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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
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
(State or other jurisdiction of
incorporation or organization)
04-3639825
(IRS Employer Identification No.)
3 MacArthur Place, Santa Ana, California
(Address of principal executive offices)
92707
(Zip Code)
(855) 361-2262
(Registrant’s telephone number, including area code)
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 (Section 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 filerAccelerated 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 


Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareBANCNew York Stock Exchange
Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.
As of May 5, 2022, the registrant had outstanding 60,912,972 shares of voting common stock and 477,321 shares of Class B non-voting common stock.


BANC OF CALIFORNIA, INC.
FORM 10-Q QUARTERLY REPORT
March 31, 2022
Table of Contents
Page
Item 1 –
Item 2 –
Item 3 –
Item 4 –
Item 1 –
Item 1A –
Item 2 –
Item 3 –
Item 4 –
Item 5 –
Item 6 –

2

Forward-Looking Statements -
When used in this report and in documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases “believe,” “will,” “should,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements. These statements may relate to future financial performance, strategic plans or objectives, revenue, expense or earnings projections, or other financial items of Banc of California, Inc. and its affiliates (“BANC,” the “Company”, “we”, “us” or “our”). By their nature, these statements are subject to numerous uncertainties that could cause actual results to differ materially from those anticipated in the statements.
Factors that could cause actual results to differ materially from the results anticipated or projected include, but are not limited to, the following:
i.the continuing effects of the COVID-19 pandemic and steps taken by governmental and other authorities to contain, mitigate and combat the pandemic on our business, operations, financial performance and prospects;
ii.the costs and effects of litigation, including legal fees and other expenses, settlements and judgments;
iii.the risk that we will not be successful in the implementation of our capital utilization strategy, new lines of business, new products and services, or other strategic initiatives;
iv.risks that the Company’s merger and acquisition transactions, including its recent acquisition of Pacific Mercantile Bancorp, may disrupt current plans and operations and lead to difficulties in customer and employee retention, risks that the costs, fees, expenses and charges related to these transactions could be significantly higher than anticipated and risks that the expected revenues, cost savings, synergies, and other benefits of these transactions might not be realized to the extent anticipated, within the anticipated timetables, or at all;
v.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 but not limited to, the effectiveness of our underwriting practices and the risk of fraud, any of which may lead to increased loan delinquencies, losses, and nonperforming assets in our loan portfolio, and may result in our allowance for credit losses not being adequate and require us to materially increase our credit loss reserves;
vi.the quality and composition of our securities portfolio;
vii.changes in general economic conditions, either nationally or in our market areas, including any impact of supply chain disruptions, or changes in financial markets;
viii.changes in the interest rate environment and levels of general interest rates, including any anticipated increases by the FRB in its benchmark rate, the impacts of inflation, the relative differences between short- and long-term interest rates, deposit interest rates, and their impact on our net interest margin, tangible book value, and the cost of funding sources, including deposits;
ix.fluctuations in the demand for loans, and fluctuations in commercial and residential real estate values in our market area;
x.our ability to develop and maintain a strong core deposit base or other low cost funding sources necessary to fund our activities;
xi.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, require us to change our business mix, restrict our ability to invest in certain assets, increase our allowance for credit losses, write-down asset values, increase our capital levels, affect our ability to borrow funds or maintain or increase deposits, or impose fines, penalties or sanctions, any of which could adversely affect our liquidity and earnings;
xii.legislative or regulatory changes that adversely affect our business, including, without limitation, changes in tax laws and policies, changes in privacy laws, and changes in regulatory capital or other rules, and the availability of resources to address or respond to such changes;
xiii.our ability to control operating costs and expenses;
xiv.staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our work force and potential associated charges;
xv.the risk that our enterprise risk management framework may not be effective in mitigating risk and reducing the potential for losses;
xvi.errors in estimates of the fair values of certain of our assets and liabilities, which may result in significant changes in valuation;
xvii.uncertainty regarding the expected discontinuation of the London Interbank Offered Rate (“LIBOR”) and the use of alternative reference rates;
xviii.failures or security breaches with respect to the network, applications, vendors and computer systems on which we depend, including but not limited to, due to cybersecurity threats;
xix.our ability to attract and retain key members of our senior management team;
xx.increased competitive pressures among financial services companies;
xxi.changes in consumer spending, borrowing and saving habits;
xxii.the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business;
xxiii.the ability of key third-party providers to perform their obligations to us;
xxiv.changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board or their application to our business, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting standards;
xxv.continuing impact of the Financial Accounting Standards Board’s credit loss accounting standard, referred to as Current Expected Credit Loss, which requires financial institutions to determine periodic estimates of lifetime expected credit losses on loans, and provide for the expected credit losses as allowances for loan losses;
xxvi.share price volatility and reputational risks, related to, among other things, speculative trading and certain traders shorting our common stock and attempting to generate negative publicity about us;
xxvii.our ability to obtain regulatory approvals or non-objection to take various capital actions, including the payment of dividends by us or our bank subsidiary, or repurchases of our common or preferred stock; and
xxviii.other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and the other risks described in this report and from time to time in other documents that we file with or furnish to the SEC, including, without limitation, the risks described under “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021.

Further, statements about the potential effects of the Pacific Mercantile Bancorp acquisition on our business, financial results and condition may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including (i) the risk that the benefits from the transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Banc of California, Inc. and Pacific Mercantile Bancorp operate; (ii) the ability to promptly and effectively integrate the businesses of Banc of California, Inc. and Pacific Mercantile Bancorp; (iii) diversion of management time on integration-related issues; (iv) lower than expected revenues, credit quality deterioration or a reduction in real estate values or a reduction in net earnings; and (v) other risks that are described in Banc of California, Inc.’s public filings with the SEC.
3

PART I – FINANCIAL INFORMATION
ITEM 1 – FINANCIAL STATEMENTS
BANC OF CALIFORNIA, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Amounts in thousands, except share and per share data)
(Unaudited)
March 31,
2022
December 31,
2021
ASSETS
Cash and due from banks$34,968 $41,729 
Interest-earning deposits in financial institutions219,273 186,394 
Total cash and cash equivalents254,241 228,123 
Securities held-to-maturity, at amortized cost (fair value of $310,952 at March 31, 2022)
329,381  
Securities available-for-sale, at fair value898,775 1,315,703 
Loans receivable7,451,573 7,251,480 
Allowance for loan losses(93,226)(92,584)
Loans receivable, net7,358,347 7,158,896 
Federal Home Loan Bank and other bank stock, at cost51,456 44,632 
Premises and equipment, net109,593 112,868 
Bank owned life insurance124,516 123,720 
Operating lease right-of-use assets34,189 35,442 
Investments in alternative energy partnerships, net25,156 25,888 
Deferred income taxes, net51,516 50,774 
Income tax receivable1,045 7,952 
Goodwill95,127 94,301 
Other intangible assets, net4,990 6,411 
Other assets245,208 189,033 
Total assets$9,583,540 $9,393,743 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Noninterest-bearing deposits$2,958,632 $2,788,196 
Interest-bearing deposits4,521,069 4,651,239 
Total deposits7,479,701 7,439,435 
Federal Home Loan Bank advances, net556,374 476,059 
Other borrowings190,000 25,000 
Long-term debt, net274,468 274,386 
Reserve for loss on repurchased loans3,877 4,348 
Operating lease liabilities39,259 40,675 
Accrued expenses and other liabilities60,852 68,550 
Total liabilities8,604,531 8,328,453 
Commitments and contingent liabilities
Preferred stock 94,956 
Common stock, $0.01 par value per share, 446,863,844 shares authorized; 64,633,226 shares issued and 62,077,312 shares outstanding at March 31, 2022; 64,599,170 shares issued and 62,188,206 shares outstanding at December 31, 2021
646 646 
Class B non-voting non-convertible common stock, $0.01 par value per share, 3,136,156 shares authorized; 477,321 shares issued and outstanding at March 31, 2022 and at December 31, 2021
5 5 
Additional paid-in capital855,198 854,873 
Retained earnings187,457 147,894 
Treasury stock, at cost (2,555,914 and 2,410,964 shares at March 31, 2022 and December 31, 2021)
(45,125)(40,827)
Accumulated other comprehensive (loss) income, net(19,172)7,743 
Total stockholders’ equity979,009 1,065,290 
Total liabilities and stockholders’ equity$9,583,540 $9,393,743 
See accompanying notes to consolidated financial statements (unaudited)
4

BANC OF CALIFORNIA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
2022
December 31,
2021
March 31,
2021
Interest and dividend income
Loans, including fees$76,234 $73,605 $61,345 
Securities7,309 6,934 6,501 
Other interest-earning assets726 1,034 772 
Total interest and dividend income84,269 81,573 68,618 
Interest expense
Deposits1,388 2,072 4,286 
Federal Home Loan Bank advances2,953 2,977 3,112 
Long-term debt and other interest-bearing liabilities3,487 3,485 3,304 
Total interest expense7,828 8,534 10,702 
Net interest income76,441 73,039 57,916 
(Reversal of) provision for credit losses(31,542)11,262 (1,107)
Net interest income after (reversal of) provision for credit losses107,983 61,777 59,023 
Noninterest income
Customer service fees2,434 2,037 1,758 
Loan servicing income212 119 268 
Income from bank owned life insurance796 794 672 
Net gain on sale of securities available-for-sale16   
Net gain on sale of loans 275  
Other income2,452 1,635 1,683 
Total noninterest income5,910 4,860 4,381 
Noninterest expense
Salaries and employee benefits28,987 27,811 25,719 
Occupancy and equipment7,855 7,855 7,196 
Professional fees2,907 3,921 4,022 
Data processing1,828 1,939 1,655 
Regulatory assessments775 1,040 774 
Loss (gain) on investments in alternative energy partnerships158 (1,220)3,630 
Reversal of provision for loan repurchases(471)(675)(132)
Amortization of intangible assets441 430 282 
Merger-related costs 13,469 700 
All other expense4,116 3,557 2,889 
Total noninterest expense46,596 58,127 46,735 
Income from operations before income taxes 67,297 8,510 16,669 
Income tax expense18,785 2,759 2,294 
Net income48,512 5,751 14,375 
Preferred stock dividends1,420 1,727 3,141 
Income allocated to participating securities  62 
Impact of preferred stock redemption3,747  3,347 
Net income available to common stockholders$43,345 $4,024 $7,825 
Earnings per common share:
Basic$0.69 $0.07 $0.16 
Diluted$0.69 $0.07 $0.15 
Earnings per class B common share:
Basic$0.69 $0.07 $0.16 
Diluted$0.69 $0.07 $0.15 
See accompanying notes to consolidated financial statements (unaudited)
5

BANC OF CALIFORNIA, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in thousands)
(Unaudited)
Three Months Ended
March 31,
2022
December 31,
2021
March 31,
2021
Net income$48,512 $5,751 $14,375 
Other comprehensive loss, net of tax:
Unrealized loss on available-for-sale securities:
Unrealized loss arising during the period(26,913)(3,205)(2,561)
Reclassification adjustment for gain included in net income(11)  
Total change in unrealized loss on available-for-sale securities(26,924)(3,205)(2,561)
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity9   
Total other comprehensive loss(26,915)(3,205)(2,561)
Comprehensive income$21,597 $2,546 $11,814 

See accompanying notes to consolidated financial statements (unaudited)

6

BANC OF CALIFORNIA, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Amounts in thousands, except share and per share data)
(Unaudited)
Preferred StockCommon StockAdditional Paid-in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive Income (Loss)Total Stockholders' Equity
VotingClass B
Non-Voting
Three Months Ended March 31, 2022
Balance at December 31, 2021$94,956 $646 $5 $854,873 $147,894 $(40,827)$7,743 $1,065,290 
Comprehensive income:
Net income— — — — 48,512 — — 48,512 
Other comprehensive loss, net— — — — — — (26,915)(26,915)
Redemption of preferred stock
(94,956)— — — (3,747)— — (98,703)
Purchase of 215,550 shares of treasury stock
— — — — — (4,298)— (4,298)
Share-based compensation expense
— — — 1,285 — — — 1,285 
Restricted stock surrendered due to employee tax liability
— — — (960)— — — (960)
Shares purchased under the Dividend Reinvestment Plan
— — — — (30)— — (30)
Dividends declared ($0.06 per common share)
— — — — (3,752)— — (3,752)
Preferred stock dividends
— — — — (1,420)— — (1,420)
Balance at March 31, 2022$ $646 $5 $855,198 $187,457 $(45,125)$(19,172)$979,009 
Three Months Ended March 31, 2021
Balance at December 31, 2020$184,878 $522 $5 $634,704 $110,179 $(40,827)$7,746 $897,207 
Comprehensive income:
Net income— — — — 14,375 — — 14,375 
Other comprehensive loss, net— — — — — — (2,561)(2,561)
Issuance of common stock
— 1 — (1)— — —  
Redemption of preferred stock
(89,922)— — — (3,347)— — (93,269)
Exercise of stock options
— — — 300 — — — 300 
Exercise of stock appreciation rights— 3 — (5,375)— — — (5,372)
Share-based compensation expense
— — — 1,544 — — — 1,544 
Restricted stock surrendered due to employee tax liability
— — — (1,328)— — — (1,328)
Shares purchased under the Dividend Reinvestment Plan
— — — — (29)— — (29)
Dividends declared ($0.06 per common share)
— — — — (3,033)— — (3,033)
Preferred stock dividends
— — — — (3,141)— — (3,141)
Balance at March 31, 2021$94,956 $526 $5 $629,844 $115,004 $(40,827)$5,185 $804,693 

See accompanying notes to consolidated financial statements (unaudited)
7

BANC OF CALIFORNIA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
Three Months Ended
March 31,
20222021
Cash flows from operating activities:
Net income$48,512 $14,375 
Adjustments to reconcile net income to net cash provided by operating activities
Reversal of provision for credit losses(31,542)(1,107)
Reversal of provision for loan repurchases(471)(132)
Depreciation on premises and equipment3,982 3,885 
Amortization of intangible assets441 282 
Amortization of debt issuance costs397 385 
Net amortization of premium on securities328 432 
Net accretion of deferred loan costs and fees(430)(1,315)
Net amortization of premiums on purchased loans 846 426 
Deferred income tax expense (benefit)3,198 (845)
Bank owned life insurance income(796)(672)
Share-based compensation expense1,285 1,544 
Income from interest rate swaps(102)(271)
Loss on investments in alternative energy partnerships and affordable housing investments1,704 4,812 
Net gain on sale of securities available-for-sale(16) 
Gain on sale-leaseback of branch(771) 
Change in accrued interest receivable and other assets(13,566)4,990 
Change in accrued interest payable and other liabilities(7,734)(2,886)
Net cash provided by operating activities5,265 23,903 
Cash flows from investing activities:
Proceeds from sales of securities available-for-sale17,646  
Proceeds from principal repayments of securities held-to-maturity and available-for-sale8,074 9,378 
Purchases of securities available-for-sale(5,000)(52,845)
Loan originations and principal collections, net195,846 267,366 
Purchases of loans(364,371)(132,866)
Purchases of Federal Home Loan Bank and other bank stock(6,824)(458)
Purchases of premises and equipment(529)(849)
Proceeds from sale-leaseback of branch2,400