. Under the reverse merger method of accounting, the assets and liabilities of legacy Banc of California, Inc. as of November 30, 2023 were recorded at their respective fair values. 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 allowance for loan and lease losses and the reserve for unfunded loan commitments), the carrying value of goodwill and other intangible assets, the fair value of assets and liabilities acquired in business combinations and the related purchase price allocation, and the realization of deferred tax assets. These estimates may be adjusted as more current information becomes available, and any adjustment may be significant.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period's presentation format.

NOTE 2. BUSINESS COMBINATIONS

On November 30, 2023 (the “Merger Date”), PacWest Bancorp merged with and into Banc of California, Inc., with Banc of California, Inc. continuing as the surviving legal corporation (the “Merger”). Promptly following the Merger, Banc of California, Inc.’s wholly owned bank subsidiary, Banc of California, N.A., merged with and into PacWest Bancorp’s wholly owned bank subsidiary, Pacific Western Bank, with Pacific Western Bank surviving the merger. The name of the bank was then changed to Banc of California. Refer to Note 1. Organization and Summary of Significant Accounting Policies under the Basis of Presentation for more information pertaining to the completed Merger.

The Merger was accounted for as a reverse merger using the acquisition method of accounting; therefore, PacWest Bancorp was deemed the acquirer for financial reporting purposes, even though Banc of California, Inc. was the legal acquirer. The Merger was an all-stock transaction and has been accounted for as a business combination. Pursuant to the merger agreement, on the Merger Date, each holder of PacWest Bancorp common stock received 0.6569 of a share (the “Exchange Ratio”) of Banc of California, Inc.'s common stock for each share of PacWest Bancorp common stock held. Each outstanding share of common stock of Banc of California, Inc. remained outstanding. As of the Merger Date, PacWest Bancorp had approximately 120.0 million and Banc of California, Inc. had approximately 57.0 million shares of common stock outstanding. On the Merger Date, the shares of PacWest Bancorp common stock, which previously traded under the ticker symbol “PACW” on NASDAQ, ceased trading on, and were delisted from, NASDAQ. Following the Merger, Banc of California, Inc. common stock continues to trade on NYSE, with the ticker symbol of “BANC.”

16

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table provides the preliminary purchase price allocation as of the Merger Date and the assets acquired and liabilities assumed at their estimated fair value as of the Merger Date as recorded by the Company. The estimates of fair value were recorded based on initial valuations available at the Merger Date and further adjusted in the third quarter based on new information. These estimates, including initial accounting for deferred taxes and acquired loans, are considered preliminary as of September 30, 2024 and remain subject to additional adjustment for up to one year after the Merger Date. In many cases, the determination of fair value required management to make estimates about discount rates, expected future cash flows, market conditions and other future events that are highly subjective in nature and subject to change. While the Company believes that the information available on the Merger Date provided a reasonable basis for estimating fair value, additional information obtained during the measurement period resulted in changes in the second and third quarters of 2024 and further additional information that may be obtained during the remaining measurement period may result in additional changes to the estimated fair value amounts. The measurement period ends on the earlier of one year after the Merger Date or the date the Company concludes that all necessary information about the facts and circumstances that existed as of the Merger Date have been obtained. The fair value of acquired net tax assets may change once the final tax returns have been filed and the fair value of acquired loans may change due to additional information being obtained during the measurement period, including the determination of PCD loans as the Company further evaluates the information as of the acquisition date.

												November 30, 2023
												Purchase Price Consideration:
												(In thousands)
Total merger consideration																		$	663,004
Fair value of assets acquired:
Cash and due from banks												$	335,300
Investment securities available-for-sale												872,800
Loans and leases held for sale												2,179,860
Loans and leases held for investment, net of allowance for loan and lease losses												3,952,073
Premises and equipment												103,500
Other intangible assets												145,500
Current and deferred tax assets, net												209,602
Other assets												391,050
Total assets acquired												$	8,189,685
Fair value of liabilities assumed:
Deposits												$	6,547,659
FHLB advances												794,000
Long-term debt												257,600
Other liabilities												144,192
Total liabilities assumed												$	7,743,451
Net assets acquired																		446,234
Goodwill																		$	216,770

In connection with the Merger, the Company recorded approximately $216.8 million of goodwill. Goodwill represents the excess of the purchase price over the fair value of the assets acquired, net of fair value of liabilities assumed. Information regarding the allocation of goodwill recorded as a result of the acquisition, as well as the carrying amounts and amortization of core deposit and other intangible assets, are provided in Note 6. Goodwill and Other Intangible Assets, Net of the Notes to Consolidated Financial Statements. None of the goodwill recognized is expected to be deductible for income tax purposes.

17

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 3. 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 periods ended September 30, 2024 and 2023. The following restricted cash balances are included in "Interest-earning deposits in financial institutions" on the condensed consolidated balance sheets. As of September 30, 2024 and December 31, 2023, we pledged cash collateral for our derivative contracts of $3.5 million and $3.3 million. In connection with the issuance of the credit-linked notes on September 29, 2022, legacy Pacific Western Bank 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 $121.1 million at September 30, 2024 and $125.2 million at December 31, 2023. 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, 2024 and December 31, 2023, the balance of such restricted cash totaled $58.7 million and $56.6 million.

NOTE 4. INVESTMENT SECURITIES     

Securities Available-for-Sale

The following table presents amortized cost, gross unrealized gains and losses, and fair values of securities available-for-sale as of the dates indicated:

			September 30, 2024
									Allowance												Gross						Gross
			Amortized						for Credit						Net Carrying						Unrealized						Unrealized						Fair
Security Type			Cost						Losses						Amount						Gains						Losses						Value
			(In thousands)
Agency residential MBS			$	1,071,154					$	—					$	1,071,154					$	—					$	(148,706)					$	922,448
Agency commercial MBS			34,193						—						34,193						—						(661)						33,532
Agency residential CMOs			432,183						—						432,183						1,910						(15,853)						418,240
Municipal securities			602						—						602						—						(5)						597
Corporate debt securities			300,996						(199)						300,797						1,753						(35,920)						266,630
Private label residential CMOs			367,168						—						367,168						823						(28,266)						339,725
Collateralized loan obligations			284,743						—						284,743						365						(135)						284,973
Private label commercial MBS			14,415						—						14,415						—						(793)						13,622
Asset-backed securities			16,287						—						16,287						—						(83)						16,204
SBA securities			4,565						—						4,565						—						(252)						4,313
Total (1)			$	2,526,306					$	(199)					$	2,526,107					$	4,851					$	(230,674)					$	2,300,284

_________________________

(1)    Excludes accrued interest receivable of $12.7 million at September 30, 2024 which is recorded in "Other assets" on the condensed consolidated balance sheets.

18

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			December 31, 2023
									Allowance												Gross						Gross
			Amortized						for Credit						Net Carrying						Unrealized						Unrealized						Fair
Security Type			Cost						Losses						Amount						Gains						Losses						Value
			(In thousands)
Agency residential MBS			$	1,388,801					$	—					$	1,388,801					$	—					$	(201,192)					$	1,187,609
U.S. Treasury securities			4,965						—						4,965						3						—						4,968
Agency commercial MBS			268,639						—						268,639						—						(15,333)						253,306
Agency residential CMOs			320,984						—						320,984						—						(36,650)						284,334
Municipal securities			29,192						—						29,192						—						(1,109)						28,083
Corporate debt securities			327,426						(199)						327,227						259						(60,254)						267,232
Private label residential CMOs			193,071						—						193,071						—						(34,659)						158,412
Collateralized loan obligations			109,168						—						109,168						—						(752)						108,416
Private label commercial MBS			22,126						—						22,126						—						(1,313)						20,813
Asset-backed securities			20,241						—						20,241						—						(289)						19,952
SBA securities			14,642						—						14,642						—						(903)						13,739
Total (1)			$	2,699,255					$	(199)					$	2,699,056					$	262					$	(352,454)					$	2,346,864

_________________________

(1)    Excludes accrued interest receivable of $10.0 million at December 31, 2023 which is recorded in "Other assets" on the condensed consolidated balance sheets.

As of September 30, 2024, the Company had recorded an allowance for credit losses on securities available-for-sale of $199,000 on one corporate debt security of other financial institutions that were downgraded to below investment grade by external credit agencies. Except for the corporate debt security noted, we believe there was no credit impairment and the decline in fair value of our securities since acquisition was primarily attributable to changes in interest rates and credit spreads. 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 and the Company has therefore recorded the unrealized losses in accumulated other comprehensive income/(loss) ("AOCI").

As of September 30, 2024, securities available-for-sale with a fair value of $4.3 million were pledged as collateral solely for public deposits.

Realized Gains and Losses on Securities Available-for-Sale

The following table presents the amortized cost of securities sold with related gross realized gains, gross realized losses, and net realized (losses) gains for the periods indicated:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2024						2023						2024						2023
			(In thousands)
Amortized cost of securities sold			$	741,834					$	—					$	741,834					$	—
Gross realized gains			$	—					$	—					$	—					$	—
Gross realized losses			(59,946)						—						(59,946)						—
Net realized (losses) gains			$	(59,946)					$	—					$	(59,946)					$	—

19

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Unrealized Losses on Securities Available-for-Sale

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

			September 30, 2024
			Less Than 12 Months												12 Months or More												Total
									Gross												Gross												Gross
			Fair						Unrealized						Fair						Unrealized						Fair						Unrealized
Security Type			Value						Losses						Value						Losses						Value						Losses
			(In thousands)
Agency residential MBS			$	—					$	—					$	922,448					$	(148,706)					$	922,448					$	(148,706)
Agency commercial MBS (1)			21,289						—						12,243						(661)						33,532						(661)
Agency residential CMOs			—						—						109,796						(15,853)						109,796						(15,853)
Municipal securities			—						—						597						(5)						597						(5)
Corporate debt securities			—						—						247,200						(35,920)						247,200						(35,920)
Private label residential CMOs			—						—						138,448						(28,266)						138,448						(28,266)
Collateralized loan obligations			73,503						(135)						—						—						73,503						(135)
Private label commercial MBS			—						—						13,622						(793)						13,622						(793)
Asset-backed securities			16,204						(83)						—						—						16,204						(83)
SBA securities			—						—						4,313						(252)						4,313						(252)
Total			$	110,996					$	(218)					$	1,448,667					$	(230,456)					$	1,559,663					$	(230,674)

_________________________

(1)    Gross unrealized loss is less than $500 in the "Less than 12 months" category.

			December 31, 2023
			Less Than 12 Months												12 Months or More												Total
									Gross												Gross												Gross
			Fair						Unrealized						Fair						Unrealized						Fair						Unrealized
Security Type			Value						Losses						Value						Losses						Value						Losses
			(In thousands)
Agency residential MBS			$	—					$	—					$	1,187,609					$	(201,192)					$	1,187,609					$	(201,192)
Agency commercial MBS			—						—						253,306						(15,333)						253,306						(15,333)
Agency residential CMOs			—						—						284,334						(36,650)						284,334						(36,650)
Municipal securities			—						—						28,083						(1,109)						28,083						(1,109)
Corporate debt securities			—						—						265,431						(60,254)						265,431						(60,254)
Private label residential CMOs			—						—						158,412						(34,659)						158,412						(34,659)
Collateralized loan obligations			—						—						66,886						(752)						66,886						(752)
Private label commercial MBS			—						—						20,813						(1,313)						20,813						(1,313)
Asset-backed securities			—						—						19,952						(289)						19,952						(289)
SBA securities			—						—						13,739						(903)						13,739						(903)
Total			$	—					$	—					$	2,298,565					$	(352,454)					$	2,298,565					$	(352,454)

The securities that were in an unrealized loss position at September 30, 2024, were considered impaired and required further review to determine if the unrealized losses were credit-related. 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. Accordingly, we determined the unrealized losses were not credit-related and recognized the unrealized losses in "Accumulated other comprehensive loss, net" of "Stockholders' equity" on the condensed consolidated balance sheets.

20

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Contractual Maturities of Securities Available-for-Sale

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

			September 30, 2024
									Due After						Due After
			Due						One Year						Five Years						Due
			Within						Through						Through						After
Security Type			One Year						Five Years						Ten Years						Ten Years						Total
			(In thousands)
Amortized Cost:
Agency residential MBS			$	—					$	—					$	—					$	1,071,154					$	1,071,154
Agency commercial MBS			610						21,290						—						12,293						34,193
Agency residential CMOs			—						—						—						432,183						432,183
Municipal securities			—						602						—						—						602
Corporate debt securities			—						5,000						295,996						—						300,996
Private label residential CMOs			—						—						—						367,168						367,168
Collateralized loan obligations			—						—						125,705						159,038						284,743
Private label commercial MBS			—						—						1,083						13,332						14,415
Asset-backed securities			—						—						—						16,287						16,287
SBA securities			—						—						4,565						—						4,565
Total			$	610					$	26,892					$	427,349					$	2,071,455					$	2,526,306

			September 30, 2024
									Due After						Due After
			Due						One Year						Five Years						Due
			Within						Through						Through						After
Security Type			One Year						Five Years						Ten Years						Ten Years						Total
			(In thousands)
Fair Value:
Agency residential MBS			$	—					$	—					$	—					$	922,448					$	922,448
Agency commercial MBS			606						21,289						—						11,637						33,532
Agency residential CMOs			—						—						—						418,240						418,240
Municipal securities			—						597						—						—						597
Corporate debt securities			—						4,866						261,764						—						266,630
Private label residential CMOs			—						—						—						339,725						339,725
Collateralized loan obligations			—						—						125,884						159,089						284,973
Private label commercial MBS			—						—						1,062						12,560						13,622
Asset-backed securities			—						—						—						16,204						16,204
SBA securities			—						—						4,313						—						4,313
Total			$	606					$	26,752					$	393,023					$	1,879,903					$	2,300,284

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.

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Securities Held-to-Maturity

Effective June 1, 2022, the Company transferred securities with a fair value of $2.3 billion from available-for-sale to held-to-maturity. At the time of transfer, $218.3 million of unrealized losses, net of tax, was retained in "Accumulated other comprehensive loss, net" on the condensed consolidated balance sheets. The amount remaining in "Accumulated other comprehensive loss, net" at September 30, 2024 was $163.9 million. The following table presents amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair values of securities held-to-maturity as of the date indicated:

			September 30, 2024
									Allowance
									for						Net						Gross						Gross
			Amortized						Credit						Carrying						Unrealized						Unrealized						Fair
Security Type			Cost						Losses						Amount						Gains						Losses						Value
			(In thousands)
Municipal securities			$	1,250,254					$	(140)					$	1,250,114					$	2,670					$	(16,849)					$	1,235,935
Agency commercial MBS			438,781						—						438,781						—						(18,745)						420,036
Private label commercial MBS			354,098						—						354,098						—						(14,694)						339,404
U.S. Treasury securities			189,239						—						189,239						—						(8,812)						180,427
Corporate debt securities			70,391						(1,360)						69,031						—						(15,351)						53,680
Total (1)			$	2,302,763					$	(1,500)					$	2,301,263					$	2,670					$	(74,451)					$	2,229,482

__________________________

(1)    Excludes accrued interest receivable of $11.3 million at September 30, 2024 which is recorded in "Other assets" on the condensed consolidated balance sheets.

			December 31, 2023
									Allowance
									for						Net						Gross						Gross
			Amortized						Credit						Carrying						Unrealized						Unrealized						Fair
Security Type			Cost						Losses						Amount						Gains						Losses						Value
			(In thousands)
Municipal securities			$	1,247,310					$	(140)					$	1,247,170					$	1,760					$	(28,170)					$	1,220,760
Agency commercial MBS			433,827						—						433,827						—						(30,665)						403,162
Private label commercial MBS			350,493						—						350,493						—						(29,289)						321,204
U.S. Treasury securities			187,033						—						187,033						—						(11,454)						175,579
Corporate debt securities			70,128						(1,360)						68,768						—						(21,157)						47,611
Total (1)			$	2,288,791					$	(1,500)					$	2,287,291					$	1,760					$	(120,735)					$	2,168,316

__________________________

(1)    Excludes accrued interest receivable of $13.4 million at December 31, 2023 which is recorded in "Other assets" on the condensed consolidated balance sheets.

As of September 30, 2024, securities held-to-maturity with an amortized cost of $2.2 billion and a fair value of $2.2 billion were pledged as collateral primarily for the FRB secured line of credit and public deposits.

22

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Allowance for Credit Losses on Securities Held-to-Maturity

The following table presents the changes by major security type in our allowance for credit losses on securities held-to-maturity for the periods indicated:

			Allowance for						Provision																		Allowance for
			Credit Losses,						for																		Credit Losses,
			Beginning						Credit																		End of
Security Type			of Period						Losses						Charge-offs						Recoveries						Period
			(In thousands)
Three Months Ended September 30, 2024
Municipal securities			$	140					$	—					$	—					$	—					$	140
Corporate debt securities			1,360						—						—						—						1,360
Total			$	1,500					$	—					$	—					$	—					$	1,500
Nine Months Ended September 30, 2024
Municipal securities			$	140					$	—					$	—					$	—					$	140
Corporate debt securities			1,360						—						—						—						1,360
Total			$	1,500					$	—					$	—					$	—					$	1,500

			Allowance for						Provision																		Allowance for
			Credit Losses,						for																		Credit Losses,
			Beginning						Credit																		End of
Security Type			of Period						Losses						Charge-offs						Recoveries						Period
			(In thousands)
Three Months Ended September 30, 2023
Municipal securities			$	140					$	—					$	—					$	—					$	140
Corporate debt securities			1,360						—						—						—						1,360
Total			$	1,500					$	—					$	—					$	—					$	1,500
Nine Months Ended September 30, 2023
Municipal securities			$	140					$	—					$	—					$	—					$	140
Corporate debt securities			1,360						—						—						—						1,360
Total			$	1,500					$	—					$	—					$	—					$	1,500

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 allowance for credit losses based primarily on credit ratings.

23

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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 held-to-maturity securities. The following table presents our securities held-to-maturity portfolio at amortized cost by the lowest available credit rating as of the dates indicated:

			September 30, 2024
Security Type			AAA						AA+						AA						AA-						A+						A						A-						BBB						NR						Total
			(In thousands)
Amortized Cost:
Municipal securities			$	570,454					$	368,821					$	218,026					$	60,843					$	11,990					$	1,671					$	—					$	—					$	18,449					$	1,250,254
Agency commercial
MBS			—						438,781						—						—						—						—						—						—						—						438,781
Private label
commercial MBS			354,098						—						—						—						—						—						—						—						—						354,098
U.S. Treasury
securities			—						189,239						—						—						—						—						—						—						—						189,239
Corporate debt
securities			—						—						—						—						—						—						—						44,472						25,919						70,391
Total			$	924,552					$	996,841					$	218,026					$	60,843					$	11,990					$	1,671					$	—					$	44,472					$	44,368					$	2,302,763

			December 31, 2023
Security Type			AAA						AA+						AA						AA-						A+						A						A-						BBB						NR						Total
			(In thousands)
Amortized Cost:
Municipal securities			$	564,127					$	397,542					$	167,905					$	86,243					$	12,007					$	1,787					$	—					$	—					$	17,699					$	1,247,310
Agency commercial
MBS			—						433,827						—						—						—						—						—						—						—						433,827
Private label
commercial MBS			350,493						—						—						—						—						—						—						—						—						350,493
U.S. Treasury
securities			—						187,033						—						—						—						—						—						—						—						187,033
Corporate debt
securities			—						—						—						—						—						—						—						44,371						25,757						70,128
Total			$	914,620					$	1,018,402					$	167,905					$	86,243					$	12,007					$	1,787					$	—					$	44,371					$	43,456					$	2,288,791

24

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Contractual Maturities of Securities Held-to-Maturity

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

			September 30, 2024
									Due After						Due After
			Due						One Year						Five Years						Due
			Within						Through						Through						After
Security Type			One Year						Five Years						Ten Years						Ten Years						Total
			(In thousands)
Amortized Cost:
Municipal securities			$	—					$	20,246					$	441,137					$	788,871					$	1,250,254
Agency commercial MBS			—						—						438,781						—						438,781
Private label commercial MBS			—						—						36,733						317,365						354,098
U.S. Treasury securities			—						—						189,239						—						189,239
Corporate debt securities			—						—						10,162						60,229						70,391
Total			$	—					$	20,246					$	1,116,052					$	1,166,465					$	2,302,763

			September 30, 2024
									Due After						Due After
			Due						One Year						Five Years						Due
			Within						Through						Through						After
Security Type			One Year						Five Years						Ten Years						Ten Years						Total
			(In thousands)
Fair Value:
Municipal securities			$	—					$	20,275					$	436,537					$	779,123					$	1,235,935
Agency commercial MBS			—						—						420,036						—						420,036
Private label commercial MBS			—						—						35,873						303,531						339,404
U.S. Treasury securities			—						—						180,427						—						180,427
Corporate debt securities			—						—						9,544						44,136						53,680
Total			$	—					$	20,275					$	1,082,417					$	1,126,790					$	2,229,482

Commercial 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.

Interest Income on Investment Securities

The following table presents the composition of our interest income on investment securities, including available-for-sale and held-to-maturity, for the periods indicated:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2024						2023						2024						2023
			(In thousands)
Taxable interest			$	28,576					$	38,062					$	83,241					$	114,961
Non-taxable interest			4,622						4,872						14,088						14,697
Dividend income			1,714						2,392						5,722						4,058
Total interest income on investment securities			$	34,912					$	45,326					$	103,051					$	133,716

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 5.  LOANS AND LEASES

Our loans 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.

Loans and Leases Held for Investment

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

			September 30,						December 31,
			2024						2023
			(In thousands)
Real estate mortgage			$	13,527,145					$	16,378,537
Real estate construction and land (1)			3,476,332						3,183,357
Commercial			6,329,861						5,780,346
Consumer			414,357						454,474
Total gross loans and leases held for investment			23,747,695						25,796,714
Unearned discounts, net (2)			(194,161)						(261,984)
Deferred fees, net			(25,757)						(45,043)
Total loans and leases held for investment, net of unearned discounts and deferred fees			23,527,777						25,489,687
Allowance for loan and lease losses			(254,345)						(281,687)
Total loans and leases held for investment, net (3)			$	23,273,432					$	25,208,000

____________________

(1)    Includes land and acquisition and development loans of $208.3 million and $228.9 million at September 30, 2024 and December 31, 2023.

(2)    Represents net acquisition discounts of $258.9 million and purchase premiums of $64.7 million at September 30, 2024, and net acquisition discounts of $334.2 million and purchase premiums of $72.2 million at December 31, 2023.

(3)    Excludes accrued interest receivable of $99.0 million and $111.3 million at September 30, 2024 and December 31, 2023, respectively, which is recorded in "Other assets" on the condensed consolidated balance sheets.

26

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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, net of deferred fees, by loan portfolio segment and class as of the dates indicated:

			September 30, 2024
			30 - 89						90 or More
			Days						Days						Total
			Past Due						Past Due						Past Due						Current						Total
			(In thousands)
Real estate mortgage:
Commercial			$	17,261					$	29,412					$	46,673					$	4,511,266					$	4,557,939
Multi-family			—						—						—						6,009,280						6,009,280
Other residential			19,703						39,546						59,249						2,707,938						2,767,187
Total real estate mortgage			36,964						68,958						105,922						13,228,484						13,334,406
Real estate construction and land:
Commercial			—						—						—						836,902						836,902
Residential			—						—						—						2,622,507						2,622,507
Total real estate construction and land			—						—						—						3,459,409						3,459,409
Commercial:
Asset-based			1,097						—						1,097						2,114,214						2,115,311
Venture capital			—						—						—						1,353,626						1,353,626
Other commercial			12,417						2,669						15,086						2,835,449						2,850,535
Total commercial			13,514						2,669						16,183						6,303,289						6,319,472
Consumer			2,449						410						2,859						411,631						414,490
Total			$	52,927					$	72,037					$	124,964					$	23,402,813					$	23,527,777

			December 31, 2023
			30 - 89						90 or More
			Days						Days						Total
			Past Due						Past Due						Past Due						Current						Total
			(In thousands)
Real estate mortgage:
Commercial			$	12,618					$	15,168					$	27,786					$	4,998,711					$	5,026,497
Multi-family			2,302						1,020						3,322						6,021,857						6,025,179
Other residential			93,042						4,341						97,383						4,962,926						5,060,309
Total real estate mortgage			107,962						20,529						128,491						15,983,494						16,111,985
Real estate construction and land:
Commercial			—						—						—						759,585						759,585
Residential			—						—						—						2,399,684						2,399,684
Total real estate construction and land			—						—						—						3,159,269						3,159,269
Commercial:
Asset-based			608						2,689						3,297						2,185,788						2,189,085
Venture capital			—						—						—						1,446,362						1,446,362
Other commercial			1,276						6,993						8,269						2,121,591						2,129,860
Total commercial			1,884						9,682						11,566						5,753,741						5,765,307
Consumer			3,461						670						4,131						448,995						453,126
Total			$	113,307					$	30,881					$	144,188					$	25,345,499					$	25,489,687

27

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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, net of deferred fees, by loan portfolio segment and class as of the dates indicated:

			September 30, 2024																		December 31, 2023
			Nonaccrual						Performing						Total						Nonaccrual						Performing						Total
			(In thousands)
Real estate mortgage:
Commercial			$	78,478					$	4,479,461					$	4,557,939					$	15,669					$	5,010,828					$	5,026,497
Multi-family			916						6,008,364						6,009,280						1,020						6,024,159						6,025,179
Other residential			50,514						2,716,673						2,767,187						31,041						5,029,268						5,060,309
Total real estate mortgage			129,908						13,204,498						13,334,406						47,730						16,064,255						16,111,985
Real estate construction and land:
Commercial			—						836,902						836,902						—						759,585						759,585
Residential			—						2,622,507						2,622,507						—						2,399,684						2,399,684
Total real estate construction and land			—						3,459,409						3,459,409						—						3,159,269						3,159,269
Commercial:
Asset-based			2,295						2,113,016						2,115,311						2,689						2,186,396						2,189,085
Venture capital			19,957						1,333,669						1,353,626						325						1,446,037						1,446,362
Other commercial			15,662						2,834,873						2,850,535						10,972						2,118,888						2,129,860
Total commercial			37,914						6,281,558						6,319,472						13,986						5,751,321						5,765,307
Consumer			519						413,971						414,490						811						452,315						453,126
Total			$	168,341					$	23,359,436					$	23,527,777					$	62,527					$	25,427,160					$	25,489,687

At September 30, 2024, nonaccrual loans and leases included $72.0 million of loans and leases 90 or more days past due, $29.5 million of loans and leases 30 to 89 days past due, and $66.8 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, 2023, nonaccrual loans and leases included $19.1 million of loans and leases 90 or more days past due, $11.4 million of loans and leases 30 to 89 days past due, and $32.0 million of current loans and leases that were placed on nonaccrual status based on management’s judgment regarding their collectability.

As of September 30, 2024, our three largest loan relationships on nonaccrual status had an aggregate carrying value of $49.0 million and represented 29% of total nonaccrual loans and leases.

28

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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, net of deferred fees, 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, 2024
			Classified						Special Mention						Pass						Total
			(In thousands)
Real estate mortgage:
Commercial			$	256,581					$	339,559					$	3,961,799					$	4,557,939
Multi-family			152,288						46,332						5,810,660						6,009,280
Other residential			53,140						14,775						2,699,272						2,767,187
Total real estate mortgage			462,009						400,666						12,471,731						13,334,406
Real estate construction and land:
Commercial			—						111,195						725,707						836,902
Residential			—						3,164						2,619,343						2,622,507
Total real estate construction and land			—						114,359						3,345,050						3,459,409
Commercial:
Asset-based			5,731						11,156						2,098,424						2,115,311
Venture capital			39,699						145,441						1,168,486						1,353,626
Other commercial			25,511						32,358						2,792,666						2,850,535
Total commercial			70,941						188,955						6,059,576						6,319,472
Consumer			641						7,908						405,941						414,490
Total			$	533,591					$	711,888					$	22,282,298					$	23,527,777

			December 31, 2023
			Classified						Special Mention						Pass						Total
			(In thousands)
Real estate mortgage:
Commercial			$	75,739					$	219,687					$	4,731,071					$	5,026,497
Multi-family			74,954						108,356						5,841,869						6,025,179
Other residential			38,155						54,197						4,967,957						5,060,309
Total real estate mortgage			188,848						382,240						15,540,897						16,111,985
Real estate construction and land:
Commercial			—						—						759,585						759,585
Residential			—						2,757						2,396,927						2,399,684
Total real estate construction and land			—						2,757						3,156,512						3,159,269
Commercial:
Asset-based			4,561						12,506						2,172,018						2,189,085
Venture capital			7,805						98,633						1,339,924						1,446,362
Other commercial			26,044						9,984						2,093,832						2,129,860
Total commercial			38,410						121,123						5,605,774						5,765,307
Consumer			1,159						7,192						444,775						453,126
Total			$	228,417					$	513,312					$	24,747,958					$	25,489,687

29

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

									Three Months						Nine Months												Three Months						Nine Months
									Ended						Ended												Ended						Ended
			September 30,						September 30,						September 30,						September 30,						September 30,						September 30,
			2024						2024						2024						2023						2023						2023
			Nonaccrual						Interest						Interest						Nonaccrual						Interest						Interest
			Recorded						Income						Income						Recorded						Income						Income
			Investment						Recognized						Recognized						Investment						Recognized						Recognized
			(In thousands)
With An Allowance Recorded:
Real estate mortgage:
Commercial			$	201					$	—					$	—					$	55					$	—					$	—
Multi-family			—						—						—						—						—						—
Other residential			232						—						—						372						—						—
Real estate construction and land:
Commercial			—						—						—						—						—						—
Residential			—						—						—						—						—						—
Commercial:
Asset-based			—						—						—						—						—						—
Venture capital			19,957						—						—						2,001						—						—
Other commercial			6,950						—						—						672						—						—
Consumer			519						—						—						207						—						—
With No Related Allowance
Recorded:
Real estate mortgage:
Commercial			$	78,277					$	3					$	10					$	31,410					$	24					$	80
Multi-family			916						—						—						—						—						—
Other residential			50,282						—						—						87,957						—						—
Real estate construction and land:
Commercial			—						—						—						—						—						—
Residential			—						—						—						—						—						—
Commercial:
Asset-based			2,295						—						—						363						—						—
Venture capital			—						—						—						—						—						—
Other commercial			8,712						—						—						2,359						8						8
Consumer			—						—						—						—						—						—
Total Loans and Leases With and
Without an Allowance Recorded:
Real estate mortgage			$	129,908					$	3					$	10					$	119,794					$	24					$	80
Real estate construction and land			—						—						—						—						—						—
Commercial			37,914						—						—						5,395						8						8
Consumer			519						—						—						207						—						—
Total			$	168,341					$	3					$	10					$	125,396					$	32					$	88

30

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

																																													Revolving
																																													Converted
Amortized Cost Basis (1)			Term Loans by Origination Year																																				Revolving						to Term
September 30, 2024			2024						2023						2022						2021						2020						Prior						Loans						Loans						Total
			(In thousands)
Real Estate Mortgage:
Commercial
Internal risk rating:
1-2 High pass			$	1,702					$	—					$	28,984					$	27,455					$	11,507					$	91,870					$	1					$	—					$	161,519
3-4.5 Pass			107,554						168,787						815,924						703,752						478,959						1,437,575						55,407						32,322						3,800,280
5 Special mention			—						1,325						103,785						11,804						4,331						217,510						804						—						339,559
6-8 Classified			—						1,812						12,673						68,314						17,212						156,570						—						—						256,581
Total			$	109,256					$	171,924					$	961,366					$	811,325					$	512,009					$	1,903,525					$	56,212					$	32,322					$	4,557,939
Current YTD period:
Gross charge-offs			$	—					$	—					$	175					$	10,030					$	9,714					$	1,375					$	—					$	—					$	21,294
Real Estate Mortgage:
Multi-family
Internal risk rating:
1-2 High pass			$	—					$	—					$	51,103					$	223,538					$	79,409					$	138,645					$	—					$	—					$	492,695
3-4.5 Pass			71,993						85,449						2,168,365						1,145,375						492,934						1,294,278						11,571						48,000						5,317,965
5 Special mention			—						—						—						—						—						46,332						—						—						46,332
6-8 Classified			—						—						40,019						17,254						11,795						83,220						—						—						152,288
Total			$	71,993					$	85,449					$	2,259,487					$	1,386,167					$	584,138					$	1,562,475					$	11,571					$	48,000					$	6,009,280
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Real Estate Mortgage:
Other residential
Internal risk rating:
1-2 High pass			$	—					$	—					$	—					$	—					$	—					$	—					$	4,014					$	—					$	4,014
3-4.5 Pass			—						4,582						317,480						2,276,938						40,062						19,374						36,733						89						2,695,258
5 Special mention			—						590						9,857						4,049						—						279						—						—						14,775
6-8 Classified			—						4,068						29,385						17,669						—						1,671						347						—						53,140
Total			$	—					$	9,240					$	356,722					$	2,298,656					$	40,062					$	21,324					$	41,094					$	89					$	2,767,187
Current YTD period:
Gross charge-offs			$	—					$	3,355					$	25,538					$	6,394					$	350					$	67					$	—					$	—					$	35,704

____________________

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

31

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

																																													Revolving
																																													Converted
Amortized Cost Basis (1)			Term Loans by Origination Year																																				Revolving						to Term
September 30, 2024			2024						2023						2022						2021						2020						Prior						Loans						Loans						Total
			(In thousands)
Real Estate Construction
and Land: Commercial
Internal risk rating:
1-2 High pass			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
3-4.5 Pass			20,371						36,461						457,681						123,977						52,446						10,727						24,044						—						725,707
5 Special mention			—						—						—						111,195						—						—						—						—						111,195
6-8 Classified			—						—						—						—						—						—						—						—						—
Total			$	20,371					$	36,461					$	457,681					$	235,172					$	52,446					$	10,727					$	24,044					$	—					$	836,902
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Real Estate Construction
and Land: Residential
Internal risk rating:
1-2 High pass			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
3-4.5 Pass			89,504						159,489						1,433,928						597,557						237,151						—						101,714						—						2,619,343
5 Special mention			—						—						—						3,164						—						—						—						—						3,164
6-8 Classified			—						—						—						—						—						—						—						—						—
Total			$	89,504					$	159,489					$	1,433,928					$	600,721					$	237,151					$	—					$	101,714					$	—					$	2,622,507
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Commercial: Asset-Based
Internal risk rating:
1-2 High pass			$	32,730					$	39,510					$	207,755					$	228,132					$	17,496					$	267,152					$	178,231					$	—					$	971,006
3-4.5 Pass			70,694						91,341						183,245						73,496						10,467						68,513						575,366						54,296						1,127,418
5 Special mention			—						198						5,670						—						—						—						5,288						—						11,156
6-8 Classified			—						—						—						—						—						—						5,731						—						5,731
Total			$	103,424					$	131,049					$	396,670					$	301,628					$	27,963					$	335,665					$	764,616					$	54,296					$	2,115,311
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	92					$	—					$	—					$	—					$	92
Commercial: Venture
Capital
Internal risk rating:
1-2 High pass			$	(56)					$	(82)					$	(2)					$	—					$	1,998					$	—					$	155,156					$	23,691					$	180,705
3-4.5 Pass			58,318						122,614						64,856						89,910						4,325						18,601						550,660						78,497						987,781
5 Special mention			—						34,003						19,926						15,647						—						—						69,334						6,531						145,441
6-8 Classified			—						—						13,994						19,957						—						—						5,748						—						39,699
Total			$	58,262					$	156,535					$	98,774					$	125,514					$	6,323					$	18,601					$	780,898					$	108,719					$	1,353,626
Current YTD period:
Gross charge-offs			$	—					$	2,272					$	—					$	—					$	—					$	2					$	140					$	—					$	2,414

____________________

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

32

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

																																													Revolving
																																													Converted
Amortized Cost Basis (1)			Term Loans by Origination Year																																				Revolving						to Term
September 30, 2024			2024						2023						2022						2021						2020						Prior						Loans						Loans						Total
			(In thousands)
Commercial: Other
Commercial
Internal risk rating:
1-2 High pass			$	230					$	715					$	3,831					$	4,028					$	50					$	1,271					$	72,074					$	—					$	82,199
3-4.5 Pass			53,584						83,370						144,198						207,356						43,073						166,708						1,981,850						30,328						2,710,467
5 Special mention			—						11,288						497						1,890						710						3,502						14,362						109						32,358
6-8 Classified			—						—						3,160						3,128						1,322						9,585						7,571						745						25,511
Total			$	53,814					$	95,373					$	151,686					$	216,402					$	45,155					$	181,066					$	2,075,857					$	31,182					$	2,850,535
Current YTD period:
Gross charge-offs			$	—					$	—					$	565					$	453					$	—					$	747					$	1,157					$	387					$	3,309
Consumer
Internal risk rating:
1-2 High pass			$	—					$	—					$	22					$	17					$	2					$	—					$	1,623					$	—					$	1,664
3-4.5 Pass			23,648						20,948						61,226						183,592						20,250						88,553						5,804						256						404,277
5 Special mention			—						—						2,165						4,310						113						1,320						—						—						7,908
6-8 Classified			—						—						55						163						53						358						—						12						641
Total			$	23,648					$	20,948					$	63,468					$	188,082					$	20,418					$	90,231					$	7,427					$	268					$	414,490
Current YTD period:
Gross charge-offs			$	—					$	199					$	603					$	2,197					$	332					$	1,102					$	1					$	—					$	4,434
Total Loans and Leases
Internal risk rating:
1-2 High pass			$	34,606					$	40,143					$	291,693					$	483,170					$	110,462					$	498,938					$	411,099					$	23,691					$	1,893,802
3-4.5 Pass			495,666						773,041						5,646,903						5,401,953						1,379,667						3,104,329						3,343,149						243,788						20,388,496
5 Special mention			—						47,404						141,900						152,059						5,154						268,943						89,788						6,640						711,888
6-8 Classified			—						5,880						99,286						126,485						30,382						251,404						19,397						757						533,591
Total			$	530,272					$	866,468					$	6,179,782					$	6,163,667					$	1,525,665					$	4,123,614					$	3,863,433					$	274,876					$	23,527,777
Current YTD period:
Gross charge-offs			$	—					$	5,826					$	26,881					$	19,074					$	10,488					$	3,293					$	1,298					$	387					$	67,247

______________________

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

33

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

																																													Revolving
																																													Converted
Amortized Cost Basis (1)			Term Loans by Origination Year																																				Revolving						to Term
December 31, 2023			2023						2022						2021						2020						2019						Prior						Loans						Loans						Total
			(In thousands)
Real Estate Mortgage:
Commercial
Internal risk rating:
1-3 High pass			$	—					$	16,976					$	17,432					$	16,832					$	17,337					$	69,205					$	1					$	—					$	137,783
4-6 Pass			182,236						933,294						814,564						510,952						298,985						1,765,454						76,866						10,937						4,593,288
7 Special mention			—						14,021						32,235						25,485						17,147						129,549						1,250						—						219,687
8-9 Classified			749						—						26,172						439						17,063						29,566						1,750						—						75,739
Total			$	182,985					$	964,291					$	890,403					$	553,708					$	350,532					$	1,993,774					$	79,867					$	10,937					$	5,026,497
Current YTD period:
Gross charge-offs			$	34					$	—					$	—					$	—					$	76					$	14,185					$	—					$	—					$	14,295
Real Estate Mortgage:
Multi-family
Internal risk rating:
1-3 High pass			$	—					$	28,155					$	140,424					$	58,959					$	57,988					$	109,423					$	—					$	—					$	394,949
4-6 Pass			66,143						2,221,235						1,193,052						539,660						564,420						794,599						67,811						—						5,446,920
7 Special mention			—						2,610						17,784						12,201						39,808						35,953						—						—						108,356
8-9 Classified			—						—						17,283						8,576						26,543						22,552						—						—						74,954
Total			$	66,143					$	2,252,000					$	1,368,543					$	619,396					$	688,759					$	962,527					$	67,811					$	—					$	6,025,179
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Real Estate Mortgage:
Other residential
Internal risk rating:
1-3 High pass			$	—					$	—					$	—					$	—					$	—					$	—					$	6,769					$	—					$	6,769
4-6 Pass			188,561						1,824,253						2,812,293						65,230						—						19,518						51,246						87						4,961,188
7 Special mention			—						46,263						7,568						—						—						—						366						—						54,197
8-9 Classified			3,847						18,263						12,908						1,223						—						1,764						65						85						38,155
Total			$	192,408					$	1,888,779					$	2,832,769					$	66,453					$	—					$	21,282					$	58,446					$	172					$	5,060,309
Current YTD period:
Gross charge-offs			$	3,402					$	23,544					$	5,385					$	740					$	—					$	4					$	—					$	—					$	33,075

____________________

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

34

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

																																													Revolving
																																													Converted
Amortized Cost Basis (1)			Term Loans by Origination Year																																				Revolving						to Term
December 31, 2023			2023						2022						2021						2020						2019						Prior						Loans						Loans						Total
			(In thousands)
Real Estate Construction
and Land: Commercial
Internal risk rating:
1-3 High pass			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
4-6 Pass			23,916						388,165						214,303						68,833						16,781						27,175						20,412						—						759,585
7 Special mention			—						—						—						—						—						—						—						—						—
8-9 Classified			—						—						—						—						—						—						—						—						—
Total			$	23,916					$	388,165					$	214,303					$	68,833					$	16,781					$	27,175					$	20,412					$	—					$	759,585
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Real Estate Construction
and Land: Residential
Internal risk rating:
1-3 High pass			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
4-6 Pass			64,341						1,185,297						668,083						336,636						—						26,896						115,674						—						2,396,927
7 Special mention			—						—						2,757						—						—						—						—						—						2,757
8-9 Classified			—						—						—						—						—						—						—						—						—
Total			$	64,341					$	1,185,297					$	670,840					$	336,636					$	—					$	26,896					$	115,674					$	—					$	2,399,684
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Commercial: Asset-Based
Internal risk rating:
1-3 High pass			$	32,485					$	237,936					$	223,088					$	39,380					$	119,364					$	254,638					$	89,667					$	—					$	996,558
4-6 Pass			122,064						238,206						132,449						17,823						7,447						25,945						630,073						1,453						1,175,460
7 Special mention			—						101						—						—						—						1						12,394						10						12,506
8-9 Classified			—						—						—						701						—						340						3,520						—						4,561
Total			$	154,549					$	476,243					$	355,537					$	57,904					$	126,811					$	280,924					$	735,654					$	1,463					$	2,189,085
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	60					$	—					$	—					$	—					$	150					$	210
Commercial: Venture
Capital
Internal risk rating:
1-3 High pass			$	(84)					$	(7)					$	—					$	1,998					$	—					$	(3)					$	136,339					$	(140)					$	138,103
4-6 Pass			101,038						128,485						113,183						6,473						6,216						622						770,941						74,863						1,201,821
7 Special mention			17,481						10,984						31,928						—						19,986						—						13,260						4,994						98,633
8-9 Classified			—						—						7,808						—						—						—						(3)						—						7,805
Total			$	118,435					$	139,462					$	152,919					$	8,471					$	26,202					$	619					$	920,537					$	79,717					$	1,446,362
Current YTD period:
Gross charge-offs			$	—					$	2,245					$	2,759					$	—					$	—					$	—					$	9					$	—					$	5,013

____________________

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

35

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

																																													Revolving
																																													Converted
Amortized Cost Basis (1)			Term Loans by Origination Year																																				Revolving						to Term
December 31, 2023			2023						2022						2021						2020						2019						Prior						Loans						Loans						Total
			(In thousands)
Commercial: Other
Commercial
Internal risk rating:
1-3 High pass			$	815					$	4,350					$	5,216					$	130					$	29					$	2,148					$	66,827					$	—					$	79,515
4-6 Pass			98,643						201,215						285,249						50,582						39,951						158,810						1,176,946						2,921						2,014,317
7 Special mention			1,748						1,306						442						554						540						5,071						254						69						9,984
8-9 Classified			—						912						4,011						1,706						1,299						13,768						3,257						1,091						26,044
Total			$	101,206					$	207,783					$	294,918					$	52,972					$	41,819					$	179,797					$	1,247,284					$	4,081					$	2,129,860
Current YTD period:
Gross charge-offs			$	—					$	6,867					$	24					$	—					$	28					$	75					$	1,013					$	431					$	8,438
Consumer
Internal risk rating:
1-3 High pass			$	—					$	27					$	22					$	4					$	—					$	—					$	1,304					$	—					$	1,357
4-6 Pass			26,468						71,523						207,751						23,390						42,338						63,919						7,684						345						443,418
7 Special mention			—						1,286						4,224						371						1,100						181						30						—						7,192
8-9 Classified			—						281						42						135						198						486						1						16						1,159
Total			$	26,468					$	73,117					$	212,039					$	23,900					$	43,636					$	64,586					$	9,019					$	361					$	453,126
Current YTD period:
Gross charge-offs			$	—					$	432					$	540					$	76					$	255					$	1,081					$	1					$	12					$	2,397
Total Loans and Leases
Internal risk rating:
1-3 High pass			$	33,216					$	287,437					$	386,182					$	117,303					$	194,718					$	435,411					$	300,907					$	(140)					$	1,755,034
4-6 Pass			873,410						7,191,673						6,440,927						1,619,579						976,138						2,882,938						2,917,653						90,606						22,992,924
7 Special mention			19,229						76,571						96,938						38,611						78,581						170,755						27,554						5,073						513,312
8-9 Classified			4,596						19,456						68,224						12,780						45,103						68,476						8,590						1,192						228,417
Total			$	930,451					$	7,575,137					$	6,992,271					$	1,788,273					$	1,294,540					$	3,557,580					$	3,254,704					$	96,731					$	25,489,687
Current YTD period:
Gross charge-offs			$	3,436					$	33,088					$	8,708					$	876					$	359					$	15,345					$	1,023					$	593					$	63,428

____________________

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

36

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

On January 1, 2023, the Company adopted ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures" ("ASU 2022-02"), which eliminated the accounting guidance for troubled debt restructurings while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. This guidance was applied on a prospective basis.

The following table presents our loan modifications made to borrowers experiencing financial difficulty by type of modification for the period indicated with related amortized cost balances as of the date indicated:

			Three Months Ended September 30, 2024
			Loan Modifications
			Balances (Amortized Cost Basis) at
			September 30, 2024
																																	Combination - Term
																																	Extension and												Total Loan
			Term Extension												Payment Delay																		Payment Delay												Modifications
									% of												% of																								% of												% of
									Loan												Loan																								Loan												Loan
									Portfolio												Portfolio																								Portfolio												Portfolio
			Balance						Class						Balance						Class																		Balance						Class						Balance						Class
			(Dollars in thousands)
Real estate mortgage:
Commercial			$	93,551					2.1		%				$	45,957					1.0		%																$	—					—		%				$	139,508					3.1		%
Other residential			1,528						0.1		%				—						—		%																—						—		%				1,528						0.1		%
Commercial:
Asset-based			2,195						0.1		%				—						—		%																—						—		%				2,195						0.1		%
Venture capital			—						—		%				—						—		%																13,156						1.0		%				13,156						1.0		%
Other commercial			2,141						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 - Term												Combination - Term
																											Extension and												Extension and												Total Loan
			Term Extension												Payment Delay												Principal Forgiveness												Payment Delay												Modifications
									% of												% of												% of												% of												% of
									Loan												Loan												Loan												Loan												Loan
									Portfolio												Portfolio												Portfolio												Portfolio												Portfolio
			Balance						Class						Balance						Class						Balance						Class						Balance						Class						Balance						Class
			(Dollars in thousands)
Real estate mortgage:
Commercial			$	94,690					2.1		%				$	60,117					1.3		%				$	13,500					0.3		%				$	—					—		%				$	168,307					3.7		%
Other residential			5,092						0.2		%				—						—		%				—						—		%				—						—		%				5,092						0.2		%
Commercial:
Asset-based			2,195						0.1		%				—						—		%				—						—		%				—						—		%				2,195						0.1		%
Venture capital			—						—		%				—						—		%				—						—		%				13,156						1.0		%				13,156						1.0		%
Other commercial			2,386						0.1		%				—						—		%				—						—		%				45						—		%				2,431						0.1		%
Consumer			11						—		%				—						—		%				—						—		%				—						—		%				11						—		%
Total			$	104,374											$	60,117											$	13,500											$	13,201											$	191,192

37

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			Three Months Ended September 30, 2023
			Loan Modifications
			Balances (Amortized Cost Basis) at
			September 30, 2023
																											Combination - Term
																											Extension and
																											Interest Rate												Total Loan
			Term Extension												Payment Delay												Reduction												Modifications
									% of												% of												% of												% of
									Loan												Loan												Loan												Loan
									Portfolio												Portfolio												Portfolio												Portfolio
			Balance						Class						Balance						Class						Balance						Class						Balance						Class
			(Dollars in thousands)
Real estate mortgage:
Other residential			$	4,001					0.1		%				—						—		%				—						—		%				$	4,001					0.1		%
Commercial:
Other commercial			1,508						0.2		%				41						—		%				6						—		%				1,555						0.2		%
Total			$	5,509											$	41											$	6											$	5,556

			Nine Months Ended September 30, 2023
			Loan Modifications
			Balances (Amortized Cost Basis) at
			September 30, 2023
																											Combination - Term
																											Extension and
																											Interest Rate																		Total Loan
			Term Extension												Payment Delay												Reduction																		Modifications
									% of												% of												% of																								% of
									Loan												Loan												Loan																								Loan
									Portfolio												Portfolio												Portfolio																								Portfolio
			Balance						Class						Balance						Class						Balance						Class																		Balance						Class
			(Dollars in thousands)
Real estate mortgage:
Other residential			$	15,311					0.3		%				$	—					—		%				$	—					—		%																$	15,311					0.3		%
Commercial:
Other commercial			2,556						0.3		%				41						—		%				6						—		%																2,603						0.3		%
Consumer			15						—		%				—						—		%				2						—		%																17						—		%
Total			$	17,882											$	41											$	8																							$	17,931

38

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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 period indicated:

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 for 24 months.

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 partial 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 for up to 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.

39

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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 partial payment deferrals.

Other commercial

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

Three Months Ended September 30, 2023

Term Extension - Financial Effect

Real estate mortgage:

Other residential

Extended maturity by a weighted average 8 months.

Commercial:

Other commercial

Extended maturity by a weighted average 17 months.

Three Months Ended September 30, 2023

Payment Delay - Financial Effect

Commercial:

Other commercial

Provided 18 months of reduced payments to borrowers without extending the loan term.

Three Months Ended September 30, 2023

Combination - Term Extension and Interest Rate Reduction– Financial Effect

Consumer

Extended maturity by a weighted average 3 years and reduced weighted average contractual interest rate from 11.75% to 7.50%.

Nine Months Ended September 30, 2023

Term Extension - Financial Effect

Real estate mortgage:

Other residential

Extended maturity by a weighted average 10 months.

Commercial:

Other commercial

Extended maturity by a weighted average 22 months.

Consumer

Extended maturity by a weighted average 12 months.

Nine Months Ended September 30, 2023

Payment Delay - Financial Effect

Commercial:

Other commercial

Provided 18 months of reduced payments to borrowers without extending the loan term.

Nine Months Ended September 30, 2023

Combination - Term Extension and Interest Rate Reduction– Financial Effect

Commercial:

Other commercial

Extended maturity by a weighted average 3 years and reduced weighted average contractual interest rate from 11.75% to 7.50%.

Consumer

Extended maturity by a weighted average 2 years and reduced weighted average contractual interest rate from 9.5% to 2.0%.

40

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

			Payment Status (Amortized Cost Basis) at
			September 30, 2024
									30-89 Days						90 or More Days
			Current						Past Due						Past Due						Total
			(In thousands)
Real estate mortgage:
Commercial			$	154,206					$	14,160					$	—					$	168,366
Other residential			3,112						91						3,986						7,189
Commercial:
Asset-based			2,195						—						—						2,195
Venture capital			13,156						—						—						13,156
Other commercial			672						3,161						—						3,833
Consumer			11						—						—						11
Total			$	173,352					$	17,412					$	3,986					$	194,750

The following table presents the payment status of loans that were modified during the nine months ended September 30, 2023, subsequent to the adoption of ASU 2022-02 on January 1, 2023, with related amortized cost balances as of the date indicated:

			Payment Status (Amortized Cost Basis) at
			September 30, 2023
									30-89 Days						90 or More Days
			Current						Past Due						Past Due						Total
			(In thousands)
Real estate mortgage:
Other residential			$	6,225					$	7,662					$	1,424					$	15,311
Commercial:
Other commercial			2,599						4						—						2,603
Consumer			17						—						—						17
Total			$	8,841					$	7,666					$	1,424					$	17,931

The following table presents 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 date indicated:

			Three Months Ended September 30, 2024																		Nine Months Ended September 30, 2024
			Modified Loans That																		Modified Loans That
			Subsequently Defaulted																		Subsequently Defaulted
			Amortized Cost Basis at																		Amortized Cost Basis at
			September 30, 2024																		September 30, 2024
			Term Extension						Payment Delay						Total						Term Extension						Payment Delay																		Total
			(In thousands)
Real estate mortgage:
Commercial			$	—					$	14,160					$	14,160					$	—					$	14,160																	$	14,160
Other residential			556						—						556						4,077						—																		4,077
Total			$	556					$	14,160					$	14,716					$	4,077					$	14,160																	$	18,237

41

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table presents information on loans that defaulted during the periods indicated, which had been modified during the nine months ended September 30, 2023, subsequent to the adoption of ASU 2022-02 on January 1, 2023, with related amortized cost balances as of the date indicated:

Three Months Ended September 30, 2023

Nine Months Ended September 30, 2023

Modified Loans That

Modified Loans That

Subsequently Defaulted

Subsequently Defaulted

Amortized Cost Basis at

Amortized Cost Basis at

September 30, 2024

September 30, 2024

Term Extension

Term Extension

(In thousands)

Real estate mortgage:

Other residential

$

8,700

$

9,100

Commercial:

Other commercial

4

4

Total

$

8,704

$

9,104

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 allowance for loan and lease losses. See Note 8. Leases for information regarding operating leases where we are the lessor.

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

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2024						2023						2024						2023
			(In thousands)
Component of leases receivable income:
Interest income on net investments in leases			$	4,711					$	4,319					$	14,323					$	12,186

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

			September 30, 2024						December 31, 2023
			(In thousands)
Net Investment in Direct Financing Leases:
Lease payments receivable			$	223,181					$	249,223
Unguaranteed residual assets			23,816						25,488
Deferred costs and other			2,194						2,715
Aggregate net investment in leases			$	249,191					$	277,426

42

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

			September 30, 2024
			(In thousands)
Period ending December 31,
2024			$	20,341
2025			78,813
2026			61,079
2027			40,526
2028			23,552
Thereafter			25,400
Total undiscounted cash flows			249,711
Less: Unearned income			(26,530)
Present value of lease payments			$	223,181

43

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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 allowance for loan and lease losses on loans and leases held for investment by loan portfolio segment for the periods indicated:

			Three Months Ended September 30, 2024
									Real Estate
			Real Estate						Construction
			Mortgage						and Land						Commercial						Consumer						Total
			(In thousands)
Allowance for Loan and Lease Losses:
Balance, beginning of period			$	155,260					$	25,281					$	51,194					$	16,027					$	247,762
Charge-offs			(640)						—						(1,963)						(1,560)						(4,163)
Recoveries			216						—						1,253						277						1,746
Net charge-offs			(424)						—						(710)						(1,283)						(2,417)
Provision			9,798						(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 Estate						Construction
			Mortgage						and Land						Commercial						Consumer						Total
			(In thousands)
Allowance for Loan and Lease Losses:
Balance, beginning of period			$	186,827					$	33,830					$	45,156					$	15,874					$	281,687
Charge-offs			(56,998)						—						(5,815)						(4,434)						(67,247)
Recoveries			2,536						—						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

44

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			Three Months Ended September 30, 2023
									Real Estate
			Real Estate						Construction
			Mortgage						and Land						Commercial						Consumer						Total
			(In thousands)
Allowance for Loan and Lease Losses:
Balance, beginning of period			$	132,808					$	39,679					$	37,221					$	9,526					$	219,234
Charge-offs			(5,757)						—						(335)						(603)						(6,695)
Recoveries			535						—						1,199						24						1,758
Net charge-offs			(5,222)						—						864						(579)						(4,937)
Provision			8,944						686						(1,411)						(219)						8,000
Balance, end of period			$	136,530					$	40,365					$	36,674					$	8,728					$	222,297
			Nine Months Ended September 30, 2023
									Real Estate
			Real Estate						Construction
			Mortgage						and Land						Commercial						Consumer						Total
			(In thousands)
Allowance for Loan and Lease Losses:
Balance, beginning of period			$	87,309					$	52,320					$	52,849					$	8,254					$	200,732
Charge-offs			(39,467)						—						(7,819)						(1,514)						(48,800)
Recoveries			797						—						2,916						152						3,865
Net charge-offs			(38,670)						—						(4,903)						(1,362)						(44,935)
Provision			87,891						(11,955)						(11,272)						1,836						66,500
Balance, end of period			$	136,530					$	40,365					$	36,674					$	8,728					$	222,297
Ending Allowance by
Evaluation Methodology:
Individually evaluated			$	—					$	—					$	497					$	—					$	497
Collectively evaluated			$	136,530					$	40,365					$	36,177					$	8,728					$	221,800
Ending Loans and Leases by
Evaluation Methodology:
Individually evaluated			$	120,491					$	—					$	4,723					$	—					$	125,214
Collectively evaluated			13,914,000						2,737,537						4,749,707						394,488						21,795,732
Ending balance			$	14,034,491					$	2,737,537					$	4,754,430					$	394,488					$	21,920,946

The allowance for loan and lease losses increased by $6.6 million in the third quarter of 2024 to $254.3 million due primarily to a $9.0 million provision, offset by net charge-offs of $2.4 million. For additional information regarding the calculation of the allowance for loan and lease losses 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.

45

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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, 2024																		December 31, 2023
			Real						Business																		Real						Business
			Property						Assets												Total						Property						Assets						Total
			(In thousands)
Real estate mortgage			$	129,424					$	—											$	129,424					$	47,952					$	—					$	47,952
Commercial			—						11,303												11,303						—						3,616						3,616
Total			$	129,424					$	11,303											$	140,727					$	47,952					$	3,616					$	51,568

Allowance for Credit Losses

The allowance for credit losses is the combination of the allowance for loan and lease losses 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 allowance for loan and lease losses and reserve for unfunded loan commitments for the periods indicated:

			Three Months Ended
			September 30, 2024
			Allowance for						Reserve for						Total
			Loan and						Unfunded Loan						Allowance for
			Lease Losses						Commitments						Credit Losses
			(In thousands)
Balance, beginning of period			$	247,762					$	27,571					$	275,333
Charge-offs			(4,163)						—						(4,163)
Recoveries			1,746						—						1,746
Net charge-offs			(2,417)						—						(2,417)
Provision			9,000						—						9,000
Balance, end of period			$	254,345					$	27,571					$	281,916
			Nine Months Ended
			September 30, 2024
			Allowance for						Reserve for						Total
			Loan and						Unfunded Loan						Allowance for
			Lease Losses						Commitments						Credit Losses
			(In thousands)
Balance, beginning of period			$	281,687					$	29,571					$	311,258
Charge-offs			(67,247)						—						(67,247)
Recoveries			7,905						—						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

46

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			Three Months Ended
			September 30, 2023
			Allowance for						Reserve for						Total
			Loan and						Unfunded Loan						Allowance for
			Lease Losses						Commitments						Credit Losses
			(In thousands)
Balance, beginning of period			$	219,234					$	37,571					$	256,805
Charge-offs			(6,695)						—						(6,695)
Recoveries			1,758						—						1,758
Net charge-offs			(4,937)						—						(4,937)
Provision			8,000						(8,000)						—
Balance, end of period			$	222,297					$	29,571					$	251,868
			Nine Months Ended
			September 30, 2023
			Allowance for						Reserve for						Total
			Loan and						Unfunded Loan						Allowance for
			Lease Losses						Commitments						Credit Losses
			(In thousands)
Balance, beginning of period			$	200,732					$	91,071					$	291,803
Charge-offs			(48,800)						—						(48,800)
Recoveries			3,865						—						3,865
Net charge-offs			(44,935)						—						(44,935)
Provision			66,500						(61,500)						5,000
Balance, end of period			$	222,297					$	29,571					$	251,868

47

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 6.  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 (loss). During the nine months ended September 30, 2024, the Company recorded adjustments related to the Merger resulting in an increase to goodwill of $18.1 million, within the one-year measurement period subsequent to the acquisition date of November 30, 2023. These adjustments largely relate to the estimated fair value of acquired loans.

The following table presents the changes in the carrying amount of goodwill for the years indicated:

			Goodwill
			(In thousands)
Balance, December 31, 2023			$	198,627
Purchase accounting adjustments			18,143
Balance, September 30, 2024			$	216,770

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 changes in CDI and CRI and the related accumulated amortization for the periods indicated:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2024						2023						2024						2023
			(In thousands)
Gross Amount of CDI and CRI:
Balance, beginning of period			$	236,264					$	90,800					$	236,264					$	91,550
Fully amortized portion			—						—						—						(750)
Balance, end of period			236,264						90,800						236,264						90,800
Accumulated Amortization:
Balance, beginning of period			(87,370)						(64,219)						(70,787)						(60,169)
Amortization expense			(8,332)						(2,389)						(24,915)						(7,189)
Fully amortized portion			—						—						—						750
Balance, end of period			(95,702)						(66,608)						(95,702)						(66,608)
Net CDI and CRI, end of period			$	140,562					$	24,192					$	140,562					$	24,192

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

			September 30, 2024
			(In thousands)
Period ending December 31,
2024			$	7,618
2025			27,657
2026			24,412
2027			21,166
2028			17,920
Thereafter			41,789
Net CDI and CRI			$	140,562

NOTE 7.  OTHER ASSETS

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

			September 30,						December 31,
Other Assets			2024						2023
			(In thousands)
LIHTC investments			$	310,672					$	347,478
Interest receivable			129,001						138,522
SBIC investments			108,591						105,433
Operating lease ROU assets, net (1)			104,173						133,126
Equity investments without readily determinable fair values			72,452						71,332
Prepaid expenses			37,640						43,498
Taxes receivable			26,307						34,268
HLBV investments			17,217						18,442
Foreclosed assets, net			8,661						7,394
Equity warrants			3,297						3,689
Equity investments with readily determinable fair values			1						1
Other receivables/assets			146,042						228,066
Total other assets			$	964,054					$	1,131,249

____________________

(1)    See Note 8. Leases for further details regarding the operating lease ROU assets.

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 8. LEASES

Operating Leases as a Lessee

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

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2024						2023						2024						2023
			(In thousands)
Operating lease expense:
Fixed costs			$	7,689					$	8,580					$	26,051					$	24,749
Variable costs			299						115						447						180
Short-term lease costs			267						148						407						770
Sublease income			(1,129)						(273)						(3,646)						(1,518)
Net lease expense			$	7,126					$	8,570					$	23,259					$	24,181

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

			Nine Months Ended
			September 30,
			2024						2023
			(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	28,689					$	27,609
ROU assets obtained in exchange for lease obligations:
Operating leases			$	3,437					$	20,909

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

			September 30,						December 31,
			2024						2023
			(Dollars in thousands)
Operating leases:
Operating lease right-of-use assets, net			$	104,173					$	133,126
Operating lease liabilities			$	132,802					$	161,308
Weighted average remaining lease term (in years)			6.0						6.1
Weighted average discount rate			3.50		%				3.40		%

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

			September 30, 2024
			(In thousands)
Period ending December 31,
2024			$	8,779
2025			32,475
2026			28,073
2027			20,676
2028			16,531
Thereafter			41,606
Total operating lease liabilities			148,140
Less: Imputed interest			(15,338)
Present value of operating lease liabilities			$	132,802

50

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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 (loss), according to our fixed asset accounting policy. We receive periodic rental income payments under the leases, which are recorded as "Noninterest Income" in the condensed consolidated statements of earnings (loss). 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, 2024 and 2023.

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

			September 30, 2024
			(In thousands)
Year Ending December 31,
2024			$	9,752
2025			40,332
2026			36,111
2027			29,145
2028			25,020
Thereafter			68,751
Total undiscounted cash flows			$	209,111

51

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 9.  BORROWINGS AND SUBORDINATED DEBT

Borrowings

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

			September 30, 2024												December 31, 2023
									Weighted												Weighted
									Average												Average
			Balance						Rate						Balance						Rate
			(Dollars in thousands)
FHLB secured advances			$	1,100,000					3.93		%				$	—					—		%
FRB secured discount window advance			200,000						5.00		%				—						—		%
Senior Notes			174,000						5.25		%				174,000						5.25		%
Credit-linked notes			119,624						16.05		%				123,116						16.02		%
Bank Term Funding Program			—						—		%				2,618,300						4.37		%
Total borrowings			1,593,624						5.12		%				2,915,416						4.92		%
Acquisition discount on senior notes			(1,791)												(4,094)
Total borrowings, net (1)			$	1,591,833											$	2,911,322

___________________

(1)    All borrowings were held at the Bank level with the exception of the 5.25% Senior Notes due April 2025 ("Senior Notes"), which were issued at the holding company level.

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, 2024 of $6.6 billion, collateralized by a blanket lien on $10.5 billion of qualifying loans and $20.9 million of securities. As of September 30, 2024, there were $471.6 million in letters of credit pledged and $1.1 billion outstanding. As of December 31, 2023, there were $243.8 million in letters of credit pledged and no balance outstanding.

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

			September 30, 2024
															Maturity
			Balance						Rate						Date
			(Dollars in thousands)
Term advance			$	150,000					4.59		%				6/26/2026
Term advance			150,000						4.63		%				5/28/2027
Term advance			150,000						4.63		%				6/3/2027
Term advance			150,000						4.39		%				6/3/2027
Callable term advance			500,000						3.18		%				9/18/2034
Total FHLB secured advances			$	1,100,000					3.93		%

FRBSF Secured Line of Credit. The Bank has a secured line of credit with the FRBSF. As of September 30, 2024, the Bank had secured borrowing capacity of $6.9 billion collateralized by liens covering $6.7 billion of qualifying loans and $1.8 billion of securities. As of September 30, 2024, the balance outstanding was $200.0 million, which was subsequently paid off on the maturity date of October 3, 2024. As of December 31, 2023, there was no balance outstanding.

Senior Notes. The Senior Notes are unsecured debt obligations and rank equally with our other present and future unsecured unsubordinated obligations. We make interest payments on the Senior Notes semi-annually in arrears. We have the option to redeem the Senior Notes either in whole or in part on or after January 15, 2025 (i.e., 90 days prior to the maturity date of April 15, 2025). Notification of no less than 30 nor more than 60 days is required for redemption. The Senior Notes will be redeemable at a price equal to 100% of the principal amount of the Senior Notes to be redeemed plus accrued and unpaid interest to the date of redemption.

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Credit-Linked Notes. 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 10.72% at September 30, 2024. The notes are linked to the credit risk of an approximately $2.38 billion reference pool of previously purchased single-family residential mortgage loans at September 30, 2024. 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 $119.6 million at September 30, 2024. See Note 12. Fair Value Option for additional information.

FRBSF Bank Term Funding Program. In March of 2023, the Bank participated in the FRBSF Bank Term Funding Program. As of September 30, 2024, the was no balance outstanding. As of December 31, 2023, the balance outstanding was $2.6 billion consisting of two term advances that matured in March 2024.

Federal Funds Arrangements with Commercial Banks. As of September 30, 2024, the Bank had unsecured lines of credit of $290.0 million in the aggregate with several correspondent banks for the purchase of overnight funds, subject to availability of funds. These lines are renewable annually and have no unused commitment fees. As of September 30, 2024 and December 31, 2023, there were no balances outstanding. The Bank is a member of the AFX, through which it may either borrow or lend funds on an overnight or short-term basis with a group of pre-approved commercial banks. The availability of funds changes daily. As of September 30, 2024 and December 31, 2023 there was no balance outstanding.

Subordinated Debt

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

			September 30, 2024												December 31, 2023												Date						Maturity						Rate Index
Series			Balance						Rate (1)						Balance						Rate (1)						Issued						Date						(Quarterly Reset)
			(Dollars in thousands)
Subordinated notes, net (2)(7)			$	381,050					3.25		%				$	380,651					3.25		%				4/30/2021						5/1/2031						Fixed rate (3)
Subordinated notes			75,000						4.375		%				75,000						4.375		%				10/30/2020						10/30/2030						Fixed rate (6)
Trust V			10,310						8.30		%				10,310						8.74		%				8/15/2003						9/17/2033						3-month Term SOFR + 3.10
Trust VI			10,310						8.26		%				10,310						8.70		%				9/3/2003						9/15/2033						3-month Term SOFR + 3.05
Trust CII			5,155						8.15		%				5,155						8.59		%				9/17/2003						9/17/2033						3-month Term SOFR + 2.95
Trust VII			61,856						8.27		%				61,856						8.40		%				2/5/2004						4/23/2034						3-month Term SOFR + 2.75
Trust CIII			20,619						6.90		%				20,619						7.34		%				8/15/2005						9/15/2035						3-month Term SOFR + 1.69
Trust FCCI			16,495						6.81		%				16,495						7.25		%				1/25/2007						3/15/2037						3-month Term SOFR + 1.60
Trust FCBI			10,310						6.76		%				10,310						7.20		%				9/30/2005						12/15/2035						3-month Term SOFR + 1.55
Trust CS 2005-1			82,475						7.16		%				82,475						7.60		%				11/21/2005						12/15/2035						3-month Term SOFR + 1.95
Trust CS 2005-2			128,866						7.47		%				128,866						7.60		%				12/14/2005						1/30/2036						3-month Term SOFR + 1.95
Trust CS 2006-1			51,545						10.45		%				51,545						10.45		%				2/22/2006						4/30/2036						Prime + 1.95
Trust CS 2006-2			51,550						7.47		%				51,550						7.60		%				9/27/2006						10/30/2036						3-month Term SOFR + 1.95
Trust CS 2006-3 (4)			28,700						5.71		%				28,453						6.00		%				9/29/2006						10/30/2036						3-month EURIBOR + 2.05
Trust CS 2006-4			16,470						10.45		%				16,470						10.45		%				12/5/2006						1/30/2037						Prime + 1.95
Trust CS 2006-5			6,650						7.47		%				6,650						7.60		%				12/19/2006						1/30/2037						3-month Term SOFR + 1.95
Trust CS 2007-2			39,177						7.47		%				39,177						7.60		%				6/13/2007						7/30/2037						3-month Term SOFR + 1.95
PMB Statutory Trust III			7,217						8.32		%				7,217						9.02		%				9/16/2002						9/26/2032						3-month Term SOFR + 3.40
PMB Capital Trust III			10,310						7.54		%				10,310						7.66		%				10/4/2004						10/8/2034						3-month Term SOFR + 2.00
Total subordinated debt			1,014,065						5.82		%				1,013,419						5.93		%
Acquisition discount (5)			(71,914)												(76,820)
Net subordinated debt			$	942,151											$	936,599

___________________

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

(2)    Net of unamortized issuance costs of $4.0 million.

(3)    Interest rate is fixed until May 1, 2026, when it changes to a floating rate and resets quarterly at a benchmark rate plus 252 basis points.

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

(5)    Amount represents the fair value adjustment on trust preferred securities assumed in acquisitions.

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

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

53

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 10.  DERIVATIVES

To a limited extent, the Company utilizes interest rate swaps contracts with clients and counterparty banks for the purpose of offsetting or hedging exposures arising out of lending and borrowing transactions. 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 $198.2 million at September 30, 2024. The Company has also hedged the interest rate risk and foreign currency risk on €25.8 million of subordinated debt utilizing a combined cross currency swap/interest rate swap, which has had the effect of hedging the foreign currency risk and fixing the Euribor-based floating rate instrument at a fixed rate of 2.76% through July 2025. The outputs from the Company's NII simulation analysis and EVE modeling reflect the impact of these interest rate/currency swaps, however, the impact is not material. 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. For derivatives not designated as hedging instruments, the changes in fair value of our derivatives and the related fees are recognized in "Noninterest income - other" in the condensed consolidated statements of earnings (loss). For the three and nine months ended September 30, 2024, changes in fair value and fees recorded in noninterest income in the condensed consolidated statements of earnings (loss) were immaterial.

Cash flow hedges in the table below 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. Also included in cash flow hedges in the table below are pay-fixed, receive-floating interest rate swap contracts with notional amounts aggregating $100.0 million, with forward-starting dates in 2024 and varying maturity dates throughout 2025. These swap contracts were entered into with institutional counterparties to hedge against variability in cash flow attributable to interest rate risk on future issuance of brokered deposits. The cash flow hedges were deemed highly effective at inception and thereafter. For derivatives designated as cash flow hedges, the portion of changes in fair value considered to be highly effective are 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, 2024, the fair value of the cash flow hedges represented a net liability of $6.9 million, related to which a loss of $6.6 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 $1.9 million.

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, 2024																		December 31, 2023
			Notional						Fair Value												Notional						Fair Value
			Amount						Asset						Liability						Amount						Asset						Liability
			(In thousands)
Derivatives Designated as Hedging Instruments:
Cash flow hedges			$	400,000					$	1,368					$	8,281					$	300,000					$	—					$	4,090
Derivatives Not Designated as Hedging Instruments:
Interest rate contracts			198,205						5,027						4,973						168,850						6,426						6,331
Foreign exchange contracts			36,535						1,170						73						45,742						1,883						128
Equity warrant assets			16,333						3,297						—						17,008						3,689						—
Total contracts			$	651,073					$	10,862					$	13,327					$	531,600					$	11,998					$	10,549

During the third quarter of 2024, we closed out a portion of our pay-fixed, receive-floating interest rate swap contracts classified as cash flow hedges with notional amounts of $255.0 million. At September 30, 2024, we had a net loss of $0.7 million (net of tax) deferred in AOCI related to closed out cash flow hedges. Amounts deferred in AOCI from closed out cash flow hedges will be amortized into interest expense on a straight-line basis through the original maturity dates of the hedges as long as the hedged forecasted transactions continue to be expected to occur. During the three and nine months ended September 30, 2024, interest expense from the amortization of closed out cash flow hedges totaled $90,000.

For further information regarding our derivatives, 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 the Form 10-K.

54

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 11.  COMMITMENTS AND CONTINGENCIES

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

			September 30,						December 31,
			2024						2023
			(In thousands)
Loan commitments to extend credit			$	5,008,449					$	5,578,907
Standby letters of credit			201,317						252,572
Total			$	5,209,766					$	5,831,479

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 $27.6 million at September 30, 2024 and $29.6 million at December 31, 2023.

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, 2024 and December 31, 2023, we had commitments to contribute capital to these entities totaling $74.2 million and $94.5 million.

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, 2024
			(In thousands)
Period ending December 31,
2024			$	37,114
2025			37,113
Total			$	74,227

Legal Matters

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

55

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 12.  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 (loss). 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 $2.38 billion reference pool of previously purchased single-family residential mortgage loans. The principal balance of the credit-linked notes was $120.6 million at September 30, 2024. The carrying value of the credit-linked notes at September 30, 2024 was the estimated fair value of $119.6 million. For the three and nine months ended September 30, 2024, interest expense on the credit-linked notes totaled $5.0 million and $15.0 million, respectively, and are recorded in "Interest expense - borrowings" on the condensed consolidated statements of earnings (loss).

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

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
Credit-Linked Notes			2024						2023						2024						2023
			(In thousands)
Changes in fair value - losses (gains) included in earnings			$	(4,399)					$	5,422					$	(1,624)					$	3,896
Changes in fair value - other comprehensive (income) loss			$	1,495					$	(3,050)					$	2,110					$	(7,107)

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 Notes			2024						2023
			(In thousands)
Carrying value reported on the condensed consolidated balance sheets			$	119,624					$	123,116
Aggregate unpaid principal balance in excess of fair value			$	993					$	1,479

56

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 13.  FAIR VALUE MEASUREMENTS

The Company uses fair value to measure certain assets and liabilities on a recurring basis, primarily securities available-for-sale, 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, 2024, the fair value of these investments was $108.6 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, 2024
Measured on a Recurring Basis			Total						Level 1						Level 2						Level 3
			(In thousands)
Securities available-for-sale:
Agency residential MBS			$	922,448					$	—					$	922,448					$	—
Agency commercial MBS			33,532						—						33,532						—
Agency residential CMOs			418,240						—						418,240						—
Municipal securities			597						—						597						—
Corporate debt securities			266,630						—						251,221						15,409
Private label residential CMOs			339,725						—						339,725						—
Collateralized loan obligations			284,973						—						284,973						—
Private label commercial MBS			13,622						—						13,622						—
Asset-backed securities			16,204						—						16,204						—
SBA securities			4,313						—						4,313						—
Total securities available-for-sale			$	2,300,284					$	—					$	2,284,875					$	15,409
Equity investments with readily determinable fair values			$	1					$	1					$	—					$	—
Derivatives (1):
Equity warrants			3,297						—						—						3,297
Interest rate and economic contracts			7,565						—						7,565						—
Derivative liabilities			13,327						—						13,327						—
Credit-linked notes			119,624						—						—						119,624

57

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			Fair Value Measurements as of
			December 31, 2023
Measured on a Recurring Basis			Total						Level 1						Level 2						Level 3
			(In thousands)
Securities available-for-sale:
Agency residential MBS			$	1,187,609					$	—					$	1,187,609					$	—
U.S. Treasury securities			4,968						4,968						—						—
Agency commercial MBS			253,306						—						253,306						—
Agency residential CMOs			284,334						—						284,334						—
Municipal securities			28,083						—						28,083						—
Corporate debt securities			267,232						—						226,983						40,249
Private label residential CMOs			158,412						—						158,412						—
Collateralized loan obligations			108,416						—						108,416						—
Private label commercial MBS			20,813						—						20,813						—
Asset-backed securities			19,952						—						19,952						—
SBA securities			13,739						—						13,739						—
Total securities available-for-sale			$	2,346,864					$	4,968					$	2,301,647					$	40,249
Equity investments with readily determinable fair values			$	1					$	1					$	—					$	—
Derivatives (1):
Equity warrants			3,689						—						—						3,689
Interest rate and economic contracts			8,309						—						8,309						—
Derivative liabilities			10,549						—						10,549						—
Credit-linked notes			123,116						—						—						123,116

____________________

(1)    For information regarding derivative instruments, see Note 10. Derivatives.

During the nine months ended September 30, 2024, there was a $20,000 transfer from Level 3 equity warrants to Level 1 equity investments with readily determinable fair values measured on a recurring basis. There was also a $38.1 million transfer of corporate debt securities from Level 3 to Level 2 during the nine months ended September 30, 2024 and an $16.8 million transfer of corporate debt securities from Level 2 to Level 3 during the same period.

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

			September 30, 2024
			Corporate Debt Securities
			Input or						Weighted
			Range						Average
Unobservable Inputs			of Inputs						Input (1)
Spread to 10 Year Treasury			4.0% - 9.2%						5.6%
Discount rates			7.8% - 13.0%						9.4%

____________________

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

58

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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, 2024
			Equity Warrants
									Weighted
			Range						Average
Unobservable Inputs			of Inputs						Input (1)
Volatility			20.8% - 166.8%						25.7%
Risk-free interest rate			3.6% - 4.9%						3.7%
Remaining life assumption (in years)			0.08 - 4.98						3.18

____________________

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

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

			Corporate						Equity						Credit-Linked
			Debt Securities						Warrants						Notes
			(In thousands)
Balance, December 31, 2023			$	40,249					$	3,689					$	123,116
Total included in earnings			—						65						(1,624)
Total included in other comprehensive income			(3,441)						—						2,110
Issuances			—						347						—
Principal payments			—						—						(3,978)
Transfer from Level 2			16,750						—						—
Transfer to Level 2			(38,149)						—						—
Exercises and settlements			—						(784)						—
Transfers to Level 1 (equity investments with readily
determinable fair values)			—						(20)						—
Balance, September 30, 2024			$	15,409					$	3,297					$	119,624
Unrealized net gains (losses) for the period included in other
comprehensive income for securities held at quarter-end			$	(4,341)

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, 2024
Measured on a Non-Recurring Basis			Total						Level 1						Level 2						Level 3
			(In thousands)
Individually evaluated loans and leases			$	55,519					$	—					$	34,204					$	21,315
OREO			4,479						—						4,479						—
Total non-recurring			$	59,998					$	—					$	38,683					$	21,315

			Fair Value Measurement as of
			December 31, 2023
Measured on a Non-Recurring Basis			Total						Level 1						Level 2						Level 3
			(In thousands)
Individually evaluated loans and leases			$	6,402					$	—					$	4,051					$	2,351
OREO			3,422						—						3,422						—
Total non-recurring			$	9,824					$	—					$	7,473					$	2,351

59

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

			Three Months Ended												Nine Months Ended
Losses on Assets			September 30,												September 30,
Measured on a Non-Recurring Basis			2024						2023						2024						2023
			(In thousands)
Individually evaluated loans and leases			$	8,945					$	6,108					$	29,192					$	11,083
OREO			207						16						336						16
Total losses			$	9,152					$	6,124					$	29,528					$	11,099

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, 2024

Valuation

Unobservable

Input or

Weighted

Asset

Fair Value

Technique

Inputs

Range

Average

(In thousands)

Individually evaluated

loans and leases (1)

$

13,957

Discounted cash flows

Discount rates

8.50% - 8.50%

8.50%

Individually evaluated

loans and leases

7,358

Third-party appraisals

No discounts

Total non-recurring Level 3

$

21,315

__________________

(1)    Relates to one loan at September 30, 2024.

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

			September 30, 2024
			Carrying						Estimated Fair Value
			Amount						Total						Level 1						Level 2						Level 3
			(In thousands)
Financial Assets:
Cash and due from banks			$	251,869					$	251,869					$	251,869					$	—					$	—
Interest-earning deposits in financial institutions			2,302,358						2,302,358						2,302,358						—						—
Securities available-for-sale			2,300,284						2,300,284						—						2,284,875						15,409
Securities held-to-maturity			2,301,263						2,229,482						180,427						2,045,576						3,479
Investment in FRB and FHLB stock			145,123						145,123						—						145,123						—
Loans held for sale			28,639						29,355						—						29,355						—
Loans and leases held for investment, net			23,273,432						22,198,131						—						34,204						22,163,927
Equity investments with readily determinable fair values			1						1						1						—						—
Equity warrants			3,297						3,297						—						—						3,297
Interest rate and economic contracts			7,565						7,565						—						7,565						—
Servicing rights			20,102						20,661						—						—						20,661
Financial Liabilities:
Demand, checking, money market, and savings deposits			22,383,666						22,383,666						—						22,383,666						—
Time deposits			4,444,603						4,513,879						—						4,513,879						—
Borrowings			1,591,833						1,564,364						—						1,444,740						119,624
Subordinated debt			942,151						886,815						—						886,815						—
Derivative liabilities			13,327						13,327						—						13,327						—

60

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			December 31, 2023
			Carrying						Estimated Fair Value
			Amount						Total						Level 1						Level 2						Level 3
			(In thousands)
Financial Assets:
Cash and due from banks			$	202,427					$	202,427					$	202,427					$	—					$	—
Interest-earning deposits in financial institutions			5,175,149						5,175,149						5,175,149						—						—
Securities available-for-sale			2,346,864						2,346,864						4,968						2,301,647						40,249
Securities held-to-maturity			2,287,291						2,168,316						175,579						1,976,015						16,722
Investment in FRB and FHLB stock			126,346						126,346						—						126,346						—
Loans held for sale			122,757						126,646						—						126,646						—
Loans and leases held for investment, net			25,208,000						23,551,725						—						4,051						23,547,674
Equity investments with readily determinable fair values			1						1						1						—						—
Equity warrants			3,689						3,689						—						—						3,689
Interest rate and economic contracts			8,309						8,309						—						8,309						—
Servicing rights			22,174						22,174						—						—						22,174
Financial Liabilities:
Demand, checking, money market, and savings deposits			23,768,896						23,768,896						—						23,768,896						—
Time deposits			6,632,873						6,732,246						—						6,732,246						—
Borrowings			2,911,322						2,908,527						—						2,785,411						123,116
Subordinated debt			936,599						851,625						—						851,625						—
Derivative liabilities			10,549						10,549						—						10,549						—

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, 2024, the amounts that will actually be realized or paid at settlement or maturity of the instruments could be significantly different.

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 14.  (LOSS) EARNINGS PER SHARE

The following table presents the computations of basic and diluted net earnings (loss) per share for the periods indicated:

			Three Months Ended
			September 30,
			2024																								2023
			(In thousands, except per share amounts)
															Non-Voting
									Class B						Common
			Voting						Non-Voting						Stock						Total						Total
			Common						Common						Equivalents						Common						Common (2)
Basic Loss Per Share:
Net loss available to common
and equivalent stockholders			$	(1,092)					$	(3)					$	(68)					$	(1,163)					$	(33,291)
Less: Earnings allocated to unvested restricted stock (1)			59						—						—						59						374
Net loss allocated to common
and equivalent shares			$	(1,033)					$	(3)					$	(68)					$	(1,104)					$	(32,917)
Weighted average basic shares and unvested restricted
stock outstanding			158,503						477						9,903						168,883						78,831
Less: weighted average unvested restricted stock
outstanding			(300)						—						—						(300)						(950)
Weighted average basic shares outstanding			158,203						477						9,903						168,583						77,881
Basic loss per share			$	(0.01)					$	(0.01)					$	(0.01)					$	(0.01)					$	(0.42)
Diluted Loss Per Share:
Net loss allocated to common
and equivalent shares			$	(1,033)					$	(3)					$	(68)					$	(1,104)					$	(32,917)
Weighted average diluted shares outstanding			158,203						477						9,903						168,583						77,881
Diluted loss per share			$	(0.01)					$	(0.01)					$	(0.01)					$	(0.01)					$	(0.42)

________________________

(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.

(2)    Share amounts for the three months ended September 30, 2023 have been restated by multiplying historical amounts by the Merger exchange ratio of 0.6569.

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			Nine Months Ended
			September 30,
			2024																								2023
			(In thousands, except per share amounts)
															Non-Voting
									Class B						Common
			Voting						Non-Voting						Stock						Total						Total
			Common						Common						Equivalents						Common						Common (2)
Basic Earnings (Loss) Per Share:
Net earnings (loss) available to common
and equivalent stockholders			$	37,575					$	114					$	2,439					$	40,128					$	(1,446,023)
Less: Earnings allocated to unvested restricted stock (1)			27						—						—						27						136
Net earnings (loss) allocated to common
and equivalent shares			$	37,602					$	114					$	2,439					$	40,155					$	(1,445,887)
Weighted average basic shares and unvested restricted
stock outstanding			158,242						477						10,234						168,953						78,941
Less: weighted average unvested restricted stock
outstanding			(567)						—						—						(567)						(1,263)
Weighted average basic shares outstanding			157,675						477						10,234						168,386						77,678
Basic earnings (loss) per share			$	0.24					$	0.24					$	0.24					$	0.24					$	(18.61)
Diluted Earnings (Loss) Per Share:
Net earnings (loss) allocated to common
and equivalent shares			$	37,602					$	114					$	2,439					$	40,155					$	(1,445,887)
Weighted average diluted shares outstanding			157,675						477						10,234						168,386						77,678
Diluted earnings (loss) per share			$	0.24					$	0.24					$	0.24					$	0.24					$	(18.61)

________________________

(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.

(2)    Share amounts for the nine months ended September 30, 2023 have been restated by multiplying historical amounts by the Merger exchange ratio of 0.6569.

The following table presents the weighted average outstanding restricted shares and warrants that were not included in the computation of diluted earnings (loss) per share because their effect would be anti-dilutive for the three and nine months ended September 30, 2024 and 2023:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2024						2023						2024						2023
			(In thousands)
Restricted stock awards and units (1)			300						950						567						1,263
Warrants			18,902						—						18,902						—

____________________________

(1)    Share amounts for the three and nine months ended September 30, 2023 have been restated by multiplying historical amounts by the Merger exchange ratio of 0.6569.

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 15. 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 (loss) 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,
			2024												2023
			Total						Revenue from						Total						Revenue from
			Recorded						Contracts with						Recorded						Contracts with
			Revenue						Customers						Revenue						Customers
			(In thousands)
Total Interest Income			$	446,893					$	—					$	446,084					$	—
Noninterest Income:
Service charges on deposit accounts			4,568						4,568						4,018						4,018
Other commissions and fees			8,256						4,322						7,641						3,974
Leased equipment income			17,176						—						14,554						—
Loss on sale of loans			(62)						—						(1,901)						—
Loss on sale of securities			(59,946)						—						—						—
Dividends and gains on equity investments			3,730						—						3,837						—
Warrant income (loss)			211						—						(88)						—
LOCOM HFS adjustment			(74)						—						307						—
Other income			10,689						170						15,440						117
Total noninterest (loss) income			(15,452)						9,060						43,808						8,109
Total Revenue			$	431,441					$	9,060					$	489,892					$	8,109

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,
			2024						2023
			(In thousands)
Products and services transferred at a point in time			$	4,012					$	3,698
Products and services transferred over time			5,048						4,411
Total revenue from contracts with customers			$	9,060					$	8,109

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			Nine Months Ended September 30,
			2024												2023
			Total						Revenue from						Total						Revenue from
			Recorded						Contracts with						Recorded						Contracts with
			Revenue						Customers						Revenue						Customers
			(In thousands)
Total Interest Income			$	1,388,186					$	—					$	1,503,760					$	—
Noninterest Income:
Service charges on deposit accounts			13,813						13,813						11,906						11,906
Other commissions and fees			25,027						13,708						29,226						12,528
Leased equipment income			40,379						—						50,798						—
Gain (loss) on sale of loans			625						—						(157,820)						—
Loss on sale of securities			(59,946)						—						—						—
Dividends and gains on equity investments			7,964						—						7,593						—
Warrant gain (loss)			65						—						(545)						—
LOCOM HFS adjustment			218						—						(11,636)						—
Other income			20,011						396						22,595						628
Total noninterest income (loss)			48,156						27,917						(47,883)						25,062
Total Revenue			$	1,436,342					$	27,917					$	1,455,877					$	25,062

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,
			2024						2023
			(In thousands)
Products and services transferred at a point in time			$	13,093					$	11,899
Products and services transferred over time			14,824						13,163
Total revenue from contracts with customers			$	27,917					$	25,062

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, 2024						December 31, 2023
			(In thousands)
Receivables, which are included in "Other assets"			$	1,457					$	1,615
Contract liabilities, which are included in "Accrued interest payable and other liabilities"			$	366					$	418

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, 2024 due to revenue recognized that was included in the contract liability balance at the beginning of the period was $52,000.

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 16.  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, 2024, there were 4,744,823 shares available for grant under the Amended and Restated 2018 Plan. In addition to the Amended and Restated 2018 Plan, in connection with 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

Restricted stock amortization totaled $5.2 million and $0.3 million for the three months ended September 30, 2024 and 2023 and $13.3 million and $12.9 million nine months ended September 30, 2024 and 2023. Such amounts are included in "Compensation expense" on the condensed consolidated statements of earnings (loss). The amount of unrecognized compensation expense related to all unvested RSUs, TRSAs, and PRSUs as of September 30, 2024 totaled $49.9 million.

Time-Based Restricted Stock Awards

At September 30, 2024, there were 1,810,224 shares of unvested RSUs outstanding pursuant to the Amended and Restated 2018 Plan. At September 30, 2024, there were 283,624 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-Based Restricted Stock Units

At September 30, 2024, there were 2,473,467 units of unvested PRSUs that have been granted. Compensation expense related to PRSUs 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 PRSU 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 PRSUs 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, 2024 and December 31, 2023.

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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, 2024 and December 31, 2023 and 158,328,021 shares outstanding at September 30, 2024 and 156,790,349 shares outstanding at December 31, 2023.

Class B Non-Voting Common Stock

Our Class B non-voting common stock is not listed or traded on any national securities exchange or automated quotation system, and there currently is no established trading market for such stock. The Class B non-voting common stock ranks equally with, and has identical rights, preferences, and privileges as the voting common stock with respect to dividends and liquidation preference but generally have no voting rights. There were 3,136,156 shares authorized at September 30, 2024 and December 31, 2023 and 477,321 shares outstanding at September 30, 2024 and 477,321 shares outstanding at December 31, 2023.

Non-Voting Common Stock Equivalents

In conjunction with the Merger, the Company issued a new class of NVCE from authorized preferred stock, which were issued under the Investment Agreements (as defined below). Our NVCE stock is not listed or traded on any national securities exchange or automated quotation system, and there currently is no established trading market for such stock. The NVCE stock does not have voting rights and ranks equally with, and has identical rights, preferences, and privileges as, the voting common stock with respect to dividends or distributions (including regular quarterly dividends) declared by the Board and rights upon any liquidation, dissolution, winding up or similar proceeding of the Company. There were 27,000,000 shares authorized at September 30, 2024 and December 31, 2023 and 9,790,600 shares outstanding at September 30, 2024 and 10,829,990 shares outstanding at December 31, 2023.

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, 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 the agreement, for cash distributions to stockholders of the Company's voting common stock, including the Company's quarterly cash dividend.

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, 2024, 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.

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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 9.9% of the Company’s outstanding voting common stock as of July 30, 2023, 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, 2024, the amounts paid to IntraFi for certain insured cash sweep services were $1.8 million and $6.0 million and were $2.6 million and $6.6 million for the three and nine months ended September 30, 2023.

NOTE 18.  SUBSEQUENT EVENTS

Common Stock Dividends

On November 8, 2024, 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, 2025, to stockholders of record at the close of business on December 16, 2024.

Preferred Stock Dividend

On November 8, 2024, the Company announced the that the Board of Directors had declared a quarterly cash dividend of $0.4845 per Depositary Share. The cash dividend is payable on December 2, 2024 to stockholders of record at the close of business on November 21, 2024.

NOTE 19.  RECENTLY ISSUED ACCOUNTING STANDARDS

Effective

Effect on the Financial Statements

Standard

Description

Date

or Other Significant Matters

ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative

This standard amends certain Subtopics of the ASC to incorporate certain disclosure requirements from SEC Release No. 33-10532, "Disclosure Update and Simplification" that was issued in 2018. The amendments in this standard should be applied prospectively. Early adoption is prohibited.

The effective date for each amendment will be the date on which the SEC's removal of the related disclosure from Regulation S-X or Regulation S-K becomes effective.

The Company does not expect the adoption of ASU 2023-06 to have a material impact on its consolidated financial statements.

Effective

Effect on the Financial Statements

Standard

Description

Date

or Other Significant Matters

ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

The standard improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The enhanced segment disclosure requirements apply retrospectively to all prior periods presented in the financial statements. Additionally, early adoption is permitted.

December 31, 2024

The Company is evaluating the impact of this standard on its consolidated financial statements.

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Effective

Effect on the Financial Statements

Standard

Description

Date

or Other Significant Matters

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 enhanced income tax disclosure requirements apply on a prospective basis to annual financial statements for periods beginning after the effective date. However, retrospective application in all prior periods presented is permitted. Additionally, early adoption is permitted.

January 1, 2025

The Company is evaluating the impact of this standard on its consolidated financial statements.

Effective

Effect on the Financial Statements

Standard

Description

Date

or Other Significant Matters

ASU 2024-02, Codification Improvements: Amendments to Remove References to the Concepts Statements

The ASU amends the Codification to remove references to various concepts and impacts a variety of topics in the Codification. In most instances, the references are extraneous and not required to understand or apply the guidance. In other instances, the references were used in prior Concept Statements to provide guidance in certain topical areas. The amendment in this ASU should be applied using one of the following transition methods: (1) prospectively to all new transactions recognized on or after the date that the entity first applies the amendments; or (2) retrospectively to the beginning of the earliest comparative period presented in which the amendments were first applied. Additionally, early adoption is permitted.

January 1, 2025

The Company is evaluating the impact of this standard on its consolidated financial statements.

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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, 2024. This analysis should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023 (the "Form 10-K") and with the unaudited 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 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 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; and in the case of our recent merger with PacWest, reputational risk, regulatory risk and potential adverse reactions of the Company's or PacWest's customers, suppliers, vendors, employees or other business partners;

•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, which may result in significant changes in valuation;

•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, 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; and

•other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and the other risks described in this Quarterly Report on Form 10-Q 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.

Presentation of Results – PacWest Bancorp Merger

On November 30, 2023, PacWest Bancorp merged with and into Banc of California, Inc. (the “Merger” or "PACW Merger"), with Banc of California, Inc. continuing as the surviving legal corporation and Banc of California, Inc. concurrently closed a $400 million equity capital raise. The Merger was accounted for as a reverse merger using the acquisition method of accounting, therefore, PacWest Bancorp was deemed the acquirer for financial reporting purposes, even though Banc of California, Inc. was the legal acquirer. The Merger was an all-stock transaction and has been accounted for as a business combination. Banc of California, Inc.'s financial results for all periods ended prior to November 30, 2023 reflect PacWest Bancorp results only on a standalone basis. In addition, Banc of California, Inc.'s reported financial results for the year ended December 31, 2023 reflect PacWest Bancorp financial results only on a standalone basis until the closing of the Merger on November 30, 2023, and results of the combined company for the month of December 2023. The number of shares issued and outstanding, earnings per share, and all references to share quantities or metrics of Banc of California, Inc. have been retrospectively restated to reflect the equivalent number of shares issued in the Merger as the Merger was accounted for as a reverse merger. Under the reverse merger method of accounting, the assets and liabilities of legacy Banc of California, Inc. as of November 30, 2023 were recorded at their respective fair values.

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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 “parent” or 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 relationship-based community bank focused on providing business banking and treasury management services to small, middle-market, and venture-backed businesses. The Bank offers a broad range of loan and lease and deposit products and services through 80 full-service branches located throughout California and in Durham, North Carolina and Denver, Colorado, and loan production offices around the country.

At September 30, 2024, the Company had total assets of $33.4 billion, including $23.6 billion of total loans and leases, net of deferred fees, $2.3 billion of securities available-for-sale, $2.3 billion of securities held-to-maturity, and $2.3 billion of interest-earning deposits in financial institutions compared to $38.5 billion of total assets at December 31, 2023, including $25.6 billion of total loans and leases, net of deferred fees, $2.3 billion of securities available-for-sale, $2.3 billion securities held-to-maturity, and $5.2 billion of interest-earning deposits in financial institutions. The $5.1 billion decrease in total assets since year-end was due mainly to a $2.9 billion decrease in interest-earning deposits in financial institutions and a $2.1 billion decrease in total loans and leases, net of deferred fees.

At September 30, 2024, the Company had total liabilities of $29.9 billion, including total deposits of $26.8 billion and borrowings of $1.6 billion, compared to $35.1 billion of total liabilities at December 31, 2023, including $30.4 billion of total deposits and $2.9 billion borrowings. The $5.2 billion decrease in total liabilities since year-end was due mainly to a $3.6 billion decrease in deposits and a $1.3 billion decrease in borrowings.

The Company had total stockholders' equity of $3.5 billion at September 30, 2024 and $3.4 billion at December 31, 2023. The increase was due mainly to a $104.0 million decrease in in the unrealized after-tax net loss in accumulated other comprehensive loss and net earnings of $70.0 million, offset partially by common and preferred stock dividends of $80.2 million. Our consolidated common equity Tier 1 (CET1), Tier 1 capital and Total capital ratios were 10.46%, 12.88%, and 17.00% at September 30, 2024.

Recent Events

Civic Loan Sale

On July 18, 2024, the Bank closed the sale of $1.95 billion of Civic business-purpose residential loans which had been moved to held for sale at LOCOM of $1.91 billion during the second quarter of 2024. The loan sale generated net proceeds of $1.91 billion and provided liquidity and capital to support the repositioning of approximately $742 million of securities and pay down higher-cost brokered deposits and borrowings, as discussed further below.

PacWest Bancorp Merger

On November 30, 2023, Banc of California, Inc. completed the Merger, pursuant to which PacWest Bancorp merged with and into    Banc of California, Inc., with Banc of California, Inc. continuing as the surviving legal corporation and, as of December 1, 2023, Banc of California, N.A. merged into Pacific Western Bank with Pacific Western Bank continuing under the Banc of California name and brand as the Bank. Concurrent with the completion of the Merger, Banc of California, Inc. also completed its $400 million equity raise from affiliates of funds managed by Warburg Pincus LLC and certain investment vehicles sponsored, managed, or advised by Centerbridge Partners, L.P. and its affiliates. The stock issued by Banc of California, Inc. as consideration in the Merger totaled approximately $663 million.

The Merger was accounted for as a reverse merger using the acquisition method of accounting, therefore, PacWest Bancorp was deemed the accounting acquirer, even though Banc of California, Inc. was the legal acquirer. We recorded the legacy Banc of California, Inc. acquired assets and assumed liabilities, both tangible and intangible, at their estimated fair values as of the acquisition date. The application of the acquisition method of accounting resulted in goodwill of $216.8 million. The Bank is headquartered in Los Angeles, California, and operates 80 branches located throughout California, and in North Carolina and Colorado. We completed the Merger to, among other things, enhance our scale and presence in California and augment and diversify our sources of revenue.

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Balance Sheet Repositioning

In connection with the Merger, we implemented our previously announced balance sheet repositioning strategy. From the announcement of the Merger on July 25, 2023, through the end of the year, the combined company, legacy PacWest Bancorp and legacy Banc of California, Inc., sold assets totaling $6.1 billion and completed the paydown of $8.6 billion of high-cost liabilities, which improved the mix of earning assets and reduced the amount of higher-cost funding. The sold assets included $3.9 billion of securities from both the legacy Banc of California, Inc. and PacWest Bancorp portfolios, and $1.5 billion of single-family loans and $0.7 billion of multi-family loans from the legacy Banc of California, Inc. portfolios. The liabilities that were paid down included $4.7 billion of borrowings and $3.9 billion of brokered deposits from both legacy entities.

In the third quarter of 2024, we closed on the sale of $1.95 billion of Civic loans which had been moved to held for sale during the second quarter of 2024. The loan sale generated net proceeds of $1.91 billion, which provided capital and liquidity to support the repositioning of a portion of the available-for-sale securities portfolio and pay down higher-cost brokered deposits and borrowings. We sold $742 million of securities with a weighted average yield of 2.94% resulting in a pre-tax loss of $60 million and purchased $724 million of similar quality securities with a weighted average yield of 5.65%. The liabilities that were paid off included $1.85 billion of brokered deposits with an average cost of 5.35% at the time of retirement and the remaining $545 million in Bank Term Funding Program balance with a rate of 5.40%. We replaced a portion of these higher-cost fundings with the addition of a $500 million long-term FHLB advance with a rate of 3.18%. These balance sheet repositioning actions that we executed during the quarter resulted in net interest margin expansion and improved both our capital and liquidity. As of September 30, 2024, the repositioning as contemplated as a result of the Merger has been largely completed.

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 quarterly period) expressed as a percentage of average interest-earning assets. Tax equivalent net interest income is net interest income increased by an adjustment for tax-exempt interest on certain loans and investment securities based on a 21% federal statutory tax rate. Tax equivalent net interest margin is calculated as tax equivalent net interest income divided by 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. Our current priorities are to increase customer deposits to replace brokered deposits, which will reduce our interest expense.

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, 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, and secured business loans.

Our loan origination process emphasizes credit quality. On occasion, to augment our internal loan production, we have purchased loans such as multi-family loans from other banks, private student loans from third-party lenders, and single-family residential mortgage loans. 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.

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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 allowance for credit losses on loans and leases, which is the sum of the allowance for loan and lease losses 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 uncollectable are charged off and deducted from the allowance for loan and lease losses. Recoveries on loans and leases previously charged off are added to the allowance for loan and lease losses. 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 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 allowance for credit losses. 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.

The Level of Noninterest Expense

Our noninterest expense includes fixed and controllable overhead, the largest components of which are compensation expense, customer related expense, and occupancy expense. Customer related expenses are primarily earnings credit rate payments to customers and are mostly driven by the Homeowners Association ("HOA") business. It also includes costs that tend to vary based on the volume of activity, such as loan and lease production and the number and complexity of foreclosed assets. Additionally, noninterest expense included acquisition, integration and reorganization costs related to the Merger and a goodwill impairment charge recorded in 2023. We measure success in controlling both fixed and variable costs through monitoring of the ratio of noninterest expense to average total assets.

The following table presents the calculation of our ratio of noninterest expense to average total assets and for the periods indicated:

						Three Months Ended												Nine Months Ended
						September 30,						June 30,												September 30,
Noninterest Expense to Average Total Assets						2024						2024												2024						2023
						(Dollars in thousands)
Noninterest expense						$	196,209					$	203,643											$	610,370					$	2,094,543
Average total assets						$	34,426,185					$	35,834,467											$	35,928,284					$	41,187,428
Noninterest expense to average total assets (1)						2.27		%				2.29		%										2.27		%				6.80		%

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(1)     Annualized.

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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 allowance for credit losses on loans and leases held for investment, business combinations, the carrying value of goodwill and other intangible assets, and the realization of deferred income tax assets and liabilities.

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

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Non-GAAP Financial Measures

We use certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. This disclosure should not be viewed as a substitute for results determined in accordance with GAAP. The methodology for determining these non-GAAP measures may differ among companies and may not be comparable. We used the following non-GAAP measures in this Quarterly Report on Form 10-Q:

•Return on average tangible common equity ("ROATCE"), tangible common equity ratio, and tangible book value per common 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, equity to assets ratio, and book value per common share, respectively. The reconciliations of these non-GAAP measures to the GAAP measures are presented in the following tables for and as of the periods presented.

						Three Months Ended												Nine Months Ended
						September 30,						June 30,												September 30,
Return on Average Tangible Common Equity						2024						2024												2024						2023
						(Dollars in thousands)
Net earnings (loss)						$	8,784					$	30,333											$	69,969					$	(1,416,182)
Earnings (loss) before income taxes						$	11,514					$	44,637											$	98,551					$	(1,551,349)
Add:			Intangible asset amortization			8,485						8,484												25,373						7,189
Add:			Goodwill impairment			—						—												—						1,376,736
			Adjusted earnings (loss) before income taxes			19,999						53,121												123,924						(167,424)
Adjusted income tax expense (benefit) (1)						5,522						15,203												34,215						(15,319)
			Adjusted net earnings (loss)			14,477						37,918												89,709						(152,105)
Less:			Preferred stock dividends			9,947						9,947												29,841						29,841
			Adjusted net earnings (loss) available to
			common and equivalent stockholders			$	4,530					$	27,971											$	59,868					$	(181,946)
Average stockholders' equity						$	3,452,575					$	3,395,350											$	3,412,964					$	3,060,696
Less:			Average intangible assets			361,316						352,934												358,321						476,721
Less:			Average preferred stock			498,516						498,516												498,516						498,516
			Average tangible common equity			$	2,592,743					$	2,543,900											$	2,556,127					$	2,085,459
Return on average equity (2)						1.01		%				3.59		%										2.74		%				(61.86)		%
Return on average tangible common equity (3)						0.70		%				4.42		%										3.13		%				(11.66)		%

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(1)     Effective tax rates of 27.61%, 28.62% and 9.15% used for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively. Effective tax rates of 27.61% and 9.15% used for the nine months ended September 30, 2024 and 2023.

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

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

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Tangible Common Equity to Tangible Assets and			September 30,						December 31,
Tangible Book Value Per Common Share			2024						2023
			(Dollars in thousands, except per share data)
Stockholders’ equity			$	3,496,198					$	3,390,765
Less: Preferred stock			498,516						498,516
Total common equity			2,997,682						2,892,249
Less: Goodwill and intangible assets			357,332						364,104
Tangible common equity			$	2,640,350					$	2,528,145
Total assets			$	33,432,613					$	38,534,064
Less: Goodwill and intangible assets			357,332						364,104
Tangible assets			$	33,075,281					$	38,169,960
Total stockholders' equity to total assets ratio			10.46		%				8.80		%
Tangible common equity to tangible assets ratio			7.98		%				6.62		%
Book value per common share (1)			$	17.75					$	17.12
Tangible book value per common share (2)			$	15.63					$	14.96
Common and equivalent shares outstanding (3)			168,879,566						168,959,063

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(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.

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Adjusted Net Earnings, Net Earnings			Three Months Ended												Nine Months Ended
Available to Common and Equivalent			September 30,						September 30,						September 30,
Stockholders, Diluted EPS, and ROAA			2024						2023						2024						2023
			(In thousands, except per share amounts)
Net earnings (loss)			$	8,784					$	(23,344)					$	69,969					$	(1,416,182)
Earnings (loss) before income taxes			$	11,514					$	(26,566)					$	98,551					$	(1,551,349)
Add: FDIC special assessment			—						—						5,816						—
Add: Loss on sale of securities			59,946						—						59,946						—
Less: Acquisition, integration, and reorganization costs			(510)						9,925						(13,160)						30,833
Add: Loan fair value loss adjustments			—						—						—						170,971
Add: Unfunded commitments fair value loss adjustments			—						—						—						106,767
Add: Goodwill impairment			—						—						—						1,376,736
Adjusted earnings (loss) before income taxes			70,950						(16,641)						151,153						133,958
Adjusted income tax expense (benefit) (1)			19,589						(1,523)						41,733						12,257
Adjusted net earnings (loss)			51,361						(15,118)						109,420						121,701
Less: Preferred stock dividends			(9,947)						(9,947)						(29,841)						(29,841)
Adjusted net earnings (loss) available to common
and equivalent stockholders			$	41,414					$	(25,065)					$	79,579					$	91,860
Weighted average common shares outstanding			168,583						77,881						168,386						77,678
Diluted (loss) earnings per common share			$	(0.01)					$	(0.42)					$	0.24					$	(18.61)
Adjusted diluted earnings (loss) per common share (2)			$	0.25					$	(0.32)					$	0.47					$	1.18
Average total assets			$	34,426,185					$	37,807,758					$	35,928,284					$	41,187,428
Return on average assets ("ROAA") (3)			0.10		%				(0.24)		%				0.26		%				(4.60)		%
Adjusted ROAA (4)			0.59		%				(0.16)		%				0.41		%				0.40		%

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(1)    Effective tax rates of 27.61% used for the 2024 periods and 9.15% for the 2023 periods.

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

(3)    Annualized net earnings (loss) divided by average assets.

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

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Results of Operations

Earnings Performance

The following table presents performance metrics for the periods indicated:

			Three Months Ended												Nine Months Ended
			September 30,						June 30,												September 30,
			2024						2024												2024						2023
			(Dollars in thousands, except per share data)
Earnings Summary:
Interest income			$	446,893					$	462,589											$	1,388,186					$	1,503,760
Interest expense			(214,718)						(233,101)												(697,421)						(907,683)
Net interest income			232,175						229,488												690,765						596,077
Provision for credit losses			(9,000)						(11,000)												(30,000)						(5,000)
Noninterest (loss) income			(15,452)						29,792												48,156						(47,883)
Operating expense			(196,719)						(216,293)												(623,530)						(686,974)
Acquisition, integration and reorganization costs			510						12,650												13,160						(30,833)
Goodwill impairment			—						—												—						(1,376,736)
Earnings (loss) before income taxes			11,514						44,637												98,551						(1,551,349)
Income tax (expense) benefit			(2,730)						(14,304)												(28,582)						135,167
Net earnings (loss)			8,784						30,333												69,969						(1,416,182)
Preferred stock dividends			(9,947)						(9,947)												(29,841)						(29,841)
Net (loss) earnings available to
common and equivalent stockholders			$	(1,163)					$	20,386											$	40,128					$	(1,446,023)
Per Common Share Data:
Diluted (loss) earnings per share (1)			$	(0.01)					$	0.12											$	0.24					$	(18.61)
Book value per share(1)			$	17.75					$	17.23
Tangible book value per share (1)(2)			$	15.63					$	15.07
Performance Ratios:
Return on average assets			0.10		%				0.34		%										0.26		%				(4.60)		%
Return on average tangible common equity (1)(2)			0.70		%				4.42		%										3.13		%				(11.66)		%
Net interest margin			2.93		%				2.80		%										2.79		%				2.07		%
Yield on average loans and leases			6.18		%				6.18		%										6.14		%				5.95		%
Cost of average total deposits			2.54		%				2.60		%										2.60		%				2.50		%
Noninterest expense to average total assets			2.27		%				2.29		%										2.27		%				6.80		%
Capital Ratios (consolidated):
Common equity tier 1 capital ratio			10.46		%				10.27		%
Tier 1 capital ratio			12.88		%				12.62		%
Total capital ratio			17.00		%				16.57		%
Tier 1 leverage capital ratio			9.83		%				9.51		%
Risk-weighted assets			$	26,040,959					$	26,888,980

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

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

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Third Quarter of 2024 Compared to Second Quarter of 2024

Net loss available to common and equivalent stockholders for the third quarter of 2024 was $1.2 million, or a loss of $0.01 per diluted common share, compared to a net earnings available to common and equivalent stockholders for the second quarter of 2024 of $20.4 million, or $0.12 per diluted common share. The $21.5 million decrease in net earnings available to common and equivalent stockholders from the second quarter of 2024 was due mainly to lower noninterest income of $45.2 million, offset partially offset by higher net interest income of $2.7 million, lower noninterest expense of $7.4 million, lower provision for credit losses of $2.0 million and lower income tax expense of $11.6 million. The decrease in noninterest income was due mainly to a $59.9 million loss on the sale of $741.8 million of securities in the third quarter of 2024, offset partially by a $7.5 million increase in other income and a $5.7 million increase in leased equipment income. Net interest income was higher in the third quarter compared to the second quarter due to lower interest expense on interest-bearing liabilities, offset partially by lower interest income on interest-earning assets. The decrease in noninterest expense was due mainly to decreases of $13.7 million in insurance and assessments expense and $5.8 million in other expense, offset partially by a $12.1 million increase in acquisition, integration and reorganization costs. The decrease in income tax expense was due to lower pre-tax income for the third quarter compared to the second quarter and a lower effective tax rate of 23.7% for the third quarter compared to 32.0% for the second quarter.

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023

Net earnings available to common and equivalent stockholders for the nine months ended September 30, 2024 was $40.1 million, or $0.24 per diluted common share, compared to a net loss available to common and equivalent stockholders for the nine months ended September 30, 2023 of $1.4 billion, or a loss of $18.61 per diluted common share. The $1.5 billion increase in net earnings available to common and equivalent stockholders was due mainly to lower noninterest expense of $1.5 billion, higher noninterest income of $96.0 million and higher net interest income of $94.7 million, offset partially by higher provision for credit losses of $25.0 million and higher income tax expense of $163.7 million . The decrease in noninterest expense was due, in part, to a $1.38 billion goodwill impairment charge in the first quarter of 2023. The increase in noninterest income was due mainly to a decrease in the loss on sale of loans and leases of $158.4 million, offset partially by an increase in the loss on sale of securities of $59.9 million. The increase in net interest income was due primarily to lower interest expense on interest-bearing liabilities, offset partially by lower interest income on interest-earning assets. The increase in income tax expense was due to the income tax expense recorded on earnings before taxes in the nine months ended September 30, 2024, compared to an income tax benefit recorded on a net loss before income taxes in the nine months ended September 30, 2023.

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Net Interest Income

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, 2024												June 30, 2024
						Interest			Yields									Interest			Yields
			Average			Income/			and						Average			Income/			and
			Balance			Expense			Rates						Balance			Expense			Rates
			(Dollars in thousands)
ASSETS:
Loans and leases (1)			$	23,803,691		$	369,913		6.18		%				$	25,325,578		$	388,853		6.18		%
Investment securities			4,665,549			34,912			2.98		%				4,658,690			33,836			2.92		%
Deposits in financial institutions			3,106,227			42,068			5.39		%				2,960,292			39,900			5.42		%
Total interest‑earning assets			31,575,467			446,893			5.63		%				32,944,560			462,589			5.65		%
Other assets			2,850,718												2,889,907
Total assets			$	34,426,185											$	35,834,467
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Interest checking			$	7,644,515		61,880			3.22		%				$	7,673,902		61,076			3.20		%
Money market			4,958,777			32,361			2.60		%				4,962,567			32,776			2.66		%
Savings			2,028,931			17,140			3.36		%				2,002,670			16,996			3.41		%
Time			5,841,965			69,605			4.74		%				6,274,242			75,258			4.82		%
Total interest‑bearing deposits			20,474,188			180,986			3.52		%				20,913,381			186,106			3.58		%
Borrowings			1,063,541			16,970			6.35		%				2,013,600			30,311			6.05		%
Subordinated debt			940,480			16,762			7.09		%				938,367			16,684			7.15		%
Total interest‑bearing liabilities			22,478,209			214,718			3.80		%				23,865,348			233,101			3.93		%
Noninterest‑bearing demand deposits			7,846,641												7,881,620
Other liabilities			648,760												692,149
Total liabilities			30,973,610												32,439,117
Stockholders’ equity			3,452,575												3,395,350
Total liabilities and stockholders' equity			$	34,426,185											$	35,834,467
Net interest income						$	232,175											$	229,488
Net interest rate spread									1.83		%										1.72		%
Net interest margin									2.93		%										2.80		%
Total deposits (2)			$	28,320,829		$	180,986		2.54		%				$	28,795,001		$	186,106		2.60		%
Total funds (3)			$	30,324,850		$	214,718		2.82		%				$	31,746,968		$	233,101		2.95		%

_____________________

(1)    Includes net loan discount accretion of $23.0 million and $21.8 million for the three months ended September 30, 2024 and June 30, 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.

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			Nine Months Ended
			September 30, 2024												September 30, 2023
						Interest			Yields									Interest			Yields
			Average			Income/			and						Average			Income/			and
			Balance			Expense			Rates						Balance			Expense			Rates
			(Dollars in thousands)
ASSETS:
Loans and leases (1)(2)(3)			$	24,878,682		$	1,144,231		6.14		%				$	25,910,694		$	1,152,393		5.95		%
Investment securities			4,681,872			103,051			2.94		%				7,097,438			133,716			2.52		%
Deposits in financial institutions			3,479,130			140,904			5.41		%				5,731,733			219,995			5.13		%
Total interest‑earning assets (1)			33,039,684			1,388,186			5.61		%				38,739,865			1,506,104			5.20		%
Other assets			2,888,600												2,447,563
Total assets			$	35,928,284											$	41,187,428
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Interest checking			$	7,733,588		184,505			3.19		%				$	6,890,661		159,992			3.10		%
Money market			5,218,774			106,488			2.73		%				7,049,910			145,748			2.76		%
Savings			2,022,600			52,166			3.45		%				833,719			14,532			2.33		%
Time			6,073,993			218,740			4.81		%				6,815,786			220,391			4.32		%
Total interest‑bearing deposits			21,048,955			561,899			3.57		%				21,590,076			540,663			3.35		%
Borrowings			1,986,468			85,405			5.74		%				7,688,698			324,270			5.64		%
Subordinated debt			938,624			50,117			7.13		%				869,353			42,750			6.57		%
Total interest‑bearing liabilities			23,974,047			697,421			3.89		%				30,148,127			907,683			4.03		%
Noninterest‑bearing demand deposits			7,804,534												7,323,673
Other liabilities			736,739												654,932
Total liabilities			32,515,320												38,126,732
Stockholders’ equity			3,412,964												3,060,696
Total liabilities and stockholders' equity			$	35,928,284											$	41,187,428
Net interest income (1)						$	690,765											$	598,421
Net interest rate spread (1)									1.72		%										1.17		%
Net interest margin (1)									2.79		%										2.07		%
Total deposits (4)			$	28,853,489		$	561,899		2.60		%				$	28,913,749		$	540,663		2.50		%
Total funds (5)			$	31,778,581		$	697,421		2.93		%				$	37,471,800		$	907,683		3.24		%

_____________________

(1)    Tax equivalent.

(2)    Includes net loan discount accretion of $67.3 million for the nine months ended September 30, 2024 and net loan premium amortization of $6.0 million for the nine months ended September 30, 2023.

(3)    Includes tax-equivalent adjustments of $0.0 million and $2.3 million for the nine months ended September 30, 2024 and 2023, related to tax-exempt income on loans. The federal statutory rate utilized was 21%.

(4)    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.

(5)    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 2024 Compared to Second Quarter of 2024

Net interest income increased by $2.7 million to $232.2 million for the third quarter of 2024 from $229.5 million for the second quarter of 2024 due to lower interest expense on interest-bearing liabilities, offset partially by lower interest income on interest-earning assets.

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Average interest-earning assets decreased by $1.4 billion to $31.6 billion for the third quarter due mainly to the sale in July 2024 of $1.95 billion of Civic loans which had been moved to held for sale during the second quarter. The proceeds of the sale provided liquidity and capital to support the repositioning of approximately $742 million of securities and pay down higher-cost brokered deposits and borrowings. The net interest margin increased by 13 basis points to 2.93% for the third quarter compared to 2.80% for the second quarter due to a 2 basis points decrease in the average yield on interest-earning assets more than offset by a 13 basis point decrease in the average total cost of funds, which was positively impacted by a decrease in average borrowings.

The average yield on interest-earning assets decreased by 2 basis points to 5.63% for the third quarter from 5.65% in the second quarter due mainly to the average yield on deposits in financial institutions decreasing by 3 basis points and the average yield on loans and leases being flat.

The average yield on loans and leases was unchanged at 6.18% for the third quarter compared to the second quarter as a result of new originations being at rates higher than the existing portfolio, slightly higher loan discount accretion, and the change in the mix of loan product balances including the impact of the sale of the $1.95 billion Civic loan portfolio.

The average total cost of funds decreased by 13 basis points to 2.82% for the third quarter from 2.95% in the second quarter due mainly to lower market interest rates and reduced average borrowings. The average cost of interest-bearing liabilities decreased by 13 basis points to 3.80% for the third quarter from 3.93% for the second quarter. The average total cost of deposits decreased by 6 basis points to 2.54% for the third quarter compared to 2.60% in the second quarter. Average noninterest-bearing deposits decreased by $35.0 million for the third quarter compared to the second quarter, average total deposits decreased by $474.2 million, and average borrowings decreased by $950.1 million.

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023

Net interest income increased by $94.7 million to $690.8 million for the nine months ended September 30, 2024 compared to $596.1 million for the nine months ended September 30, 2023 due to lower interest expense on interest-bearing liabilities, offset partially by lower interest income on interest-earning assets.

Average interest-earning assets decreased by $5.7 billion to $33.0 billion for the first nine months of 2024 due to lower average balances in loans and leases, investments securities, and deposits in financial institutions. Average loans and leases decreased by $1.0 billion primarily due to the sale in July 2024 of $1.95 billion of Civic loans which had been moved to held for sale during the second quarter of 2024 and the sales of non-core loan portfolios in the second quarter of 2023, offset partially by the acquisition of legacy Banc of California loans completed in the fourth quarter of 2023. Average investment securities decreased by $2.4 billion mostly due to securities sales completed in the fourth quarter of 2023. Average deposits in financial institutions decreased by $2.3 billion due to lower cash balances which were used to pay down higher-cost borrowings. The net interest margin increased by 72 basis points to 2.79% for the nine months ended September 30, 2024 compared to 2.07% for the same period in 2023 due to the average yield on interest-earning assets increasing by 41 basis points, while the average total cost of funds decreased by 31 basis points.

The average yield on interest-earning assets increased by 41 basis points to 5.61% for the first nine months of 2024 from 5.20% for the same period in 2023 due mainly to the change in the interest-earning asset mix. This was driven by the increase in the balance of average loans and leases as a percentage of average interest-earning assets to 75% for the nine months ended September 30, 2024 from 67% for the nine months ended September 30, 2023, the decrease in the balance of average investment securities as a percentage of average interest-earning assets to 14% for the first nine months of 2024 from 18% for the same period in 2023, and the decrease in the balance of average deposits in financial institutions as a percentage of average interest-earning assets to 10% for the nine months ended September 30, 2024 from 15% for the same period in 2023.

The average yield on loans and leases increased by 19 basis points to 6.14% for the first nine months of 2024 from 5.95% for the same period in 2023 as a result of changes in portfolio mix and higher net accretion of loan discounts.

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The average total cost of funds decreased by 31 basis points to 2.93% for the nine months ended September 30, 2024 from 3.24% for the nine months ended September 30, 2023 due mainly to changes in the total funds mix. This was driven by the increase in the balance of lower-cost average total deposits as a percentage of average total funds to 91% for the first nine months of 2024 from 77% for the same period in 2023, and the decrease in the balance of higher cost average borrowings as a percentage of average total funds to 6% for the nine months ended September 30, 2024 from 21% for the same period in 2023. The average cost of interest-bearing liabilities decreased by 14 basis points to 3.89% for the first nine months of 2024 from 4.03% for the same period in 2023. The average total cost of deposits increased by 10 basis points to 2.60% for the nine months ended September 30, 2024 compared to 2.50% for the nine months ended September 30, 2024. Average noninterest-bearing deposits increased by $480.9 million for the first nine months of 2024 compared to the same period in 2023 and average total deposits decreased by $60.3 million.

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 held-to-maturity securities and information regarding credit quality metrics for the periods indicated:

			Three Months Ended												Nine Months Ended
			September 30,						June 30,												September 30,
			2024						2024												2024						2023
			(Dollars in thousands)
Provision For Credit Losses:
Addition to allowance for loan and lease losses			$	9,000					$	12,000											$	32,000					$	66,500
Reduction in reserve for unfunded loan commitments			—						(1,000)												(2,000)						(61,500)
Total loan-related provision			$	9,000					$	11,000											$	30,000					$	5,000
Addition to allowances for held-to-maturity
and available-for-sale securities			—						—												—						—
Total provision for credit losses			$	9,000					$	11,000											$	30,000					$	5,000
Credit Quality Metrics:
Net charge-offs on loans and leases held for investment (1)			$	2,417					$	55,741											$	59,342					$	44,935
Annualized net charge-offs to average loans and leases			0.04		%				0.89		%										0.32		%				0.23		%
At quarter-end:
Allowance for credit losses			$	281,916					$	275,333
Allowance for credit losses to loans and leases held for investment			1.20		%				1.19		%
Allowance for credit losses to nonaccrual loans and leases held
for investment			167.5		%				235.2		%
Nonaccrual loans and leases held for investment			$	168,341					$	117,070
Nonaccrual loans and leases held for investment to loans and leases
held for investment			0.72		%				0.50		%
Classified loans and leases held for investment			$	533,591					$	415,498
Special mention loans and leases held for investment			$	711,888					$	680,663

______________________

(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.

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Provisions for credit losses are charged to earnings for the allowance for loan and lease losses, the reserve for unfunded loan commitments, and the allowance for credit losses on held-to-maturity 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 allowance for credit losses. For further details on our loan-related allowance for credit losses methodology, see “- Balance Sheet Analysis - Allowance for Credit Losses on Loans and Leases Held for Investment” contained herein.

Third Quarter of 2024 Compared to Second Quarter of 2024

The provision for credit losses was $9.0 million for the third quarter of 2024 compared to $11.0 million for the second quarter of 2024. The $9.0 million third quarter provision was driven by increases in qualitative reserves for loans secured by office properties and concentrations of credit, and specific reserves for nonperforming loan downgrades. The $11.0 million second quarter provision was driven by higher net charge-offs and higher qualitative reserves for office loans and other concentrations of credit, offset partially by the reserves released for the Civic loans transferred to held for sale.

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023

The provision for credit losses increased by $25.0 million to $30.0 million for the nine months ended September 30, 2024 compared to $5.0 million for the nine months ended September 30, 2023. The higher provision in the 2024 period was generally due to higher net charge-offs and higher qualitative reserves for office loans and other concentrations of credits, offset partially by the reserves released for the Civic loans transferred to held for sale 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 include the rate of economic growth, the unemployment rate, the rate of inflation, changes in the general level of interest rates, changes in real estate values, and adverse conditions in borrowers’ businesses. See further discussion in “- Balance Sheet Analysis - Allowance for Credit Losses on Loans and Leases Held for Investment” contained herein.

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Noninterest Income

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

			Three Months Ended												Nine Months Ended
			September 30,						June 30,												September 30,
Noninterest Income			2024						2024												2024						2023
			(In thousands)
Leased equipment income			$	17,176					$	11,487											$	40,379					$	50,798
Other commissions and fees			8,256						8,629												25,027						29,226
Service charges on deposit accounts			4,568						4,540												13,813						11,906
(Loss) gain on sale of loans and leases			(62)						1,135												625						(157,820)
Loss on sale of securities			(59,946)						—												(59,946)						—
Dividends and gains on equity investments			3,730						1,166												7,964						7,593
Warrant income (loss)			211						(324)												65						(545)
LOCOM HFS adjustment			(74)						(38)												218						(11,636)
Other			10,689						3,197												20,011						22,595
Total noninterest (loss) income			$	(15,452)					$	29,792											$	48,156					$	(47,883)

Third Quarter of 2024 Compared to Second Quarter of 2024

Noninterest income decreased by $45.2 million to a loss of $15.5 million for the third quarter of 2024 due mainly to a $59.9 million loss on the sale of $741.8 million of securities in the third quarter of 2024, offset partially by a $7.5 million increase in other income and a $5.7 million increase in leased equipment income. The increase in other income was due primarily to a $6.8 million increase in the positive fair value mark on the credit-linked notes. The increase in leased equipment income was due mostly to higher gains from early lease terminations and sale of leased assets.

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023

Noninterest income increased by $96.0 million to $48.2 million for the nine months ended September 30, 2024 compared to a loss of $47.9 million for the nine months ended September 30, 2023, due mostly to a decrease in the loss on sale of loans and leases of $158.4 million, offset partially by a $59.9 million loss on the sale of $741.8 million of securities in the third quarter of 2024. The decrease in the loss on sale of loans and leases was due to the sales of $2.5 billion of loans for a net gain of $0.6 million in the nine months ended September 30, 2024 compared to the sales of $6.1 billion of loans for a net loss of $157.8 million in the nine months ended September 30, 2023.

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Noninterest Expense

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

			Three Months Ended												Nine Months Ended
			September 30,						June 30,												September 30,
Noninterest Expense			2024						2024												2024						2023
			(In thousands)
Compensation			$	85,585					$	85,914											$	263,735					$	242,999
Customer related expense			34,475						32,405												97,799						78,278
Occupancy			16,892						17,455												52,315						45,743
Information technology and data processing			14,995						15,459												45,872						38,706
Insurance and assessments			12,708						26,431												59,600						75,650
Intangible asset amortization			8,485						8,484												25,373						7,189
Leased equipment depreciation			7,144						7,511												22,175						26,796
Other professional services			5,101						5,183												15,359						21,643
Loan expense			3,994						4,332												12,817						16,012
Other			7,340						13,119												28,485						133,958
Total operating expense			196,719						216,293												623,530						686,974
Acquisition, integration and reorganization costs			(510)						(12,650)												(13,160)						30,833
Goodwill impairment			—						—												—						1,376,736
Total noninterest expense			$	196,209					$	203,643											$	610,370					$	2,094,543

Third Quarter of 2024 Compared to Second Quarter of 2024

Noninterest expense decreased by $7.4 million to $196.2 million for the third quarter of 2024 due mainly to decreases of $13.7 million in insurance and assessments expense and $5.8 million in other expense, offset partially by a lower reversal of $12.1 million in acquisition, integration and reorganization costs. The decrease in insurance and assessments expense was due to lower assessment rates for both the regular FDIC assessment and the special assessment. The decrease in other expense was mostly due to a repurchase reserve recorded in the second quarter of 2024 for standard representations and warranties associated with the Civic loan sale. Acquisition, integration and reorganization costs included an adjustment of $0.5 million for the third quarter and $12.7 million for the second quarter due to actual amounts for certain expenses being lower than the estimated amounts accrued at merger close.

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023

Noninterest expense decreased by $1.5 billion to $610.4 million for the nine months ended September 30, 2024 compared to $2.1 billion for the nine months ended September 30, 2023, due mainly to a $1.4 billion goodwill impairment recorded in the 2023 period.

Income Taxes

Third Quarter of 2024 Compared to Second Quarter of 2024

Income tax expense of $2.7 million was recorded for the third quarter resulting in an effective tax rate of 23.7% compared to income tax expense of $14.3 million for the second quarter and an effective tax rate of 32.0%. The lower third quarter effective tax rate was due primarily to a true-up to the full year tax rate, an increase in disallowed executive compensation expense, and loss of tax benefits with respect to restricted stock vested during the second quarter.

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Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023

Income tax expense of $28.6 million was recorded for the nine months ended September 30, 2024, resulting in an effective tax rate of 29.0% compared to an income tax benefit of $135.2 million for the same period in 2023 and an effective tax rate of 8.7%. Excluding goodwill impairment, the effective tax rate for the nine months ended September 30, 2023 was 21.7%. The lower effective tax rate in 2023 was due primarily to higher FDIC insurance premiums in relation to the reported net loss for 2023.

Balance Sheet Analysis

Securities Available-for-Sale

The following table presents the composition and durations of our securities available-for-sale as of the dates indicated:

			September 30, 2024																		December 31, 2023
			Fair						% of						Duration						Fair						% of						Duration
Security Type			Value						Total						(in years)						Value						Total						(in years)
			(Dollars in thousands)
Agency residential MBS			$	922,448					40		%				8.6						$	1,187,609					51		%				8.2
Agency residential CMOs			418,240						18		%				2.6						284,334						12		%				4.4
Private label residential CMOs			339,725						15		%				4.4						158,412						7		%				7.7
Collateralized loan obligations			284,973						12		%				0.2						108,416						5		%				0.1
Corporate debt securities			266,630						12		%				1.7						267,232						11		%				1.9
Agency commercial MBS			33,532						1		%				1.3						253,306						11		%				3.4
Asset-backed securities			16,204						1		%				—						19,952						1		%				—
Private label commercial MBS			13,622						1		%				1.5						20,813						1		%				2.1
SBA securities			4,313						—		%				3.5						13,739						—		%				3.2
Municipal securities			597						—		%				3.8						28,083						1		%				4.5
U.S. Treasury securities			—						—		%				—						4,968						—		%				0.1
Total securities available-for-sale			$	2,300,284					100		%				4.8						$	2,346,864					100		%				5.9

Securities Held-to-Maturity

The following table presents the composition and durations of our securities held-to-maturity as of the dates indicated:

			September 30, 2024																		December 31, 2023
			Amortized						% of						Duration						Amortized						% of						Duration
Security Type			Cost						Total						(in years)						Cost						Total						(in years)
			(Dollars in thousands)
Municipal securities			$	1,250,254					55		%				7.8						$	1,247,310					55		%				8.1
Agency commercial MBS			438,781						19		%				6.2						433,827						19		%				6.8
Private label commercial MBS			354,098						15		%				5.8						350,493						15		%				6.3
U.S. Treasury securities			189,239						8		%				6.0						187,033						8		%				6.7
Corporate debt securities			70,391						3		%				4.1						70,128						3		%				4.4
Total securities held-to-maturity			$	2,302,763					100		%				7.0						$	2,288,791					100		%				7.4

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The following table shows the geographic composition of the majority of our held-to-maturity municipal securities portfolio as of the date indicated:

			September 30, 2024
			Amortized						% of
Municipal Securities by State			Cost						Total
			(Dollars in thousands)
California			$	312,630					25		%
Texas			277,159						22		%
Washington			188,830						15		%
Oregon			79,722						6		%
Maryland			64,434						5		%
Georgia			55,333						4		%
Colorado			48,728						4		%
Minnesota			34,840						3		%
Tennessee			31,019						3		%
Florida			21,959						2		%
Total of ten largest states			1,114,654						89		%
All other states			135,600						11		%
Total municipal securities held-to-maturity			$	1,250,254					100		%

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Loans and Leases Held for Investment

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

			September 30, 2024												December 31, 2023
									% of												% of
Loan and Lease Portfolio			Balance						Total						Balance						Total
			(Dollars in thousands)
Real Estate Mortgage:
Commercial real estate			$	3,529,615					15		%				$	3,874,804					15		%
SBA program			628,875						3		%				632,110						3		%
Hotel			399,449						1		%				519,583						2		%
Total commercial real estate mortgage			4,557,939						19		%				5,026,497						20		%
Multi-family			6,009,280						25		%				6,025,179						23		%
Residential mortgage			2,619,372						11		%				2,754,176						11		%
Investor-owned residential			121,810						1		%				2,234,531						9		%
Residential renovation			26,005						—		%				71,602						—		%
Total other residential real estate			2,767,187						12		%				5,060,309						20		%
Total real estate mortgage			13,334,406						56		%				16,111,985						63		%
Real Estate Construction and Land:
Commercial			836,902						4		%				759,585						3		%
Residential			2,622,507						11		%				2,399,684						9		%
Total real estate construction and land (1)			3,459,409						15		%				3,159,269						12		%
Total real estate			16,793,815						71		%				19,271,254						75		%
Commercial:
Lender finance			686,426						3		%				486,966						2		%
Equipment finance			646,477						3		%				736,275						3		%
Premium finance			586,730						2		%				732,162						3		%
Other asset-based			195,678						1		%				233,682						1		%
Total asset-based			2,115,311						9		%				2,189,085						9		%
Equity fund loans			576,498						3		%				662,732						3		%
Venture lending			777,128						3		%				783,630						3		%
Total venture capital			1,353,626						6		%				1,446,362						6		%
Secured business loans			731,215						3		%				614,120						2		%
Warehouse lending			1,230,105						5		%				554,940						2		%
Other lending			889,215						4		%				960,800						4		%
Total other commercial			2,850,535						12		%				2,129,860						8		%
Total commercial			6,319,472						27		%				5,765,307						23		%
Consumer			414,490						2		%				453,126						2		%
Total loans and leases held for investment,
net of deferred fees			$	23,527,777					100		%				$	25,489,687					100		%
Total unfunded loan commitments			$	5,008,449											$	5,578,907

 ________________________________

(1)    Includes land and acquisition and development loans of $208.3 million at September 30, 2024 and $228.9 million at December 31, 2023.

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The following table presents the geographic composition of our real estate loans held for investment, net of deferred fees, 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, 2024												December 31, 2023
									% of												% of
Real Estate Loans by State			Balance						Total						Balance						Total
			(Dollars in thousands)
California			$	11,907,187					71		%				$	12,262,311					64		%
Colorado			1,265,516						8		%				1,167,659						6		%
Arizona			546,893						3		%				719,299						4		%
Texas			517,569						3		%				878,538						4		%
Florida			451,590						3		%				837,467						4		%
Washington			395,643						2		%				533,931						3		%
Nevada			365,970						2		%				411,020						2		%
Oregon			310,164						2		%				348,166						2		%
Utah			147,727						1		%				168,080						1		%
Illinois			103,040						—		%				92,758						—		%
Total of 10 largest states			16,011,299						95		%				17,419,229						90		%
All other states			782,516						5		%				1,852,025						10		%
Total real estate loans held for investment, net of deferred fees			$	16,793,815					100		%				$	19,271,254					100		%

Due to hybrid and remote working policies adopted by most companies during the COVID-19 pandemic, many of which remain in place today, there are concerns over the utilization of commercial office space which could impact the long-term performance of some types of office properties within our commercial real estate portfolio. Furthermore, higher interest rates presented a risk for the variable rate and hybrid loans in our portfolio, even considering the recent interest rate cut and expected future incremental interest rate cuts. Due to these concerns and concentrations of credit associated with commercial real estate loans, excluding owner occupied real estate loans, we have increased the qualitative reserve component of our allowance for credit losses for our office loan exposure. At September 30, 2024, mortgage loans secured by office properties represent 7.5% of total loans and leases held for investment.

The risks outlined above result from market conditions and are not controllable by us. However, when considering the markets in which to pursue real estate loans, we consider the market conditions, our current loan portfolio concentrations by property type and by market, and our past experiences with the borrower, within the specific market, and with the property type.

When underwriting real estate loans, we seek to mitigate risk by using the following framework:

•Requiring our borrowers to invest and maintain a meaningful cash equity interest in the properties securing our loans;

•Reviewing each loan request and renewal individually;

•Using a credit committee approval process for the approval of loan requests (or aggregated credit exposures) over a certain dollar amount;

•Adhering to written loan acceptance standards, including among other factors, maximum loan to acquisition cost ratios, maximum loan to as-is or stabilized value ratios, and minimum operating cash flow requirements;

•Considering market rental and occupancy rates relative to our underwritten or projected rental and occupancy rates;

•Considering the experience of our borrowers and our borrowers' abilities to operate and manage the properties securing our loans;

•Evaluating the supply of comparable real estate and new supply under construction in the collateral's market area;

•Obtaining independent third party appraisals that are reviewed by our appraisal department; and

•Obtaining environmental risk assessments.

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

			Nine Months Ended
Roll Forward of Loans and Leases Held for Investment, Net of Deferred Fees			September 30, 2024
			(In thousands)
Balance, beginning of period			$	25,489,687
Additions:
Production			1,223,782
Disbursements			3,757,575
Total production and disbursements			4,981,357
Reductions:
Payoffs			(2,607,236)
Paydowns			(2,296,598)
Total payoffs and paydowns			(4,903,834)
Sales			(27,516)
Transfers to foreclosed assets			(15,564)
Charge-offs			(67,247)
Transfers to loans held for sale			(1,930,285)
Total reductions			(6,944,446)
Transfers from loans held for sale			1,179
Net decrease			(1,961,910)
Balance, end of period			$	23,527,777

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Allowance for Credit Losses on Loans and Leases Held for Investment

The allowance for credit losses on loans and leases held for investment is the combination of the allowance for loan and lease losses and the reserve for unfunded loan commitments. The allowance for loan and lease losses 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 (loss) is a combination of the provision for loan and lease losses, the provision for unfunded loan commitments, and the provision for held-to-maturity 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 allowance for credit losses 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 allowance for credit losses, 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 2024, we used the Moody’s September 30, 2024 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 inherent uncertainty in the economy. Compared to the second quarter of 2024, updates to the economic forecasts, including the Company's scenario weighting, resulted in an immaterial impact to the allowance for credit losses.

The primary drivers behind higher quantitative reserves compared to the prior quarter were an increase of specific reserves associated with nonperforming loans and higher reserves due to risk rating migration. The increase in quantitative reserves was partially offset by changes in portfolio mix along with charge-off activity. The Company has successfully grown portfolios with lower risk of loss during the quarter, such as warehouse lending and lender finance, while portfolios requiring higher reserves, such as commercial real estate, have lower overall balances.

As part of our allowance for credit losses methodology, we consistently incorporate the use of qualitative factors in determining the overall allowance for credit losses to capture risks that may not be adequately 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 2024, reserves associated with the qualitative adjustments increased when compared to the prior quarter. Primary qualitative adjustments are related to loans secured by office properties and concentration of credit associated with commercial real estate loans, multi-family loans, and construction loans.

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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 allowance for credit losses. As part of our allowance for credit losses process, sensitivity analyses are performed to assess the impact of how changing certain assumptions could impact the estimated allowance for credit losses. 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 decreases in the dollar amount of the quantitative component of the ACL by 2.03% to 6.65%. However, changing one assumption and not reassessing other assumptions used in the quantitative or qualitative process could yield results that are not reasonable or appropriate, hence all assumptions and information must be considered. 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 allowance for credit losses. 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 allowance for credit losses.

The determination of the allowance for credit losses 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 allowance for credit losses considers the impact of 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 allowance for credit losses 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 allowance for credit losses on loans and leases held for investment as of the dates indicated:

			September 30,						December 31,
Allowance for Credit Losses Data			2024						2023
			(Dollars in thousands)
Allowance for loan and lease losses			$	254,345					$	281,687
Reserve for unfunded loan commitments			27,571						29,571
Total allowance for credit losses			$	281,916					$	311,258
Allowance for loan and lease losses to loans and leases held for investment			1.08		%				1.11		%
Allowance for credit losses to loans and leases held for investment			1.20		%				1.22		%

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

			Three Months Ended												Nine Months Ended
			September 30,						June 30,						September 30,
Allowance for Credit Losses Roll Forward			2024						2024						2024						2023
			(Dollars in thousands)
Balance, beginning of period			$	275,333					$	320,074					$	311,258					$	291,803
Provision for credit losses:
Addition to allowance for loan and lease losses			9,000						12,000						32,000						66,500
Reduction in reserve for unfunded loan commitments			—						(1,000)						(2,000)						(61,500)
Total provision for credit losses			9,000						11,000						30,000						5,000
Loans and leases charged off:
Real estate mortgage			(640)						(53,881)						(56,998)						(39,467)
Real estate construction and land			—						—						—						—
Commercial			(1,963)						(3,148)						(5,815)						(7,819)
Consumer			(1,560)						(1,041)						(4,434)						(1,514)
Total loans and leases charged off			(4,163)						(58,070)						(67,247)						(48,800)
Recoveries on loans charged off:
Real estate mortgage			216						1,429						2,536						797
Real estate construction and land			—						—						—						—
Commercial			1,253						834						4,956						2,916
Consumer			277						66						413						152
Total recoveries on loans charged off			1,746						2,329						7,905						3,865
Net charge-offs			(2,417)						(55,741)						(59,342)						(44,935)
Balance, end of period			$	281,916					$	275,333					$	281,916					$	251,868
Annualized net charge-offs to
average loans and leases			0.04		%				0.89		%				0.32		%				0.23		%

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

			Three Months Ended												Nine Months Ended
			September 30,						June 30,						September 30,
Allowance for Credit Losses Charge-offs			2024						2024						2024						2023
			(In thousands)
Real Estate Mortgage:
Commercial real estate			$	185					$	20,183					$	20,368					$	11,525
SBA program			226						663						926						334
Hotel			—						—						—						—
Total commercial real estate mortgage			411						20,846						21,294						11,859
Multi-family			—						—						—						—
Residential mortgage			67						—						67						—
Investor-owned residential			55						32,904						34,479						17,365
Residential renovation			107						131						1,158						10,243
Total other residential real estate			229						33,035						35,704						27,608
Total real estate mortgage			640						53,881						56,998						39,467
Real Estate Construction and Land:
Commercial			—						—						—						—
Residential			—						—						—						—
Total real estate construction and land			—						—						—						—
Total real estate			640						53,881						56,998						39,467
Commercial:
Lender finance			—						—						—						150
Equipment finance			—						—						—						—
Premium finance			—						—						—						—
Other asset-based			—						92						92						—
Total asset-based			—						92						92						150
Equity fund loans			—						—						—						—
Venture lending			—						2,273						2,414						—
Total venture capital			—						2,273						2,414						—
Secured business loans			732						—						943						492
Warehouse lending			—						—						—						—
Other lending			1,231						783						2,366						7,177
Total other commercial			1,963						783						3,309						7,669
Total commercial			1,963						3,148						5,815						7,819
Consumer			1,560						1,041						4,434						1,514
Total charge-offs			$	4,163					$	58,070					$	67,247					$	48,800

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

			Three Months Ended												Nine Months Ended
			September 30,						June 30,						September 30,
Allowance for Credit Losses Recoveries			2024						2024						2024						2023
			(In thousands)
Real Estate Mortgage:
Commercial real estate			$	61					$	85					$	389					$	—
SBA program			31						124						256						267
Hotel			—						—						—						—
Total commercial real estate mortgage			92						209						645						267
Multi-family			—						500						500						—
Residential mortgage			3						1						5						19
Investor-owned residential			121						299						721						102
Residential renovation			—						420						665						409
Total other residential real estate			124						720						1,391						530
Total real estate mortgage			216						1,429						2,536						797
Real Estate Construction and Land:
Commercial			—						—						—						—
Residential			—						—						—						—
Total real estate construction and land			—						—						—						—
Total real estate			216						1,429						2,536						797
Commercial:
Lender finance			—						—						—						324
Equipment finance			—						—						—						—
Premium finance			—						—						—						—
Other asset-based			63						50						113						279
Total asset-based			63						50						113						603
Equity fund loans			—						—						—						—
Venture lending			809						104						1,270						1,149
Total venture capital			809						104						1,270						1,149
Secured business loans			21						56						340						29
Warehouse lending			—						—						—						—
Other lending			360						624						3,233						1,135
Total other commercial			381						680						3,573						1,164
Total commercial			1,253						834						4,956						2,916
Consumer			277						66						413						152
Total recoveries			$	1,746					$	2,329					$	7,905					$	3,865

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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, 2024												December 31, 2023
									% of												% of						Increase
Deposit Composition			Balance						Total						Balance						Total						(Decrease)
			(Dollars in thousands)
Noninterest-bearing checking			$	7,811,796					29		%				$	7,774,254					26		%				$	37,542
Interest-bearing:
Checking			7,539,899						28		%				7,808,764						26		%				(268,865)
Money market			5,039,607						19		%				6,187,889						20		%				(1,148,282)
Savings			1,992,364						7		%				1,997,989						6		%				(5,625)
Time:
Non-brokered			2,451,340						9		%				3,139,270						10		%				(687,930)
Brokered			1,993,263						8		%				3,493,603						12		%				(1,500,340)
Total time deposits			4,444,603						17		%				6,632,873						22		%				(2,188,270)
Total interest-bearing			19,016,473						71		%				22,627,515						74		%				(3,611,042)
Total deposits			$	26,828,269					100		%				$	30,401,769					100		%				$	(3,573,500)

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

			September 30, 2024												December 31, 2023
									% of												% of
									Total												Total
Time Deposits			Balance						Deposits						Balance						Deposits
			(Dollars in thousands)
Time deposits $250,000 and under			$	3,414,451					13		%				$	5,526,396					18		%
Time deposits over $250,000			1,030,152						4		%				1,106,477						4		%
Total time deposits			$	4,444,603					17		%				$	6,632,873					22		%

During the nine months ended September 30, 2024, total deposits decreased by $3.6 billion, or 11.8%, to $26.8 billion at September 30, 2024, due primarily to a decrease of $1.5 billion in brokered time deposits and a decrease of $1.1 billion in money market accounts. At September 30, 2024, noninterest-bearing deposits totaled $7.8 billion, or 29%, of total deposits and interest-bearing deposits totaled $19.0 billion, or 71%, of total deposits.

As of September 30, 2024, FDIC-insured deposits represented approximately 72% of total deposits, including accounts eligible for pass-through insurance, down from 76% as of December 31, 2023. Available liquidity (on-balance sheet liquidity plus unused borrowing capacity and unpledged AFS securities) was $16.2 billion at September 30, 2024, which exceeded uninsured and uncollateralized deposits of $6.7 billion, with a coverage ratio of 241% as compared to a coverage ratio of 247% at December 31, 2023. Available liquidity also represented 60% of total deposits at September 30, 2024.

The Bank is a participant in the IntraFi Network, a network that offers deposit placement services such as ICS and CDARS, and other reciprocal deposit networks which offer products that qualify large deposits for FDIC insurance. At September 30, 2024, the Bank had $8.2 billion of reciprocal deposits compared to $8.9 billion at December 31, 2023.

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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, 2024			and Under						$250,000						Total
			(In thousands)
Maturities:
Due in three months or less			$	1,252,341					$	177,248					$	1,429,589
Due in over three months through six months			986,439						377,179						1,363,618
Due in over six months through 12 months			995,066						339,473						1,334,539
Total due within 12 months			3,233,846						893,900						4,127,746
Due in over 12 months through 24 months			175,054						130,917						305,971
Due in over 24 months			5,551						5,335						10,886
Total due over twelve months			180,605						136,252						316,857
Total			$	3,414,451					$	1,030,152					$	4,444,603

Client Investment Funds

In addition to deposit products, we also offer select clients non-depository cash investment options through BAM, our registered investment adviser subsidiary, and third-party money market sweep products. BAM provides customized investment advisory and asset management solutions. At September 30, 2024, total off-balance sheet client investment funds were $1.3 billion, of which $0.6 billion was managed by BAM. At December 31, 2023, total off-balance sheet client investment funds were $0.6 billion, of which $0.2 billion was managed by BAM.

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Credit Quality

During the third quarter of 2024, we continued to remain conservative on risk rating of loans and leases. Increases to classified loans and leases that remained on accrual status resulted from downward migration for groups of loans and leases where performance deteriorated or increased borrower financial information was determined to be necessary. Nonaccrual loans and leases increased in the quarter primarily due to two commercial loans and one legacy Civic loan that migrated to nonperforming status.

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,
			2024						2023
			(Dollars in thousands)
Nonaccrual loans and leases held for investment			$	168,341					$	62,527
Accruing loans contractually past due 90 days or more			—						11,750
Total nonperforming loans and leases			168,341						74,277
Foreclosed assets, net			8,661						7,394
Total nonperforming assets			$	177,002					$	81,671
Classified loans and leases held for investment			$	533,591					$	228,417
Special mention loans and leases held for investment			$	711,888					$	513,312
Nonaccrual loans and leases held for investment to loans and leases held for investment			0.72		%				0.25		%
Nonperforming assets to loans and leases held for investment and foreclosed assets, net			0.75		%				0.32		%
Allowance for credit losses to nonaccrual loans and leases held for investment			167.5		%				497.8		%
Classified loans and leases held for investment to loans and leases held for investment			2.27		%				0.90		%
Special mention loans and leases held for investment to loans and leases held for investment			3.03		%				2.01		%

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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, 2024												December 31, 2023												Increase (Decrease)
									Accruing												Accruing												Accruing
									and 30-89												and 30-89												and 30-89
									Days Past												Days Past												Days Past
			Nonaccrual						Due						Nonaccrual						Due						Nonaccrual						Due
			(In thousands)
Real estate mortgage:
Commercial			$	78,478					$	1,960					$	15,669					$	10,577					$	62,809					$	(8,617)
Multi-family			916						—						1,020						2,302						(104)						(2,302)
Other residential			50,514						15,680						31,041						83,747						19,473						(68,067)
Total real estate mortgage			129,908						17,640						47,730						96,626						82,178						(78,986)
Real estate construction and land:
Commercial			—						—						—						—						—						—
Residential			—						—						—						—						—						—
Total real estate construction and land			—						—						—						—						—						—
Commercial:
Asset-based			2,295						1,097						2,689						608						(394)						489
Venture capital			19,957						—						325						—						19,632						—
Other commercial			15,662						2,221						10,972						1,187						4,690						1,034
Total commercial			37,914						3,318						13,986						1,795						23,928						1,523
Consumer			519						2,449						811						3,461						(292)						(1,012)
Total held for investment			$	168,341					$	23,407					$	62,527					$	101,882					$	105,814					$	(78,475)

During the nine months ended September 30, 2024, nonperforming loan and leases held for investment increased by $94.1 million to $168.3 million at September 30, 2024 due mainly to additions of $188.6 million, offset partially by transfers to held for sale of $19.6 million, transfers to accrual status of $15.3 million, charge-offs of $14.7 million, and principal and other reductions of $44.9 million. As of September 30, 2024, the Company's three largest loan relationships on nonaccrual status had an aggregate carrying value of $49.0 million and represented 29% of total nonaccrual loans and leases.

Loans and leases accruing 30-89 days past due decreased $78.5 million to $23.4 million as of September 30, 2024 due mainly to decreases in other residential and commercial real estate delinquent loans. Decrease in other residential real estate delinquent loans was primarily due to the Civic loan sale.

Foreclosed Assets

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 Type			2024						2023
			(In thousands)
Single-family residential			$	8,661					$	7,394
Total OREO, net			8,661						7,394
Other foreclosed assets			—						—
Total foreclosed assets, net			$	8,661					$	7,394

During the nine months ended September 30, 2024, foreclosed assets increased by $1.3 million to $8.7 million at September 30, 2024 due mainly to transfers from loans of $15.6 million, offset partially by sales of $13.6 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, net of deferred fees, as of the dates indicated:

			September 30,						December 31,
Loan and Lease Credit Risk Ratings			2024						2023
			(In thousands)
Pass			$	22,282,298					$	24,747,958
Special mention			711,888						513,312
Classified			533,591						228,417
Total loans and leases held for investment, net of deferred fees			$	23,527,777					$	25,489,687

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, net of deferred fees, by loan portfolio segment and class and the related net changes as of the dates indicated:

			September 30, 2024												December 31, 2023												Increase (Decrease)
									Special												Special												Special
			Classified						Mention						Classified						Mention						Classified						Mention
			(In thousands)
Real estate mortgage:
Commercial			$	256,581					$	339,559					$	75,739					$	219,687					$	180,842					$	119,872
Multi-family			152,288						46,332						74,954						108,356						77,334						(62,024)
Other residential			53,140						14,775						38,155						54,197						14,985						(39,422)
Total real estate mortgage			462,009						400,666						188,848						382,240						273,161						18,426
Real estate construction and land:
Commercial			—						111,195						—						—						—						111,195
Residential			—						3,164						—						2,757						—						407
Total real estate construction and land			—						114,359						—						2,757						—						111,602
Commercial:
Asset-based			5,731						11,156						4,561						12,506						1,170						(1,350)
Venture capital			39,699						145,441						7,805						98,633						31,894						46,808
Other commercial			25,511						32,358						26,044						9,984						(533)						22,374
Total commercial			70,941						188,955						38,410						121,123						32,531						67,832
Consumer			641						7,908						1,159						7,192						(518)						716
Total			$	533,591					$	711,888					$	228,417					$	513,312					$	305,174					$	198,576

    

During the nine months ended September 30, 2024, classified loans and leases increased by $305.2 million to $533.6 million at September 30, 2024 due mainly to increases of $180.8 million in commercial real estate mortgage classified loans, $77.3 million in multi-family real estate mortgage classified loans, $31.9 million in venture capital classified loans, and $15.0 million in other residential real estate mortgage classified loans.

During the nine months ended September 30, 2024, special mention loans and leases increased by $198.6 million to $711.9 million at September 30, 2024 due mainly to increases of $119.9 million in commercial real estate mortgage special mention loans, $111.2 million in commercial real estate construction and land special mention loans, and $46.8 million in venture capital special mention loans, offset partially by decreases of $62.0 million in multi-family real estate mortgage special mention loans and $39.4 million in other residential real estate mortgage special mention loans.

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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, 2024, banks considered to be “well capitalized” must maintain a minimum Tier 1 leverage ratio of 5.00%, a minimum common equity Tier 1 risk-based capital ratio of 6.50%, a minimum Tier 1 risk-based capital ratio of 8.00%, and a minimum Total risk-based capital ratio of 10.00%.

Regulatory capital requirements limit the amount of deferred tax assets 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, 2024, such disallowed amounts was $284.7 million for the Company. No assurance can be given that the regulatory capital deferred tax asset limitation will not increase in the future or that the Company will not have increased deferred tax assets that are disallowed.

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, 2024, the Company and the Bank were in compliance with the capital conservation buffer requirements.

The Company and the Bank elected the CECL 5-year regulatory transition guidance for calculating regulatory capital ratios and the September 30, 2024 ratios include this election. This regulatory guidance allows an entity to add back to capital 100% of the capital impact from the day one CECL transition adjustment and 25% of subsequent increases to the allowance for credit losses through December 31, 2021. This cumulative amount is now being phased out of regulatory capital evenly over the three years from 2022 to 2024. The add-back as of September 30, 2024 ranged from 0 basis points to 3 basis points for the capital ratios below.

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

															Minimum Required
															For Capital						For Capital						For Well
			September 30,						December 31,						Adequacy						Conservation						Capitalized
			2024						2023						Purposes						Buffer						Classification
Banc of California, Inc.:
Tier 1 leverage capital ratio			9.83%						9.00%						4.00%						N/A						N/A
CET1 capital ratio			10.46%						10.14%						4.50%						7.00%						N/A
Tier 1 capital ratio			12.88%						12.44%						6.00%						8.50%						N/A
Total capital ratio			17.00%						16.43%						8.00%						10.50%						N/A
Banc of California:
Tier 1 leverage capital ratio			10.74%						9.62%						4.00%						N/A						5.00%
CET1 capital ratio			14.08%						13.27%						4.50%						7.00%						6.50%
Tier 1 capital ratio			14.08%						13.27%						6.00%						8.50%						8.00%
Total capital ratio			16.61%						15.75%						8.00%						10.50%						10.00%

The Company's consolidated risk-based capital ratios increased during the nine months ended September 30, 2024 due mainly to a decrease in risk-weighted assets and positive earnings for the period. The consolidated Tier 1 leverage ratio increased during the nine months ended September 30, 2024 due mainly to a decrease in average assets attributable primarily to decreased cash and cash equivalents.

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Subordinated Debt

We issued or assumed through mergers subordinated debt to trusts that were established by us or entities we acquired, which, in turn, issued trust preferred securities. As of September 30, 2024, the carrying value of subordinated debt totaled $942.2 million. At September 30, 2024, $131.0 million of the trust preferred securities were included in the Company's Tier I capital and $796.2 million were included in Tier II capital.

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 available-for-sale 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 $6.6 billion at September 30, 2024, and $471.6 million pledged for letters of credit and a balance outstanding of $1.1 billion as of that date. The FHLB secured credit line was collateralized by a blanket lien on $10.5 billion of certain qualifying loans and $20.9 million of securities. The Bank also had secured borrowing capacity with the FRBSF under the Discount Window program totaling $6.9 billion at September 30, 2024, of which $6.7 billion was available. The FRBSF Discount Window secured credit line was collateralized by liens on $6.7 billion of qualifying loans and $1.8 billion of pledged securities.

In addition to its secured lines of credit with the FHLB and FRBSF, the Bank also maintains unsecured lines of credit for the purpose of borrowing overnight funds, subject to availability, of $290.0 million in the aggregate with several correspondent banks. As of September 30, 2024, there was no balance outstanding related to these unsecured lines of credit. The Bank is a member of the AFX, through which it may either borrow or lend funds on an overnight or short-term basis with a group of pre-approved commercial banks. The availability of funds changes daily. As of September 30, 2024, there was no outstanding balance through the AFX.

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

			September 30,						December 31,
Primary Liquidity - On-Balance Sheet			2024						2023
			(Dollars in thousands)
Cash and due from banks			$	251,869					$	202,427
Interest-earning deposits in financial institutions			2,302,358						5,175,149
Less: restricted cash			(183,247)						(185,147)
Securities available-for-sale, at fair value			2,300,284						2,346,864
Less: pledged securities, available-for-sale, at fair value			(4,313)						(2,063,754)
Total primary liquidity			$	4,666,951					$	5,475,539
Ratio of primary liquidity to total assets			14.0		%				14.2		%

Secondary Liquidity - Off-Balance Sheet			September 30,						December 31,
Available Secured Borrowing Capacity			2024						2023
			(In thousands)
Total secured borrowing capacity with the FHLB			$	6,552,711					$	5,302,210
Less: letters of credit			(471,580)						(243,801)
Less: secured advances outstanding			(1,100,000)						—
Available secured borrowing capacity with the FHLB			4,981,131						5,058,409
Total secured borrowing capacity with the FRBSF			6,942,509						6,916,235
Less: secured advances outstanding			(200,000)						—
Available secured borrowing capacity with the FRBSF			6,742,509						6,916,235
Total secondary liquidity			$	11,723,640					$	11,974,644

During the nine months ended September 30, 2024, the Company's primary liquidity decreased by $808.6 million to $4.7 billion at September 30, 2024 due mainly to a $2.9 billion decrease in interest-earning deposits in financial institutions, offset partially by a decrease of $2.1 billion in pledged AFS securities. During the nine months ended September 30, 2024, the Company's secondary liquidity decreased by $251.0 million to $11.7 billion at September 30, 2024 due to decreases in available secured borrowing capacity with the FHLB of $77.3 million and available secured borrowing capacity with the FRB of $173.7 million.

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Obtaining new customer deposits, or having existing customers increase their deposit balances with us, are the primary sources of funding for our operations and is one 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 regulation, for liquidity management purposes. At September 30, 2024, brokered deposits totaled $2.6 billion, consisting of $638.8 million of non-maturity brokered accounts and $2.0 billion of brokered time deposits. At December 31, 2023, brokered deposits totaled $4.6 billion, consisting of $1.1 billion of non-maturity brokered accounts and $3.5 billion of brokered time deposits.

Our liquidity policy includes guidelines, which are governed by the Company's Risk Appetite Statement, which include the following metrics: Primary Liquidity Ratio (unencumbered liquid assets and the market value of unpledged AFS securities, net of a haircut, divided by total assets), Brokered Deposits to Total Funding Ratio (wholesale deposits to total deposits plus borrowings), Total Borrowings to Total Funding Ratio (borrowings to total deposits and borrowings), Short-Term Non-Core Funding Ratio (retail time deposits of $250,000 or more that mature within one year, brokered deposits that mature within one year, listing service deposits that mature within one year, official checks, escrow and title company deposits, 1031 exchange accommodator deposits, Federal Funds purchased, and borrowings that mature within one year as a percentage of total assets) and the Wholesale Funding Ratio (wholesale deposits and borrowings to total assets). At September 30, 2024, the Bank was in compliance with all of its funding concentration liquidity guidelines.

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 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 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.

At September 30, 2024, Banc of California, Inc. had $192.4 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.

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, 2024, our loan commitments and standby letters of credit were $5.0 billion and $201.3 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 11. 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, 2023, 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. As of September 30, 2024, the U.S. Dollar notional amounts of loans receivable and subordinated debt payable denominated in foreign currencies were $8.1 million and $28.7 million, and the U.S. Dollar notional amounts of derivatives outstanding to hedge these foreign currency exposures were $8.1 million and $28.5 million. We recognized a foreign currency translation net loss of $752,000 for the nine months ended September 30, 2024 and a foreign currency translation net loss of $97,000 for the nine months ended September 30, 2023.

Asset/Liability Management and Interest Rate Sensitivity

Interest Rate Risk - Company Governance. On a monthly 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 ALCO Policy. The ALCO Policy is approved by MFC and the Finance Committee of the Board of Directors annually. We believe our ALCO 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 monthly and the IRR Model results are reported to MFC and the Finance Committee of the Company's Board of Directors at each monthly or 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. Market interest rates change over time. Accordingly, our results of operations, like those of other financial institutions, are impacted by changes in interest rates and the interest rate sensitivity of our assets and liabilities. The risk associated with changes in interest rates and our ability to adapt to these changes is known as interest rate risk and is our most significant market risk.

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

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

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

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

•Strategically managing multiple warehouse relationships,

•Originating shorter-term consumer loans,

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

•Managing our deposits to establish stable deposit relationships, and

•Using FHLB advances and/or certain derivatives such as swaps 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 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, 2024. 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 income volatility approach since it captures all anticipated cash flows.

The balance sheet is considered “asset sensitive” when an increase in short-term 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 short-term 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 September 30, 2024, our interest rate risk profile is “liability sensitive,” but less liability sensitive as compared to our interest rate risk profile position as of December 31, 2023. This shift is primarily due to the change in the mix of funding sources during the nine months ended September 30, 2024 resulting from the paydowns of the Bank Term Funding Program balances. 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, 2024 and net interest income over the next twelve months, that would occur upon an immediate change in interest rates, but without giving effect to any steps that management might take to counteract that change:

			Change in Interest Rates in Basis Points (bps) (1)
			Economic Value of Equity																		Net Interest Income
									Amount						Percentage												Amount						Percentage
September 30, 2024			Amount						Change						Change						Amount						Change						Change
			(Dollars in millions)
+200 bps			$	2,874					$	(256)					(8.2)		%				$	1,131					$	(10)					(0.9)		%
+100 bps			$	3,018					$	(112)					(3.6)		%				$	1,134					$	(7)					(0.6)		%
0 bps			$	3,130																	$	1,141
-100 bps			$	3,241					$	111					3.5		%				$	1,148					$	7					0.6		%
-200 bps			$	3,174					$	44					1.4		%				$	1,150					$	9					0.8		%

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(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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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, 2024 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 2024 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 11. 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 Annual Report on Form 10-K for the year ended December 31, 2023. See also "Forward-Looking Information" disclosed in Part I, Item 2 of this Quarterly Report on Form 10-Q.

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

The following table presents stock purchases made during the third quarter of 2024:

															Total Number of						Maximum Dollar
															Shares Purchased						Value of Shares
			Total												as Part of						That May Yet
			Number of						Average						Publicly						Be Purchased
			Shares						Price Paid						Announced						Under the
Purchase Dates			Purchased (1)						Per Share						Program						Program
			(Dollars in thousands, except per share amounts)
July 1 - July 31, 2024			633						$	13.10					—						$	—
August 1 - August 31, 2024			10,787						$	13.42					—						$	—
September 1 - September 30, 2024			325						$	13.81					—						$	—
Total			11,745						$	13.41					—

__________________________

(1)    Shares repurchased pursuant to net settlement by employees in satisfaction of income tax withholding obligations incurred through the vesting of Company stock awards.

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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, 2024, 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.

ITEM 6. EXHIBITS

Exhibit Number			Description
2.1			Agreement and Plan of Merger, dated as of July 25, 2023, by and among PacWest Bancorp, Banc of California, Inc. and Cal Merger Sub, Inc. (Exhibit 2.1 to the Registrant's Current Report on Form 8-K filed on July 31, 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, 2024 and December 31, 2023, (ii) the Condensed Consolidated Statements of Earnings (Loss) for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023 and nine months ended September 30, 2024 and 2023, (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023 and nine months ended September 30, 2024 and 2023, (iv) the Condensed Consolidated Statement of Changes in Stockholders’ Equity for the nine months ended September 30, 2024 and 2023, (v) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023, 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 8, 2024			/s/ Jared M. Wolff
						Jared M. Wolff
						President and Chief Executive Officer
						(Principal Executive Officer)

Date:			November 8, 2024			/s/ Joseph Kauder
						Joseph Kauder
						Executive Vice President and Chief Financial Officer
						(Principal Financial Officer)

Date:			November 8, 2024			/s/ Jeff Krumpoch
						Jeff Krumpoch
						Executive Vice President and Interim Chief Accounting Officer
						(Principal Accounting Officer)

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