8-K - BANC - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 23, 2025

BANC OF CALIFORNIA, INC.

(Exact name of registrant as specified in its charter)

Maryland	001-35522	04-3639825
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
11611 San Vicente Boulevard,<br> Suite 500
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Los Angeles, California	90049
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (855) 361-2262

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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

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

Title of each class	Trading<br><br> <br>Symbol(s)	Name of each exchange<br><br> <br>on which registered
Common Stock, par value $0.01 per share	BANC	New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 7.75% fixed rate reset non-cumulative perpetual preferred stock, Series F	BANC/PF	New York Stock Exchange

Item 2.02	Results of Operations and Financial Condition.

On January 23, 2025, Banc of California, Inc. (the “Company”) issued a press release announcing 2024 fourth quarter financial results.

A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.

Item 7.01	Regulation FD Disclosure.

The Company will host a conference call to discuss its fourth quarter results at 10:00 A.M. Pacific Time on Thursday, January 23, 2025. Interested parties may attend the conference call by dialing (888) 317-6003 and referencing event code 4964279. A live audio webcast will be available through the webcast link to be posted on the Company’s Investor Relations website at www.bancofcal.com/investor, in addition to the slide presentation for investor review prior to the call. A copy of the presentation materials is furnished herewith as Exhibit 99.2 and is incorporated by reference herein.

Item 9.01	Financial Statements and Exhibits.
(d)	Exhibits.
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99.1	Banc of California, Inc. Press Release dated January 23, 2025.
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99.2	Banc of California, Inc. Earnings Conference Call Presentation Materials.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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 hereunto duly authorized.

	BANC OF CALIFORNIA, INC.
January 23, 2025	/s/ Joseph Kauder
	Joseph Kauder
	Executive Vice President and Chief Financial Officer

Exhibit 99.1

    ![](image00002.jpg)

Banc of California, Inc. Reports Fourth Quarter Diluted Earnings per Share of $0.28, Reflecting Strong Year-Over-Year Net Interest Margin Expansion and Lower Noninterest Expenses

Company Release – 1/23/2025

LOS ANGELES, Calif.--(BUSINESS WIRE)--Banc of California, Inc. (NYSE: BANC) (“Banc of California” or the “Company”), the parent company of wholly-owned subsidiary Banc of California (the “Bank”), today reported financial results for the fourth quarter and year ended December 31, 2024. The Company reported net earnings available to common and equivalent stockholders of $47.0 million, or $0.28 per diluted common share, for the fourth quarter of 2024. This compares to a net loss available to common and equivalent stockholders of $1.2 million, or a loss of $0.01 per diluted common share, for the third quarter of 2024. On an adjusted basis, net earnings available to common and equivalent stockholders were $41.4 million, or $0.25 per diluted common share for the third quarter.^(1)^ The third quarter of 2024 included $60 million of pre-tax losses from repositioning a portion of the securities portfolio. For the full year 2024, we reported net income available to common and equivalent shareholders of $87.1 million, or $0.52 per diluted common share. On an adjusted basis, net income available to common and equivalent shareholders was $135.4 million, or $0.80 per diluted common shares.^(1)^

Update on Southern California Wildfires

The recent wildfires in Southern California have been devastating, severely impacting Los Angeles and the surrounding areas – home to our headquarters and where many of our clients and team members live and work. To support the recovery efforts, our charitable foundation has launched the Banc of California Wildfire Relief and Recovery Fund, which is dedicated to aiding relief efforts and rebuilding our community. To further our commitment, we have donated $1 million to the relief fund, standing in solidarity with Angelenos as we work together to rebuild and restore what has been lost. To date, we are not aware of any material impact on our loan portfolio, collateral or any of our facilities due to the Southern California wildfires. We are currently aware of four commercial properties and three residential properties that have been damaged or destroyed but all such collateral has insurance coverage in place and will continue to monitor and assess for potential exposure.

Financial Highlights for the Fourth Quarter and 2024 Fiscal Year

•	Net interest margin expansion of 11 basis points vs 3Q24 to 3.04% and 135 basis points year-over-year, driven by lower funding costs
•	Lowered funding costs by 27 basis points vs 3Q24 and 113 basis points year-over-year, reflecting benefits of prior balance sheet repositioning actions and improved funding mix
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•	Average noninterest-bearing deposits grew to 29.1% of average total deposits, up from 27.7% in 3Q24 and 22.6% in 4Q23, driven by relationship-focused deposit growth strategy
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1
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•	Total loans of $23.8 billion grew 4.3% annualized or $254 million from 3Q24, driven by growth in warehouse lending, equity funds, and residential mortgage loan portfolios
•	Total noninterest expense declined 7.6% vs 3Q24 to $181.4 million and 50.1% year-over-year, driven by strong efficiency gains and achievement of our merger cost savings target. This reflects a 35.7% decrease in adjusted noninterest<br> expense^(1)^ year-over-year excluding acquisition, integration and reorganization costs and<br> normalizing 4Q23 to include combined company expenses for a full quarter and incentive compensation adjusted to target.
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•	Strengthened capital ratios with CET1 capital ratio^(2)^ up 9 basis points vs 3Q24 to 10.55% and 41 basis points year-over year
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•	Growth in book value per share to $17.78 and tangible book value per share^(1)^ to $15.72
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^(1)^	Non-GAAP measure; refer to section 'Non-GAAP Measures'
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^(2)^	Capital ratio for 12/31/2024 is preliminary
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Jared Wolff, President & CEO of Banc of California, commented, “Our strong fourth quarter results reflect continued momentum and consistent execution by our team. During the quarter, we achieved additional cost savings as well as a significant decline in our funding costs driven by our targeted reduction in deposit costs and the balance sheet repositioning actions that we completed earlier in the year. These actions helped drive an expansion in our net interest margin and increases in our net income, earnings per share, and level of returns.”

Mr. Wolff continued, “During the course of 2024, we made significant strides in strengthening our balance sheet and core earnings power. We believe we are well positioned to continue adding to our client base and expanding relationships with existing clients. Given the positive economic outlook, and the solid gains in loans and deposits generated by our teams in the fourth quarter, we believe we are well positioned to generate further growth in the balance sheet in 2025, expanding operating leverage and profitability to create additional value for our shareholders.”

2

INCOME STATEMENT HIGHLIGHTS

	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,
Summary Income Statement	2024			2024			2023			2024			2023
	(In thousands)
Total interest income	$	424,519		$	446,893		$	467,240		$	1,812,705		$	1,971,000
Total interest expense		189,234			214,718			316,189			886,655			1,223,872
Net interest income		235,285			232,175			151,051			926,050			747,128
Provision for credit losses		12,801			9,000			47,000			42,801			52,000
Gain (loss) on sale of loans		20			(62	)		(3,526	)		645			(161,346	)
(Loss) gain on sale of securities		(454	)		(59,946	)		(442,413	)		(60,400	)		(442,413	)
Other noninterest income		29,423			44,556			45,537			136,900			155,474
Total noninterest income (loss)		28,989			(15,452	)		(400,402	)		77,145			(448,285	)
Total revenue		264,274			216,723			(249,351	)		1,003,195			298,843
Goodwill impairment		-			-			-			-			1,376,736
Acquisition, integration and reorganization costs		(1,023	)		(510	)		111,800			(14,183	)		142,633
Other noninterest expense		182,393			196,719			251,838			805,923			938,812
Total noninterest expense		181,370			196,209			363,638			791,740			2,458,181
Earnings (loss) before income taxes		70,103			11,514			(659,989	)		168,654			(2,211,338	)
Income tax expense (benefit)		13,184			2,730			(177,034	)		41,766			(312,201	)
Net earnings (loss)		56,919			8,784			(482,955	)		126,888			(1,899,137	)
Preferred stock dividends		9,947			9,947			9,947			39,788			39,788
Net earnings (loss) available to common and equivalent stockholders	$	46,972		$	(1,163	)	$	(492,902	)	$	87,100		$	(1,938,925	)

Net Interest Income

Q4-2024 vs Q3-2024

Net interest income increased by $3.1 million to $235.3 million for the fourth quarter from $232.2 million for the third quarter due to lower interest expense on interest-bearing liabilities, offset partially by lower interest income on interest-earning assets.

The net interest margin increased 11 basis points to 3.04% for the fourth quarter as the cost of average total funding decreased 27 basis points and the average interest-earning assets yield decreased 15 basis points.

The average yield on interest-earning assets decreased by 15 basis points to 5.48% for the fourth quarter from 5.63% for the third quarter due mainly to the average yield on deposits in financial institutions decreasing by 65 basis points and the average yield on loans and leases decreasing by 17 basis points, offset partially by the average yield on investment securities increasing by 21 basis points. The decrease in the average yield on deposits in financial institutions was due to lower market rates attributable mainly to the Federal Reserve reducing the federal funds rate by a total of 100 basis points since September 2024. The average yield on loans and leases decreased by 17 basis points to 6.01% for the fourth quarter from 6.18% for the third quarter as a result of lower market interest rates and lower loan discount accretion. The average yield on investment securities increased by 21 basis points benefitting from the balance sheet repositioning actions taken in the third quarter.

3

Average interest-earning assets decreased by $750.7 million to $30.8 billion for the fourth quarter due mainly to the decreases of $631.5 million in average deposits in financial institutions and $154.4 million in average loans and leases.

The average total cost of funds decreased by 27 basis points to 2.55% for the fourth quarter from 2.82% for the third quarter due mainly to lower market interest rates, lower rate on average borrowings, and lower average balance of total deposits due to the paydown of higher-cost brokered deposits in the third quarter. The average cost of interest-bearing liabilities decreased by 32 basis points to 3.48% for the fourth quarter from 3.80% for the third quarter. The average cost of interest-bearing deposits decreased by 34 basis points to 3.18% for the fourth quarter from 3.52% for the third quarter mainly due to deposit rate repricing driven by federal funds rate cuts, while the average cost of borrowings decreased by 95 basis points to 5.40% for the fourth quarter from 6.35% for the third quarter as the BTFP was paid off and partially replaced with lower fixed rate FHLB advances in the third quarter. Average noninterest-bearing deposits increased by $59.9 million for the fourth quarter compared to the third quarter, average total deposits decreased by $1.2 billion due to the aforementioned paydown of brokered deposits, and average borrowings increased by $335.5 million.

Full Year 2024 vs Full Year 2023

Net interest income increased by $178.9 million to $926.1 million for the year ended December 31, 2024 from $747.1 million for the year ended December 31, 2023 due to lower interest expense on interest-bearing liabilities, offset partially by lower interest income on interest-earning assets.

The net interest margin increased by 87 basis points to 2.85% for the year ended December 31, 2024 compared to 1.98% in 2023 due to the average yield on interest-earning assets increasing by 37 basis points, while the average total cost of funds decreased by 50 basis points.

The average yield on interest-earning assets increased by 37 basis points to 5.58% for the year ended December 31, 2024 from 5.21% 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 76% for the year ended December 31,2024 from 67% for the year ended December 31, 2023, the decrease in the balance of average investment securities as a percentage of average interest-earning assets to 14% for the year ended December 31, 2024 from 18% 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 year ended December 31, 2024 from 15% in 2023.

The average yield on loans and leases increased by 19 basis points to 6.11% for the year ended December 31, 2024 from 5.92% in 2023 as a result of changes in portfolio mix and higher net accretion of loan discounts. The average yield on investment securities increased by 44 basis points benefitting from the balance sheet repositioning actions taken in the third quarter of 2024.

Average interest-earning assets decreased by $5.4 billion to $32.5 billion for the year ended December 31, 2024 due to lower average balances in loans and leases, investments securities, and deposits in financial institutions. Average loans and leases decreased by $760.7 million primarily due to the sale in July 2024 of $1.95 billion of Civic loans, offset partially by the acquisition of legacy Banc of California loans completed in the fourth quarter of 2023. Average investment securities decreased by $2.1 billion mostly due to securities sales completed in the fourth quarter of 2023. Average deposits in financial institutions decreased by $2.5 billion due to lower cash balances which were used to pay down higher-cost funding including the full payoff of $2.6 billion of the BTFP and $1.85 billion in brokered deposits as part of the balance sheet repositioning actions taken during 2024.

4

The average total cost of funds decreased by 50 basis points to 2.84% for the year ended December 31, 2024 from 3.34% for the year ended December 31, 2023 due mainly to changes in the total funding 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 year ended December 31, 2024 from 78% in 2023, and the decrease in the balance of higher-cost average borrowings as a percentage of average total funds to 6% for the year ended December 31, 2024 from 19% in 2023. The average cost of interest-bearing liabilities decreased by 35 basis points to 3.79% for the year ended December 31, 2024 from 4.14% in 2023. The average total cost of deposits decreased by 9 basis points to 2.52% for the year ended December 31, 2024 compared to 2.61% for the year ended December 31, 2023. Average noninterest-bearing deposits increased by $757.6 million for the year ended December 31, 2024 compared to 2023 and average total deposits decreased by $251.8 million. Average borrowings decreased by $5.2 billion for the year ended December 31, 2024 compared to 2023 due to paydown of borrowings in connection with the balance sheet repositioning completed due to the merger.

Provision For Credit Losses

Q4-2024 vs Q3-2024

The provision for credit losses increased by $3.8 million to $12.8 million for the fourth quarter compared to $9.0 million for the third quarter. The fourth quarter provision included an $11.5 million provision for loan losses and a $1.5 million provision for unfunded loan commitments, offset partially by a $0.2 million reversal of the provision for credit losses related to available-for-sale securities. The fourth quarter provision for loans and unfunded loan commitments was driven primarily by net charge-off activity during the quarter. The third quarter provision was driven primarily by increases in qualitative reserves, for loans secured by office properties and concentrations of credit, and specific reserves for nonperforming loan downgrades.

Full Year 2024 vs Full Year 2023

The provision for credit losses decreased by $9.2 million to $42.8 million for the year ended December 31, 2024 compared to $52.0 million for the year ended December 31, 2023. The provision for credit losses in 2024 included a $43.5 million provision for loan losses, offset partially by a $0.5 million reversal of the provision for credit losses related to unfunded loan commitments and a $0.2 million reversal of the provision for credit losses related to available-for-sale securities. The 2024 provision was driven mainly by net charge-off activity during the year. The provision for credit losses for 2023 included a $113.5 million provision for loan losses, offset partially by a $61.5 million reversal of the provision for credit losses related to lower unfunded loan commitments. The 2023 provision for loan losses also included an initial provision of $22.2 million for acquired legacy Banc of California non-PCD loans.

Noninterest Income

Q4-2024 vs Q3-2024

Noninterest income increased by $44.4 million to $29.0 million for the fourth quarter from a loss of $15.5 million for the third quarter due mainly to a $59.5 million decrease in loss on sale of securities, offset partially by decreases of $6.4 million in leased equipment income, $5.4 million in other income and $3.7 million in dividends and gains on equity investments. The decrease in loss on sale of securities was mainly due to the sale of $741.8 million in securities for a net loss of $59.9 million in the third quarter of 2024. The decrease in leased equipment was due mostly to lower gains from early lease terminations and sale of leased assets. The decrease in other income was due primarily to a $4.6 million increase in the negative fair value mark on the credit-linked notes. The decrease in dividends and gains on equity investments was due to lower income distributions from the CRA equity investments.

5

Full Year 2024 vs Full Year 2023

Noninterest income increased by $525.4 million to $77.1 million for the year ended December 31, 2024 due mostly to a decrease in the loss on sale of securities of $382.0 million and an increase in the gain on sale of loans of $162.0 million. The Company sold $753.7 million in securities for a net loss of $60.4 million in the year ended December 31, 2024 and $2.7 billion in securities for a net loss of $442.4 in the year ended December 31, 2023. The Company sold $2.5 billion of loans for a net gain of $0.6 million in the year ended December 31, 2024 and $8.7 billion of loans for a net loss of $161.3 million in the year ended December 31, 2023.

Noninterest Expense

Q4-2024 vs Q3-2024

Noninterest expense decreased by $14.8 million to $181.4 million for the fourth quarter due mainly to decreases of $7.9 million in compensation expenses, $2.8 million in customer related expenses, $1.5 million in insurance and assessments expense, and $1.2 million in occupancy expense. The decrease in compensation expenses was primarily due to lower headcount. The decrease in customer related expenses was driven by lower earnings credit rate expenses which were impacted by lower federal funds rate. The decrease in insurance and assessments expense was due to lower FDIC assessment rates. The decrease in occupancy expense was mostly attributable to facility consolidations leading to cost savings.

Full Year 2024 vs Full Year 2023

Noninterest expense decreased by $1.7 billion to $791.7 million for the year ended December 31, 2024 due mainly to a $1.4 billion goodwill impairment recorded in 2023, a $156.8 million decrease in acquisition, integration and reorganization costs related to our merger with PacWest, and a $65.0 million decrease in insurance and assessments expense for both the regular FDIC assessment and the special assessment.

Income Taxes

Q4-2024 vs Q3-2024

Income tax expense of $13.2 million was recorded for the fourth quarter resulting in an effective tax rate of 18.8% compared to income tax expense of $2.7 million for the third quarter and an effective tax rate of 23.7%. The lower fourth quarter effective tax rate was due primarily to tax benefits resulted from recording deferred tax assets at higher state tax rates.

Full Year 2024 vs Full Year 2023

Income tax expense of $41.8 million was recorded for the year ended December 31, 2024 resulting in an effective tax rate of 24.8% compared to an income tax benefit of $312.2 million for the year ended December 31, 2023 and an effective tax rate of 14.1%. The lower effective tax rate in 2023 was due primarily to non-deductible goodwill impairment recorded in 2023. Excluding non-deductible goodwill impairment of $1.0 billion, the effective tax rate was 26.2% for the year ended December 31, 2023.

6

BALANCE SHEET HIGHLIGHTS

	December 31,		September 30,		December 31,		Increase (Decrease)
Selected Balance Sheet Items	2024		2024		2023		QoQ			YoY
	(In thousands)
Cash and cash equivalents	$	2,502,212	$	2,554,227	$	5,377,576	$	(52,015	)	$	(2,875,364	)
Securities available-for-sale		2,246,839		2,300,284		2,346,864		(53,445	)		(100,025	)
Securities held-to-maturity		2,306,149		2,301,263		2,287,291		4,886			18,858
Loans held for sale		26,331		28,639		122,757		(2,308	)		(96,426	)
Loans and leases held for investment, net of deferred fees		23,781,663		23,527,777		25,489,687		253,886			(1,708,024	)
Total assets		33,542,864		33,432,613		38,534,064		110,251			(4,991,200	)
Noninterest-bearing deposits	$	7,719,913	$	7,811,796	$	7,774,254	$	(91,883	)	$	(54,341	)
Total deposits		27,191,909		26,828,269		30,401,769		363,640			(3,209,860	)
Borrowings		1,391,814		1,591,833		2,911,322		(200,019	)		(1,519,508	)
Total liabilities		30,042,915		29,936,415		35,143,299		106,500			(5,100,384	)
Total stockholders' equity		3,499,949		3,496,198		3,390,765		3,751			109,184

Securities

The balance of securities held-to-maturity (“HTM”) remained consistent through the fourth quarter and totaled $2.3 billion at December 31, 2024. As of December 31, 2024, HTM securities had aggregate unrealized net after-tax losses in accumulated other comprehensive income (loss) (“AOCI”) of $157.9 million remaining from the balance established at the time of transfer from available-for-sale on June 1, 2022.

Securities available-for-sale (“AFS”) decreased by $53.4 million during the fourth quarter to $2.2 billion at December 31, 2024. AFS securities had aggregate unrealized net after-tax losses in AOCI of $200.1 million. These AFS unrealized net losses related primarily to changes in overall interest rates and spreads and the resulting impact on valuations.

7

Loans and Leases

The following table sets forth the composition, by loan category, of our loan and lease portfolio held for investment, net of deferred fees, as of the dates indicated:

	December 31,		September 30,		June 30,		March 31,		December 31,
Composition of Loans and Leases	2024		2024		2024		2024		2023
	(Dollars in thousands)
Real estate mortgage:
Commercial	$	4,578,772	$	4,557,939	$	4,722,585	$	4,896,544	$	5,026,497
Multi-family		6,041,713		6,009,280		5,984,930		6,121,472		6,025,179
Other residential		2,807,174		2,767,187		2,866,085		4,949,383		5,060,309
Total real estate mortgage		13,427,659		13,334,406		13,573,600		15,967,399		16,111,985
Real estate construction and land:
Commercial		799,131		836,902		784,166		775,021		759,585
Residential		2,373,162		2,622,507		2,573,431		2,470,333		2,399,684
Total real estate construction and land		3,172,293		3,459,409		3,357,597		3,245,354		3,159,269
Total real estate		16,599,952		16,793,815		16,931,197		19,212,753		19,271,254
Commercial:
Asset-based		2,087,969		2,115,311		1,968,713		2,061,016		2,189,085
Venture capital		1,537,776		1,353,626		1,456,122		1,513,641		1,446,362
Other commercial		3,153,084		2,850,535		2,446,974		2,245,910		2,129,860
Total commercial		6,778,829		6,319,472		5,871,809		5,820,567		5,765,307
Consumer		402,882		414,490		425,903		439,702		453,126
Total loans and leases held for investment, net of deferred fees	$	23,781,663	$	23,527,777	$	23,228,909	$	25,473,022	$	25,489,687
Total unfunded loan commitments	$	4,887,690	$	5,008,449	$	5,256,473	$	5,482,672	$	5,578,907
Composition as % of Total	December 31,			September 30,			June 30,			March 31,			December 31,
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Loans and Leases	2024			2024			2024			2024			2023
Real estate mortgage:
Commercial		19	%		19	%		20	%		19	%		20	%
Multi-family		26	%		25	%		26	%		24	%		23	%
Other residential		12	%		12	%		12	%		19	%		20	%
Total real estate mortgage		57	%		56	%		58	%		62	%		63	%
Real estate construction and land:
Commercial		3	%		4	%		4	%		3	%		3	%
Residential		10	%		11	%		11	%		10	%		9	%
Total real estate construction and land		13	%		15	%		15	%		13	%		12	%
Total real estate		70	%		71	%		73	%		75	%		75	%
Commercial:
Asset-based		9	%		9	%		8	%		8	%		9	%
Venture capital		6	%		6	%		6	%		6	%		6	%
Other commercial		13	%		12	%		11	%		9	%		8	%
Total commercial		28	%		27	%		25	%		23	%		23	%
Consumer		2	%		2	%		2	%		2	%		2	%
Total loans and leases held for investment, net of deferred fees		100	%		100	%		100	%		100	%		100	%
8
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Total loans and leases held for investment, net of deferred fees, increased by $253.9 million in the fourth quarter and totaled $23.8 billion at December 31, 2024. The increase in loans and leases held for investment was due primarily to increased balances in the warehouse lending, equity funds, and residential mortgage loan portfolios, offset partially by a decrease in the residential real estate construction loan portfolio. Loan originations including production, purchased loans, and unfunded new commitments were $1.8 billion in the fourth quarter with rate on new production at a weighted average interest rate of 7.02%.

Credit Quality

	December 31,			September 30,			June 30,			March 31,			December 31,
Asset Quality Information and Ratios	2024			2024			2024			2024			2023
	(Dollars in thousands)
Delinquent loans and leases held for
investment:
30 to 89 days delinquent	$	91,347		$	52,927		$	27,962		$	178,421		$	113,307
90+ days delinquent		88,846			72,037			55,792			57,573			30,881
Total delinquent loans and leases	$	180,193		$	124,964		$	83,754		$	235,994		$	144,188
Total delinquent loans and leases to loans and leases held for investment		0.76	%		0.53	%		0.36	%		0.93	%		0.57	%
Nonperforming assets, excluding loans
held for sale:
Nonaccrual loans and leases	$	189,605		$	168,341		$	117,070		$	145,785		$	62,527
90+ days delinquent loans and still accruing		-			-			-			-			11,750
Total nonperforming loans and leases ("NPLs")		189,605			168,341			117,070			145,785			74,277
Foreclosed assets, net		9,734			8,661			13,302			12,488			7,394
Total nonperforming assets ("NPAs")	$	199,339		$	177,002		$	130,372		$	158,273		$	81,671
Classified loans and leases held for investment	$	563,502		$	533,591		$	415,498		$	366,729		$	228,417
Allowance for loan and lease losses	$	239,360		$	254,345		$	247,762		$	291,503		$	281,687
Allowance for loan and lease losses to NPLs		126.24	%		151.09	%		211.64	%		199.95	%		379.24	%
NPLs to loans and leases held for investment		0.80	%		0.72	%		0.50	%		0.57	%		0.29	%
NPAs to total assets		0.59	%		0.53	%		0.37	%		0.44	%		0.21	%
Classified loans and leases to loans and leases held for investment		2.37	%		2.27	%		1.79	%		1.44	%		0.90	%

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 loans and leases where performance metrics deteriorated but with no current expectation of loss. Nonperforming, classified and delinquent loan inflows were primarily driven by one customer relationship with two loans with no expected loss due to collateral coverage. Our overall loan portfolio continues to benefit from strong underwriting, borrower strength and good credit metrics.

9

At December 31, 2024, total delinquent loans and leases were $180.2 million, compared to $125.0 million at September 30, 2024. The $55.2 million increase in total delinquent loans was due mainly to increases in the 30 to 89 days delinquent category of $20.2 million in other residential real estate mortgage loans, $10.4 million in commercial real estate mortgage loans, and $10.3 million in multi-family mortgage loans. In the 90 or more days delinquent category, there was a $21.9 million increase in multi-family mortgage loans, offset partially by a $6.9 million decrease in commercial real estate mortgage loans. Total

  delinquent loans and leases as a percentage of total loans and leases increased to 0.76% at December 31, 2024, as compared to 0.53% at September 30, 2024.

At December 31, 2024, nonperforming assets were $199.3 million, or 0.59% of total assets, compared to $177.0 million, or 0.53% of total assets, as of September 30, 2024. At

    December 31, 2024, nonperforming assets included $9.7 million of foreclosed assets, consisting entirely of single-family residences.

At December 31, 2024, nonperforming loans were $189.6 million, compared to $168.3 million at September 30, 2024. During the fourth quarter, nonperforming loans increased by $21.3 million

  due to additions of $56.9 million, offset partially by charge-offs of $22.0 million and payoffs and paydowns of $13.6 million. The addition to nonperforming loans was mainly related to aforementioned two commercial loans from one customer relationship.

Nonperforming loans and leases as a percentage of loans and leases held for investment increased to 0.80% at December 31, 2024 compared to 0.72% at September 30, 2024.

10

Allowance for Credit Losses – Loans

	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,
Allowance for Credit Losses - Loans	2024			2024			2023			2024			2023
	(Dollars in thousands)
Allowance for loan and lease losses
("ALLL"):
Balance at beginning of period	$	254,345		$	247,762		$	222,297		$	281,687		$	200,732
Initial ALLL on acquired PCD loans		-			-			25,623			-			25,623
Charge-offs		(27,696	)		(4,163	)		(14,628	)		(94,943	)		(63,428	)
Recoveries		1,211			1,746			1,395			9,116			5,260
Net charge-offs		(26,485	)		(2,417	)		(13,233	)		(85,827	)		(58,168	)
Provision for loan losses		11,500			9,000			47,000			43,500			113,500
Balance at end of period	$	239,360		$	254,345		$	281,687		$	239,360		$	281,687
Reserve for unfunded loan commitments
("RUC"):
Balance at beginning of period	$	27,571		$	27,571		$	29,571		$	29,571		$	91,071
(Negative provision) provision for credit losses		1,500			-			-			(500	)		(61,500	)
Balance at end of period	$	29,071		$	27,571		$	29,571		$	29,071		$	29,571
Allowance for credit losses ("ACL") -
Loans:
Balance at beginning of period	$	281,916		$	275,333		$	251,868		$	311,258		$	291,803
Initial ALLL on acquired PCD loans		-			-			25,623			-			25,623
Charge-offs		(27,696	)		(4,163	)		(14,628	)		(94,943	)		(63,428	)
Recoveries		1,211			1,746			1,395			9,116			5,260
Net charge-offs		(26,485	)		(2,417	)		(13,233	)		(85,827	)		(58,168	)
Provision for credit losses		13,000			9,000			47,000			43,000			52,000
Balance at end of period	$	268,431		$	281,916		$	311,258		$	268,431		$	311,258
ALLL to loans and leases held for investment		1.01	%		1.08	%		1.11	%		1.01	%		1.11	%
ACL to loans and leases held for investment		1.13	%		1.20	%		1.22	%		1.13	%		1.22	%
ACL to NPLs		141.57	%		167.47	%		419.05	%		141.57	%		419.05	%
ACL to NPAs		134.66	%		159.27	%		381.11	%		134.66	%		381.11	%
Annualized net charge-offs to average loans and leases		0.45	%		0.04	%		0.22	%		0.35	%		0.23	%

The allowance for credit losses - loans, which includes the reserve for unfunded loan commitments, totaled $268.4 million, or 1.13% of total loans and leases, at December 31, 2024, compared to $281.9 million, or 1.20% of total loans and leases, at September 30, 2024. The $13.5 million decrease in the allowance was due to net charge-offs of $26.5 million, offset partially by the $13.0 million provision. The ACL coverage ratio decreased from last quarter driven by improvement in the economic forecast, a mix shift towards loan categories with lower expected losses, and the impact of charge-offs, offset partially by the impact of changes in risk ratings.

11

Our ability to absorb credit losses is also bolstered by (i) $117.0 million of loss coverage from the credit-linked notes, pursuant to which the bank sold the first 5% of any losses on our $2.3 billion single-family residential mortgage loan portfolio; and (ii) unearned credit marks of $22.5 million on approximately $1.7 billion of purchased loans without credit deterioration that were originated by Banc of California prior to the merger. When the loss coverage from the credit-linked notes and unearned credit marks is added to our allowance for credit losses, this provides additional economic coverage on top of our ACL ratio. We refer to this adjusted ACL ratio as our economic coverage ratio^(1)^, which equaled 1.72% of total loans and leases at December 31, 2024.

The ACL coverage of nonperforming loans was 142% at December 31, 2024 compared to 167% at September 30, 2024.

Net charge-offs were 0.45% of average loans and leases (annualized) for the fourth quarter, compared to 0.04% for the third quarter. The increase in net charge-offs in the fourth quarter was attributable primarily to a commercial loan exposure with isolated risk and one Civic loan, both of which migrated to nonperforming loan status in the third quarter.

^(1)^	Non-GAAP measure; refer to section 'Non-GAAP Measures'

Deposits and Client Investment Funds

The following table sets forth the composition of our deposits at the dates indicated:

	December 31,		September 30,		June 30,		March 31,		December 31,
Composition of Deposits	2024		2024		2024		2024		2023
	(Dollars in thousands)
Noninterest-bearing checking	$	7,719,913	$	7,811,796	$	7,825,007	$	7,833,608	$	7,774,254
Interest-bearing:
Checking		7,610,705		7,539,899		7,309,833		7,836,097		7,808,764
Money market		5,361,635		5,039,607		4,837,025		5,020,110		6,187,889
Savings		1,933,232		1,992,364		2,040,461		2,016,398		1,997,989
Time deposits:
Non-brokered		2,488,217		2,451,340		2,758,067		2,761,836		3,139,270
Brokered		2,078,207		1,993,263		4,034,057		3,424,358		3,493,603
Total time deposits		4,566,424		4,444,603		6,792,124		6,186,194		6,632,873
Total interest-bearing		19,471,996		19,016,473		20,979,443		21,058,799		22,627,515
Total deposits	$	27,191,909	$	26,828,269	$	28,804,450	$	28,892,407	$	30,401,769
	December 31,			September 30,			June 30,			March 31,			December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Composition as % of Total Deposits	2024			2024			2024			2024			2023
Noninterest-bearing checking		28	%		29	%		27	%		27	%		26	%
Interest-bearing:
Checking		28	%		28	%		25	%		27	%		26	%
Money market		20	%		19	%		17	%		17	%		20	%
Savings		7	%		7	%		7	%		7	%		6	%
Time deposits:
Non-brokered		9	%		9	%		10	%		10	%		10	%
Brokered		8	%		8	%		14	%		12	%		12	%
Total time deposits		17	%		17	%		24	%		22	%		22	%
Total interest-bearing		72	%		71	%		73	%		73	%		74	%
Total deposits		100	%		100	%		100	%		100	%		100	%
12
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Total deposits increased by $363.6 million during the fourth quarter to $27.2 billion at December 31, 2024.

Noninterest-bearing checking totaled $7.72 billion and represented 28% of total deposits at December 31, 2024, compared to $7.81 billion, or 29% of total deposits, at September 30, 2024.

Uninsured and uncollateralized deposits of $7.2 billion represented 26% of total deposits at December 31, 2024 compared to uninsured and uncollateralized deposits of $6.7 billion or 25% of total deposits at September 30, 2024.

In addition to deposit products, we also offer alternative, non-depository corporate treasury solutions for select clients to invest excess liquidity. These alternative options include investments managed by BofCal Asset Management Inc. (“BAM”), our registered investment advisor subsidiary, and third-party sweep products. Total off-balance sheet client investment funds were $1.5 billion as of December 31, 2024, of which $0.7 billion was managed by BAM.

Borrowings

Borrowings decreased $200.0 million to $1.4 billion at December 31, 2024 from $1.6 billion at September 30, 2024 due to lower short-term borrowings.

Equity

During the fourth quarter, total stockholders’ equity increased by $3.8 million to $3.5 billion and tangible common equity^(1)^ increased by $13.6 million to $2.7 billion at December 31, 2024. The increase in total stockholders’ equity for the fourth quarter resulted primarily from net earnings of $56.9 million, offset partially by an increase in the unrealized after-tax net loss in AOCI for AFS securities of $38.3 million and common and preferred stock dividends of $27.9 million.

At December 31, 2024, book value per common share increased

    to $17.78 compared to $17.75 at September 30, 2024, and tangible book value per common share^\(1\)^ increased to $15.72 compared to $15.63 at September 30, 2024.

^(1)^	Non-GAAP measures; refer to section 'Non-GAAP Measures'
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CAPITAL AND LIQUIDITY

Capital ratios remain strong with total risk-based capital at 17.05% and a tier 1 leverage ratio of 10.15% at December 31, 2024.

The following table sets forth our regulatory capital ratios as of the dates indicated:

	December 31,			September 30,			June 30,			March 31,			December 31,
Capital Ratios	2024 (1)			2024			2024			2024			2023
Banc of California, Inc.
Total risk-based capital ratio		17.05	%		17.00	%		16.57	%		16.40	%		16.43	%
Tier 1 risk-based capital ratio		12.97	%		12.88	%		12.62	%		12.38	%		12.44	%
Common equity tier 1 capital ratio		10.55	%		10.46	%		10.27	%		10.09	%		10.14	%
Tier 1 leverage capital ratio		10.15	%		9.83	%		9.51	%		9.12	%		9.00	%
Banc of California
Total risk-based capital ratio		16.65	%		16.61	%		16.19	%		15.88	%		15.75	%
Tier 1 risk-based capital ratio		14.17	%		14.08	%		13.77	%		13.34	%		13.27	%
Common equity tier 1 capital ratio		14.17	%		14.08	%		13.77	%		13.34	%		13.27	%
Tier 1 leverage capital ratio		11.08	%		10.74	%		10.38	%		9.84	%		9.62	%

(1)	Capital information for December 31, 2024 is preliminary.

At December 31, 2024, immediately available cash and cash equivalents were $2.3 billion, a decrease of $52.9 million from September 30, 2024. Combined with total available borrowing capacity of $11.5 billion and unpledged AFS securities of $2.0 billion, total available liquidity was $15.9 billion at the end of the fourth quarter.

14

Conference Call

The Company will host a conference call to discuss its fourth quarter 2024 financial results at 10:00 a.m. Pacific Time (PT) on Thursday, January 23, 2025. Interested parties are welcome to attend the conference call by dialing (888) 317-6003 and referencing event code 4964279. A live audio webcast will also be available, and the webcast link will be posted on the Company’s Investor Relations website at www.bancofcal.com/investor. The slide presentation for the call will also be available on the Company's Investor Relations website prior to the call. A replay of the call will be made available approximately one hour after the call has ended on the Company’s Investor Relations website at www.bancofcal.com/investor or by dialing (877) 344-7529 and referencing event code 6452827.

About Banc of California, Inc.

Banc of California, Inc. (NYSE: BANC) is a bank holding company with over $33 billion in assets and the parent company of Banc of California. Banc of California is one of the nation’s premier relationship-based business banks, providing banking and treasury management services to small-, middle-market, and venture-backed businesses. Banc of California is the largest independent bank headquartered in Los Angeles and the third largest bank headquartered in California and offers a broad range of loan and deposit products and services through 80 full-service branches located throughout California and in Denver, Colorado, and Durham, North Carolina, as well as through regional offices nationwide. The bank also provides full-stack payment processing solutions through its subsidiary, Deepstack Technologies, and serves the Community Association Management industry nationwide with its technology-forward platform, SmartStreet™. The bank is committed to its local communities through the Banc of California Charitable Foundation, and by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more. For more information, please visit us at www.bancofcal.com.

Forward-Looking Statements and Other Matters

This press release includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, liquidity and capital ratios and other non-historical statements. Words or phrases such as “believe,” “will,” “should,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” “strategy,” or similar expressions are intended to identify these forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements. These statements are necessarily subject to risk and uncertainty and actual results could differ materially from those anticipated due to various factors, including those set forth from time to time in the documents filed or furnished by the Company with the Securities and Exchange Commission (“SEC”). The Company undertakes no obligation to revise or publicly release any revision or update to these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made, except as required by law.

16

Factors that could cause actual results to differ materially from the results anticipated or projected include, but are not limited to: (i) 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; (ii) changes in the interest rate environment, including the recent and potential future changes in the FRB benchmark rate, which could adversely affect our revenue and expenses, the value of assets and obligations, the realization of deferred tax assets, the availability and cost of capital and liquidity, and the impacts of continuing or renewed inflation; (iii) 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; (iv) fluctuations in the demand for loans, and fluctuations in commercial and residential real estate values in our market area; (v) the quality and composition of our securities portfolio; (vi) 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; (vii) the rapid withdrawal of a significant amount of demand deposits over a short period of time; (viii) the costs and effects of litigation; (ix) 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 acquisition of PacWest Bancorp (“PacWest”), reputational risk, regulatory risk and potential adverse reactions of the Company's or PacWest's customers, suppliers, vendors, employees or other business partners; (x) 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; (xi) 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; (xii) the risk that our enterprise risk management framework may not be effective in mitigating risk and reducing the potential for losses; (xiii) errors in estimates of the fair values of certain of our assets and liabilities, which may result in significant changes in valuation; (xiv) failures or security breaches with respect to the network, applications, vendors and computer systems on which we depend, including due to cybersecurity threats; (xv) our ability to attract and retain key members of our senior management team; (xvi) the effects of climate change, severe weather events, natural disasters such as earthquakes and wildfires, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; (xvii) 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; (xviii) the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; (xix) 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; (xx) the risk that we may incur significant losses on future asset sales; and (xxi) other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and the other risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and from time to time in other documents that we file with or furnish to the SEC.

Non-GAAP Financial Measures

Included in this press release are certain non-GAAP financial measures, such as tangible assets, tangible equity to tangible assets, tangible book value per common share, return on average tangible common equity, adjusted return on average tangible common equity, adjusted net earnings (loss), adjusted noninterest expense, and economic coverage ratio, designed to complement the financial information presented in accordance with U.S. GAAP because management believes such measures are useful to investors. These non-GAAP financial measures should be considered only as supplemental to, and not superior to, financial measures provided in accordance with GAAP. Please refer to the “Non-GAAP Measures” section of this release for additional detail including reconciliations of the non-GAAP financial measures included in this press release to the most directly comparable financial measures prepared in accordance with GAAP.

Investor Relations Inquiries:
Banc of California, Inc.
(855) 361-2262
Jared Wolff, (310) 424-1230
Joe Kauder, (310) 844-5224
Ann DeVries, (646) 376-7011
Media Contact:
Debora Vrana, Banc of California
(213) 533-3122
Deb.Vrana@bancofcal.com
Source: Banc of California, Inc.
17
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BANC OF CALIFORNIA, INC.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

	December 31,			September 30,			June 30,			March 31,			December 31,
	2024			2024			2024			2024			2023
	(Dollars in thousands)
ASSETS:
Cash and due from banks	$	192,006		$	251,869		$	203,467		$	199,922		$	202,427
Interest-earning deposits in financial institutions		2,310,206			2,302,358			2,495,343			2,885,306			5,175,149
Total cash and cash equivalents		2,502,212			2,554,227			2,698,810			3,085,228			5,377,576
Securities available-for-sale		2,246,839			2,300,284			2,244,031			2,286,682			2,346,864
Securities held-to-maturity		2,306,149			2,301,263			2,296,708			2,291,984			2,287,291
FRB and FHLB stock		147,773			145,123			132,380			129,314			126,346
Total investment securities		4,700,761			4,746,670			4,673,119			4,707,980			4,760,501
Loans held for sale		26,331			28,639			1,935,455			80,752			122,757
Gross loans and leases held for investment		23,808,205			23,553,534			23,255,297			25,517,028			25,534,730
Deferred fees, net		(26,542	)		(25,757	)		(26,388	)		(44,006	)		(45,043	)
Total loans and leases held for investment, net of deferred fees		23,781,663			23,527,777			23,228,909			25,473,022			25,489,687
Allowance for loan and lease losses		(239,360	)		(254,345	)		(247,762	)		(291,503	)		(281,687	)
Total loans and leases held for investment, net		23,542,303			23,273,432			22,981,147			25,181,519			25,208,000
Equipment leased to others under operating leases		307,188			314,998			335,968			339,925			344,325
Premises and equipment, net		142,546			143,200			145,734			144,912			146,798
Bank owned life insurance		339,517			343,212			341,779			341,806			339,643
Goodwill		214,521			216,770			215,925			198,627			198,627
Intangible assets, net		132,944			140,562			148,894			157,226			165,477
Deferred tax asset, net		720,587			706,849			738,534			741,158			739,111
Other assets		913,954			964,054			1,028,474			1,094,383			1,131,249
Total assets	$	33,542,864		$	33,432,613		$	35,243,839		$	36,073,516		$	38,534,064
LIABILITIES:
Noninterest-bearing deposits	$	7,719,913		$	7,811,796		$	7,825,007		$	7,833,608		$	7,774,254
Interest-bearing deposits		19,471,996			19,016,473			20,979,443			21,058,799			22,627,515
Total deposits		27,191,909			26,828,269			28,804,450			28,892,407			30,401,769
Borrowings		1,391,814			1,591,833			1,440,875			2,139,498			2,911,322
Subordinated debt		941,923			942,151			939,287			937,717			936,599
Accrued interest payable and other liabilities		517,269			574,162			651,379			709,744			893,609
Total liabilities		30,042,915			29,936,415			31,835,991			32,679,366			35,143,299
STOCKHOLDERS' EQUITY:
Preferred stock		498,516			498,516			498,516			498,516			498,516
Common stock		1,586			1,586			1,583			1,583			1,577
Class B non-voting common stock		5			5			5			5			5
Non-voting common stock equivalents		98			98			101			101			108
Additional paid-in-capital		3,785,725			3,802,314			3,813,312			3,827,777			3,840,974
Retained deficit		(431,201	)		(478,173	)		(477,010	)		(497,396	)		(518,301	)
Accumulated other comprehensive loss, net		(354,780	)		(328,148	)		(428,659	)		(436,436	)		(432,114	)
Total stockholders’ equity		3,499,949			3,496,198			3,407,848			3,394,150			3,390,765
Total liabilities and stockholders’ equity	$	33,542,864		$	33,432,613		$	35,243,839		$	36,073,516		$	38,534,064
Common shares outstanding (1)		168,825,656			168,879,566			168,875,712			169,013,629			168,959,063
(1)	Common shares outstanding include non-voting common equivalents that are participating securities.
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18
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BANC OF CALIFORNIA, INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (UNAUDITED)

	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,
	2024			2024			2023			2024			2023
	(In thousands, except per share amounts)
Interest income:
Loans and leases	$	357,303		$	369,913		$	346,308		$	1,501,534		$	1,496,357
Investment securities		37,743			34,912			41,280			140,794			174,996
Deposits in financial institutions		29,473			42,068			79,652			170,377			299,647
Total interest income		424,519			446,893			467,240			1,812,705			1,971,000
Interest expense:
Deposits		154,085			180,986			207,760			715,984			748,423
Borrowings		18,993			16,970			92,474			104,398			416,744
Subordinated debt		16,156			16,762			15,955			66,273			58,705
Total interest expense		189,234			214,718			316,189			886,655			1,223,872
Net interest income		235,285			232,175			151,051			926,050			747,128
Provision for credit losses		12,801			9,000			47,000			42,801			52,000
Net interest income after provision for credit losses		222,484			223,175			104,051			883,249			695,128
Noninterest income:
Service charges on deposit accounts		4,770			4,568			4,562			18,583			16,468
Other commissions and fees		8,231			8,256			8,860			33,258			38,086
Leased equipment income		10,730			17,176			12,369			51,109			63,167
Gain (loss) on sale of loans and leases		20			(62	)		(3,526	)		645			(161,346	)
Loss on sale of securities		(454	)		(59,946	)		(442,413	)		(60,400	)		(442,413	)
Dividends and gains on equity investments		18			3,730			8,138			7,982			15,731
Warrant income (loss)		343			211			(173	)		408			(718	)
LOCOM HFS adjustment		(3	)		(74	)		3,175			215			(8,461	)
Other income		5,334			10,689			8,606			25,345			31,201
Total noninterest income (loss)		28,989			(15,452	)		(400,402	)		77,145			(448,285	)
Noninterest expense:
Compensation		77,661			85,585			89,354			341,396			332,353
Occupancy		15,678			16,892			15,925			67,993			61,668
Information technology and data processing		14,546			14,995			13,099			60,418			51,805
Other professional services		5,498			5,101			2,980			20,857			24,623
Insurance and assessments		11,179			12,708			60,016			70,779			135,666
Intangible asset amortization		7,770			8,485			4,230			33,143			11,419
Leased equipment depreciation		7,096			7,144			7,447			29,271			34,243
Acquisition, integration and reorganization costs		(1,023	)		(510	)		111,800			(14,183	)		142,633
Customer related expense		31,672			34,475			45,826			129,471			124,104
Loan expense		4,489			3,994			4,446			17,306			20,458
Goodwill impairment		-			-			-			-			1,376,736
Other expense		6,804			7,340			8,515			35,289			142,473
Total noninterest expense		181,370			196,209			363,638			791,740			2,458,181
Earnings (loss) before income taxes		70,103			11,514			(659,989	)		168,654			(2,211,338	)
Income tax expense (benefit)		13,184			2,730			(177,034	)		41,766			(312,201	)
Net earnings (loss)		56,919			8,784			(482,955	)		126,888			(1,899,137	)
Preferred stock dividends		9,947			9,947			9,947			39,788			39,788
Net earnings (loss) available to common and equivalent stockholders	$	46,972		$	(1,163	)	$	(492,902	)	$	87,100		$	(1,938,925	)
Basic and diluted earnings (loss) per common share (1)	$	0.28		$	(0.01	)	$	(4.55	)	$	0.52		$	(22.71	)
Weighted average number of common shares outstanding:
Basic		168,604			168,583			108,290			168,441			85,394
Diluted		169,732			168,583			108,290			168,684			85,394
(1)	Common shares include non-voting common equivalents that are participating securities.
---	---
19
---

BANC OF CALIFORNIA, INC.

SELECTED FINANCIAL DATA

(UNAUDITED)

	Three Months Ended										Year Ended
	December 31,			September 30,			December 31,			December 31,
Profitability and Other Ratios	2024			2024			2023			2024			2023
Return on average assets (1)		0.67	%		0.10	%		(5.09	)%		0.36	%		(4.71	)%
Adjusted ROAA (1)(2)		0.67	%		0.59	%		(0.66	)%		0.50	%		0.13	%
Pre-tax, pre-provision, pre-goodwill impairment ROAA (1)(2)		0.98	%		0.24	%		(6.46	)%		0.60	%		(1.94	)%
Adjusted pre-tax, pre-provision, pre-goodwill impairment ROAA (1)(2)		0.98	%		0.92	%		(0.27	)%		0.78	%		0.20	%
Return on average equity (1)		6.50	%		1.01	%		(68.49	)%		3.70	%		(63.42	)%
Return on average tangible common equity (1)(2)		7.35	%		0.70	%		(102.87	)%		4.35	%		(35.27	)%
Adjusted return on average tangible common equity (1)(2)		7.35	%		7.30	%		(12.39	)%		6.23	%		1.06	%
Dividend payout ratio (3)		35.71	%		(1000.00	)%		(2.64	)%		76.92	%		(2.33	)%
Average yield on loans and leases (1)		6.01	%		6.18	%		5.82	%		6.11	%		5.92	%
Average yield on interest-earning assets (1)		5.48	%		5.63	%		5.23	%		5.58	%		5.21	%
Average cost of interest-bearing deposits (1)		3.18	%		3.52	%		3.80	%		3.48	%		3.46	%
Average total cost of deposits (1)		2.26	%		2.54	%		2.94	%		2.52	%		2.61	%
Average cost of interest-bearing liabilities (1)		3.48	%		3.80	%		4.51	%		3.79	%		4.14	%
Average total cost of funds (1)		2.55	%		2.82	%		3.68	%		2.84	%		3.34	%
Net interest spread		2.00	%		1.83	%		0.72	%		1.79	%		1.07	%
Net interest margin (1)		3.04	%		2.93	%		1.69	%		2.85	%		1.98	%
Noninterest income to total revenue (4)		10.97	%		(7.13	)%		160.58	%		7.69	%		(150.01	)%
Adjusted noninterest income to adjusted total revenue (2)(4)		11.12	%		16.08	%		21.76	%		12.93	%		18.10	%
Noninterest expense to average total assets (1)		2.15	%		2.27	%		3.83	%		2.24	%		6.10	%
Adjusted noninterest expense to average total assets (1)(2)		2.16	%		2.26	%		2.31	%		2.28	%		2.06	%
Efficiency ratio (2)(5)		65.49	%		68.02	%		127.34	%		72.47	%		124.91	%
Adjusted efficiency ratio (2)(6)		65.49	%		68.02	%		110.38	%		72.02	%		86.20	%
Loans to deposits ratio		87.56	%		87.80	%		84.25	%		87.56	%		84.25	%
Average loans and leases to average deposits		87.05	%		84.05	%		84.34	%		86.42	%		88.32	%
Average investment securities to average total assets		14.01	%		13.55	%		16.01	%		13.26	%		16.94	%
Average stockholders' equity to average total assets		10.39	%		10.03	%		7.43	%		9.71	%		7.43	%
(1)	Annualized.
---	---
(2)	Non-GAAP measure.
---	---
(3)	Ratio calculated by dividing dividends declared per common and equivalent share by<br><br> <br>basic earnings per common and equivalent share.
---	---
(4)	Total revenue equals the sum of net interest income and noninterest income.
---	---
20
---

BANC OF CALIFORNIA, INC.

AVERAGE BALANCE, AVERAGE YIELD EARNED, AND AVERAGE COST PAID

(UNAUDITED)

	Three Months Ended
	December 31, 2024							September 30, 2024							December 31, 2023
			Interest		Average					Interest		Average					Interest		Average
	Average		Income/		Yield/			Average		Income/		Yield/			Average		Income/		Yield/
	Balance		Expense		Cost			Balance		Expense		Cost			Balance		Expense		Cost
	(Dollars in thousands)
Assets:
Loans and leases (1)	$	23,649,271	$	357,303		6.01	%	$	23,803,691	$	369,913		6.18	%	$	23,608,246	$	346,308		5.82	%
Investment securities		4,700,742		37,743		3.19	%		4,665,549		34,912		2.98	%		6,024,737		41,280		2.72	%
Deposits in financial institutions		2,474,732		29,473		4.74	%		3,106,227		42,068		5.39	%		5,791,739		79,652		5.46	%
Total interest-earning assets		30,824,745		424,519		5.48	%		31,575,467		446,893		5.63	%		35,424,722		467,240		5.23	%
Other assets		2,737,283							2,850,718							2,215,665
Total assets	$	33,562,028						$	34,426,185						$	37,640,387
Liabilities and
Stockholders' Equity:
Interest checking	$	7,659,320		56,408		2.93	%	$	7,644,515		61,880		3.22	%	$	7,296,234		60,743		3.30	%
Money market		5,003,118		31,688		2.52	%		4,958,777		32,361		2.60	%		5,758,074		44,279		3.05	%
Savings		1,954,625		14,255		2.90	%		2,028,931		17,140		3.36	%		1,696,222		16,446		3.85	%
Time		4,645,115		51,734		4.43	%		5,841,965		69,605		4.74	%		6,915,504		86,292		4.95	%
Total interest-bearing deposits		19,262,178		154,085		3.18	%		20,474,188		180,986		3.52	%		21,666,034		207,760		3.80	%
Borrowings		1,399,080		18,993		5.40	%		1,063,541		16,970		6.35	%		5,229,425		92,474		7.02	%
Subordinated debt		942,221		16,156		6.82	%		940,480		16,762		7.09	%		894,219		15,955		7.08	%
Total interest-bearing liabilities		21,603,479		189,234		3.48	%		22,478,209		214,718		3.80	%		27,789,678		316,189		4.51	%
Noninterest-bearing demand deposits		7,905,750							7,846,641							6,326,511
Other liabilities		566,635							648,760							726,414
Total liabilities		30,075,864							30,973,610							34,842,603
Stockholders' equity		3,486,164							3,452,575							2,797,784
Total liabilities and stockholders' equity	$	33,562,028						$	34,426,185						$	37,640,387
Net interest income (1)			$	235,285						$	232,175						$	151,051
Net interest spread						2.00	%						1.83	%						0.72	%
Net interest margin						3.04	%						2.93	%						1.69	%
Total deposits (2)	$	27,167,928	$	154,085		2.26	%	$	28,320,829	$	180,986		2.54	%	$	27,992,545	$	207,760		2.94	%
Total funds (3)	$	29,509,229	$	189,234		2.55	%	$	30,324,850	$	214,718		2.82	%	$	34,116,189	$	316,189		3.68	%
(1)	Includes net loan discount accretion of $20.7 million, $23.0 million and $15.7 million for the three months ended December 31, 2024,<br><br> <br>September 30, 2024, and December 31, 2023.
---	---
(2)	Total deposits is the sum of total interest-bearing deposits and noninterest-bearing demand deposits. The cost of total deposits is<br><br> <br>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<br><br> <br>calculated as annualized total interest expense divided by average total funds.
---	---
21
---

BANC OF CALIFORNIA, INC.

AVERAGE BALANCE, AVERAGE YIELD EARNED, AND AVERAGE COST PAID

(UNAUDITED)

	Year Ended
	December 31, 2024							December 31, 2023
			Interest		Average					Interest		Average
	Average		Income/		Yield/			Average		Income/		Yield/
	Balance		Expense		Cost			Balance		Expense		Cost
	(Dollars in thousands)
Assets:
Loans and
leases (1)(2)(3)	$	24,569,650	$	1,501,534		6.11	%	$	25,330,351	$	1,498,701		5.92	%
Investment securities		4,686,615		140,794		3.00	%		6,827,059		174,996		2.56	%
Deposits in financial institutions		3,226,658		170,377		5.28	%		5,746,858		299,647		5.21	%
Total interest-earning assets (1)		32,482,923		1,812,705		5.58	%		37,904,268		1,973,344		5.21	%
Other assets		2,850,565							2,389,112
Total assets	$	35,333,488						$	40,293,380
Liabilities and
Stockholders' Equity:
Interest checking	$	7,714,920		240,913		3.12	%	$	6,992,888		220,735		3.16	%
Money market		5,164,566		138,176		2.68	%		6,724,296		190,027		2.83	%
Savings		2,005,513		66,421		3.31	%		1,051,117		30,978		2.95	%
Time		5,714,821		270,474		4.73	%		6,840,920		306,683		4.48	%
Total interest-bearing deposits		20,599,820		715,984		3.48	%		21,609,221		748,423		3.46	%
Borrowings		1,838,819		104,398		5.68	%		7,068,826		416,744		5.90	%
Subordinated debt		939,528		66,273		7.05	%		875,621		58,705		6.70	%
Total interest-bearing liabilities		23,378,167		886,655		3.79	%		29,553,668		1,223,872		4.14	%
Noninterest-bearing demand deposits		7,829,976							7,072,334
Other liabilities		693,981							672,950
Total liabilities		31,902,124							37,298,952
Stockholders' equity		3,431,364							2,994,428
Total liabilities and stockholders' equity	$	35,333,488						$	40,293,380
Net interest income (1)(2)			$	926,050						$	749,472
Net interest spread (1)						1.79	%						1.07	%
Net interest margin (1)						2.85	%						1.98	%
Total deposits (4)	$	28,429,796	$	715,984		2.52	%	$	28,681,555	$	748,423		2.61	%
Total funds (5)	$	31,208,143	$	886,655		2.84	%	$	36,626,002	$	1,223,872		3.34	%
(1)	Tax equivalent.
---	---
(2)	Includes net loan discount accretion of $88.0 million and $9.7 million for the year ended <br><br> <br> <br>December 31, 2024 and 2023, respectively.
---	---
(3)	Includes tax-equivalent adjustments of $0.0 million and $2.3 million for the year ended <br><br> <br> <br>December 31, 2024 and 2023 related to tax-exempt income on loans.<br><br> <br>The federal statutory tax rate utilized was 21%.
---	---
(4)	Total deposits is the sum of total interest-bearing deposits and noninterest-bearing demand deposits. <br> <br>The cost of total deposits is calculated as annualized interest expense on total deposits divided by<br><br> <br>average total deposits.
---	---
(5)	Total funds is the sum of total interest-bearing liabilities and noninterest-bearing demand deposits. <br><br> <br> <br>The cost of total funds is calculated as annualized total interest expense divided by average total funds.
---	---
22
---

BANC OF CALIFORNIA, INC.

NON-GAAP MEASURES

We refer to certain financial measures that are not recognized under U.S. generally accepted accounting principles (“GAAP”) in this press release, including: tangible assets, tangible common equity, tangible common equity to tangible assets, tangible book value per common share, return on average tangible common equity, adjusted net earnings (loss), adjusted noninterest expense, and economic coverage ratio. These non-GAAP measures are used by management in its analysis of the Company's performance.

Tangible assets is calculated by subtracting goodwill and other intangible assets from total assets. Tangible common equity is calculated by subtracting preferred stock, as applicable, from tangible equity. Return on average tangible common equity is calculated by dividing net earnings available to common stockholders, after adjustment for amortization of intangible assets and goodwill impairment, by average tangible common equity. Adjusted return on average tangible common equity is calculated by dividing adjusted net earnings available to to common stockholders, after adjustment for amortization of intangible assets, goodwill impairment, and any unusual one-time items, by average tangible common equity. Banking regulators also exclude goodwill and other intangible assets from stockholders' equity when assessing the capital adequacy of a financial institution.

Adjusted net earnings (loss) is calculated by adjusting net earnings (loss) by unusual, one-time items. ROAA is calculated by dividing annualized net earnings (loss) by average assets. Adjusted ROAA is calculated by dividing annualized adjusted net earnings (loss) by average assets.

Adjusted noninterest expense is calculated by subtracting acquisition, integration and reorganization costs from total noninterest expense.

Economic coverage ratio is calculated by dividing the allowance for credit losses adjusted for the impact of the credit-linked notes and unearned credit mark from purchase accounting by loans and leases held for investment, net of deferred fees.

Management believes the presentation of these financial measures adjusting the impact of these items provides useful supplemental information that is essential to a proper understanding of the financial results and operating performance of the Company. This disclosure should not be viewed as a substitute for results determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

The following tables provide reconciliations of the non-GAAP measures to financial measures defined by GAAP.

23

BANC OF CALIFORNIA, INC.

NON-GAAP MEASURES

(UNAUDITED)

Tangible Common Equity Ratio	December 31,			September 30,			June 30,			March 31,			December 31,
and Tangible Book Value Per Share	2024			2024			2024			2024			2023
	(Dollars in thousands, except per share amounts)
Stockholders' equity	$	3,499,949		$	3,496,198		$	3,407,848		$	3,394,150		$	3,390,765
Less: Preferred stock		498,516			498,516			498,516			498,516			498,516
Total common equity		3,001,433			2,997,682			2,909,332			2,895,634			2,892,249
Less: Goodwill and intangible assets		347,465			357,332			364,819			355,853			364,104
Tangible common equity	$	2,653,968		$	2,640,350		$	2,544,513		$	2,539,781		$	2,528,145
Total assets	$	33,542,864		$	33,432,613		$	35,243,839		$	36,073,516		$	38,534,064
Less: Goodwill and intangible assets		347,465			357,332			364,819			355,853			364,104
Tangible assets	$	33,195,399		$	33,075,281		$	34,879,020		$	35,717,663		$	38,169,960
Total stockholders' equity to total assets		10.43	%		10.46	%		9.67	%		9.41	%		8.80	%
Tangible common equity ratio (1)		7.99	%		7.98	%		7.30	%		7.11	%		6.62	%
Book value per common share (2)	$	17.78		$	17.75		$	17.23		$	17.13		$	17.12
Tangible book value per common share (3)	$	15.72		$	15.63		$	15.07		$	15.03		$	14.96
Common shares outstanding (4)		168,825,656			168,879,566			168,875,712			169,013,629			168,959,063
(1)	Tangible common equity divided by tangible assets.
---	---
(2)	Total common equity divided by common shares outstanding.
---	---
(3)	Tangible common equity divided by common shares outstanding.
---	---
(4)	Common shares outstanding include non-voting common equivalents that are participating securities.
---	---
24
---

BANC OF CALIFORNIA, INC.

NON-GAAP MEASURES

(UNAUDITED)

	Three Months Ended									Year Ended
Return on Average Tangible	December 31,			September 30,			December 31,			December 31,
Common Equity ("ROATCE")	2024			2024			2023			2024			2023
	(Dollars in thousands)
Net earnings (loss)	$	56,919		$	8,784		$	(482,955	)	$	126,888		$	(1,899,137	)
Earnings (loss) before income taxes	$	70,103		$	11,514		$	(659,989	)	$	168,654		$	(2,211,338	)
Add: Intangible asset amortization		7,770			8,485			4,230			33,143			11,419
Add: Goodwill impairment		-			-			-			-			1,376,736
Adjusted earnings (loss) before income taxes used for ROATCE		77,873			19,999			(655,759	)		201,797			(823,183	)
Adjusted income tax expense (benefit) (1)		19,281			5,522			(92,593	)		49,965			(116,233	)
Adjusted net earnings (loss) for ROATCE		58,592			14,477			(563,166	)		151,832			(706,950	)
Less: Preferred stock dividends		9,947			9,947			9,947			39,788			39,788
Adjusted net earnings (loss) available to common and equivalent stockholders for ROATCE	$	48,645		$	4,530		$	(573,113	)	$	112,044		$	(746,738	)
Average stockholders' equity	$	3,486,164		$	3,452,575		$	2,797,784		$	3,431,364		$	2,994,428
Less: Average goodwill and intangible assets		352,907			361,316			89,041			356,960			379,005
Less: Average preferred stock		498,516			498,516			498,516			498,516			498,516
Average tangible common equity	$	2,634,741		$	2,592,743		$	2,210,227		$	2,575,888		$	2,116,907
Return on average equity (2)		6.50	%		1.01	%		(68.49	)%		3.70	%		(63.42	)%
ROATCE (3)		7.35	%		0.70	%		(102.87	)%		4.35	%		(35.27	)%
(1)	Effective tax rates of 24.76%, 27.61%, and 14.12% used for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively. Effective tax rates of 24.76%<br> and 14.12% used for the years ended December 31, 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 for ROATCE divided by average tangible common equity.
---	---
25
---

BANC OF CALIFORNIA, INC.

NON-GAAP MEASURES

(UNAUDITED)

	Three Months Ended									Year Ended
Adjusted Return on Average	December 31,			September 30,			December 31,			December 31,
Tangible Common Equity ("ROATCE")	2024			2024			2023			2024			2023
	(Dollars in thousands)
Net earnings (loss)	$	56,919		$	8,784		$	(482,955	)	$	126,888		$	(1,899,137	)
Earnings (loss) before income taxes	$	70,103		$	11,514		$	(659,989	)	$	168,654		$	(2,211,338	)
Add: Intangible asset amortization		7,770			8,485			4,230			33,143			11,419
Add: Goodwill impairment		-			-			-			-			1,376,736
Add: FDIC special assessment		-			-			32,746			4,814			32,746
Add: Loss on sale of securities	NA				59,946			442,413			59,946			442,413
Less: Acquisition, integration, and reorganization costs	NA				(510	)		111,800			(510	)		142,633
Add: Loan fair value loss adjustments		-			-			-			-			170,971
Add: Unfunded commitments fair value loss adjustments		-			-			-			-			106,767
Adjusted earnings before income taxes used for adjusted ROATCE		77,873			79,435			(68,800	)		266,047			72,347
Adjusted income tax expense (1)		19,281			21,932			(9,715	)		65,873			10,215
Adjusted net earnings for adjusted ROATCE		58,592			57,503			(59,085	)		200,174			62,132
Less: Preferred stock dividends		9,947			9,947			9,947			39,788			39,788
Adjusted net earnings available to common and equivalent stockholders for adjusted ROATCE	$	48,645		$	47,556		$	(69,032	)	$	160,386		$	22,344
Average stockholders' equity	$	3,486,164		$	3,452,575		$	2,797,784		$	3,431,364		$	2,994,428
Less: Average goodwill and intangible assets		352,907			361,316			89,041			356,960			379,005
Less: Average preferred stock		498,516			498,516			498,516			498,516			498,516
Average tangible common equity	$	2,634,741		$	2,592,743		$	2,210,227		$	2,575,888		$	2,116,907
Adjusted ROATCE (2)		7.35	%		7.30	%		(12.39	)%		6.23	%		1.06	%
(1)	Effective tax rates of 24.76%, 27.61%, and 14.12% used for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively. Effective tax rates of 24.76%<br> and 14.12% used for the years ended December 31, 2024 and 2023.
---	---
(2)	Annualized adjusted net earnings available to common and equivalent stockholders for adjusted ROATCE divided by average tangible common equity.
---	---
26
---

BANC OF CALIFORNIA, INC.

NON-GAAP MEASURES

(UNAUDITED)

Adjusted Net Earnings, Net Earnings	Three Months Ended									Year Ended
Available to Common and Equivalent	December 31,			September 30,			December 31,			December 31,
Stockholders, Diluted EPS, and ROAA	2024			2024			2023			2024			2023
	(In thousands, except per share amounts)
Net earnings (loss)	$	56,919		$	8,784		$	(482,955	)	$	126,888		$	(1,899,137	)
Earnings (loss) before income taxes	$	70,103		$	11,514		$	(659,989	)	$	168,654		$	(2,211,338	)
Add: FDIC special assessment		-			-			32,746			4,814			32,746
Add: Loss on sale of securities	NA				59,946			442,413			59,946			442,413
Less: Acquisition, integration, and reorganization costs	NA				(510	)		111,800			(510	)		142,633
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		70,103			70,950			(73,030	)		232,904			60,928
Adjusted income tax expense (benefit) (1)		13,184			19,589			(10,312	)		57,667			8,603
Adjusted net earnings (loss)		56,919			51,361			(62,718	)		175,237			52,325
Less: Preferred stock dividends		(9,947	)		(9,947	)		(9,947	)		(39,788	)		(39,788	)
Adjusted net earnings (loss) available to common and equivalent stockholders	$	46,972		$	41,414		$	(72,665	)	$	135,449		$	12,537
Weighted average common shares outstanding		169,732			168,583			108,290			168,684			85,394
Diluted (loss) earnings per common share	$	0.28		$	(0.01	)	$	(4.55	)	$	0.52		$	(22.71	)
Adjusted diluted earnings per common share (2)	$	0.28		$	0.25		$	(0.67	)	$	0.80		$	0.15
Average total assets	$	33,562,028		$	34,426,185		$	37,640,387		$	35,333,488		$	40,293,380
Return on average assets ("ROAA") (3)		0.67	%		0.10	%		(5.09	)%		0.36	%		(4.71	)%
Adjusted ROAA (4)		0.67	%		0.59	%		(0.66	)%		0.50	%		0.13	%
(1)	Effective tax rates of 24.76%, 27.61%, and 14.12% used for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively. Effective tax rates of 24.76%<br> and 14.12% used for the years ended December 31, 2024 and 2023.
---	---
(2)	Adjusted net earnings (loss) available to common and equivalent stockholders divided byweighted average common shares outstanding.
---	---
(3)	Annualized net earnings (loss) divided by average assets.
---	---
(4)	Annualized adjusted net earnings (loss) divided by average assets.
---	---
27
---

BANC OF CALIFORNIA, INC.

NON-GAAP MEASURES

(UNAUDITED)

	Three Months Ended							Year Ended
	December 31,		September 30,		December 31,			December 31,
Adjusted Noninterest Expense	2024		2024		2023 ^(1)^			2024		2023
	(Dollars in thousands)
Noninterest expense	$	181,370	$	196,209	$	363,638		$	791,740	$	2,458,181
Less: Acquisition, integration, and reorganization costs		1,023		510		(111,800	)		14,183		(142,633	)
Adjusted noninterest expense	$	182,393	$	196,719	$	251,838		$	805,923	$	2,315,548
(1)	Does not reflect normalization to include combined company expenses for the full quarter and incentive compensation adjusted to target.
---	---
28
---

BANC OF CALIFORNIA, INC.

NON-GAAP MEASURES

(UNAUDITED)

	December 31,
Economic Coverage Ratio	2024
	(Dollars in thousands)
Allowance for credit losses ("ACL")	$	268,431
Add: Unearned credit mark from purchase accounting (1)		22,473
Add: Credit-linked notes (2)		116,991
Adjusted allowance for credit losses	$	407,895
Loans and leases held for investment, net of deferred fees	$	23,781,663
ACL to loans and leases held for investment (3)		1.13	%
Economic coverage ratio (4)		1.72	%
(1)	Unearned credit mark from purchase accounting estimated by using the same pro rata split between the credit and yield marks associated with the non-PCD loans (purchased loans without<br> credit deterioration at the time of the purchase) at the time of the acquisition.
---	---
(2)	Credit-linked notes loss coverage equal to 5% of the unpaid principal balance of the pledged loans.
---	---
(3)	Allowance for credit losses divided by loans and leases held for investment, net of deferred fees.
---	---
(4)	Adjusted allowance for credit losses divided by loans and leases held for investment, net of deferred fees.
---	---
29
---

Exhibit 99.2

Investor Presentation Fourth Quarter and Full Year 2024 Results Draft v4.5 1/21/24

Forward-Looking Statements and Other Matters This presentation includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, liquidity and capital ratios and other non-historical statements. Words or phrases such as “believe,” “will,” “should,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” “strategy,” or similar expressions are intended to identify these forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements. These statements are necessarily subject to risk and uncertainty and actual results could differ materially from those anticipated due to various factors, including those set forth from time to time in the documents filed or furnished by Banc of California, Inc. (the “Company”) with the Securities and Exchange Commission (“SEC”). The Company undertakes no obligation to revise or publicly release any revision or update to these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made, except as required by law. Factors that could cause actual results to differ materially from the results anticipated or projected include, but are not limited to: (i) 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; (ii) changes in the interest rate environment, including the recent and potential future changes in the FRB benchmark rate, which could adversely affect our revenue and expenses, the value of assets and obligations, the realization of deferred tax assets, the availability and cost of capital and liquidity, and the impacts of continuing or renewed inflation; (iii) 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; (iv) fluctuations in the demand for loans, and fluctuations in commercial and residential real estate values in our market area; (v) the quality and composition of our securities portfolio; (vi) 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; (vii) the rapid withdrawal of a significant amount of demand deposits over a short period of time; (viii) the costs and effects of litigation; (ix) 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 acquisition of PacWest Bancorp (“PacWest”), reputational risk, regulatory risk and potential adverse reactions of the Company's or PacWest's customers, suppliers, vendors, employees or other business partners; (x) 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; (xi) 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; (xii) the risk that our enterprise risk management framework may not be effective in mitigating risk and reducing the potential for losses; (xiii) errors in estimates of the fair values of certain of our assets and liabilities, which may result in significant changes in valuation; (xiv) failures or security breaches with respect to the network, applications, vendors and computer systems on which we depend, including due to cybersecurity threats; (xv) our ability to attract and retain key members of our senior management team; (xvi) the effects of climate change, severe weather events, natural disasters such as earthquakes and wildfires, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; (xvii) 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; (xviii) the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; (xix) 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; (xx) the risk that we may incur significant losses on future asset sales; and (xxi) other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and the other risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and from time to time in other documents that we file with or furnish to the SEC. Included in this presentation are certain non-GAAP financial measures, such as tangible assets, tangible equity to tangible assets, tangible book value per common share, adjusted net earnings (loss), return on average tangible common equity, adjusted return on average tangible common equity, pre-tax pre-provision income, and adjusted pre-tax pre-provision income, designed to complement the financial information presented in accordance with U.S. GAAP because management believes such measures are useful to investors. These non-GAAP financial measures should be considered only as supplemental to, and not superior to, financial measures provided in accordance with GAAP. Please refer to the “Non-GAAP Financial Information” and “Non-GAAP Reconciliation” sections of the appendix of this presentation for additional detail including reconciliations of non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP. Fourth Quarter 2024 Earnings | 2

Update on California Wildfires Fourth Quarter 2024 Earnings | 3 We are committed to supporting the recovery efforts to help rebuild Los Angeles Launched the Banc of California Wildfire Relief and Recovery Fund and donated $1mm through our Foundation to aid relief and rebuilding efforts We are not currently aware of any material impact on our loan portfolio, collateral or facilities from the wildfires Four commercial and three residential properties have been impacted, but all such collateral has insurance coverage in place Continuing to monitor and assess for potential exposure

Denotes a non-GAAP financial measure; see “Non-GAAP Reconciliation” slides at end of presentation. Includes restricted cash of $184.2mm. Wholesale funding defined as borrowings plus brokered time deposits. Core loans excludes premium finance loans, student loans and Civic loans. Economic coverage ratio adjusts our ACL coverage ratio to include the loss coverage from credit-linked notes and unearned credit marks from purchase accounting. Denotes a non-GAAP measure, see Non-GAAP Reconciliation” slides at end of presentation. Operating Results PTPP(1) / Adjusted PTPP(1) EPS / Adjusted EPS(1) ROAA / Adjusted ROAA(1) ROATCE(1) / Adjusted ROATCE(1) NIM Cash / assets(2) Loans / deposits Loan yield Cost of deposits Wholesale funding / assets(3) Avg. NIB deposits / avg. deposits Balance Sheet Results Increasing Capital CET 1 capital ratio Total risk-based capital ratio Book value per share Tangible book value per share(1) Credit Reserves ACL ratio 4Q24 Financial Highlights EPS of $0.28 driven by NIM expansion and lower noninterest expenses Strong growth in core earnings with adjusted PTPP(1) of $82.9mm up 4% QoQ driven by: Cost of funds down 27 bps QoQ to 2.55% NIM expansion of 11 bps QoQ to 3.04% Noninterest operating expenses down 7% QoQ Noninterest income declined QoQ due to lower income on CRA equity investments; otherwise stable QoQ Core loan portfolio(4) increased $334mm or 6% annualized to $22.8B Average NIB deposits increased 1.4% QoQ to 29.1% of total average deposits Maintained strong balance sheet with robust liquidity and wholesale funding ratio of 10.3% down 0.4% QoQ CET 1 and TBVPS increased driven by earnings growth ACL coverage ratio of 1.13% is bolstered by economic coverage ratio of 1.72%(5) $20.5mm/$80.0mm ($0.01)/$0.25 0.10%/0.59% 0.70%/7.30% 2.93% 7.6% 87.8% 6.18% 2.54% 10.7% 27.7% 10.46% 17.00% $17.75 $15.63 1.20% 3Q24 Fourth Quarter 2024 Earnings | 4 $82.9mm/NA $0.28/NA 0.67%/NA 7.35%/NA 3.04% 7.5% 87.6% 6.01% 2.26% 10.3% 29.1% 10.55% 17.05% $17.78 $15.72 1.13% 4Q24

4Q24 Earnings Results 3Q24 4Q24 -28 bps 3Q24 4Q24 -32 bps 3Q24 4Q24 -27 bps Cost of funds Cost of deposits Cost of interest-bearing liabilities Denotes a non-GAAP financial measure; see “Non-GAAP Reconciliation” slides at end of presentation. Net interest income of $235.3mm increased 1.3% QoQ: Interest expense declined $25.5mm due to reduction in cost of funding Interest income declined $22.4mm driven by impact of rate cuts on cash and floating rate loans and securities Noninterest income declined QoQ due to lower income on CRA equity investments; otherwise stable QoQ Operating expense declined 7% QoQ to $182.4mm mainly driven by lower compensation expenses Provision was largely driven by net charge off activity Taxes lower mostly due to YTD true-up adjustment for the state tax rate Fourth Quarter 2024 Earnings | 5 Strong earnings growth driven by declining cost of funds and noninterest expenses

2025 Strategic Priorities 2025 outlook reflects growth in core profitability drivers Fourth Quarter 2024 Earnings | 6 Strengthen core earnings power through loan and noninterest-bearing deposit growth, prudent expense management and revenue base diversification Expand network of clients and deepen existing client relationships to drive relationship-based deposit and loan growth Grow and protect the balance sheet by maintaining robust credit quality, reserve coverage, liquidity and capital levels Strategically deploy capital with potential to grow balance sheet, further reposition and other opportunities to drive higher shareholder returns Maintain neutral balance sheet position to remain nimble and prepared for a dynamic market environment Target NIM of 3.20% - 3.30% for FY 2025 Assumes no further rate cuts in 2025 NIE average of $190mm-$195mm per quarter Customer related expenses average of $27mm-$29mm per quarter Invest to accommodate growth 1Q seasonality with reset of comp. & benefit accruals Wholesale funding ratio(1) 10-12% Loan / deposits 85% - 93% Evaluate opportunities to optimize balance sheet (e.g. investment securities portfolio, discontinued loan portfolio) ROAA ~1.1%+ ROTCE ~13%+ Continue to make consistent, meaningful progress toward goals Timing will depend on continued execution of core strategy combined with the impact of the economic and interest rate environments Target mid to high single digit growth Driven by growth in commercial loans Assumes relatively stable economic conditions Target mid to high single digit growth Target NIB deposits / deposits >30% Broad based growth across our businesses Wholesale funding defined as borrowings plus brokered time deposits.

Denotes a non-GAAP financial measure; see “Non-GAAP Reconciliation” slides at end of presentation. Wholesale funding defined as borrowings plus brokered time deposits. Balance Sheet Stable balance sheet following repositioning actions Stable balance sheet as loan growth was partially offset by declines in other assets Core loan portfolio increased $334mm or 6% annualized to $22.8B Wholesale funding ratio decreased to 10.3%, down from 10.7% in 3Q24 due to decrease in brokered time deposits Average NIB deposits increased 1.4% to 29.1% of total average deposits, up from 27.7% in 3Q24 Spot NIB deposits decreased 0.7% QoQ to 28.4% of total deposits mostly due to year-end seasonality CET 1 ratio of 10.55%, 9 bps higher QoQ 4Q24 Highlights Fourth Quarter 2024 Earnings | 7

Net Interest Income and Net Interest Margin Expansion NIM expanded 11 bps to 3.04% NII increase of $3.1mm reflects: Lower interest-bearing deposits costs (decrease of 34 bps) driven by lower brokered deposits and growth in NIB Higher securities yield due to the repositioning completed in mid-3Q24 Lower yields on loans driven by impact of rate cuts on floating rate loans Lower average cash balances 1.69% $151.0 4Q23 2.66% $229.1 1Q24 2.80% $229.5 2Q24 2.93% $232.2 3Q24 3.04% $235.3 4Q24 Net Interest Income (NII) ($mm) and Net Interest Margin (NIM) (%) Impact to NII ($mm) from cumulative change in yields, rates and mix 3Q24 Deposits +$2.8 Securities -$1.4 Borrowings -$12.6 Cash / Other EA -$12.6 Loans 4Q24 $232.2 +$26.9 $235.3 Lower funding costs drove NII and NIM expansion Fourth Quarter 2024 Earnings | 8 4Q24 Highlights

Funding Cost Reduction Actions and Mix Shift Deposit costs declined QoQ driven by repricing actions resulting in 54% beta on interest-bearing deposits Overall funding mix continues to strengthen Core deposits (excluding brokered CDs) increased to 87.9% of total funding Higher cost borrowings declined to 4.9% of total funding Strengthening deposit composition trends reflect success of community bank-focused strategy 4Q24 Highlights Strengthening Funding Mix(1) Lower interest expenses driven by stronger funding mix and deposit repricing 4Q23 1Q24 4.8% 2Q24 5.6% 3Q24 4.9% 4Q24 Deposits excluding brokered CDs Brokered CDs Borrowings 4Q23 1Q24 2Q24 3Q24 2.26% 4Q24 Reduced Cost of Liabilities Excludes subordinated debt and accrued interest payable and other liabilities. Average total cost of funds Average total cost of deposits % of Total Funding(1) Fourth Quarter 2024 Earnings | 9

Excludes gain (loss) on sale of securities and loans. Illustrative fee income when excluding $2.4mm negative mark for Credit-Linked Notes and negative $3.2mm mark for equity CRA investments. Illustrative fee income when excluding $4.4mm positive mark for Credit-Linked Notes, negative $1.5mm mark for equity CRA investments and $6.4mm lease equipment gain. Illustrative fee income when excluding negative $4.0mm mark for equity CRA investments and $600K for loss on disposal of fixed assets. Note: Other income includes revenue from BOLI, warrants, distributions and other miscellaneous gains or losses. Noninterest IncomeComposition Dividends and gains on equity investments down $4mm QoQ due to both mark-to-market and income from CRA equity investments Service charges on deposits and other commissions and fees were relatively stable 3Q24 included multiple noteworthy items including lease residual gain, positive fair value adjustments and securities repositioning losses Stability of fee income excluding noteworthy items 4Q24 Highlights 1Q24 $1.2 2Q24 3Q24 $0.0 4Q24 $34.3 $28.7(1) $44.6(1) $29.4(1) ($ in millions) (1,2) 4Q24 noninterest income lower due primarily to negative mark-to-market adjustment on CRA equity investments $34.3(1,2) Fourth Quarter 2024 Earnings | 10 $35.0(1,3) Service Charges on Deposits Other Commissions and Fees Leased Equipment Income Dividends and Gains on Equity Investments Other Income $34.0(1,4)

Noninterest Expenses Adjusted noninterest expense down 36% from normalized 4Q23 expenses(1,2) Adjusted noninterest expense excluding customer related expenses / average assets ratio of 1.79%(1) Compensation expenses declined 9% QoQ due to lower headcount and lower employee equity costs Compensation expenses generally seasonally lower in 4Q 1Q25 compensation expected to increase due to seasonality with reset of compensation and benefit accruals Customer-related expenses down $2.8mm QoQ due to lower Fed Funds rate Headcount at 4Q24 down approximately 660 FTE to ~1,900 FTE since the merger was announced in July 2023 Noninterest expenses declined reflecting continued efficiency gains (1) Denotes a non-GAAP measure, see Non-GAAP Reconciliation” slides at end of presentation. $283.6 million normalized expenses adjusted to include combined company expenses for a full quarter and adjust incentive compensation to target. 4Q23 Normalized(2) 1Q24 2Q24 1.87% 3Q24 1.79% 4Q24 Adjusted Noninterest Expense / Average Assets Ratio Adjusted Noninterest Expense Excluding Customer Related Expenses / Average Assets Ratio Adjusted Noninterest Expense / Average Assets Ratio(1) Fourth Quarter 2024 Earnings | 11 (1) (1) 4Q24 Highlights

Customer-Related Expenses Customer-related expenses of $31.7mm down 8% QoQ ~86% of customer-related expenses are earnings credit rate (ECR) payments to customers to reimburse for cash expenses ECR related expenses of $27.4mm down 8% QoQ Indexed to the Fed Funds rate and will continue to fluctuate with Fed rate moves > 90% of ECR expenses are related to our HOA clients $3.7B or 14% of total deposits are HOA Substantially all HOA deposits have ECR expenses 4Q24 Highlights Customer-related expenses down due to lower ECR expenses Adjusted Noninterest Expense Detail(1) ($mm) $30.9 $20.5 $66.9 $92.2 1Q24 $32.4 $26.4 $71.5 $85.9 2Q24 $34.5 $12.7 $64.0 $85.6 3Q24 $31.7 $11.2 $61.9 $77.7 4Q24 $210.5 $216.3 $196.7 $182.4 Salary & employee benefits Other operating expenses Insurance and assessments Customer-related expenses FDIC Special Assessment: 1Q24: $4.8 Customer-Related Expenses ($mm) $26.1 $4.9 1Q24 $27.7 $4.7 2Q24 $29.9 $4.6 3Q24 $27.4 $4.2 4Q24 $30.9 $32.4 $34.5 $31.7 Fourth Quarter 2024 Earnings | 12 ECR Expenses Other Denotes a non-GAAP measure, see Non-GAAP Reconciliation” slides at end of presentation.

Building a Strong Commercial Deposit Franchise Cost of deposits declined significantly QoQ Total cost of deposits down 28 bps Cost of IB deposits down 34 bps Achieved 54% beta on IB deposits Core deposits (excluding CDs) increased $241mm QoQ or 4% annualized Average NIB deposits increased to 29.1% of total average deposits, up from 27.7% in 3Q24 Spot NIB deposits decreased 1.2% QoQ to 28.4% of total deposits mostly due to year-end seasonality 4Q24 Highlights Core deposit growth QoQ driven by checking and money market accounts Management has a track record of successful deposit strategy execution Average Fed Funds Rate Average Total Cost of Deposits 4Q23 1Q24 2Q24 3Q24 4Q24 CDs Brokered CDs Money Market & Savings Interest-bearing Checking Noninterest-bearing Checking Fourth Quarter 2024 Earnings | 13

NIB Deposit Growth Remains a Key Priority Enterprise-wide focus Deposit incentive programs, including competitions and leaderboards RM performance goals include specific NIB targets Ensure existing and new relationships have appropriate deposit balances with the bank Line of business-specific approach to NIB growth and new customer acquisition 4Q24 Highlights Steady growth continuing in new NIB business deposit relationships and balances(1) $107.3 1Q24 1,288 $257.8 2Q24 1,889 $382.6 3Q24 $439.2 4Q24 Cumulative New NIB Business Deposits Accounts Cumulative New NIB Business Deposits ($ millions) Fourth Quarter 2024 Earnings | 14 Includes new NIB deposits from relationships opened over the last two years from the quarter referenced.

Diversified Loan Portfolio Core loan portfolio(1) increased $334mm or 6% annualized driven by growth across nearly all segments and primarily in warehouse and fund finance Construction loans declined $287mm due to expected payoffs Core portfolio comprises 96% of total loans 4Q24 loan originations including production, purchased loans and unfunded new commitments, totaled $1.8B Core portfolio growth of 1.5% driven by higher yielding commercial loans Existing core portfolios have strong credit quality Note: Wtd. Avg. Rate excludes loan fees and accretion. Core loans excludes premium finance loans, student loans and Civic loans. Lender finance includes the national lending portfolio, which had a balance of less than $25mm in each of 3Q24 and 4Q24. Fourth Quarter 2024 Earnings | 15

$389 $588 $698 $852 $830 $212 $1,223 $142 $1,405 $382 $1,271 $700 $1,082 $937 $1,353 $1,436 $1,546 $1,654 $1,781 $2,290 $1,280 $552 $873 $661 $1,076 $832 $659 $803 $1,257 $747 $1,832 $1,534 $1,908 $1,462 $2,004 Loan

        Activity  Rate on new production of 7.02% reflects commercial loan production rate of 7.6% offset by lower production rate for real estate loans  Loan production and line utilization of $2.3B outpaced payoffs and paydowns of $2.0B  Unfunded new
        commitments increased to $830mm   Loan originations including production, purchased loans and unfunded new commitments, totaled $1.8B compared to 3Q24 of $1.6B  4Q24 Highlights  Net loan growth driven by strong production and net line
        utilization  Fourth Quarter 2024 Earnings | 16  Loan Production  Line Utilization  Payoffs  Paydowns  4Q23  1Q24  2Q24  Rate on Production  Total Loan Yield  3Q24  Includes charge-offs and transfers to HFS.  \($ in millions\)  Unfunded New
        Commitments  4Q24

Asset Quality Ratios and Trends ACL coverage ratio impacted by improvement in the economic forecast, a mix shift towards loan categories with lower expected losses and the impact of charge-offs, which offset the impact of changes in risk ratings NPL, Classified and Delinquent loan inflows primarily driven by one customer relationship with two loans with no expected loss due to collateral coverage Classified inflows also driven by downgrades of still accruing loans where performance metrics indicated deterioration ACL coverage ratio of 1.13% is bolstered by economic coverage ratio of 1.72%(1) Continuing conservative outlook and heightened monitoring given uncertain economic environment Fourth Quarter 2024 Earnings | 17 Nonperforming Loans (NPLs) ($mm) Delinquent Loans ($mm) Classified Loans ($mm) ACL / Total Loans ($mm) $311.3 $320.1 $275.3 $281.9 $311.3 1.22% 4Q23 $320.1 1.26% 1Q24 $275.3 1.19% 2Q24 $281.9 1.20% 3Q24 $268.4 1.13% 4Q24 ACL ACL / Total Loans HFI $13.3 $37.6 $23.4 4Q23 $53.9 $43.1 $48.8 1Q24 $46.1 $53.5 $17.5 2Q24 $55.8 $79.3 $33.3 3Q24 $63.5 $96.8 $29.2 4Q24 $74.3 $145.8 $117.1 $168.3 $189.6 CRE Loans (excluding MF and Construction) Other Core Loans Discontinued Loans NPLs to Loans/leases HFI $61.6 $136.3 $30.5 4Q23 $161.9 $151.6 $53.2 1Q24 $172.1 $206.2 $37.2 2Q24 $233.9 $264.4 $35.4 3Q24 $267.1 $266.1 $30.3 4Q24 $228.4 $366.7 $415.5 $533.6 $563.5 Classified Loans / Total Loans HFI CRE Loans (excluding MF and Construction) Other Core Loans Discontinued Loans $19.9 $44.8 $79.6 4Q23 $67.2 $62.4 $106.4 1Q24 $27.0 $37.8 $19.0 2Q24 $43.1 $48.5 $33.4 3Q24 $41.8 $93.7 $44.7 4Q24 $144.2 $236.0 $83.8 $125.0 $180.2 CRE Loans (excluding MF and Construction) Other Core Loans Discontinued Loans Delinquent Loans / Total Loans HFI Economic coverage ratio adjusts our ACL coverage ratio to include the loss coverage from credit-linked notes and unearned credit marks from purchase accounting. Denotes a non-GAAP measure, see Non-GAAP Reconciliation” slides at end of presentation.

ACL coverage ratio at appropriate level under CECL given portfolio mix Allowance for Credit Losses Walk 1.19% 1.20% ($ in millions) 4Q24 net charge-offs detail Fourth Quarter 2024 Earnings | 18 4Q24 Highlights ACL 3Q24 Net Charge-offs $13.0 Provision ACL 4Q24 1.20% 1.13% ACL decreased $13.5mm driven by: Net charge-offs of $26.5mm primarily driven by a commercial loan exposure with isolated risk and one remaining Civic loan, both of which migrated to NPL in 3Q24 ACL provision of $13mm primarily driven by one commercial loan credit loss included in net charge-offs Recent loan growth is in segments with relatively low expected credit losses; resulted in lower ACL coverage under CECL

California-Centric CRE Portfolio 72% of total CRE portfolio located in California Total CRE has a low weighted average LTV of 61% Other Property Types includes mobile homes, self storage, gas stations, special use, school, place of worship and restaurants 4Q24 Highlights High quality CRE portfolio has low weighted-average LTV and high debt-service coverage ratio (DSCR) Total CRE is well diversified across multiple industries Office Industrial Retail Hotel Health Facility Mixed Use Other Represents most recent appraisal or weighted-average LTV at origination. Note: CRE excludes government guaranteed CRE collateralized SBA loans. Total CRE comprises 55% of total loans and Other CRE comprises 16.6% of total loans 84% of office collateral located in California, 6% in Colorado and 10% in other states Multifamily has a low average LTV and a strong DSCR coverage ratio of 1.30x Other CRE as % of Total CRE Fourth Quarter 2024 Earnings | 19

Balance sheet mix shift drives IRR position closer to neutral Interest Rate Sensitivity IRR position closer to neutral as gap between short-term liabilities and assets decreased ~$1.1B in 4Q from $7.3B at 3Q to $6.2B Short-term interest sensitive assets increased $900mm driven by higher levels of warehouse and fund finance loans and the timing of AFS security maturities Short-term interest sensitive liabilities decreased $200mm QoQ as NIB deposits increased and other short-term borrowings matured Interest sensitive assets have higher repricing betas than interest sensitive liabilities, offsetting the impact from the asset/liability gap and achieving a more neutral IRR position Loans Years to Maturity/Repricing Loan Composition Rate sensitive defined as assets or liabilities that are repricing or maturing within one year. Note: Short Term (“ST”) Variable: Variable rate loans which resets within one year. Fourth Quarter 2024 Earnings | 20 Asset/Liabilities Repricing Mix ($B) $12.9 $20.6 $19.7 $13.8 Short Term A/L Long Term A/L 40%1 59%1

Higher yield and lower duration vs. prior quarter due to benefits of 3Q AFS securities repositioning Investment Securities Portfolio Average securities yield increased 21 bps QoQ after full quarter impact of repositioning $742mm AFS securities in 3Q24 Unrealized pre-tax loss on AFS securities of $280mm up $54mm QoQ driven primarily by an increase in longer term interest rates AFS portfolio duration decreased ~0.4 years to ~4.4 years and total portfolio duration decreased ~0.3 years to ~5.6 years Portfolio Profile Composition Credit Rating Average Portfolio Balances & Yields 3% 5% 0% 0% AAA AA A BB BBB Not Rated $6.0 2.72% 4Q23 $4.7 2.92% 1Q24 $4.7 2.92% 2Q24 $4.7 2.98% 3Q24 $4.7 3.19% 4Q24 Average Balance ($ in billions) Yield 4Q24 Highlights Reflects fair value for AFS securities and amortized cost for HTM securities. Excludes FRB and FHLB stock and $1.5 million loss reserve on HTM securities. Fourth Quarter 2024 Earnings | 21 Private Label MBS CLO Corporates Gov’t & AGC Munis

High Level of Available Liquidity Total primary liquidity of $4.4B, including unpledged AFS securities of $2.0B(1) Total primary and secondary liquidity of $15.9B Uninsured and uncollateralized deposits of $7.2B, which represents approximately 26.4% of total deposits Total primary and secondary liquidity was 2.2x uninsured and uncollateralized deposits 4Q24 Highlights Maintaining high levels of primary and secondary liquidity as prudent risk management (2) Fourth Quarter 2024 Earnings | 22 (1) Figures presented as Bank only, excludes restricted cash. Net of haircut: 8.6% as of December 31, 2024.

Strong Capital Base CET 1 ratio of 10.55%, up from 10.46% in the prior quarter TCE ratio increased 1.4% to 7.99% since merger close All regulatory capital ratios in excess of minimum “well-capitalized” levels Building capital levels for strength and flexibility 3Q24 4Q24 3Q24 4Q24 4Q24 Highlights Denotes a non-GAAP financial measure; see “Non-GAAP Reconciliation” slides at end of presentation. Note: 4Q24 regulatory capital ratios are preliminary. Fourth Quarter 2024 Earnings | 23 CET 1 Ratio TCE Ratio

Executed significant balance sheet repositioning in 2024 . . . Fourth Quarter 2024 Earnings | 24 Wholesale funding defined as borrowings plus brokered time deposits. Denotes a non-GAAP financial measure; see “Non-GAAP Reconciliation” slides at end of presentation. Note: 4Q23 balance sheet includes impact of $400mm capital raise, sale of $6B in lower-yielding assets and paydown of $10B higher cost wholesale funding. Sold $1.95B Civic loan portfolio Purchased $319mm of lender finance loans Fully paid down BTFP of $2.6B Repositioned $0.7B of investment securities to improve yield Retired $1.85B of high-cost brokered deposits, lowered brokered to <10% of total fundings Improved wholesale funding ratio(1) from 16.6% to 10.3% 2024 repositioning actions ($ in millions)

. . . resulting in strong growth in core earnings and capital Fourth Quarter 2024 Earnings | 25 1Q24 4Q24 +0.46% +6% CET 1 Ratio Earnings per share Excludes acquisition related costs Growth rate assumes 4Q23 normalized expenses adjusted to include combined company expenses for a full quarter and adjust incentive compensation to target Denotes a non-GAAP financial measure; see “Non-GAAP Reconciliation” slides at end of presentation. Avg. NIB / Deposits 29.1% +650 bps Cost of Funds 2.55% -113 bps NIM 3.04% +135 bp Noninterest Operating Expenses(1,3) $182mm -36%(2) Wholesale Funding Ratio 10.3% -630 bps Note: Growth rates represent variance from 4Q23 to 4Q24 TBVPS(3) 1Q24 4Q24 +$0.69 +6% 1Q24 4Q24 +$0.16 +209% Balance sheet repositioning actions and swift delivery of merger integration milestones throughout 2024 have driven significant growth in key profitability drivers and capital CAGR

Appendix

Non-GAAP Financial Information Fourth Quarter 2024 Earnings | 27 Tangible assets, tangible common equity, tangible common equity to tangible assets, tangible book value per common share, adjusted net earnings (loss), adjusted return on average assets, return on average tangible common equity, adjusted return on average tangible common equity, pre-tax pre-provision (“PTPP”) income, adjusted PTPP income, adjusted noninterest expense, and economic coverage ratio constitute supplemental financial information determined by methods other than in accordance with GAAP. These non-GAAP measures are used by management in its analysis of the Company's performance. Tangible assets and tangible equity is calculated by subtracting goodwill and other intangible assets from total assets. Tangible common equity is calculated by subtracting preferred stock, as applicable, from tangible equity. Return on average tangible common equity is calculated by dividing net earnings available to common stockholders, after adjustment for amortization of intangible assets and goodwill impairment, by average tangible common equity. Adjusted return on average tangible common equity is calculated by dividing adjusted net earnings available to common stockholders, after adjustment for amortization of intangible assets and goodwill impairment, by average tangible common equity. Banking regulators also exclude goodwill and other intangible assets from stockholders' equity when assessing the capital adequacy of a financial institution. Adjusted net earnings (loss) is calculated by adjusting net earnings (loss) by unusual, one-time items. ROAA is calculated by dividing annualized net earnings (loss) by average assets. Adjusted ROAA is calculated by dividing annualized adjusted net earnings (loss) by average assets. PTPP income is calculated by adding net interest income and noninterest income (total revenue) and subtracting noninterest expense. Adjusted PTPP income is calculated by adding net interest income and adjusted noninterest income (adjusted total revenue) and subtracting adjusted noninterest expense. Adjusted noninterest expense is calculated by subtracting acquisition, integration and reorganization costs from total noninterest expense. Adjusted noninterest expense excluding customer related expenses is calculated by subtracting customer related expenses from adjusted noninterest expense. Economic coverage ratio is calculated by dividing the allowance for credit losses adjusted for the impact of the credit-linked notes and unearned credit mark from purchase accounting by loans and leases held for investment, net of deferred fees. Management believes the presentation of these financial measures adjusting the impact of these items provides useful supplemental information that is essential to a proper understanding of the financial results and operating performance of the Company. This disclosure should not be viewed as a substitute for results determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. The following tables on pages 28-33 provide reconciliations of the non-GAAP measures to financial measures defined by GAAP.

Non-GAAP Reconciliation Tangible common equity divided by tangible assets. Total common equity divided by common shares outstanding. Tangible common equity divided by common shares outstanding. Common shares outstanding include non-voting common equivalents that are participating securities. Fourth Quarter 2024 Earnings | 28

Non-GAAP Reconciliation Effective tax rates of 24.76%, 27.61%, 28.62%, 26.40%, and 14.12% used for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively. Annualized net earnings (loss) divided by average stockholders' equity. Annualized adjusted net earnings (loss) available to common and equivalent stockholders for ROATCE divided by average tangible common equity. Annualized adjusted net earnings (loss) available to common and equivalent stockholders for adjusted ROATCE divided by average tangible common equity. Fourth Quarter 2024 Earnings | 29

Non-GAAP Reconciliation Fourth Quarter 2024 Earnings | 30 Effective tax rates of 24.76%, 27.61%, 28.62%, 26.40%, and 14.12% used for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively. Adjusted net earnings (loss) available to common and equivalent stockholders divided by weighted average common shares outstanding. Annualized net earnings (loss) divided by average assets. Annualized adjusted net earnings (loss) divided by average assets.

Non-GAAP Reconciliation Fourth Quarter 2024 Earnings | 31 Annualized PTPP income divided by average assets. Annualized adjusted PTPP income divided by average assets.

Non-GAAP Reconciliation Fourth Quarter 2024 Earnings | 32

Non-GAAP Reconciliation Fourth Quarter 2024 Earnings | 33 Unearned credit mark from purchase accounting estimated by using the same pro rata split between the credit and yield marks associated with the non-PCD loans (purchased loans without credit deterioration at the time of the purchase) at the time of the acquisition. Credit-linked notes loss coverage equal to 5% of the unpaid principal balance of the pledged loans. Allowance for credit losses divided by loans and leases held for investment, net of deferred fees. Adjusted allowance for credit losses divided by loans and leases held for investment, net of deferred fees.

4Q24 Noteworthy Items 4Q24 results included several noteworthy items, which impacted financial results but partially offset each other Revenue lower due to combination of lower dividends and negative fair value adjustment on CRA equity investments Tax related adjustment mostly driven by YTD true-up adjustment for state taxes 1. 28% tax rate used for calculations Fourth Quarter 2024 Earnings | 34

Loan Interest Rate Sensitivity Roughly half of fixed rate and hybrid loans will reset or mature within the next three years and reprice to higher coupons Over 99% of adjustable-rate loans with floors are at or above their respective floors Variable rate loans are almost entirely Prime or SOFR based 20% of fixed rate and hybrid loans will reprice / reset within one year at higher rates Years to Fixed Rate Loans Maturities or Hybrid Rate Loans Reset Floors: Variable Rate Loans Loan Portfolio by Index Rate Fourth Quarter 2024 Earnings |

        35  92%  39%  38%  38%  91%  $2.9B  WAC 4.92%  $1.7B  WAC 4.12%  $1.8B  WAC 4.03%  $8.0B  WAC 3.81%  Note: Actual loan portfolio yield is higher than WAC due to discount accretion.  82%  50%  63%  78%  22%  37%  50%  18%

Fourth Quarter 2024 Earnings | 36 Experienced management team with track record of success at leading institutions Alex Kweskin Chief Human Resources Officer 25+ years of Human Resources experience, previously held HR leadership roles at MUFG Union Bank and Wells Fargo Chris Blake Vice Chairman of the Bank 40+ years of banking experience, previously served as President & CEO, Community Bank Division, for PacWest Bancorp. Scott Ladd Chief Credit Officer for Specialty Banking and Credit Operations 25+ years banking and consulting experience, previously served as EVP, Group Head, Portfolio Management at PacWest Bancorp Jared Wolff President and Chief Executive Officer 30+ years of banking and law. Previously held senior executive positions with City National Bank (RBC) and PacWest Bancorp Joe Kauder Chief Financial Officer 30+ years banking experience, previously served as EVP, CFO Wells Fargo Wholesale Banking Hamid Hussain President of the Bank 30+ years of banking experience, previously served as EVP, Real Estate Market Executive for Wells Fargo Bryan Corsini Chief Credit Officer 35+ years banking experience, previously served as CCO of PacWest Bancorp and Director of Pacific Western Bank Debbie Dahl-Amundson Chief Internal Audit Officer Leads the internal audit group and SOX Compliance, previously served as Assistant General Auditor for PNC Ido Dotan General Counsel and Chief Administrative Officer Experienced in corporate securities, M&A, and structured finance. Previously served as EVP of Carrington Mortgage Holdings Olivia Lindsay Chief Risk Officer 20+ years of experience in regulatory processes and controls, previously spent 15 years at MUFG Union Bank Steve Schwimmer Chief Information Officer 30+ years of experience in banking technology, previously served as the EVP, Chief Innovation Officer at PacWest Bancorp Stan Ivie Head of Government and Regulatory Affairs Previously served as the Chief Risk Officer of PacWest Bancorp & the regional director for the FDIC’s San Francisco and Dallas Regions Michael Pierron Head of Payments 25+ years of technology, product and operations, previously served as Head of Operations at Flagstar Bank Sean Lynden President, Venture Banking Group 30+ years of banking and related experience. Previously served as President of Venture Banking Group for Pacific Western Bank Chris Baron President, Community Banking 30+ years banking experience. Previously served as President of Los Angeles Region for Pacific Western Bank