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Banc of California, Inc. – ‘8-K’ for 1/23/20 – ‘EX-99.1’

On:  Thursday, 1/23/20, at 11:48am ET   ·   For:  1/23/20   ·   Accession #:  1169770-20-2   ·   File #:  1-35522

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  As Of               Filer                 Filing    For·On·As Docs:Size

 1/23/20  Banc of California, Inc.          8-K:2,7,9   1/23/20   14:5.8M

Current Report   —   Form 8-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     35K 
 2: EX-99.1     Miscellaneous Exhibit                               HTML    625K 
 3: EX-99.2     Miscellaneous Exhibit                               HTML     40K 
10: R1          Cover Page                                          HTML     54K 
12: XML         IDEA XML File -- Filing Summary                      XML     13K 
 9: XML         XBRL Instance -- a20191231form8k_htm                 XML     23K 
14: EXCEL       IDEA Workbook of Financial Reports                  XLSX      6K 
 5: EX-101.CAL  XBRL Calculations -- banc-20200123_cal               XML      7K 
 6: EX-101.DEF  XBRL Definitions -- banc-20200123_def                XML     41K 
 7: EX-101.LAB  XBRL Labels -- banc-20200123_lab                     XML     84K 
 8: EX-101.PRE  XBRL Presentations -- banc-20200123_pre              XML     45K 
 4: EX-101.SCH  XBRL Schema -- banc-20200123                         XSD     16K 
11: JSON        XBRL Instance as JSON Data -- MetaLinks               14±    21K 
13: ZIP         XBRL Zipped Folder -- 0001169770-20-000002-xbrl      Zip     81K

‘EX-99.1’   —   Miscellaneous Exhibit

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  Exhibit  
EX. 99.1

logoa04.jpg

Banc of California Reports Fourth Quarter 2019 Financial Results

SANTA ANA, Calif., (January 23, 2020) — Banc of California, Inc. (NYSE: BANC) today reported net income available to common stockholders for the fourth quarter of $10.4 million, resulting in diluted income per common share of $0.20.
Highlights for the fourth quarter (as compared to third quarter 2019) included:
•
Net interest margin increased 18 basis points to 3.04%
•
Cost of total deposits decreased by 21 basis points to 1.27%
•
Noninterest-bearing deposit balances increased to 20.1% of total deposits, up from 19.2%
•
Average noninterest-bearing deposits increased by $60 million, or 5.7%
•
Return on average assets was 0.71% and return on average equity was 6.20%

“2019 was the beginning of the transformation of Banc of California,” said Jared Wolff, President and Chief Executive Officer of Banc of California.  “We successfully executed on each of our key strategic priorities, reducing cost of deposits, lowering expenses and right-sizing the balance sheet.  As a result of our efforts, we have solidified our foundation as a relationship focused business bank, and are poised to create true franchise value going forward.”

Mr. Wolff continued, “As we enter 2020, we will continue to build on the momentum from 2019, remixing our loans and deposits to improve our franchise, and expanding our presence in the key lending segments we are targeting.  Further, having built up excess capital, we will be looking for opportunities to deploy it that optimize our franchise and improve earnings in the future.  We look forward to showing progress on these initiatives in 2020.”  

Lynn Hopkins, Chief Financial Officer of Banc of California said, “The significant improvement in our cost of funds drove the 18 basis point increase in our net interest margin as interest earning asset yields remained steady at 4.50%. Our overall cost of funds decreased to 1.55% as we have been able to reduce our reliance on wholesale funding sources. The fourth quarter, average noninterest-bearing deposit balances increased for the third consecutive quarter and represented over 19% of our total average deposits. Looking forward, we expect to continue seeing benefits from the loan and securities remixing activities and we are well-positioned to show ongoing improvement on both sides of the balance sheet.”


1
EX. 99.1

Business Results - Income Statement Highlights
 
Three Months Ended
 
Year Ended
 
December 31,
2019
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
 
December 31,
2019
 
December 31,
2018
 
($ in thousands)
Total interest and dividend income
$
83,702

 
$
92,657

 
$
104,040

 
$
110,712

 
$
111,130

 
$
391,111

 
$
422,796

Total interest expense
27,042

 
33,742

 
39,260

 
42,904

 
40,448

 
142,948

 
136,720

Net interest income
56,660

 
58,915

 
64,780

 
67,808

 
70,682

 
248,163

 
286,076

(Reversal of) provision for loan and lease losses
(2,678
)
 
38,540

 
(1,987
)
 
2,512

 
6,653

 
36,387

 
30,215

Net interest income after provision for loan and lease losses
59,338

 
20,375

 
66,767

 
65,296

 
64,029

 
211,776

 
255,861

Total noninterest income (loss)
4,930

 
3,181

 
(2,290
)
 
6,295

 
2,448

 
12,116

 
23,915

Total noninterest expense
47,185

 
43,307

 
43,587

 
61,835

 
49,569

 
195,914

 
232,785

Income tax expense (benefit)
2,811

 
(5,619
)
 
4,308

 
2,719

 
6,117

 
4,219

 
4,844

Income (loss) from continuing operations
14,272

 
(14,132
)
 
16,582

 
7,037

 
10,791

 
23,759

 
42,147

Income from discontinued operations, net of tax
—

 
—

 
—

 
—

 
247

 
—

 
3,325

Net income (loss)
$
14,272

 
$
(14,132
)
 
$
16,582

 
$
7,037

 
$
11,038

 
$
23,759

 
$
45,472

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) available to common stockholders(1)
$
10,415

 
$
(22,722
)
 
$
11,909

 
$
2,527

 
$
6,527

 
$
2,624

 
$
22,850

(1)
Balance represents the net income (loss) available to common stockholders after subtracting preferred stock dividends, income allocated to participating securities, participating securities dividends and impact of preferred stock redemption from net income (loss). Refer to the Statement of Operations at the end for additional detail on these amounts.
Net interest income
Q4 2019 vs Q3 2019.
Net interest income for the fourth quarter decreased $2.3 million to $56.7 million due mostly to lower average loans and securities partially offset by an expanded net interest margin. Average interest-earning assets declined from the prior quarter by $781 million to $7.4 billion. During the prior quarter, we sold lower yielding, longer duration earning assets and used the sale proceeds to repay high cost funding liabilities; the full impact of this strategic objective was recognized during the fourth quarter.
The net interest margin improved 18 basis points to 3.04%. Our average yield on interest-earning assets remained flat quarter over quarter at 4.50%, primarily attributable to higher yielding loans representing a higher percentage of interest earning assets and a higher average yield on securities offset by a lower average loan yield. Our average yield on loans declined 4 basis points to 4.71% for the fourth quarter and the linked quarter decrease is due mostly to loans being originated and repriced into the lower rate environment, partially offset by higher average yields on commercial real estate, multifamily and construction loans. Our average yield on securities increased 12 basis points primarily as a result of our concentrated efforts to remix the securities portfolio and the high-yielding, variable rate CLOs representing a higher percentage of the portfolio, offset by these variable rate investments resetting into the lower interest rate environment.
Our average cost of interest-bearing liabilities decreased 18 basis points to 1.85% for the fourth quarter from 2.03% for the third quarter, driven by the lower average cost of interest-bearing deposits, which decreased by 21 basis points to 1.57% from the prior quarter. Additionally, average noninterest-bearing deposits increased by $60 million, or 5.7%, and represented 19.4% of total average deposits in the fourth quarter. Our total cost of deposits decreased 21 basis points to 1.27% for the fourth quarter. The decrease in our funding cost is due to a lower reliance on high cost transaction accounts and wholesale funds as we have managed down the balance sheet and continue to execute on our strategy to focus on relationship clients.
FY 2019 vs FY 2018.
Net interest income for the year ended December 31, 2019 decreased $37.9 million to $248.2 million as compared to $286.1 million for 2018 primarily as a result of targeted sales of securities and loans offset by the overall focus on remixing the loan portfolio towards relationship based lending during the year. For the year ended December 31, 2019, average interest-earning assets declined $1.12 billion to $8.60 billion, and the net interest margin decreased to 2.89% from 2.95% for the comparable 2018 period.

2
EX. 99.1

Our average yield on interest-earning assets increased 19 basis points to 4.55% for the year ended December 31, 2019 as compared to 4.36% for the full year of 2018, due to higher average yields on the loan and securities portfolios and an increased mix of loans versus securities. Our average yield on loans was 4.76% for the year ended December 31, 2019, compared to 4.64% for the full year of 2018, primarily attributable to higher average commercial and industrial balances in the portfolio mix and higher average yields on commercial real estate, multifamily and construction loans. Our average yield on securities increased 14 basis points primarily as a result of interest rate resets on our CLOs, partially offset by a decrease in our average balance attributable to the sale and calls of higher yielding CLOs between periods.
Provision for loan losses
Q4 2019 vs Q3 2019.
During the fourth quarter, we recognized a provision release of $2.7 million driven primarily by $431 million in lower loan balances. The provision release was partially offset by downgrades of several loans. In particular, a $24.9 million commercial and industrial (“C&I”) loan was downgraded during the quarter and classified loan balances increased $14.9 million.
FY 2019 vs FY 2018.
During the year ended December 31, 2019, we recognized a loan loss provision of $36.4 million, primarily attributable to a previously reported $35 million charge-off of a line of credit originated in November 2017 to a borrower purportedly the subject of a fraudulent scheme. We are actively evaluating all available sources of recovery, although no assurance can be given that we will be successful in that regard. For the comparable prior year period, $30.2 million of loan loss provisions were recorded, inclusive of a $13.9 million charge-off related to borrower fraud.
Noninterest income
Q4 2019 vs Q3 2019.
Noninterest income for the fourth quarter was $4.9 million, which represented an increase of $1.7 million, or 55% from the prior quarter. The increase was primarily due to no net loss on the sale of available-for-sale securities during the fourth quarter of 2019 as compared to a $5.1 million net loss during the third quarter of 2019, higher loan servicing income, and higher all other income. In addition, the Company had lower impairment losses on investment securities during the fourth quarter. These increases were partially offset by a lower gain on sale of loans of $5.2 million as the fourth quarter recognized a net loss of $833 thousand compared to a net gain of $4.3 million in the prior quarter.
FY 2019 vs FY 2018.
Noninterest income for the year ended December 31, 2019 was $12.1 million, which represented a decrease of $11.8 million, or 49.3% from the prior year. The decrease was primarily attributable to (1) a higher net loss on sale of investment securities of $10.4 million, (2) lower other income of $6.6 million due to the elimination of non-core assets in prior periods and the previously reported $9.6 million loss from interest rate swap agreements entered into in order to offset variability in the fair value of the Freddie Mac securitization completed in 2019, and (3) lower loan servicing income of $3.0 million as a result of the sale of mortgage servicing rights in 2018. These decreases are partially offset by a higher net gain on sale of loans of $5.9 million and a lower impairment loss on investment securities of $2.5 million.
Noninterest expense
Q4 2019 vs Q3 2019.
Noninterest expense for the fourth quarter was $47.2 million, representing an increase of $3.9 million over the prior quarter. Noninterest expense included: (1) $1.9 million lower salaries and benefits expense primarily related to lower headcount, (2) higher professional fees of $1.1 million, (3) $615 thousand higher regulatory assessments related to the one-time small bank assessment credit recorded in the third quarter, (4) $1.6 million in higher restructuring expense related to severance during the fourth quarter of 2019, and (5) a $2.0 million increase in loss on investments in alternative energy partnerships.

3
EX. 99.1

FY 2019 vs FY 2018.
Noninterest expense for the year ended December 31, 2019 was $195.9 million, which represented a decrease of $36.9 million, or 15.8% from the prior year. The lower noninterest expense primarily consisted of: (1) lower professional fees of $21.4 million, primarily attributable to $9.6 million of insurance recoveries net of expenses related to securities litigation, indemnification, investigation and other legal expenses, (2) lower salaries and benefits expense of $4.1 million resulting from lower headcount and lower consulting fees, (3) lower advertising costs of $4.2 million, and (4) a $3.4 million decrease in loss on investments in alternative energy partnerships.
Income taxes
Q4 2019 vs Q3 2019.
Income tax expense totaled $2.8 million for the quarter resulting in an effective tax rate of 16.5%. This compares to a $5.6 million tax benefit for the third quarter and an effective tax benefit rate of 28.5%.
FY 2019 vs FY 2018.
Income tax expense totaled $4.2 million for the year ended December 31, 2019, representing an effective tax rate of 15.1%, compared to $6.1 million and 11.9% for 2018. The higher effective tax rate in 2019 is due in part to a reduction in available tax credits generated by the Company compared to 2018. Looking forward, we expect our tax rate to normalize in the range of 22 — 24% as we expect a continued reduction in the generation of tax credits related to investments in alternative energy partnerships.
Balance Sheet
At December 31, 2019, total assets were $7.83 billion, which represented a linked quarter decrease of $796.9 million, consistent with our strategic shift towards reducing our balance sheet and focusing on relationship lending. The following table shows selected balance sheet line items as of the dates indicated.
 
As of and for the Three Months Ended
 
Amount Change
 
December 31,
2019
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
 
Q4-19 vs. Q3-19
 
Q4-19 vs. Q4-18
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
($ in thousands)
Total assets
$
7,828,410

 
$
8,625,337

 
$
9,359,931

 
$
9,886,525

 
$
10,630,067

 
$
(796,927
)
 
$
(2,801,657
)
Securities available-for-sale
$
912,580

 
$
775,662

 
$
1,167,687

 
$
1,471,303

 
$
1,992,500

 
$
136,918

 
$
(1,079,920
)
Loans held-for-investment
$
5,951,885

 
$
6,383,259

 
$
6,719,570

 
$
7,557,200

 
$
7,700,873

 
$
(431,374
)
 
$
(1,748,988
)
Loans held-for-sale
$
22,642

 
$
23,936

 
$
597,720

 
$
25,191

 
$
8,116

 
$
(1,294
)
 
$
14,526

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Demand deposits
$
2,622,398

 
$
2,602,011

 
$
2,510,233

 
$
2,690,738

 
$
2,579,000

 
$
20,387

 
$
43,398

Other core deposits
2,794,769

 
3,074,936

 
3,301,080

 
3,575,140

 
3,629,100

 
(280,167
)
 
(834,331
)
Brokered deposits
10,000

 
93,111

 
480,977

 
1,459,054

 
1,708,544

 
(83,111
)
 
(1,698,544
)
Total Deposits
$
5,427,167

 
$
5,770,058

 
$
6,292,290

 
$
7,724,932

 
$
7,916,644

 
$
(342,891
)
 
$
(2,489,477
)
As percentage of total deposits
 
 
 
 
 
 
 
 
 
 
 
 
 
Demand deposits
48.32
%
 
45.10
%
 
39.89
%
 
34.83
%
 
32.58
%
 
3.22
 %
 
15.74
 %
Other core deposits
51.50
%
 
53.29
%
 
52.46
%
 
46.28
%
 
45.84
%
 
(1.79
)%
 
5.66
 %
Brokered deposits
0.18
%
 
1.61
%
 
7.64
%
 
18.89
%
 
21.58
%
 
(1.43
)%
 
(21.40
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average loan yield
4.71
%
 
4.75
%
 
4.80
%
 
4.76
%
 
4.74
%
 
(0.04
)%
 
(0.03
)%
Average cost of interest-bearing deposits
1.57
%
 
1.78
%
 
1.89
%
 
1.92
%
 
1.77
%
 
(0.21
)%
 
(0.20
)%
Investments
Securities available-for-sale was $912.6 million at December 31, 2019, an increase of 17.7% from the previous quarter, primarily due to the purchase of $195.3 million of investment securities, comprised of $128.8 million of agency securities, $53.0 million of municipal bonds and $13.5 million of corporate debt securities during the quarter, partially offset by the sale of $39.4 million of our legacy agency MBS. The funds from the sales of our MBS during the quarter and other available cash balances were reinvested into a mix of security

4
EX. 99.1

classes, resulting in an overall shorter duration for the securities portfolio. As of December 31, 2019, our securities portfolio included $718.4 million of CLOs, $127.8 million of agency securities, $52.7 million of municipal securities, and $13.6 million of corporate debt securities.
Loans
The following table sets forth the composition, by loan category, of our loan portfolio as of the dates indicated:
 
December 31,
2019
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
 
($ in thousands)
Composition of held-for-investment loans
 
 
 
 
 
 
 
 
 
Commercial real estate
$
818,817

 
$
891,029

 
$
856,497

 
$
865,521

 
$
867,013

Multifamily
1,494,528

 
1,563,757

 
1,598,978

 
2,332,527

 
2,241,246

Construction
231,350

 
228,561

 
209,029

 
211,549

 
203,976

Commercial and industrial
1,691,270

 
1,789,478

 
1,951,707

 
1,907,102

 
1,944,142

SBA
70,981

 
75,359

 
80,929

 
74,998

 
68,741

Total commercial loans
4,306,946

 
4,548,184

 
4,697,140

 
5,391,697

 
5,325,118

Single family residential mortgage
1,590,774

 
1,775,953

 
1,961,065

 
2,102,694

 
2,305,490

Other consumer
54,165

 
59,122

 
61,365

 
62,809

 
70,265

Total consumer loans
1,644,939

 
1,835,075

 
2,022,430

 
2,165,503

 
2,375,755

Total gross loans
$
5,951,885

 
$
6,383,259

 
$
6,719,570

 
$
7,557,200

 
$
7,700,873

Composition percentage of held-for-investment loans
 
 
 
 
 
 
 
 
 
Commercial real estate
13.8
%
 
14.0
%
 
12.7
%
 
11.5
%
 
11.3
%
Multifamily
25.1
%
 
24.5
%
 
23.8
%
 
30.9
%
 
29.2
%
Construction
3.9
%
 
3.6
%
 
3.1
%
 
2.8
%
 
2.6
%
Commercial and industrial
28.4
%
 
28.0
%
 
29.1
%
 
25.2
%
 
25.2
%
SBA
1.2
%
 
1.2
%
 
1.2
%
 
1.0
%
 
0.9
%
Total commercial loans
72.4
%
 
71.3
%
 
69.9
%
 
71.4
%
 
69.2
%
Single family residential mortgage
26.7
%
 
27.8
%
 
29.2
%
 
27.8
%
 
29.9
%
Other consumer
0.9
%
 
0.9
%
 
0.9
%
 
0.8
%
 
0.9
%
Total consumer loans
27.6
%
 
28.7
%
 
30.1
%
 
28.6
%
 
30.8
%
Total gross loans
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
Held-for-investment loans decreased $431 million to $6.0 billion from the prior quarter, due mostly to lower single family residential mortgage loans of $185 million, lower C&I loans of $98 million, lower commercial real estate of $72 million, and lower multifamily of $69 million. The decline in single family residential and multifamily is due to mostly to accelerated payoffs as the loans refinance in the lower rate environment. The decline in C&I loans is due primarily to the payoff of a few large loans and lower average outstanding balances on credit lines.
Single family residential mortgage and multifamily loans now comprise 51.8% of the total held-for-investment loan portfolio as compared to 59.1% one year ago. Commercial real estate loans comprised 13.8% of the loan portfolio and commercial and industrial loans constituted 28.4%, with average yields of 4.94% and 5.09% for the fourth quarter of 2019.


5
EX. 99.1

Deposits
The following table sets forth the composition of our deposits at the dates indicated.
 
December 31,
2019
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
 
($ in thousands)
Composition of deposits
 
 
 
 
 
 
 
 
 
Noninterest-bearing checking
$
1,088,516

 
$
1,107,442

 
$
993,745

 
$
1,120,700

 
$
1,023,360

Interest-bearing checking
1,533,882

 
1,503,208

 
1,577,901

 
1,573,499

 
1,556,410

Money market
715,479

 
695,530

 
800,898

 
899,330

 
873,153

Savings
885,246

 
1,042,162

 
1,061,115

 
1,151,442

 
1,265,847

Non-brokered certificates of deposit
1,204,044

 
1,367,284

 
1,479,137

 
1,684,895

 
1,654,605

Brokered certificates of deposit
—

 
54,432

 
379,494

 
1,295,066

 
1,543,269

Total deposits
$
5,427,167

 
$
5,770,058

 
$
6,292,290

 
$
7,724,932

 
$
7,916,644

Composition percentage of deposits
 
 
 
 
 
 
 
 
 
Noninterest-bearing checking
20.1
%
 
19.2
%
 
15.8
%
 
14.5
%
 
12.9
%
Interest-bearing checking
28.2
%
 
26.1
%
 
25.1
%
 
20.4
%
 
19.7
%
Money market
13.2
%
 
12.0
%
 
12.7
%
 
11.6
%
 
11.0
%
Savings
16.3
%
 
18.1
%
 
16.9
%
 
14.9
%
 
16.0
%
Non-brokered certificates of deposit
22.2
%
 
23.7
%
 
23.5
%
 
21.8
%
 
20.9
%
Brokered certificates of deposit
—
%
 
0.9
%
 
6.0
%
 
16.8
%
 
19.5
%
Total deposits
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
Total deposits decreased $342.9 million during the fourth quarter of 2019 to $5.43 billion due to lower savings balances of $156.9 million, non-brokered certificates of deposit balances of $163.2 million, brokered certificates of deposit balances of $54.4 million, and noninterest-bearing checking of $18.9 million, offset by higher interest-bearing checking of $30.7 million and money market of $19.9 million. The decline in non-brokered certificates of deposit is attributed to a lower amount of renewals for maturing certificates as they reset to lower offer rates. The decline in savings is due to rate sensitive customers lowering balances as this product continues to be priced in to the current rate environment as we focus on building relationship-based deposits. In addition, we reduced our reliance on wholesale funding with no new brokered certificates of deposit acquired in the quarter. Noninterest-bearing deposits totaled $1.09 billion and represented 20.1% of total deposits at year end, which compares to $1.11 billion and 19.2% at September 30, 2019 and $1.02 billion and 12.9% at December 31, 2018.
Debt
Advances from the FHLB decreased $455 million on a linked-quarter basis, or 28%, to $1.20 billion as of December 31, 2019, primarily as a result of the maturity of $300 million in fixed rate-advances and a reduction in overnight advances of $205 million. At the end of the fourth quarter of 2019, the maturity dates of FHLB advances consisted of $465 million of overnight, $74 million maturing in three months or less, and $656 million maturing beyond three months. As of the end of the fourth quarter of 2019, the overnight advance interest rate was 1.66%.
Equity
At December 31, 2019, total stockholders’ equity increased by $6.3 million to $907.2 million on a linked-quarter basis, while tangible common equity increased by $6.7 million to $676.1 million. The increase in total stockholders’ equity related to net income of $14.3 million, partially offset by the dividends to common and preferred stockholders of $6.8 million and an increase in accumulated other comprehensive loss of $2.3 million as a result of reductions in the fair value of securities available-for-sale.
Capital ratios remain strong with total risk-based capital at 15.90% and a tier 1 leverage ratio of 10.89%. The following table sets forth our regulatory capital ratios at December 31, 2019 and the previous four quarters.

6
EX. 99.1

 
December 31,
2019
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
Capital Ratios(1)
 
 
 
 
 
 
 
 
 
Banc of California, Inc.
 
 
 
 
 
 
 
 
 
Total risk-based capital ratio
15.90
%
 
14.37
%
 
15.00
%
 
14.01
%
 
13.71
%
Tier 1 risk-based capital ratio
14.83
%
 
13.32
%
 
14.03
%
 
13.03
%
 
12.77
%
Common equity tier 1 capital ratio
11.56
%
 
10.34
%
 
10.50
%
 
9.72
%
 
9.53
%
Tier 1 leverage ratio
10.89
%
 
9.84
%
 
9.62
%
 
8.87
%
 
8.95
%
Banc of California, NA
 
 
 
 
 
 
 
 
 
Total risk-based capital ratio
17.46
%
 
15.65
%
 
16.70
%
 
15.79
%
 
15.71
%
Tier 1 risk-based capital ratio
16.39
%
 
14.60
%
 
15.73
%
 
14.81
%
 
14.77
%
Common equity tier 1 capital ratio
16.39
%
 
14.60
%
 
15.73
%
 
14.81
%
 
14.77
%
Tier 1 leverage ratio
12.02
%
 
10.75
%
 
10.80
%
 
10.07
%
 
10.36
%
(1)
December 31, 2019 capital ratios are preliminary,

Credit Quality
 
December 31,
2019
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
Asset quality information and ratios
($ in thousands)
Delinquent loans held-for-investment
 
 
 
 
 
 
 
 
 
30 to 89 days delinquent
$
32,873

 
$
39,122

 
$
34,938

 
$
44,840

 
$
26,684

90+ days delinquent
24,734

 
17,220

 
17,272

 
14,623

 
13,846

Total delinquent loans
$
57,607

 
$
56,342

 
$
52,210

 
$
59,463

 
$
40,530

Total delinquent loans to total loans
0.97
%
 
0.88
%
 
0.78
%
 
0.79
%
 
0.53
%
Non-performing assets, excluding loans held-for-sale
 
 
 
 
 
 
 
 
 
Non-performing loans
$
43,354

 
$
45,169

 
$
28,499

 
$
27,739

 
$
21,585

90+ days delinquent and still accruing loans
—

 
—

 
275

 
731

 
470

Other real estate owned
—

 
—

 
276

 
316

 
672

Non-performing assets
$
43,354

 
$
45,169

 
$
29,050

 
$
28,786

 
$
22,727

ALLL to non-performing loans
132.97
%
 
139.31
%
 
206.86
%
 
224.40
%
 
281.99
%
Non-performing loans to total loans held-for-investment
0.73
%
 
0.71
%
 
0.43
%
 
0.38
%
 
0.29
%
Non-performing assets to total assets
0.55
%
 
0.52
%
 
0.31
%
 
0.29
%
 
0.21
%
Troubled debt restructurings (TDRs)
 
 
 
 
 
 
 
 
 
Performing TDRs
$
6,620

 
$
6,800

 
$
20,245

 
$
5,574

 
$
5,745

Non-performing TDRs
21,837

 
14,605

 
2,428

 
1,943

 
2,276

Total TDRs
$
28,457

 
$
21,405

 
$
22,673

 
$
7,517

 
$
8,021

Total delinquent loans increased $1.3 million in the fourth quarter to $57.6 million at December 31, 2019, due to $22.8 million of additions, offset by $7.8 million returning to current status and $13.7 million of principal payments or payoffs. The $22.8 million of additions includes a $9.0 million single family residential mortgage loan with a 38% loan-to-value ratio and a $5.0 million C&I loan in process of restructuring. Loans 90+ days delinquent includes single family residential mortgage loans, which account for 75% of the balance.
Non-performing loans decreased $1.8 million in the fourth quarter to $43.4 million as of December 31, 2019, due to the sale of $11.9 million of non-performing loans and $4.1 million of loans returning to performing status, offset by $14.3 million of performing loans being placed on nonaccrual status. The year end balance includes two large loans that comprise 54% of our total nonperforming loans, one is a $14.0 million shared national credit and the other is a $9.0 million single family mortgage residential loan,with a loan-to-value ratio of 38%. Aside from those two loans, nonperforming loans total $20 million, of which 48% relates to single family residential mortgage loans. Of the $43.4 million non-performing loans at December 31, 2019, $17.7 million relates to loans in a current payment status.

7
EX. 99.1

Allowance for Loan Losses
 
Three Months Ended
 
December 31,
2019
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
 
($ in thousands)
Allowance for loan losses (ALLL)
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$
62,927

 
$
59,523

 
$
63,885

 
$
62,192

 
$
57,782

Loans and leases charged off
(2,706
)
 
(35,546
)
 
(2,451
)
 
(1,063
)
 
(2,522
)
Recoveries
106

 
410

 
76

 
244

 
279

Net charge-offs
(2,600
)
 
(35,136
)
 
(2,375
)
 
(819
)
 
(2,243
)
(Reversal of) provision for loan losses
(2,678
)
 
38,540

 
(1,987
)
 
2,512

 
6,653

Balance at end of period
$
57,649

 
$
62,927

 
$
59,523

 
$
63,885

 
$
62,192

Annualized net loan charge-offs to average total loans held-for-investment
0.17
%
 
2.19
%
 
0.13
%
 
0.04
%
 
0.12
%
Reserve for loss on repurchased loans
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$
6,561

 
$
2,478

 
$
2,486

 
$
2,506

 
$
2,575

Initial provision for loan repurchases
—

 
4,415

 
53

 
96

 
53

Reversal of provision for loan repurchases
(360
)
 
(123
)
 
(61
)
 
(116
)
 
(122
)
Utilization of reserve for loan repurchases
—

 
(209
)
 
—

 
—

 
—

Balance at end of period
$
6,201

 
$
6,561

 
$
2,478

 
$
2,486

 
$
2,506

During the fourth quarter of 2019, the allowance for loan losses decreased by $5.3 million as a result of a $2.7 million provision release and net charge-offs of $2.6 million. The net charge-offs include $1.7 million related to the sale of $11.9 million of nonperforming loans. The provision release was driven primarily by $431 million in lower loan balances.
The reserve for loss on repurchased loans decreased by $360 thousand in the fourth quarter due to continued runoff of principal balances associated with the multifamily loan securitization and single-family residential mortgage loans previously sold. This runoff of the associated sold balances results in reduced anticipated losses from repurchases.
Subsequent Events
On January 22, 2020 the Company filed a Shelf Registration Statement on Form S-3 with the Securities and Exchange Commission to provide the Company with flexibility and enable it to access the public capital markets to respond to financing and business opportunities that may arise in the future.  The Company’s prior Shelf Registration Statement expired in August 2019.

The Company will host a conference call to discuss its fourth quarter 2019 financial results at 10:00 a.m. Pacific Time (PT) on Thursday, January 23, 2020. Interested parties are welcome to attend the conference call by dialing 888-317-6003, and referencing event code 1520432. 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) is a bank holding company with approximately $7.8 billion in assets and one wholly-owned banking subsidiary, Banc of California, N.A. (the “Bank”). The Bank has 43 offices including 32 full-service branches located throughout Southern California. Through our dedicated professionals, we provide customized and innovative banking and lending solutions to businesses, entrepreneurs and individuals throughout California. We help to improve the communities where we live and work, by supporting organizations that provide financial literacy and job training, small business support and affordable housing. With a commitment to service and building enduring relationships, we provide a higher standard of banking. We look forward to helping you achieve your goals. For more information, please visit us at www.bancofcal.com.



8
EX. 99.1

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:
Banc of California, Inc.
(855) 361-2262
Jared Wolff, (949) 385-8700
Lynn Hopkins, (949) 265-6599


9
EX. 99.1

Banc of California, Inc.
Consolidated Statements of Financial Condition
(Dollars in thousands)
(Unaudited)
 
December 31,
2019
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
373,472

 
$
526,874

 
$
313,850

 
$
304,705

 
$
391,592

Securities available-for-sale
912,580

 
775,662

 
1,167,687

 
1,471,303

 
1,992,500

Loans held-for-sale
22,642

 
23,936

 
597,720

 
25,191

 
8,116

Loans held-for-investment
5,951,885

 
6,383,259

 
6,719,570

 
7,557,200

 
7,700,873

Allowance for loan losses
(57,649
)
 
(62,927
)
 
(59,523
)
 
(63,885
)
 
(62,192
)
Federal Home Loan Bank and other bank stock
59,420

 
71,679

 
76,373

 
55,794

 
68,094

Servicing rights, net
2,299

 
2,407

 
2,715

 
3,053

 
3,428

Other real estate owned, net
—

 
—

 
276

 
316

 
672

Premises and equipment, net
128,021

 
128,979

 
129,227

 
130,417

 
129,394

Investments in alternative energy partnerships, net
29,300

 
27,039

 
26,633

 
26,578

 
28,988

Goodwill
37,144

 
37,144

 
37,144

 
37,144

 
37,144

Other intangible assets, net
4,151

 
4,605

 
5,105

 
5,726

 
6,346

Deferred income tax, net
44,906

 
45,950

 
42,798

 
45,111

 
49,404

Income tax receivable
4,233

 
4,459

 
2,547

 
4,787

 
2,695

Bank owned life insurance investment
109,819

 
108,720

 
108,132

 
107,552

 
107,027

Right of use assets
22,540

 
23,907

 
24,118

 
24,519

 
—

Due from unsettled securities sales
—

 
334,769

 
—

 
—

 
—

Other assets
183,647

 
188,875

 
165,559

 
151,014

 
146,496

Assets of discontinued operations
—

 
—

 
—

 
—

 
19,490

Total assets
$
7,828,410

 
$
8,625,337

 
$
9,359,931

 
$
9,886,525

 
$
10,630,067

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Noninterest-bearing deposits
$
1,088,516

 
$
1,107,442

 
$
993,745

 
$
1,120,700

 
$
1,023,360

Interest-bearing deposits
4,338,651

 
4,662,616

 
5,298,545

 
6,604,232

 
6,893,284

Total deposits
5,427,167

 
5,770,058

 
6,292,290

 
7,724,932

 
7,916,644

Advances from Federal Home Loan Bank
1,195,000

 
1,650,000

 
1,825,000

 
935,000

 
1,520,000

Notes payable, net
173,421

 
173,339

 
173,257

 
173,203

 
173,174

Reserve for loss on repurchased loans
6,201

 
6,561

 
2,478

 
2,486

 
2,506

Lease liabilities
23,692

 
25,210

 
25,457

 
25,893

 
—

Accrued expenses and other liabilities
95,684

 
99,181

 
77,905

 
76,686

 
72,209

Total liabilities
6,921,165

 
7,724,349

 
8,396,387

 
8,938,200

 
9,684,533

Commitments and contingent liabilities
 
 
 
 
 
 
 
 
 
Preferred stock
189,825

 
189,825

 
231,128

 
231,128

 
231,128

Common stock
520

 
520

 
520

 
518

 
518

Common stock, class B non-voting non-convertible
5

 
5

 
5

 
5

 
5

Additional paid-in capital
629,848

 
628,774

 
627,306

 
626,608

 
625,834

Retained earnings
127,733

 
120,221

 
146,039

 
136,943

 
140,952

Treasury stock
(28,786
)
 
(28,786
)
 
(28,786
)
 
(28,786
)
 
(28,786
)
Accumulated other comprehensive loss, net
(11,900
)
 
(9,571
)
 
(12,668
)
 
(18,091
)
 
(24,117
)
Total stockholders’ equity
907,245

 
900,988

 
963,544

 
948,325

 
945,534

Total liabilities and stockholders’ equity
$
7,828,410

 
$
8,625,337

 
$
9,359,931

 
$
9,886,525

 
$
10,630,067



10
EX. 99.1

Banc of California, Inc.
Consolidated Statements of Operations
(Dollars in thousands, except per share data)
(Unaudited)

 
Three Months Ended
 
Year Ended
 
December 31,
2019
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
 
December 31,
2019
 
December 31,
2018
Interest and dividend income
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans, including fees
$
73,930

 
$
80,287

 
$
89,159

 
$
90,558

 
$
88,258

 
$
333,934

 
$
329,272

Securities
7,812

 
10,024

 
12,457

 
17,841

 
19,882

 
48,134

 
83,567

Other interest-earning assets
1,960

 
2,346

 
2,424

 
2,313

 
2,990

 
9,043

 
9,957

Total interest and dividend income
83,702

 
92,657

 
104,040

 
110,712

 
111,130

 
391,111

 
422,796

Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
18,247

 
22,811

 
28,598

 
31,443

 
28,972

 
101,099

 
91,236

Federal Home Loan Bank advances
6,396

 
8,519

 
8,289

 
9,081

 
9,068

 
32,285

 
34,995

Securities sold under repurchase agreements
15

 
13

 
16

 
18

 
25

 
62

 
1,033

Notes payable and other interest-bearing liabilities
2,384

 
2,399

 
2,357

 
2,362

 
2,383

 
9,502

 
9,456

Total interest expense
27,042

 
33,742

 
39,260

 
42,904

 
40,448

 
142,948

 
136,720

Net interest income
56,660

 
58,915

 
64,780

 
67,808

 
70,682

 
248,163

 
286,076

(Reversal of) provision for loan losses
(2,678
)
 
38,540

 
(1,987
)
 
2,512

 
6,653

 
36,387

 
30,215

Net interest income after (reversal of) provision for loan losses
59,338

 
20,375

 
66,767

 
65,296

 
64,029

 
211,776

 
255,861

Noninterest income
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer service fees
1,451

 
1,582

 
1,434

 
1,515

 
1,786

 
5,982

 
6,315

Loan servicing income
312

 
128

 
121

 
118

 
22

 
679

 
3,720

Income from bank owned life insurance
599

 
588

 
580

 
525

 
559

 
2,292

 
2,176

Impairment loss on investment securities
—

 
(731
)
 
—

 
—

 
(3,252
)
 
(731
)
 
(3,252
)
Net gain (loss) on sale of securities available for sale
3

 
(5,063
)
 
—

 
208

 
—

 
(4,852
)
 
5,532

Net (loss) gain on sale of loans
(833
)
 
4,326

 
2,826

 
1,553

 
873

 
7,872

 
1,932

All other income (loss)
3,398

 
2,351

 
(7,251
)
 
2,376

 
2,460

 
874

 
7,492

Total noninterest income (loss)
4,930

 
3,181

 
(2,290
)
 
6,295

 
2,448

 
12,116

 
23,915

Noninterest expense
 
 
 
 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
24,036

 
25,934

 
27,506

 
28,439

 
24,587

 
105,915

 
109,974

Occupancy and equipment
7,900

 
7,767

 
7,955

 
7,686

 
8,064

 
31,308

 
31,847

Professional fees (reimbursement)
2,611

 
1,463

 
(2,903
)
 
11,041

 
6,206

 
12,212

 
33,652

Data processing
1,684

 
1,568

 
1,672

 
1,496

 
1,733

 
6,420

 
6,951

Advertising
2,227

 
2,090

 
2,048

 
2,057

 
3,371

 
8,422

 
12,664

Regulatory assessments
1,854

 
1,239

 
2,136

 
2,482

 
1,252

 
7,711

 
7,678

Reversal of loan repurchase reserves
(360
)
 
(123
)
 
(61
)
 
(116
)
 
(122
)
 
(660
)
 
(2,488
)
Amortization of intangible assets
454

 
500

 
621

 
620

 
644

 
2,195

 
3,007

Restructuring expense (reversal)
1,626

 
—

 
(158
)
 
2,795

 
(105
)
 
4,263

 
4,431

All other expenses
4,114

 
3,809

 
5,126

 
3,385

 
3,153

 
16,434

 
20,025

Total noninterest expense excluding loss (gain) on investments in alternative energy partnerships
46,146

 
44,247

 
43,942

 
59,885

 
48,783

 
194,220

 
227,741

Loss (gain) on investments in alternative energy partnerships
1,039

 
(940
)
 
(355
)
 
1,950

 
786

 
1,694

 
5,044

Total noninterest expense
47,185

 
43,307

 
43,587

 
61,835

 
49,569

 
195,914

 
232,785

Income (loss) from continuing operations before income taxes
17,083

 
(19,751
)
 
20,890

 
9,756

 
16,908

 
27,978

 
46,991

Income tax expense (benefit)
2,811

 
(5,619
)
 
4,308

 
2,719

 
6,117

 
4,219

 
4,844

Income (loss) from continuing operations
14,272

 
(14,132
)
 
16,582

 
7,037

 
10,791

 
23,759

 
42,147

Income from discontinued operations before income taxes
—

 
—

 
—

 
—

 
347

 
—

 
4,596

Income tax expense
—

 
—

 
—

 
—

 
100

 
—

 
1,271

Income from discontinued operations
—

 
—

 
—

 
—

 
247

 
—

 
3,325

Net income (loss)
14,272

 
(14,132
)
 
16,582

 
7,037

 
11,038

 
23,759

 
45,472


11
EX. 99.1

Preferred stock dividends
3,540

 
3,403

 
4,308

 
4,308

 
4,308

 
15,559

 
19,504

Income allocated to participating securities
224

 
—

 
271

 
—

 
—

 
—

 
—

Participating securities dividends
93

 
94

 
94

 
202

 
203

 
483

 
811

Impact of preferred stock redemption
—

 
5,093

 
—

 
—

 
—

 
5,093

 
2,307

Net income (loss) available to common stockholders
$
10,415

 
$
(22,722
)
 
$
11,909

 
$
2,527

 
$
6,527

 
$
2,624

 
$
22,850

Basic earnings (loss) per common share
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.21

 
$
(0.45
)
 
$
0.23

 
$
0.05

 
$
0.12

 
$
0.05

 
$
0.38

Income from discontinued operations
—

 
—

 
—

 
—

 
0.01

 
—

 
0.07

Net income (loss)
$
0.21

 
$
(0.45
)
 
$
0.23

 
$
0.05

 
$
0.13

 
$
0.05

 
$
0.45

Diluted earnings (loss) per common share
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.20

 
$
(0.45
)
 
$
0.23

 
$
0.05

 
$
0.12

 
$
0.05

 
$
0.38

Income from discontinued operations
—

 
—

 
—

 
—

 
0.01

 
—

 
0.07

Net income (loss)
$
0.20

 
$
(0.45
)
 
$
0.23

 
$
0.05

 
$
0.13

 
$
0.05

 
$
0.45

Weighted average number of common shares outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
50,699,915

 
50,882,227

 
50,857,137

 
50,676,722

 
50,651,805

 
50,621,785

 
50,623,222

Diluted
50,927,978

 
50,882,227

 
50,964,956

 
50,846,722

 
50,812,874

 
50,724,951

 
50,724,951

Dividends declared per common share
$
0.06

 
$
0.06

 
$
0.06

 
$
0.13

 
$
0.13

 
$
0.31

 
$
0.52



12
EX. 99.1

Banc of California, Inc.
Selected Financial Data
(Unaudited)

 
Three Months Ended
 
December 31,
2019
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
Profitability and other ratios of consolidated operations
 
 
 
 
 
 
 
 
 
Return on average assets(1)
0.71
%
 
(0.64
)%
 
0.69
 %
 
0.28
%
 
0.43
%
Return on average equity(1)
6.20
%
 
(5.83
)%
 
6.91
 %
 
2.98
%
 
4.56
%
Return on average tangible common equity(2)
6.46
%
 
(12.49
)%
 
7.43
 %
 
1.91
%
 
4.19
%
Dividend payout ratio(3)
28.57
%
 
(13.33
)%
 
26.09
 %
 
260.00
%
 
100.00
%
Net interest spread
2.65
%
 
2.47
 %
 
2.50
 %
 
2.47
%
 
2.56
%
Net interest margin(1)
3.04
%
 
2.86
 %
 
2.86
 %
 
2.81
%
 
2.88
%
Noninterest income (loss) to total revenue(4)
8.00
%
 
5.12
 %
 
(3.66
)%
 
8.49
%
 
3.60
%
Noninterest income (loss) to average total assets(1)
0.25
%
 
0.15
 %
 
(0.10
)%
 
0.25
%
 
0.10
%
Noninterest expense to average total assets(1)
2.35
%
 
1.98
 %
 
1.82
 %
 
2.43
%
 
1.92
%
Efficiency ratio(2)(5)
76.61
%
 
69.74
 %
 
69.75
 %
 
83.44
%
 
67.47
%
Adjusted efficiency ratio including the pre-tax effect of investments in alternative energy partnerships(2)(5)
74.03
%
 
70.11
 %
 
67.84
 %
 
83.00
%
 
67.09
%
Average loans held-for-investment to average deposits
108.50
%
 
105.92
 %
 
104.38
 %
 
100.45
%
 
97.40
%
Average securities available-for-sale to average total assets
10.48
%
 
12.71
 %
 
13.58
 %
 
17.00
%
 
19.85
%
Average stockholders’ equity to average total assets
11.47
%
 
11.06
 %
 
10.02
 %
 
9.29
%
 
9.38
%

(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 common share.
(4)
Total revenue is equal to the sum of net interest income before provision for loan losses and noninterest income (loss).
(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 (loss).

13
EX. 99.1

Banc of California, Inc.
Selected Financial Data, Continued
(Dollars in thousands)
(Unaudited)

 
December 31,
2019
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
Loans and ALLL by loan origination type
 
 
 
 
 
 
 
 
 
Loan breakdown by origination type
 
 
 
 
 
 
 
 
 
Originated loans
$
5,510,242

 
$
5,888,647

 
$
6,181,583

 
$
6,991,056

 
$
7,105,171

Acquired loans not impaired at acquisition
441,643

 
494,612

 
537,987

 
566,144

 
595,702

Total loans
$
5,951,885

 
$
6,383,259

 
$
6,719,570

 
$
7,557,200

 
$
7,700,873

ALLL breakdown by origination type
 
 
 
 
 
 
 
 
 
Originated loans
$
56,175

 
$
61,306

 
$
58,135

 
$
63,003

 
$
61,255

Acquired loans not impaired at acquisition
1,474

 
1,621

 
1,388

 
882

 
937

Total ALLL
$
57,649

 
$
62,927

 
$
59,523

 
$
63,885

 
$
62,192

Discount on acquired loans not impaired at acquisition
$
8,071

 
$
9,062

 
$
10,680

 
$
11,184

 
$
11,645

Percentage of ALLL to:
 
 
 
 
 
 
 
 
 
Originated loans
1.02
%
 
1.04
%
 
0.94
%
 
0.90
%
 
0.86
%
Total loans
0.97
%
 
0.99
%
 
0.89
%
 
0.85
%
 
0.81
%

 
 
 
 
 
 
 
 
 
 


14
EX. 99.1

Banc of California, Inc.
Average Balance, Average Yield Earned, and Average Cost Paid
(Dollars in thousands)
(Unaudited)
 
Three Months Ended
 
December 31, 2019
 
September 30, 2019
 
June 30, 2019
 
Average
 
 
 
Yield
 
Average
 
 
 
Yield
 
Average
 
 
 
Yield
 
Balance
 
Interest
 
/ Cost
 
Balance
 
Interest
 
/ Cost
 
Balance
 
Interest
 
/ Cost
Interest earning assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans held-for-sale
$
23,527

 
$
221

 
3.73
%
 
$
216,746

 
$
1,894

 
3.47
%
 
$
47,233

 
$
265

 
2.25
%
SFR mortgage
1,689,228

 
16,788

 
3.94
%
 
1,866,103

 
19,179

 
4.08
%
 
2,059,704

 
21,390

 
4.17
%
Commercial real estate, multifamily, and construction
2,633,342

 
32,763

 
4.94
%
 
2,717,609

 
33,343

 
4.87
%
 
3,406,672

 
39,659

 
4.67
%
Commercial and industrial, SBA, and lease financing
1,821,064

 
23,381

 
5.09
%
 
1,840,202

 
24,970

 
5.38
%
 
1,872,289

 
26,940

 
5.77
%
Other consumer
54,088

 
777

 
5.70
%
 
58,652

 
901

 
6.09
%
 
59,806

 
905

 
6.07
%
Gross loans and leases
6,221,249

 
73,930

 
4.71
%
 
6,699,312

 
80,287

 
4.75
%
 
7,445,704

 
89,159

 
4.80
%
Securities
833,726

 
7,812

 
3.72
%
 
1,105,499

 
10,024

 
3.60
%
 
1,304,876

 
12,457

 
3.83
%
Other interest-earning assets
330,950

 
1,960

 
2.35
%
 
362,613

 
2,346

 
2.57
%
 
342,908

 
2,424

 
2.84
%
Total interest-earning assets
7,385,925

 
83,702

 
4.50
%
 
8,167,424

 
92,657

 
4.50
%
 
9,093,488

 
104,040

 
4.59
%
Allowance for loan losses
(61,642
)
 
 
 
 
 
(55,976
)
 
 
 
 
 
(63,046
)
 
 
 
 
BOLI and noninterest earning assets
630,308

 
 
 
 
 
584,190

 
 
 
 
 
580,133

 
 
 
 
Total assets
$
7,954,591

 
 
 
 
 
$
8,695,638

 
 
 
 
 
$
9,610,575

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Savings
$
981,346

 
$
3,889

 
1.57
%
 
$
1,055,086

 
$
4,722

 
1.78
%
 
$
1,083,571

 
$
4,950

 
1.83
%
Interest-bearing checking
1,546,322

 
4,234

 
1.09
%
 
1,511,432

 
4,483

 
1.18
%
 
1,580,165

 
4,554

 
1.16
%
Money market
743,695

 
2,593

 
1.38
%
 
755,114

 
3,093

 
1.63
%
 
853,007

 
3,902

 
1.83
%
Certificates of deposit
1,332,911

 
7,531

 
2.24
%
 
1,750,970

 
10,513

 
2.38
%
 
2,537,060

 
15,192

 
2.40
%
Total interest-bearing deposits
4,604,274

 
18,247

 
1.57
%
 
5,072,602

 
22,811

 
1.78
%
 
6,053,803

 
28,598

 
1.89
%
FHLB advances
1,020,478

 
6,396

 
2.49
%
 
1,333,739

 
8,519

 
2.53
%
 
1,287,121

 
8,289

 
2.58
%
Securities sold under repurchase agreements
2,223

 
15

 
2.68
%
 
1,922

 
13

 
2.68
%
 
2,173

 
16

 
2.95
%
Long-term debt and other interest-bearing liabilities
174,092

 
2,384

 
5.43
%
 
174,111

 
2,399

 
5.47
%
 
174,161

 
2,357

 
5.43
%
Total interest-bearing liabilities
5,801,067

 
27,042

 
1.85
%
 
6,582,374

 
33,742

 
2.03
%
 
7,517,258

 
39,260

 
2.09
%
Noninterest-bearing deposits
1,108,077

 
 
 
 
 
1,047,858

 
 
 
 
 
1,034,205

 
 
 
 
Noninterest-bearing liabilities
132,698

 
 
 
 
 
103,667

 
 
 
 
 
96,179

 
 
 
 
Total liabilities
7,041,842

 
 
 
 
 
7,733,899

 
 
 
 
 
8,647,642

 
 
 
 
Total stockholders’ equity
912,749

 
 
 
 
 
961,739

 
 
 
 
 
962,933

 
 
 
 
Total liabilities and stockholders’ equity
$
7,954,591

 
 
 
 
 
$
8,695,638

 
 
 
 
 
$
9,610,575

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income/spread
 
 
$
56,660

 
2.65
%
 
 
 
$
58,915

 
2.47
%
 
 
 
$
64,780

 
2.50
%
Net interest margin
 
 
 
 
3.04
%
 
 
 
 
 
2.86
%
 
 
 
 
 
2.86
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of interest-earning assets to interest-bearing liabilities
127.32
%
 
 
 
 
 
124.08
%
 
 
 
 
 
120.97
%
 
 
 
 
Total deposits
$
5,712,351

 
$
18,247

 
1.27
%
 
$
6,120,460

 
$
22,811

 
1.48
%
 
$
7,088,008

 
$
28,598

 
1.62
%
Total funding (1)
$
6,909,144

 
$
27,042

 
1.55
%
 
$
7,630,232

 
$
33,742

 
1.75
%
 
$
8,551,463

 
$
39,260

 
1.84
%

(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.

15
EX. 99.1


 
Three Months Ended
 
March 31, 2019
 
December 31, 2018
 
Average
 
 
 
Yield
 
Average
 
 
 
Yield
 
Balance
 
Interest
 
/ Cost
 
Balance
 
Interest
 
/ Cost
Interest earning assets
 
 
 
 
 
 
 
 
 
 
 
Loans held-for-sale (1)
$
31,374

 
$
228

 
2.95
%
 
$
33,243

 
$
221

 
2.64
%
SFR mortgage
2,312,900

 
24,062

 
4.22
%
 
2,260,205

 
23,585

 
4.14
%
Commercial real estate, multifamily, and construction
3,387,698

 
38,117

 
4.56
%
 
3,246,860

 
37,403

 
4.57
%
Commercial and industrial, SBA, and lease financing
1,920,220

 
27,235

 
5.75
%
 
1,791,708

 
26,219

 
5.81
%
Other consumer
62,558

 
916

 
5.94
%
 
68,479

 
990

 
5.74
%
Gross loans and leases
7,714,750

 
90,558

 
4.76
%
 
7,400,495

 
88,418

 
4.74
%
Securities
1,751,509

 
17,841

 
4.13
%
 
2,032,632

 
19,882

 
3.88
%
Other interest-earning assets
321,823

 
2,313

 
2.91
%
 
318,419

 
2,990

 
3.73
%
Total interest-earning assets
9,788,082

 
110,712

 
4.59
%
 
9,751,546

 
111,290

 
4.53
%
Allowance for loan losses
(61,924
)
 
 
 
 
 
(58,099
)
 
 
 
 
BOLI and non-interest earning assets
575,559

 
 
 
 
 
544,302

 
 
 
 
Total assets
$
10,301,717

 
 
 
 
 
$
10,237,749

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing liabilities
 
 
 
 
 
 
 
 
 
 
 
Savings
1,201,802

 
5,480

 
1.85
%
 
1,279,155

 
5,663

 
1.76
%
Interest-bearing checking
1,554,846

 
4,525

 
1.18
%
 
1,666,884

 
4,916

 
1.17
%
Money market
887,538

 
4,128

 
1.89
%
 
803,157

 
3,168

 
1.56
%
Certificates of deposit
2,982,980

 
17,310

 
2.35
%
 
2,759,665

 
15,225

 
2.19
%
Total interest-bearing deposits
6,627,166

 
31,443

 
1.92
%
 
6,508,861

 
28,972

 
1.77
%
FHLB advances
1,422,100

 
9,081

 
2.59
%
 
1,447,348

 
9,068

 
2.49
%
Securities sold under repurchase agreements
2,350

 
18

 
3.11
%
 
3,116

 
25

 
3.18
%
Long-term debt and other interest-bearing liabilities
174,230

 
2,362

 
5.50
%
 
174,281

 
2,383

 
5.42
%
Total interest-bearing liabilities
8,225,846

 
42,904

 
2.12
%
 
8,133,606

 
40,448

 
1.97
%
Noninterest-bearing deposits
1,021,741

 
 
 
 
 
1,054,790

 
 
 
 
Non-interest-bearing liabilities
97,430

 
 
 
 
 
89,111

 
 
 
 
Total liabilities
9,345,017

 
 
 
 
 
9,277,507

 
 
 
 
Total stockholders’ equity
956,700

 
 
 
 
 
960,242

 
 
 
 
Total liabilities and stockholders’ equity
$
10,301,717

 
 
 
 
 
$
10,237,749

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income/spread
 
 
$
67,808

 
2.47
%
 
 
 
$
70,842

 
2.56
%
Net interest margin
 
 
 
 
2.81
%
 
 
 
 
 
2.88
%
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of interest-earning assets to interest-bearing liabilities
118.99
%
 
 
 
 
 
119.89
%
 
 
 
 
Total deposits
$
7,648,907

 
$
31,443

 
1.67
%
 
$
7,563,651

 
$
28,972

 
1.52
%
Total funding (2)
$
9,247,587

 
$
42,904

 
1.88
%
 
$
9,188,396

 
$
40,448

 
1.75
%

(1)
Includes loans held-for-sale of discontinued operations for the three months ended December 31, 2018.
(2)
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.


16
EX. 99.1

 
Year Ended
 
December 31, 2019
 
December 31, 2018
 
Average
 
 
 
Yield
 
Average
 
 
 
Yield
 
Balance
 
Interest
 
/ Cost
 
Balance
 
Interest
 
/ Cost
Interest earning assets
 
 
 
 
 
 
 
 
 
 
 
Loans held-for-sale (1)
$
80,074

 
$
2,609

 
3.26
%
 
$
56,757

 
$
1,109

 
1.95
%
SFR mortgage
1,979,957

 
81,419

 
4.11
%
 
2,207,689

 
91,188

 
4.13
%
Commercial real estate, multifamily, and construction
3,033,392

 
143,882

 
4.74
%
 
3,047,164

 
138,416

 
4.54
%
Commercial and industrial, SBA, and lease financing
1,863,108

 
102,526

 
5.50
%
 
1,716,631

 
95,115

 
5.54
%
Other consumer
58,752

 
3,498

 
5.95
%
 
80,359

 
4,109

 
5.11
%
Gross loans and leases
7,015,283

 
333,934

 
4.76
%
 
7,108,600

 
329,937

 
4.64
%
Securities
1,245,995

 
48,134

 
3.86
%
 
2,248,488

 
83,567

 
3.72
%
Other interest-earning assets
339,661

 
9,043

 
2.66
%
 
362,927

 
9,957

 
2.74
%
Total interest-earning assets
8,600,939

 
391,111

 
4.55
%
 
9,720,015

 
423,461

 
4.36
%
Allowance for loan losses
(60,633
)
 
 
 
 
 
(54,777
)
 
 
 
 
BOLI and non-interest earning assets
592,674

 
 
 
 
 
559,675

 
 
 
 
Total assets
$
9,132,980

 
 
 
 
 
$
10,224,913

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing liabilities
 
 
 
 
 
 
 
 
 
 
 
Savings
1,079,778

 
19,040

 
1.76
%
 
1,156,292

 
17,971

 
1.55
%
Interest-bearing checking
1,548,067

 
17,797

 
1.15
%
 
1,812,980

 
18,261

 
1.01
%
Money market
809,295

 
13,717

 
1.69
%
 
994,103

 
13,146

 
1.32
%
Certificates of deposit
2,145,363

 
50,545

 
2.36
%
 
2,272,093

 
41,858

 
1.84
%
Total interest-bearing deposits
5,582,503

 
101,099

 
1.81
%
 
6,235,468

 
91,236

 
1.46
%
FHLB advances
1,264,945

 
32,285

 
2.55
%
 
1,627,608

 
34,995

 
2.15
%
Securities sold under repurchase agreements
2,166

 
62

 
2.86
%
 
39,336

 
1,033

 
2.63
%
Long-term debt and other interest-bearing liabilities
174,148

 
9,502

 
5.46
%
 
174,340

 
9,456

 
5.42
%
Total interest-bearing liabilities
7,023,762

 
142,948

 
2.04
%
 
8,076,752

 
136,720

 
1.69
%
Noninterest-bearing deposits
1,053,193

 
 
 
 
 
1,034,937

 
 
 
 
Non-interest-bearing liabilities
107,579

 
 
 
 
 
117,904

 
 
 
 
Total liabilities
8,184,534

 
 
 
 
 
9,229,593

 
 
 
 
Total stockholders’ equity
948,446

 
 
 
 
 
995,320

 
 
 
 
Total liabilities and stockholders’ equity
$
9,132,980

 
 
 
 
 
$
10,224,913

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income/spread
 
 
$
248,163

 
2.51
%
 
 
 
$
286,741

 
2.67
%
Net interest margin
 
 
 
 
2.89
%
 
 
 
 
 
2.95
%
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of interest-earning assets to interest-bearing liabilities
122.45
%
 
 
 
 
 
120.35
%
 
 
 
 
Total deposits
$
6,635,696

 
$
101,099

 
1.52
%
 
$
7,270,405

 
$
91,236

 
1.25
%
Total funding (2)
$
8,076,955

 
$
142,948

 
1.77
%
 
$
9,111,689

 
$
136,720

 
1.50
%
(1)
Includes loans held-for-sale of discontinued operations for the year ended December 31, 2018.
(2)
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.


17
EX. 99.1

Banc of California, Inc.
Consolidated Operations
Non-GAAP Measures
(Dollars in thousands, except per share data)
(Unaudited)

Under Item 10(e) of SEC Regulation S-K, public companies disclosing financial measures in filings with the SEC that are not calculated in accordance with GAAP must also disclose, along with each non-GAAP financial measure, certain additional information, including a presentation of the most directly comparable GAAP financial measure, a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure, as well as a statement of the reasons why the company's management believes that presentation of the non-GAAP financial measure provides useful information to investors regarding the company's financial condition and results of operations and, to the extent material, a statement of the additional purposes, if any, for which the company's management uses the non-GAAP financial measure.
Return on average tangible common equity and efficiency ratio, as adjusted, tangible common equity, tangible common equity to tangible assets, and tangible common equity per common share 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 common equity is calculated by subtracting preferred stock, goodwill, and other intangible assets from stockholders' equity. Tangible assets is calculated by subtracting goodwill and other intangible assets from total assets. Banking regulators also exclude goodwill and other intangible assets from stockholders' equity when assessing the capital adequacy of a financial institution.
Adjusted efficiency ratio is calculated by subtracting loss on investments in alternative energy partnerships from noninterest expense and adding total pre-tax return, which includes the loss on investments in alternative energy partnerships, to the sum of net interest income and noninterest income (total revenue). 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 final results and operating performance of the Company.
This disclosure should not be viewed as a substitute for results determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.
The following tables provide reconciliations of the non-GAAP measures with financial measures defined by GAAP.

18
EX. 99.1

 
December 31,
2019
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
Tangible common equity, and tangible common equity to tangible assets ratio
 
 
 
 
 
 
 
 
 
Total assets
$
7,828,410

 
$
8,625,337

 
$
9,359,931

 
$
9,886,525

 
$
10,630,067

Less goodwill
(37,144
)
 
(37,144
)
 
(37,144
)
 
(37,144
)
 
(37,144
)
Less other intangible assets
(4,151
)
 
(4,605
)
 
(5,105
)
 
(5,726
)
 
(6,346
)
Tangible assets(1)
$
7,787,115

 
$
8,583,588

 
$
9,317,682

 
$
9,843,655

 
$
10,586,577

 
 
 
 
 
 
 
 
 
 
Total stockholders' equity
$
907,245

 
$
900,988

 
$
963,544

 
$
948,325

 
$
945,534

Less goodwill
(37,144
)
 
(37,144
)
 
(37,144
)
 
(37,144
)
 
(37,144
)
Less other intangible assets
(4,151
)
 
(4,605
)
 
(5,105
)
 
(5,726
)
 
(6,346
)
Tangible equity(1)
865,950

 
859,239

 
921,295

 
905,455

 
902,044

Less preferred stock
(189,825
)
 
(189,825
)
 
(231,128
)
 
(231,128
)
 
(231,128
)
Tangible common equity(1)
$
676,125

 
$
669,414

 
$
690,167

 
$
674,327

 
$
670,916

 
 
 
 
 
 
 
 
 
 
Total stockholders' equity to total assets
11.59
%
 
10.45
%
 
10.29
%
 
9.59
%
 
8.89
%
Tangible equity to tangible assets(1)
11.12
%
 
10.01
%
 
9.89
%
 
9.20
%
 
8.52
%
Tangible common equity to tangible assets(1)
8.68
%
 
7.80
%
 
7.41
%
 
6.85
%
 
6.34
%
 
 
 
 
 
 
 
 
 
 
Common shares outstanding
50,413,681

 
50,406,763

 
50,397,769

 
50,315,490

 
50,172,018

Class B non-voting non-convertible common shares outstanding
477,321

 
477,321

 
477,321

 
477,321

 
477,321

Total common shares outstanding
50,891,002

 
50,884,084

 
50,875,090

 
50,792,811

 
50,649,339

 
 
 
 
 
 
 
 
 
 
Tangible common equity per common share(1)
$
13.29

 
$
13.16

 
$
13.57

 
$
13.28

 
$
13.25

Book value per common share
$
14.10

 
$
13.98

 
$
14.40

 
$
14.12

 
$
14.10

(1)Non-GAAP measure.

19
EX. 99.1

Banc of California, Inc.
Consolidated Operations
Non-GAAP Measures, Continued
(Dollars in thousands, except per share data)
(Unaudited)
 
Three Months Ended
 
December 31,
2019
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
Return on tangible common equity
 
 
 
 
 
 
 
 
 
Average total stockholders' equity
$
912,749

 
$
961,739

 
$
962,933

 
$
956,700

 
$
960,242

Less average preferred stock
(189,824
)
 
(213,619
)
 
(231,128
)
 
(231,128
)
 
(231,128
)
Less average goodwill
(37,144
)
 
(37,144
)
 
(37,144
)
 
(37,144
)
 
(37,144
)
Less average other intangible assets
(4,441
)
 
(4,935
)
 
(5,503
)
 
(6,128
)
 
(6,731
)
Average tangible common equity(1)
$
681,340

 
$
706,041

 
$
689,158

 
$
682,300

 
$
685,239

 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
14,272

 
$
(14,132
)
 
$
16,582

 
$
7,037

 
$
11,038

Less preferred stock dividends and impact of preferred stock redemption
(3,540
)
 
(8,496
)
 
(4,308
)
 
(4,308
)
 
(4,308
)
Add amortization of intangible assets
454

 
500

 
621

 
620

 
644

Less tax effect on amortization and impairment of intangible assets
(95
)
 
(105
)
 
(130
)
 
(130
)
 
(135
)
Net income (loss) available to common stockholders(1)
$
11,091

 
$
(22,233
)
 
$
12,765

 
$
3,219

 
$
7,239

 
 
 
 
 
 
 
 
 
 
Return on average equity
6.20
%
 
(5.83
)%
 
6.91
%
 
2.98
%
 
4.56
%
Return on average tangible common equity(1)
6.46
%
 
(12.49
)%
 
7.43
%
 
1.91
%
 
4.19
%
 
 
 
 
 
 
 
 
 
 
Statutory tax rate utilized for calculating tax effect on amortization of intangible assets
21.00
%
 
21.00
 %
 
21.00
%
 
21.00
%
 
21.00
%
 
Three Months Ended
 
December 31,
2019
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
Adjusted efficiency ratio including the pre-tax effect of
investments in alternative energy partnerships
 
 
 
 
 
 
 
 
 
Noninterest expense
$
47,185

 
$
43,307

 
$
43,587

 
$
61,835

 
$
49,578

(Loss) gain on investments in alternative energy partnerships
(1,039
)
 
940

 
355

 
(1,950
)
 
(786
)
Adjusted noninterest expense(1)
$
46,146

 
$
44,247

 
$
43,942

 
$
59,885

 
$
48,792

 
 
 
 
 
 
 
 
 
 
Net interest income
$
56,660

 
$
58,915

 
$
64,780

 
$
67,808

 
$
70,842

Noninterest income
4,930

 
3,181

 
(2,290
)
 
6,295

 
2,644

Total revenue
61,590

 
62,096

 
62,490

 
74,103

 
73,486

Tax credit from investments in alternative energy partnerships
1,689

 
77

 
1,680

 
—

 
—

Deferred tax expense on investments in alternative energy partnerships
(177
)
 
(8
)
 
(176
)
 
—

 
—

Tax effect on tax credit and deferred tax expense
267

 
7

 
426

 
—

 
26

(Loss) gain on investments in alternative energy partnerships
(1,039
)
 
940

 
355

 
(1,950
)
 
(786
)
Total pre-tax adjustments for investments in alternative energy partnerships
740

 
1,016

 
2,285

 
(1,950
)
 
(760
)
Adjusted total revenue(1)
$
62,330

 
$
63,112

 
$
64,775

 
$
72,153

 
$
72,726

Efficiency ratio(1)
76.61
%
 
69.74
%
 
69.75
%
 
83.44
%
 
67.47
%
Adjusted efficiency ratio including the pre-tax effect of investments in alternative energy partnerships(1)
74.03
%
 
70.11
%
 
67.84
%
 
83.00
%
 
67.09
%
Effective tax rate utilized for calculating tax effect on tax credit and deferred tax expense
15.00
%
 
9.36
%
 
22.07
%
 
27.00
%
 
27.42
%
(1)Non-GAAP measure.
(2)2018 balances includes income from discontinued operations.

20
EX. 99.1

Banc of California, Inc.
Consolidated Operations
Non-GAAP Measures, Continued
(Dollars in thousands, except per share data)
(Unaudited)
 
Three Months Ended
 
December 31,
2019
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
Total noninterest expense excluding loss (gain) on investments in alternative energy partnerships
$
46,146

 
$
44,247

 
$
43,942

 
$
59,885

 
$
48,783

Loss (gain) on investments in alternative energy partnerships
1,039

 
(940
)
 
(355
)
 
1,950

 
786

Total noninterest expense
47,185

 
43,307

 
43,587

 
61,835

 
49,569

 
 
 
 
 
 
 
 
 
 
Adjustment for non-core items
 
 
 
 
 
 
 
 
 
Data processing
—

 
—

 
(797
)
 
—

 
—

Professional fees
3,557

 
2,615

 
6,214

 
(2,979
)
 
2,711

Restructuring (expense) reversal
(1,626
)
 
—

 
158

 
(2,795
)
 
105

Other expenses
—

 
(131
)
 
—

 
—

 
585

Total
49,116

 
45,791

 
49,162

 
56,061

 
52,970

(Loss) gain on investments in alternative energy partnerships
(1,039
)
 
940

 
355

 
(1,950
)
 
(786
)
Total operating expense
$
48,077

 
$
46,731

 
$
49,517

 
$
54,111

 
$
52,184

(1)Non-GAAP measure.



21

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