BANC OF CALIFORNIA, INC. - FORM 8-K - EX-99.1

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EX-99.2 - EX-99.2 - BANC OF CALIFORNIA, INC.	d433750dex992.htm
8-K - FORM 8-K - BANC OF CALIFORNIA, INC.	d433750d8k.htm

Exhibit 99.1

LOGO

Banc of California Reports Second Quarter 2017 Earnings

SANTA ANA, Calif., (July 26, 2017) – Banc of California, Inc. (NYSE: BANC) today reported net income of $12.3 million, and net income available to common stockholders of $7.1 million, for the second quarter of 2017, resulting in diluted earnings per common share of $0.14 for the quarter. Net income from continuing operations for the quarter was $15.1 million, resulting in diluted earnings per common share from continuing operations of $0.20.

Highlights for the second quarter included:

•

Significantly re-positioned and de-risked the balance sheet during the quarter, through the reduction of brokered deposits by $576 million, the reclassification of all HTM securities to AFS, and the sales of securities including $294 million of longer duration agency MBS, $120 million of private label non-agency MBS, and $17 million of corporate bank debt.

•

Signed an agreement to sell the remaining seasoned SFR mortgage loan pools which is expected to close in the third quarter, and thus moved those loan balances, totaling $146 million, to held for sale during the second quarter.

•

Increased commercial loan balances by $53 million, or 1%, from the prior quarter, and by $497 million, or 14%, from a year ago. Commercial loans now represent 68% of total loans held for investment, up from 57% a year ago.

•

Held for investment loan balances decreased by $149 million, or 2%, during the quarter to $6.0 billion. The Company sold $156 million of loans from held for investment during the quarter and moved $146 million of seasoned SFR mortgage loans to held for sale, as noted above. Excluding these sales and transfers, held for investment loan balances increased by $153 million, or 3%, from the prior quarter.

•

Completed numerous expense initiatives during the second quarter which reduced quarterly, recurring, run-rate expenses to less than $60 million for the quarter, excluding the expense related to loss on investments in alternative energy partnerships.

•

Asset quality remained strong as nonperforming assets to total assets declined to just 0.12%.

•

Common equity tier 1 capital ratio improved from the prior quarter to 9.8%.

The Company’s consolidated assets totaled $10.4 billion at June 30, 2017, down 6% compared to the prior quarter and up 2% compared to the prior year.

“During the second quarter, we completed numerous actions designed to re-position and de-risk the balance sheet and to continue orienting the Company toward an increased focus on core, commercial banking activities,” said Doug Bowers, President and Chief Executive Officer of Banc of California. “These actions included both the select sales of securities and the reclassification of all held-to-maturity securities to available for sale. In addition, we reduced brokered deposits, and continued to focus on lowering the overall expense base and improving efficiencies across the organization. The second quarter did include non-recurring expense items related to severance, legal and professional fees, and termination costs associated with certain facilities and the company car program. All the while, a strong credit culture continues to endure, and coupled with improved governance both remain core parts of the foundation of Banc of California. We are in the early days of the transformation of what Banc of California aims to become, and there is certainly more work to do. I have been very pleased with the quality of our people across the Company. I believe we have a substantial opportunity in front of us to serve our clients well across our markets and to deliver value for our shareholders. What attracted me initially to Banc of California holds truer than ever as our brand, our markets, and our size, coupled with our strong credit culture provides us with every opportunity to build a thriving commercial bank.”

3 MacArthur Place • Santa Ana, CA 92707 • (949) 236-5250 • www.bancofcal.com

The Company will host a conference call to discuss its second quarter financial results at 7:00 a.m. Pacific Time (PT) on Wednesday, July 26, 2017. Interested parties are welcome to attend the conference call by dialing 888-317-6003, and referencing event code 3749697. A live audio webcast will also be available and the webcast link will be posted on the Company’s Investor Relations website at www.bancofcal.com/investor. The slide presentation for the call will also be available on the Company’s Investor Relations website prior to the call.

About Banc of California, Inc.

Banc of California, Inc. (NYSE: BANC) provides comprehensive banking services to California’s diverse businesses, entrepreneurs and communities. Banc of California operates 34 offices in California. The Company was recently recognized by Forbes for the second straight year as one of the 100 Best Banks in America for 2017.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are necessarily subject to risk and uncertainty and actual results could differ materially from those anticipated due to various factors, including those set forth from time to time in the documents filed or furnished by Banc of California, Inc. with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and Banc of California, Inc. undertakes no obligation to update any such statements to reflect circumstances or events that occur after the date on which the forward-looking statement is made.

Source: Banc of California, Inc.


INVESTOR RELATIONS INQUIRIES:		MEDIA INQUIRIES:
Banc of California, Inc.		Abernathy MacGregor
Timothy Sedabres, (855) 361-2262		Ian Campbell / Joe Hixson / Kristin Cole, (213) 630-6550 idc@abmac.com / jrh@abmac.com / kec@abmac.com

- 2 -

Banc of California, Inc.

Consolidated Statements of Financial Condition

(Dollars in thousands)

(Unaudited)


	June 30,			March 31,			December 31,			September 30,			June 30,
	2017			2017			2016			2016			2016
ASSETS
Cash and cash equivalents	$	511,190		$	409,281		$	439,510		$	372,603		$	271,732
Time deposits in financial institutions		1,000			1,000			1,000			1,500			1,500
Securities available-for-sale		2,915,103			2,434,541			2,381,488			1,941,588			1,302,785
Securities held-to-maturity		—			863,269			884,234			962,315			962,282
Loans held-for-sale		278,824			228,196			298,018			358,892			476,928
Loans and leases receivable		5,956,337			6,105,321			6,034,752			6,568,791			6,236,115
Allowance for loan and lease losses		(42,385	)		(42,736	)		(40,444	)		(40,233	)		(37,483	)
Federal Home Loan Bank and other bank stock		63,438			63,238			67,842			69,190			81,115
Servicing rights, net		43,834			44,451			39,936			33,064			29,291
Other real estate owned, net		3,267			3,345			2,502			275			429
Premises and equipment, net		143,398			146,631			140,917			131,481			117,017
Investments in alternative energy partnerships, net		37,605			47,633			25,639			23,912			—
Goodwill		37,144			37,144			37,144			37,144			37,144
Other intangible assets, net		11,135			12,191			13,617			15,335			16,514
Deferred income tax, net		9,499			18,673			9,989			408			7,270
Income tax receivable		14,984			15,973			16,009			12,487			5,904
Bank owned life insurance investment		103,709			103,093			102,512			101,909			101,314
Other assets		113,534			128,036			92,694			79,386			75,115
Assets of discontinued operations		164,152			432,805			482,494			546,357			472,690

Total assets	$	10,365,768		$	11,052,085		$	11,029,853		$	11,216,404		$	10,157,662

LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Noninterest-bearing deposits	$	1,138,095		$	1,273,649		$	1,282,629		$	1,267,363		$	1,093,686
Interest-bearing deposits		6,906,816			7,324,044			7,859,521			7,810,956			6,835,270

Total deposits		8,044,911			8,597,693			9,142,150			9,078,319			7,928,956
Advances from Federal Home Loan Bank		870,000			1,080,000			490,000			770,000			930,000
Securities sold under repurchase agreements		53,242			26,320			—			—			—
Other borrowings		—			67,981			67,922			49,903			—
Notes payable, net		172,790			174,090			175,378			176,579			177,743
Reserve for loss on repurchased loans		8,028			8,118			7,974			11,369			10,438
Income taxes payable		—			618			92			908			—
Accrued expenses and other liabilities		193,276			81,208			131,618			132,089			146,537
Liabilities of discontinued operations		17,229			30,309			34,480			25,813			24,104

Total liabilities		9,359,476			10,066,337			10,049,614			10,244,980			9,217,778
Commitments and contingent liabilities
Preferred stock		269,071			269,071			269,071			269,071			269,071
Common stock		540			537			537			536			510
Common stock, class B non-voting non-convertible		4			3			2			2			2
Additional paid-in capital		616,251			614,983			614,226			611,069			608,303
Retained earnings		140,331			139,926			134,515			112,751			88,385
Treasury stock		(28,786	)		(29,070	)		(29,070	)		(29,070	)		(29,070	)
Accumulated other comprehensive income/(loss), net		8,881			(9,702	)		(9,042	)		7,065			2,683

Total stockholders’ equity		1,006,292			985,748			980,239			971,424			939,884

Total liabilities and stockholders’ equity	$	10,365,768		$	11,052,085		$	11,029,853		$	11,216,404		$	10,157,662

Banc of California, Inc.

Consolidated Statements of Operations

(Dollars in thousands, except per share data)

(Unaudited)


	Three Months Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
	2017			2017			2016			2016			2016			2017			2016
Interest and dividend income
Loans, including fees	$	69,661		$	69,507		$	71,613		$	76,257		$	70,032		$	139,168		$	133,998
Securities		24,996			27,239			24,153			19,934			19,393			52,235			35,440
Other interest-earning assets		1,783			2,096			3,965			1,931			1,504			3,879			2,553

Total interest and dividend income		96,440			98,842			99,731			98,122			90,929			195,282			171,991
Interest expense
Deposits		14,942			13,960			12,504			11,224			8,385			28,902			16,492
Federal Home Loan Bank advances		2,774			1,423			1,076			1,413			1,966			4,197			3,228
Securities sold under repurchase agreements		180			6			221			48			389			186			549
Notes payable and other interest-bearing liabilities		3,044			2,972			2,998			2,589			2,863			6,016			7,157

Total interest expense		20,940			18,361			16,799			15,274			13,603			39,301			27,426

Net interest income		75,500			80,481			82,932			82,848			77,326			155,981			144,565
Provision for loan and lease losses		2,503			2,583			589			2,592			1,769			5,086			2,090

Net interest income after provision for loan and lease losses		72,997			77,898			82,343			80,256			75,557			150,895			142,475
Noninterest income
Customer service fees		1,669			1,623			1,560			1,566			1,173			3,292			2,021
Loan servicing (loss) income		132			2,756			4,699			74			(1,935	)		2,888			(4,140	)
Net gain (loss) on sale of securities available for sale		1,099			3,356			(695	)		487			12,824			4,455			29,613
Net gain on sale of loans		983			4,019			20,490			11,063			2,147			5,002			4,342
Loan brokerage income		34			1,027			1,331			1,298			721			1,061			1,622
Gain on sale of subsidiary and business unit		—			—			2,629			—			3,694			—			3,694
All other income		1,790			2,122			2,490			7,542			4,279			3,912			6,944

Total noninterest income		5,707			14,903			32,504			22,030			22,903			20,610			44,096
Noninterest expense
Salaries and employee benefits		33,348			32,443			42,800			37,133			32,745			65,791			66,214
Occupancy and equipment		9,776			10,668			10,012			10,036			9,057			20,444			17,998
Professional fees		11,794			15,073			11,562			6,482			6,426			26,867			12,329
Data processing		2,246			2,179			2,357			2,112			2,156			4,425			3,842
Loss on investments in alternative energy partnerships		9,761			8,682			13,850			17,660			—			18,443			—
Amortization of intangible assets		1,056			1,090			1,028			1,179			1,322			2,146			2,644
Restructuring expense		82			5,287			—			—			—			5,369			—
All other expenses		8,256			14,474			11,286			11,521			13,347			22,730			21,170

Total noninterest expense		76,319			89,896			92,895			86,123			65,053			166,215			124,197

Income from continuing operations before income taxes		2,385			2,905			21,952			16,163			33,407			5,290			62,374
Income tax (benefit) expense		(12,753	)		(6,471	)		(2,543	)		(9,016	)		13,647			(19,224	)		25,308

Income from continuing operations		15,138			9,376			24,495			25,179			19,760			24,514			37,066

Income (loss) from discontinued operations before income taxes		(4,991	)		13,348			14,965			18,574			11,390			8,357			15,378
Income tax (benefit) expense		(2,110	)		5,523			6,196			7,816			4,622			3,413			6,229

Income (loss) from discontinued operations		(2,881	)		7,825			8,769			10,758			6,768			4,944			9,149

Net income		12,257			17,201			33,264			35,937			26,528			29,458			46,215
Preferred stock dividends		5,113			5,113			5,113			5,112			5,114			10,226			9,689

Net income available to common stockholders	$	7,144		$	12,088		$	28,151		$	30,825		$	21,414		$	19,232		$	36,526

Basic earnings per total common share
Income from continuing operations	$	0.20		$	0.08		$	0.37		$	0.38		$	0.30		$	0.27		$	0.60
Income (loss) from discontinued operations		(0.06	)		0.15			0.18			0.22			0.14			0.10			0.21

Net income	$	0.14		$	0.23		$	0.55		$	0.60		$	0.44		$	0.37		$	0.81

Diluted earnings per total common share
Income from continuing operations	$	0.20		$	0.08		$	0.36		$	0.38		$	0.29		$	0.27		$	0.59
Income (loss) from discontinued operations		(0.06	)		0.15			0.18			0.21			0.14			0.10			0.20

Net income	$	0.14		$	0.23		$	0.54		$	0.59		$	0.43		$	0.37		$	0.79

Weighted average number of shares outstanding
Basic		50,289,590			49,991,186			50,008,234			49,907,840			47,426,841			50,058,540			43,694,683
Diluted		50,942,324			50,754,145			50,702,110			50,996,469			48,554,434			50,736,098			44,614,049
Dividends declared per common share	$	0.13		$	0.13		$	0.13		$	0.12		$	0.12		$	0.26		$	0.24

Banc of California, Inc.

Reconciliation of Consolidated Statements of Operations between Continuing and Discontinued Operations

(Dollars in thousands, except per share data)

(Unaudited)


	Three Months Ended June 30, 2017									Six Months Ended June 30, 2017
	Continuing			Discontinued			Consolidated			Continuing			Discontinued		Consolidated
	Operations			Operations			Operations			Operations			Operations		Operations
Interest and dividend income	$	96,440		$	2,796		$	99,236		$	195,282		$	6,062	$	201,344
Interest expense		20,940			—			20,940			39,301			—		39,301

Net interest income		75,500			2,796			78,296			155,981			6,062		162,043
Provision for loan and lease losses		2,503			—			2,503			5,086			—		5,086

Net interest income after provision for loan and lease losses		72,997			2,796			75,793			150,895			6,062		156,957
Noninterest income
Customer service fees		1,669			—			1,669			3,292			—		3,292
Loan servicing (loss) income		132			—			132			2,888			1,551		4,439
Net gain (loss) on sale of securities available for sale		1,099			—			1,099			4,455			—		4,455
Net gain on sale of loans		983			—			983			5,002			—		5,002
Mortgage banking income		—			13,636			13,636			—			43,070		43,070
Loan brokerage income		34			68			102			1,061			158		1,219
Gain on disposal of discontinued operations		—			236			236			—			13,538		13,538
All other income		1,790			170			1,960			3,912			594		4,506

Total noninterest income		5,707			14,110			19,817			20,610			58,911		79,521
Noninterest expense
Salaries and employee benefits		33,348			13,593			46,941			65,791			37,968		103,759
Occupancy and equipment		9,776			1,038			10,814			20,444			3,395		23,839
Professional fees		11,794			2,090			13,884			26,867			2,192		29,059
Data processing		2,246			63			2,309			4,425			527		4,952
Loss on investments in alternative energy partnerships		9,761			—			9,761			18,443			—		18,443
Amortization of intangible assets		1,056			—			1,056			2,146			—		2,146
Restructuring expense		82			297			379			5,369			3,515		8,884
All other expenses		8,256			4,816			13,072			22,730			9,019		31,749

Total noninterest expense		76,319			21,897			98,216			166,215			56,616		222,831

Income (loss) before income taxes		2,385			(4,991	)		(2,606	)		5,290			8,357		13,647
Income tax (benefit) expense		(12,753	)		(2,110	)		(14,863	)		(19,224	)		3,413		(15,811	)

Net income	$	15,138		$	(2,881	)	$	12,257		$	24,514		$	4,944	$	29,458

Banc of California, Inc.

Selected Financial Data

(Dollars in thousands)

(Unaudited)


	Three Months Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
	2017			2017			2016			2016			2016			2017			2016
Average balances of consolidated operations
Total assets	$	10,697,003		$	11,188,806		$	11,568,849		$	10,860,257		$	10,061,237		$	10,941,546		$	9,447,206
Total gross loans and leases		6,639,666			6,785,013			7,209,241			7,245,472			6,663,340			6,711,938			6,329,388
Investment Securities		3,004,551			3,376,698			3,236,253			2,776,304			2,696,524			3,189,596			2,412,703
Total interest earning assets		10,161,566			10,661,834			11,075,367			10,432,247			9,619,937			10,410,318			8,982,052
Total interest-bearing deposits		6,981,991			7,724,061			7,825,036			7,164,061			5,696,893			7,350,976			5,514,463
Total borrowings		1,265,279			1,058,607			1,190,060			1,297,382			2,067,234			1,162,515			1,688,472
Total interest bearing liabilities		8,247,270			8,782,668			9,015,096			8,461,443			7,764,127			8,513,491			7,202,935
Total stockholders’ equity		1,014,267			1,001,784			995,908			968,684			898,164			1,008,060			830,544
Profitability and other ratios of consolidated operations
Return on average assets⁽¹⁾		0.46	%		0.62	%		1.14	%		1.32	%		1.06	%		0.54	%		0.98	%
Return on average equity ⁽¹⁾		4.85	%		6.96	%		13.29	%		14.76	%		11.88	%		5.89	%		11.19	%
Return on average tangible common equity ⁽²⁾		4.51	%		7.76	%		17.30	%		19.51	%		15.65	%		6.11	%		15.13	%
Dividend payout ratio ⁽³⁾		92.86	%		56.52	%		23.64	%		20.00	%		27.27	%		70.27	%		29.63	%
Net interest spread		2.90	%		3.03	%		2.99	%		3.18	%		3.26	%		2.97	%		3.23	%
Net interest margin⁽¹⁾		3.09	%		3.19	%		3.13	%		3.32	%		3.39	%		3.14	%		3.39	%
Noninterest income to total revenue ⁽⁴⁾		20.20	%		41.62	%		47.79	%		46.18	%		44.74	%		32.92	%		43.70	%
Noninterest income to average total assets⁽¹⁾		0.74	%		2.16	%		2.74	%		2.73	%		2.62	%		1.47	%		2.50	%
Noninterest expense to average total assets⁽¹⁾		3.68	%		4.52	%		4.44	%		4.55	%		4.00	%		4.11	%		4.03	%
Efficiency ratio⁽⁵⁾		100.10	%		86.87	%		77.51	%		76.90	%		68.24	%		92.25	%		70.32	%
Adjusted efficiency ratio for including the pre-tax effect of investments in alternative energy partnerships ^{(2), (5)}		80.51	%		78.76	%		66.87	%		62.38	%		68.24	%		79.51	%		70.32	%
Average held for investment loans and leases to average deposits		73.54	%		68.33	%		69.11	%		75.92	%		82.88	%		70.85	%		81.36	%
Average investment securities to average total assets		28.09	%		30.18	%		27.97	%		25.56	%		26.80	%		29.15	%		25.54	%
Average stockholders’ equity to average total assets		9.48	%		8.95	%		8.61	%		8.92	%		8.93	%		9.21	%		8.79	%

(1)

Ratios are presented on an annualized basis.

(2)

The ratios are determined by methods other than in accordance with U.S. generally accepted accounting principles (GAAP).

See Non-GAAP measures section for reconciliation of the calculation.

(3)

The ratio is calculated by dividing dividends declared per common share by basic earnings per share

(4)

Total revenue is equal to the sum of net interest income before provision for loan and lease losses and noninterest income.

(5)

The ratios are calculated by dividing noninterest expense by the sum of net interest income before provision for loan and lease losses and noninterest income.

Banc of California, Inc.

Selected Financial Data, Continued

(Dollars in thousands)

(Unaudited)


	Three Months Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
	2017			2017			2016			2016			2016			2017			2016
Allowance for loan and lease losses (ALLL)
Balance at beginning of period	$	42,736		$	40,444		$	40,233		$	37,483		$	35,845		$	40,444		$	35,533
Loans and leases charged off		(2,898	)		(357	)		(1,351	)		(393	)		(772	)		(3,255	)		(874	)
Recoveries		44			66			973			551			641			110			734
Provision for loan and lease losses		2,503			2,583			589			2,592			1,769			5,086			2,090

Balance at end of period	$	42,385		$	42,736		$	40,444		$	40,233		$	37,483		$	42,385		$	37,483

Annualized net loan charge-offs to average total loans and leases held-for-investment		0.19	%		0.02	%		0.02	%		-0.01	%		0.01	%		0.10	%		0.01	%
Reserve for loss on repurchased loans
Balance at beginning of period	$	8,118		$	7,974		$	11,369		$	10,438		$	9,781			7,974		$	9,700
Provision for loan repurchases		270			517			(1,881	)		1,241			851			787			1,230
Utilization of reserve for loan repurchases		(360	)		(373	)		(1,514	)		(310	)		(194	)		(733	)		(492	)

Balance at end of period	$	8,028		$	8,118		$	7,974		$	11,369		$	10,438		$	8,028		$	10,438


	June 30,			March 31,			December 31,			September 30,			June 30,
	2017			2017			2016			2016			2016
Asset quality information and ratios
Delinquent loans and leases held-for-investment
30 to 89 days delinquent, excluding purchased credit impaired (PCI) loans	$	23,305		$	22,596		$	30,140		$	39,054		$	50,494
90+ days delinquent, excluding PCI loans		6,508			9,802			14,218			22,827			28,675

Total delinquent loans, excluding PCI loans		29,813			32,398			44,358			61,881			79,169

PCI loans, 30 to 89 days delinquent		343			16,410			15,078			39,113			48,255
PCI loans, 90+ days delinquent		807			4,943			2,577			6,145			8,952

Total delinquent PCI loans		1,150			21,353			17,655			45,258			57,207

Total delinquent loans	$	30,963		$	53,751		$	62,013		$	107,139		$	136,376

Total delinquent non-PCI loans to total non-PCI loans		0.50	%		0.54	%		0.75	%		1.04	%		1.44	%
Total delinquent loans and leases to total loans and leases		0.52	%		0.88	%		1.03	%		1.63	%		2.19	%
Non-performing assets, excluding loans held-for-sale
Non-performing loans and leases, excluding PCI loans	$	9,064		$	16,222		$	14,942		$	35,223		$	45,012
90+ days delinquent and still accruing loans and leases, excluding PCI loans		—			—			—			—			—
Other real estate owned		3,267			3,345			2,502			275			429

Non-performing assets	$	12,331		$	19,567		$	17,444		$	35,498		$	45,441

ALLL to non-performing loans and leases		467.62	%		263.44	%		270.67	%		114.22	%		83.27	%
Non-performing loans and leases to total loans and leases		0.15	%		0.27	%		0.25	%		0.54	%		0.72	%
Non-performing assets to total assets		0.12	%		0.18	%		0.16	%		0.32	%		0.45	%
Troubled debt restructurings (TDRs)
Performing TDRs	$	4,579		$	4,309		$	4,827		$	11,160		$	14,450
Non-performing TDRs		1,125			1,144			—			520			2,864

Total TDRs	$	5,704		$	5,453		$	4,827		$	11,680		$	17,314

Banc of California, Inc.

Selected Financial Data, Continued

(Dollars in thousands)

(Unaudited)


	June 30,			March 31,			December 31,			September 30,			June 30,
	2017			2017			2016			2016			2016
Loan and lease breakdown by ALLL evaluation type
Originated loans and leases
Individually evaluated for impairment	$	10,844		$	12,518		$	10,168		$	22,306		$	25,661
Collectively evaluated for impairment		5,148,979			5,096,657			4,933,381			4,789,155			4,254,975
Acquired loans not impaired at acquisition
Individually evaluated for impairment		—			—			2,429			3,397			3,470
Collectively evaluated for impairment		792,213			834,983			924,993			958,135			1,022,696
Seasoned SFR mortgage loan pools - non-impaired
Individually evaluated for impairment		—			877			755			6,581			9,717
Collectively evaluated for impairment		—			20,587			21,200			146,850			168,352
Acquired with deteriorated credit quality		4,301			139,699			141,826			642,367			751,244

Total loans	$	5,956,337		$	6,105,321		$	6,034,752		$	6,568,791		$	6,236,115

ALLL breakdown
Originated loans and leases
Individually evaluated for impairment	$	424		$	130		$	137		$	137		$	215
Collectively evaluated for impairment		40,666			41,091			38,394			37,858			34,575
Acquired loans not impaired at acquisition
Individually evaluated for impairment		—			—			—			—			—
Collectively evaluated for impairment		1,271			1,234			1,703			1,606			1,458
Seasoned SFR mortgage loan pools - non-impaired
Individually evaluated for impairment		—			120			106			528			1,131
Collectively evaluated for impairment		—			—			—			—			—
Acquired with deteriorated credit quality		24			161			104			104			104

Total ALLL	$	42,385		$	42,736		$	40,444		$	40,233		$	37,483

Discount on Purchased/Acquired Loans
Acquired loans not impaired at acquisition	$	15,446		$	16,275		$	17,820		$	18,400		$	20,136
Seasoned SFR mortgage loan pools - non-impaired		—			1,219			1,280			9,789			11,304
Acquired with deteriorated credit quality		1,754			21,538			22,454			57,780			76,505

Total Discount	$	17,200		$	39,032		$	41,554		$	85,969		$	107,945

Ratios
To originated loans and leases:
Individually evaluated for impairment		3.91	%		1.04	%		1.35	%		0.61	%		0.84	%
Collectively evaluated for impairment		0.79	%		0.81	%		0.78	%		0.79	%		0.81	%
Total ALLL		0.80	%		0.81	%		0.78	%		0.79	%		0.81	%
To originated loans and leases and acquired loans not impaired at acquisition:
Individually evaluated for impairment		3.91	%		1.04	%		1.09	%		0.53	%		0.74	%
Collectively evaluated for impairment		0.71	%		0.71	%		0.68	%		0.69	%		0.68	%
Total ALLL		0.71	%		0.71	%		0.69	%		0.69	%		0.68	%
To total loans and leases:
Individually evaluated for impairment		3.91	%		1.87	%		1.82	%		2.06	%		3.46	%
Collectively evaluated for impairment		0.71	%		0.71	%		0.68	%		0.67	%		0.66	%
Total ALLL		0.71	%		0.70	%		0.67	%		0.61	%		0.60	%

Banc of California, Inc.

Selected Financial Data, Continued

(Dollars in thousands)

(Unaudited)


	June 30,			March 31,			December 31,			September 30,			June 30,
	2017			2017			2016			2016			2016
Composition of held for investment loans and leases
Commercial real estate	$	716,771		$	750,592		$	729,959		$	721,838		$	725,107
Multi-family		1,545,888			1,449,715			1,365,262			1,199,207			1,147,597
Construction		156,246			142,164			125,100			99,086			86,852
Commercial and industrial		1,560,916			1,585,656			1,522,960			1,531,041			1,306,866
SBA		77,254			76,040			73,840			67,737			65,477
Lease financing		173			285			379			234,540			228,663

Total commercial loans		4,057,248			4,004,452			3,817,500			3,853,449			3,560,562

Single family residential mortgage		1,778,536			1,975,055			2,106,630			2,601,375			2,555,344
Other consumer		120,553			125,814			110,622			113,967			120,209

Total consumer loans		1,899,089			2,100,869			2,217,252			2,715,342			2,675,553

Total gross loans and leases	$	5,956,337		$	6,105,321		$	6,034,752		$	6,568,791		$	6,236,115

Composition percentage of held for investment loans and leases
Commercial real estate		12.0	%		12.3	%		12.1	%		11.0	%		11.6	%
Multi-family		26.0	%		23.7	%		22.6	%		18.3	%		18.4	%
Construction		2.6	%		2.3	%		2.1	%		1.5	%		1.4	%
Commercial and industrial		26.2	%		26.1	%		25.2	%		23.3	%		21.0	%
SBA		1.3	%		1.2	%		1.2	%		1.0	%		1.0	%
Lease financing		0.0	%		0.0	%		0.1	%		3.6	%		3.7	%

Total commercial loans		68.1	%		65.6	%		63.3	%		58.7	%		57.1	%

Single family residential mortgage		29.9	%		32.3	%		34.9	%		39.6	%		41.0	%
Other consumer		2.0	%		2.1	%		1.8	%		1.7	%		1.9	%

Total consumer loans		31.9	%		34.4	%		36.7	%		41.3	%		42.9	%

Total gross loans and leases		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

Composition of deposits
Noninterest-bearing checking	$	1,138,095		$	1,273,649		$	1,282,629		$	1,267,363		$	1,093,686
Interest-bearing checking		2,058,130			1,998,778			2,048,839			2,369,332			2,053,656
Money market		2,265,380			2,610,376			2,731,314			2,900,248			2,343,561
Savings		985,001			1,008,218			1,118,175			880,712			909,242
Certificates of deposit		1,598,305			1,706,672			1,961,193			1,660,664			1,528,811

Total deposits	$	8,044,911		$	8,597,693		$	9,142,150		$	9,078,319		$	7,928,956

Composition percentage of deposits
Noninterest-bearing checking		14.1	%		14.8	%		14.0	%		14.0	%		13.8	%
Interest-bearing checking		25.6	%		23.2	%		22.4	%		26.1	%		25.9	%
Money market		28.2	%		30.4	%		29.9	%		31.9	%		29.5	%
Savings		12.2	%		11.7	%		12.2	%		9.7	%		11.5	%
Certificates of deposit		19.9	%		19.9	%		21.5	%		18.3	%		19.3	%

Total deposits		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

Banc of California, Inc.

Average Balance, Average Yield Earned, and Average Cost Paid

(Dollars in thousands)

(Unaudited)


	Three Months Ended
	June 30, 2017								March 31, 2017								December 31, 2016
	Average					Yield			Average					Yield			Average					Yield
	Balance			Interest		/ Cost			Balance			Interest		/ Cost			Balance			Interest		/ Cost
Interest earning assets
Loans held-for-sale of discontinued operations	$	361,784		$	2,796		3.10	%	$	388,194		$	3,266		3.41	%	$	519,495		$	4,126		3.16	%
Other loans held-for-sale and SFR mortgage		2,046,409			20,086		3.94	%		2,275,338			21,950		3.91	%		2,236,354			21,451		3.82	%
Seasoned SFR mortgage loan pools		151,759			2,121		5.61	%		154,736			2,145		5.62	%		570,006			6,281		4.38	%
Commercial real estate, multi-family, and construction		2,394,487			25,821		4.33	%		2,336,323			25,851		4.49	%		2,146,067			23,405		4.34	%
Commercial and industrial, SBA, and lease financing		1,565,583			20,233		5.18	%		1,508,756			18,293		4.92	%		1,628,177			19,228		4.70	%
Other consumer		119,644			1,400		4.69	%		121,666			1,268		4.23	%		109,142			1,248		4.55	%

Gross loans and leases		6,639,666			72,457		4.38	%		6,785,013			72,773		4.35	%		7,209,241			75,739		4.18	%
Securities		3,004,551			24,996		3.34	%		3,376,698			27,239		3.27	%		3,236,253			24,153		2.97	%
Other interest-earning assets		517,349			1,783		1.38	%		500,123			2,096		1.70	%		629,873			3,965		2.50	%

Total interest-earning assets		10,161,566			99,236		3.92	%		10,661,834			102,108		3.88	%		11,075,367			103,857		3.73	%
Allowance for loan and lease losses		(42,896	)							(41,285	)							(39,163	)
BOLI and non-interest earning assets		578,333								568,257								532,645

Total assets	$	10,697,003							$	11,188,806							$	11,568,849

Interest-bearing liabilities
Savings	$	1,002,797		$	2,262		0.90	%	$	1,042,031		$	2,292		0.89	%	$	941,404		$	1,917		0.81	%
Interest-bearing checking		2,013,751			3,609		0.72	%		2,008,828			3,414		0.69	%		2,081,105			3,371		0.64	%
Money market		2,359,173			5,482		0.93	%		2,735,810			4,691		0.70	%		2,830,271			3,909		0.55	%
Certificates of deposit		1,606,270			3,589		0.90	%		1,937,392			3,563		0.75	%		1,972,256			3,307		0.67	%

Total interest-bearing deposits		6,981,991			14,942		0.86	%		7,724,061			13,960		0.73	%		7,825,036			12,504		0.64	%
FHLB advances		990,780			2,774		1.12	%		812,444			1,423		0.71	%		892,120			1,076		0.48	%
Securities sold under repurchase agreements		34,298			180		2.11	%		2,123			6		1.15	%		59,761			221		1.47	%
Long-term debt and other interest-bearing liabilities		240,201			3,044		5.08	%		244,040			2,972		4.94	%		238,179			2,998		5.01	%

Total interest-bearing liabilities		8,247,270			20,940		1.02	%		8,782,668			18,361		0.85	%		9,015,096			16,799		0.74	%
Noninterest-bearing deposits		1,261,338								1,181,279								1,286,642
Non-interest-bearing liabilities		174,128								223,075								271,203

Total liabilities		9,682,736								10,187,022								10,572,941
Total stockholders’ equity		1,014,267								1,001,784								995,908

Total liabilities and stockholders’ equity	$	10,697,003							$	11,188,806							$	11,568,849

Net interest income/spread				$	78,296		2.90	%				$	83,747		3.03	%				$	87,058		2.99	%

Net interest margin							3.09	%							3.19	%							3.13	%

Ratio of interest-earning assets to interest-bearing liabilities		123.21	%							121.40	%							122.85	%

Total deposits	$	8,243,329		$	14,942		0.73	%	$	8,905,340		$	13,960		0.64	%	$	9,111,678		$	12,504		0.55	%
Total funding ⁽¹⁾	$	9,508,608		$	20,940		0.88	%	$	9,963,947		$	18,361		0.75	%	$	10,301,738		$	16,799		0.65	%

(1)

Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.

Banc of California, Inc.

Average Balance, Average Yield Earned, and Average Cost Paid, Continued

(Dollars in thousands)

(Unaudited)


	Three Months Ended
	September 30, 2016								June 30, 2016
	Average					Yield			Average					Yield
	Balance			Interest		/ Cost			Balance			Interest		/ Cost
Interest earning assets
Loans held-for-sale of discontinued operations	$	479,133		$	4,113		3.42	%	$	402,784		$	3,711		3.71	%
Other loans held-for-sale and SFR mortgage		2,139,746			20,252		3.77	%		2,025,384			18,777		3.73	%
Seasoned SFR mortgage loan pools		907,387			11,924		5.23	%		878,068			12,404		5.68	%
Commercial real estate, multi-family, and construction		2,033,718			23,097		4.52	%		1,907,649			21,049		4.44	%
Commercial and industrial, SBA, and lease financing		1,576,379			19,734		4.98	%		1,343,961			16,642		4.98	%
Other consumer		109,109			1,250		4.56	%		105,494			1,160		4.42	%

Gross loans and leases		7,245,472			80,370		4.41	%		6,663,340			73,743		4.45	%
Securities		2,776,304			19,934		2.86	%		2,696,524			19,393		2.89	%
Other interest-earning assets		410,471			1,931		1.87	%		260,073			1,504		2.33	%

Total interest-earning assets		10,432,247			102,235		3.90	%		9,619,937			94,640		3.96	%
Allowance for loan and lease losses		(38,258	)							(37,637	)
BOLI and non-interest earning assets		466,268								478,937

Total assets	$	10,860,257							$	10,061,237

Interest-bearing liabilities
Savings	$	887,973		$	1,704		0.76	%	$	866,051		$	1,603		0.74	%
Interest-bearing checking		2,300,128			3,972		0.69	%		1,981,702			3,135		0.64	%
Money market		2,427,356			3,226		0.53	%		1,672,662			1,962		0.47	%
Certificates of deposit		1,548,604			2,322		0.60	%		1,176,478			1,685		0.58	%

Total interest-bearing deposits		7,164,061			11,224		0.62	%		5,696,893			8,385		0.59	%
FHLB advances		1,104,663			1,413		0.51	%		1,663,791			1,966		0.48	%
Securities sold under repurchase agreements		12,539			48		1.52	%		210,299			389		0.74	%
Long-term debt and other interest-bearing liabilities		180,180			2,589		5.72	%		193,144			2,863		5.96	%

Total interest-bearing liabilities		8,461,443			15,274		0.72	%		7,764,127			13,603		0.70	%
Noninterest-bearing deposits		1,178,849								1,205,987
Non-interest-bearing liabilities		251,281								192,959

Total liabilities		9,891,573								9,163,073
Total stockholders’ equity		968,684								898,164

Total liabilities and stockholders’ equity	$	10,860,257							$	10,061,237

Net interest income/spread				$	86,961		3.18	%				$	81,037		3.26	%

Net interest margin							3.32	%							3.39	%

Ratio of interest-earning assets to interest-bearing liabilities		123.29	%							123.90	%

Total deposits	$	8,342,910		$	11,224		0.54	%	$	6,902,880		$	8,385		0.49	%
Total funding ⁽¹⁾	$	9,640,292		$	15,274		0.63	%	$	8,970,114		$	13,603		0.61	%

(1)

Banc of California, Inc.

Average Balance, Average Yield Earned, and Average Cost Paid, Continued

(Dollars in thousands)

(Unaudited)


	Six Months Ended
	June 30, 2017								June 30, 2016
	Average					Yield			Average					Yield
	Balance			Interest		/ Cost			Balance			Interest		/ Cost
Interest earning assets
Loans held-for-sale of discontinued operations	$	374,916		$	6,062		3.26	%	$	402,784		$	6,889		3.44	%
Other loans held-for-sale and SFR mortgage		2,160,241			42,038		3.92	%		1,883,718			35,407		3.78	%
Seasoned SFR mortgage loan pools		153,240			4,266		5.61	%		877,105			25,114		5.76	%
Commercial real estate, multi-family, and construction		2,365,566			51,670		4.40	%		1,834,147			40,865		4.48	%
Commercial and industrial, SBA, and lease financing		1,537,326			38,527		5.05	%		1,224,966			30,307		4.98	%
Other consumer		120,649			2,667		4.46	%		106,668			2,305		4.35	%

Gross loans and leases		6,711,938			145,230		4.36	%		6,329,388			140,887		4.48	%
Securities		3,189,596			52,235		3.30	%		2,412,703			35,440		2.95	%
Other interest-earning assets		508,784			3,879		1.54	%		239,961			2,553		2.14	%

Total interest-earning assets		10,410,318			201,344		3.90	%		8,982,052			178,880		4.00	%
Allowance for loan and lease losses		(42,095	)							(36,606	)
BOLI and non-interest earning assets		573,323								501,760

Total assets	$	10,941,546							$	9,447,206

Interest-bearing liabilities
Savings	$	1,022,305		$	4,555		0.90	%	$	850,508		$	3,175		0.75	%
Interest-bearing checking		2,011,303			7,023		0.70	%		1,941,268			6,378		0.66	%
Money market		2,546,452			10,173		0.81	%		1,554,997			3,641		0.47	%
Certificates of deposit		1,770,916			7,151		0.81	%		1,167,690			3,298		0.57	%

Total interest-bearing deposits		7,350,976			28,902		0.79	%		5,514,463			16,492		0.60	%
FHLB advances		902,105			4,197		0.94	%		1,309,725			3,228		0.50	%
Securities sold under repurchase agreements		18,300			186		2.05	%		150,347			549		0.73	%
Long-term debt and other interest-bearing liabilities		242,110			6,016		5.01	%		228,400			7,157		6.30	%

Total interest-bearing liabilities		8,513,491			39,301		0.93	%		7,202,935			27,426		0.77	%
Noninterest-bearing deposits		1,221,530								1,218,489
Non-interest-bearing liabilities		198,465								195,238

Total liabilities		9,933,486								8,616,662
Total stockholders’ equity		1,008,060								830,544

Total liabilities and stockholders’ equity	$	10,941,546							$	9,447,206

Net interest income/spread				$	162,043		2.97	%				$	151,454		3.23	%

Net interest margin							3.14	%							3.39	%

Ratio of interest-earning assets to interest-bearing liabilities		122.28	%							124.70	%

Total deposits	$	8,572,506		$	28,902		0.68	%	$	6,732,952		$	16,492		0.49	%
Total funding ⁽¹⁾	$	9,735,021		$	39,301		0.81	%	$	8,421,424		$	27,426		0.65	%

(1)

Banc of California, Inc.

Capital Ratios

(Unaudited)


	June 30,			March 31,			December 31,			September 30,			June 30,
	2017			2017			2016			2016			2016
Capital Ratios
Banc of California, Inc.
Total risk-based capital ratio		14.39	%		13.72	%		13.70	%		12.79	%		13.45	%
Tier 1 risk-based capital ratio		13.72	%		13.08	%		13.22	%		12.54	%		13.14	%
Common equity tier 1 capital ratio		9.83	%		9.37	%		9.44	%		8.85	%		9.16	%
Tier 1 leverage ratio		8.93	%		8.51	%		8.17	%		8.47	%		8.87	%
Banc of California, NA
Total risk-based capital ratio		16.13	%		15.11	%		14.73	%		14.38	%		14.96	%
Tier 1 risk-based capital ratio		15.45	%		14.48	%		14.12	%		13.83	%		14.38	%
Common equity tier 1 capital ratio		15.45	%		14.48	%		14.12	%		13.83	%		14.38	%
Tier 1 leverage ratio		10.05	%		9.43	%		8.71	%		9.31	%		9.70	%

Banc of California, Inc.

Consolidated Operations

Non-GAAP Measures

(Dollars in thousands, except per share data)

(Unaudited)

Non-GAAP performance measure:

Tangible equity to tangible assets, tangible common equity to tangible assets ratios, return on average tangible common equity, and adjusted efficiency ratio are supplemental financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (GAAP). These non-GAAP measures are used by management in the analysis of the Company’s capital strength and performance of businesses. Banking and financial institution regulators also exclude goodwill and other intangible assets from total stockholders’ equity when assessing the capital adequacy of a financial institution. Management believes the presentation of these financial measures excluding the impact of these items provides useful supplemental information that is essential to a proper understanding of the capital and financial strength of the Company. This disclosure should not be viewed as a substitution for results determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

The following tables reconcile this non-GAAP performance measures to the GAAP performance measures for the periods indicated:


	June 30,			March 31,			December 31,			September 30,			June 30,
	2017			2017			2016			2016			2016
Tangible common equity to tangible assets ratio
Total assets	$	10,365,768		$	11,052,085		$	11,029,853		$	11,216,404		$	10,157,662
Less goodwill		(37,144	)		(37,144	)		(39,244	)		(39,244	)		(39,244	)
Less other intangible assets		(11,135	)		(12,191	)		(13,617	)		(15,335	)		(16,514	)

Tangible assets	$	10,317,489		$	11,002,750		$	10,976,992		$	11,161,825		$	10,101,904

Total stockholders’ equity	$	1,006,292		$	985,748		$	980,239		$	971,424		$	939,884
Less goodwill		(37,144	)		(37,144	)		(39,244	)		(39,244	)		(39,244	)
Less other intangible assets		(11,135	)		(12,191	)		(13,617	)		(15,335	)		(16,514	)

Tangible equity		958,013			936,413			927,378			916,845			884,126
Less preferred stock		(269,071	)		(269,071	)		(269,071	)		(269,071	)		(269,071	)

Tangible common equity	$	688,942		$	667,342		$	658,307		$	647,774		$	615,055

Total stockholders’ equity to total assets		9.71	%		8.92	%		8.89	%		8.66	%		9.25	%
Tangible equity to tangible assets		9.29	%		8.51	%		8.45	%		8.21	%		8.75	%
Tangible common equity to tangible assets		6.68	%		6.07	%		6.00	%		5.80	%		6.09	%
Common stock outstanding		49,991,395			49,601,363			49,695,299			49,531,321			49,478,348
Class B non-voting non-convertible common stock outstanding		355,173			277,797			201,922			201,922			161,841

Total common stock outstanding		50,346,568			49,879,160			49,897,221			49,733,243			49,640,189

Minimum number of shares issuable under purchase contracts ⁽¹⁾		—			166,265			188,742			188,742			218,928

Total common stock outstanding and shares issuable under purchase contracts		50,346,568			50,045,425			50,085,963			49,921,985			49,859,117


(1) Purchase contracts relating to the tangible equity units

Tangible common equity per common stock	$	13.68		$	13.38		$	13.19		$	13.02		$	12.39
Book value per common stock	$	14.64		$	14.37		$	14.25		$	14.12		$	13.51

Tangible common equity per common stock and shares issuable under purchase contracts	$	13.68		$	13.33		$	13.14		$	12.98		$	12.34
Book value per common stock and shares issuable under purchase contracts	$	14.64		$	14.32		$	14.20		$	14.07		$	13.45

Banc of California, Inc.

Consolidated Operations

Non-GAAP Measures, Continued

(Dollars in thousands, except per share data)

(Unaudited)


	Three Months Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
	2017			2017			2016			2016			2016			2017			2016
Return on tangible common equity
Average total stockholders’ equity	$	1,014,267		$	1,001,784		$	995,908		$	968,684		$	898,164		$	1,008,060		$	830,544
Less average preferred stock		(269,071	)		(269,071	)		(269,071	)		(269,071	)		(269,073	)		(269,071	)		(265,016	)
Less average goodwill		(37,144	)		(39,221	)		(39,244	)		(39,244	)		(39,244	)		(38,177	)		(39,244	)
Less average other intangible assets		(11,808	)		(13,190	)		(14,704	)		(16,039	)		(17,299	)		(12,495	)		(17,950	)

Average tangible common equity	$	696,244		$	680,302		$	672,889		$	644,330		$	572,548		$	688,317		$	508,334

Net income	$	12,257		$	17,201		$	33,264		$	35,937		$	26,528		$	29,458		$	46,215
Less preferred stock dividends		(5,113	)		(5,113	)		(5,113	)		(5,112	)		(5,114	)		(10,226	)		(9,689	)
Add amortization of intangible assets		1,056			1,090			1,028			1,179			1,322			2,146			2,644
Add impairment on intangible assets		—			336			690			—			—			336			—
Less tax effect on amortization and impairment of intangible assets ⁽¹⁾		(370	)		(499	)		(601	)		(413	)		(463	)		(869	)		(925	)

Net income available to common stockholders	$	7,830		$	13,015		$	29,268		$	31,591		$	22,273		$	20,845		$	38,245

Return on average equity		4.85	%		6.96	%		13.29	%		14.76	%		11.88	%		5.89	%		11.19	%
Return on average tangible common equity		4.51	%		7.76	%		17.30	%		19.51	%		15.65	%		6.11	%		15.13	%

(1) Utilized a 35% effective tax rate

	Three Months Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
	2017			2017			2016			2016			2016			2017			2016
Adjusted efficiency ratio for including the pre-tax effect of investments in alternative energy partnerships
Noninterest expense	$	98,216		$	124,615		$	129,239		$	124,262		$	100,075		$	222,831		$	189,175
Loss on investments in alternative energy partnerships		(9,761	)		(8,682	)		(13,850	)		(17,660	)		—			(18,443	)		—

Adjusted noninterest expense	$	88,455		$	115,933		$	115,389		$	106,602		$	100,075		$	204,388		$	189,175

Net interest income	$	78,296		$	83,747		$	87,058		$	86,961		$	81,037		$	162,043		$	151,454
Noninterest income		19,817			59,704			79,687			74,630			65,604			79,521			117,563

Total revenue		98,113			143,451			166,745			161,591			146,641			241,564			269,017
Tax credit from investments in alternative energy partnerships		15,681			8,829			14,048			19,357			—			24,510			—
Deferred tax expense on investments in alternative energy partnerships		(2,744	)		(1,545	)		(2,459	)		(3,387	)		—			(4,289	)		—
Tax effect on tax credit and deferred tax expense		8,584			5,140			8,078			11,002			—			13,724			—
Loss on investments in alternative energy partnerships, net		(9,761	)		(8,682	)		(13,850	)		(17,660	)		—			(18,443	)		—

Total pre-tax adjustments for investments in alternative energy partnerships		11,760			3,742			5,817			9,312			—			15,502			—

Adjusted total revenue	$	109,873		$	147,193		$	172,562		$	170,903		$	146,641		$	257,066		$	269,017

Efficiency ratio		100.10	%		86.87	%		77.51	%		76.90	%		68.24	%		92.25	%		70.32	%
Adjusted efficiency ratio for including the pre-tax effect of investments in alternative energy partnerships		80.51	%		78.76	%		66.87	%		62.38	%		68.24	%		79.51	%		70.32	%

Effective tax rate utilized for calculating tax effect on tax credit and deferred tax expense		39.89	%		41.37	%		41.10	%		40.79	%		—			40.43	%		—

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BANC OF CALIFORNIA, INC. Reports