Banc of California : Presentation PDF (BANC 1Q26 Investor Presentation 4.22.2026

Published: 2026-04-22 16:23:33 ET BANC

Published on 04/22/2026 at 04:23 pm EDT

Investor Presentation

First Quarter 2026 Results

Banc of California: Who We Are

We are a premier, relationship-focused, full-service business bank

Largest independent bank headquartered in Los Angeles

National presence through 79 retail branches in California, Colorado and North Carolina and specialty businesses

Big-bank expertise and capabilities, with the tailored solutions and personal service of a community bank

High Quality California Footprint National Presence & Broad Capabilities

Fresno

Monterey Kings

San Luis Obispo

Tulare

Kern

LARGEST INDEPENDENT BANK HEADQUARTERED IN LOS ANGELES

Community Banking

Treasury Management

Payment Solutions

Specialty Businesses

Venture Banking

Fund Finance

Technology

Life Sciences

Lender & Specialty Finance

Specialty Businesses (cont'd)

Warehouse Lending

HOA

Media & Entertainment

SBA

Boston

Santa

Barbara Ventura Los Angeles

HQ (Los Angeles) Branches

San Bernardino

Orange

THIRD LARGEST BANK

HEADQUARTERED

Menlo Park

Santa Barbara

Denver

Chicago

New York Chevy Chase

Durham

Riverside IN

Los Angeles

Orange County

San Diego

CALIFORNIA(1)

San Diego

Phoenix

Austin

Atlanta

Specialty Bank Office Community Banking Branches

1. Ranked by assets.

Financial Highlights

Diluted EPS of $0.39, up 50% YoY, reflects positive operating leverage and strong core

earnings drivers

EPS

Diluted EPS: $0.39,+50% YoY

Operating Leverage

PTPP(1): +28%, revenues +8%,

expenses -1% YoY

Strong Balance Sheet

ACL ratio stable at 1.12% Primary + Secondary liquidity of $14.2B

Loans

Production(2) of $2.1B in 1Q26

Average total loans +4% annualized

Deposits

Avg. NIB deposits +4% annualized;

Avg. NIB / Avg. Deposits of ~29%

NIM

NIM of 3.24% +4 bps QoQ; cost of deposits of 1.78% -11 bps QoQ

Capital

CET 1: 10.18% TBVPS(1): $17.77, +10% YoY

Operating results

PTPP(1)

$105.6mm

$112.3mm

$82.4mm

-6%

28%

Diluted EPS

$0.39

$0.42

$0.26

-$0.03

$0.13

ROAA

0.86%

0.91%

0.65%

-5 bps

21 bps

ROATCE(1)

9.91%

10.75%

7.56%

-84 bps

235 bps

NIM

3.24%

3.20%

3.08%

4 bps

16 bps

Adj. efficiency ratio(1)

57.49%

55.58%

62.43%

191 bps

-494 bps

Capital

TBVPS(1)

$17.77

$17.51

$16.12

$0.26

$1.65

CET 1 capital ratio

10.18%

10.01%

10.45%

17 bps

-27 bps

Credit

ACL ratio

1.12%

1.10%

0 bps

2 bps

Change

1Q26 4Q25 1Q25 QoQ Δ YoY Δ

Shareholder Value

Repurchased 1.7mm shares in 1Q26 at average price of $18.68/share

Financial Highlights

Delivering consistent, sustainable results in key performance metrics

10%

$17.51

$17.77

$16.99

$16.46

$16.12

28% 50%

$0.38

$0.39

$0.31

$0.26

$112.3mm

$0.42

$102.0mm

$105.6mm

$82.4mm $87.0mm

1Q25 2Q25 3Q25 4Q25 1Q26

ROATCE(1)(2)

16 bps

235 bps

9.87%

9.91%

7.56%

8.34%

10.75%

21 bps

0.91%

0.82%

0.86%

0.65%

0.69%

3.22%

3.20%

3.24%

3.08%

3.10%

1Q25 2Q25 3Q25 4Q25 1Q26

Denotes a non-GAAP financial measure, see "Non-GAAP Reconciliation" slides in Appendix.

Diluted EPS, ROAA, and ROATCE for 2Q25 are adjusted figures and denote non-GAAP financial measures; see "Non-GAAP Reconciliation" slides in Appendix.

Income Statement

PTPP(1) growth of 28% YoY reflects continued NIM expansion and expense discipline

($ in millions)

1Q26

4Q25

1Q25

Key Income Statement Metrics

1Q26

4Q25

1Q25

Total interest income

$407.4

$416.9

$406.7

Diluted EPS

$0.39

$0.42

$0.26

Total interest expense

155.8

165.6

174.3

ROAA

0.86%

0.91%

0.65%

Net interest income

251.6

251.4

232.4

ROATCE(1)

9.91%

10.75%

7.56%

Total noninterest income

35.3

41.6

33.7

Net interest margin

3.24%

3.20%

3.08%

Total revenue

286.9

292.9

266.0

NIE / average assets

2.16%

2.12%

2.24%

Operating expense

181.4

180.6

183.7

Total noninterest expense

181.4

180.6

183.7

PTPP income(1)

105.6

112.3

82.4

Adj. NIE / average assets(1)

1.88%

1.83%

1.90%

Efficiency ratio(1)

61.00%

59.35%

66.35%

Adj. efficiency ratio(1)

57.49%

55.58%

62.43%

Provision for credit losses

9.8

12.5

9.3

Avg. yield on loans and leases

5.74%

5.83%

5.90%

Earnings before income taxes

95.8

99.8

73.1

Avg. yield on interest-earning assets

5.25%

5.31%

5.39%

Income tax expense

23.8

22.4

19.5

Avg. total cost of funds

2.10%

2.20%

2.42%

Net earnings

72.0

77.4

53.6

Avg. total cost of deposits

1.78%

1.89%

2.12%

Preferred stock dividends

Net earnings available to common

9.9

and equivalent stockholders

$62.0

$67.4

$43.6

Denotes a non-GAAP financial measure; see "Non-GAAP Reconciliation" slides in Appendix.

Balance Sheet

Strong balance sheet with healthy capital and liquidity

($ in millions)

1Q26

4Q25

1Q25

Cash and cash equivalents

$2,217

$2,308

$2,344

Investment securities

5,140

4,923

4,801

Loans held for sale

259

183

Loans and leases HFI

24,780

25,033

24,127

Allowance for loan and lease losses

(242)

(246)

(235)

Goodwill and intangibles

314

320

340

Deferred tax asset, net

653

657

702

Other assets

1,602

1,620

1,675

Total assets

$34,724

$34,797

$33,780

Noninterest-bearing deposits

$7,798

$7,823

$7,594

Interest-bearing deposits

19,525

20,021

19,599

Total deposits

27,322

27,843

27,193

Borrowings

2,551

2,064

1,671

Subordinated debt

954

953

945

Other liabilities

343

396

449

Total liabilities excluding deposits

3,849

3,413

3,065

Total stockholders' equity

3,553

3,541

3,522

Total liabilities and stockholders' equity

$34,724

$34,797

$33,780

Key Balance Sheet Metrics

1Q26

4Q25

1Q25

Average interest-earning assets

$31,471

$31,169

$30,611

CET 1 ratio

10.18%

10.01%

10.45%

Tangible common equity ratio(1)

7.97%

7.90%

8.02%

Tangible book value per share(1)

$17.77

$17.51

$16.12

Cash / assets

6.4%

6.6%

6.9%

Cash + securities / assets

21.2%

20.8%

21.2%

Loans / deposits

91.6%

90.6%

88.8%

Noninterest-bearing deposits / total deposits

28.5%

28.1%

27.9%

Deposits / total funding(2)

91.5%

93.1%

94.2%

Total brokered deposits / total funding(2)

9.3%

9.7%

9.2%

ACL ratio

1.12%

1.10%

Denotes a non-GAAP financial measure; see "Non-GAAP Reconciliation" slides in Appendix.

Total funding defined as total deposits plus borrowings.

Net Interest Income and Net Interest Margin

Net interest income supported by ongoing net interest margin expansion

HIGHLIGHTS

NII of $251.6mm up 8% YoY due to improved funding costs

Deposit costs declined QoQ reflecting impact of rate cuts and decline in higher-cost deposit balances, including retail CDs

Loan interest income decreased QoQ driven by impact of rate cuts on variable rate loans and late 1Q26 timing of loan production

Securities income increased QoQ driven by special dividend received on FHLB stock of

$1.3mm and purchase of higher yielding

securities

3.22%

3.20%

3.24%

$240.2

$232.4

3.08%

3.10%

$253.4

$251.4

$251.6

1Q25

2Q25

3Q25

4Q25

1Q26

+$9.7

-$9.3

$251.6

+$2.3

+$0.1

-$2.5

$251.4

4Q25 Deposits

Securities

Borrowings

Cash / Other EA

Loans 1Q26

Noninterest Income

HIGHLIGHTS

Noninterest income of $35.3mm relatively flat QoQ

excluding ~$6mm lease residual gain in 4Q25

Commissions and fees income increased $1.5mm vs. 4Q25, driven by increased FX fees

Other income increased due to $1.4mm gain from partial credit-linked-note extinguishment

Noninterest income normal run-rate of $11mm-

$12mm per month

($ in millions)

1Q26

4Q25

1Q25

Leased Equipment Income

$8.5

$16.4

$10.8

Commissions and Fees

11.0

9.5

10.0

Service Charges on Deposits

5.0

4.5

Noninterest income in line with normal run-rate

Dividends & Gains (Losses) on Equity Investments

2.0

3.5

2.3

Other Income(1)

8.8

7.1

6.0

Total Noninterest Income

$35.3

$41.6

$33.7

1. Other income includes revenue from BOLI, warrants, credit-linked note related income, and other miscellaneous income.

Noninterest Expense

Noninterest expenses remain well-controlled

2.24%

2.21%

2.18%

2.12%

2.16%

($ in millions)

1Q26

4Q25

1Q25

Compensation

$91.1

$85.9

$86.4

Occupancy

14.9

14.7

15.0

IT and data processing

14.3

13.8

15.1

Professional services

4.2

6.8

4.5

Insurance and assessments

6.8

7.1

7.3

Intangible asset amortization

6.3

6.8

7.2

Leased equipment depreciation

5.3

6.2

6.7

Loan expense

4.3

4.4

2.9

Other expense

10.4

10.2

10.7

Customer related expense

23.7

24.9

27.8

Total noninterest expense

$181.4

$180.6

$183.7

Adjusted noninterest expense(1)

$157.7

$155.8

$155.9

1.90%

1Q25

1.89%

2Q25

1.87%

3Q25

1.83%

4Q25

1.88%

1Q26

Adjusted Noninterest Expense(1)/ Average Assets Ratio

66.35%

65.50%

62.05% 59.35% 61.00%

HIGHLIGHTS

Compensation expense increased QoQ largely due to seasonal

resets of payroll taxes and benefits

Professional services expense declined QoQ due to lower vendor costs and timing of project spend

Customer related expenses declined in 1Q26 due to 4Q25 rate cuts partially offset by increase in HOA deposit balances

62.43% 61.77%

58.24% 57.49%

55.58%

1Q25 2Q25 3Q25 4Q25 1Q26

Excludes customer related expense. Denotes a non-GAAP financial measure, see "Non-GAAP Reconciliation" slides in Appendix.

Denotes a non-GAAP financial measure, see "Non-GAAP Reconciliation" slides in Appendix.

Deposits

Average NIB growth and deposit repricing continue to improve funding costs

HIGHLIGHTS

Cost of deposits down QoQ due to deposit repricing and decline in higher-cost deposit balances, including retail CDs

Average NIB growth of 4% annualized driven by 2.5% increase in

average existing account balances

Achieved interest-bearing deposit beta of 57% in 1Q26

($ in millions)

1Q26

4Q25

1Q25

Noninterest-bearing Checking

$7,798

$7,823

$7,594

Checking

8,178

8,509

7,747

MMDA

4,643

4,918

5,368

Savings

1,991

1,906

1,999

CDs

4,712

4,687

4,485

Total Deposits

$27,322

$27,843

$27,193

Less: Brokered CDs

2,562

2,433

1,995

Less: Brokered Non-maturity Deposits(1)

226

480

667

Core Deposits(2)

$24,534

$24,930

$24,531

Average Noninterest-bearing Checking

7,890

7,809

7,715

Average NIB Checking / Average Deposits

28.9%

28.7%

NIB Deposits with ECR(3)

5,041

4,924

4,704

Average Fed Funds Rate

4.33%

4.30%

2.12%

2.13%

2.08%

3.90% 3.64%

1.89% 1.78%

27%

26%

25%

24%

29%

30%

28%

27%

28%

29%

1Q25

2Q25

3Q25

4Q25

1Q26

Deposits By Line of Business ($mm)

1Q26

Balance

1Q26 Cost

4Q25

Balance

4Q25 Cost

Community Banking

$13,823

1.51%

$14,155

1.62%

Venture

6,272

2.22%

6,498

2.43%

Specialty Banking (includes HOA)(4)

3,970

0.70%

4,056

0.82%

Corporate and Other Institutional(5)

3,258

3.56%

3,135

3.84%

Total Deposits

$27,322

1.78%

$27,843

1.89%

Brokered non-maturity deposits consist of brokered sweep accounts included in Checking and MMDA.

Denotes a non-GAAP financial measure, see "Non-GAAP Reconciliation" slides in Appendix.

Represents all NIB deposit balances with ECR including through cash rebates and/or fee offsets.

Costs do not include ECR expenses related to HOA deposits.

Includes brokered CDs.

First Quarter 2026 Earnings | 11

NIB Deposit Growth

Steady growth in new NIB business deposit relationships and balances(1)

$107.3

$257.8

$382.6

$439.2

$537.8

$643.2

$746.8

$965.2

$1,113.5

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

Includes new NIB deposits from relationships opened over the last two years from the quarter referenced.

Loan Portfolio

Balanced loan portfolio with healthy rates despite declining rate environment

1Q26

4Q25

Loan Segment

Total

% of Total

Wtd. Avg.

NPL %

DQ %

Coverage

($ in millions)

1Q26

4Q25

Variance

Loans 1Q26

Rate 1Q26

1Q26

ACL

Ratio

ACL

Ratio

Multifamily

$5,955

$6,089

($134)

24.0%

4.2%

0.22%

0.59%

$35

0.59%

$40

0.66%

Other CRE

3,444

3,648

(204)

13.9%

5.3%

1.40%

1.03%

2.55%

2.48%

Real Estate Construction

1,892

1,948

(55)

7.6%

5.9%

0.00%

9.17%

0.99%

0.90%

Residential / Consumer

3,529

3,403

126

14.2%

4.6%

1.15%

1.90%

0.22%

0.16%

C&I

1,886

1,854

7.6%

6.3%

0.06%

0.07%

1.41%

1.42%

Warehouse

1,805

2,100

(295)

7.3%

6.7%

0.00%

0.16%

0.17%

Venture Lending(1)

965

902

3.9%

7.0%

2.99%

0.06%

7.71%

8.02%

Fund Finance

1,358

1,320

5.5%

6.5%

0.00%

0.03%

0.05%

SBA

730

743

(13)

2.9%

6.9%

5.45%

2.28%

0.68%

0.71%

Lender Finance

1,865

1,602

263

7.5%

6.9%

0.00%

0.34%

0.37%

Equipment Lending

666

675

(8)

2.7%

6.0%

0.00%

0.08%

0.21%

0.26%

Core Loan Portfolio

$24,095

$24,284

($189)

97.2%

5.5%

0.71%

1.37%

$266

1.10%

$270

1.11%

Premium Finance

$408

$448

($40)

1.6%

3.3%

0.00%

0.07%

Student

250

262

(12)

1.0%

4.3%

0.39%

1.05%

4.02%

4.05%

Civic

(12)

0.1%

7.2%

47.54%

43.86%

0.05%

0.10%

Discontinued Areas

$685

$749

($63)

2.8%

3.8%

2.04%

2.13%

$10

1.51%

$11

1.46%

Total Loans and Leases HFI

$24,780

$25,033

($252)

100.0%

5.4%

0.75%

1.39%

$277

1.12%

$281

1.12%

Loans Held for Sale (HFS)

259

183

Total Loans and Leases

$25,039

$25,216

($176)

Note: Wtd. Avg. Rate excludes accretion of net deferred loan fees and net loan purchase discounts.

Venture lending includes technology and life science lending.

Loan Activity

Consistent, strong loan production

7.20% 7.29% 7.08%

5.90% 5.93% 6.05%

HIGHLIGHTS

Strong 1Q26 loan production was broad based

and driving remixing of balance sheet

Elevated paydowns in 1Q26 driven by seasonal warehouse activity

1Q26 rate on new production and total loan yield declined QoQ due to impact of rate cuts

($ in millions)

6.83%

5.83%

$2,730

6.65%

5.74%

$2,459

$2,294

$1,931

$2,186

$2,068

$2,280

$2,119

$1,816

$1,789

$837

$1,040 $1,696

$1,063

$1,19

$990

$878

$997

$893

$808

$1,443

$867

$1,147

$826

$911

1Q25 2Q25 3Q25 4Q25 1Q26

($ in millions)

Loans Beginning Balance

Total Production/ Disbursements

Total Payoffs/ Paydowns

Net Change

Other Change(2)

Loans Ending Balance

Total Loan

Yield

Rate on Production

C&I Utilization

Rate

1Q26

$25,033

$2,119

$2,280

(162)

(91)

24,780

5.74%

6.65%

67.3%

4Q25

24,111

2,730

1,789

941

(19)

25,033

5.83%

6.83%

66.6%

3Q25

24,246

2,068

2,186

(118)

(17)

24,111

6.05%

7.08%

66.1%

2Q25

24,127

2,459

1,816

643

(524)

24,246

5.93%

7.29%

64.8%

1Q25

23,782

2,294

1,931

364

(19)

24,127

5.90%

7.20%

63.6%

Rate on production is rate on new loans funded in respective quarter.

Includes charge-offs, transfers to foreclosed assets, loan sales, and transfers to HFS.

Loan Activity by Segment

1Q26

4Q25

1Q25

Broad-based production drives portfolio remixing as lower yielding loans payoff

Loan Segment

($ in millions)

Balances

Production +

Disbursements

Payoffs +

Paydowns

Wtd. Avg

Rate

Balances

Production +

Disbursements

Payoffs +

Paydowns

Wtd. Avg

Rate

Balances

Production +

Disbursements

Payoffs +

Paydowns

Wtd. Avg

Rate

Multifamily

$5,955

$34

($189)

4.2%

$6,089

$27

($161)

4.2%

$6,216

$175

($96)

4.2%

Other CRE

3,444

(320)

5.3%

3,648

112

(125)

5.3%

3,859

(139)

5.4%

Real Estate Construction

1,892

165

(131)

5.9%

1,948

157

(246)

5.9%

2,861

174

(367)

6.2%

Residential / Consumer

3,529

234

(106)

4.6%

3,403

341

(113)

4.5%

2,781

218

(212)

3.8%

C&I

1,886

406

(262)

6.3%

1,854

380

(249)

6.3%

1,884

441

(379)

6.8%

Warehouse

1,805

264

(559)

6.7%

2,100

521

(191)

6.8%

1,601

342

(214)

7.4%

Venture Lending (1)

965

129

(67)

7.0%

902

138

(95)

7.1%

777

(90)

7.8%

Fund Finance

1,358

470

(432)

6.5%

1,320

662

(390)

6.5%

956

466

(257)

7.4%

SBA

730

(30)

6.9%

743

(27)

6.9%

715

(21)

6.6%

Lender Finance

1,865

288

(60)

6.9%

1,602

209

(42)

7.0%

931

283

(59)

7.9%

Equipment Lending

666

(60)

6.0%

675

130

(88)

6.0%

626

(33)

5.9%

Core Loan Portfolio

$24,095

$2,116

($2,216)

5.5%

$24,284

$2,727

($1,728)

5.5%

$23,208

$2,291

($1,868)

5.6%

Premium Finance

$408

($41)

3.3%

$448

($19)

3.4%

$518

($31)

3.4%

Student

250

(11)

4.3%

262

(13)

4.3%

298

(12)

4.3%

Civic

(12)

7.2%

(29)

7.2%

103

(20)

7.0%

Discontinued Areas

$685

($64)

3.8%

Total Loans and Leases HFI

$24,780

$2,119

($2,280)

5.4%

HIGHLIGHTS

1Q26 loan production was strong and broad based across all categories. Warehouse, Fund Finance and Other CRE had higher payoffs and paydowns in the quarter

Steady and continued remixing of the portfolio from lower rate CRE loans originated pre-merger toward higher rate C&I loan categories

Loan portfolio rates have held steady despite declining rate environment from 1Q25 to 1Q26, due to portfolio remixing, which has protected margin

CRE concentration continues to moderate downward, with CRE concentration ratio down to 287% in 1Q26 from 318% at 1Q25

Margin benefit of portfolio remixing expected to continue (see slide 16 for maturity / repricing schedule)

$749

($61)

3.9%

$25,033

$2,730

($1,789)

5.4%

$918

($63)

4.1%

$24,127

$2,294

($1,931)

5.5%

Note: Wtd. Avg. Rate excludes accretion of net deferred loan fees and net loan purchase discounts.

1. Venture lending includes technology and life science lending.

Loan Maturity and Repricing Summary

20% of fixed rate & hybrid loans will reprice / reset within one year at higher rates

54% or ~$3.2B of low yielding multifamily loans will reprice or mature in next 2.5 years

HIGHLIGHTS

Total fixed rate and hybrid loans that are maturing/repricing by year-end have a WAC of 4.7%, significantly below 1Q26 rate on new production of 6.65%

~$0.9B of hybrid multifamily loans maturing/repricing within 1 year have a WAC of 4.3%, offering strong repricing upside

Short-term variable loans represent 38% of total loans, down from 39% at 4Q25

Total fixed rate and hybrid loans: $13.6B

$7.3B

$0.7

$0.8

$0.7

$6.6

$1.1

$1.2

$1.6

$2.8B $2.0B

$0.9

$1.5B

WAC: 4.6% 4.4% 4.5% 4.5%

<= 1 Year

1-2 Years

2-3 Years > 3 Years

$2.3B

$1.4

Hybrid & Variable Rate Reset

Fixed Rate Maturity(1)

20%

WAC: 4.6%

Total multifamily loans: $5.9B

Hybrid+LT Variable

3.8%

4.1%

3.7%

5.1%

4.1%

3.7%

Fixed Rate:

Hybrid & Variable Rate: 5.1%

$0.3

42%

WAC: 4.7%

$1.7B

$0.1

$0.9B

$0.8

$0.6

$1.6

$0.5

> 3 Years

2-3 Years

1-2 Years

<= 1 Year

38%

WAC: 6.7%

$0.7

$1.1B

Note: Long Term ("LT") Variable: Loans that reset or mature beyond one year. Weighted Average Coupon ("WAC"): Weighted average of the contractual interest rate.

1. Balances include maturities only and do not include scheduled amortization and prepayment expectations.

NDFI Lending Exposure

Diversified NDFI exposure with history of minimal losses

HIGHLIGHTS

Long history of strong asset quality performance with almost no delinquencies, NPLs or classified loans

Only three charge-offs over the last 10 years including one that resulted in nearly full recovery

Careful client screening focuses on established operators with extensive, stable performance history

In-house audit team conducts anti-fraud measures including monthly testing of underlying collateral, cash collections and payments history and periodic mortgage title checks

Majority of loans are handled by the bank alone. Partner banks limited to banks with fraud, audit and control frameworks aligned with our rigorous standards

NDFI Lending Exposure

Loan Type

($ in millions)

1Q26 Loan

Balance

1Q26 % of 1Q26 NPL % of 1Q26 DQ % of 1Q26 Classified % 10-Year Historical

Total Loans HFI Total Loans HFI Total Loans HFI of Total Loans HFI

NCO Rate(1)

Mortgage Warehouse

$1,805

7.3%

0.00%

0.053%

Fund Finance

1,358

5.5%

0.00%

0.000%

Consumer Credit

916

3.7%

0.00%

0.000%

Other Mortgage Credit

488

2.0%

0.00%

0.022%

Business Credit

422

1.7%

0.00%

0.000%

Other NDFI

0.3%

0.00%

0.000%

Total NDFI Portfolio HFI

$5,059

20.4%

0.00%

0.019%

Total Core Loan Portfolio HFI

$24,095

97.2%

0.71%

1.37%

3.44%

Total Loans and Leases HFI

$24,780

100.0%

0.75%

1.39%

3.40%

Business Credit, Consumer Credit, and Other Mortgage Credit are primarily within our Lender Finance business

Note: Asset quality metrics are based on loans and leases HFI. Mortgage Warehouse includes warehouse lines to mortgage originators, Fund Finance includes capital call facilities, Consumer Credit includes auto and consumer lending, Other Mortgage Credit includes mortgage rediscount lending and Business Credit includes small business lending.

1. 10-year historical NCO rate represents average quarterly net loss rate annualized over the last 10 years.

First Quarter 2026 Earnings | 17

Asset Quality Ratios and Trends

Credit migration in 1Q26 was concentrated in a limited number of relationships

We remained proactive in managing credit, while continuing to deliver positive earnings momentum

Nonperforming Loans ($mm)

Classified Loans ($mm)

0.88%

0.69%

0.72%

0.64%

0.75%

3.17% 3.17% 3.20% 3.40%

2.71%

HIGHLIGHTS

We are appropriately reserved for the credit migration in the first quarter

Delinquent loans increased $144mm QoQ, driven by two loans that are expected to become current before quarter end

Special mention and classified inflows were driven by loans to two longstanding relationships; loans supported by credit enhancements, guarantees, and low LTVs

Remaining HFS CRE sale process remains on track

$213.5

$21.3

$101.4

$90.8

$28.9

$89.4

$56.2

$83.2

$53.1

$123.4

$48.4

$96.4

$55.7

$167.5 $174.5 $159.2 $185.7

$764.7

$656.6

$763.6 $800.3 $842.8

$466.5

$465.7

$520.1

$583.1

$21.6

$15.8

$22.8

$14.0

$478.9

$29.3

$175.1

$257.4

$255.3

$276.6

$245.7

1Q25

$15.4

2Q25

3Q25

$22.8

4Q25

$14.0

1Q26

1Q25

2Q25

3Q25

4Q25

1Q26

Special Mention Loans ($mm) Delinquent Loans ($mm)

1.39%

2.73%

2.78%

2.10%

1.83%

3.88%

$937.0

0.83% 0.62% 0.67% 0.80%

$295.1

$14.6

$138.2

$40.9

$35.4

$345.1

$297.8

$661.6

$201.0

$633.0 $454.5

$6.2 $6.1

$506.0

$108.3

$392.0

$5.7

$458.7

$125.0

$328.5

$5.2

$688.7

$117.5

$566.1

$5.0

$200.6

$78.9

$84.8

$149.5 $161.4

$77.7

$46.3

$42.7

$90.5

$201.

$36.9

$16.2

$37.4 $21.8

1Q25

2Q25

3Q25

4Q25

1Q26

1Q25

2Q25

3Q25

4Q25

1Q26

1. Reference Page 13 for Core Loan Portfolio. Other Core Loans comprises Core Loan Portfolio less CRE loans (excluding MF and Construction).

1.60%

Allowance for Credit Losses - Loans Maintained ACL coverage ratio at 1.12%

HIGHLIGHTS

ACL decreased $4.0mm reflecting:

Net charge-offs of $13.8mm primarily driven by two loans

Hotel property which migrated to NPL in 1Q25

Office loan balance adjusted to updated appraisal; loan remains current and performing

Provision of $9.8mm reflects updates to risk ratings

Economic coverage ratio(1) stable at 1.60%

($ in millions)

Economic

coverage ratio(1)

$280.5

($13.8)

$9.8

$276.5

1.12%

ACL 4Q25

Net Charge-offs

Provision for Loans HFI ACL 1Q26

1.66%

1.10%

1.61%

1.07%

1.65%

1.12%

1.62%

1.12%

1.60%

1.12%

1Q25

2Q25

3Q25

4Q25

1Q26

Civic Loans $0.2 ($0.1) $0.1 0.00%

$264.6

$258.6

$270.7

$276.5

$280.5

Net Charge-offs (Recoveries)

($ in millions)

Net Charge-offs

% of Total

Loans

Charge-offs

Recoveries

(Recoveries) (annualized)

Commercial Loans 1.7 (1.3) 0.4 0.01%

Real Estate Mortgage 5.2 (0.7) 4.4 0.07%

Real Estate Construction 8.1 - 8.1 0.13%

Consumer Loans: Student Loans 0.9 (0.1) 0.8 0.01%

Consumer Loans: excluding Student Loans - (0.1) (0.1) 0.00%

Total $16.1 ($2.3) $13.8 0.23%

1. Economic coverage ratio adjusts our ACL coverage ratio to include the loss coverage from credit-linked notes and unearned credit marks from purchase accounting. Denotes a non-GAAP

financial measure, see "Non-GAAP Reconciliation" slides in Appendix.

First Quarter 2026 Earnings | 19

Adjusted Allowance for Credit Losses Ratios

Adjusted ACL ratio(1) is significantly higher when adjusting for lower loss loan categories

Lower Loss Loan Categories

($ in millions)

1Q26

4Q25

1Q25

1.61%

1.27%

1.38%

1.12%

Residential $3,431 $3,307 $2,684

Warehouse 1,805 2,100 1,601

Fund Finance 1,358 1,320 956

Lender Finance 1,865 1,602 931

ACL Ratio Adj. ACL Ratio Excluding Single

Family Residential Loans

Adj. ACL Ratio Excluding SFR Mortgage & Warehouse Loans

Total Lower Loss Loans

$8,459

$8,330

$6,172

Total Loans and Leases HFI

$24,780

$25,033

$24,127

Lower Loss Loans / Total

Loans and Leases HFI

34.1%

33.3%

25.6%

Adj. ACL Ratio Excluding SFR Mort., Warehouse, Fund Finance and Lender Finance Loans

HIGHLIGHTS

Recent loan growth is in segments with relatively low expected credit losses including lender finance, SFR and fund finance

Adjusted ACL Ratio(1) at 1.61%; Economic Coverage Ratio(1) at 1.60%, which includes $105.0mm of loss coverage from credit-linked notes on SFR

Lower loss loan categories as a percent of total loans relatively stable QoQ

Adjusted ACL Ratio is adjusted for lower loss loan categories. Economic Coverage Ratio is adjusted for the impact of credit-linked notes and unearned credit mark from purchase accounting. Denotes a non-GAAP financial measure, see "Non-GAAP Reconciliation" slides in Appendix.

Investment Securities Portfolio

Deployed liquidity to grow securities portfolio by 4% QoQ

Security Type(1) Yield Duration (yrs) Unrealized Unrealized

($ in millions)

1Q26

4Q25

Variance

1Q26

Loss 1Q26

Loss 4Q25

AFS - Gov't & Agency

$1,970

$1,760

$210

3.89%

4.7

($160)

($151)

AFS - CLO's

200

201

(0)

5.40%

0.0

AFS - Corporate Bonds

233

242

(10)

5.85%

0.9

(14)

(15)

AFS - Non-Agency Securitizations

254

252

3.90%

3.9

(27)

(26)

AFS(2) $2,657

$2,455

$202

4.18%

4.0

($201)

($192)

HTM - Gov't & Agency

643

640

1.84%

4.9

(31)

(28)

HTM - Corporate Bonds

4.76%

3.8

(7)

(6)

HTM - Municipal Bonds

1,239

1,238

2.13%

7.6

(35)

(19)

HTM - Non-Agency Securitizations

362

360

2.40%

4.6

(13)

(10)

HTM(3)

$2,314

$2,309

2.16%

6.2

($87)

($62)

Total AFS + HTM Securities

$4,971

$4,764

$207

3.38%

5.0

($287)

($254)

HIGHLIGHTS

Average securities yield increased 17 bps QoQ from purchase of higher-yielding securities and special dividend received on FHLB stock of $1.3mm

Unrealized pre-tax loss on AFS securities of $201mm, up

$9mm QoQ driven primarily by an increase in interest rates

Of the AFS securities portfolio, 81% is fixed rate, 12% is

floating rate, and 7% is hybrid rate

1Q26 new investment yield of 4.7%

11% of AFS securities portfolio will contractually pay down and reprice within 1 year and 23% within three years

76% of total securities are AAA rated and 18% are AA rated

3.24%

3.38%

3.20%

3.18%

3.21%

$4.7

$4.8

$4.9

$5.0

1Q25

2Q25

3Q25

4Q25

1Q26

Excludes FRB and FHLB stock.

AFS securities reflected at fair value; excludes $0.8mm loss reserve.

HTM securities reflected at amortized cost; excludes $0.7mm loss reserve.

Total securities yield of 3.38% and average securities portfolio balance includes FRB and FHLB stock. Total securities yield is calculated using average fair values for the quarter.

First Quarter 2026 Earnings | 21

Capital

Healthy capital levels and continued growth in TBVPS

Excess of Well-Capitalized

Regulatory Well-Capitalized

1Q25

4Q25

1Q26

Consolidated Company

Total Risk-Based Ratio

16.55%

16.31%

16.93%

10.00%

6.55%

Tier 1 Risk-Based Capital

12.54%

12.34%

12.86%

8.00%

4.54%

CET 1 Ratio

10.18%

10.01%

10.45%

6.50%

3.68%

Leverage Ratio

9.97%

9.99%

10.19%

5.00%

4.97%

TCE Ratio(1)

7.97%

7.90%

8.02%

TBVPS(1)

$17.77

$17.51

$16.12

10.45%

10.01%

10.18%

8.02% 7.90% 7.97%

1Q25

4Q25 1Q26

1Q25 4Q25 1Q26

Note: 1Q26 regulatory capital ratios are preliminary.

1. Denotes a non-GAAP financial measure; see "Non-GAAP Reconciliation" slides in Appendix.

Interest Rate Sensitivity

IRR position remains largely neutral for NII sensitivity

Ongoing balance sheet remixing will support further net interest income expansion, across all rate environments

$20.8

$15.2

Asset / liability gap of ($5.6B) is largely neutral to NII when adjusting for deposit repricing betas

HIGHLIGHTS

Gap between short-term ("ST") liabilities and assets of

$5.6B in 1Q26 compared to $5.2B at 4Q25

When adjusted for deposit repricing betas, net interest income sensitivity is relatively neutral

We have the potential to outperform our modeled deposit betas in both up and down rate scenarios dependent on economic conditions

The impact of ECR costs on rate-sensitive deposits of

$3.8B shifts this neutral interest rate sensitivity to liability sensitive for total earnings

ST Assets ST Liabilities

$15.2

$17.7

ECR costs on deposits when adjusted for repricing betas shifts IRR position to liability sensitive with a repricing gap at ($2.5B)

ST Assets ST Liabilities (Beta & ECR Adjusted)

Note: Short Term ("ST"): Assets and liabilities expected to mature, reprice, or settle within one year. Rate sensitive defined as assets or liabilities that are repricing or maturing within one year.

Outlook

2026 Outlook

FY 2026 Outlook remains unchanged from prior guidance

Loans

Target mid single digit growth

Driven by growth in commercial loans

Dependent on economic conditions

Deposits

Target mid single digit growth

Broad based growth across our businesses

Pre-Tax Pre-Provision Income

Full year growth of 20%-25% YoY ❖ Assumes no rate cuts in 2026

Continued NII growth and NIM expansion to

drive positive operating leverage

Noninterest expense

Full year growth of 3.0%-3.5% YoY

Target adj. efficiency ratio of mid-50%

May be impacted by HOA balance growth and/or further rate cuts

Capital

Target CET1 ratio of 10%+

Strategically deploy capital based on opportunities

2026 Outlook Key Factors

Future state financial targets remain unchanged

ROAA ~1.1%+

ROTCE ~13%+

Continue to make consistent, meaningful progress toward goals

Timing depends on continued execution of core strategy combined with macroeconomic environment

Supplemental Information

Share repurchases

Delivering shareholder value through share repurchases

Share Repurchase Activity

1Q25

2Q25

3Q25

4Q25

1Q26

Total

Repurchase Amount

$38,545,698

$111,454,299

$35,498,391

$31,942,722

$217,441,110

Price Per Share(1) $14.36 $12.65 $16.48 - $18.68 $14.16

Number of Shares Repurchased

2,684,823

8,809,814

2,153,792

1,709,935

15,358,364

Common Shares Outstanding(2)

169,083,588

166,403,086

157,467,137

155,522,693

155,533,403

169,083,588

% of Shares Repurchased

1.6%

5.3%

1.4%

0.0%

1.1%

9.1%

Note: Common shares outstanding as of March 31, 2026 are 154,262,045.

Represents VWAP of shares repurchased.

Common shares outstanding are as of March 17, 2025 for 1Q25, March 31, 2025 for 2Q25, June 30, 2025 for 3Q25, September 30, 2025 for 4Q25 and December 31, 2025 for 1Q26. Total is based on share count from commencement of share repurchase program as of March 17, 2025.

First Quarter 2026 Earnings | 26

CRE Portfolio

High quality CRE portfolio has low weighted-average LTV and strong debt-service

coverage ratio (DSCR)

HIGHLIGHTS

75% of total CRE portfolio located in California

Total CRE has a low weighted average LTV of 59%

Other Property Types includes mobile homes, gas stations, special use, schools, places of worship and restaurants

Property Type ($ in millions)

Count

1Q26

4Q25

1Q26 % of

Total CRE

1Q26 % of

Total Loans HFI

Avg Loan

Size

WA LTV(1)

DSCR

NPL %

NPL $

Multifamily

1,238

$5,955

$6,089

53%

24%

$4.8

59%

1.32

0.22%

$13.2

Real Estate Construction

184

1,892

1,948

17%

10.3

70%

0.00%

0.0

Other CRE

952

3,444

3,648

31%

14%

3.6

53%

2.04

1.40%

48.4

Office

192

855

853

4.5

61%

2.44

1.94%

16.6

Industrial / Warehouse

314

760

755

2.4

47%

2.06

0.10%

0.7

Retail

176

580

555

3.3

52%

1.61

0.07%

0.4

Hotel

333

390

11.5

52%

1.90

7.46%

24.8

Self Storage

235

216

6.0

55%

1.49

0.00%

0.0

Mixed Use

208

213

6.0

52%

1.65

0.00%

0.0

Health Facility

181

207

6.5

58%

2.45

3.12%

5.7

Other Property Types

139

293

460

2.1

48%

2.34

0.04%

0.1

Total CRE 2,374

$11,292

$11,685

100%

46%

$4.8

59%

1.58

0.55%

$61.6

Total CRE is well diversified across multiple industries

2.6%

1.8%

1.6%

2.1%

7.6%

2.9%

6.7%

5.1%

Total CRE comprises 46% of total loans HFI and Other CRE comprises 14% of total loans HFI

82% of office collateral located in California, 12% in Colorado and 6% in other states

Multifamily has a low average LTV and a strong DSCR coverage ratio of 1.3x

Other CRE as % of Total CRE

Self Storage Health Facility Mixed Use Other

Note: CRE excludes government guaranteed CRE collateralized SBA loans.

Customer Related Expense

ECR expenses declined QoQ due to impact of rate cuts

HIGHLIGHTS

Substantially all HOA deposits have ECR expenses

Average HOA balances increased due to seasonality and business growth

Total HOA deposit costs are 2.78% consisting of ECR expenses of 207 bps and deposit rate costs (through NIM) of 71 bps

ECR indexed to Fed Funds rate with every 25 bps change corresponding to ~$6mm of annual ECR expense

$23.6

$21.9

$3.9

$20.7

$21.7

$4.1

$4.6

$4.7

$4.1

$19.8

$27.8 $26.6 $26.2 $24.9

$23.7

1Q25

2Q25

3Q25

4Q25

1Q26

$26.6

$7.3

$26.2

$9.0

$23.7

$7.1

$6.8

$62.2

$61.5

$61.6

$62.8

$59.8

$86.4

$88.4

$88.9

$85.9

$91.1

$9.4

$24.9

$27.8

$183.7 $185.9 $185.7 $180.6 $181.4

$3,739

$3,728

$3,708

$3,697

$3,891

1Q25

2Q25

3Q25

4Q25

1Q26

1Q25 2Q25 3Q25 4Q25 1Q26

1. Other customer related expense includes deposit referral fees, armored car services, check printing expenses, and other miscellaneous expenses.

Projects and Investments

Expect total project and investment spend of ~$19mm in 2026, with ~$7mm of planned

expense in 2026

11%

81%

$0.4mm

$14.9mm

80%

$3.7mm

20%

$3.0mm

$0.3mm

$4.1mm

28%

19%

53%

$2.9mm

$7.9mm

Note: Total project and investment spend includes costs that are both capitalized and expensed.

Liquidity

Maintaining high levels of primary and secondary liquidity

($ in millions)

1Q26

Current

Availability

Utilization

Capacity

Primary Liquidity

HIGHLIGHTS

Uninsured and uncollateralized deposits of $7.8B, which represents ~28% of total deposits

Total primary and secondary liquidity was

1.8x uninsured and uncollateralized deposits

Cash and cash equivalents(1)

Total Primary Liquidity 4,510

AFS Securities (unpledged)(2)

$2,046 2,464

Total Secondary Liquidity 9,721 2,476 12,197

Total Primary + Secondary Liquidity $14,231

Definitions

Primary liquidity: Cash and cash equivalents (excluding restricted cash) and the market value of unencumbered Available-For-Sale ("AFS") securities, net of a haircut. These assets are (i) unencumbered, (ii) readily available for use, and (iii) can be readily sold or pledged under normal operating conditions and under a range of stress conditions.

Secondary Liquidity: Net available borrowing capacity with the FHLB and FRB.

1. Cash and cash equivalents figure presented as Bank only, excludes restricted cash.

Jared Wolff

Chairman and Chief Executive Officer

30+ years of banking and law. Previously held senior executive positions with City National Bank (RBC) and PacWest Bancorp

Joe Kauder

Chief Financial Officer

30+ years of banking experience, previously served as EVP, CFO Wells Fargo Wholesale Banking

Chris Blake

Vice Chairman of the Bank

40+ years of banking experience, previously served as President & CEO, Community Bank Division, for PacWest Bancorp

Bryan Corsini

Chief Credit Officer

35+ years of banking experience, previously served as CCO of PacWest Bancorp and Director of Pacific Western Bank

Ido Dotan

General Counsel and Chief Administrative Officer

20+ years experience in corporate securities, M&A, and structured finance. Previously served as EVP of Carrington Mortgage Holdings

Karen Hon

Chief Accounting Officer & Deputy Chief Financial Officer

20+ years of finance & accounting experience, previously served as Chief Accounting Officer at Silicon Valley Bank

Hamid Hussain

President of the Bank

30+ years of banking experience, previously served as EVP, Real Estate Market Executive for Wells Fargo

Scott Ladd

Chief Credit Officer for Specialty Banking and Credit Operations

25+ years banking and consulting experience, previously served as EVP, Group Head, Portfolio Management at PacWest Bancorp

Olivia Lindsay

Chief Risk Officer

20+ years of experience in regulatory processes and controls, previously spent 15 years at MUFG Union Bank

Sean Lynden

President, Venture Banking Group

30+ years of banking and related experience. Previously served as President of Venture Banking Group for Pacific Western Bank

Bill Rhodes

Chief Internal Audit Officer

25+ years of banking and internal audit experience, previously served as CAE of Coastal Community Bank and Deputy CAE of Silicon Valley Bank

Steve Schwimmer

Chief Information Officer

30+ years of experience in banking technology, previously served as the EVP, Chief Innovation Officer at PacWest Bancorp

Experienced Management Team with Track Record of Success at Leading Institutions

Appendix

Non-GAAP Financial Information

Tangible assets, tangible common equity, tangible common equity ratio, tangible book value per common share, adjusted net earnings, adjusted return on average assets ("ROAA"), return on average tangible common equity, adjusted return on average tangible common equity, pre-tax pre-provision ("PTPP") income, adjusted noninterest expense, efficiency ratio, adjusted efficiency ratio, adjusted ACL ratio, and economic coverage ratio constitute supplemental financial information determined by methods other than in accordance with GAAP. These non-GAAP measures are used by management in its analysis of the Company's performance.

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

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

PTPP income is calculated by adding net interest income and noninterest income (total revenue) and subtracting noninterest expense.

Adjusted noninterest expense is calculated by subtracting customer related expenses from noninterest expense.

Efficiency ratio is calculated by dividing noninterest expense (less intangible asset amortization and acquisition, integration and reorganization costs) by total revenue (the sum of net interest income and noninterest income, less gain (loss) on sale of securities).

Adjusted efficiency ratio is calculated by dividing adjusted noninterest expense (less intangible asset amortization and acquisition, integration and reorganization costs, customer related expenses and any unusual one-item items) by adjusted total revenue (the sum of net interest income and noninterest income, less gain (loss) on sale of securities and customer related expense).

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

Core deposits is calculated as total deposits less brokered CDs and brokered non-maturity deposits.

Core loan portfolio is calculated as total loans held for investment less premium finance loans, student loans, and Civic loans.

Adjusted ACL ratio is calculated by dividing adjusted ACL for lower loss loan categories by adjusted loans and leases held for investment.

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

The following tables on pages 34-43 provide reconciliations of the non-GAAP measures to financial measures defined by GAAP.

Non-GAAP Reconciliation

($ in thousands, except per share data)

1Q26

4Q25

3Q25

2Q25

1Q25

Tangible Common Equity Ratio

Total stockholders' equity

$3,553,326

$3,541,277

$3,466,739

$3,426,843

$3,521,656

Less: preferred stock

498,516

Total common equity

3,054,810

3,042,761

2,968,223

2,928,327

3,023,140

Less: goodwill and intangible assets

313,612

319,808

326,444

333,451

340,458

Tangible common equity

$2,741,198

$2,722,953

$2,641,779

$2,594,876

$2,682,682

Total assets

34,724,241

34,797,442

34,012,965

34,250,453

33,779,918

Less: goodwill and intangible assets

313,612

319,808

326,444

333,451

340,458

Tangible assets

$34,410,629

$34,477,634

$33,686,521

$33,917,002

$33,439,460

Total stockholders' equity to total assets

10.23%

10.18%

10.19%

10.01%

10.43%

Tangible common equity ratio(1)

7.97%

7.90%

7.84%

7.65%

8.02%

Book value per common share(2)

$19.80

$19.56

$19.09

$18.58

$18.17

Tangible book value per common share (TBVPS)(3)

$17.77

$17.51

$16.99

$16.46

$16.12

Common shares outstanding(4)

154,262,045

155,533,403

155,522,693

157,647,137

166,403,086

Tangible common equity divided by tangible assets.

Total common equity divided by common shares outstanding.

Tangible common equity divided by common shares outstanding.

Common shares outstanding include non-voting common stock equivalents that are participating securities.

First Quarter 2026 Earnings | 34

Non-GAAP Reconciliation

($ in thousands)

1Q26

4Q25

3Q25

2Q25

1Q25

Return on Average Tangible Common Equity ("ROATCE")

Net earnings

$71,952

$77,391

$69,629

$28,385

$53,568

Earnings before income taxes

$73,061

Add: Intangible asset amortization

7,160

Adjusted earnings before income used for ROATCE

80,221

Adjusted income tax expense(1)

20,296

Adjustments:

Intangible asset amortization

6,348

6,788

7,160

7,159

Tax impact of adjustment above(1)

(1,596)

(1,823)

(1,958)

(1,655)

Adjustment to net earnings

4,752

4,965

5,202

5,504

Adjusted net earnings for ROATCE

76,704

82,356

74,831

33,889

59,925

Less: Preferred stock dividends

9,947

Adjusted net earnings available to common and equivalent stockholders for ROATCE

$66,757

$72,409

$64,884

$23,942

$49,978

Net earnings

$71,952

$77,391

$69,629

$28,385

$53,568

Earnings before income taxes

$73,061

Add: Intangible asset amortization

7,160

Adjusted earnings before income used for ROATCE

80,221

Adjusted income tax expense(1)

20,296

Adjustments:

Intangible asset amortization

6,348

6,788

7,160

7,159

Provision for credit losses related to transfer of loans to held for sale

26,289

Total adjustments

6,348

6,788

7,160

33,448

Tax impact of adjustments above(1)

(1,596)

(1,823)

(1,958)

(7,733)

Income tax related adjustments

9,792

Adjustment to net earnings

4,752

4,965

5,202

35,507

Adjusted net earnings for adjusted ROATCE

76,704

82,356

74,831

63,892

59,925

Less: Preferred stock dividends

9,947

Adjusted net earnings available to common and equivalent stockholders for adjusted ROATCE

$66,757

$72,409

$64,884

$53,945

$49,978

Average total stockholders' equity

3,548,700

3,494,157

3,437,335

3,430,143

3,524,181

Less: Average goodwill and intangible assets

317,215

323,295

330,277

337,352

344,610

Less: Average preferred stock

498,516

Average tangible common equity

$2,732,969

$2,672,346

$2,608,542

$2,594,275

$2,681,055

Return on average equity(2)

8.22%

8.79%

8.04%

3.32%

6.16%

Return on average tangible common equity(3)

9.91%

10.75%

9.87%

3.70%

7.56%

Adjusted return on average tangible common equity(4)

9.91%

10.75%

9.87%

8.34%

7.56%

Effective tax rates of 25.14%, 26.86%, 27.34%, 23.12%, and 25.30%, used for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31,

2025, respectively.

Annualized net earnings divided by average stockholders' equity.

Annualized adjusted net earnings available to common and equivalent stockholders for ROATCE divided by average tangible common equity.

Annualized adjusted net earnings available to common and equivalent stockholders for adjusted ROATCE divided by average tangible common equity.

First Quarter 2026 Earnings | 35

Non-GAAP Reconciliation

($ in thousands, except per share amounts)

1Q26

4Q25

3Q25

2Q25

1Q25

Adjusted Net Earnings

Net earnings

$71,952

$77,391

$69,629

$28,385

$53,568

Earnings before income taxes

$73,061

Add: FDIC special assessment

Adjusted earnings before income taxes

73,061

Adjusted income tax expense(1)

19,493

Adjustments:

Provision for credit losses related to transfer of loans to held for sale

26,289

Tax impact of adjustment above(1)

(6,078)

Income tax related adjustments

9,792

Adjustment to net earnings

30,003

Adjusted net earnings

71,952

77,391

69,629

58,388

53,568

Less: Preferred stock dividends

9,947

Weighted average diluted common shares outstanding

160,832

160,094

159,051

158,462

169,434

Diluted earnings per common share

$0.39

$0.42

$0.38

$0.12

$0.26

Adjusted diluted earnings per common share(2)

$0.39

$0.42

$0.38

$0.31

$0.26

Average total assets

$34,002,701

$33,752,500

$33,831,217

$33,764,149

$33,308,385

Return on average assets ("ROAA")(3)

0.86%

0.91%

0.82%

0.34%

0.65%

Adjusted ROAA(4)

0.86%

0.91%

0.82%

0.69%

0.65%

Adjusted net earnings available to common and equivalent

stockholders

$62,005

$67,444

$59,682

$48,441

$43,621

Effective tax rates of 25.14%, 26.86%, 27.34%, 23.12%, and 25.30%, used for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31,

2025, respectively.

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

Annualized net earnings divided by average assets.

Annualized adjusted net earnings divided by average assets.

First Quarter 2026 Earnings | 36

Non-GAAP Reconciliation

($ in thousands)

1Q26

4Q25

3Q25

2Q25

1Q25

PTPP Income

Net interest income

$251,617

$251,362

$253,444

$240,216

$232,364

Add: Noninterest income 35,328 41,571 34,285 32,633 33,650

Total revenue

286,945

292,933

287,729

272,849

266,014

Less: Noninterest expense

(181,391)

(180,644)

(185,684)

(185,869)

(183,653)

Pre-tax, pre-provision ("PTPP") income

$105,554

$112,289

$102,045

$86,980

$82,361

Non-GAAP Reconciliation

($ in thousands)

1Q26

4Q25

3Q25

2Q25

1Q25

Adjusted Efficiency Ratio

Noninterest expense

$181,391

$180,644

$185,684

$185,869

$183,653

Less: Intangible asset amortization

(6,348)

(6,788)

(7,160)

(7,159)

(7,160)

Less: Acquisition, integration, and reorganization costs

Noninterest expense used for efficiency ratio

$175,043

$173,856

$178,524

$178,710

$176,493

Less: Customer related expense

(23,737)

(24,870)

(26,227)

(26,577)

(27,751)

Noninterest expense used for adjusted efficiency ratio

$151,306

$148,986

$152,297

$152,133

$148,742

Net interest income

$251,617

$251,362

$253,444

$240,216

$232,364

Noninterest income 35,328 41,571 34,285 32,633 33,650

Total Revenue

$286,945

$292,933

$287,729

$272,849

$266,014

Add: Loss on sale of securities

Total revenue used for efficiency ratio

$286,945

$292,933

$287,729

$272,849

$266,014

Less: Customer related expense

(23,737)

(24,870)

(26,227)

(26,577)

(27,751)

Total revenue used for adjusted efficiency ratio

$263,208

$268,063

$261,502

$246,272

$238,263

Noninterest expense to total revenue

63.21%

61.67%

64.53%

68.12%

69.04%

Efficiency ratio(1)

61.00%

59.35%

62.05%

65.50%

66.35%

Adjusted efficiency ratio(2)

57.49%

55.58%

58.24%

61.77%

62.43%

Noninterest expense used for efficiency ratio divided by total revenue used for efficiency ratio.

Noninterest expense used for adjusted efficiency ratio divided by total revenue used for adjusted efficiency ratio.

Non-GAAP Reconciliation

($ in thousands)

1Q26

4Q25

3Q25

2Q25

1Q25

Adjusted Noninterest Expense to Average Total Assets

Noninterest expense

$181,391

$180,644

$185,684

$185,869

$183,653

Less: Customer related expense

(23,737)

(24,870)

(26,227)

(26,577)

(27,751)

Adjusted noninterest expense

$157,654

$155,774

$159,457

$159,292

$155,902

Average assets

$34,002,701

$33,752,500

$33,831,217

$33,764,149

$33,308,385

Noninterest expense to average total assets

2.16%

2.12%

2.18%

2.21%

2.24%

Adjusted noninterest expense to average total assets

1.88%

1.83%

1.87%

1.89%

1.90%

Non-GAAP Reconciliation

($ in millions)

1Q26

4Q25

1Q25

Core Deposits

Total Deposits

$27,322

$27,843

$27,193

Less: Brokered CDs

(2,562)

(2,433)

(1,995)

Less: Brokered Non-maturity Deposits

(226)

(480)

(667)

Total Core Deposits

$24,534

$24,930

$24,531

Non-GAAP Reconciliation

($ in millions)

1Q26

4Q25

Core Loans

Total Loans HFI

$24,780

$25,033

Discontinued Area Loans:

Less: Premium Finance Loans

(408)

(448)

Less: Student Loans

(250)

(262)

Less: Civic Loans

(27)

(39)

Total Discontinued Area Loans

(685)

(749)

Total Core Loans

$24,095

$24,284

Disclaimer

Banc of California Inc. published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 22, 2026 at 20:22 UTC.