株探米国株
英語
エドガーで原本を確認する
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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to ______
Commission File Number 001-35522
BANC OF CALIFORNIA, INC.
(Exact name of registrant as specified in its charter)
Maryland 04-3639825
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
11611 San Vicente Boulevard, Suite 500
Los Angeles, CA 90049
(Address of Principal Executive Offices, Including Zip Code)
(855) 361-2262
(Registrant's Telephone Number, Including Area Code)
N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Common Stock, par value $0.01 per share BANC New York Stock Exchange
Depositary Shares, each representing a 1/40th interest
in a share of 7.75% fixed rate reset non-cumulative
perpetual preferred stock, Series F BANC/PF New York Stock Exchange
(Title of Each Class) (Trading Symbol) (Name of Exchange on Which Registered)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  ☑  No   ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☑      No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
☑ Large accelerated filer ☐ Accelerated filer
☐ Non-accelerated filer ☐ Smaller reporting company
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes ☐ No  ☑
As of April 30, 2026, there were 153,724,787 shares of the registrant's voting common stock outstanding, excluding 60,269 shares of unvested restricted stock, and there were 477,321 shares of the registrant's class B non-voting common stock outstanding.


1

BANC OF CALIFORNIA, INC.
MARCH 31, 2026 QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
 
Page
PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements (Unaudited)  
  Consolidated Balance Sheets
Consolidated Statements of Earnings
  Consolidated Statements of Comprehensive Income
Consolidated Statements of Changes in Stockholders' Equity
Consolidated Statements of Cash Flows
  Notes to Unaudited Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Signatures


2

PART I. FINANCIAL INFORMATION
Glossary of Acronyms, Abbreviations, and Terms
The acronyms, abbreviations, and terms listed below are used in various sections of this Quarterly Report on Form 10-Q, including "Item 1. Financial Statements" and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations."
ACL Allowance for Credit Losses FRB Board of Governors of the Federal Reserve System
AFS Available-for-Sale FRBSF Federal Reserve Bank of San Francisco
ALLL Allowance for Loan and Lease Losses HFI Held for Investment
AOCI Accumulated Other Comprehensive Income (Loss) HFS Held for Sale
ASC Accounting Standards Codification HLBV Hypothetical Liquidation at Book Value
ASU Accounting Standards Update HTM Held-to-Maturity
Basel III A comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013 IRR Interest Rate Risk
BOLI Bank Owned Life Insurance LIHTC Low Income Housing Tax Credit
CDI Core Deposit Intangible Assets LOCOM Lower of Cost or Market
CECL Current Expected Credit Loss MBS Mortgage-Backed Securities
CET1 Common Equity Tier 1 NII Net Interest Income
CMBS Commercial Mortgage-Backed Securities NVCE Non-Voting Common Stock Equivalents
CMOs Collateralized Mortgage Obligations OREO Other Real Estate Owned
CODM Chief Operating Decision Maker PSUs Performance Stock Units
CRE Commercial Real Estate ROU Right-of-use
CRA Community Reinvestment Act RSUs Restricted Stock Units
CRI Customer Relationship Intangible Assets SBA Small Business Administration
DFPI California Department of Financial Protection and Innovation SBIC Small Business Investment Company
DTAs Deferred Tax Assets SEC Securities and Exchange Commission
ECR Earnings Credit Rate SFR Single-Family Residential
EVE Economic Value of Equity SOFR Secured Overnight Financing Rate
FASB Financial Accounting Standards Board TRSAs Time-Based Restricted Stock Awards
FDIC Federal Deposit Insurance Corporation U.S. GAAP U.S. Generally Accepted Accounting Principles
FHLB Federal Home Loan Bank of San Francisco



3

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
  March 31, 2026 December 31, 2025
  (in thousands, except par value amounts)
ASSETS:
Cash and due from banks $ 214,120  $ 181,103 
Interest-earning deposits in financial institutions 2,003,149  2,126,862 
Total cash, cash equivalents, and restricted cash 2,217,269  2,307,965 
Securities AFS, at fair value, net of allowance for credit losses (amortized cost of
$2,857,903 and $2,646,414, respectively)(ACL of $775 and $775, respectively)
 2,656,332  2,454,058 
Securities HTM, at amortized cost, net of allowance for credit losses (fair value of
$2,227,000 and $2,246,526, respectively)(ACL of $695 and $695, respectively)
 2,313,548  2,308,636 
FRB and FHLB stock, at cost 170,342  160,442 
Total investment securities 5,140,222  4,923,136 
Loans HFS 259,049  182,936 
Loans and leases HFI 24,780,347  25,032,679 
Allowance for loan and lease losses (241,600) (245,612)
Total loans and leases HFI, net 24,538,747  24,787,067 
Equipment leased to others under operating leases 223,558  238,232 
Premises and equipment, net 146,316  146,698 
Bank owned life insurance 352,707  350,083 
Goodwill 214,521  214,521 
Intangible assets, net 99,091  105,287 
Deferred tax asset, net 653,481  656,755 
Other assets 879,280  884,762 
Total assets $ 34,724,241  $ 34,797,442 
LIABILITIES:    
Noninterest-bearing deposits $ 7,797,542  $ 7,822,787 
Interest-bearing deposits 19,524,592  20,020,570 
Total deposits 27,322,134  27,843,357 
Borrowings (including $111,250 and $113,634 at fair value, respectively)
 2,551,250  2,063,819 
Subordinated debt 954,072  952,740 
Accrued interest payable and other liabilities 343,459  396,249 
Total liabilities 31,170,915  31,256,165 
Commitments and contingencies (Note 10)
STOCKHOLDERS' EQUITY:
Preferred stock 498,516  498,516 
Common stock ($0.01 par value, 153,784,724 shares issued and 153,722,123 outstanding at
March 31, 2026; 150,039,018 shares issued and 149,963,520 outstanding at December 31, 2025)
 1,538  1,500 
Class B non-voting common stock ($0.01 par value, 477,321 shares issued at March 31, 2026
 and 477,321 shares issued at December 31, 2025)
 5  5 
NVCE ($0.01 par value, — shares issued at
March 31, 2026 and 5,017,064 shares issued at December 31, 2025)
 —  50 
Additional paid-in capital 3,501,213  3,552,483 
Retained deficit (180,011) (242,016)
Accumulated other comprehensive loss, net (267,935) (269,261)
Total stockholders' equity 3,553,326  3,541,277 
Total liabilities and stockholders' equity $ 34,724,241  $ 34,797,442 
See Notes to Unaudited Consolidated Financial Statements.


4

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
Three Months Ended
March 31, December 31, March 31,
  2026 2025 2025
  (In thousands, except per share amounts)
Interest income:
Loans and leases $ 349,943  $ 359,268  $ 346,103 
Investment securities 41,873  39,557  37,862 
Deposits in financial institutions 15,626  18,123  22,690 
Total interest income 407,442  416,948  406,655 
Interest expense:
Deposits 120,233  129,896  140,530 
Borrowings 20,177  19,858  18,421 
Subordinated debt 15,415  15,832  15,340 
Total interest expense 155,825  165,586  174,291 
Net interest income 251,617  251,362  232,364 
Provision for credit losses 9,800  12,500  9,300 
Net interest income after provision for credit losses 241,817  238,862  223,064 
Noninterest income:
Leased equipment income 8,530  16,381  10,784 
Commissions and fees 10,980  9,524  9,958 
Service charges on deposit accounts 4,978  5,038  4,543 
Gain on sale of loans and leases 7  18  211 
Dividends and gains on equity investments 2,002  3,492  2,323 
Warrant income (loss) 938  361  (295)
Other income 7,893  6,757  6,126 
Total noninterest income 35,328  41,571  33,650 
Noninterest expense:
Compensation 91,100  85,862  86,417 
Customer related expense 23,737  24,870  27,751 
Occupancy 14,892  14,726  15,010 
Information technology and data processing 14,339  13,751  15,099 
Insurance and assessments 6,764  7,070  7,283 
Intangible asset amortization 6,348  6,788  7,160 
Leased equipment depreciation 5,304  6,202  6,741 
Other professional services 4,236  6,774  4,513 
Loan expense 4,292  4,445  2,930 
Other expense 10,379  10,156  10,749 
Total noninterest expense 181,391  180,644  183,653 
Earnings before income taxes 95,754  99,789  73,061 
Income tax expense 23,802  22,398  19,493 
Net earnings 71,952  77,391  53,568 
Preferred stock dividends 9,947  9,947  9,947 
Net earnings available to common and equivalent stockholders $ 62,005  $ 67,444  $ 43,621 
Earnings per share:
Basic $ 0.40  $ 0.43  $ 0.26 
Diluted $ 0.39  $ 0.42  $ 0.26 
See Notes to Unaudited Consolidated Financial Statements.


5

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended
March 31, December 31, March 31,
2026 2025 2025
(In thousands)
Net earnings $ 71,952  $ 77,391  $ 53,568 
Other comprehensive income, net of tax:
Unrealized net holding (losses) gains on securities AFS arising during the period (9,215) 15,671  38,470 
Income tax benefit (expense) related to unrealized net holding gains arising during the period 2,553  (4,350) (10,952)
Unrealized net holding (losses) gains on securities AFS, net of tax (6,662) 11,321  27,518 
Amortization of unrealized net loss on securities transferred from AFS to HTM 8,576  8,606  8,342 
Income tax expense related to amortization of unrealized net loss on securities transferred from AFS to HTM (2,376) (2,377) (2,378)
Amortization of unrealized net loss on securities transferred from AFS to HTM, net of tax 6,200  6,229  5,964 
Change in fair value of credit-linked notes (111) (122) 146 
Income tax benefit (expense) related to change in fair value of credit-linked notes 31  28  (42)
Change in fair value of credit-linked notes, net of tax (80) (94) 104 
Unrealized gain (loss) on cash flow hedges arising during the period 2,584  408  (2,973)
Income tax (expense) benefit related to unrealized gain on cash flow hedges arising during the period (716) (108) 847 
Unrealized gain (loss) on cash flow hedges, net of tax 1,868  300  (2,126)
Other comprehensive income, net of tax 1,326  17,756  31,460 
Comprehensive income $ 73,278  $ 95,147  $ 85,028 
See Notes to Unaudited Consolidated Financial Statements.



6

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Three Months Ended March 31, 2026
Common Stock Non -Voting Accumulated
Class B Common Additional Other
Preferred Non- Stock Paid-in Retained Comprehensive
  Stock Voting Voting Equivalents Capital Deficit Loss, Net Total
(In thousands, except per share amount)
Balance, December 31, 2025 $ 498,516  $ 1,500  $ 5  $ 50  $ 3,552,483  $ (242,016) $ (269,261) $ 3,541,277 
Net earnings —  —  —  —  —  71,952  —  71,952 
Other comprehensive income, net of tax —  —  —  —  —  —  1,326  1,326 
Restricted stock awarded and earned stock
compensation, net of shares forfeited —  5  —  —  5,631  —  —  5,636 
Conversion of NVCE to voting common stock —  40  —  (40) —  —  —  — 
Restricted stock surrendered —  —  —  —  (5,574) —  —  (5,574)
Shares purchased under
Dividend Reinvestment Plan —  —  —  —  115  —  —  115 
Shares repurchased under Stock Repurchase
Program including excise tax —  (7) —  —  (12,073) —  —  (12,080)
NVCE repurchased —  —  —  (10) (20,190) —  —  (20,200)
Cash dividends paid:
Preferred stock, $0.4845/share
 —  —  —  —  —  (9,947) —  (9,947)
Common stock, $0.12/share
 —  —  —  —  (19,179) —  —  (19,179)
Balance, March 31, 2026 $ 498,516  $ 1,538  $ 5  $ —  $ 3,501,213  $ (180,011) $ (267,935) $ 3,553,326 

Three Months Ended March 31, 2026
Common Stock Non-Voting
Preferred Class B Common Stock
Stock Voting Non-Voting Equivalents
Number of shares, December 31, 2025 513,250  150,039,018  477,321  5,017,064 
   Restricted stock awarded and earned stock
      compensation, net of shares forfeited —  723,872  —  — 
   Restricted stock surrendered —  (291,929) —  — 
Shares purchased under Dividend Reinvestment Plan —  6,634  —  — 
Shares repurchased under Stock Repurchase Program —  (709,935) —  (1,000,000)
Conversion of NVCE to voting common stock —  4,017,064  —  (4,017,064)
Number of shares, March 31, 2026 513,250  153,784,724  477,321  — 
See Notes to Unaudited Consolidated Financial Statements.


7

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Three Months Ended March 31, 2025
Non-Voting Accumulated
Common Stock Common Additional Other
Preferred Class B Stock Paid-in Retained Comprehensive
  Stock Voting Non-Voting Equivalents Capital Deficit Loss, Net Total
(In thousands, except per share amount)
Balance, December 31, 2024 $ 498,516  $ 1,586  $ 5  $ 98  $ 3,785,725  $ (431,201) $ (354,780) $ 3,499,949 
Net earnings —  —  —  —  —  53,568  —  53,568 
Other comprehensive income,
net of tax —  —  —  —  —  —  31,460  31,460 
Restricted stock awarded and
earned stock compensation,
net of shares forfeited —  2  —  —  5,493  —  —  5,495 
Restricted stock surrendered —  —  —  —  (2,699) —  —  (2,699)
Shares repurchased under
Dividend Reinvestment Plan —  —  —  —  72  —  —  72 
Shares repurchased under the
Stock Repurchase Program
including excise tax —  (27) —  —  (38,904) —  —  (38,931)
Cash dividends paid:
Preferred stock, $0.4845/share
 —  —  —  —  —  (9,947) —  (9,947)
Common stock, $0.10/share
 —  —  —  —  (17,311) —  —  (17,311)
Balance, March 31, 2025 $ 498,516  $ 1,561  $ 5  $ 98  $ 3,732,376  $ (387,580) $ (323,320) $ 3,521,656 

Three Months Ended March 31, 2025
Non-Voting
Common Stock Common
Preferred Class B Stock
Stock Voting Non-Voting Equivalents
Number of shares, December 31, 2024 513,250  158,557,735  477,321  9,790,600 
   Restricted stock awarded and earned stock
      compensation, net of shares forfeited —  440,587  —  — 
   Restricted stock surrendered —  (183,480) —  — 
Shares purchased under Dividend Reinvestment Plan —  5,146  —  — 
Shares repurchased under Stock Repurchase Program —  (2,684,823) —  — 
Number of shares, March 31, 2025 513,250  156,135,165  477,321  9,790,600 
See Notes to Unaudited Consolidated Financial Statements.


8

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31,
  2026 2025
  (In thousands)
Cash flows from operating activities:    
Net earnings $ 71,952  $ 53,568 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 10,894  13,027 
Amortization of net premiums on investment securities 4,524  5,068 
Accretion of net purchased loan discounts and deferred loan fees (16,475) (21,181)
Amortization of intangible assets 6,348  7,160 
Amortization of operating lease ROU assets 5,717  5,895 
Provision for credit losses 9,800  9,300 
Loss on sale of foreclosed assets 28  17 
Provision for losses on foreclosed assets 44  265 
Gain on sale of loans and leases (7) (211)
Loss on sale of premises and equipment 1  — 
Unrealized gain on derivatives, foreign currencies, and credit-linked notes, net (362) (279)
LOCOM HFS adjustment (3) — 
Earned stock compensation 5,636  5,495 
Decrease in other assets 4,851  12,301 
Decrease in accrued interest payable and other liabilities (53,967) (75,303)
Net cash provided by operating activities 48,981  15,122 
Cash flows from investing activities:
Net decrease (increase) in loans and leases 175,029  (337,351)
Proceeds from sales of loans and leases 740  1,301 
Proceeds from maturities and paydowns of securities AFS 130,567  97,893 
Purchases of securities AFS (343,368) (148,541)
Proceeds from maturities and paydowns of securities HTM 452  310 
Purchases of FHLB and FRB stock (9,900) (7,557)
Proceeds from sales of foreclosed assets 689  5,316 
Purchases of premises and equipment (3,380) (1,525)
Proceeds from BOLI death benefit 583  — 
Net decrease in equipment leased to others under operating leases 9,370  5,415 
Net cash used in investing activities (39,218) (384,739)
Cash flows from financing activities:
Net decrease in noninterest-bearing deposits (25,245) (125,963)
Net (decrease) increase in interest-bearing deposits (495,978) 127,245 
Repayments of borrowings (2,401) (1,014)
Proceeds from borrowings 489,815  279,842 
Common shares repurchased under Stock Repurchase Program (32,280) (38,931)
Common shares purchased under Dividend Reinvestment Plan —  72 
Restricted stock surrendered (5,574) (2,699)
Preferred stock dividends paid (9,947) (9,947)
Common stock dividends paid (18,849) (17,311)
Net cash (used in) provided by financing activities (100,459) 211,294 
Net decrease in cash, cash equivalents, and restricted cash (90,696) (158,323)
Cash, cash equivalents, and restricted cash, beginning of period 2,307,965  2,502,212 
Cash, cash equivalents, and restricted cash, end of period $ 2,217,269  $ 2,343,889 
See Notes to Unaudited Consolidated Financial Statements.


9

BANC OF CALIFORNIA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31,
  2026 2025
  (In thousands)
Supplemental disclosures of cash flow information:
Cash paid for interest $ 154,207  $ 180,996 
Cash received for income taxes (342) (256)
Loans transferred to foreclosed assets 1,700  1,354 
Transfers from loans HFI to loans HFS 72,061  — 
See Notes to Unaudited Consolidated Financial Statements.



10


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


NOTE 1.  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES        
Banc of California, Inc., a Maryland corporation, was incorporated in March 2002 and serves as the holding company for its wholly owned subsidiary, Banc of California (the “Bank”), a California state-chartered bank and member of the FRB. When we refer to the “holding company," we are referring to Banc of California, Inc., the parent company, on a stand-alone basis. When we refer to “we,” “us,” “our,” or the “Company,” we are referring to Banc of California, Inc. and its consolidated subsidiaries including the Bank, collectively. As a bank holding company, Banc of California, Inc. is subject to ongoing and comprehensive supervision, regulation, examination, and enforcement by the FRB. As a California state-chartered bank and a member of the FRB, the Bank is subject to ongoing and comprehensive supervision, regulation, examination, and enforcement by the DFPI and the FRB. The Bank is also a member of the FHLB system, and its deposit accounts are insured by the Deposit Insurance Fund of the FDIC.
Banc of California is one of the nation's premier relationship-based business banks, providing banking and treasury management services to small, middle-market, and venture-backed businesses. The Bank offers a broad range of loan and deposit products and services through full-service branches located throughout California and in Denver, Colorado, and Durham, North Carolina, as well as through regional offices nationwide. The Bank also provides full-service payment processing solutions to its clients and serves the Community Association Management industry nationwide with its technology-forward platform, SmartStreet™. The Bank is committed to its local communities by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more.
We generate our revenue primarily from interest received on loans and leases and, to a lesser extent, from interest received on investment securities, and fees received in connection with deposit services, extending credit and other services offered, including treasury management and investment management services. Our major operating expenses are interest paid by the Bank on deposits and borrowings, compensation expense, customer related expense, information technology and data processing expense, occupancy expense, and general operating expenses.
Significant Accounting Policies
Our accounting policies are described in "Note 1. Nature of Operations and Summary of Significant Accounting Policies", of our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC ("Form 10-K").
Recently Issued Accounting Standards Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses," requiring additional disclosure of income statement expenses, including categories like employee compensation, depreciation, and intangible asset amortization, as well as selling expenses. Companies must also qualitatively describe any remaining amounts not separately disclosed. In January 2025, the FASB also issued ASU 2025-01, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures-Clarifying the Effective Date," clarified that all public business entities must adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The disclosures apply prospectively, but retrospective application is allowed. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures.
In September 2025, the FASB issued ASU 2025-06, "Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software." The new standard clarifies and modernizes the accounting for costs related to internal-use software under ASC 350-40. Specifically, the amendments address the accounting for software developed using iterative and agile development methods, clarify the threshold for when capitalization of software costs should begin, and require the disclosure requirements of ASC 360-10. This guidance is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. Entities may apply the guidance using one of three transition methods: prospective, modified retrospective (based on the project’s status and whether costs were previously capitalized), or full retrospective application. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures.


11


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


In November 2025, the FASB issued ASU 2025-08, “Financial Instruments—Credit Losses (Topic 326): Purchased Loans,” which updates the accounting for acquired loans under the CECL model. The amendments address application challenges under previous guidance, including the perceived double-counting of credit losses at acquisition, by expanding the gross-up approach and introducing the concept of purchased seasoned loans. Under the new standard, an ACL is recorded at acquisition with a corresponding adjustment to the loan’s amortized cost basis, eliminating the requirement for a day-one provision for certain acquired loans. Loans acquired in a business combination (excluding credit cards) are automatically considered purchased seasoned loans, while other loans qualify if acquired more than 90 days after origination and the acquirer was not involved in origination. The guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted, and is to be applied prospectively. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025‑11, “Interim Reporting (Topic 270): Narrow‑Scope Improvements,” which clarifies and consolidates interim reporting guidance under ASC 270 for entities issuing interim financial statements. In addition, the update establishes a disclosure principle requiring entities to disclose material events or changes since the end of the most recent annual reporting period. The amendment does not introduce new recognition, measurement, or disclosure requirements and are not intended to change the fundamental nature of interim reporting, but rather to enhance clarity and consistency in interim financial reporting. The guidance is effective for interim reporting periods within fiscal years beginning after December 15, 2027, with early adoption permitted. Entities may apply the guidance using either prospective or retrospective application. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures.
Basis of Presentation    
The accounting and reporting policies of the Company are in accordance with U.S. generally accepted accounting principles, which we may refer to as U.S. GAAP. In the opinion of management, all significant intercompany accounts and transactions have been eliminated and adjustments, consisting solely of normal recurring accruals and considered necessary for the fair presentation of financial statements, have been included.
The accompanying unaudited Consolidated Financial Statements as of March 31, 2026 and three months ended March 31, 2026 and 2025 have been prepared in accordance with U.S. GAAP for interim information and Article 10 of Regulation S-X and, therefore, do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Accordingly, these statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K.
Use of Estimates
The Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these consolidated financial statements in conformity with U.S. GAAP. Actual results could differ from those estimates. Material estimates subject to change in the near term include, among other items, the ACL (the combination of the ALLL and the reserve for unfunded loan commitments) and the realization of deferred tax assets and liabilities. Estimates may be adjusted as more current information becomes available, and any adjustment may be significant.
NOTE 2. RESTRICTED CASH
The Company is required to maintain reserve balances with the FRBSF. Such reserve requirements are based on a percentage of deposit liabilities and may be satisfied by cash on hand. There were no average reserves required to be held at the FRBSF for the three months ended March 31, 2026 and 2025. The following restricted cash balances are included in "Interest-earning deposits in financial institutions" on the consolidated balance sheets. As of March 31, 2026 and December 31, 2025, we pledged cash collateral for our derivative contracts of $15.3 million and $15.1 million, respectively. In connection with the issuance of the credit-linked notes on September 29, 2022, the Company maintains a correspondent bank account at a third-party financial institution that serves as the collateral account. The repayment of principal on the credit-linked notes is secured by this collateral account, which had a balance of $114.3 million at March 31, 2026 and $115.3 million at December 31, 2025. We pledged cash to secure standby letters of credit that we have issued on behalf of our customers. As of March 31, 2026 and December 31, 2025, the balance of such restricted cash totaled $39.8 million and $39.8 million, respectively.


12


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


NOTE 3.  INVESTMENT SECURITIES     
Securities Available-for-Sale
The following tables present amortized cost, gross unrealized gains and losses, and fair values of AFS securities as of the dates indicated:
  March 31, 2026
Allowance Gross Gross
Amortized for Credit Net Carrying Unrealized Unrealized Fair
Security Type Cost Losses Amount Gains Losses Value
  (In thousands)
Agency residential MBS $ 951,650  $ —  $ 951,650  $ —  $ (139,989) $ 811,661 
Agency commercial MBS 52,030  —  52,030  —  (1,049) 50,981 
Agency residential CMOs 1,122,858  —  1,122,858  1,423  (20,098) 1,104,183 
Corporate debt securities 246,475  (775) 245,700  880  (14,622) 231,958 
Private label residential CMOs 259,984  —  259,984  157  (26,957) 233,184 
Collateralized loan obligations 200,306  —  200,306  155  (87) 200,374 
Private label commercial MBS 8,742  —  8,742  —  (472) 8,270 
Asset-backed securities 12,637  —  12,637  24  —  12,661 
SBA securities 3,221  —  3,221  —  (161) 3,060 
Total (1)
 $ 2,857,903  $ (775) $ 2,857,128  $ 2,639  $ (203,435) $ 2,656,332 
_________________________
(1)    Excludes accrued interest receivable of $12.3 million at March 31, 2026 which is recorded in "Other assets" on the consolidated balance sheets.
  December 31, 2025
Allowance Gross Gross
Amortized for Credit Net Carrying Unrealized Unrealized Fair
Security Type Cost Losses Amount Gains Losses Value
  (In thousands)
Agency residential MBS $ 972,161  $ —  $ 972,161  $ —  $ (138,076) $ 834,085 
Agency commercial MBS 52,022  —  52,022  44  (1,100) 50,966 
Agency residential CMOs 883,067  —  883,067  3,857  (15,300) 871,624 
Corporate debt securities 257,236  (775) 256,461  576  (15,441) 241,596 
Private label residential CMOs 254,787  —  254,787  522  (26,334) 228,975 
Collateralized loan obligations 200,519  —  200,519  303  —  200,822 
Private label commercial MBS 9,746  —  9,746  —  (467) 9,279 
Asset-backed securities 13,242  —  13,242  7  —  13,249 
SBA securities 3,634  —  3,634  —  (172) 3,462 
Total (1)
 $ 2,646,414  $ (775) $ 2,645,639  $ 5,309  $ (196,890) $ 2,454,058 
_________________________
(1)    Excludes accrued interest receivable of $11.4 million at December 31, 2025 which is recorded in "Other assets" on the consolidated balance sheets.
See "Note 11. Fair Value Measurements and Fair Value of Financial Instruments" for information on fair value measurements and methodology.
As of March 31, 2026, AFS securities with a fair value of $3.1 million were pledged as collateral solely for public deposits.
Realized Gains and Losses on Securities Available-for-Sale
The were no sales of AFS securities for the three months ended March 31, 2026 and 2025.


13


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


Unrealized Losses on Securities Available-for-Sale
The following tables present the gross unrealized losses and fair values of AFS securities that were in unrealized loss positions as of the dates indicated:
March 31, 2026
  Less Than 12 Months 12 Months or More Total
Gross Gross Gross
Fair Unrealized Fair Unrealized Fair Unrealized
Security Type Value Losses Value Losses Value Losses
  (In thousands)
Agency residential MBS $ —  $ —  $ 811,661  $ (139,989) $ 811,661  $ (139,989)
Agency commercial MBS 18,951  (51) 32,030  (998) 50,981  (1,049)
Agency residential CMOs 748,392  (5,689) 83,847  (14,409) 832,239  (20,098)
Corporate debt securities 16,319  (181) 189,534  (14,441) 205,853  (14,622)
Private label residential CMOs 42,560  (286) 123,921  (26,671) 166,481  (26,957)
Collateralized loan obligations 24,913  (87) —  —  24,913  (87)
Private label commercial MBS —  —  8,270  (472) 8,270  (472)
SBA securities —  —  3,060  (161) 3,060  (161)
Total $ 851,135  $ (6,294) $ 1,252,323  $ (197,141) $ 2,103,458  $ (203,435)

December 31, 2025
  Less Than 12 Months 12 Months or More Total
Gross Gross Gross
Fair Unrealized Fair Unrealized Fair Unrealized
Security Type Value Losses Value Losses Value Losses
  (In thousands)
Agency residential MBS $ —  $ —  $ 834,085  $ (138,076) $ 834,085  $ (138,076)
Agency commercial MBS 4,994  (6) 32,006  (1,094) 37,000  (1,100)
Agency residential CMOs 70,270  (117) 101,501  (15,183) 171,771  (15,300)
Corporate debt securities —  —  188,545  (15,441) 188,545  (15,441)
Private label residential CMOs 19,672  (8) 127,020  (26,326) 146,692  (26,334)
Private label commercial MBS —  —  9,279  (467) 9,279  (467)
SBA securities —  —  3,462  (172) 3,462  (172)
Total $ 94,936  $ (131) $ 1,295,898  $ (196,759) $ 1,390,834  $ (196,890)
At March 31, 2026, the Company evaluated all securities in an unrealized loss position to determine whether any portion of the unrealized losses were attributable to credit related factors. As a result of this assessment, an ACL of $0.8 million was recorded on one corporate debt security classified as AFS. For all other securities in unrealized loss position, the loss was attributable to changes in market interest rates and other market conditions, rather than credit deterioration of the underlying issuers. In making this determination, we considered several factors, including credit ratings and financial condition of the issuers, the seniority of the tranches, and any U.S. government agency guarantees. We do not intend to sell these securities, and it is not more likely than not that we will be required to sell them before recovery of their amortized cost basis. Therefore, no write-down to fair value through earnings was necessary. Except for the credit loss recognized above, the remaining unrealized losses continue to be recorded in accumulated other comprehensive loss within stockholders’ equity.


14


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


Contractual Maturities of Securities Available-for-Sale
The following tables present the contractual maturities of our AFS securities portfolio based on amortized cost and fair value as of the dates indicated:
March 31, 2026
Due Within Due after One Year Due After Five Years Due After
Security Type One Year Through Five Years Through Ten Years Ten Years Total
(In thousands)
Amortized Cost:
Agency residential MBS $ —  $ —  $ —  $ 951,650  $ 951,650 
Agency commercial MBS —  40,235  —  11,795  52,030 
Agency residential CMOs —  —  13,353  1,109,505  1,122,858 
Corporate debt securities —  69,888  176,587  —  246,475 
Private label residential CMOs —  —  —  259,984  259,984 
Collateralized loan obligations —  —  93,763  106,543  200,306 
Private label commercial MBS —  —  5,272  3,470  8,742 
Asset-backed securities —  —  —  12,637  12,637 
SBA securities —  —  3,221  —  3,221 
Total Amortized Cost: $ —  $ 110,123  $ 292,196  $ 2,455,584  $ 2,857,903 
Fair Value:
Agency residential MBS $ —  $ —  $ —  $ 811,661  $ 811,661 
Agency commercial MBS —  40,150  —  10,831  50,981 
Agency residential CMOs —  —  13,555  1,090,628  1,104,183 
Corporate debt securities —  67,935  164,023  —  231,958 
Private label residential CMOs —  —  —  233,184  233,184 
Collateralized loan obligations —  —  93,744  106,630  200,374 
Private label commercial MBS —  —  4,954  3,316  8,270 
Asset-backed securities —  —  —  12,661  12,661 
SBA securities —  —  3,060  —  3,060 
Total Fair Value: $ —  $ 108,085  $ 279,336  $ 2,268,911  $ 2,656,332 

CMBS, CMOs, and MBS have contractual maturity dates, but require periodic payments based upon scheduled amortization terms. Actual principal collections on these securities usually occur more rapidly than the scheduled amortization terms because of prepayments made by obligors of the underlying loan collateral.
Securities Held-to-Maturity
The following tables present amortized cost, ACL, gross unrealized gains and losses, and fair values of HTM securities as of the dates indicated:
  March 31, 2026
Amortized Allowance for Net Carrying Gross Unrealized Gross Unrealized Fair
Security Type Cost Credit Losses Amount Gains Losses Value
  (In thousands)
Municipal securities $ 1,238,920  $ (20) $ 1,238,900  $ 248  $ (35,299) $ 1,203,849 
Agency commercial MBS 448,918  —  448,918  —  (21,671) 427,247 
Private label commercial MBS 361,672  —  361,672  —  (13,197) 348,475 
U.S. Treasury securities 193,784  —  193,784  —  (9,673) 184,111 
Corporate debt securities 70,949  (675) 70,274  —  (6,956) 63,318 
Total (1)
 $ 2,314,243  $ (695) $ 2,313,548  $ 248  $ (86,796) $ 2,227,000 
__________________________
(1)    Excludes accrued interest receivable of $11.2 million at March 31, 2026 which is recorded in "Other assets" on the consolidated balance sheet


15


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


  December 31, 2025
Amortized Allowance for Net Carrying Gross Unrealized Gross Unrealized Fair
Security Type Cost Credit Losses Amount Gains Losses Value
  (In thousands)
Municipal securities $ 1,237,792  $ (20) $ 1,237,772  $ 2,052  $ (20,713) $ 1,219,111 
Agency commercial MBS 447,283  —  447,283  —  (19,645) 427,638 
Private label commercial MBS 360,382  —  360,382  —  (9,606) 350,776 
U.S. Treasury securities 193,022  —  193,022  —  (7,934) 185,088 
Corporate debt securities 70,852  (675) 70,177  —  (6,264) 63,913 
Total (1)
 $ 2,309,331  $ (695) $ 2,308,636  $ 2,052  $ (64,162) $ 2,246,526 
__________________________
(1)    Excludes accrued interest receivable of $13.4 million at December 31, 2025 which is recorded in "Other assets" on the consolidated balance sheets.
As of March 31, 2026, HTM securities with an amortized cost of $2.3 billion and a fair value of $2.2 billion were pledged as collateral primarily for the FRB secured line of credit and public deposits.
Allowance for Credit Losses on Securities Held-to-Maturity
Credit losses on HTM securities are recorded at the time of purchase, acquisition, or when the Company designates securities as HTM. The ACL on HTM securities is represents CECL that may be incurred over the life of the investment. Accrued interest receivable on HTM securities, which is included in "Other assets" on the consolidated balance sheets, is excluded from the estimate of expected credit losses. HTM U.S. Treasury securities and agency-backed MBS securities are considered to have no risk of loss as they are either explicitly or implicitly guaranteed by the U.S. government. The change in fair value in the HTM private label CMBS portfolio is solely driven by changes in interest rates. The Company has no knowledge of any underlying credit issues and the cash flows underlying the debt securities have not changed and are not expected to be impacted by changes in interest rates and, thus, there is no related ACL for this portfolio. The underlying bonds in the Company’s HTM municipal securities and HTM corporate debt securities portfolios are evaluated for credit losses in conjunction with management’s estimate of the ACL based primarily on credit ratings.
Securities Held-to-Maturity by Credit Quality Indicator
The Company uses Standard & Poor's, Moody's, Fitch, Kroll, and Egan Jones ratings as the credit quality indicators for its HTM securities. The following tables present our HTM securities portfolio by the lowest available credit rating as of the dates indicated:
March 31, 2026
Security Type AAA AA+ AA AA- BBB NR Total
(In thousands)
Amortized Cost:
Municipal securities $ 567,345  $ 364,053  $ 221,393  $ 84,429  $ 1,700  $ —  $ 1,238,920 
Agency commercial MBS —  448,918  —  —  —  —  448,918 
Private label commercial MBS 361,672  —  —  —  —  —  361,672 
U.S. Treasury securities —  193,784  —  —  —  —  193,784 
Corporate debt securities —  —  —  —  44,683  26,266  70,949 
Total $ 929,017  $ 1,006,755  $ 221,393  $ 84,429  $ 46,383  $ 26,266  $ 2,314,243 
December 31, 2025
Security Type AAA AA+ AA AA- BBB NR Total
(In thousands)
Amortized Cost:
Municipal securities $ 567,140  $ 363,823  $ 220,823  $ 84,302  $ 1,704  $ —  $ 1,237,792 
Agency commercial MBS —  447,283  —  —  —  —  447,283 
Private label commercial MBS 360,382  —  —  —  —  —  360,382 
U.S. Treasury securities —  193,022  —  —  —  —  193,022 
Corporate debt securities —  —  —  —  44,646  26,206  70,852 
Total $ 927,522  $ 1,004,128  $ 220,823  $ 84,302  $ 46,350  $ 26,206  $ 2,309,331 


16


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


Contractual Maturities of Securities Held-to-Maturity
The following tables present the contractual maturities of our HTM securities portfolio based on amortized cost and fair value as of the date indicated:
March 31, 2026
Due Within Due after One Year Due After Five Years Due After
Security Type One Year Through Five Years Through Ten Years Ten Years Total
(In thousands)
Amortized Cost:
Municipal securities $ —  $ 160,750  $ 404,033  $ 674,137  $ 1,238,920 
Agency commercial MBS —  69,620  379,298  —  448,918 
Private label commercial MBS —  —  37,421  324,251  361,672 
U.S. Treasury securities —  —  193,784  —  193,784 
Corporate debt securities —  —  53,775  17,174  70,949 
Total Amortized Cost: $ —  $ 230,370  $ 1,068,311  $ 1,015,562  $ 2,314,243 
Fair Value:
Municipal securities $ —  $ 158,795  $ 394,729  $ 650,325  $ 1,203,849 
Agency commercial MBS —  67,053  360,194  —  427,247 
Private label commercial MBS —  —  36,235  312,240  348,475 
U.S. Treasury securities —  —  184,111  —  184,111 
Corporate debt securities —  —  48,945  14,373  63,318 
Total Fair Value: $ —  $ 225,848  $ 1,024,214  $ 976,938  $ 2,227,000 

CMBS have contractual maturity dates, but require periodic payments based upon scheduled amortization terms. Actual principal collections on these securities usually occur more rapidly than the scheduled amortization terms because of prepayments made by obligors of the underlying loan collateral.
Interest Income on Investment Securities
The following table presents the composition of our interest income on investment securities for the periods indicated:
Three Months Ended March 31,
2026 2025
(In thousands)
Taxable interest $ 33,969  $ 31,447 
Non-taxable interest 4,362  4,517 
Dividend income 3,542  1,898 
Total interest income on investment securities $ 41,873  $ 37,862 


17


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


NOTE 4.  LOANS AND LEASES HELD FOR INVESTMENT
Our loans are carried at the principal amount outstanding, net of deferred fees and costs, and in the case of acquired and purchased loans, net of purchase discounts and premiums. Deferred fees and costs and purchase discounts and premiums on acquired loans are recognized as an adjustment to interest income over the contractual life of the loans primarily using the effective interest method or taken into income when the related loans are paid off or included in the carrying amount of loans that are sold.
Loans and Leases Held for Investment
The following table summarizes the composition of our loans and leases HFI as of the dates indicated:
March 31, 2026 December 31, 2025
(In thousands)
Real estate mortgage $ 13,584,489  $ 13,846,097 
Real estate construction and land (1)
 1,903,999  1,959,591 
Commercial 9,048,610  8,994,466 
Consumer 346,015  355,333 
Total gross loans and leases HFI 24,883,113  25,155,487 
Unearned discounts, net (2)
 (67,640) (86,061)
Deferred fees, net (35,126) (36,747)
Total loans and leases HFI 24,780,347  25,032,679 
Allowance for loan and lease losses (241,600) (245,612)
Total loans and leases HFI, net (3)
 $ 24,538,747  $ 24,787,067 
____________________
(1)    Includes land and acquisition and development loans of $217.8 million and $214.5 million at March 31, 2026 and December 31, 2025.
(2)    Represents net acquisition discounts of $143.0 million and net purchase premiums of $75.4 million at March 31, 2026, and net acquisition discounts of $158.5 million and net purchase premiums of $72.4 million at December 31, 2025.
(3)    Excludes accrued interest receivable of $106.2 million and $104.3 million at March 31, 2026 and December 31, 2025, respectively, which is recorded in "Other assets" on the consolidated balance sheets.
The following tables present an aging analysis of our loans and leases HFI by loan portfolio segment and class as of the dates indicated:
March 31, 2026
30 - 89 90 or More
Days Days Total
Past Due Past Due Past Due Current Total
  (In thousands)
Real estate mortgage:
Commercial $ 10,828  $ 41,058  $ 51,886  $ 4,041,500  $ 4,093,386 
Multi-family 32,843  2,536  35,379  5,919,723  5,955,102 
Other residential 41,333  37,472  78,805  3,379,605  3,458,410 
Total real estate mortgage 85,004  81,066  166,070  13,340,828  13,506,898 
Real estate construction and land:
Commercial 32,925  —  32,925  331,650  364,575 
Residential 140,687  —  140,687  1,387,067  1,527,754 
Total real estate construction and land 173,612  —  173,612  1,718,717  1,892,329 
Commercial:
Asset-based 509  —  509  3,208,829  3,209,338 
Venture capital 595  —  595  2,321,666  2,322,261 
Other commercial (1)
 1,501  (115) 1,386  3,500,002  3,501,388 
Total commercial 2,605  (115) 2,490  9,030,497  9,032,987 
Consumer 2,309  648  2,957  345,176  348,133 
Total $ 263,530  $ 81,599  $ 345,129  $ 24,435,218  $ 24,780,347 
____________________
(1)    Amounts with negative balances are loans with zero principal balances and deferred loan origination fees.


18


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


December 31, 2025
30 - 89 90 or More
Days Days Total
Past Due Past Due Past Due Current Total
  (In thousands)
Real estate mortgage:
Commercial $ 10,498  $ 46,506  $ 57,004  $ 4,257,633  $ 4,314,637 
Multi-family 32,887  2,536  35,423  6,053,994  6,089,417 
Other residential 34,319  42,780  77,099  3,269,634  3,346,733 
Total real estate mortgage 77,704  91,822  169,526  13,581,261  13,750,787 
Real estate construction and land:
Commercial —  —  —  379,387  379,387 
Residential 26,540  —  26,540  1,541,700  1,568,240 
Total real estate construction and land 26,540  —  26,540  1,921,087  1,947,627 
Commercial:
Asset-based 1,142  —  1,142  2,949,868  2,951,010 
Venture capital —  —  —  2,222,097  2,222,097 
Other commercial 984  104  1,088  3,803,011  3,804,099 
Total commercial 2,126  104  2,230  8,974,976  8,977,206 
Consumer 1,933  729  2,662  354,397  357,059 
Total $ 108,303  $ 92,655  $ 200,958  $ 24,831,721  $ 25,032,679 
Our policy is to discontinue accruing interest when principal or interest payments are past due 90 days or more, unless the loan is both well secured and in the process of collection, or when collectability is otherwise in doubt in the normal course of business. Interest income on nonaccrual loans is recognized only as cash is received and when the loan's principal balance is deemed collectible.
The following table presents our nonaccrual and performing loans and leases HFI by loan portfolio segment and class as of the dates indicated:
  March 31, 2026 December 31, 2025
Nonaccrual Performing Total Nonaccrual Performing Total
  (In thousands)
Real estate mortgage:
Commercial $ 87,548  $ 4,005,838  $ 4,093,386  $ 93,334  $ 4,221,303  $ 4,314,637 
Multi-family 13,200  5,941,902  5,955,102  3,358  6,086,059  6,089,417 
Other residential 53,489  3,404,921  3,458,410  57,984  3,288,749  3,346,733 
Total real estate mortgage 154,237  13,352,661  13,506,898  154,676  13,596,111  13,750,787 
Real estate construction and land:
Commercial —  364,575  364,575  —  379,387  379,387 
Residential —  1,527,754  1,527,754  —  1,568,240  1,568,240 
Total real estate construction and land —  1,892,329  1,892,329  —  1,947,627  1,947,627 
Commercial:
Asset-based —  3,209,338  3,209,338  —  2,951,010  2,951,010 
Venture capital 28,792  2,293,469  2,322,261  625  2,221,472  2,222,097 
Other commercial 1,642  3,499,746  3,501,388  2,510  3,801,589  3,804,099 
Total commercial 30,434  9,002,553  9,032,987  3,135  8,974,071  8,977,206 
Consumer 1,063  347,070  348,133  1,357  355,702  357,059 
Total $ 185,734  $ 24,594,613  $ 24,780,347  $ 159,168  $ 24,873,511  $ 25,032,679 


19


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


At March 31, 2026, nonaccrual loans and leases included $81.6 million of loans and leases 90 or more days past due, $28.4 million of loans 30 to 89 days past due, and $75.7 million of current loans that were placed on nonaccrual status based on management’s judgment regarding their collectability. At December 31, 2025, nonaccrual loans and leases included $92.7 million of loans and leases 90 or more days past due, $15.3 million of loans 30 to 89 days past due, and $51.2 million of current loans that were placed on nonaccrual status based on management’s judgment regarding their collectability. As of March 31, 2026, a few of our largest loan relationships on nonaccrual status had an aggregate carrying value of $62.9 million and represented 34% of total nonaccrual loans and leases.
The following tables present the credit risk rating categories for loans and leases HFI by loan portfolio segment and class as of the dates indicated. Classified loans and leases are those with a credit risk rating of either substandard or doubtful.
March 31, 2026
Classified Special Mention Pass Total
(In thousands)
Real estate mortgage:
Commercial $ 284,897  $ 119,711  $ 3,688,778  $ 4,093,386 
Multi-family 239,739  82,083  5,633,280  5,955,102 
Other residential 53,587  —  3,404,823  3,458,410 
Total real estate mortgage 578,223  201,794  12,726,881  13,506,898 
Real estate construction and land:
Commercial 32,925  —  331,650  364,575 
Residential —  363,100  1,164,654  1,527,754 
Total real estate construction and land 32,925  363,100  1,496,304  1,892,329 
Commercial:
Asset-based 35,473  10,792  3,163,073  3,209,338 
Venture capital 172,496  103,592  2,046,173  2,322,261 
Other commercial 22,410  4,374  3,474,604  3,501,388 
Total commercial 230,379  118,758  8,683,850  9,032,987 
Consumer 1,307  5,007  341,819  348,133 
Total $ 842,834  $ 688,659  $ 23,248,854  $ 24,780,347 
December 31, 2025
Classified Special Mention Pass Total
(In thousands)
Real estate mortgage:
Commercial $ 297,606  $ 126,998  $ 3,890,033  $ 4,314,637 
Multi-family 166,385  216,286  5,706,746  6,089,417 
Other residential 58,202  —  3,288,531  3,346,733 
Total real estate mortgage 522,193  343,284  12,885,310  13,750,787 
Real estate construction and land:
Commercial 52,828  —  326,559  379,387 
Residential 2,982  10,714  1,554,544  1,568,240 
Total real estate construction and land 55,810  10,714  1,881,103  1,947,627 
Commercial:
Asset-based 36,732  7,180  2,907,098  2,951,010 
Venture capital 171,847  64,577  1,985,673  2,222,097 
Other commercial 12,143  27,689  3,764,267  3,804,099 
Total commercial 220,722  99,446  8,657,038  8,977,206 
Consumer 1,605  5,239  350,215  357,059 
Total $ 800,330  $ 458,683  $ 23,773,666  $ 25,032,679 


20


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


The following table presents our nonaccrual loans and leases by loan portfolio segment and class and by with and without an allowance recorded as of the date indicated and interest income recognized on nonaccrual loans and leases for the periods indicated:                
At and For the Three Months Ended
  March 31, 2026 March 31, 2025
Nonaccrual Interest Nonaccrual Interest
Recorded Income Recorded Income
Investment Recognized Investment Recognized
  (In thousands)
With An Allowance Recorded:    
Real estate mortgage:
Commercial $ 122  $ —  $ 7,318  $ — 
Other residential 131  —  167  — 
Commercial:
Asset-based —  —  1,343  — 
Venture capital 28,792  —  163  — 
Other commercial 1,176  —  4,254  — 
Consumer 1,063  —  992  — 
With No Related Allowance Recorded:
Real estate mortgage:
Commercial $ 87,426  $ 13  $ 124,277  $ 5 
Multi-family 13,200  —  22,614  — 
Other residential 53,358  —  44,572  — 
Commercial:
Asset-based —  —  2,297  — 
Other commercial 466  6  5,483  — 
Total Loans and Leases With and
Without an Allowance Recorded:
Real estate mortgage $ 154,237  $ 13  $ 198,948  $ 5 
Commercial 30,434  6  13,540  — 
Consumer 1,063  —  992  — 
Total $ 185,734  $ 19  $ 213,480  $ 5 









21


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


The following tables present our loans HFI by loan portfolio segment and class, by credit quality indicator (internal risk ratings), and by year of origination (vintage year) as of the dates indicated:
Revolving
Converted
Amortized Cost Basis Term Loans by Origination Year Revolving to Term
March 31, 2026 2026 2025 2024 2023 2022 Prior Loans Loans Total
(In thousands)
Real Estate Mortgage:
Commercial
Internal risk rating:
1-2 High pass $ —  $ 18,611  $ 1,167  $ 2,774  $ 16,800  $ 107,198  $ —  $ —  $ 146,550 
3-4.5 Pass 55,245  425,393  150,473  114,275  765,909  1,988,705  36,813  5,415  3,542,228 
5 Special mention —  —  1,282  364  26,824  68,179  —  23,062  119,711 
6-8 Classified —  —  23,823  27,447  99,692  133,935  —  —  284,897 
Total $ 55,245  $ 444,004  $ 176,745  $ 144,860  $ 909,225  $ 2,298,017  $ 36,813  $ 28,477  $ 4,093,386 
Current YTD period:
Gross charge-offs $ —  $ —  $ —  $ —  $ 5,100  $ —  $ —  $ —  $ 5,100 
Real Estate Mortgage:
Multi-family
Internal risk rating:
1-2 High pass $ —  $ —  $ —  $ —  $ 55,361  $ 288,812  $ —  $ —  $ 344,173 
3-4.5 Pass 46,641  429,496  109,536  54,399  2,118,530  2,527,738  2,767  —  5,289,107 
5 Special mention —  10,435  —  3,789  10,078  57,781  —  —  82,083 
6-8 Classified —  —  20,000  1,619  152,968  65,152  —  —  239,739 
Total $ 46,641  $ 439,931  $ 129,536  $ 59,807  $ 2,336,937  $ 2,939,483  $ 2,767  $ —  $ 5,955,102 
Current YTD period:
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Real Estate Mortgage:
Other residential
Internal risk rating:
1-2 High pass $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
3-4.5 Pass 81,896  827,189  31,771  22,911  260,590  2,074,718  105,748  —  3,404,823 
5 Special mention —  —  —  —  —  —  —  —  — 
6-8 Classified —  4,726  2,521  399  15,802  29,149  990  —  53,587 
Total $ 81,896  $ 831,915  $ 34,292  $ 23,310  $ 276,392  $ 2,103,867  $ 106,738  $ —  $ 3,458,410 
Current YTD period:
Gross charge-offs $ —  $ 44  $ —  $ —  $ 217  $ 13  $ —  $ —  $ 274 





22


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


Revolving
Converted
Amortized Cost Basis (1)
 Term Loans by Origination Year Revolving to Term
March 31, 2026 2026 2025 2024 2023 2022 Prior Loans Loans Total
(In thousands)
Real Estate Construction
and Land: Commercial
Internal risk rating:
1-2 High pass $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
3-4.5 Pass 6,481  160,994  55,217  53,159  11,439  44,360  —  —  331,650 
5 Special mention —  —  —  —  —  —  —  —  — 
6-8 Classified —  —  —  —  32,925  —  —  —  32,925 
Total $ 6,481  $ 160,994  $ 55,217  $ 53,159  $ 44,364  $ 44,360  $ —  $ —  $ 364,575 
Current YTD period:
Gross charge-offs $ —  $ —  $ —  $ —  $ 8,077  $ —  $ —  $ —  $ 8,077 
Real Estate Construction
and Land: Residential
Internal risk rating:
1-2 High pass $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
3-4.5 Pass 9,048  123,998  211,867  158,383  464,592  99,284  97,482  —  1,164,654 
5 Special mention —  16,200  12,017  —  155,694  179,189  —  —  363,100 
6-8 Classified —  —  —  —  —  —  —  —  — 
Total $ 9,048  $ 140,198  $ 223,884  $ 158,383  $ 620,286  $ 278,473  $ 97,482  $ —  $ 1,527,754 
Current YTD period:
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Commercial: Asset-Based
Internal risk rating:
1-2 High pass $ —  $ 40,647  $ 26,869  $ 21,040  $ 118,521  $ 338,497  $ 99,846  $ —  $ 645,420 
3-4.5 Pass 50,749  340,686  26,347  74,952  133,111  73,661  1,818,147  —  2,517,653 
5 Special mention —  —  —  —  —  636  10,156  —  10,792 
6-8 Classified —  5,580  —  193  5,527  —  24,173  —  35,473 
Total $ 50,749  $ 386,913  $ 53,216  $ 96,185  $ 257,159  $ 412,794  $ 1,952,322  $ —  $ 3,209,338 
Current YTD period:
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Commercial: Venture
Capital
Internal risk rating:
1-2 High pass $ (100) $ (231) $ (114) $ (79) $ —  $ —  $ 135,372  $ 22,201  $ 157,049 
3-4.5 Pass 75,782  108,690  74,750  38,172  23,364  56,085  1,482,614  29,667  1,889,124 
5 Special mention —  25,968  17,269  26,276  1,176  5,881  24,517  2,505  103,592 
6-8 Classified —  —  30,596  38,154  44,305  11,687  47,754  —  172,496 
Total $ 75,682  $ 134,427  $ 122,501  $ 102,523  $ 68,845  $ 73,653  $ 1,690,257  $ 54,373  $ 2,322,261 
Current YTD period:
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
____________________
(1)    Amounts with negative balances are loans with zero principal balances and deferred loan origination fees.



23


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


Revolving
Converted
Amortized Cost Basis (1)
 Term Loans by Origination Year Revolving to Term
March 31, 2026 2026 2025 2024 2023 2022 Prior Loans Loans Total
(In thousands)
Commercial: Other
Commercial
Internal risk rating:
1-2 High pass $ (48) $ 2,797  $ 870  $ 164  $ 19,371  $ 142  $ 53,053  $ 45  $ 76,394 
3-4.5 Pass 53,734  222,688  47,880  70,567  44,992  288,696  2,638,792  30,861  3,398,210 
5 Special mention —  —  —  —  —  639  3,721  14  4,374 
6-8 Classified —  —  —  —  7,051  497  13,354  1,508  22,410 
Total $ 53,686  $ 225,485  $ 48,750  $ 70,731  $ 71,414  $ 289,974  $ 2,708,920  $ 32,428  $ 3,501,388 
Current YTD period:
Gross charge-offs $ —  $ —  $ —  $ —  $ 112  $ 1,326  $ 178  $ 121  $ 1,737 
Consumer
Internal risk rating:
1-2 High pass $ —  $ 61  $ —  $ —  $ 12  $ 5  $ 383  $ —  $ 461 
3-4.5 Pass 12,259  26,197  21,764  12,727  49,032  216,909  2,365  105  341,358 
5 Special mention —  —  —  —  693  4,314  —  —  5,007 
6-8 Classified —  —  —  —  288  772  —  247  1,307 
Total $ 12,259  $ 26,258  $ 21,764  $ 12,727  $ 50,025  $ 222,000  $ 2,748  $ 352  $ 348,133 
Current YTD period:
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ 909  $ —  $ —  $ 909 
Total Loans and Leases
Internal risk rating:
1-2 High pass $ (148) $ 61,885  $ 28,792  $ 23,899  $ 210,065  $ 734,654  $ 288,654  $ 22,246  $ 1,370,047 
3-4.5 Pass 391,835  2,665,331  729,605  599,545  3,871,559  7,370,156  6,184,728  66,048  21,878,807 
5 Special mention —  52,603  30,568  30,429  194,465  316,619  38,394  25,581  688,659 
6-8 Classified —  10,306  76,940  67,812  358,558  241,192  86,271  1,755  842,834 
Total $ 391,687  $ 2,790,125  $ 865,905  $ 721,685  $ 4,634,647  $ 8,662,621  $ 6,598,047  $ 115,630  $ 24,780,347 
Current YTD period:
Gross charge-offs $ —  $ 44  $ —  $ —  $ 13,506  $ 2,248  $ 178  $ 121  $ 16,097 
______________________
(1)    Amounts with negative balances are loans with zero principal balances and deferred loan origination fees.


24


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


Revolving
Converted
Amortized Cost Basis
Term Loans by Origination Year Revolving to Term
December 31, 2025 2025 2024 2023 2022 2021 Prior Loans Loans Total
(In thousands)
Real Estate Mortgage:
Commercial
Internal risk rating:
1-2 High pass $ 14,708  $ 3,470  $ 2,787  $ 23,377  $ 33,027  $ 77,427  $ —  $ —  $ 154,796 
3-4.5 Pass 430,807  181,597  121,685  781,194  608,067  1,544,708  61,764  5,415  3,735,237 
5 Special mention —  —  —  23,072  43,724  37,155  —  23,047  126,998 
6-8 Classified —  23,880  27,514  57,759  53,699  134,754  —  —  297,606 
Total $ 445,515  $ 208,947  $ 151,986  $ 885,402  $ 738,517  $ 1,794,044  $ 61,764  $ 28,462  $ 4,314,637 
Current YTD period:
Gross charge-offs $ —  $ —  $ 51  $ 2,416  $ 613  $ 16,650  $ —  $ —  $ 19,730 
Real Estate Mortgage:
Multi-family
Internal risk rating:
1-2 High pass $ —  $ —  $ —  $ 53,190  $ 175,257  $ 155,222  $ —  $ —  $ 383,669 
3-4.5 Pass 429,017  131,377  54,475  2,126,937  1,120,759  1,459,061  1,451  —  5,323,077 
5 Special mention 10,472  28,948  5,412  97,980  28,727  44,747  —  —  216,286 
6-8 Classified —  19,989  —  64,972  28,372  53,052  —  —  166,385 
Total $ 439,489  $ 180,314  $ 59,887  $ 2,343,079  $ 1,353,115  $ 1,712,082  $ 1,451  $ —  $ 6,089,417 
Current YTD period:
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ 3,275  $ —  $ —  $ 3,275 
Real Estate Mortgage:
Other residential
Internal risk rating:
1-2 High pass $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
3-4.5 Pass 752,817  40,271  22,332  263,745  2,015,936  91,935  101,495  —  3,288,531 
5 Special mention —  —  —  —  —  —  —  —  — 
6-8 Classified 1,122  —  543  28,599  26,712  228  998  —  58,202 
Total $ 753,939  $ 40,271  $ 22,875  $ 292,344  $ 2,042,648  $ 92,163  $ 102,493  $ —  $ 3,346,733 
Current YTD period:
Gross charge-offs $ —  $ —  $ 145  $ 2,624  $ 733  $ —  $ —  $ —  $ 3,502 


25


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


Revolving
Converted
Amortized Cost Basis (1)
 Term Loans by Origination Year Revolving to Term
December 31, 2025 2025 2024 2023 2022 2021 Prior Loans Loans Total
(In thousands)
Real Estate Construction
and Land: Commercial
Internal risk rating:
1-2 High pass $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
3-4.5 Pass 123,586  51,969  64,663  44,365  40,315  1,661  —  —  326,559 
5 Special mention —  —  —  —  —  —  —  —  — 
6-8 Classified —  —  —  52,828  —  —  —  —  52,828 
Total $ 123,586  $ 51,969  $ 64,663  $ 97,193  $ 40,315  $ 1,661  $ —  $ —  $ 379,387 
Current YTD period:
Gross charge-offs $ —  $ —  $ —  $ 20,196  $ 1,340  $ —  $ —  $ —  $ 21,536 
Real Estate Construction
and Land: Residential
Internal risk rating:
1-2 High pass $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
3-4.5 Pass 100,284  189,207  196,046  705,647  188,284  80,625  94,451  —  1,554,544 
5 Special mention —  —  —  4,308  6,406  —  —  —  10,714 
6-8 Classified —  —  —  —  2,982  —  —  —  2,982 
Total $ 100,284  $ 189,207  $ 196,046  $ 709,955  $ 197,672  $ 80,625  $ 94,451  $ —  $ 1,568,240 
Current YTD period:
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Commercial: Asset-Based
Internal risk rating:
1-2 High pass $ 41,364  $ 29,359  $ 23,020  $ 122,112  $ 185,978  $ 197,800  $ 204,041  $ —  $ 803,674 
3-4.5 Pass 355,855  40,478  77,608  144,338  72,205  8,625  1,404,315  —  2,103,424 
5 Special mention —  —  —  —  —  —  7,180  —  7,180 
6-8 Classified 5,650  —  194  5,564  —  —  25,324  —  36,732 
Total $ 402,869  $ 69,837  $ 100,822  $ 272,014  $ 258,183  $ 206,425  $ 1,640,860  $ —  $ 2,951,010 
Current YTD period:
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Commercial: Venture
Capital
Internal risk rating:
1-2 High pass $ (279) $ (75) $ (67) $ —  $ —  $ —  $ 138,159  $ 22,167  $ 159,905 
3-4.5 Pass 113,608  93,269  60,589  25,483  47,321  16,979  1,437,845  30,674  1,825,768 
5 Special mention 19,964  (4) 21,986  —  —  —  22,044  587  64,577 
6-8 Classified 625  33,631  33,431  46,535  12,484  —  45,141  —  171,847 
Total $ 133,918  $ 126,821  $ 115,939  $ 72,018  $ 59,805  $ 16,979  $ 1,643,189  $ 53,428  $ 2,222,097 
Current YTD period:
Gross charge-offs $ 993  $ —  $ —  $ —  $ 5,257  $ —  $ —  $ —  $ 6,250 
____________________
(1)    Amounts with negative balances are loans with zero principal balances and deferred loan origination fees.



26


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


Revolving
Converted
Amortized Cost Basis (1)
 Term Loans by Origination Year Revolving to Term
December 31, 2025 2025 2024 2023 2022 2021 Prior Loans Loans Total
(In thousands)
Commercial: Other
Commercial
Internal risk rating:
1-2 High pass $ 2,929  $ 903  $ 172  $ 20,124  $ 611  $ (61) $ 53,892  $ (1) $ 78,569 
3-4.5 Pass 226,226  51,373  61,827  44,555  167,436  135,630  2,969,078  29,573  3,685,698 
5 Special mention —  —  9,022  5,062  779  85  12,147  594  27,689 
6-8 Classified —  2,447  —  2,918  44  1,271  4,414  1,049  12,143 
Total $ 229,155  $ 54,723  $ 71,021  $ 72,659  $ 168,870  $ 136,925  $ 3,039,531  $ 31,215  $ 3,804,099 
Current YTD period:
Gross charge-offs $ —  $ —  $ 1,393  $ 727  $ 228  $ 2,039  $ 11,596  $ 744  $ 16,727 
Consumer
Internal risk rating:
1-2 High pass $ 66  $ —  $ —  $ 14  $ 7  $ —  $ 489  $ —  $ 576 
3-4.5 Pass 28,736  24,251  13,618  51,008  149,047  79,026  3,809  144  349,639 
5 Special mention —  —  —  1,029  2,964  1,246  —  —  5,239 
6-8 Classified —  —  —  151  349  853  —  252  1,605 
Total $ 28,802  $ 24,251  $ 13,618  $ 52,202  $ 152,367  $ 81,125  $ 4,298  $ 396  $ 357,059 
Current YTD period:
Gross charge-offs $ —  $ —  $ 92  $ 1,104  $ 1,892  $ 1,395  $ 1  $ 1  $ 4,485 
Total Loans and Leases
Internal risk rating:
1-2 High pass $ 58,788  $ 33,657  $ 25,912  $ 218,817  $ 394,880  $ 430,388  $ 396,581  $ 22,166  $ 1,581,189 
3-4.5 Pass 2,560,936  803,792  672,843  4,187,272  4,409,370  3,418,250  6,074,208  65,806  22,192,477 
5 Special mention 30,436  28,944  36,420  131,451  82,600  83,233  41,371  24,228  458,683 
6-8 Classified 7,397  79,947  61,682  259,326  124,642  190,158  75,877  1,301  800,330 
Total $ 2,657,557  $ 946,340  $ 796,857  $ 4,796,866  $ 5,011,492  $ 4,122,029  $ 6,588,037  $ 113,501  $ 25,032,679 
Current YTD period:
Gross charge-offs $ 993  $ —  $ 1,681  $ 27,067  $ 10,063  $ 23,359  $ 11,597  $ 745  $ 75,505 
____________________
(1)    Amounts with negative balances are loans with zero principal balances and deferred loan origination fees.


27


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


Loan Modifications
The following table presents our loan modifications to our HFI loans and leases granted to borrowers experiencing financial difficulty by type of modification for the year indicated with balances as of the dates indicated:
Amortized Cost Basis at March 31, 2026
Term Extension Term Extension, % of
Term Payment and Interest Payment Delay, Total
Extension Delay Rate Reduction and Forgiveness Total Loans
(Dollars in thousands)
Real estate mortgage:
Commercial $ 54,888  $ 967  $ —  $ 44,160  $ 100,015  2.4  %
Multi-family 28,048  —  —  —  28,048  0.5  %
Commercial:
Venture capital 28,792  —  —  —  28,792  1.2  %
Other commercial
 216  147  63  —  426  —  %
Total $ 111,944  $ 1,114  $ 63  $ 44,160  $ 157,281 
Amortized Cost Basis at March 31, 2025
Term Extension,
Term Extension Interest Rate % of
Term Payment and Interest Reduction, and Total
Extension Delay Rate Reduction Payment Delay Total Loans
(Dollars in thousands)
Real estate mortgage:
Commercial $ 61,021  $ 1,599  $ —  $ —  $ 62,620  1.4  %
Multi-family 39,472  —  —  —  39,472  0.6  %
Other residential 972  2,500  —  —  3,472  0.1  %
Real estate construction and land:
Residential 3,120  —  —  —  3,120  0.1  %
Commercial:
Asset-based 2,296  —  —  —  2,296  0.1  %
Venture capital 7,393  —  —  —  7,393  0.4  %
Other commercial
 2,154  —  355  146  2,655  0.1  %
Total $ 116,428  $ 4,099  $ 355  $ 146  $ 121,028 
The following tables present the financial effect of our loan modifications made to borrowers experiencing financial difficulty by type of modification for the periods indicated:
Weighted Average for the Three Months Ended March 31, 2026
Term Extension and
Term Extension Payment Delay Interest Rate Reduction
(in months) (in months) (in months) (in % points)
​
Real estate mortgage:
Commercial 10 6 —  — 
Multi-family 6 —  —  — 
Commercial:
Venture capital 8 —  —  — 
Other commercial
 65 2 15 3.50  %


28


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


Weighted Average for the Three Months Ended March 31, 2025
Term Extension and
Term Extension Payment Delay Interest Rate Reduction
(in months) (in months) (in months) (in % points)
Real estate mortgage:
Commercial 13 6 —  — 
Multi-family 5 —  —  — 
Other residential 9 3 —  — 
Real estate construction and land:
Residential 12 —  —  — 
Commercial:
Asset-based 10 —  —  — 
Venture capital 12 —  —  — 
Other commercial
 16 —  56 1.95  %
The following outlines the weighted average financial effects of our combination loan modifications for borrowers experiencing financial difficulties.
Combination - term extension, payment delay, and principal forgiveness. Regarding the combination of term extensions, payment delays, and principal forgiveness, the weighted average financial effect for the three months ended March 31, 2026 for CRE loans included a 64 months maturity extension, a reduced rate of 1.65%, and principal forgiveness of $8.1 million.
Combination - term extension, payment delay, and interest rate reduction. For the three months ended March 31, 2025, other commercial loans included a 61 months maturity extension, a reduced rate of 5.75%, and payment deferrals of 3 months.
The following tables present the payment status of loans that were modified during the preceding 12-month period, with related amortized cost balances, as of the dates indicated:
Payment Status (Amortized Cost Basis) at March 31, 2026
30-89 Days 90 or More Days
Current Past Due Past Due Total
(In thousands)
Real estate mortgage:
Commercial $ 152,377  $ 1,949  $ —  $ 154,326 
Multi-family 43,276  —  —  43,276 
Other residential 1,469  —  —  1,469 
Commercial:
Asset-based 29,755  —  —  29,755 
Venture capital 61,110  —  —  61,110 
Other commercial 858  326  —  1,184 
Consumer 247  —  —  247 
Total $ 289,092  $ 2,275  $ —  $ 291,367 


29


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


Payment Status (Amortized Cost Basis) at March 31, 2025
30-89 Days 90 or More Days
Current Past Due Past Due Total
(In thousands)
Real estate mortgage:
Commercial $ 186,826  $ —  $ 7,130  $ 193,956 
Multi-family 39,472  —  —  39,472 
Other residential 4,142  —  727  4,869 
Real estate construction and land:
Residential 3,120  —  —  3,120 
Commercial:
Asset-based 2,296  —  —  2,296 
Venture capital 13,116  —  —  13,116 
Other commercial 3,246  1,399  —  4,645 
Consumer 8  —  —  8 
Total $ 252,226  $ 1,399  $ 7,857  $ 261,482 
The following tables present information on loans that defaulted during the periods indicated, which had been modified during the preceding 12-month period, with related amortized cost balances as of the dates indicated:

Amortized Cost Basis at March 31, 2026
Combination - Term
Loan Modifications That Subsequently Defaulted Extension and
for the Three Months Ended March 31, 2026
 Term Extension Rate Reduction Total
(In thousands)
Commercial:
Other commercial $ 15  $ 180  $ 195 
Total $ 15  $ 180  $ 195 
Amortized Cost Basis
Loan Modifications That Subsequently Defaulted
at March 31, 2025
for the Three Months Ended March 31, 2025
 Term Extension
(In thousands)
Commercial:
Other commercial $ 1,399 
Total $ 1,399 
Leases Receivable
We provide equipment financing to our customers primarily with operating and direct financing leases. For direct financing leases, lease receivables are recorded on the balance sheet, but the leased equipment is not, although we generally retain legal title to the leased equipment until the end of each lease. Direct financing leases are stated at the net amount of minimum lease payments receivable, plus any unguaranteed residual value, less the amount of unearned income and net acquisition discount at the reporting date. Direct lease origination costs are amortized using the effective interest method over the life of the leases. Direct financing leases are subject to our accounting for ACL. See "Note 7. Leases" for information regarding operating leases where we are the lessor.


30


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


The following table provides the components of leases receivable income for the periods indicated:
Three Months Ended March 31,
2026 2025
(In thousands)
Component of leases receivable income:
Interest income on net investments in leases $ 3,552  $ 4,055 
The following table presents the components of leases receivable as of the dates indicated:
March 31, 2026 December 31, 2025
(In thousands)
Net Investment in Direct Financing Leases:
Lease payments receivable $ 164,392  $ 151,719 
Unguaranteed residual assets 19,675  19,921 
Deferred costs and other 2,355  1,793 
Aggregate net investment in leases $ 186,422  $ 173,433 
The following table presents maturities of leases receivable as of the date indicated:
March 31, 2026
(In thousands)
Period ending December 31,
2026 $ 48,781 
2027 52,268 
2028 39,255 
2029 32,246 
2030 7,308 
Thereafter 3,828 
Total undiscounted cash flows 183,686 
Less: Unearned income (19,294)
Present value of lease payments $ 164,392 


31


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


Allowance for Credit Losses
The ACL is the combination of the ALLL and the reserve for unfunded loan commitments. The reserve for unfunded loan commitments is included within "Accrued interest payable and other liabilities" on the consolidated balance sheets.
The following tables present a summary of the activity in the ALLL on loans and leases HFI by loan portfolio segment for the periods indicated:
Three Months Ended March 31, 2026
Real Estate
Real Estate Construction
Mortgage and Land Commercial Consumer Total
(In thousands)
Allowance for Loan and Lease Losses:
Balance, beginning of period $ 137,401  $ 8,849  $ 86,087  $ 13,275  $ 245,612 
Charge-offs (5,374) (8,077) (1,737) (909) (16,097)
Recoveries 802  —  1,307  176  2,285 
Net charge-offs (4,572) (8,077) (430) (733) (13,812)
Provision (1,315) 9,623  1,158  334  9,800 
Balance, end of period $ 131,514  $ 10,395  $ 86,815  $ 12,876  $ 241,600 
Ending Allowance by Evaluation Methodology:
Individually evaluated $ —  $ —  $ 2,200  $ —  $ 2,200 
Collectively evaluated $ 131,514  $ 10,395  $ 84,615  $ 12,876  $ 239,400 
Ending Loans and Leases by Evaluation Methodology:
Individually evaluated $ 153,985  $ —  $ 29,258  $ —  $ 183,243 
Collectively evaluated 13,352,913  1,892,329  9,003,729  348,133  24,597,104 
Ending balance $ 13,506,898  $ 1,892,329  $ 9,032,987  $ 348,133  $ 24,780,347 

Three Months Ended March 31, 2025
Real Estate
Real Estate Construction
Mortgage and Land Commercial Consumer Total
(In thousands)
Allowance for Loan and Lease Losses:
Balance, beginning of period $ 145,754  $ 10,940  $ 67,833  $ 14,833  $ 239,360 
Charge-offs (5,789) —  (9,582) (1,180) (16,551)
Recoveries 311  —  2,104  62  2,477 
Net charge-offs (5,478) —  (7,478) (1,118) (14,074)
Provision (10,160) 3,184  15,634  1,042  9,700 
Balance, end of period $ 130,116  $ 14,124  $ 75,989  $ 14,757  $ 234,986 
Ending Allowance by Evaluation Methodology:
Individually evaluated $ 1,702  $ —  $ 1,625  $ —  $ 3,327 
Collectively evaluated $ 128,414  $ 14,124  $ 74,364  $ 14,757  $ 231,659 
Ending Loans and Leases by Evaluation Methodology:
Individually evaluated $ 198,839  $ —  $ 11,371  $ —  $ 210,210 
Collectively evaluated 13,293,819  2,861,038  7,367,428  394,032  23,916,317 
Ending balance $ 13,492,658  $ 2,861,038  $ 7,378,799  $ 394,032  $ 24,126,527 


32


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


The ALLL decreased by $4.0 million in the first quarter of 2026 to $241.6 million compared to the fourth quarter, due primarily to a $9.8 million provision and net charge-offs of $13.8 million.
For additional information regarding the calculation of the ALLL using the CECL methodology, including discussion of forecasts used to estimate the allowance, please see "Note 1. Nature of Operations and Summary of Significant Accounting Policies - Allowance for Credit Losses on Loans and Leases Held for Investment" of the Notes to Consolidated Financial Statements contained in "Item 8. Financial Statements and Supplementary Data" of the Form 10-K.
A loan is considered collateral-dependent, and is individually evaluated for reserve purposes, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The following table summarizes collateral-dependent loans HFI by collateral type as of the following dates:
March 31, 2026 December 31, 2025
Real Real Business
Property Total Property Assets Total
(In thousands)
Real estate mortgage $ 156,275  $ 156,275  $ 155,233  $ —  $ 155,233 
Commercial —  —  —  625  625 
     Total $ 156,275  $ 156,275  $ 155,233  $ 625  $ 155,858 
The following tables present a summary of the activity in the ACL for the periods indicated:
Three Months Ended March 31, 2026
Allowance for Reserve for Total
Loan and Unfunded Loan Allowance for
Lease Losses Commitments Credit Losses
(In thousands)
Balance, beginning of period $ 245,612  $ 34,921  $ 280,533 
Charge-offs (16,097) —  (16,097)
Recoveries 2,285  —  2,285 
Net charge-offs (13,812) —  (13,812)
Provision 9,800  —  9,800 
Balance, end of period $ 241,600  $ 34,921  $ 276,521 

Three Months Ended March 31, 2025
Allowance for Reserve for Total
Loan and Unfunded Loan Allowance for
Lease Losses Commitments Credit Losses
(In thousands)
Balance, beginning of period $ 239,360  $ 29,071  $ 268,431 
Charge-offs (16,551) —  (16,551)
Recoveries 2,477  —  2,477 
Net charge-offs (14,074) —  (14,074)
Provision 9,700  500  10,200 
Balance, end of period $ 234,986  $ 29,571  $ 264,557 


33


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


NOTE 5.  GOODWILL AND OTHER INTANGIBLE ASSETS, NET
Goodwill represents the excess of purchase consideration over the fair value of identifiable net assets acquired in a business combination. Goodwill and other intangible assets with indefinite useful lives are not amortized but are assessed for impairment at least annually. The carrying amount of goodwill was $214.5 million as of March 31, 2026 and December 31, 2025. For additional information regarding the calculation of goodwill and other intangibles see "Note 1. Nature of Operations and Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets" in Item 8 of the Form 10-K.
Our other intangible assets with definite lives are CDI and CRI. CDI and CRI are amortized on an accelerated basis over their respective estimated useful lives and reviewed for impairment at least quarterly. The amortization expense represents the estimated decline in the value of the underlying deposits or customer relationships acquired.
The following table presents the carrying amounts of CDI and CRI and the related accumulated amortization for the periods indicated:
 
Three Months Ended March 31,
  2026 2025
  (In thousands)
Gross Amount of CDI and CRI:
Balance, beginning and end of period $ 178,764  $ 178,764 
Accumulated Amortization:
Balance, beginning of period (73,477) (45,820)
Amortization expense (6,196) (7,007)
Balance, end of period (79,673) (52,827)
Net CDI and CRI, end of period $ 99,091  $ 125,937 
The following table presents the estimated aggregate future amortization expense for our current CDI and CRI as of the date indicated:
March 31, 2026
(In thousands)
Period ending December 31,
2026 $ 18,216 
2027 21,166 
2028 17,920 
2029 14,675 
2030 11,430 
Thereafter 15,684 
Net CDI and CRI $ 99,091 


34


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


NOTE 6.  OTHER ASSETS
The following table presents the detail of our other assets as of the dates indicated:
Other Assets March 31, 2026 December 31, 2025
(In thousands)
Investments:
LIHTC investments $ 249,237  $ 259,780 
SBIC investments 122,602  121,072 
Alternative energy partnerships (HLBV investments) 16,219  16,354 
Other equity and CRA investments 155,060  150,048 
      Total investments 543,118  547,254 
Interest receivable 134,032  131,429 
Operating lease ROU assets, net (1)
 97,034  99,205 
Prepaid expenses 32,993  33,829 
Taxes receivable —  8,385 
Foreclosed assets, net 18,055  17,115 
Equity warrants (2)
 3,363  3,437 
Other receivables/assets 50,685  44,108 
Total other assets $ 879,280  $ 884,762 
____________________
(1)    See "Note 7. Leases" for further details regarding the operating lease ROU assets.
(2)    See "Note 11. Fair Value Measurements and Fair Value of Financial Instruments" for information regarding equity warrants.
NOTE 7. LEASES
Operating Leases as a Lessee
Our lease expense is a component of "Occupancy expense" on our consolidated statements of earnings. The following table presents the components of lease expense for the periods indicated:
Three Months Ended March 31,
2026 2025
(In thousands)
Operating lease expense:
Fixed costs $ 6,944  $ 6,969 
Variable costs 47  112 
Short-term lease costs 252  235 
Sublease income (1,066) (1,132)
Net lease expense $ 6,177  $ 6,184 
The following table presents supplemental cash flow information related to leases for the periods indicated:
Three Months Ended March 31,
2026 2025
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 7,848  $ 8,323 
ROU assets obtained in exchange for lease obligations:
Operating leases $ 3,546  $ 3,942 


35


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


The following table presents supplemental balance sheet and other information related to operating leases as of the dates indicated:
March 31, 2026 December 31, 2025
(Dollars in thousands)
Operating leases:
Operating lease ROU assets, net $ 97,034  $ 99,205 
Operating lease liabilities $ 117,416  $ 120,587 
Weighted average remaining lease term (in years) 5.6 5.8
Weighted average discount rate 3.80  % 3.79  %
The following table presents the maturities of operating lease liabilities as of the date indicated:
March 31, 2026
(In thousands)
Period ending December 31,
2026 $ 23,655 
2027 26,089 
2028 22,476 
2029 17,918 
2030 14,112 
Thereafter 26,823 
Total operating lease liabilities 131,073 
Less: Imputed interest (13,657)
Present value of operating lease liabilities $ 117,416 
Operating Leases as a Lessor
We provide equipment financing to our customers through operating leases where we facilitate the purchase of equipment leased to our customers. The equipment is shown on the consolidated balance sheets as "Equipment leased to others under operating leases" and is depreciated to its estimated residual value at the end of the lease term, shown as "Leased equipment depreciation" in the consolidated statements of earnings. Periodic lease payments received under the leases, are recorded as "Leased equipment income" in the consolidated statements of earnings. The valuation of equipment is tested periodically for impairment. No impairment was recorded on "Equipment leased to others under operating leases" during the three months ended March 31, 2026 and 2025.
The following table presents the contractual rental payments to be received on operating leases as of the date indicated:
March 31, 2026
(In thousands)
Period ending December 31,
2026 $ 22,514 
2027 27,749 
2028 26,830 
2029 24,898 
2030 18,246 
Thereafter 27,737 
Total undiscounted cash flows $ 147,974 




36


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


NOTE 8.  BORROWINGS AND SUBORDINATED DEBT
Borrowings
The following table summarizes our borrowings as of the dates indicated:
March 31, 2026 December 31, 2025
Weighted Weighted
Borrowing Type Balance Average Rate Balance Average Rate
(Dollars in thousands)
FHLB secured advances $ 2,000,000  3.91  % $ 1,710,185  3.90  %
Other short-term borrowings 440,000  3.68  % 240,000  3.69  %
Credit-linked notes 111,250  14.41  % 113,634  14.63  %
Total borrowings, net $ 2,551,250  4.33  % $ 2,063,819  4.47  %
The Bank has established secured and unsecured lines of credit under which it may borrow funds from time to time on a term or overnight basis from the FHLB, the FRBSF, and other financial institutions.
FHLB Secured Line of Credit. The Bank had secured financing capacity with the FHLB of $6.9 billion as of March 31, 2026, collateralized by a blanket lien on $10.1 billion of qualifying loans and $19.8 million of securities. As of March 31, 2026, there were $476.0 million in letters of credit pledged and a $2.0 billion balance outstanding. As of December 31, 2025, there were $514.1 million in letters of credit pledged and a $1.7 billion balance outstanding.
The following table presents the interest rates and maturity dates of FHLB secured advances as of the date indicated:
March 31, 2026
Maturity
FHLB Secured Advances Balance Rate Date
(Dollars in thousands)
Term advance $ 100,000  3.95  % 05/21/2026
Term advance 150,000  3.95  % 05/26/2026
Term advance 100,000  3.94  % 07/27/2026
Term advance 150,000  3.95  % 07/30/2026
Term advance (1)
 150,000  4.59  % 06/26/2026
Term advance 100,000  3.79  % 02/01/2027
Term advance 100,000  3.79  % 03/01/2027
Term advance 100,000  3.78  % 04/01/2027
Term advance (1)
 150,000  4.63  % 05/28/2027
Term advance (1)
 150,000  4.63  % 06/03/2027
Term advance (1)
 150,000  4.39  % 06/03/2027
Term advance 100,000  3.88  % 06/24/2027
Term advance (1)
 500,000  3.18  % 09/18/2034
Total FHLB secured advances $ 2,000,000  3.91  %
___________________
(1)    Represents FHLB term advances that include a put feature, which allows the FHLB to terminate the advance before its scheduled maturity date.
FRBSF Secured Line of Credit. The Bank has a secured line of credit with the FRBSF. As of March 31, 2026, the Bank had secured borrowing capacity of $5.3 billion collateralized by liens covering $5.0 billion of qualifying loans and $1.4 billion of securities. As of March 31, 2026 and December 31, 2025, there were no balances outstanding.
Holding Company Line of Credit Arrangement. As of March 31, 2026, we have a $100.0 million unsecured revolving line of credit available. The rate is based on 1-month SOFR plus a spread of 2.25% basis points. As of March 31, 2026 and December 31, 2025, there was no balance outstanding.


37


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


Credit-Linked Notes. On September 29, 2022, legacy Pacific Western Bank completed a credit-linked notes transaction. The notes were issued in five classes, each with an interest rate of SOFR plus a spread that ranges from 8.00% to 13.25%, with a weighted average spread of 10.75% at March 31, 2026. The notes are linked to the credit risk of an approximately $2.1 billion reference pool of previously purchased SFR mortgage loans at March 31, 2026. The notes are due June 27, 2052. Principal payments on the notes are based only on principal that is actually collected on these loans. The notes are reported at fair value of $111.3 million at March 31, 2026. See "Note 2. Restricted Cash" for information regarding the collateral for the notes and "Note 11. Fair Value Measurements and Fair Value of Financial Instruments" for additional information.
Other Short-Term Borrowing Arrangements. As of March 31, 2026, the Bank had credit limits of $215.0 million in the aggregate with several commercial banks, as well as borrowing arrangements with unaffiliated financial institutions that provide for the purchase of overnight funds and other short-term borrowings. The availability of these unsecured borrowings fluctuates regularly and is subject to the discretion of the counterparties. These lines are renewable annually and have no unused commitment fees. As of March 31, 2026 $440.0 million was outstanding under these arrangements compared to $240.0 million outstanding as of December 31, 2025.
Subordinated Debt
The following table summarizes the terms of each issuance of subordinated debt outstanding as of the dates indicated:
March 31, 2026 December 31, 2025 Date Maturity Rate Index
Series Balance
Rate (1)
 Balance
Rate (1)
 Issued Date
(Quarterly Reset)
(Dollars in thousands)
Subordinated notes, net (2)(3)
 $ 381,877  3.25  % $ 381,737  3.25  % 04/30/2021 05/01/2031 Fixed rate
Subordinated notes (4)
 75,000  7.86  % 75,000  8.05  % 10/30/2020 10/30/2030
3-month Term SOFR + 4.195%
Trust V 10,310  7.04  % 10,310  7.07  % 08/15/2003 09/17/2033
3-month Term SOFR + 3.10
Trust VI 10,310  6.99  % 10,310  7.03  % 09/03/2003 09/15/2033
3-month Term SOFR + 3.05
Trust CII 5,155  6.89  % 5,155  6.92  % 09/17/2003 09/17/2033
3-month Term SOFR + 2.95
Trust VII 61,856  6.68  % 61,856  6.85  % 02/05/2004 04/23/2034
3-month Term SOFR + 2.75
Trust CIII 20,619  5.63  % 20,619  5.67  % 08/15/2005 09/15/2035
3-month Term SOFR + 1.69
Trust FCCI 16,495  5.54  % 16,495  5.58  % 01/25/2007 03/15/2037
3-month Term SOFR + 1.60
Trust FCBI 10,310  5.49  % 10,310  5.53  % 09/30/2005 12/15/2035
3-month Term SOFR + 1.55
Trust CS 2005-1 82,475  5.89  % 82,475  5.93  % 11/21/2005 12/15/2035
3-month Term SOFR + 1.95
Trust CS 2005-2 128,866  5.88  % 128,866  6.05  % 12/14/2005 01/30/2036
3-month Term SOFR + 1.95
Trust CS 2006-1 51,545  8.70  % 51,545  9.20  % 02/22/2006 04/30/2036
Prime + 1.95
Trust CS 2006-2 51,550  5.88  % 51,550  6.05  % 09/27/2006 10/30/2036
3-month Term SOFR + 1.95
Trust CS 2006-3 (5)
 29,778  4.08  % 30,275  4.12  % 09/29/2006 10/30/2036
3-month EURIBOR + 2.05
Trust CS 2006-4 16,470  8.70  % 16,470  9.20  % 12/05/2006 01/30/2037
Prime + 1.95
Trust CS 2006-5 6,650  5.88  % 6,650  6.05  % 12/19/2006 01/30/2037
3-month Term SOFR + 1.95
Trust CS 2007-2 39,177  5.88  % 39,177  6.05  % 06/13/2007 07/30/2037
3-month Term SOFR + 1.95
PMB Statutory Trust III 7,217  7.37  % 7,217  7.35  % 09/16/2002 09/26/2032
3-month Term SOFR + 3.40
PMB Capital Trust III 10,310  5.93  % 10,310  6.15  % 10/04/2004 10/08/2034
3-month Term SOFR + 2.00
Total subordinated debt 1,015,970  5.24  % 1,016,327  5.35  %
Acquisition discount (6)
 (61,898) (63,587)
Total subordinated debt, net $ 954,072  $ 952,740 
___________________
(1)    Rates do not include the effects of discounts and issuance costs.
(2)    Net of unamortized issuance costs of $3.1 million at March 31, 2026 and $3.3 million at December 31, 2025.
(3)    The subordinated notes, which were issued at the Bank level rather than the holding company level, carried a fixed interest rate until May 1, 2026. On that date, the Company redeemed the outstanding principal amount of $385 million. The balance reflected in the table above differs from the redemption amount due to the carrying value of the subordinated notes, which includes the impact of unamortized debt issuance discount at the reporting date. For more information see “Note 17. Subsequent Events” in Item 1 of this Form 10‑Q.
(4)    Interest rate was fixed at 4.375% until October 30, 2025, when it changed to a floating rate equal to 3-month Term SOFR, plus a spread of 419.5 basis points.
(5)    Denomination is in Euros with a value of €25.8 million
(6)    Amount represents the fair value adjustment on subordinated debt assumed in acquisitions.


38


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


NOTE 9.  DERIVATIVES
We use derivative instruments and other risk management techniques to reduce our exposure to adverse fluctuations in interest rates and foreign currency exchange rates in accordance with our risk management policies and for certain loan clients to allow them to hedge the risk of rising interest rates and on their variable rate loans.
Our derivatives are carried at fair value and recorded in "Other assets" or "Accrued interest payable and other liabilities," as appropriate, in the consolidated balance sheets. On the date we enter into a derivative contract, the derivative is designated as a fair value hedge, cash flow hedge, or a hedge designation is not made as it is a customer-related transaction. When a derivative is designated as a fair value hedge or cash flow hedge, the Company performs an assessment at inception, and at least quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the fair value or cash flows of the hedged items.
The following table presents the U.S. dollar notional amounts and fair values of our derivative instruments included in the consolidated balance sheets as of the dates indicated:
March 31, 2026 December 31, 2025
Notional Fair Value Notional Fair Value
Amount Asset Liability Amount Asset Liability
(In thousands)
Derivatives Designated as Cash Flow Hedges:
Interest rate swaps $ 680,000  $ 319  $ 1,838  $ 300,000  $ —  $ 4,043 
Interest rate collars 1,000,000  45  —  1,000,000  —  22 
Interest rate caps 380,000  5,454  —  —  —  — 
Derivatives Not Designated as Hedging Instruments:
Interest rate contracts 148,798  4,154  4,106  150,652  4,124  4,079 
Foreign exchange contracts 112,611  208  355  111,390  —  77 
Equity warrant assets 13,435  3,363  —  14,086  3,437  — 
Total contracts $ 2,334,844  $ 13,543  $ 6,299  $ 1,576,128  $ 7,561  $ 8,221 
Cash Flow Hedges
Cash flow hedges include interest rate swap contracts with an aggregate notional amount of $680.0 million, consisting of $300.0 million of pay-fixed, receive-floating and $380.0 million of forward-starting receive-fixed, pay-floating swaps. These contracts have terms of up to five years and mature at various dates through 2032. The Company entered into these swaps with institutional counterparties to hedge against variability in cash flows attributable to IRR on a portion of the Company’s borrowings and forecasted interest income on cash balances indexed to the interest on reserve balances rate. Cash flow hedges also included interest rate collars, which are option contracts designed to limit the Company's exposure to increases in short term interest rates while foregoing some of the upside if short term interest rates decrease significantly. The interest rate collars have notional amounts aggregating to $1.0 billion, with eighteen month terms, and maturing on October 31, 2026. These collars were entered into with institutional counterparties to hedge against variability in cash flows attributable to IRR on a portion of the Company's floating rate deposits. Additionally, cash flow hedges also included forward-starting purchased interest rate caps, which are option contracts designed to limit the Company's exposure to increases in short term interest rates. The interest rate caps have notional amounts aggregating to $380.0 million, with five year terms, and maturing in March 2032. These caps were entered into with institutional counterparties to hedge against variability in cash flows attributable to IRR on a portion of the Company's floating rate deposits.
The cash flow hedges were deemed highly effective at inception and as of March 31, 2026. For derivatives designated as cash flow hedges, the portion of changes in fair value considered to be highly effective is reported as a component of AOCI on the consolidated balance sheets until the related cash flows from the hedged items are recognized in earnings. As of March 31, 2026, the fair value of the cash flow hedges represented a net asset of $4.0 million, related to which a loss of $1.7 million (net of tax) was included in AOCI. The estimated amount to be reclassified in the next 12 months out of AOCI into earnings is $1.8 million.


39


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


Other Interest Rate Swaps, Foreign Exchange Contracts, and Equity Warrant Assets Not Designated for Hedge Accounting
The Company offers borrowers interest rate swaps under a "back-to-back" loan hedging program and offsets these "pay floating/receive fixed" contracts with borrowers with "receive floating/pay fixed" swaps with counterparty banks. The total notional balance of these offsetting hedging contracts was $148.8 million at March 31, 2026.
The Company has also hedged the IRR and foreign currency risk on €25.8 million of subordinated debt utilizing a cross-currency swap. Under the current terms of the swap, the Company receives three-month Euribor plus 205 basis points and pays a fixed rate of 5.92% with ultimate principal exchanged at maturity. For the quarter ended March 31, 2026, changes in fair value and fees recorded to "Noninterest income" in the consolidated statements of earnings were immaterial.
See "Note 11. Fair Value Measurements and Fair Value of Financial Instruments" for additional information regarding equity warrant assets.
NOTE 10.  COMMITMENTS AND CONTINGENCIES
The following table presents a summary of commitments described below as of the dates indicated:
March 31, 2026 December 31, 2025
(In thousands)
Loan commitments to extend credit $ 5,549,325  $ 5,433,357 
Standby letters of credit 255,845  244,895 
Total $ 5,805,170  $ 5,678,252 
The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of involvement that the Company has in particular classes of financial instruments.
Commitments to extend credit are contractual agreements to lend to our customers when customers are in compliance with their contractual credit agreements and when customers have contractual availability to borrow under such agreements. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The estimated exposure to loss from these commitments is included in the reserve for unfunded loan commitments, which amounted to $34.9 million at March 31, 2026 and $34.9 million at December 31, 2025.
Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third-party. We provide standby letters of credit in conjunction with several of our lending arrangements and property lease obligations. Most guarantees expire within one year from the date of issuance. If a borrower defaults on its commitments subject to any letter of credit issued under these arrangements, we would be required to meet the borrower's financial obligation but would seek repayment of that financial obligation from the borrower. In some cases, borrowers have pledged cash and investment securities as collateral under these arrangements.
Additionally, we have commitments to invest in SBICs that call for capital contributions up to an amount specified in the partnership agreements, and in CRA-related loan pools. As of March 31, 2026 and December 31, 2025, such commitments totaled $118.2 million and $122.1 million.
Legal Matters
In the ordinary course of our business, we are party to various legal actions, which we believe are incidental to the operation of our business. The outcome of such legal actions and the timing of ultimate resolution are inherently difficult to predict. In the opinion of management, based upon information currently available to us, any resulting liability, in addition to amounts already accrued, and taking into consideration insurance which may be applicable, would not have a material adverse effect on the Company’s financial statements or operations.


40


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


NOTE 11.  FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair Value Option
The Company may elect to report financial instruments and certain other items at fair value on an instrument-by-instrument basis with changes in fair value reported in earnings. The election is made upon the initial recognition of an eligible financial asset, financial liability, or firm commitment or when certain specified reconsideration events occur. The fair value election may not otherwise be revoked once an election is made. The changes in fair value are recorded in "Noninterest income" on the consolidated statements of earnings. However, movements in debt valuation adjustments are reported as a component of "Accumulated other comprehensive loss, net" on the consolidated balance sheets. Debt valuation adjustments represent the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk.
Fair Value Option for Certain Debt Liabilities
The Company has elected the fair value option for the credit-linked notes issued in September 2022. The Company elected the fair value option because these exposures are considered to be structured notes, which are financial instruments that contain embedded derivatives. The notes are linked to the credit risk of an approximately $2.1 billion reference pool of previously purchased SFR mortgage loans. The principal balance of the credit-linked notes was $112.5 million at March 31, 2026. The carrying value of the credit-linked notes at March 31, 2026 was the estimated fair value of $111.3 million. Interest expense on the credit-linked notes totaled $4.1 million and $4.5 million for the three months ended March 31, 2026 and 2025, respectively, and was recorded in "Interest expense - borrowings" on the consolidated statements of earnings.
The following table presents the changes in fair value of the credit-linked notes for which the fair value option has been elected for the periods indicated:
  Three Months Ended March 31,
Credit-Linked Notes 2026 2025
  (In thousands)
Changes in fair value - gains included in earnings $ 94  $ 482 
Changes in fair value - other comprehensive (loss) income $ (111) $ 146 
The following table provides information about the credit-linked notes carried at fair value as of the dates indicated:
Credit-Linked Notes March 31, 2026 December 31, 2025
(In thousands)
Carrying value reported on the consolidated balance sheets $ 111,250  $ 113,634 
Aggregate unpaid principal balance in excess of fair value $ 1,203  $ 1,220 
Fair Value Measurements
The Company uses fair value to measure certain assets and liabilities on a recurring basis, primarily AFS securities, derivatives, and certain debt liabilities. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period and such measurements are therefore considered “nonrecurring” for purposes of disclosing our fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for individually evaluated loans and leases and OREO and also to record impairment on certain assets, such as goodwill, CDI, and other long-lived assets.
For information regarding the valuation methodologies used to measure our assets recorded at fair value (under ASC Topic 820), and for estimating fair value for financial instruments not recorded at fair value (under ASC Topic 825, as amended by ASU 2016-01 and ASU 2018-03), see "Note 1. Nature of Operations and Summary of Significant Accounting Policies" and "Note 15. Fair Value Measurements" to the Consolidated Financial Statements of the Form 10-K.
The Company also holds SBIC investments measured at fair value using the net asset value per share practical expedient that are not required to be classified in the fair value hierarchy. At March 31, 2026, the fair value of these investments was $122.6 million.


41


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


The following tables present information on the assets and liabilities measured and recorded at fair value on a recurring basis as of the dates indicated:
Fair Value Measurements as of March 31, 2026
Measured on a Recurring Basis Total Level 1 Level 2 Level 3
(In thousands)
Securities AFS:
Agency residential MBS $ 811,661  $ —  $ 811,661  $ — 
Agency commercial MBS 50,981  —  50,981  — 
Agency residential CMOs 1,104,183  —  1,104,183  — 
Corporate debt securities 231,958  —  229,708  2,250 
Private label residential CMOs 233,184  —  233,184  — 
Collateralized loan obligations 200,374  —  200,374  — 
Private label commercial MBS 8,270  —  8,270  — 
Asset-backed securities 12,661  —  12,661  — 
SBA securities 3,060  —  3,060  — 
Total securities AFS $ 2,656,332  $ —  $ 2,654,082  $ 2,250 
Equity investments with readily determinable fair values $ 1,082  $ 1,082  $ —  $ — 
Derivatives (1):
Derivative assets
Cash flow hedges 5,818  —  5,818  — 
Interest rate and foreign exchange contracts 4,362  —  4,362  — 
Equity warrants 3,363  —  —  3,363 
Derivative liabilities
Cash flow hedges 1,838  —  1,838  — 
Interest rate and foreign exchange contracts 4,461  —  4,461  — 
Credit-linked notes 111,250  —  —  111,250 
___________________
(1)    For information regarding derivative instruments, see "Note 9. Derivatives".


42


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


Fair Value Measurements as of December 31, 2025
Measured on a Recurring Basis Total Level 1 Level 2 Level 3
(In thousands)
Securities AFS:
Agency residential MBS $ 834,085  $ —  $ 834,085  $ — 
Agency commercial MBS 50,966  —  50,966  — 
Agency residential CMOs 871,624  —  871,624  — 
Corporate debt securities 241,596  —  239,226  2,370 
Private label residential CMOs 228,975  —  228,975  — 
Collateralized loan obligations 200,822  —  200,822  — 
Private label commercial MBS 9,279  —  9,279  — 
Asset-backed securities 13,249  —  13,249  — 
SBA securities 3,462  —  3,462  — 
Total securities AFS $ 2,454,058  $ —  $ 2,451,688  $ 2,370 
Equity investments with readily determinable fair values $ 2  $ 2  $ —  $ — 
Derivatives (1):
Derivative assets
Interest rate and foreign exchange contracts 4,124  —  4,124  — 
Equity warrants 3,437  —  —  3,437 
Derivative liabilities
Cash flow hedges 4,065  —  4,065  — 
Interest rate and foreign exchange contracts 4,156  —  4,156  — 
Credit-linked notes 113,634  —  —  113,634 
____________________
(1)    For information regarding derivative instruments, see "Note 9. Derivatives".
During the three months ended March 31, 2026, there were $1.1 million transfers from Level 3 equity warrants to Level 1 equity investments with readily determinable fair values measured on a recurring basis. There was no transfer of AFS corporate debt securities from Level 3 to Level 2 during the three months ended March 31, 2026 and no transfer of AFS corporate debt securities from Level 2 to Level 3 during the same period.
The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third-party pricing service for our Level 3 corporate debt securities AFS measured at fair value on a recurring basis as of the date indicated:
Corporate Debt Securities as of March 31, 2026
Input or Range
Weighted Average
Unobservable Inputs of Inputs
Input (1)
Spread to 10 Year Treasury
2.7% - 10.3%
 4.8%
Discount rates
7.0% - 14.6%
 9.2%
____________________
(1)    Unobservable inputs for corporate debt securities were weighted by the relative fair values of the instruments.
The following table presents information about quantitative inputs and assumptions used in the modified Black-Scholes option pricing model to determine the fair value for our Level 3 equity warrants measured at fair value on a recurring basis as of the date indicated:
Equity Warrants as of March 31, 2026
Range Weighted Average
Unobservable Inputs of Inputs
Input (1)
Volatility (1)
23.5% - 1,027.0%
 24.7%
Risk-free interest rate
3.7% - 3.9%
 3.8%
Remaining life assumption (in years)
0.08 - 4.99
 3.24 years
____________________
(1)    Unobservable inputs for equity warrants were weighted by the relative fair values of the instruments.


43


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


The following table summarizes activity for our Level 3 corporate debt securities AFS, equity warrants, and credit-linked notes measured at fair value on a recurring basis for the period indicated:
Corporate Equity Credit-Linked
Debt Securities Warrants Notes
(In thousands)
Balance, December 31, 2025 $ 2,370  $ 3,437  $ 113,634 
Total included in earnings —  —  (94)
Total included in other comprehensive income (120) 938  111 
Issuances —  143  — 
Principal payments —  —  (2,401)
Exercises and settlements —  (51) — 
Transfers to Level 1 (equity investments with readily determinable fair values) —  (1,104) — 
Balance, March 31, 2026 $ 2,250  $ 3,363  $ 111,250 
Unrealized net loss for the period included in other
comprehensive income for securities held at quarter-end $ (750)
The following tables present assets measured at fair value on a non-recurring basis as of the dates indicated:
Fair Value Measurement as of March 31, 2026
Measured on a Nonrecurring Basis Total Level 1 Level 2 Level 3
(In thousands)
Individually evaluated loans and leases $ 50,721  $ —  $ 24,129  $ 26,592 
OREO 290  —  290  — 
Total non-recurring $ 51,011  $ —  $ 24,419  $ 26,592 

Fair Value Measurement as of December 31, 2025
Measured on a Nonrecurring Basis Total Level 1 Level 2 Level 3
(In thousands)
Individually evaluated loans and leases $ 52,443  $ —  $ 48,401  $ 4,042 
OREO 248  —  248  — 
Total non-recurring $ 52,691  $ —  $ 48,649  $ 4,042 
In addition to individually evaluated loans and leases and OREO, loans HFS are carried at the LOCOM and may be measured at fair value on a nonrecurring basis when fair value is less than cost. Fair value is based on active bids and other observable market inputs, such as appraised value of the underlying collaterals, adjusted for specific attributes of that loan or other available market data for similar loans. Loans HFS are classified as Level 2 in the fair value hierarchy.
The following table presents losses recognized on assets measured on a nonrecurring basis for the periods indicated:
Three Months Ended March 31,
Loss on Assets Measured on a Non‑Recurring Basis 2026 2025
(In thousands)
Individually evaluated loans and leases $ 5,023  $ 11,285 
OREO 44  266 
Total losses $ 5,067  $ 11,551 


44


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


The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of the date indicated:
March 31, 2026
Valuation Unobservable Input or
Weighted
Asset
Fair Value
 Technique Inputs Range
Average
(In thousands)
Individually evaluated loans and leases 26,592 Third party appraisal Discount from appraisal
7.75% - 7.75%
 7.75%
Total non-recurring Level 3 $ 26,592
The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated:
March 31, 2026
Carrying
Estimated Fair Value
Amount Total Level 1 Level 2 Level 3
(In thousands)
Financial Assets:
Cash and due from banks $ 214,120  $ 214,120  $ 214,120  $ —  $ — 
Interest-earning deposits in financial institutions 2,003,149  2,003,149  2,003,149  —  — 
Securities AFS 2,656,332  2,656,332  —  2,654,082  2,250 
Securities HTM 2,313,548  2,227,000  184,111  2,038,915  3,974 
Investment in FRB and FHLB stock 170,342  170,342  —  170,342  — 
Loans HFS 259,049  259,429  —  259,429  — 
Loans and leases HFI, net 24,538,747  23,526,921  —  24,129  23,502,792 
Equity investments with readily determinable fair values 1,082  1,082  1,082  —  — 
Equity warrants 3,363  3,363  —  —  3,363 
Cash flow hedges 5,818  5,818  —  5,818  — 
Interest rate and foreign exchange contracts 4,362  4,362  —  4,362  — 
Servicing rights 16,968  18,653  —  —  18,653 
Financial Liabilities:
Demand, checking, money market, and savings deposits 22,610,386  22,610,386  —  22,610,386  — 
Time deposits 4,711,748  4,699,767  —  4,699,767  — 
Borrowings 2,551,250  2,552,604  440,000  2,001,354  111,250 
Subordinated debt 954,072  934,399  —  934,399  — 
Cash flow hedges 1,838  1,838  —  1,838  — 
Interest rate and foreign exchange contracts 4,461  4,461  —  4,461  — 


45


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


December 31, 2025
Carrying
Estimated Fair Value
Amount Total Level 1 Level 2 Level 3
(In thousands)
Financial Assets:
Cash and due from banks $ 181,103  $ 181,103  $ 181,103  $ —  $ — 
Interest-earning deposits in financial institutions 2,126,862  2,126,862  2,126,862  —  — 
Securities AFS 2,454,058  2,454,058  —  2,451,688  2,370 
Securities HTM 2,308,636  2,246,526  185,088  2,057,189  4,249 
Investment in FRB and FHLB stock 160,442  160,442  —  160,442  — 
Loans HFS 182,936  183,083  —  183,083  — 
Loans and leases HFI, net 24,787,067  23,871,794  —  48,401  23,823,393 
Equity investments with readily determinable fair values 2  2  2  —  — 
Equity warrants 3,437  3,437  —  —  3,437 
Interest rate and foreign exchange contracts 4,124  4,124  —  4,124  — 
Servicing rights 17,480  19,427  —  —  19,427 
Financial Liabilities:
Demand, checking, money market, and savings deposits 23,156,094  23,156,094  —  23,156,094  — 
Time deposits 4,687,263  4,684,099  —  4,684,099  — 
Borrowings 2,063,819  2,069,076  275,185  1,680,257  113,634 
Subordinated debt 952,740  934,819  —  934,819  — 
Cash flow hedges 4,065  4,065  —  4,065  — 
Interest rate and foreign exchange contracts 4,156  4,156  —  4,156  — 
Limitations
Fair value estimates are made at a specific point in time and are based on relevant market information and information about the financial instrument. These estimates do not reflect income taxes or any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a portion of the Company’s financial instruments, fair value estimates are based on what management believes to be reasonable judgments regarding expected future cash flows, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimated fair values are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Since the fair values have been estimated as of March 31, 2026, the amounts that will actually be realized or paid at settlement or maturity of the instruments could be significantly different.


46


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


NOTE 12.  EARNINGS PER SHARE
The following tables present the computations of basic and diluted net earnings per share by class of common stock for the periods indicated:
Three Months Ended March 31, 2026
Class B Non-Voting
Voting Non-Voting Common Stock
Common Common Equivalents Total
(In thousands, except per share amounts)
Basic Earnings Per Share: (1)
Net earnings available to common and equivalent stockholders $ 61,045  $ 191  $ 769  $ 62,005 
Less: Earnings allocated to unvested restricted stock (2)
 (27) —  —  (27)
Net earnings allocated to common and equivalent shares $ 61,018  $ 191  $ 769  $ 61,978 
Weighted average basic shares and unvested restricted
stock outstanding 152,494  477  1,921  154,892 
Less: weighted average unvested restricted stock
outstanding (71) —  —  (71)
Weighted average basic shares outstanding 152,423  477  1,921  154,821 
Basic earnings per share $ 0.40  $ 0.40  $ 0.40  $ 0.40 
Diluted Earnings Per Share: (3)
Net earnings available to common and equivalent stockholders $ 61,045  $ 191  $ 769  $ 62,005 
Reallocation of net earnings as a result of conversion of
NVCE to Voting Common 769  —  —  — 
Reallocation of net earnings 7  (7) 1,487  — 
Net earnings for diluted earnings per share $ 61,821  $ 184  $ 2,256  $ 62,005 
Weighted average diluted shares outstanding 154,502  477  5,853  160,832 
Conversion of NVCE to Voting Common 5,853  —  —  — 
Shares used in computation of diluted earnings per share 160,355  477  5,853  160,832 
Diluted earnings per share $ 0.39  $ 0.39  $ 0.39  $ 0.39 
________________________
(1)    Basic earnings per share is using the two-class method.
(2)    Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any.
(3)    Diluted earnings per share is using the treasury method.


47


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


Three Months Ended March 31, 2025
Class B Non-Voting
Voting Non-Voting Common Stock
Common Common Equivalents Total
(In thousands, except per share amounts)
Basic Earnings Per Share: (1)
Net earnings available to common and equivalent stockholders $ 40,963  $ 123  $ 2,535  $ 43,621 
Less: Earnings allocated to unvested restricted stock (2)
 (47) —  —  (47)
Net earnings allocated to common and equivalent shares $ 40,916  $ 123  $ 2,535  $ 43,574 
Weighted average basic shares and unvested restricted
stock outstanding 158,429  477  9,791  168,697 
Less: weighted average unvested restricted stock
outstanding (202) —  —  (202)
Weighted average basic shares outstanding 158,227  477  9,791  168,495 
Basic earnings per share $ 0.26  $ 0.26  $ 0.26  $ 0.26 
Diluted Earnings Per Share:(3)
Net earnings allocated to common and equivalent shares $ 40,963  $ 123  $ 2,535  $ 43,621 
Weighted average diluted shares outstanding 158,734  477  10,223  169,434 
Diluted earnings per share $ 0.26  $ 0.26  $ 0.25  $ 0.26 
________________________
(1)    Basic earnings per share is using the two-class method.
(2)    Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any.
(3)    Diluted earnings per share is using the treasury method.
The terms of each class of the Company’s capital stock are described in "Note 14. Stockholders’ Equity" to the accompanying consolidated financial statements.
The following table presents the weighted average outstanding restricted shares and warrants that were not included in the computation of diluted earnings per share because their effect would be anti-dilutive for the periods indicated:
Three Months Ended March 31,
2026 2025
(In thousands)
Restricted stock awards and units 13  202 
Warrants —  18,902 


48


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


NOTE 13. REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
The following table presents "Interest income" and "Noninterest income," the components of total revenue, as disclosed in the consolidated statements of earnings and the related amounts which are from contracts with customers within the scope of ASC Topic 606. As illustrated here, substantially all of our revenue is specifically excluded from the scope of ASC Topic 606.
Three Months Ended March 31,
2026 2025
Total Revenue from Total Revenue from
Recorded Contracts with Recorded Contracts with
Revenue Customers Revenue Customers
(In thousands)
Total Interest Income $ 407,442  $ —  $ 406,655  $ — 
Noninterest Income:
   Service charges on deposit accounts 4,978  4,978  4,543  4,543 
   Commissions and fees 10,980  5,129  9,958  5,403 
   Leased equipment income 8,530  —  10,784  — 
   Gain on sale of loans 7  —  211  — 
   Dividends and gains on equity investments 2,002  —  2,323  — 
   Warrant income (loss) 938  —  (295) — 
   Other income 7,893  1  6,126  246 
      Total noninterest income 35,328  10,108  33,650  10,192 
Total Revenue $ 442,770  $ 10,108  $ 440,305  $ 10,192 
The following table presents revenue from contracts with customers based on the timing of revenue recognition for the periods indicated:
Three Months Ended March 31,
2026 2025
(In thousands)
Products and services transferred at a point in time $ 4,235  $ 4,553 
Products and services transferred over time 5,873  5,639 
Total revenue from contracts with customers $ 10,108  $ 10,192 

Contract Balances
The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers as of the dates indicated:
March 31, 2026 December 31, 2025
(In thousands)
Receivables, which are included in "Other assets" $ 1,766  $ 2,147 
Contract liabilities, which are included in "Accrued interest payable and other liabilities" $ 261  $ 279 
Contract liabilities relate to advance consideration received from customers for which revenue is recognized over the life of the contract. The change in contract liabilities for the three months ended March 31, 2026 due to revenue recognized that was included in the contract liability balance at the beginning of the period was $18,000.


49


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


NOTE 14.  STOCKHOLDERS' EQUITY
Stock-Based Compensation
At the special meeting of stockholders held on November 22, 2023, the Company's stockholders approved the Amended and Restated Banc of California, Inc. 2018 Stock Incentive Plan (the “Amended and Restated 2018 Plan”). The Company’s Amended and Restated 2018 Plan permits stock-based compensation awards to officers, directors, employees, and consultants and will remain in effect until November 30, 2033. The Amended and Restated 2018 Plan authorizes grants of stock-based compensation instruments to purchase or issue up to 10,717,882 shares. As of March 31, 2026, there were 2,157,723 shares available for grant under the Amended and Restated 2018 Plan. In addition to the Amended and Restated 2018 Plan, in connection with the Merger, the Company assumed the Amended and Restated PacWest Bancorp 2017 Stock Incentive Plan (the "PacWest 2017 Plan") with respect to PacWest's outstanding stock-based awards.
Restricted Stock (RSUs, TRSAs, and PSUs)
Restricted stock amortization totaled $5.9 million and $5.2 million for the three months ended March 31, 2026 and 2025. Such amounts are included in "Compensation expense" on the consolidated statements of earnings. The amount of unrecognized compensation expense related to all unvested RSUs, TRSAs, and PSUs as of March 31, 2026 totaled $63.8 million.
Restricted Stock Units and Time-Based Restricted Stock Awards
At March 31, 2026, there were 3,026,160 shares of unvested RSUs outstanding pursuant to the Amended and Restated 2018 Plan. At March 31, 2026, there were 62,601 shares of unvested TRSAs outstanding pursuant to the PacWest 2017 Plan. The RSUs and TRSAs generally vest over a service period of three or four years from the date of the grant or immediately upon death of an employee. Compensation expense related to RSUs and TRSAs is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using the straight‑line method. TRSAs were assumed by the Company in connection with the Merger and continue to vest in accordance with the original vesting schedule of the awards.
Performance Stock Units
At March 31, 2026, there were 2,505,680 units of unvested PSUs outstanding. Compensation expense related to the PSUs is based on the fair value of the underlying stock on the award date and is amortized over the vesting period using the straight-line method unless it is determined that: (1) attainment of the financial metrics is less than probable, in which case a portion of the amortization is suspended, or (2) attainment of the financial metrics is improbable, in which case a portion of the previously recognized amortization is reversed and also suspended. Annual PSU expense may vary during the performance period based upon changes in management's estimate of the number of shares that may ultimately vest. In the case where the performance target for the PSUs is based on a market condition (such as total shareholder return), the amortization is neither reversed nor suspended if it is subsequently determined that the attainment of the performance target is less than probable or improbable and the employee continues to meet the service requirement of the award.
Classes of Stock and Equity Instruments
Preferred Stock
Depositary shares each representing 1/40th of a share of 7.75% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series F (“Series F Preferred Stock”) are listed on the NYSE under the symbol “BANC/PF.” The Series F Preferred Stock ranks senior to our common stock and common stock equivalents both as to dividends and liquidation preference but generally have no voting rights. There are 50,000,000 total preferred shares authorized, of which 27,000,000 were authorized for the NVCE and 513,250 were authorized and outstanding for the Series F Preferred stock at March 31, 2026 and December 31, 2025.
Common Stock
Our voting common stock is listed on the NYSE under the symbol “BANC” and there were 446,863,844 shares authorized at March 31, 2026 and December 31, 2025 and 153,722,123 shares outstanding at March 31, 2026 and 149,963,520 shares outstanding at December 31, 2025.


50


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


Class B Non-Voting Common Stock
Our Class B non-voting, non-convertible common stock is not listed or traded on any national securities exchange or automated quotation system, and there currently is no established trading market for such stock. The Class B non-voting common stock ranks equally with, and has identical rights, preferences, and privileges as the voting common stock with respect to dividends and liquidation preference but generally have no voting rights. There were 3,136,156 shares authorized at March 31, 2026 and December 31, 2025 and 477,321 shares outstanding at March 31, 2026 and at December 31, 2025.
Non-Voting Common Stock Equivalents
In conjunction with the Merger, the Company issued a new class of NVCE from authorized preferred stock, which were issued under the Investment Agreements (as defined below). Our NVCE stock is not listed or traded on any national securities exchange or automated quotation system, and there currently is no established trading market for such stock. The NVCE stock does not have voting rights and ranks equally with, and has identical rights, preferences, and privileges as, the voting common stock with respect to dividends or distributions (including regular quarterly dividends) declared by the Board and rights upon any liquidation, dissolution, winding up or similar proceeding of the Company. The NVCE stock is convertible into shares of voting common stock on a one-for-one basis, generally upon transfer to an eligible holder or the occurrence of other specified events in accordance with the terms of the Warburg Investment Agreement (as defined below) with affiliates of funds managed by Warburg Pincus LLC (the "Warburg Investors"). There were 27,000,000 shares of NVCE stock authorized at March 31, 2026 and December 31, 2025 and there were no shares of NVCE stock outstanding at March 31, 2026 and 5,017,064 at December 31, 2025.
During the first quarter of 2026, the Company repurchased 1,000,000 shares of its NVCE stock from the Warburg Investors at $20.00 per share, which represented a slight discount to the market price at the time of sale. The repurchased shares were retired upon settlement and recorded as a reduction to stockholders’ equity.
Warrants
In conjunction with the Merger and per the terms of the investment agreements, each dated July 25, 2023, entered into by Banc of California, Inc. with the Warburg Investors (such agreement, the "Warburg Investment Agreement") and the Centerbridge Investor (together with the Warburg Investment Agreement, the "Investment Agreements"), respectively, the Warburg Investors received warrants to purchase 15,853,659 shares of NVCE stock (the "Warburg Warrants"), and the Centerbridge Investor received warrants to purchase 3,048,780 shares of voting common stock (the “Centerbridge Warrants”), each with an initial exercise price of $15.375 per share, subject to customary anti-dilution adjustments provided for under the warrant agreements. The warrants carry a term of seven years but are subject to mandatory exercise when the market price of the voting common stock reaches or exceeds $24.60 for 20 or more trading days during any 30-consecutive trading day period. These warrants are being accounted for as equity. The exercise price of the Centerbridge Warrants will be adjusted downward, per the terms of their warrant agreement, and the exercise price of the Warburg Warrants will also be adjusted, per the terms of their warrant agreement and the NVCE Articles Supplementary, for cash distributions to stockholders of the Company’s voting common stock, including the Company’s quarterly cash dividend.
Stock Repurchase Program
On March 23, 2026, we announced that our Board of Directors approved an extension of the Company's existing stock repurchase program, which was originally announced on March 17, 2025 and subsequently upsized from $150.0 million to $300.0 million on April 23, 2025. The stock repurchase program, which was previously scheduled to expire in March 2026, has been extended through March 16, 2027.
During the first quarter of 2026, common and common equivalent stock repurchased under the program totaled 1,709,935 shares at a weighted average price per share of $18.68, or $31.9 million in the aggregate. As of March 31, 2026, the Company had $82.6 million remaining under the stock repurchase authorization.
Purchases may be made in open-market transactions, in block transactions on or off an exchange, in privately negotiated transactions or by other means as determined by our management and in accordance with the regulations of the SEC. The timing of purchases and the number of shares repurchased under the program will depend on a variety of factors including price, trading volume, corporate and regulatory requirements, and market conditions. The program may be changed, suspended, or discontinued at any time.


51


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


NOTE 15. SEGMENT REPORTING
The Company provides banking and treasury management services to small, middle-market, and venture-backed businesses. The principal business activities of the Company are gathering deposits, originating and servicing loans and leases, and investing in investment securities. The Company's CODM is the Chief Executive Officer.
The Company operates as one reportable segment, Commercial Banking, based on how the CODM manages the business activities. The CODM uses net earnings to evaluate income generated from segment assets, assess performance, decide how to allocate resources, determine dividend availability, establish management's compensation, and guide other strategic decisions. The accounting policies of the Commercial Banking segment are the same as those described in "Note 1. Nature of Operations and Summary of Significant Accounting Policies" in our Form 10-K. Additionally, the Company does not have intra-entity sales or transfers.
Since the Company operates as a single reportable segment and is managed on a consolidated basis, the consolidated statements of earnings reflect the segment results. Therefore, a separate segment income statement is not presented. The Company has reviewed the information provided to the CODM and determined that no further disaggregated expense disclosures are necessary beyond those in the consolidated statements of earnings.
The following presents our operating segment balance sheet information and the reconciliation of segment assets to consolidated total assets as of the dates indicated:
Balance Sheet Data
Commercial Banking Segment March 31, 2026 December 31, 2025
(In thousands)
Segment total assets (1)
 $ 34,724,241  $ 34,797,442 
_________________________
(1)    Segment total assets is the same as total assets reported on the consolidated balance sheets.
NOTE 16. RELATED PARTY TRANSACTIONS
Certain of our executive officers and directors, and their related interests, are customers of, or have had transactions with, the Bank in the ordinary course of business, including deposits, loans, and other financial services-related transactions. From time to time, the Bank may make loans to executive officers and directors, and their related interests, in the ordinary course of business and on substantially the same terms and conditions, including interest rates and collateral, as those of comparable transactions with non-insiders prevailing at the time, in accordance with the Bank's underwriting guidelines, and do not involve more than the normal risk of collectability or present other unfavorable features. As of March 31, 2026, no related party loans were categorized as nonaccrual, past due, restructured, or potential problem loans.
Transactions with Related Parties
The Company and the Bank have engaged in the transaction described below with the Company's current directors, executive officers, and beneficial owners of more than five percent of the outstanding shares of the Company's voting common stock and certain persons related to them.
The Company is a party to a services agreement with IntraFi Network LLC (“IntraFi”) whereby IntraFi provides the Bank with certain insured cash sweep services from time to time. Affiliates of funds managed by Warburg Pincus LLC hold a material investment interest in IntraFi. Additionally, one of Warburg Pincus LLC’s principals, Todd Schell, who currently serves as a member of the Board, is a member of the board of directors of IntraFi. Affiliates of funds managed by Warburg Pincus LLC beneficially owned approximately 4.48% of the Company’s outstanding voting common stock as of March 31, 2026. For the three months ended March 31, 2026 and 2025, the amounts paid to IntraFi for certain insured cash sweep services were $1.8 million in each period.
During the first quarter of 2026, the Company repurchased 1,000,000 shares of its NVCE stock from the Warburg Investors. See "Note 14. Stockholders’ Equity" for additional information regarding this transaction.


52


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


NOTE 17.  SUBSEQUENT EVENTS
Common Stock Dividend
On May 8, 2026, the Company announced that the Board of Directors had declared a quarterly cash dividend of $0.12 per common share. The cash dividend is payable on July 1, 2026, to stockholders of record at the close of business on June 15, 2026.
Preferred Stock Dividend
On May 8, 2026, the Company announced that the Board of Directors had declared a quarterly cash dividend of $0.4845 per Depositary Share. The cash dividend is payable on June 1, 2026 to stockholders of record at the close of business on May 21, 2026.
Subordinated Debt
On May 1, 2026, the Company redeemed all $385 million outstanding aggregate principal amount of its 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031 originally issued by Pacific Western Bank. The remaining unamortized discount and debt issuance costs will be recorded as a loss on redemption of subordinated notes in noninterest income during the second quarter of 2026.
Servicing Asset Sale
On April 22, 2026, the Company entered into an agreement to sell the single-family mortgage servicing rights ("MSR") portfolio with an underlying unpaid principal balance of approximately $1.35 billion. Proceeds from the MSR sale will offset costs from the subordinated debt redeemed on May 1, 2026. This transaction is expected to settle on May 29, 2026.


53

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following is management's discussion and analysis of the major factors that influenced our results of operations and financial condition as of and for the three months ended March 31, 2026. This analysis should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 and with the unaudited consolidated financial statements and notes thereto set forth in this Quarterly Report on Form 10-Q.
Forward-Looking Information
This Quarterly Report on Form 10-Q contains certain “forward-looking statements” about the Company and its subsidiaries within the meaning of the Private Securities Litigation Reform Act of 1995, including certain plans, strategies, goals, and projections and including statements about our expectations regarding our operating expenses, profitability, ACL, net interest margin, NII, deposit growth, loan and lease portfolio growth and production, acquisitions and related integrations, maintaining capital adequacy, liquidity, goodwill, and IRR management. All statements contained in this Quarterly Report on Form 10-Q that are not clearly historical in nature are forward-looking, and the words “anticipate,” “assume,” “intend,” “believe,” “forecast,” “expect,” “estimate,” “plan,” “continue,” “will,” “should,” “look forward” and similar expressions are generally intended to identify forward-looking statements. All forward-looking statements (including statements regarding future financial and operating results and future transactions and their results) involve risks, uncertainties, and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements.
Actual results could differ materially from those contained or implied by such forward-looking statements for a variety of factors, including without limitation: (i) changes in general economic conditions, either nationally or in our market areas, including the impact of tariffs, supply chain disruptions, and the risk of recession or an economic downturn; (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 DTAs, 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 ACL 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; (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 ACL, 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, as well as the value of collateral supporting our loans, which may result in significant changes in valuation or recoveries; (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, military activity (including the ongoing Iran war) or acts of 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) changes in market conditions or strategic balance sheet actions, which may result in realized losses on investment securities or other assets; and (xxi) other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and the other risks described in our Form 10-K for the fiscal year ended December 31, 2025 and from time to time in other documents that we file with or furnish to the SEC.


54

All forward-looking statements included in this Quarterly Report on Form 10-Q are based on information available at the time the statement is made. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.
Overview
Banc of California, Inc., a Maryland corporation, was incorporated in March 2002 and serves as the holding company for its wholly owned subsidiary, Banc of California (the “Bank”), a California state-chartered bank and a member of the FRB. When we refer to the "parent" or the “holding company," we are referring to Banc of California, Inc., the parent company, on a stand-alone basis. When we refer to “we,” “us,” “our,” or the “Company,” we are referring to Banc of California, Inc. and its consolidated subsidiaries including the Bank, collectively. The Bank is one of the nation’s premier relationship-based business banks, providing banking and treasury management services to small, middle-market, and venture-backed businesses. The Bank offers a broad range of loan and deposit products and services through 79 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-service payment processing solutions to its clients and serves the Community Association Management industry nationwide with its technology-forward platform, SmartStreet™. The Bank is committed to its local communities by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more.
Recent Events
Stock Repurchase Program
On March 23, 2026, we announced the extension of the Company’s existing $300 million stock repurchase program, which had been scheduled to expire in March 2026, through March 16, 2027. During the First Quarter of 2026, the Company repurchased a total of approximately 1.7 million shares of common and common equivalent stock for $31.9 million, at a weighted-average price of $18.68 per share. As of March 31, 2026, the Company had $82.6 million remaining under the stock repurchase authorization. For further information on the stock repurchase program, see "Note 14. Stockholders' Equity", in Item 1 of this Form 10-Q.
Subordinated Debt
On May 1, 2026, the Company redeemed the entire outstanding $385 million aggregate principal amount of 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031, originally issued by Pacific Western Bank, for a redemption price equal to 100% of the principal amount redeemed, plus accrued and unpaid interest. These subordinated notes were scheduled to reset to a floating rate equal to three-month SOFR plus 252 bps beginning May 1, 2026, and were redeemable, in whole or in part, beginning May 1, 2026 at a redemption price equal to 100% of principal amount redeemed, plus any accrued and unpaid interest.
Critical Accounting Policies and Estimates
The following discussion and analysis of financial condition and results of operations are based upon our consolidated financial statements and related notes, which have been prepared in accordance with U.S. GAAP. The preparation of the consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts and disclosure. We evaluate these estimates and assumptions on a ongoing basis based on historical experience and other relevant factors and circumstances; however, actual results may differ significantly from these estimates and assumptions, which could have a material adverse effect on our financial condition and results of operations.
Our accounting policies and estimates are fundamental to understanding the following discussion and analysis of financial condition and results of operations. We identify critical accounting estimates as those that involve the most significant judgments, uncertainties, and subjective decisions, and that could result in materially different outcomes under different assumptions or conditions. Our critical accounting policies and estimates include those related to the ACL on loans and leases HFI and the realization of deferred tax assets and liabilities. Our critical accounting policies and estimates are described in "Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations" included in the Form 10-K.



55

Non-GAAP Financial Measures
We use certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. This disclosure should not be viewed as a substitute for results determined in accordance with GAAP. The methodology for determining these non-GAAP measures may differ among companies and may not be comparable. Accordingly, we refer to the following non‑GAAP measures in this Quarterly Report on Form 10‑Q.
Return on average tangible common equity, tangible common equity, tangible book value per common share, efficiency ratio, and pre-tax pre-provision income are presented because the use of these measures is prevalent among banking regulators, investors, and analysts. These measures are disclosed in addition to the related GAAP measures of return on average equity, book value per common share, and noninterest expense to total revenue, respectively. Reconciliations of these non‑GAAP measures to the most directly comparable GAAP measures are presented in the following tables for and as of the periods presented.
Three Months Ended
Return on Average Tangible
March 31, December 31, March 31,
Common Equity ("ROATCE")
 2026 2025 2025
(Dollars in thousands)
Net earnings $ 71,952  $ 77,391  $ 53,568 
Earnings before income taxes $ 73,061 
Add: Intangible asset amortization 7,160 
Adjusted earnings before income taxes for ROATCE 80,221 
Adjusted income tax expense (1)
 20,296 
Adjustments:
Intangible asset amortization 6,348  6,788 
Tax impact of adjustment above (1)
 (1,596) (1,823)
Adjustment to net earnings 4,752  4,965 
Adjusted net earnings for ROATCE 76,704  82,356  59,925 
Less: Preferred stock dividends 9,947  9,947  9,947 
Adjusted net earnings available to common and equivalent
stockholders for ROATCE $ 66,757  $ 72,409  $ 49,978 
Average stockholders' equity $ 3,548,700  $ 3,494,157  $ 3,524,181 
Less: Average goodwill and intangible assets 317,215  323,295  344,610 
Less: Average preferred stock 498,516  498,516  498,516 
Average tangible common equity $ 2,732,969  $ 2,672,346  $ 2,681,055 
Return on average equity (2)
 8.22  % 8.79  % 6.16  %
Return on average tangible common equity (3)
 9.91  % 10.75  % 7.56  %
___________________________________
(1)     Effective tax rates of 25.14%, 26.86% and 25.30% used for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025.
(2)     Annualized net earnings divided by average stockholders' equity.
(3)     Annualized adjusted net earnings available to common and equivalent stockholders for ROATCE divided by average tangible common equity.




56

Tangible Common Equity and
Tangible Book Value Per Common Share March 31, 2026 December 31, 2025
(Dollars in thousands, except per share data)
Stockholders’ equity $ 3,553,326  $ 3,541,277 
Less: Preferred stock 498,516  498,516 
Total common equity 3,054,810  3,042,761 
Less: Goodwill and intangible assets 313,612  319,808 
Tangible common equity $ 2,741,198  $ 2,722,953 
Book value per common share (1)
 $ 19.80  $ 19.56 
Tangible book value per common share (2)
 $ 17.77  $ 17.51 
Common and equivalent shares outstanding (3)
 154,262,045  155,533,403 
_______________________________________ 
(1)    Total common equity divided by common and equivalent shares outstanding.
(2)    Tangible common equity divided by common and equivalent shares outstanding.
(3)    Common and equivalent shares outstanding include NVCE that are participating securities. There were no NVCE outstanding as of March 31, 2026.

Three Months Ended
March 31, December 31, March 31,
Efficiency Ratio 2026 2025 2025
(Dollars in thousands)
Noninterest expense (1)
 $ 181,391  $ 180,644  $ 183,653 
Less: Intangible asset amortization (6,348) (6,788) (7,160)
Noninterest expense used for efficiency ratio $ 175,043  $ 173,856  $ 176,493 
Net interest income $ 251,617  $ 251,362  $ 232,364 
Noninterest income 35,328  41,571  33,650 
Total revenue used for efficiency ratio $ 286,945  $ 292,933  $ 266,014 
Noninterest expense to total revenue 63.21  % 61.67  % 69.04  %
Efficiency ratio (2)
 61.00  % 59.35  % 66.35  %
_______________________________________ 
(1)    Includes customer related expense of $23.7 million, $24.9 million, and $27.8 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
(2)    Noninterest expense used for efficiency ratio divided by total revenue.

Three Months Ended
March 31, December 31, March 31,
Pre-Tax Pre-Provision Income 2026 2025 2025
(Dollars in thousands)
Net interest income (GAAP) $ 251,617  $ 251,362  $ 232,364 
Add: Noninterest income (GAAP) 35,328  41,571  33,650 
Total revenues (GAAP) 286,945  292,933  266,014 
Less: Noninterest expense (GAAP) 181,391  180,644  183,653 
Pre-tax pre-provision income (Non-GAAP) $ 105,554  $ 112,289  $ 82,361 



57

Results of Operations
The Company reported net earnings available to common and equivalent stockholders of $62.0 million, or $0.39 per diluted common share, for the first quarter of 2026. This compares to net earnings available to common and equivalent stockholders of $67.4 million, or $0.42 per diluted common share, for the fourth quarter of 2025, and net earnings available to common and equivalent stockholders of $43.6 million, or $0.26 per diluted common share, for the first quarter of 2025.
First Quarter 2026 Financial Highlights:
•Total revenue of $286.9 million, up 8% year over year, with pre-tax pre-provision income(1) of $105.6 million, up 28% year over year.
•Net interest margin expanded 4 basis points to 3.24% compared to fourth quarter 2025, driven by an 11 basis point decline in deposit costs.
•Average total deposits increased by $103.4 million, and average noninterest-bearing deposits grew $81.2 million to 28.9% of average total deposits.
•First quarter loan production and disbursements totaled $2.1 billion, with a weighted average interest rate on production of 6.65%, supporting our balance sheet remixing and providing embedded earnings upside as higher-rate production replaces lower-yielding fixed-rate and hybrid loans.
•Average total loans increased $267.5 million.
•Total noninterest expense of $181.4 million, down 1% year over year.
•Maintained ACL coverage of 1.12% of total loans HFI.
•Repurchased $31.9 million of common stock and common equivalent stock at a weighted average price per share of $18.68.
•Growth in book value per share to $19.80 and tangible book value per share(1) to $17.77, up 9% and 10% year over year, respectively.
•Healthy capital ratios well above the regulatory thresholds for "well capitalized" banks, including a 12.54% Tier 1 capital ratio and a 10.18% CET 1 capital ratio.
___________________________________
(1)    See "- Non-GAAP Financial Measures."


58

The following table presents financial results and performance ratios for the periods indicated:
Three Months Ended
March 31, December 31, March 31,
2026 2025 2025
(Dollars in thousands, except per share data)
Earnings Summary:
Interest income $ 407,442  $ 416,948  $ 406,655 
Interest expense (155,825) (165,586) (174,291)
Net interest income 251,617  251,362  232,364 
Provision for credit losses (9,800) (12,500) (9,300)
Noninterest income 35,328  41,571  33,650 
Noninterest expense (181,391) (180,644) (183,653)
Earnings before income taxes 95,754  99,789  73,061 
Income tax expense (23,802) (22,398) (19,493)
Net earnings 71,952  77,391  53,568 
Preferred stock dividends (9,947) (9,947) (9,947)
Net earnings available to common and equivalent stockholders $ 62,005  $ 67,444  $ 43,621 
Per Common Share Data:
Diluted earnings per share (1)
 $ 0.39  $ 0.42  $ 0.26 
Performance Ratios:
Return on average assets (3)
 0.86  % 0.91  % 0.65  %
Return on average equity (3)
 8.22  % 8.79  % 6.16  %
Return on average tangible common equity (2)(3)
 9.91  % 10.75  % 7.56  %
Net interest margin (3)
 3.24  % 3.20  % 3.08  %
Yield on average loans and leases (3)
 5.74  % 5.83  % 5.90  %
Cost of average total deposits (3)
 1.78  % 1.89  % 2.12  %
Noninterest expense to total revenue (4)
 63.21  % 61.67  % 69.04  %
Efficiency ratio (2)(5)
 61.00  % 59.35  % 66.35  %
Capital Ratios (consolidated):
Common equity tier 1 capital ratio 10.18  % 10.01  % 10.45  %
Tier 1 capital ratio 12.54  % 12.34  % 12.86  %
Total capital ratio 16.55  % 16.31  % 16.93  %
Tier 1 leverage capital ratio 9.97  % 9.99  % 10.19  %
Risk-weighted assets $ 26,697,277  $ 26,997,617  $ 26,104,878 
_____________________________
(1)    Common shares include NVCE that are participating securities. There were no NVCE outstanding as of March 31, 2026.
(2)    See "Non-GAAP Financial Measures" in Item 2 of this Form 10-Q.
(3)    Annualized.
(4)    Total revenue equals the sum of NII and noninterest income.
(5)    Ratio calculated by dividing noninterest expense (less intangible asset amortization and acquisition, integration and reorganization costs) by total revenue (less gain/loss on sale of securities). See "Non-GAAP Financial Measures" in Item 2 of this Form 10-Q. Noninterest expense includes customer related expense of $23.7 million, $24.9 million and $27.8 million for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025.




59

Net Interest Income and Net Interest Margin
The following tables summarize the distribution of average assets, liabilities, and stockholders’ equity, as well as interest income and yields earned on average interest-earning assets and interest expense and rates paid on average interest-bearing liabilities, presented on a tax equivalent basis, for the periods indicated:
Three Months Ended
March 31, 2026 December 31, 2025 March 31, 2025
Interest
Yields
 Interest Yields
Interest
Yields
Average
Income/
and
 Average Income/ and
Average
Income/
and
Balance
Expense
Rates
 Balance Expense Rates
Balance
Expense
Rates
(Dollars in thousands)
ASSETS:
Loans and leases (1)
 $ 24,710,609  $ 349,943  5.74  % $ 24,443,089  $ 359,268  5.83  % $ 23,788,647  $ 346,103  5.90  %
Investment securities 5,018,002  41,873  3.38  % 4,891,281  39,557  3.21  % 4,734,037  37,862  3.24  %
Deposits in financial institutions 1,742,657  15,626  3.64  % 1,834,773  18,123  3.92  % 2,088,139  22,690  4.41  %
Total interest‑earning assets
31,471,268  407,442  5.25  % 31,169,143  416,948  5.31  % 30,610,823  406,655  5.39  %
Other assets 2,531,433  2,583,357  2,697,562 
Total assets $ 34,002,701  $ 33,752,500  $ 33,308,385 
LIABILITIES AND
STOCKHOLDERS’ EQUITY:
Interest checking $ 8,175,172  46,882  2.33  % $ 7,944,858  49,319  2.46  % $ 7,343,451  47,879  2.64  %
Money market 4,785,691  22,826  1.93  % 4,948,960  25,810  2.07  % 5,415,716  33,003  2.47  %
Savings 1,957,831  9,772  2.02  % 1,942,678  10,863  2.22  % 1,948,649  12,857  2.68  %
Time 4,510,418  40,753  3.66  % 4,570,369  43,904  3.81  % 4,498,268  46,791  4.22  %
Total interest‑bearing deposits 19,429,112  120,233  2.51  % 19,406,865  129,896  2.66  % 19,206,084  140,530  2.97  %
Borrowings 1,765,661  20,177  4.63  % 1,661,808  19,858  4.74  % 1,397,720  18,421  5.34  %
Subordinated debt 953,739  15,415  6.55  % 951,471  15,832  6.60  % 942,817  15,340  6.60  %
Total interest‑bearing liabilities 22,148,512  155,825  2.85  % 22,020,144  165,586  2.98  % 21,546,621  174,291  3.28  %
Noninterest‑bearing demand deposits
 7,890,489  7,809,326  7,714,830 
Other liabilities 415,000  428,873  522,753 
Total liabilities 30,454,001  30,258,343  29,784,204 
Stockholders’ equity 3,548,700  3,494,157  3,524,181 
Total liabilities and
stockholders' equity $ 34,002,701  $ 33,752,500  $ 33,308,385 
Net interest income $ 251,617  $ 251,362  $ 232,364 
Net interest rate spread 2.40  % 2.33  % 2.11  %
Net interest margin 3.24  % 3.20  % 3.08  %
Total deposits (2)
 $ 27,319,601  $ 120,233  1.78  % $ 27,216,191  $ 129,896  1.89  % $ 26,920,914  $ 140,530  2.12  %
Total funds (3)
 $ 30,039,001  $ 155,825  2.10  % $ 29,829,470  $ 165,586  2.20  % $ 29,261,451  $ 174,291  2.42  %
_____________________
(1)    Total loans are net of deferred fees, related direct costs, and premiums and discounts, but exclude the allowance for loan losses. Includes net loan discount accretion of $12.2 million, $12.7 million and $16.0 million for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025.
(2)    Total deposits is the sum of interest-bearing deposits and noninterest-bearing demand deposits. The cost of total deposits is calculated as annualized interest expense on total deposits divided by average total deposits.
(3)    Total funds is the sum of total interest-bearing liabilities and noninterest-bearing demand deposits. The cost of total funds is calculated as annualized total interest expense divided by average total funds.




60

First Quarter of 2026 Compared to Fourth Quarter of 2025
NII increased by $0.3 million to $251.6 million for the first quarter, up from $251.4 million for the fourth quarter. This increase was primarily driven by a $9.7 million decrease in interest expense on deposits, reflecting lower interest rates due to the full quarter impact of the federal funds rate cuts of 50 basis points in the fourth quarter and two fewer days in the quarter. Additionally, interest income from investment securities rose by $2.3 million, supported by higher average balances from security purchases and a Federal Home Loan Bank (FHLB) special dividend. These positive factors were offset partially by a $9.3 million decrease in interest income from loans, mainly due to two fewer days in the quarter and lower average yields resulting from the federal funds rate cuts. Interest income from deposits in financial institutions also declined by $2.5 million, driven by lower average balances and interest rates.
Net interest margin was 3.24% for the first quarter, up 4 basis points from 3.20% for the fourth quarter, primarily driven by lower average total cost of funds, offset partially by lower average yield on interest-earning assets. The average total cost of funds decreased to 2.10% from 2.20%, as a result of an 11 basis point decrease in the average total cost of deposits to 1.78%, and an 11 basis points decrease in the average cost of borrowings to 4.63%. The average yield on interest-earning assets decreased to 5.25% from 5.31%, as a result of a 9 basis point decrease in the average yield on loans and leases to 5.74%. Declines in both funding costs and asset yield reflect the full quarter impact of rate cuts that occurred in the fourth quarter.
Average total deposits increased by $103.4 million, with a $81.2 million increase in average noninterest-bearing deposits and $22.2 million increase in average interest-bearing deposits. Average noninterest-bearing deposits represented 28.9% of average total deposits in the first quarter, up from 28.7% in the fourth quarter.
First Quarter of 2026 Compared to First Quarter of 2025
NII increased by $19.3 million to $251.6 million for the first quarter of 2026, up from $232.4 million for the first quarter of 2025. This increase was primarily driven by a $20.3 million decrease in interest expense on deposits, reflecting lower interest rates due to federal funds rate cuts of 75 basis points toward the end of 2025. Additionally, interest income from investments increased by $4.0 million and interest income from loans and leases by $3.8 million, both due primarily to higher average balances. Interest income on investments also benefited from the FHLB special divided in the first quarter of 2026. These positive factors were offset partially by a $7.1 million decrease in interest income from deposits in financial institutions, driven by lower average balances as we maintained lower cash target level and lower yield resulting from the federal funds rate cuts.
Net interest margin was 3.24% for the first quarter of 2026, up 16 basis points from 3.08% for the first quarter of 2025. The year over year improvement was primarily driven by a 32 basis point decrease in the average total cost of funds to 2.10% from 2.42%, as a result of a 34 basis point decrease in the average total cost of deposits to 1.78%, and a 71 basis point decrease in average cost of borrowings. Declines in funding costs reflect the impact of rate cuts that occurred in 2025.
Average total deposits increased by $398.7 million year over year, with a $223.0 million increase in average interest-bearing deposits and a $175.7 million increase in average noninterest-bearing deposits. Average noninterest-bearing deposits represented 28.9% of average total deposits for the three months ended March 31, 2026, up from 28.7% for the comparable period in 2025.


61

Provision for Credit Losses
The following table sets forth the details of the provision for credit losses on loans and leases HFI and securities and information regarding credit quality metrics for the periods indicated:
Three Months Ended
March 31, December 31, March 31,
2026 2025 2025
(Dollars in thousands)
Provision For Credit Losses:
Addition to allowance for loan and lease losses $ 9,800  $ 7,800  $ 9,700 
Addition to reserve for unfunded loan commitments —  4,700  500 
Total loan-related provision 9,800  12,500  10,200 
Reduction in allowance for HTM securities —  —  (900)
Total securities-related provision —  —  (900)
Total provision for credit losses $ 9,800  $ 12,500  $ 9,300 
Credit Quality Metrics:
Net charge-offs on loans and leases HFI (1)
 $ 13,812  $ 2,689  $ 14,074 
Annualized net charge-offs to average loans and leases 0.23  % 0.04  % 0.24  %
At quarter-end:
Allowance for credit losses $ 276,521  $ 280,533  $ 264,557 
Allowance for credit losses to loans and leases HFI 1.12  % 1.12  % 1.10  %
Allowance for credit losses to nonaccrual loans and leases HFI 148.88  % 176.25  % 123.93  %
Nonaccrual loans and leases HFI $ 185,734  $ 159,168  $ 213,480 
Nonaccrual loans and leases HFI to loans and leases HFI 0.75  % 0.64  % 0.88  %
______________________
(1)    See "Balance Sheet Analysis - Allowance for Credit Losses on Loans and Leases Held for Investment" in Item 2 of this Form 10-Q for detail of charge-offs and recoveries by loan portfolio segment, class, and subclass for the periods presented.
Provisions for credit losses are charged to earnings for both on and off‑balance sheet credit exposures. The provisions for credit losses on our loans and leases HFI, AFS debt securities, and HTM debt securities are based on our allowance methodologies and are expenses that, in our judgment, are required to maintain an appropriate ACL for these assets.
First Quarter of 2026 Compared to Fourth Quarter of 2025 and First Quarter of 2025
The provision for credit losses was $9.8 million for the first quarter of 2026 compared to $12.5 million for the fourth quarter of 2025 and $9.3 million for the first quarter of 2025.
The first quarter of 2026 provision for loan losses and unfunded commitments was primarily driven by net charge off activity and changes in loan risk ratings including specific reserves, offset by lower balances in the HFI portfolio and lower qualitative reserves.
The fourth quarter of 2025 provision for loan losses and unfunded commitments was primarily driven by changes in loan risk ratings including specific reserves, and higher loan balances and unfunded commitments, offset partially by lower qualitative reserves.
The first quarter of 2025 provision for loan losses and unfunded commitments was primarily driven by net charge-off activity, offset partially by lower specific reserves and changes in portfolio mix driven by growth in loan segments with low expected credit losses.
Certain circumstances may lead to increased provisions for credit losses on loans and leases in the future. Examples of such circumstances include an increased amount of classified and/or nonaccrual loans and leases, net loan and lease and unfunded commitment growth, and changes in economic conditions and forecasts. Changes in economic conditions and forecasts include the rate of economic growth, the unemployment rate, the rate of inflation, changes in the general level of interest rates, changes in real estate values, and adverse conditions in borrowers’ businesses.
For information regarding the ACL on loans and leases HFI and HTM securities, see “Balance Sheet Analysis - Allowance for Credit Losses on Loans and Leases” and “Critical Accounting Policies and Estimates” in Item 2 Management's Discussion and Analysis, and "Note 4. Loans and Leases" in Item 1 of this Form 10-Q.


62

Noninterest Income
The following table summarizes noninterest income by category for the periods indicated:
Three Months Ended
March 31, December 31, March 31,
Noninterest Income 2026 2025 2025
(In thousands)
Commissions and fees $ 10,980  $ 9,524  $ 9,958 
Leased equipment income 8,530  16,381  10,784 
Service charges on deposit accounts 4,978  5,038  4,543 
Gain on sale of loans and leases 7  18  211 
Dividends and gains on equity investments 2,002  3,492  2,323 
Warrant income (loss) 938  361  (295)
Other 7,893  6,757  6,126 
Total noninterest income $ 35,328  $ 41,571  $ 33,650 
First Quarter of 2026 Compared to Fourth Quarter of 2025
Noninterest income decreased by $6.2 million to $35.3 million for the first quarter from $41.6 million for the fourth quarter due mainly to a $7.9 million decrease in leased equipment income, offset partially by increases of $1.5 million in commission and fees and $1.1 million in other income. The decrease in leased equipment was due mainly to higher gains on early lease terminations in the fourth quarter. The increase in other income was primarily due to a partial gain from extinguishment of debt related to the credit-linked note.
First Quarter of 2026 Compared to First Quarter of 2025
Noninterest income increased by $1.7 million to $35.3 million for the first quarter of 2026 from $33.7 million for the first quarter of 2025 due mainly to increases of $1.8 million in other income, $1.2 million in warrant income and $1.0 million in commission and fees, offset partially by a decrease of $2.3 million in leased equipment income. The increase in other income was primarily due to a partial gain from extinguishment of debt related to the credit-linked note. The increase in warrant income was driven by higher gains from warrant exercises. The decrease in leased equipment income was due mainly to lower leased equipment balances driven by lease buyouts in previous quarters.
Noninterest Expense
The following table summarizes noninterest expense by category for the periods indicated:
Three Months Ended
March 31, December 31, March 31,
Noninterest Expense 2026 2025 2025
(In thousands)
Compensation $ 91,100  $ 85,862  $ 86,417 
Customer related expense 23,737  24,870  27,751 
Occupancy 14,892  14,726  15,010 
Information technology and data processing 14,339  13,751  15,099 
Insurance and assessments 6,764  7,070  7,283 
Intangible asset amortization 6,348  6,788  7,160 
Leased equipment depreciation 5,304  6,202  6,741 
Other professional services 4,236  6,774  4,513 
Loan expense 4,292  4,445  2,930 
Other 10,379  10,156  10,749 
Total noninterest expense $ 181,391  $ 180,644  $ 183,653 


63

First Quarter of 2026 Compared to Fourth Quarter of 2025
Noninterest expense increased by $0.7 million to $181.4 million for the first quarter compared to $180.6 million for the fourth quarter due mainly to a $5.2 million increase in compensation expense, offset partially by the decrease of $2.5 million in other professional services and $1.1 million in customer related expense. The increase in compensation expense was mainly driven by seasonality, reflecting higher incentive compensation and annual reset of payroll related taxes and benefits in the first quarter. The decline in other professional services was driven by lower project spend, while customer related expenses decreased due to lower ECR payments following the federal funds rate cuts in the fourth quarter.
First Quarter of 2026 Compared to First Quarter of 2025
Noninterest expense decreased by $2.3 million to $181.4 million for the first quarter of 2026 compared to $183.7 million for the first quarter of 2025 due mainly to decreases of $4.0 million in customer related expenses and $1.4 million in leased equipment depreciation expense, offset partially by increases of $4.7 million in compensation expense. Customer related expense decreased due to lower ECR payments driven by the federal funds rate cuts in late 2025. Leased equipment expense decreased due to lower leased equipment balances driven by prior quarter leased buyouts. Compensation expense increased due to higher incentive compensation and higher salary and benefits by increased full-time equivalent employees.
Income Taxes
First Quarter of 2026 Compared to Fourth Quarter of 2025
Income tax expense of $23.8 million was recorded for the first quarter resulting in an effective tax rate of 24.9% compared to income tax expense of $22.4 million and an effective tax rate of 22.4% for the fourth quarter. The higher effective tax rate for the first quarter of 2026 is primarily due to higher forecasted pre-tax book income for 2026 while tax exempt items remain relatively consistent.
First Quarter of 2026 Compared to First Quarter of 2025
Income tax expense of $23.8 million was recorded for the first quarter of 2026 resulting in an effective tax rate of 24.9% compared to income tax expense of $19.5 million and an effective tax rate of 26.7% for the comparable period in 2025. The higher effective tax rate for the first quarter of 2025 was due primarily to a tax return to provision true-up adjustment recorded in the first quarter of 2025.
Balance Sheet Analysis
The following table provides a summary of our balance sheet highlights as of the dates indicated:
Balance Sheet Highlights March 31, 2026 December 31, 2025 Increase (Decrease)
(In thousands)
Cash and cash equivalents $ 2,217,269  $ 2,307,965  $ (90,696)
Securities AFS 2,656,332  2,454,058  202,274 
Securities HTM 2,313,548  2,308,636  4,912 
Loans HFS 259,049  182,936  76,113 
Loans and leases HFI 24,780,347  25,032,679  (252,332)
Total loans and leases 25,039,396  25,215,615  (176,219)
Total assets 34,724,241  34,797,442  (73,201)
Noninterest-bearing deposits 7,797,542  7,822,787  (25,245)
Total deposits 27,322,134  27,843,357  (521,223)
Borrowings 2,551,250  2,063,819  487,431 
Subordinated debt 954,072  952,740  1,332 
Total liabilities 31,170,915  31,256,165  (85,250)
Total stockholders' equity 3,553,326  3,541,277  12,049 


64

Securities Available-for-Sale
The following table presents the composition and durations of our AFS securities as of the dates indicated:
  March 31, 2026 December 31, 2025
Fair
% of
Duration Fair
% of
Duration
Security Type Value
Total
 (in years) Value
Total
 (in years)
  (Dollars in thousands)
Agency residential MBS $ 811,661  31  % 7.6  $ 834,085  34  % 7.6 
Agency residential CMOs 1,104,183  42  % 2.7  871,624  36  % 2.3 
Private label residential CMOs 233,184  9  % 4.2  228,975  9  % 4.4 
Collateralized loan obligations 200,374  7  % —  200,822  8  % — 
Corporate debt securities 231,958  9  % 0.9  241,596  10  % 1.0 
Agency commercial MBS 50,981  2  % 3.1  50,966  2  % 3.2 
Asset-backed securities 12,661  —  % 0.1  13,249  1  % 0.1 
Private label commercial MBS 8,270  —  % 3.1  9,279  —  % 3.1 
SBA securities 3,060  —  % 3.1  3,462  —  % 3.0 
Total securities AFS $ 2,656,332  100  % 4.0  $ 2,454,058  100  % 4.0 
AFS securities increased by $202.3 million during the first quarter to $2.7 billion at March 31, 2026 compared to $2.5 billion at December 31, 2025, due primarily to purchases of $343.4 million, offset partially by $119.8 million of principal paydowns, $10.8 million of maturities, $9.2 million decrease in the fair value of AFS securities, and $1.3 million of net amortization. As of March 31, 2026, AFS securities had aggregate unrealized net after-tax losses in AOCI of $143.3 million, up from $136.6 million at December 31, 2025, driven by higher interest rates.
Securities Held-to-Maturity
The following table presents the composition and duration of our HTM securities as of the dates indicated:
  March 31, 2026 December 31, 2025
Amortized
% of
Duration Amortized
% of
Duration
Security Type Cost
Total
 (in years) Cost
Total
 (in years)
  (Dollars in thousands)
Municipal securities $ 1,238,920  54  % 7.6 $ 1,237,792  54  % 7.5
Agency commercial MBS 448,918  19  % 4.9 447,283  19  % 5.1
Private label commercial MBS 361,672  16  % 4.6 360,382  16  % 4.8
U.S. Treasury securities 193,784  8  % 4.7 193,022  8  % 5.0
Corporate debt securities 70,949  3  % 3.8 70,852  3  % 4.0
Total securities HTM $ 2,314,243  100  % 6.2 $ 2,309,331  100  % 6.3
________________________________________
(1)    As of March 31, 2026, our municipal securities are geographically concentrated primarily in California at 26%, Texas at 22%, and Washington at 15% of total municipal securities based on amortized cost.
As of March 31, 2026, HTM securities had aggregate unrealized net after-tax losses in AOCI of $127.2 million remaining from the balance established at the time of transfer from AFS.
Loans Held for Sale
As part of our management of the loans held in our portfolio, on occasion we will transfer loans from HFI to HFS. Total loans and leases HFS increased by $76.1 million in the first quarter and totaled $259.0 million at March 31, 2026 compared to $182.9 million at December 31, 2025. The increase in loans HFS was primarily driven by a $72.1 million loan transfer during the first quarter. The loan was subsequently sold at par in April 2026.


65

Loans and Leases Held for Investment
The following table presents the composition of our loans and leases HFI by loan portfolio segment, class, and subclass as of the dates indicated:
March 31, 2026 December 31, 2025
% of
% of
Balance
Total
 Balance
Total
(Dollars in thousands)
Real Estate Mortgage:
Commercial real estate $ 3,111,475  13  % $ 3,259,164  13  %
SBA program 649,163  3  % 666,424  3  %
Hotel 332,748  1  % 389,049  1  %
Total commercial real estate mortgage 4,093,386  17  % 4,314,637  17  %
Multi-family 5,955,102  24  % 6,089,417  24  %
Residential mortgage 3,431,033  14  % 3,307,427  14  %
Investor-owned residential 22,473  —  % 32,567  —  %
Residential renovation 4,904  —  % 6,739  —  %
Total other residential real estate 3,458,410  14  % 3,346,733  14  %
Total real estate mortgage 13,506,898  55  % 13,750,787  55  %
Real Estate Construction and Land:
Commercial 364,575  2  % 379,387  2  %
Residential 1,527,754  6  % 1,568,240  6  %
Total real estate construction and land (1)
 1,892,329  8  % 1,947,627  8  %
Total real estate 15,399,227  63  % 15,698,414  63  %
Commercial:
Lender finance 1,865,117  7  % 1,623,474  6  %
Equipment finance 666,408  3  % 674,714  3  %
Premium finance 408,086  2  % 447,939  2  %
Other asset-based 269,727  1  % 204,883  1  %
Total asset-based 3,209,338  13  % 2,951,010  12  %
Equity fund loans 1,357,740  5  % 1,320,297  5  %
Venture lending 964,521  4  % 901,800  4  %
Total venture capital 2,322,261  9  % 2,222,097  9  %
Warehouse lending 1,804,612  7  % 2,100,075  8  %
Secured business loans 723,902  3  % 806,597  3  %
Other lending 972,874  4  % 897,427  4  %
Total other commercial 3,501,388  14  % 3,804,099  15  %
Total commercial 9,032,987  36  % 8,977,206  36  %
Consumer 348,133  1  % 357,059  1  %
Total loans and leases HFS $ 24,780,347  100  % $ 25,032,679  100  %
Total unfunded loan commitments $ 5,549,325  $ 5,433,357 
 ________________________________
(1)    Includes land and acquisition and development loans of $217.8 million at March 31, 2026 and $214.5 million at December 31, 2025.

Our non-deposit financial institutions ("NDFI") lending for HFI loans totaled $5.1 billion or 20.4%,as of March 31, 2026 compared to $5.1 billion, or 20.5% as of December 31, 2025, and is diversified across multiple asset classes, including warehouse lending, equity fund loans, and lender finance. The NDFI portfolio has a history of strong asset quality performance with no delinquencies, nonperforming loans, or classified loans for these respective periods.


66

The following table presents a roll forward of loans and leases HFI for the period indicated:
Roll Forward of Loans and Leases Held for Investment Three Months Ended March 31, 2026
(In thousands)
Balance, beginning of period $ 25,032,679 
Additions:
Production 843,766 
Disbursements 1,274,810 
Total production and disbursements 2,118,576 
Reductions:
Payoffs (837,426)
Paydowns (1,442,891)
Total payoffs and paydowns (2,280,317)
Sales (733)
Transfers to foreclosed assets (1,700)
Charge-offs (16,097)
Transfers to loans HFS (72,061)
Total reductions (2,370,908)
Net decrease (252,332)
Balance, end of period $ 24,780,347 
Loan Concentrations
We mitigate loan concentration risk through disciplined underwriting and approval processes that consider borrower, industry, and collateral characteristics. All loan originations and renewals are individually reviewed, with larger exposures subject to credit committee oversight. Credit risk is actively managed through ongoing borrower monitoring, covenant compliance, independent credit review, and portfolio reviews designed to identify emerging credit risks.
Total real estate loans HFI were $15.4 billion, or 63%, of our loan portfolio at March 31, 2026 and consisted of $13.5 billion of real estate mortgage loans and $1.9 billion of real estate construction and land loans, compared to $15.7 billion, or 63%, of our total loan portfolio at December 31, 2025 and consisted of $13.8 billion of real estate mortgage loans and $1.9 billion of real estate construction and loan loans. At March 31, 2026 and December 31, 2025, 70% and 71% of our real estate loans were collateralized by property in California, reflecting the concentration of our community banking operations within the state.
Allowance for Credit Losses on Loans and Leases Held for Investment
The ACL represents our estimate of CECL for loans and leases HFI and unfunded loan commitments as of the reporting date. The ACL is estimated under the CECL methodology, which incorporates historical credit loss experience, current conditions, and reasonable and supportable forecasts.
In estimating the ACL, we consider multiple forward‑looking economic scenarios, with scenario selection and weighting reflecting current economic conditions and downside risk over the reasonable and supportable forecast period. Expected losses revert to a through‑the‑cycle basis thereafter, and assumptions are reassessed quarterly based on portfolio composition, credit quality trends, and macroeconomic factors. Quantitative model outputs are supplemented by qualitative adjustments for risks not fully captured in the models, primarily related to CRE exposure, portfolio concentrations, and levels of adversely classified loans. As part of our ACL governance framework, we perform sensitivity analyses to assess the reasonableness of the allowance; however, due to the interrelated nature of key assumptions, the impact of changes in individual inputs cannot be isolated.
We believe the ACL appropriately reflects expected credit losses inherent in the portfolio as of the reporting date. Actual results may differ due to changes in economic conditions, portfolio mix, or borrower performance. For additional information regarding our ACL methodology and accounting policies, see "Note 1 – Nature of Operations and Summary of Significant Accounting Policies" in Item 8 of the Form 10‑K.


67

The following table presents information regarding the ACL on loans and leases HFI as of the dates indicated:
Allowance for Credit Losses Data
March 31, 2026 December 31, 2025
(Dollars in thousands)
Allowance for loan and lease losses $ 241,600  $ 245,612 
Reserve for unfunded loan commitments 34,921  34,921 
Total allowance for credit losses $ 276,521  $ 280,533 
Allowance for credit losses to loans and leases HFI 1.12  % 1.12  %
Allowance for loan and lease losses to nonaccrual loans and leases HFI 148.88  % 176.30  %
The following table presents the changes in our ACL on loans and leases HFI for the periods indicated:
Three Months Ended
Roll Forward of Allowance for Credit Losses March 31, December 31, March 31,
on Loans and Leases Held for Investment 2026 2025 2025
(Dollars in thousands)
Balance, beginning of period $ 280,533  $ 270,722  $ 268,431 
Provision for credit losses:
Addition to allowance for loan and lease losses 9,800  7,800  9,700 
Addition to reserve for unfunded loan commitments —  4,700  500 
Total provision for credit losses 9,800  12,500  10,200 
Loans and leases charged off:
Real estate mortgage (5,374) (2,183) (5,789)
Real estate construction and land (8,077) —  — 
Commercial (1,737) (1,750) (9,582)
Consumer (909) (1,608) (1,180)
Total loans and leases charged off (16,097) (5,541) (16,551)
Recoveries on loans and leases charged off:
Real estate mortgage 802  574  312 
Commercial 1,307  2,040  2,103 
Consumer 176  238  62 
Total recoveries on loans and leases charged off 2,285  2,852  2,477 
Net (charge-offs) recoveries (13,812) (2,689) (14,074)
Balance, end of period $ 276,521  $ 280,533  $ 264,557 
Annualized net (recoveries) charge-offs to average loans and leases 0.23  % 0.04  % 0.24  %









68

The following table presents charge-offs by loan portfolio segment, class, and subclass for the periods indicated:
Three Months Ended
March 31, December 31, March 31,
Allowance for Credit Losses Charge-offs
2026 2025 2025
(In thousands)
Real Estate Mortgage:
Commercial real estate $ —  $ —  $ 4,701 
SBA program —  —  306 
Hotel 5,100  1,685  — 
Total commercial real estate mortgage 5,100  1,685  5,007 
Residential mortgage 71  —  129 
Investor-owned residential 14  450  526 
Residential renovation 189  48  127 
Total other residential real estate 274  498  782 
Total real estate mortgage 5,374  2,183  5,789 
Real Estate Construction and Land:
Commercial 8,077  —  — 
Total real estate construction and land 8,077  —  — 
Total real estate 13,451  2,183  5,789 
Commercial:
Venture lending —  993  5,121 
Total venture capital —  993  5,121 
Secured business loans 1,426  121  524 
Other lending 311  636  3,937 
Total other commercial 1,737  757  4,461 
Total commercial 1,737  1,750  9,582 
Consumer 909  1,608  1,180 
Total charge-offs $ 16,097  $ 5,541  $ 16,551 


69

The following table presents recoveries by portfolio segment, class, and subclass for the periods indicated:
Three Months Ended
March 31, December 31, March 31,
Allowance for Credit Losses Recoveries 2026 2025 2025
(In thousands)
Real Estate Mortgage:
Commercial real estate $ 472  $ 506  $ 78 
SBA program 90  60  162 
Total commercial real estate mortgage 562  566  240 
Residential mortgage 161  6  11 
Investor-owned residential 49  2  — 
Residential renovation 30  —  61 
Total other residential real estate 240  8  72 
Total real estate mortgage 802  574  312 
Real Estate Construction and Land:
Commercial —  —  — 
Total real estate construction and land —  —  — 
Total real estate 802  574  312 
Commercial:
Premium finance 2  5  4 
Other asset-based 558  390  — 
Total asset-based 560  395  4 
Venture lending 13  216  50 
Total venture capital 13  216  50 
Secured business loans 243  115  301 
Other lending 491  1,314  1,748 
Total other commercial 734  1,429  2,049 
Total commercial 1,307  2,040  2,103 
Consumer 176  238  62 
Total recoveries $ 2,285  $ 2,852  $ 2,477 


70

Credit Quality
Nonperforming Assets, Classified Loans and Leases, and Special Mention Loans and Leases
The following table presents information on our nonperforming assets, classified loans and leases, and special mention loans and leases as of the dates indicated:
March 31, 2026 December 31, 2025
(Dollars in thousands)
Nonaccrual loans and leases HFI $ 185,734  $ 159,168 
Accruing loans contractually past due 90 days or more —  — 
Total nonperforming loans and leases 185,734  159,168 
Foreclosed assets, net 18,055  17,115 
Total nonperforming assets $ 203,789  $ 176,283 
Classified loans and leases HFI $ 842,834  $ 800,330 
Special mention loans and leases HFI 688,659  458,683 
Criticized loans and leases HFI $ 1,531,493  $ 1,259,013 
Nonaccrual loans and leases HFI to loans and leases HFI 0.75  % 0.64  %
Nonperforming assets to loans and leases HFI and foreclosed assets, net 0.82  % 0.70  %
Allowance for credit losses to nonaccrual loans and leases HFI 148.88  % 176.25  %
Classified loans and leases HFI to loans and leases HFI 3.40  % 3.20  %
Special mention loans and leases HFI to loans and leases HFI 2.78  % 1.83  %
Nonaccrual Loans and Leases Held for Investment
The following table presents our nonaccrual loans and leases HFI and accruing loans and leases past due between 30 and 89 days by loan portfolio segment and class as of the dates indicated:
March 31, 2026 December 31, 2025 Increase (Decrease)
Accruing Accruing Accruing
and 30-89 and 30-89 and 30-89
Days Past Days Past Days Past
Nonaccrual Due Nonaccrual Due Nonaccrual Due
(In thousands)
Real estate mortgage:
Commercial $ 87,548  $ 364  $ 93,334  $ 1,124  $ (5,786) $ (760)
Multi-family 13,200  22,985  3,358  32,887  9,842  (9,902)
Other residential 53,489  33,664  57,984  28,614  (4,495) 5,050 
Total real estate mortgage 154,237  57,013  154,676  62,625  (439) (5,612)
Real estate construction and land:
Commercial —  32,925  —  —  —  32,925 
Residential —  140,687  —  26,540  —  114,147 
Total real estate construction and land —  173,612  —  26,540  —  147,072 
Commercial:
Asset-based —  509  —  1,142  —  (633)
Venture capital 28,792  595  625  —  28,167  595 
Other commercial 1,642  1,068  2,510  788  (868) 280 
Total commercial 30,434  2,172  3,135  1,930  27,299  242 
Consumer 1,063  2,309  1,357  1,933  (294) 376 
Total HFI $ 185,734  $ 235,106  $ 159,168  $ 93,028  $ 26,566  $ 142,078 


71

Nonperforming loans and leases HFI increased by $26.6 million to $185.7 million at March 31, 2026 compared to $159.2 million at December 31, 2025, due mainly to additions of $54.6 million, offset partially by principal and other reductions of $20.0 million, charge-offs of $5.2 million, and transfers to accrual status of $2.8 million. As of March 31, 2026, a few of our largest loan relationships on nonaccrual status had an aggregate carrying value of $62.9 million and represented 34% of total nonaccrual loans and leases.
Loans and leases accruing and 30-89 days past due increased by $142.1 million to $235.1 million as of March 31, 2026 compared to $93.0 million at December 31, 2025, due mainly to increases of $114.1 million in residential real estate construction and land delinquent loans, $32.9 million in commercial real estate construction and land delinquent loans, and $5.1 million in other residential real estate mortgage delinquent loans, offset partially by a decrease of $9.9 million in multi-family real estate mortgage delinquent loans.
Foreclosed Assets, Net
The following table presents foreclosed assets (primarily OREO), net of the valuation allowance, by property type as of the dates indicated:
Property Type March 31, 2026 December 31, 2025
(In thousands)
Commercial real estate $ 622  $ — 
Single-family residential 17,413  17,095 
Total OREO, net 18,035  17,095 
Other foreclosed assets 20  20 
Total foreclosed assets, net $ 18,055  $ 17,115 
Foreclosed assets increased by $0.9 million to $18.1 million at March 31, 2026 compared to $17.1 million at December 31, 2025, due mainly to transfers from loans of $1.7 million, offset partially by sales of $0.7 million.
Classified and Special Mention Loans and Leases Held for Investment
The following table presents the credit risk ratings of our loans and leases HFI as of the dates indicated:
Loan and Lease Credit Risk Ratings
March 31, 2026 December 31, 2025
(In thousands)
Pass $ 23,248,854  $ 23,773,666 
Special mention 688,659  458,683 
Classified 842,834  800,330 
Total loans and leases HFI $ 24,780,347  $ 25,032,679 
Special mention and classified loans and leases fluctuated as a result of the migration in a limited number of loans within a few larger relationships within the quarter. These were largely isolated situations, reflect proactive risk management actions and the credits are supported by strong collateral and defined resolution plans.


72

The following table presents the classified and special mention credit risk rating categories for loans and leases HFI by loan portfolio segment and class and the related net changes as of the dates indicated:
March 31, 2026 December 31, 2025 Increase (Decrease)
Special Special Special
Classified Mention Classified Mention Classified Mention
(In thousands)
Real estate mortgage:
Commercial $ 284,897  $ 119,711  $ 297,606  $ 126,998  $ (12,709) $ (7,287)
Multi-family 239,739  82,083  166,385  216,286  73,354  (134,203)
Other residential 53,587  —  58,202  —  (4,615) — 
Total real estate mortgage 578,223  201,794  522,193  343,284  56,030  (141,490)
Real estate construction and land:
Commercial 32,925  —  52,828  —  (19,903) — 
Residential —  363,100  2,982  10,714  (2,982) 352,386 
Total real estate construction and land 32,925  363,100  55,810  10,714  (22,885) 352,386 
Commercial:
Asset-based 35,473  10,792  36,732  7,180  (1,259) 3,612 
Venture capital 172,496  103,592  171,847  64,577  649  39,015 
Other commercial 22,410  4,374  12,143  27,689  10,267  (23,315)
Total commercial 230,379  118,758  220,722  99,446  9,657  19,312 
Consumer 1,307  5,007  1,605  5,239  (298) (232)
Total $ 842,834  $ 688,659  $ 800,330  $ 458,683  $ 42,504  $ 229,976 
Classified loans and leases increased by $42.5 million to $842.8 million at March 31, 2026 compared to $800.3 million at December 31, 2025, due mainly to increases of $73.4 million in multi-family real estate mortgage loans and $10.3 million in other commercial loans, offset partially by decreases of $19.9 million in CRE construction and land loans, $12.7 million in CRE mortgage loans, and $4.6 million in other residential real estate mortgage loans.
Special mention loans and leases increased by $230.0 million to $688.7 million at March 31, 2026 compared to $458.7 million at December 31, 2025, due mainly to increases of $352.4 million in residential real estate construction and land loans and $39.0 million in venture capital loans, offset partially by decreases of $134.2 million in multi-family real estate mortgage loans, $23.3 million in other commercial loans, and $7.3 million in CRE mortgage loans.



73

Deposits
The following table presents the composition of our deposits portfolio by account type as of the dates indicated:
March 31, 2026 December 31, 2025
% of
% of
 Increase
Deposit Type Balance
Total
 Balance
Total
 (Decrease)
(Dollars in thousands)
Noninterest-bearing checking $ 7,797,542  29  % $ 7,822,787  28  % $ (25,245)
Interest-bearing:
Checking 8,178,485  30  % 8,509,587  30  % (331,102)
Money market 4,643,349  17  % 4,917,857  18  % (274,508)
Savings 1,991,010  7  % 1,905,863  7  % 85,147 
Time:
Non-brokered 2,149,564  8  % 2,254,293  8  % (104,729)
Brokered 2,562,184  9  % 2,432,970  9  % 129,214 
Total time deposits 4,711,748  17  % 4,687,263  17  % 24,485 
Total interest-bearing 19,524,592  71  % 20,020,570  72  % (495,978)
Total deposits $ 27,322,134  100  % $ 27,843,357  100  % $ (521,223)
Total deposits decreased by $521.2 million to $27.3 billion at March 31, 2026 compared to $27.8 billion at December 31, 2025. Interest-bearing deposits decreased due mainly to lower balances in checking accounts of $331.1 million and lower money market accounts of $274.5 million, offset partially by higher saving accounts of $85.1 million and higher brokered and non-brokered time deposits of $24.5 million. At March 31, 2026, noninterest-bearing deposits totaled $7.8 billion, or 29%, of total deposits, and interest-bearing deposits totaled $19.5 billion, or 71%, of total deposits, compared to noninterest-bearing deposits of $7.8 billion, or 28% of total deposits, and interest-bearing deposits of $20.0 billion, or 72% of total deposits, at December 31, 2025.
The following table presents time deposits based on the $250,000 FDIC insured limit as of the dates indicated:
March 31, 2026 December 31, 2025
% of
% of
Total
Total
Time Deposits Balance Deposits Balance Deposits
(Dollars in thousands)
Time deposits $250,000 and under $ 3,765,024  14  % $ 3,669,523  13  %
Time deposits over $250,000 946,724  3  % 1,017,740  4  %
Total time deposits $ 4,711,748  17  % $ 4,687,263  17  %
As of March 31, 2026, FDIC-insured deposits represented approximately 70% of total deposits, down from 71% as of December 31, 2025.


74

The following table summarizes the maturities of time deposits as of the date indicated:
Time Deposits
$250,000
Over
March 31, 2026
and Under
$250,000
Total
(In thousands)
Maturities:
Due in three months or less $ 1,293,379  $ 338,398  $ 1,631,777 
Due in over three months through six months 751,781  309,456  1,061,237 
Due in over six months through 12 months 1,474,030  222,022  1,696,052 
Total due within 12 months 3,519,190  869,876  4,389,066 
Due in over 12 months through 24 months 240,857  72,967  313,824 
Due in over 24 months 4,977  3,881  8,858 
Total due over twelve months 245,834  76,848  322,682 
Total $ 3,765,024  $ 946,724  $ 4,711,748 
Client Investment Funds
In addition to deposit products, we also offer alternative, non-depository corporate treasury solutions for clients to invest excess liquidity. These off-balance sheet client funds totaled $1.2 billion at March 31, 2026 and $1.2 billion at December 31, 2025.
Borrowings
The following table summarizes our borrowings as of the dates indicated:
March 31, 2026 December 31, 2025
Weighted Weighted
Average Average
Balance Rate Balance Rate
(Dollars in thousands)
FHLB secured advances $ 2,000,000  3.91  % $ 1,710,185  3.90  %
Other short-term borrowings 440,000  3.68  % 240,000  3.69  %
Credit-linked notes 111,250  14.41  % 113,634  14.63  %
Total borrowings, net $ 2,551,250  4.33  % $ 2,063,819  4.47  %

Borrowings increased by $487.4 million to $2.6 billion at March 31, 2026 compared to $2.1 billion at December 31, 2024, due to higher FHLB secured advances and other short-term borrowings. We utilized these borrowings to manage liquidity needs, including, but not limited to, funding asset growth, accommodating liability maturities and deposit withdrawals, and supporting business operations.
Subordinated Debt
Subordinated debt increased by $1.3 million to $954.1 million at March 31, 2026 compared to $952.7 million at December 31, 2025, due primarily to the accretion of the acquisition discount on acquired subordinated debt, offset partially by the lower valuation of the Euribor-based subordinated debt. At March 31, 2026, $131.0 million of subordinated debt was included in the Company's Tier I capital and $792.9 million was included in Tier II capital.
On May 1, 2026, the Company redeemed all $385 million outstanding aggregate principal amount of its 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031 originally issued by Pacific Western Bank. For more information see “Note 17. Subsequent Events” in Item 1 of this Form 10‑Q.


75

Regulatory Matters
Capital
Bank regulatory agencies measure capital adequacy through standardized risk-based capital guidelines that compare different levels of capital (as defined by such guidelines) to risk-weighted assets and off-balance sheet obligations.
Regulatory capital requirements limit the amount of DTAs that may be included when determining the amount of regulatory capital. DTA amounts in excess of the calculated limit are disallowed from regulatory capital. At March 31, 2026, such disallowed amounts were $315.7 million for the Company and $291.4 million for the Bank. No assurance can be given that the regulatory capital DTA limitation will not increase in the future or that the Company and the Bank will not have increased DTAs that are disallowed.
Basel III currently requires all banking organizations to maintain a 2.50% capital conservation buffer above the minimum risk-based capital requirements to avoid certain limitations on capital distributions, stock repurchases and discretionary bonus payments to executive officers. The capital conservation buffer is exclusively comprised of CET1 capital, and it applies to each of the three risk-based capital ratios but not to the leverage ratio. Effective January 1, 2019, the CET1, Tier 1, and Total capital ratio minimums inclusive of the capital conservation buffer were 7.00%, 8.50%, and 10.50%. At March 31, 2026, the Company and the Bank were in compliance with the capital conservation buffer requirements.
The following tables present a comparison of our actual capital ratios to the minimum required ratios and well capitalized ratios as of the dates indicated:
Minimum Required
For Capital For Capital For Well
Adequacy Conservation Capitalized
March 31, 2026 December 31, 2025 Purposes Buffer Classification
Banc of California, Inc.:
Tier 1 leverage capital ratio 9.97% 9.99% 4.00% N/A N/A
CET1 capital ratio 10.18% 10.01% 4.50% 7.00% N/A
Tier 1 capital ratio 12.54% 12.34% 6.00% 8.50% 6.00%
Total capital ratio 16.55% 16.31% 8.00% 10.50% 10.00%
Banc of California:
Tier 1 leverage capital ratio 10.73% 10.65% 4.00% N/A 5.00%
CET1 capital ratio 13.50% 13.15% 4.50% 7.00% 6.50%
Tier 1 capital ratio 13.50% 13.15% 6.00% 8.50% 8.00%
Total capital ratio 15.97% 15.61% 8.00% 10.50% 10.00%
The Company's consolidated risk-based capital ratios increased during the three months ended March 31, 2026 due mainly to the effect of positive earnings for the period, offset partially by stock purchases, dividends and lower loan balances. The consolidated Tier 1 leverage ratio decreased during the three months ended March 31, 2026 due mainly to the impact of higher average assets, offset partially by earnings.
Dividends on Common Stock and Interest on Subordinated Debt
As a bank holding company, Banc of California, Inc. is required to notify and receive approval from the FRB prior to declaring and paying a dividend to common stockholders during any period in which quarterly and/or cumulative twelve-month net earnings are insufficient to fund the dividend amount, among other requirements. Interest payments made on subordinated debt are considered dividend payments under FRB regulations. We may not pay a dividend if the FRB objects or until such time as we receive approval from the FRB or we no longer need to provide notice under applicable regulations. The Company currently is required to receive FRB approval to declare or pay a dividend to stockholders. Further, if the Company defaults or elects to defer the interest payments on its subordinated debt, it is restricted from paying dividends on its Series F preferred and common stock.


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Dividends on Preferred Stock
The Company's ability to pay dividends on the Series F preferred stock depends on the ability of the Bank to pay dividends to the holding company. The ability of the Company and the Bank to pay dividends in the future is subject to bank regulatory requirements, including capital regulations and policies established by the FRB and the DFPI, as applicable. Dividends on the Series F preferred stock will not be declared, paid, or set aside for payment to the extent such act would cause us to fail to comply with applicable laws and regulations, including applicable FRB capital adequacy regulations and policies.
Dividends on the Series F preferred stock are not cumulative or mandatory. If the Company's Board of Directors does not declare a dividend on the Series F preferred stock in respect of a dividend period, then no dividend shall be deemed to be payable for such dividend period or be cumulative, and the Company will have no obligation to pay any dividend for that dividend period, whether or not the Board of Directors declares a dividend on the Series F preferred stock or any other class or series of its capital stock for any future dividend period. However, if dividends on the Series F preferred stock have not been declared or paid for the equivalent of six dividend payments, whether or not for consecutive dividend periods, holders of the outstanding shares of Series F preferred stock, together with holders of any other series of the Company's preferred stock ranking equal with the Series F preferred stock with similar voting rights, will generally be entitled to vote for the election of two additional directors. Additionally, so long as any share of Series F preferred stock remains outstanding, unless dividends on all outstanding shares of Series F preferred stock for the most recently completed dividend period have been paid in full or declared and a sum sufficient for the payment thereof has been set aside for payment, no dividend shall be declared or paid or set aside for payment and no distribution shall be declared or made or set aside for payment on the Company's common stock.
Liquidity
Liquidity Management
Liquidity is the ongoing ability to accommodate liability maturities and deposit withdrawals, fund asset growth and business operations, and meet contractual obligations through unconstrained access to funding at reasonable market rates. Liquidity management involves forecasting funding requirements and maintaining sufficient capacity to meet the needs and accommodate fluctuations in asset and liability levels due to changes in the Company’s business operations or unanticipated events.
We have a Management Finance Committee ("MFC") that is comprised of members of senior management and is responsible for managing commitments to meet the needs of customers while achieving our financial objectives. MFC meets regularly to review funding capacities, current and forecasted loan demand, and investment opportunities.
We manage our liquidity by maintaining pools of liquid assets on-balance sheet, consisting of cash and receivables due from banks, interest-earning deposits in other financial institutions, and unpledged AFS securities, which we refer to as our primary liquidity. We also maintain available borrowing capacity under secured credit lines with the FHLB and the FRBSF, which we refer to as our secondary liquidity.
As a member of the FHLB, the Bank had secured borrowing capacity with the FHLB of $6.9 billion at March 31, 2026, offset partially by $476.0 million pledged for letters of credit and a balance outstanding of $2.0 billion as of that date. The FHLB secured credit line was collateralized by a blanket lien on $10.1 billion of certain qualifying loans and $19.8 million of securities. The Bank also had secured borrowing capacity with the FRBSF under the Discount Window program totaling $5.3 billion at March 31, 2026, of which $5.3 billion was available. The FRBSF Discount Window secured credit line was collateralized by liens on $5.0 billion of qualifying loans and $1.4 billion of pledged securities.
In addition to its secured lines of credit with the FHLB and FRBSF, the Bank also had credit limits of $215.0 million in the aggregate with several commercial banks, as well as borrowing arrangements with unaffiliated financial institutions that provide for the purchase of overnight funds or other short-term borrowings. The availability of these unsecured borrowings fluctuates regularly and is subject to the discretion of the counterparties. As of March 31, 2026, the Bank had $440.0 million outstanding under these arrangements. Additionally, the holding company has a $100.0 million unsecured revolving line of credit. As of March 31, 2026, there was no balance outstanding.


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The following tables provide a summary of the Company's primary and secondary liquidity levels at the dates indicated:
Primary Liquidity - On-Balance Sheet March 31, 2026 December 31, 2025
(Dollars In thousands)
Cash and due from banks $ 214,120 $ 181,103
Interest-earning deposits in financial institutions 2,003,149 2,126,862
Total cash, cash equivalents, and restricted cash 2,217,269 2,307,965
Less: Restricted cash (169,418) (170,229)
Add: Securities AFS, at fair value 2,656,332 2,454,058
Add: Allowance on securities AFS 775 775
Less: Pledged securities AFS, at fair value (3,060) (3,463)
Less: Haircut on securities AFS (189,663) (183,265)
Total primary liquidity $ 4,512,235 $ 4,405,841
Ratio of primary liquidity to total assets 13.0  % 12.7  %

Secondary Liquidity - Off-Balance Sheet
Available Secured Borrowing Capacity March 31, 2026 December 31, 2025
(In thousands)
Total secured borrowing capacity with the FHLB $ 6,921,590  $ 6,949,898 
Less: Letters of credit (475,965) (514,091)
Less: Secured advances outstanding (2,000,000) (1,710,185)
Available secured borrowing capacity with the FHLB 4,445,625  4,725,622 
Available secured borrowing capacity with the FRBSF 5,275,237  5,044,040 
Total secondary liquidity $ 9,720,862  $ 9,769,662 
The Company's primary liquidity increased by $106.4 million to $4.5 billion at March 31, 2026 compared to $4.4 billion at December 31, 2025, due mainly to an increase of $202.3 million in AFS securities, offset partially by a decrease of $90.7 million in total cash and cash equivalents excluding restricted cash. We also include certain unencumbered HTM securities in our internal liquidity stress test buffer which are not included in our primary liquidity. The Company's secondary liquidity decreased by $48.8 million to $9.7 billion at March 31, 2026 compared to $9.8 billion at December 31, 2025, due to a decrease in available borrowing capacity at the FHLB of $280.0 million, offset partially by the increase in available secured borrowing capacity with the FRB of $231.2 million. At March 31, 2026, total available liquidity was $14.2 billion, which exceeded uninsured and uncollateralized deposits of $7.8 billion.
Obtaining new customer deposits, or having existing customers increase their deposit balances with us, are the primary sources of funding for our operations and is one of the highest priorities of the Company. See "- Balance Sheet Analysis - Deposits" for additional information and detail of our deposits. Additionally, we fund our operations with cash flows from our loan and securities portfolios.
Our deposit balances may decrease if customers withdraw funds from the Bank. In order to address the Bank’s liquidity risk from fluctuating deposit balances, the Bank maintains adequate levels of available liquidity on and off the balance sheet.
We use brokered deposits, the availability of which is uncertain and subject to competitive market forces and regulations, for liquidity management purposes. At March 31, 2026, brokered deposits totaled $2.8 billion, consisting of $2.6 billion of brokered time deposits and $0.2 billion of non-maturity brokered accounts. At December 31, 2025, brokered deposits totaled $2.9 billion, consisting of $2.4 billion of brokered time deposits and $0.5 billion of non-maturity brokered accounts.
Our Liquidity Management Policy establishes guidelines aligned with the Company's Risk Appetite Framework and includes a range of liquidity and funding concentration metrics designed to monitor balance sheet strength, funding stability, and available liquidity resources. These measures incorporate assessments of on-balance sheet liquidity, contingent funding capacity, and the composition of funding sources. As of March 31, 2026, the Bank was in compliance with all applicable liquidity and funding concentration guidelines.


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Holding Company Liquidity
Banc of California, Inc. acts as a source of financial strength for the Bank which can also include being a source of liquidity. The primary sources of liquidity for the holding company include dividends from the Bank, intercompany tax payments from the Bank, and Banc of California, Inc.'s ability to raise capital, issue subordinated and senior debt, and secure outside borrowings. Banc of California, Inc.'s ability to obtain funds for the payment of dividends to our stockholders, the repurchase of shares of common stock and preferred stock, and other cash requirements is largely dependent upon the Bank’s earnings. The Bank is subject to restrictions under certain federal and state laws and regulations that limit its ability to transfer funds to the holding company through intercompany loans, advances, or cash dividends. Banc of California, Inc.'s ability to pay dividends is also subject to the restrictions set forth by the FRB, and by certain covenants contained in our subordinated debt. See "- Regulatory Matters - Dividend on Preferred Stock" for information regarding the payment of dividends on the Series F preferred stock.
On December 23, 2024, Banc of California, Inc. entered into an unsecured revolving line of credit agreement as a borrower for $50.0 million. On March 17, 2025, the Company executed an amendment to the credit agreement that increased the Company's unsecured revolving line of credit to $100.0 million. As of March 31, 2026 and December 31, 2025, there was no balance outstanding.
On March 23, 2026, we announced the extension of the Company’s existing $300 million stock repurchase program, which had been scheduled to expire in March 2026, through March 16, 2027. During the first quarter of 2026, the Company repurchased a total of approximately 1.7 million shares of common and common equivalent stock for $31.9 million, at a weighted-average price of $18.68 per share. As of March 31, 2026, the Company had $82.6 million remaining under the stock repurchase authorization. For further information on the stock repurchase program, see "Note 14. Stockholders' Equity", in Item 1 of this Form 10-Q.
At March 31, 2026, Banc of California, Inc. had $146.4 million in cash and cash equivalents, of which a substantial amount was on deposit at the Bank. We believe this amount of cash, along with anticipated future dividends from the Bank, will be sufficient to fund the holding company’s cash flow needs over the next 12 months.
Commitments and Contingencies
Our obligations also include off-balance sheet arrangements consisting of loan commitments, of which only a portion is expected to be funded, and standby letters of credit. At March 31, 2026, our loan commitments and standby letters of credit were $5.5 billion and $255.8 million. The loan commitments, a portion of which will eventually result in funded loans, increase our profitability through NII when drawn and unused commitment fees prior to being drawn. We manage our overall liquidity taking into consideration funded and unfunded commitments as a percentage of our liquidity sources. Our liquidity sources, as described in "Liquidity - Liquidity Management," have been and are expected to be sufficient to meet the cash requirements of our lending activities. For further information on loan commitments, see "Note 10. Commitments and Contingencies", in Item 1 of this Form 10-Q.


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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
This analysis should be read in conjunction with text under the caption "Quantitative and Qualitative Disclosures About Market Risk" in our Annual Report on Form 10-K for the year ended December 31, 2025, which text is incorporated herein by reference. Our analysis of market risk and market-sensitive financial information contains forward-looking statements and is subject to the disclosure at the beginning of Item 2 regarding such forward-looking information.
Market Risk - Foreign Currency Exposure
We enter into foreign exchange contracts with our clients and counterparty banks primarily for the purpose of offsetting or hedging clients' foreign currency exposures arising out of commercial transactions, and we enter into cross currency swaps and foreign exchange forward contracts to hedge exposures to loans and debt instruments denominated in foreign currencies. We have experienced and will continue to experience fluctuations in our net earnings as a result of transaction gains or losses related to revaluing certain asset and liability balances that are denominated in currencies other than the U.S. Dollar and the derivatives that hedge those exposures. As of March 31, 2026, the U.S. Dollar notional amounts of loans receivable and subordinated debt payable denominated in foreign currencies were $70.2 million and $29.8 million, and the U.S. Dollar notional amounts of derivatives outstanding to hedge these foreign currency exposures were $71.7 million and $29.9 million. We recognized a foreign currency translation net gain of $0.1 million for the three months ended March 31, 2026 and a foreign currency translation net loss of $0.3 million for the three months ended March 31, 2025.
Asset/Liability Management and Interest Rate Sensitivity
Interest Rate Risk - Company Governance. On at least a quarterly basis, we measure our IRR position using two methods: (i) NII simulation analysis and (ii) EVE modeling. The Management Finance Committee ("MFC") and the Finance Committee of the Company's Board of Directors review the results of these analyses at least quarterly. As discussed in more detail below, if projected changes to interest rates cause changes to our simulated net present value of equity and/or NII to be outside our pre-established IRR limits, we may adjust our asset and liability mix in an effort to bring our IRR exposure within our established limits.
The pre-established IRR limits are recommended by management, determined based on analytical review and available peer data published by regulatory agencies about the IRR limits utilized by other regional banks, and documented in the Company's Asset Liability Management Policy. The policy is approved by MFC and the Finance Committee of the Board of Directors annually. We believe our IRR limits are consistent with prevailing practice in the regional banking industry.
We use a balance sheet simulation model (the "IRR Model") to estimate changes in NII and EVE that would result from immediate and sustained changes in interest rates as of the measurement date. This IRR Model assesses the changes in NII and EVE that would occur in response to an instantaneous and sustained increase and decrease in market interest rates of +-100, +-200, +-300, and +-400 basis points. This model is an IRR management tool, and the results are not necessarily an indication of our future NII. The IRR Model has inherent limitations and the model's results are based on a given set of rate changes and assumptions at a single point in time.
The IRR Model is updated at least quarterly, and the IRR Model results are reported to MFC and the Finance Committee of the Company's Board of Directors at each monthly or quarterly meeting, as applicable.
Our Risk When Interest Rates Change. The rates of interest we earn on assets and pay on liabilities generally are established contractually for a period of time, except for non-maturity deposits. Market interest rates change over time. Accordingly, our results of operations, like those of other financial institutions, are impacted by changes in interest rates and the interest rate sensitivity of our assets and liabilities. The risk associated with changes in interest rates and our ability to adapt to these changes is known as IRR and is our most significant market risk.
How We Measure Our Risk of Interest Rate Changes. As part of our attempt to manage our exposure to changes in interest rates and comply with applicable regulations, we have established asset/liability committees to monitor our IRR. In monitoring IRR, we continually analyze and manage assets and liabilities based on their payment streams and interest rates, the timing of their maturities and/or prepayments, and their sensitivity to actual or potential changes in market interest rates.


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The MFC is comprised of select members of senior management. The Company also has a Finance Committee of the Boards of Directors of the Company and the Bank (together with MFC, the “ALCOs”). In order to manage the risk of potential adverse effects of material and prolonged or volatile changes in interest rates on our results of operations, we have adopted asset/liability management policies to align maturities and repricing terms of interest-earning assets to interest-bearing liabilities. The asset/liability management policies establish guidelines for the volume and mix of assets and funding sources taking into account relative costs and spreads, interest rate sensitivity and liquidity needs, while management monitors adherence to those guidelines with oversight by the ALCOs. The objectives are to manage assets and funding sources to produce results that are consistent with liquidity, capital adequacy, growth, risk, and profitability goals. The ALCOs meet no less than quarterly to review, among other things, economic conditions and interest rate outlook, current and projected liquidity needs and capital position, anticipated changes in the volume and mix of assets and liabilities and IRR exposure limits versus current projections pursuant to our EVE analysis.
In order to manage our assets and liabilities and achieve the desired liquidity, credit quality, IRR, profitability, and capital targets, we evaluate various strategies. These include complementing our current loan origination platform through strategic acquisitions of whole loans, strategically managing multiple warehouse relationships, and originating shorter-term consumer loans. We also actively manage the level of investments and duration of investment securities, and focus on establishing stable deposit relationships. Additionally, we utilize certain derivatives such as interest rate swaps and collars as hedges to align maturities and repricing terms.
At times, depending on the level of general interest rates, the relationship between long- and short-term interest rates, market conditions and competitive factors, the ALCOs may decide to increase our IRR position within the asset/liability tolerance set forth by our Board of Directors. As part of its procedures, the ALCOs regularly review IRR by forecasting the impact of alternative interest rate environments on NII and our EVE.
Interest Rate Sensitivity of Economic Value of Equity and Net Interest Income
IRR results from our banking activities and is the primary market risk for us. IRR is caused by the following factors:
•Repricing risk - timing differences in the repricing and maturity of interest-earning assets and interest-bearing liabilities;
•Option risk - changes in the expected maturities of assets and liabilities, such as borrowers’ ability to prepay loans and depositors’ ability to redeem certificates of deposit before maturity;
•Yield curve risk - changes in the yield curve where interest rates increase or decrease in a nonparallel fashion; and
•Basis risk - changes in spread relationships between different yield curves, such as U.S. Treasuries, U.S. Prime Rate, and SOFR.
Since our earnings are primarily dependent on our ability to generate NII, we focus on actively monitoring and managing the effects of adverse changes in interest rates on our NII. Management of our IRR is overseen by the Finance Committee of the Boards of Directors of the Company and Bank, which delegates the day-to-day management of IRR to the MFC. MFC ensures that the Bank is following the appropriate and current regulatory guidance in the formulation and implementation of our IRR program. The Finance Committee of the Boards of Directors of the Company and the Bank reviews the results of our IRR modeling at least quarterly to ensure that we have appropriately measured our IRR, mitigated our exposures appropriately and any residual risk is acceptable. In addition to our annual review of our Asset Liability Management policy, our Board of Directors periodically reviews the IRR policy limits.
IRR management is an ongoing process that monitors loan and deposit flows, along with investment and funding activities. Effective IRR management begins with understanding the repricing characteristics of our assets and liabilities and estimating an appropriate risk posture based on forecasts, objectives, market expectations, and policy constraints.
IRR exposure is measured using several tools, including a simulation model that performs interest rate sensitivity under multiple scenarios. The model reflects the actual maturities and re-pricing characteristics of interest rate sensitive assets and liabilities and includes instantaneous parallel interest rate shocks. Results are evaluated using two metrics: NII at Risk and EVE. NII at Risk estimates the impact of rate changes on NII using assumptions for assets, liabilities, and derivatives.
The NII simulation estimates changes in NII over the next twelve months from immediate and sustained rate changes as of March 31, 2026. The analysis assumes a static balance sheet with no growth or product mix changes. This model is a risk management tool and does not necessarily predict future NII.
EVE measures the present value of assets minus liabilities and assesses changes in the economic value under various interest rate scenarios. Unlike the NII approach, EVE captures the impact of all anticipated cash flows and provides a longer-term perspective.


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A balance sheet is considered “asset sensitive” when an increase in short-term interest rates is expected to expand our NII, as rates earned on our interest-earning assets reprice higher at a pace faster than rates paid on our interest-bearing liabilities. Conversely, the balance sheet is considered “liability sensitive” when an increase in short-term interest rates is expected to compress our NII, as rates paid on our interest-bearing liabilities reprice higher at a pace faster than rates earned on our interest-earning assets.
At both March 31, 2026 and December 31, 2025, our IRR profile remained close to "neutral." This position reflects our balanced composition of repricing assets and beta-adjusted repricing deposits and other interest-bearing liabilities over the course of the next twelve months. Given the uncertainty of the magnitude, timing, and direction of future interest rate movements, as well as the shape of the yield curve, actual results may vary materially from those predicted by our model.
The following table presents the projected change in the Company’s EVE at March 31, 2026 and NII over the next twelve months, which would occur upon an immediate change in interest rates, but without giving effect to any steps that management might take to counteract that change:

Change in Interest Rates in Basis Points (bps) (1)
Economic Value of Equity Net Interest Income
Amount Percentage Amount Percentage
March 31, 2026 Amount Change Change Amount Change Change
(Dollars in millions)
+200 bps $ 4,859  $ (535) (9.9) % $ 1,055  $ 14  1.3  %
+100 bps $ 5,197  $ (197) (3.6) % $ 1,049  $ 8  0.8  %
0 bps $ 5,394  $ 1,041 
-100 bps $ 5,500  $ 106  2.0  % $ 1,039  $ (2) (0.2) %
-200 bps $ 5,543  $ 149  2.8  % $ 1,041  $ (1) (0.1) %
____________________
(1)Assumes an instantaneous uniform change in interest rates at all maturities and no rate shock has a rate lower than zero percent.
Earnings-at-Risk
In addition to IRR associated with NII, certain noninterest expense items are also sensitive to changes in market interest rates. One such item is the cost of ECRs provided on certain deposit accounts, primarily those associated with our Homeowners Association business. ECRs comprise most of our customer related expense and fluctuate in response to changes in short term rates and can therefore influence the Company's overall earnings sensitivity profile. We expect that a declining interest rate environment would reduce ECR costs and thereby reduce noninterest expense, conversely, when interest rates rise, ECR costs would also rise, thereby increasing noninterest expense. The Company's Earnings-at-Risk modeling incorporates the impact of these rate-sensitive noninterest expenses, in addition to interest income and expense, to assess the effect of interest rate movements on projected earnings over a twelve-month horizon.
As of March 31, 2026, client deposits eligible for ECRs totaled approximately $3.8 billion. Taking into account the rate sensitivity of ECRs, which are primarily attributable to such deposits, the Company's overall earnings profile would be considered "liability sensitive." During the second quarter of 2025, the Company also entered into interest rate collars with a notional value of $1.0 billion to mitigate the risk of increasing interest expense if short term interest rates increase. For further information on the interest rate collars, see "Note 9. Derivatives", in Item 1 of this Form 10-Q.


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ITEM 4. CONTROLS AND PROCEDURES
Evaluation of disclosure controls and procedures
Our Chief Executive Officer and Chief Financial Officer have evaluated our disclosure controls and procedures as of March 31, 2026 and have concluded that these disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms. These disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports we file or submit is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting that occurred during the first quarter of 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The information set forth in "Note 10. Commitments and Contingencies" in Item 1 of this Form 10-Q is incorporated herein by reference
In addition, in the ordinary course of our business, we are party to various legal actions, which we believe are incidental to the operation of our business. The outcome of such legal actions and the timing of ultimate resolution are inherently difficult to predict. In the opinion of management, based upon information currently available to us, any resulting liability, in addition to amounts already accrued, and taking into consideration insurance which may be applicable, would not have a material adverse effect on the Company’s financial statements or operations.
ITEM 1A. RISK FACTORS
For information regarding factors that could affect the Company's results of operations, financial condition, and liquidity, see the risk factors disclosed in the "Risk Factors" section of our Form 10-K. See also "Forward-Looking Information" disclosed in Part I, Item 2 of this Quarterly Report on Form 10-Q. There have been no material changes to the risk factors previously disclosed in our Form 10-K.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table sets forth information regarding repurchases of shares of our common stock during the three months ended March 31, 2026:
Total Total Number of Approximate Dollar
Number of Average Shares Purchased Value of Shares That
Shares Price Paid as Part of Publicly May Yet Be Purchased
Period
Purchased (1)
 Per Share
Announced Program (2)
Under the Program (2)
(Dollars in thousands, except per share amounts)
January 1 - January 31, 2026
 —  $ —  —  $ 114,502 
February 1 - February 28, 2026
 1,286,001  $ 19.80  1,000,000  $ 94,502 
March 1 - March 31, 2026
 715,863  $ 16.84  709,935  $ 82,559 
Total 2,001,864  $ 18.74  1,709,935 
__________________________
(1)    Includes shares repurchased pursuant to net settlement by employees in satisfaction of income tax withholding obligations incurred through the vesting of Company stock awards, and shares repurchased pursuant to the Company's publicly announced Stock Repurchase Program described in (2) below.
(2)    On March 23, 2026, the Company announced that its Board of Directors extended its $300.0 million stock repurchase program through March 16, 2027. Pursuant to this program, the Company may repurchase common stock, common equivalent stock and depository shares representing its preferred stock from time to time in open market transactions, in block transactions on or off an exchange, in privately negotiated transactions, or by other means as determined by the Company's management and in accordance with the regulations of the SEC. The program may be changed, suspended, or discontinued at any time.


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ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
Trading Arrangements
During the quarter ended March 31, 2026, none of our directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (in each case, as defined in Item 408 of Regulation S-K) for the purchase or sale of the Company’s securities.
ITEM 6. EXHIBITS
Exhibit Number Description
2.1
3.1
3.2
10.1
31.1
31.2
32.1+
32.2+
101
104
Cover page of Banc of California, Inc.'s Quarterly Report on Form 10-Q formatted as Inline XBRL and contained in Exhibit 101.
__________________
+    This exhibit shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933, as amended, or the Exchange Act.

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


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

  BANC OF CALIFORNIA, INC.
Date: May 8, 2026
/s/ Jared M. Wolff
 
Jared M. Wolff
  Chairman of the Board of Directors,
Chief Executive Officer and President
(Principal Executive Officer)

Date: May 8, 2026
/s/ Joseph Kauder
 
Joseph Kauder
  Executive Vice President, and Chief Financial Officer
(Principal Financial Officer)

Date: May 8, 2026
/s/ Karen Hon
 
Karen Hon
  Executive Vice President, Deputy Chief Financial Officer
 and Chief Accounting Officer
(Principal Accounting Officer)



















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EX-10.1 2 a03312610-qexhibit101.htm EX-10.1 a03312610-qexhibit101
SECOND AMENDED AND RESTATED BANC OF CALIFORNIA, INC. 2018 OMNIBUS STOCK INCENTIVE PLAN Section 1. Purpose; Definitions The purpose of this Plan is to give the Company a competitive advantage in attracting, retaining and motivating officers, employees, directors and/or consultants and to provide the Company and its Subsidiaries and Affiliates with a long-term incentive plan providing incentives directly linked to stockholder value. Certain terms used herein have definitions given to them in the first place in which they are used. In addition, for purposes of this Plan, the following terms are defined as set forth below: (a) “Affiliate” means a corporation or other entity controlled by, controlling or under common control with the Company. (b) “Applicable Exchange” means the New York Stock Exchange or such other securities exchange as may at the applicable time be the principal market for the Common Stock. (c) “Award” means an Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Unit or Other Stock-Based Award granted pursuant to the terms of this Plan. (d) “Award Agreement” means a written or electronic agreement, contract or other instrument or document setting forth the terms and conditions of a specific Award, as the Committee shall determine, consistent with the Plan. (e) “Bank” means Banc of California, N.A., a national banking association, or any successor thereto. (f) “Board” means the Board of Directors of the Company. (g) “Cash Award” means an Award granted pursuant to Section 9(b) hereof. (h) “Cause” means, unless otherwise provided in an Award Agreement, (i) “Cause” as defined in any Individual Agreement to which the applicable Participant is a party, or (ii) if there is no such Individual Agreement or if it does not define “Cause”: (A) conviction of the Participant for committing a felony under federal law or the law of the state in which such action occurred, (B) dishonesty in the course of fulfilling the Participant’s employment duties, (C) failure on the part of the Participant to perform substantially such Participant’s employment duties in any material respect, (D) a material violation of any Company policy, including the Company’s ethics and compliance program, (E) willful misconduct, gross negligence or fraud in the commission of a Participant’s employment or other services to the Company and its Affiliates, or (F) before a Change in Control,

 
-2- such other events as shall be determined by the Committee and set forth in a Participant’s Award Agreement. (i) “Change in Control” has the meaning set forth in Section 10(e). (j) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto, the Treasury Regulations thereunder and other relevant interpretive guidance issued by the Internal Revenue Service or the Treasury Department. Reference to any specific section of the Code shall be deemed to include such regulations and guidance, as well as any successor provision of the Code. (k) “Commission” means the Securities and Exchange Commission or any successor agency. (l) “Committee” has the meaning set forth in Section 2(a). (m) “Common Stock” means common stock, par value $.01 per share, of the Company. (n) “Company” means Banc of California, Inc., a Maryland corporation, or any successor thereto. (o) “Disability” means (i) “Disability” as defined in any Individual Agreement to which the Participant is a party, (ii) if there is no such Individual Agreement or it does not define “Disability,” disability of a Participant means the Participant is (A) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (B) by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company. The Committee may require such medical or other evidence as it deems necessary to judge the nature and duration of the Participant’s condition. Notwithstanding the above, with respect to an Incentive Stock Option, Disability shall mean Permanent and Total Disability as defined in Section 22(e) (3) of the Code. (p) “Disaffiliation” means a Subsidiary’s or Affiliate’s ceasing to be a Subsidiary or Affiliate for any reason (including, without limitation, as a result of a public offering, or a spinoff or sale by the Company, of the stock of the Subsidiary or Affiliate) or a sale of a division of the Company and its Affiliates. (q) “Effective Date” has the meaning set forth in Section 13(a).

 
-3- (r) “Eligible Individuals” means directors, officers, employees and consultants of the Company or any of its Subsidiaries or Affiliates, who are in each case natural persons. (s) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor thereto. (t) “Fair Market Value” means, unless otherwise determined by the Committee, the closing price of a share of Common Stock on the Applicable Exchange on the last trading day immediately preceding the date in question, as reported by such source as the Committee may select. If the Common Stock is not listed on a national securities exchange, Fair Market Value shall be determined by the Committee in its good faith discretion using a reasonable valuation method which shall include consideration of the following factors, as applicable: (i) the value of the Company’s tangible and intangible assets; (ii) the present value of the Company’s anticipated future cash-flows; (iii) the market value of stock or equity interests in similar corporations and other entities engaged in substantially similar trades or businesses, the value of which can be readily determined objectively (such as through trading prices on an established securities market or an amount paid in an arm’s-length private transaction) ; (iv) control premiums or discounts for lack of marketability; (v) recent arm’s-length transactions involving the sale or transfer of such stock or equity interests; and (vi) other relevant factors. (u) “Free-Standing SAR” has the meaning set forth in Section 5(b). (v) “Full-Value Award” means any Award other than an Option or Stock Appreciation Right. (w) “Good Reason” has the meaning set forth in Section 10(e). (x) “Grant Date” means (i) the date on which the Committee by resolution selects an Eligible Individual to receive a grant of an Award and determines the number of Shares to be subject to such Award, or (ii) such later date as the Committee shall provide in such resolution. (y) “Incentive Stock Option” means any Option that is designated in the applicable Award Agreement as an “incentive stock option” within the meaning of Section 422 of the Code, and that in fact so qualifies. (z) “Individual Agreement” means an employment, consulting or similar agreement between a Participant and the Company or one of its Subsidiaries or Affiliates. (aa) “Nonqualified Option” means any Option that is not an Incentive Stock Option. (bb) “Option” means an Incentive Stock Option or a Nonqualified Option granted under Section 5.

 
-4- (cc) “Other Stock-Based Award” means Awards of Common Stock and other Awards that are valued in whole or in part by reference to, or are otherwise based upon, Common Stock, including (without limitation) unrestricted stock, dividend equivalents, and convertible debentures. (dd) “Participant” means an Eligible Individual to whom an Award is or has been granted. (ee) “Performance Goals” means the performance goals, if any, established by the Committee in connection with the grant of an Award. (ff) “Performance Period” means that period established by the Committee at the time any Performance Unit is granted or at any time thereafter during which any Performance Goals specified by the Committee with respect to such Award are to be measured; provided, that such period shall be no shorter than a fiscal quarter. (gg) “Performance Unit” means any Award granted under Section 8 of a unit valued by reference to a designated amount of cash, Shares or other property, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including, without limitation, cash, Shares, or any combination thereof, upon achievement of such Performance Goals during the Performance Period as the Committee shall establish at the time of such grant or thereafter. (hh) “Plan” means this Second Amended and Restated Banc of California, Inc. 2018 Omnibus Stock Incentive Plan, as set forth herein and as hereafter amended from time to time. (ii) “Replaced Award” has the meaning set forth in Section 10(b). (jj) “Replacement Award” has the meaning set forth in Section 10(b). (kk) “Restricted Stock” means an Award granted under Section 6. (ll) “Restricted Stock Unit” has the meaning set forth in Section 7. (mm) “Retirement” means, unless otherwise set forth in an Award Agreement, the Participant’s Termination of Employment after the attainment of age 65 or the attainment of age 55 and at least 15 years of service. (nn) “Share” means a share of Common Stock. (oo) “Stock Appreciation Right” has the meaning set forth in Section 5(b). (pp) “Subsidiary” means any corporation, partnership, joint venture, limited liability company or other entity during any period in which at least a majority of the voting or profits interest is owned, directly or indirectly, by the Company or any successor to the Company.

 
-5- (qq) “Substitute Awards” means Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for, awards previously granted, or the right or obligation to make future awards, in each case by a company or other entity acquired by the Company or any Subsidiary of the Company or with which the Company or any Subsidiary of the Company combines. (rr) “Tandem SAR” has the meaning set forth in Section 5(b). (ss) “Term” means the maximum period during which an Option or Stock Appreciation Right may remain outstanding, subject to earlier termination upon Termination of Employment or otherwise, as specified in the applicable Award Agreement. (tt) “Termination of Employment” means the termination of the applicable Participant’s employment with, or performance of services for, the Company and any of its Subsidiaries or Affiliates. Unless otherwise determined by the Committee, (i) if a Participant’s employment with the Company and its Affiliates terminates but such Participant continues to provide services to the Company and its Affiliates in a non-employee capacity, such change in status shall not be deemed a Termination of Employment and (ii) a Participant employed by, or performing services for, a Subsidiary or an Affiliate or a division of the Company and its Affiliates shall be deemed to incur a Termination of Employment if, as a result of a Disaffiliation, such Subsidiary, Affiliate, or division ceases to be a Subsidiary, Affiliate or division, as the case may be, and the Participant does not immediately thereafter become an employee of, or service provider for, the Company or another Subsidiary or Affiliate. Temporary absences from employment because of illness, vacation or leave of absence and transfers among the Company and its Subsidiaries and Affiliates shall not be considered Terminations of Employment. Section 2. Administration (a) Committee. The Plan shall be administered by the Joint Compensation, Nominating and Corporate Governance Committee of the Board or such other committee of the Board or subcommittee as the Board may from time to time designate (the “Committee”), which shall be composed of not less than two directors, and shall be appointed by and serve at the pleasure of the Board. Subject to the discretion of the Board, the Committee shall be composed entirely of individuals who meet the qualifications of (i) a “non-employee director” within the meaning of Rule 16b-3 and (ii) any other qualifications required by the applicable stock exchange on which the Common Stock is traded. The Board may exercise discretion to administer the Plan in lieu of the Committee, in which case, references herein to the Committee shall be deemed to refer to the Board. The Committee shall, subject to Section 12, have plenary authority to grant Awards pursuant to the terms of the Plan to Eligible Individuals. Among other things, the Committee shall have the authority, subject to the terms and conditions of the Plan:

 
-6- (i) to select the Eligible Individuals to whom Awards may from time to time be granted; (ii) to determine whether and to what extent Incentive Stock Options, Nonqualified Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units, Other Stock-Based Awards, or any combination thereof, are to be granted hereunder; (iii) to determine the number of Shares to be covered by each Award granted hereunder; (iv) to determine the terms and conditions of each Award granted hereunder, based on such factors as the Committee shall determine; (v) subject to Section 13, to modify, amend or adjust the terms and conditions of any Award; (vi) to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time deem advisable; (vii) to interpret the terms and provisions of the Plan and any Award issued under the Plan (and any agreement relating thereto) ; (viii) subject to Section 13, to accelerate the vesting or lapse of restrictions of any outstanding Award, based in each case on such considerations as the Committee in its sole discretion determines, including, without limitation, in the case of a Participant’s Termination of Employment for Retirement; (ix) to decide all other matters that must be determined in connection with an Award; (x) to determine whether, to what extent and under what circumstances cash, Shares and other property and other amounts payable with respect to an Award under this Plan shall be deferred either automatically or at the election of the Participant; (xi) to establish any “blackout” period that the Committee in its sole discretion deems necessary or advisable; and (xii) to otherwise administer the Plan. (b) Procedures. (i) The Committee may act only by a majority of its members then in office, except that the Committee may, except to the extent prohibited by applicable law or the listing standards of the Applicable Exchange and subject to Section 12, allocate all or any portion of its responsibilities and

 
-7- powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any person or persons selected by it. (ii) Any authority granted to the Committee may also be exercised by the full Board. To the extent that any permitted action taken by the Board conflicts with action taken by the Committee, the Board action shall control. (c) Discretion of Committee. Subject to Section 12(a), any determination made by the Committee or by an appropriately delegated officer pursuant to delegated authority under the provisions of the Plan with respect to any Award shall be made in the sole discretion of the Committee or such delegate at the time of the grant of the Award or, unless in contravention of any express term of the Plan, at any time thereafter. All decisions made by the Committee or any appropriately delegated officer pursuant to the provisions of the Plan shall be final, binding and conclusive on all persons, including the Company, Participants, and Eligible Individuals. (d) Cancellation or Suspension. Subject to Section 5(d), the Committee shall have full power and authority to determine whether, to what extent and under what circumstances any Award shall be canceled or suspended. In particular, but without limitation, all outstanding Awards to any Participant may be canceled if the Participant, without the consent of the Committee, while employed by the Company or after termination of such employment, in either case prior to a Change in Control, becomes associated with, employed by, renders services to, or owns any interest in (other than any nonsubstantial interest, as determined by the Committee), any business that is in competition with the Company or with any business in which the Company has a substantial interest, as determined by the Committee or any one or more senior managers or committee of senior managers to whom the authority to make such determination is delegated by the Committee. (e) Award Agreements. The terms and conditions of each Award, as determined by the Committee, shall be set forth in a written (or electronic) Award Agreement, which shall be delivered to the Participant receiving such Award upon, or as promptly as is reasonably practicable following, the grant of such Award. The effectiveness of an Award shall be subject to the Award Agreement’s being signed by the Company and the Participant receiving the Award unless otherwise provided in the Award Agreement. Award Agreements may be amended only in accordance with Section 13 hereof. Section 3. Common Stock Subject to Plan (a) Plan Maximums. The maximum number of Shares and/or Options and/or Stock Appreciation Rights that may be granted pursuant to Awards under the Plan shall be (i) 2.2 million Shares plus (ii) the number of Shares available for new awards under the Company’s Amended and Restated 2018 Omnibus Stock Incentive Plan, effective as of November 30, 2023 (the “Prior Plan”) immediately prior to the Effective Date (collectively, the “Share Limit”). The maximum number of

 
-8- Shares that may be granted pursuant to Options intended to be Incentive Stock Options shall be equal to the Share Limit. Shares subject to an Award under the Plan may be authorized and unissued Shares. On and after the Effective Date, no new awards may be granted under the Prior Plan, it being understood that (A) awards outstanding under such the Prior Plan as of the Effective Date shall remain in full force and effect under such plans according to their respective terms, and (B) to the extent that any such award under the Prior Plan, the Company’s 2018 Omnibus Stock Incentive Plan, effective as of May 31, 2018, and the Amended and Restated PacWest 2017 Stock Incentive Plan, as assumed by the Company is forfeited, terminates, expires or lapses without being exercised (to the extent applicable), or is settled for cash, the Shares subject to such award not delivered as a result thereof shall again be available for Awards under this Plan; provided, however, that dividend equivalents may continue to be issued under such plans in respect of awards granted under such plans which are outstanding as of the Effective Date. (b) Limit for Non-Employee Director Compensation. No Participant who is a non- employee director of the Company may be granted compensation with a value in excess of $750,000 (with the value of any Awards based on the accounting grant date value of such Award) during any calendar year. (c) Rules for Calculating Shares Delivered. To the extent that any Award is forfeited, or any Option and the related Tandem SAR (if any) or Free-Standing SAR terminates, expires or lapses without being exercised, or any Award is settled for cash, the Shares subject to such Awards not delivered as a result thereof shall again be available for Awards under the Plan. Shares tendered or withheld to pay the exercise price of an Option and Shares tendered or withheld to satisfy tax withholding obligations with respect to any Award shall not be available for future Awards under the Plan. To the extent that Shares are delivered pursuant to the exercise of a Stock Appreciation Right (whether a Tandem SAR or a Free- Standing SAR), the number of underlying Shares as to which the exercise related shall be counted against the Share Limit, as opposed to only counting the net Shares issued. (d) Adjustment Provision. In the event of a merger, consolidation, acquisition of property or shares, stock rights offering, liquidation, disposition for consideration of the Company’s direct or indirect ownership of a Subsidiary or Affiliate (including by reason of a Disaffiliation), or similar event affecting the Company or any of its Subsidiaries (each, a “Corporate Transaction”), the Committee or the Board may in its discretion make such substitutions or adjustments as it deems appropriate and equitable to (A) the aggregate number and kind of Shares or other securities reserved for issuance and delivery under the Plan, (B) the various maximum limitations set forth in Sections 3(a) and 3(b) upon certain types of Awards and upon the grants to individuals of certain types of Awards, (C) the number and kind of Shares or other securities subject to outstanding Awards; and (D) the exercise price of outstanding Awards. In the event of a stock dividend, stock split, reverse stock split, reorganization, share combination, or

 
-9- recapitalization or similar event affecting the capital structure of the Company, or a Disaffiliation, separation or spinoff, in each case without consideration, or other extraordinary dividend of cash or other property to the Company’s stockholders (each, a “Share Change”), the Committee or the Board shall make such substitutions or adjustments as it deems appropriate and equitable to (A) the aggregate number and kind of Shares or other securities reserved for issuance and delivery under the Plan, (B) the various maximum limitations set forth in Sections 3(a) and 3(b) upon certain types of Awards and upon the grants to individuals of certain types of Awards, (C) the number and kind of Shares or other securities subject to outstanding Awards; and (D) the exercise price of outstanding Awards. In the case of Corporate Transactions, such adjustments may include, without limitation, (1) the cancellation of outstanding Awards in exchange for payments of cash, property or a combination thereof having an aggregate value equal to the value of such Awards (or the cancellation of any out-of-the money Option or Stock Appreciation Right without any consideration being paid in connection with such cancellation), as determined by the Committee or the Board in its sole discretion (it being understood that in the case of a Corporate Transaction with respect to which stockholders of Common Stock receive consideration other than publicly traded equity securities of the ultimate surviving entity, any such determination by the Committee that the value of an Option or Stock Appreciation Right shall for this purpose be deemed to equal the excess, if any, of the value of the consideration being paid for each Share pursuant to such Corporate Transaction over the exercise price of such Option or Stock Appreciation Right shall conclusively be deemed valid) ; (2) the substitution of other property (including, without limitation, cash or other securities of the Company and securities of entities other than the Company) for the Shares subject to outstanding Awards; and (3) in connection with any Disaffiliation, arranging for the assumption of Awards, or replacement of Awards with new awards based on other property or other securities (including, without limitation, other securities of the Company and securities of entities other than the Company), by the affected Subsidiary, Affiliate, or division or by the entity that controls such Subsidiary, Affiliate, or division following such Disaffiliation (as well as any corresponding adjustments to Awards that remain based upon Company securities). The Committee may adjust the Performance Goals applicable to any Awards to reflect any unusual or non-recurring events and other extraordinary items, impact of charges for restructurings, discontinued operations, and the cumulative effects of accounting or tax changes, each as defined by generally accepted accounting principles or as identified in the Company’s financial statements, notes to the financial statements, management’s discussion and analysis or other the Company’s SEC filings. (e) Section 409A. Notwithstanding the foregoing: (i) any adjustments made pursuant to Section 3(d) to Awards that are considered “deferred compensation” within the meaning of Section 409A of the Code shall be made in compliance with the requirements of Section 409A of the Code; and (ii) any adjustments made pursuant to Section 3(d) to Awards that are not considered “deferred compensation” subject to Section 409A of the Code shall be made in such a

 
-10- manner as to ensure that after such adjustments, either (A) the Awards continue not to be subject to Section 409A of the Code or (B) there does not result in the imposition of any penalty taxes under Section 409A of the Code in respect of such Awards. (f) Minimum Vesting. All Awards (excluding Substitute Awards) granted pursuant to the Plan shall have at the time of grant a minimum vesting period of at least one year from the date of grant, provided, that Awards for up to 5% of the Share Limit may provide for a shorter vesting period at the time of grant. (g) Dividends and Dividend Equivalents. In no event shall dividends or dividend equivalents be paid with respect to Options or Stock Appreciation Rights. Notwithstanding any other provision of the Plan to the contrary, with respect to any Award that provides for or includes a right to dividends or dividend equivalents, if dividends are declared during the period that such Award is outstanding, such dividends (or dividend equivalents) shall, as determined by the Committee and set forth in the applicable Award Agreement, either (i) not be paid or credited with respect to such Award, (ii) be accumulated and deferred but remain subject to vesting requirement(s) to the same extent as the applicable Award and only be paid at the time or times such vesting requirement(s) are satisfied or (iii) in the case of cash dividends paid with respect to an Award of Restricted Stock, be reinvested in additional Restricted Stock held subject to the vesting of the underlying Restricted Stock, in accordance with Section 6(b) (iii). (h) Substitute Awards. In connection with an entity’s merger or consolidation with the Company or any Subsidiary of the Company or the Company’s or any Subsidiary of the Company’s acquisition of an entity’s property or stock, the Committee may grant Awards in substitution for any options or other stock or stock-based awards granted before such merger or consolidation by such entity or its affiliate. Substitute Awards may be granted on such terms and conditions as the Committee deems appropriate, notwithstanding limitations on Awards in the Plan. Substitute Awards will not count against the Share Limit (nor shall Shares subject to a Substitute Award be added to the Shares available for Awards under the Plan), except that Shares acquired by exercise of substitute Incentive Stock Options will count against the maximum number of Shares that may be issued pursuant to the exercise of Incentive Stock Options under the Plan. Section 4. Eligibility Awards may be granted under the Plan to Eligible Individuals; provided, however, that Incentive Stock Options may be granted only to employees of the Company and its subsidiaries or parent corporation (within the meaning of Section 424(f) of the Code). Section 5. Options and Stock Appreciation Rights (a) Types of Options. Options may be of two types: Incentive Stock Options and Nonqualified Options. The Award Agreement for an Option shall indicate

 
-11- whether the Option is intended to be an Incentive Stock Option or a Nonqualified Option. (b) Types and Nature of Stock Appreciation Rights. Stock Appreciation Rights may be “Tandem SARs” which are granted in conjunction with an Option, or “Free- Standing SARs” which are not granted in conjunction with an Option. Upon the exercise of a Stock Appreciation Right, the Participant shall be entitled to receive an amount in cash, Shares, or both, in value equal to the product of (i) the excess of the Fair Market Value of one Share at the time of exercise over the exercise price of the applicable Stock Appreciation Right, multiplied by (ii) the number of Shares in respect of which the Stock Appreciation Right has been exercised. The applicable Award Agreement shall specify whether such payment is to be made in cash or Common Stock or both, or shall reserve to the Committee or the Participant the right to make that determination prior to or upon the exercise of the Stock Appreciation Right. (c) Tandem SARs. A Tandem SAR may be granted at the Grant Date of the related Option. A Tandem SAR shall be exercisable only at such time or times and to the extent that the related Option is exercisable in accordance with the provisions of this Section 5, and shall have the same exercise price as the related Option. A Tandem SAR shall terminate or be forfeited upon the exercise or forfeiture of the related Option, and the related Option shall terminate or be forfeited upon the exercise or forfeiture of the Tandem SAR. (d) Exercise Price. The exercise price per Share subject to an Option or Free-Standing SAR shall be determined by the Committee and set forth in the applicable Award Agreement, and, except with respect to Substitute Awards, shall not be less than the Fair Market Value of a share of the Common Stock on the applicable Grant Date, provided, that in the case of an Incentive Stock Option granted to an owner of more than 10% of the Shares, the exercise price per Share shall not be less than 110% of the Fair Market Value on the applicable Grant Date. In no event may any Option or Stock Appreciation Right granted under this Plan be amended, other than pursuant to Section 3(d), to decrease the exercise price thereof, be cancelled in conjunction with the grant of any new Award or new Option or Free-Standing SAR with a lower exercise price, or otherwise be subject to any action that would be treated, under the Applicable Exchange listing standards or for accounting purposes, as a “repricing” of such Option or Free-Standing SAR, or to cancel any Option or Free-Standing SAR with an exercise price that is above the then-current Fair Market Value of a Share, in exchange for cash, property or other securities, unless, in each case, such amendment, cancellation, or action is approved by the Company’s stockholders. (e) Term. The Term of each Option and each Free-Standing SAR shall be fixed by the Committee, but shall not exceed ten years from the Grant Date, provided, that in the case of an Incentive Stock Option granted to an owner of more than 10% of the Shares, the Term shall not exceed five years from the Grant Date.

 
-12- (f) Vesting and Exercisability. Except as otherwise provided herein and subject to Section 3(f), Options and Free-Standing SARs shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee. The aggregate Fair Market Value (determined with respect to each Incentive Stock Option at the time such Incentive Stock Option is granted) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year (under the Plan or any other plan of the Company and its subsidiaries or parent corporation) shall not exceed $100,000. (g) Method of Exercise. Subject to the provisions of this Section 5, Options and Stock Appreciation Rights may be exercised, in whole or in part, at any time during the applicable term by giving written notice of exercise to the Company specifying the number of shares of Common Stock as to which the Option or Stock Appreciation Right is being exercised. In the case of the exercise of an Option, such notice shall be accompanied by payment in full of the purchase price (which shall equal the product of such number of shares multiplied by the applicable exercise price) by certified or bank check or such other instrument as the Company may accept or, if approved by the Committee, payment, in full or in part and in any combination, may also be made as follows: (i) Payments may be made in the form of unrestricted shares of Common Stock (by delivery of such shares or by attestation) of the same class as the Common Stock subject to the Option already owned by the Participant (based on the Fair Market Value of the Common Stock on the date the Option is exercised). (ii) To the extent permitted by applicable law, payment may be made by delivering a properly executed exercise notice to the Company, together with a copy of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale proceeds necessary to pay the purchase price, and, if requested, the amount of any federal, state, local or foreign withholding taxes. To facilitate the foregoing, the Company may, to the extent permitted by applicable law, enter into agreements for coordinated procedures with one or more brokerage firms. (iii) Payment may be made by instructing the Company to withhold a number of shares of Common Stock having a Fair Market Value (based on the Fair Market Value of the Common Stock on the date the applicable Option is exercised) equal to the product of (A) the exercise price multiplied by (B) the number of shares of Common Stock in respect of which the Option shall have been exercised. (h) Delivery; Rights of Stockholders. No Shares shall be delivered pursuant to the exercise of an Option until the exercise price therefor has been fully paid and applicable taxes have been withheld. The applicable Participant shall have all of the rights of a stockholder of the Company holding the class or series of Common

 
-13- Stock that is subject to the Option or Stock Appreciation Right (including, if applicable, the right to vote the applicable Shares and the right to receive dividends) when the Participant (i) has given written notice of exercise, (ii) if requested, has given the representation described in Section 15(a), and (iii) in the case of an Option, has paid in full for such Shares. (i) Nontransferability of Options and Stock Appreciation Rights. No Option or Free- Standing SAR shall be transferable by a Participant other than, for no value or consideration, (i) by will or by the laws of descent and distribution, or (ii) in the case of a Nonqualified Option or Free-Standing SAR, as otherwise expressly permitted by the Committee including, if so permitted, pursuant to a transfer to the Participant’s family members, whether directly or indirectly or by means of a trust or partnership or otherwise (for purposes of this Plan, unless otherwise determined by the Committee, “family member” shall have the meaning given to such term in General Instructions A.1(a) (5) to Form S-8 under the Securities Act of 1933, as amended, and any successor thereto). A Tandem SAR shall be transferable only with the related Option as permitted by the preceding sentence. Any Option or Stock Appreciation Right shall be exercisable, subject to the terms of this Plan, only by the applicable Participant, the guardian or legal representative of such Participant, or any person to whom such Option or Stock Appreciation Right is permissibly transferred pursuant to this Section 5(i), it being understood that the term “Participant” includes such guardian, legal representative and other transferee; provided, however, that the term “Termination of Employment” shall continue to refer to the Termination of Employment of the original Participant. (j) Termination of Employment. A Participant’s Options and Stock Appreciation Rights shall be forfeited upon his or her Termination of Employment, except as set forth below: (i) Upon a Participant’s Termination of Employment for any reason other than death, Disability, Retirement or Cause, any Option or Stock Appreciation Right held by the Participant that was exercisable immediately before the Termination of Employment may be exercised, to the extent it was then exercisable, at any time until the earlier of (A) the ninetieth (90th) day following such Termination of Employment and (B) expiration of the Term thereof; (ii) Upon a Participant’s Termination of Employment by reason of the Participant’s death, any Option or Stock Appreciation Right held by the Participant shall vest in full and be exercisable at any time until (A) in the case of Nonqualified Options and Stock Appreciation Rights, the earlier of (i) the third anniversary of the date of such death and (ii) the expiration of the Term thereof, and (B) in the case of Incentive Stock Options, the earlier of (x) the first anniversary of the date of such Termination of Employment and (y) the expiration of the Term thereof; and

 
-14- (iii) Upon a Participant’s Termination of Employment by reason of Disability, any Option or Stock Appreciation Right held by the Participant shall vest in full and be exercisable at any time until (A) in the case of Nonqualified Options and Stock Appreciation Rights, the expiration of the Term thereof, and (B) in the case of Incentive Stock Options, the earlier of (x) the first anniversary of the date of such Termination of Employment and (y) the expiration of the Term thereof. (k) Notwithstanding the foregoing, the Committee shall have the power, in its discretion, to apply different rules concerning the consequences of a Termination of Employment, provided, that if such rules are less favorable to the Participant than those set forth above, such rules are set forth in the applicable Award Agreement. Section 6. Restricted Stock (a) Nature of Awards and Certificates. Shares of Restricted Stock are actual Shares issued to a Participant and shall be evidenced in such manner as the Committee may deem appropriate, including book-entry registration or issuance of one or more stock certificates. Any certificate issued in respect of Shares of Restricted Stock shall be registered in the name of the applicable Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award, substantially in the following form: “The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) of the Amended and Restated Banc of California, Inc. 2018 Omnibus Stock Incentive Plan and an Award Agreement. Copies of such Plan and Award Agreement are on file at the offices of Banc of California, Inc., 3 MacArthur Place, Santa Ana, California 92707.” The Committee may require that the certificates evidencing such shares be held in custody by the Company until the restrictions thereon shall have lapsed and that, as a condition of any Award of Restricted Stock, the applicable Participant shall have delivered a stock power, endorsed in blank, relating to the Common Stock covered by such Award. (b) Terms and Conditions. Shares of Restricted Stock shall be subject to the following terms and conditions: (i) The Committee shall, prior to or at the time of grant, condition (A) the vesting of an Award of Restricted Stock upon the continued employment or service of the applicable Participant, or (B) the grant or vesting of an Award of Restricted Stock upon the attainment of Performance Goals or the attainment of Performance Goals and the continued employment or service of the applicable Participant. The conditions for grant or vesting and the other provisions of Restricted Stock Awards (including without

 
-15- limitation any applicable Performance Goals) need not be the same with respect to each recipient. (ii) Subject to the provisions of the Plan and the applicable Award Agreement, during the period, if any, set by the Committee, commencing with the date of such Restricted Stock Award for which such vesting restrictions apply (the “Restriction Period”), and until the expiration of the Restriction Period, the Participant shall not be permitted to sell, assign, transfer, pledge or otherwise encumber Shares of Restricted Stock. (iii) Except as provided in this Section 6 and in the applicable Award Agreement, the applicable Participant shall have, with respect to the Shares of Restricted Stock, all of the rights of a stockholder of the Company holding the class or series of Common Stock that is the subject of the Restricted Stock, including, if applicable, the right to vote the Shares and, subject to Section 3(g), the right to receive upon the vesting of the Shares any cash dividends paid on the Shares during the Restriction Period. If so determined by the Committee in the applicable Award Agreement and subject to Section 15(f), (A) cash dividends on the class or series of Common Stock that is the subject of the Restricted Stock Award shall instead be reinvested in additional Restricted Stock held subject to the vesting of the underlying Restricted Stock, and (B) subject to any adjustment pursuant to Section 3(d), dividends payable in Common Stock shall be paid in the form of Restricted Stock of the same class as the Common Stock with which such dividend was paid, held subject to the vesting of the underlying Restricted Stock. (iv) If and when any applicable Performance Goals are satisfied and the Restriction Period expires without a prior forfeiture of the Shares of Restricted Stock for which legended certificates have been issued, unlegended certificates for such Shares shall be delivered to the Participant upon surrender of the legended certificates. (v) Upon a Participant’s Termination of Employment by reason of death or Disability, any then-remaining portion of the Restriction Period with respect to the Participant’s Award of Restricted Stock shall lapse as of the date of termination. Upon a Participant’s Termination of Employment for any other reason during the Restriction Period with respect to the Participant’s Award of Restricted Stock, all Shares of Restricted Stock still then subject to the Restriction Period shall become forfeited. Notwithstanding the foregoing, the Committee shall have the power, in its discretion, to apply different rules concerning the consequences of a Termination of Employment, provided, that if such rules are less favorable to the Participant than those set forth above, such rules are set forth in the applicable Award Agreement.

 
-16- Section 7. Restricted Stock Units (a) Nature of Awards. Restricted stock units and deferred share rights (together, “Restricted Stock Units”) are Awards denominated in Shares that will be settled, subject to the terms and conditions of the Restricted Stock Units, in an amount in cash, Shares or both, based upon the Fair Market Value of a specified number of Shares. (b) Terms and Conditions. Restricted Stock Units shall be subject to the following terms and conditions: (i) The Committee shall, prior to or at the time of grant, condition (A) the vesting of Restricted Stock Units upon the continued employment or service of the applicable Participant, or (B) the grant or vesting of Restricted Stock Units upon the attainment of Performance Goals or the attainment of Performance Goals and the continued employment or service of the applicable Participant. The conditions for grant or vesting and the other provisions of Restricted Stock Units (including without limitation any applicable Performance Goals) need not be the same with respect to each recipient. An Award of Restricted Stock Units shall be settled as and when the Restricted Stock Units vest, at a later time specified by the Committee or in the applicable Award Agreement, or, if the Committee so permits, in accordance with an election of the Participant. (ii) Subject to the provisions of the Plan and the applicable Award Agreement, during the period, if any, set by the Committee, commencing with the date of such Restricted Stock Units for which such vesting restrictions apply (the “Restriction Period”), and until the expiration of the Restriction Period, the Participant shall not be permitted to sell, assign, transfer, pledge or otherwise encumber Restricted Stock Units. (iii) The Award Agreement for Restricted Stock Units shall specify whether, to what extent and on what terms and conditions the applicable Participant shall be entitled to receive payments of cash, Common Stock or other property corresponding to the dividends payable on the Common Stock (subject to Sections 3(g) and 14(e)). (iv) Upon a Participant’s Termination of Employment by reason of death or Disability, any then-remaining portion of the Restriction Period with respect to the Participant’s Award of Restricted Stock Units shall lapse as of the date of termination. Upon a Participant’s Termination of Employment for any other reason during the Restriction Period with respect to the Participant’s Award of Restricted Stock Units, all Restricted Stock Units still then subject to the Restriction Period shall become forfeited. Notwithstanding the foregoing, the Committee shall have the power, in its discretion, to apply different rules concerning the

 
-17- consequences of a Termination of Employment, provided, that if such rules are less favorable to the Participant than those set forth above, such rules are set forth in the applicable Award Agreement. Section 8. Performance Units. Performance Units may be issued hereunder to Eligible Individuals, for no cash consideration or for such minimum consideration as may be required by applicable law, either alone or in addition to other Awards granted under the Plan. The Performance Goals to be achieved during any Performance Period and the length of the Performance Period shall be determined by the Committee upon the grant of each Performance Unit, provided, that the Performance Period shall be no less than a fiscal quarter. The conditions for grant or vesting and the other provisions of Performance Units (including without limitation any applicable Performance Goals and the effect of a Participant’s Termination of Employment during the Performance Period and/or prior to vesting of the Performance Units) shall be set forth in the applicable Award Agreement and need not be the same with respect to each recipient. Performance Units may be paid in cash, Shares, other property or any combination thereof, in the sole discretion of the Committee as set forth in the applicable Award Agreement. Section 9. Other Stock-Based Awards; Cash Awards (a) Other Stock-Based Awards. Other Stock-Based Awards may be granted under the Plan, provided, that any Other Stock-Based Awards that are Awards of Common Stock that are unrestricted shall only be granted in lieu of other compensation due and payable to the Participant. (b) Cash Awards. Awards may be granted under the Plan that are payable solely in cash, as deemed by the Committee to be consistent with the purposes of the Plan, and such Cash Awards shall be subject to the terms, conditions, restrictions and limitations determined by the Committee, in its sole discretion, from time to time. Cash Awards may be granted with value and payment contingent upon the achievement of performance criteria. Section 10. Change in Control Provisions (a) General. The provisions of this Section 10 shall, subject to Section 3(d) and Section 10(e), apply notwithstanding any other provision of the Plan to the contrary, except to the extent the Committee specifically provides otherwise in an Award Agreement. (b) Impact of Change in Control. Upon the occurrence of a Change in Control, unless otherwise provided in the applicable Award Agreement: (i) all then-outstanding Options and Stock Appreciation Rights (other than performance-based Options and Stock Appreciation Rights) shall become fully vested and exercisable, and all Full-Value Awards (other than performance-based Full-Value Awards) shall vest in full, be free of restrictions, and be deemed to be earned and payable in an amount equal to the full value of such Award, except in each case to the extent that another Award meeting the requirements of Section 10(c) (any award

 
-18- meeting the requirements of Section 10(c), a “Replacement Award”) is provided to the Participant pursuant to Section 3(d) to replace such Award (any award intended to be replaced by a Replacement Award, a “Replaced Award”), and (ii) (A) any performance-based Option or Stock Appreciation Right that is not replaced by a Replacement Award shall vest and become exercisable with respect to the portion of such performance-based Option or Stock Appreciation Right that is deemed to be earned as set forth below, and (B) any performance-based Full- Value Award that is not replaced by a Replacement Award shall vest and become payable with respect to the portion of such performance-based Full-Value Award that is deemed to be earned as set forth below. In determining the extent to which a performance-based Award is deemed to be earned for purposes of clause (ii) above, all applicable Performance Goals shall be deemed achieved at the greater of (x) the applicable target level and (y) the level of achievement of the Performance Goals for the Award as determined by the Committee not later than the date of the Change in Control, taking into account performance through the latest date preceding the Change in Control as to which performance can, as a practical matter, be determined (but not later than the end of the applicable Performance Period), in each case, with the resulting number of Shares underlying such Awards multiplied by a fraction, the numerator of which is the number of days during the applicable Performance Period before the date of the Change in Control, and the denominator of which is the number of days in the applicable Performance Period; provided, however, that such fraction shall be equal to one in the event that the applicable Performance Goals in respect of such performance-based Awards have been fully achieved as of the date of such Change in Control. (c) Replacement Awards. An Award shall meet the conditions of this Section 10(c) (and hence qualify as a Replacement Award) if, following the Change in Control, the Award remains subject to the same terms and conditions that were applicable to the Award immediately prior to the Change in Control, except that, (i) if the Award related to Shares, the Award may confer the right to receive common equity of the acquiring entity (or cash or such other security or entity as may be determined by the Committee, in its sole discretion, pursuant to Section 3(d) hereof) and (ii) if the Award was subject to the achievement of performance conditions, the performance conditions applicable to the Award may be deemed to be achieved upon the Change in Control at the greater of (x) the applicable target level and (y) the level of achievement of the Performance Goals for the Award as determined by the Committee not later than the date of the Change in Control, taking into account performance through the latest date preceding the Change in Control as to which performance can, as a practical matter, be determined (but not later than the end of the applicable Performance Period), and the Award may thereafter remain subject only to the achievement of time-based vesting conditions through the end of the previously applicable performance period. The determination of whether the conditions of this Section 10(c) are satisfied shall be made by the Committee, as constituted immediately before the Change in Control, in its sole discretion.

 
-19- (d) Termination of Employment. Unless otherwise provided in an Award Agreement, upon a Termination of Employment of a Participant occurring upon or during the two years immediately following the date of a Change in Control by reason of death, Disability or Retirement, by the Company without Cause, or by the Participant for Good Reason, (i) all Replacement Awards held by such Participant shall vest in full, be free of restrictions, and be deemed to be earned in an amount equal to the full value of such Replacement Award, and (ii) unless otherwise provided in the applicable Award Agreement, notwithstanding any other provision of the Plan to the contrary, any Option or Stock Appreciation Right held by the Participant as of the date of the Change in Control that remains outstanding as of the date of such Termination of Employment may thereafter be exercised, until (A) in the case of an Incentive Stock Option, the last date on which such Incentive Stock Option would be exercisable in the absence of this Section 10(d), and (B) in the case of a Nonqualified Option or a Stock Appreciation Right, the later of (x) the last date on which such Nonqualified Option or Stock Appreciation Right would be exercisable in the absence of this Section 10(d) and (y) the earlier of (1) the third anniversary of such Change in Control and (2) expiration of the Term of such Nonqualified Option or Stock Appreciation Right. (e) Definition of Change in Control. For purposes of the Plan: “Change in Control” shall mean any of the following events, in each case, occurring after the Effective Date: (i) Any individual, entity or group (within the meaning of Section 13(d) (3) or 14(d) (2) of the Exchange Act) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (A) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”) ; provided, however, that, for purposes of this definition, the following acquisitions shall not constitute a Change of Control: (w) any acquisition directly from the Company, (x) any acquisition by the Company, (y) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliated Company or (z) any acquisition pursuant to a transaction that complies with clauses (iii) (A), (iii) (B) and (iii) (C) below; (ii) Individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual was a member of the

 
-20- Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; (iii) Consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company or any of its Subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its Subsidiaries (each, a “Business Combination”), in each case unless, following such Business Combination, (A) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, greater than 50% of the then-outstanding shares of common stock (or, for a non- corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of, respectively, the then-outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such corporation, except to the extent that such ownership existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors (or, for a non- corporate entity, equivalent governing body) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or (iv) Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. Notwithstanding the foregoing, (A) a Change in Control shall not be deemed to occur solely because any person acquires beneficial ownership of more than 30% of the Company Voting Securities as a result of the acquisition of Company Voting Securities by the Company

 
-21- which reduces the number of Company Voting Securities outstanding; provided, that if after such acquisition by the Company such person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such person, a Change in Control of the Company shall then occur, and (B) solely for purposes of determining the timing of any payment pursuant to any Award constituting a “deferral of compensation” subject to Section 409A of the Code, a Change in Control shall mean a “change in the ownership” of the Company or the Bank, a “change in the effective control” of the Company or the Bank or a “change in the ownership of a substantial portion of the assets” of the Company or the Bank, as such terms are defined in Treasury Regulation § 1.409A-3(i)(5). “Good Reason” shall mean (A) a material adverse change in the Participant’s authority, duties or responsibilities as in effect immediately prior to the Change in Control; (B) a material reduction in the Participant’s base salary or annual bonus opportunity, in each case as in effect immediately prior to the Change in Control; or (C) the reassignment of the Participant’s place of employment to an office location more than 35 miles from the Participant’s then-current place of employment; provided, that to invoke a termination with Good Reason, the Participant must provide written notice to the Company of the existence of one or more of the conditions described in clauses (A) - (C) above within sixty (60) days following the initial existence of such condition or conditions, and the Company shall have thirty (30) days following receipt of such written notice (the “Cure Period”) during which it may remedy the condition if such condition is reasonably subject to cure. In the event that the Company fails to remedy the condition constituting Good Reason during the applicable Cure Period, the Participant’s “separation from service” (with the meaning of Section 409A) must occur, if at all, within sixty (60) days following such Cure Period in order for such termination as a result of such condition to constitute a termination with Good Reason. (f) Notwithstanding the foregoing, if any Award is subject to Section 409A of the Code, this Section 10 shall be applicable only to the extent specifically provided in the Award Agreement and permitted pursuant to Section 12(b). Nothing in this Section 10 shall preclude the Company from settling upon a Change in Control an Award if it is not replaced by a Replacement Award, to the extent effectuated in accordance with Treasury Regulation § 1.409A-3(j) (ix) of the Treasury Regulations. Section 11. Clawback. Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement or otherwise providing for clawback of Awards granted under this Plan, including the Banc of California, Inc. Mandatory Recoupment Policy and the policy set forth in the Company’s Corporate Governance Guidelines, each as may be amended from time to time).

 
-22- Section 12. Section 16(b); Section 409A (a) The provisions of this Plan are intended to ensure that no transaction under the Plan is subject to (and not exempt from) the short-swing recovery rules of Section 16(b) of the Exchange Act (“Section 16(b)”). Accordingly, the composition of the Committee shall be subject to such limitations as the Board deems appropriate to permit transactions pursuant to this Plan to be exempt (pursuant to Rule 16b-3 promulgated under the Exchange Act) from Section 16(b), and no delegation of authority by the Committee shall be permitted if such delegation would cause any such transaction to be subject to (and not exempt from) Section 16(b). (b) The Plan is intended to comply with the requirements of Section 409A of the Code or an exemption or exclusion therefrom and, with respect to amounts that are subject to Section 409A of the Code, it is intended that the Plan be administered in all respects in accordance with Section 409A of the Code. Each payment under any Award shall be treated as a separate payment for purposes of Section 409A of the Code. To the extent that an Award or the payment, settlement or deferral thereof is subject to Section 409A, the Award shall be granted, paid, settled or deferred in a manner that will comply with Section 409A, except as otherwise determined by the Committee. Any provision of this Plan that would cause the grant of an Award or the payment, settlement or deferral thereof to fail to satisfy Section 409A shall be amended to comply with Section 409A on a timely basis, which may be made on a retroactive basis, in accordance with regulations and other guidance issued under Section 409A. In the case of amounts not intended to be deferrals of compensation subject to Section 409A, such as, but not limited to, annual incentive Awards, payment or settlement of amounts under such Awards shall occur not later than March 15 of the year following the year in which the Participant has a legally-binding right to payment or settlement. In the case of amounts intended to be deferrals of compensation subject to Section 409A, the initial deferral election (if applicable) shall be made and become irrevocable no later than December 31 of the year immediately preceding the year in which the Participant first performs services related to such compensation, provided, that the timing of such initial deferral election may be later as provided in Section 409A with respect to initial participation in the Plan and for “performance-based compensation” as defined under Section 409A. Notwithstanding any provision of the Plan or any Award Agreement to the contrary, in the event that a Participant is a “specified employee” within the meaning of Section 409A of the Code (as determined in accordance with the methodology established by the Company), amounts that constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code that would otherwise be payable during the six-month period immediately following a Participant’s “separation from service” within the meaning of Section 409A of the Code (“Separation from Service”) shall instead be paid or provided on the first business day after the date that is six months following the Participant’s Separation from Service. If the Participant dies following the Separation from Service and prior to the payment of any amounts delayed on account of Section 409A of the Code, such amounts shall be paid to the personal representative of the

 
-23- Participant’s estate within thirty (30) days after the date of the Participant’s death. With respect to any Award that is not exempt from Section 409A, all references in this Plan to a termination of employment or service or a “separation from service” shall mean a cessation or reduction in the Participant’s services for the Company (and any other affiliated entities that are deemed to constitute a “service recipient” as defined in Treasury Regulation §1.409A-1(h) (3)) that constitutes a “Separation from Service” as determined under Section 409A of the Code, taking into account all of the facts, circumstances, rules and presumptions set forth in Treasury Regulation §1.409A-1(h). Section 13. Term, Amendment and Termination (a) Effectiveness. The Plan was approved by the Board on March 24, 2026, subject to and contingent upon approval by the Company’s stockholders. The Plan will be effective as of the date of such approval by the Company’s stockholders (the “Effective Date”). (b) Termination. The Plan will terminate on the November 30, 2033, the ten-year anniversary of the effective date of the Prior Plan. Awards outstanding as of such date shall not be affected or impaired by the termination of the Plan. (c) Amendment of Plan. The Board or the Committee may amend, alter, or discontinue the Plan, but no amendment, alteration or discontinuation shall be made which would materially impair the rights of the Participant with respect to a previously granted Award without such Participant’s consent, except such an amendment made to comply with applicable law, including without limitation Section 409A of the Code, Applicable Exchange listing standards or accounting rules. In addition, no amendment shall be made without the approval of the Company’s stockholders to the extent such approval is required by applicable law or the listing standards of the Applicable Exchange as may be required on or after the date hereof. (d) Amendment of Awards. Subject to Section 5(d), the Committee may unilaterally amend the terms of any Award theretofore granted, but no such amendment shall materially impair the rights of any Participant with respect to an Award without the Participant’s consent, except such an amendment made to cause the Plan or Award to comply with applicable law, Applicable Exchange listing standards or accounting rules. Section 14. Unfunded Status of Plan It is presently intended that the Plan constitute an “unfunded” plan for incentive and deferred compensation. The Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver Common Stock or make payments; provided, however, that unless the Committee otherwise determines, the existence of such trusts or other arrangements is consistent with the “unfunded” status of the Plan.

 
-24- Section 15. General Provisions (a) Conditions for Issuance. The Committee may require each person purchasing or receiving Shares pursuant to an Award to represent to and agree with the Company in writing that such person is acquiring the Shares without a view to the distribution thereof. The certificates for such Shares may include any legend which the Committee deems appropriate to reflect any restrictions on transfer. Notwithstanding any other provision of the Plan or agreements made pursuant thereto, the Company shall not be required to issue or deliver any certificate or certificates for Shares under the Plan prior to fulfillment of all of the following conditions: (i) listing or approval for listing upon notice of issuance, of such Shares on the Applicable Exchange; (ii) any registration or other qualification of such Shares of the Company under any state or federal law or regulation, or the maintaining in effect of any such registration or other qualification which the Committee shall, in its absolute discretion upon the advice of counsel, deem necessary or advisable; and (iii) obtaining any other consent, approval or permit from any state or federal governmental agency which the Committee shall, in its absolute discretion after receiving the advice of counsel, determine to be necessary or advisable. (b) Consistent with Law and Regulation. Notwithstanding anything in this Agreement to the contrary, neither the Company nor any of its Affiliates shall have any obligation to issue or deliver any certificate or certificates for Shares, issue Shares, make any payment, provide any compensation, or take (or refrain from taking) any action that the Company determines would be prohibited by, or inconsistent with, any applicable law or regulation, including 12 C.F.R. part 359. (c) Additional Compensation Arrangements. Nothing contained in the Plan shall prevent the Company or any Subsidiary or Affiliate from adopting other or additional compensation arrangements for its employees or directors. (d) No Contract of Employment. The Plan shall not constitute a contract of employment, and adoption of the Plan shall not confer upon any employee any right to continued employment, nor shall it interfere in any way with the right of the Company or any Subsidiary or Affiliate to terminate the employment of any employee at any time. (e) Withholding Taxes. Each Participant shall, no later than the date as of which the value of an Award first becomes includible in the gross income of such Participant for purposes of applicable taxes, pay to the Company, or make arrangements satisfactory to the Company regarding payment of, an amount in respect of such taxes up to the maximum statutory rates in the Participant’s applicable jurisdiction with respect to the Award, as determined by the Company. The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to such Participant. Whenever cash is to be paid pursuant

 
-25- to an Award, the Company shall have the right to deduct therefrom an amount sufficient to satisfy any applicable withholding tax requirements related thereto as determined by the Company. Whenever Shares or property other than cash are to be delivered pursuant to an Award, the Company shall have the right to require the Participant to remit to the Company in cash an amount sufficient to satisfy any related taxes to be withheld and applied to the tax obligations as determined by the Company; provided, that, with the approval of the Committee, a Participant may satisfy the foregoing requirement by either (i) electing to have the Company withhold from such delivery Shares or other property, as applicable, or (ii) by delivering already owned unrestricted shares of Common Stock, in each case, having a value not exceeding the applicable taxes to be withheld and applied to the tax obligations as determined by the Company. Such withheld Shares or other property or already owned and unrestricted shares of Common Stock shall be valued at their Fair Market Value on the date on which the amount of tax to be withheld is determined and any fractional share amounts resulting therefrom shall be settled in cash. Such an election may be made with respect to all or any portion of the Shares to be delivered pursuant to an award. The Company may also use any other method of obtaining the necessary payment or proceeds, as permitted by law, to satisfy its withholding obligation with respect to any Award as determined by the Company. (f) Limitation on Dividend Reinvestment and Dividend Equivalents. Reinvestment of dividends in additional Restricted Stock at the time of any dividend payment, and the payment of Shares with respect to dividends to Participants holding Awards of Restricted Stock Units, shall only be permissible if sufficient Shares are available under Section 3 for such reinvestment or payment (taking into account then- outstanding Awards). In the event that sufficient Shares are not available for such reinvestment or payment, such reinvestment or payment shall be made in the form of a grant of Restricted Stock Units equal in number to the Shares that would have been obtained by such payment or reinvestment, the terms of which Restricted Stock Units shall provide for settlement in cash and for dividend equivalent reinvestment in further Restricted Stock Units on the terms contemplated by this Section 15(f). (g) Designation of Death Beneficiary. The Committee shall establish such procedures as it deems appropriate for a Participant to designate a beneficiary to whom any amounts payable in the event of such Participant’s death are to be paid or by whom any rights of such eligible Individual, after such Participant’s death, may be exercised. (h) Governing Law and Interpretation. The Plan and all Awards made and actions taken thereunder shall be governed by and construed in accordance with the laws of the State of Maryland, without reference to principles of conflict of laws. The captions of this Plan are not part of the provisions hereof and shall have no force or effect.

 
-26- (i) Non-Transferability. Except as otherwise provided in Section 5(i) or by the Committee, Awards under the Plan are not transferable except by will or by laws of descent and distribution. (j) Foreign Employees and Foreign Law Considerations. The Committee may grant Awards to Eligible Individuals who are foreign nationals, who are located outside the United States or who are not compensated from a payroll maintained in the United States, or who are otherwise subject to (or could cause the Company to be subject to) legal or regulatory provisions of countries or jurisdictions outside the United States, on such terms and conditions different from those specified in the Plan as may, in the judgment of the Committee, be necessary or desirable to foster and promote achievement of the purposes of the Plan, and, in furtherance of such purposes, the Committee may make such modifications, amendments, procedures, or subplans as may be necessary or advisable to comply with such legal or regulatory provisions. (k) Deferrals. The Committee shall be authorized to establish procedures pursuant to which the payment of any Award may be deferred. Subject to the provisions of this Plan and any Award Agreement, the recipient of an Award (including, without limitation, any deferred Award) may, if so determined by the Committee, be entitled to receive, currently or on a deferred basis, interest or dividends, or interest or (except with respect to Options and Stock Appreciation Rights) dividend equivalents, with respect to the number of shares covered by the Award, as determined by the Committee in its sole discretion, and the Committee may provide that such amounts (if any) shall be deemed to have been reinvested in additional Shares or otherwise reinvested. Notwithstanding the foregoing, dividends and dividend equivalents with respect to Awards may not be paid until vesting (if any) of such Awards, and the Committee shall not take or omit to take any action that would result in the imposition of penalty taxes under Section 409A of the Code.

 
EX-31.1 3 a03312610-qexhibit311.htm EX-31.1 Document

Exhibit 31.1
Certification
Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
I, Jared M. Wolff, certify that:
1.    I have reviewed this report on Form 10-Q for the quarterly period ended March 31, 2026 of Banc of California, Inc.;
2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
(c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: May 8, 2026
/s/ JARED M. WOLFF
Jared M. Wolff
Chairman of the Board of Directors, Chief Executive Officer and President (Principal Executive Officer)


EX-31.2 4 a03312610-qexhibit312.htm EX-31.2 Document

Exhibit 31.2
Certification
Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
I, Joseph Kauder, certify that:
1.    I have reviewed this report on Form 10-Q for the quarterly period ended March 31, 2026 of Banc of California, Inc.;
2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
(c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: May 8, 2026
/s/ JOSEPH KAUDER
Joseph Kauder
Executive Vice President, and Chief Financial Officer (Principal Financial Officer)


EX-32.1 5 a03312610-qexhibit321.htm EX-32.1 Document

Exhibit 32.1
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), the undersigned officer of Banc of California, Inc. (the “Company”) hereby certifies that the Company’s Quarterly Report on Form 10-Q for the quarterly period March 31, 2026 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: May 8, 2026
/s/ JARED M. WOLFF
Jared M. Wolff
Chairman of the Board of Directors, Chief Executive Officer and President (Principal Executive Officer)
The foregoing certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350) and is not being filed as part of the Report or as a separate disclosure document.
EX-32.2 6 a03312610-qexhibit322.htm EX-32.2 Document

Exhibit 32.2
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), the undersigned officer of Banc of California, Inc. (the “Company”) hereby certifies that the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: May 8, 2026
/s/ JOSEPH KAUDER
Joseph Kauder
Executive Vice President, and Chief Financial Officer (Principal Financial Officer)
The foregoing certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350) and is not being filed as part of the Report or as a separate disclosure document.