EX-99.2 3 banc1q26investorpresenta.htm EX-99.2 banc1q26investorpresenta
Investor Presentation First Quarter 2026 Results

 
Forward-Looking Statements and Other Matters This presentation includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, liquidity and capital ratios, and other non-historical statements, including statements in the “2026 Outlook” section of this presentation. Words or phrases such as “believe,” “will,” “should,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” “strategy,” or similar expressions are intended to identify these forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements. 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. (the “Company”) with the Securities and Exchange Commission (“SEC”). The Company undertakes no obligation to revise or publicly release any revision or update to these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made, except as required by law. Factors that could cause actual results to differ materially from the results anticipated or projected include, but are not l imited to: (i) changes in general economic conditions, either nationally or in our market areas, including the impact of tariffs, supply chain disruptions, and the risk of recession or an economic downturn; (ii) changes in the interest rate environment, including the recent and potential future changes in the FRB benchmark rate, which could adversely affect our revenue and expenses, the value of assets and obligations, the realization of deferred tax assets, the availability and cost of capital and liquidity, and the impacts of continuing or renewed inflation; (iii) the credit risks of lending activities, which may be affected by deterioration in real estate markets and the financial condition of borrowers, and the operational risk of lending activities, including the effectiveness of our underwriting practices and the risk of fraud, any of which may lead to increased loan delinquencies, losses, and non-performing assets, and may result in our allowance for credit losses not being adequate; (iv) fluctuations in the demand for loans, and fluctuations in commercial and residential real estate values in our market area; (v) the quality and composition of our securities portfolio; (vi) our ability to develop and maintain a strong core deposit base, including among our venture banking clients, or other low cost funding sources necessary to fund our activities particularly in a rising or high interest rate environment; (vii) the rapid withdrawal of a significant amount of demand deposits over a short period of time; (viii) the costs and effects of litigation; (ix) risks related to the Company’s acquisitions, including disruption to current plans and operations; difficulties in customer and employee retention; fees, expenses and charges related to these transactions being significantly higher than anticipated; and our inability to achieve expected revenues, cost savings, synergies, and other benefits; (x) results of examinations by regulatory authorities of the Company and the possibility that any such regulatory authority may, among other things, limit our business activities, restrict our ability to invest in certain assets, refrain from issuing an approval or non-objection to certain capital or other actions, increase our allowance for credit losses, result in write-downs of asset values, restrict our ability or that of our bank subsidiary to pay dividends, or impose fines, penalties or sanctions; (xi) legislative or regulatory changes that adversely affect our business, including changes in tax laws and policies, accounting policies and practices, privacy laws, and regulatory capital or other rules; (xii) the risk that our enterprise risk management framework may not be effective in mitigating risk and reducing the potential for losses; (xiii) errors in estimates of the fair values of certain of our assets and liabilities, as well as the value of collateral supporting our loans, which may result in significant changes in valuation or recoveries; (xiv) failures or security breaches with respect to the network, applications, vendors and computer systems on which we depend, including due to cybersecurity threats; (xv) our ability to attract and retain key members of our senior management team; (xvi) the effects of climate change, severe weather events, natural disasters such as earthquakes and wildfires, pandemics, epidemics and other public health crises, military activity (including the ongoing Iran War) or acts of terrorism, and other external events on our business; (xvii) the impact of bank failures or other adverse developments at other banks on general depositor and investor sentiment regarding the stability and liquidity of banks; (xviii) the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; (xix) our existing indebtedness, together with any future incurrence of additional indebtedness, could adversely affect our ability to raise additional capital and to meet our debt obligations; (xx) changes in market conditions or strategic balance sheet actions, which may result in realized losses on investment securities or other assets; and (xxi) other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and the other risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and from time to time in other documents that we file with or furnish to the SEC. Included in this presentation are certain non-GAAP financial measures, such as tangible assets, tangible common equity ratio, tangible book value per common share, adjusted net earnings, adjusted earnings per share, return on average tangible common equity, adjusted return on average tangible common equity, pre-tax pre-provision income, adjusted noninterest expense, adjusted noninterest expense to average assets, efficiency ratio, adjusted efficiency ratio, core deposits, core loans, economic coverage ratio, and adjusted ACL ratio, designed to complement the financial information presented in accordance with U.S. GAAP because management believes such measures are useful to investors. These non-GAAP financial measures should be considered only as supplemental to, and not superior to, financial measures provided in accordance with GAAP. Please refer to the “Non-GAAP Financial Information” and “Non-GAAP Reconciliation” sections of the appendix of this presentation for additional detail including reconciliations of non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP financial measures, including ROTCE future state targets. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results. First Quarter 2026 Earnings | 2

 
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 Tulare Kern San Luis Obispo Santa Barbara Ventura Los Angeles San Bernardino RiversideOrange San Diego LARGEST INDEPENDENT BANK HEADQUARTERED IN LOS ANGELES HQ (Los Angeles) Branches ❖ Community Banking ❖ Treasury Management ❖ Payment Solutions ❖ Specialty Businesses ❖ Venture Banking ❖ Fund Finance ❖ Technology ❖ Life Sciences ❖ Lender & Specialty Finance Specialty Bank Office Community Banking Branches Menlo Park Orange County Los Angeles Denver San Diego Austin Atlanta Chicago Boston New York Chevy Chase Durham Phoenix Santa Barbara ❖ Specialty Businesses (cont’d) ❖ Warehouse Lending ❖ HOA ❖ Media & Entertainment ❖ SBA THIRD LARGEST BANK HEADQUARTERED IN CALIFORNIA(1) First Quarter 2026 Earnings | 3 1. Ranked by assets.

 
1. Denotes a non-GAAP financial measure; see “Non-GAAP Reconciliation” slides in Appendix. 2. Production includes new loan production and disbursements. 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 Shareholder Value Repurchased 1.7mm shares in 1Q26 at average price of $18.68/share 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 Financial Highlights First Quarter 2026 Earnings | 4 Change 1Q26 4Q25 1Q25 QoQ D YoY D 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% 1.12% 1.10% 0 bps 2 bps

 
ROAA(2) Diluted EPS(2)PTPP(1) Delivering consistent, sustainable results in key performance metrics ROATCE(1)(2) 1. Denotes a non-GAAP financial measure, see “Non-GAAP Reconciliation” slides in Appendix. 2. Diluted EPS, ROAA, and ROATCE for 2Q25 are adjusted figures and denote non-GAAP financial measures; see “Non-GAAP Reconciliation” slides in Appendix. TBVPS(1) Net Interest Margin $0.26 $0.31 $0.38 $0.42 $0.39 1Q25 2Q25 3Q25 4Q25 1Q26 $82.4mm $87.0mm $102.0mm $112.3mm $105.6mm 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 0.65% 0.69% 0.82% 0.91% 0.86% 1Q25 2Q25 3Q25 4Q25 1Q26 7.56% 8.34% 9.87% 10.75% 9.91% $16.12 $16.46 $16.99 $17.51 $17.77 1Q25 2Q25 3Q25 4Q25 1Q26 3.08% 3.10% 3.22% 3.20% 3.24% 1Q25 2Q25 3Q25 4Q25 1Q26 28% 50%10% 16 bps 21 bps 235 bps Financial Highlights First Quarter 2026 Earnings | 5

 
1. Denotes a non-GAAP financial measure; see “Non-GAAP Reconciliation” slides in Appendix. PTPP(1) growth of 28% YoY reflects continued NIM expansion and expense discipline Income Statement ($ in millions) 1Q26 4Q25 1Q25 Total interest income $407.4 $416.9 $406.7 Total interest expense 155.8 165.6 174.3 Net interest income 251.6 251.4 232.4 Total noninterest income 35.3 41.6 33.7 Total revenue 286.9 292.9 266.0 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 Provision for credit losses 9.8 12.5 9.3 Earnings before income taxes 95.8 99.8 73.1 Income tax expense 23.8 22.4 19.5 Net earnings 72.0 77.4 53.6 Preferred stock dividends 9.9 9.9 9.9 Net earnings available to common and equivalent stockholders $62.0 $67.4 $43.6 Key Income Statement Metrics 1Q26 4Q25 1Q25 Diluted EPS $0.39 $0.42 $0.26 ROAA 0.86% 0.91% 0.65% ROATCE(1) 9.91% 10.75% 7.56% Net interest margin 3.24% 3.20% 3.08% NIE / average assets 2.16% 2.12% 2.24% 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% Avg. yield on loans and leases 5.74% 5.83% 5.90% Avg. yield on interest-earning assets 5.25% 5.31% 5.39% Avg. total cost of funds 2.10% 2.20% 2.42% Avg. total cost of deposits 1.78% 1.89% 2.12% First Quarter 2026 Earnings | 6

 
Strong balance sheet with healthy capital and liquidity 1. Denotes a non-GAAP financial measure; see “Non-GAAP Reconciliation” slides in Appendix. 2. Total funding defined as total deposits plus borrowings. Balance Sheet ($ 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 26 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 First Quarter 2026 Earnings | 7 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% 1.12% 1.10%

 
Net Interest Income (NII) ($mm) and Net Interest Margin (NIM) (%) Impact to NII ($mm) from cumulative change in yields, rates and mix 4Q25 Deposits +$2.3 Securities +$0.1 Borrowings -$2.5 Cash / Other EA -$9.3 Loans 1Q26 $251.4 +$9.7 $251.6 $232.4 $240.2 $253.4 $251.4 $251.6 3.08% 1Q25 3.10% 2Q25 3.22% 3Q25 3.20% 4Q25 3.24% 1Q26 Net interest income supported by ongoing net interest margin expansion Net Interest Income and Net Interest Margin ❖ 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 First Quarter 2026 Earnings | 8 HIGHLIGHTS

 
Noninterest income in line with normal run-rate ($ 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 5.0 4.5 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 Noninterest Income First Quarter 2026 Earnings | 9 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 1. Other income includes revenue from BOLI, warrants, credit-linked note related income, and other miscellaneous income.

 
Adjusted Noninterest Expense(1) / Average Assets Ratio 1. Excludes customer related expense. Denotes a non-GAAP financial measure, see “Non-GAAP Reconciliation” slides in Appendix. 2. Denotes a non-GAAP financial measure, see “Non-GAAP Reconciliation” slides in Appendix. Noninterest expenses remain well-controlled 66.35% 65.50% 62.05% 59.35% 61.00% 62.43% 61.77% 58.24% 55.58% 57.49% 1Q25 2Q25 3Q25 4Q25 1Q26 Efficiency Ratio(2) Adjusted Efficiency Ratio(1) Adjusted Efficiency Ratio(1) ($ 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 2.24% 1.90% 1Q25 2.21% 1.89% 2Q25 2.18% 1.87% 3Q25 2.12% 1.83% 4Q25 2.16% 1.88% 1Q26 Noninterest Expense / Average Assets Ratio Adjusted Noninterest Expense / Average Assets Ratio Noninterest Expense (1) First Quarter 2026 Earnings | 10 ❖ 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 HIGHLIGHTS

 
Average NIB growth and deposit repricing continue to improve funding costs 4.33% 4.33% 4.30% 3.90% 3.64% 2.12% 2.13% 2.08% 1.89% 1.78% Average Fed Funds Rate Average Total Cost of Deposits 28% 27% 28% 28% 29% 29% 29% 29% 30% 30% 27% 27% 26% 25% 24% 9% 9% 9% 9% 9% 1Q25 2Q25 3Q25 4Q25 1Q26 7% 8% 8% 8% 8% Non-Brokered CDs Brokered CDs Money Market & Savings Interest-bearing Checking Noninterest-bearing Checking 1. Brokered non-maturity deposits consist of brokered sweep accounts included in Checking and MMDA. 2. Denotes a non-GAAP financial measure, see “Non-GAAP Reconciliation” slides in Appendix. 3. Represents all NIB deposit balances with ECR including through cash rebates and/or fee offsets. 4. Costs do not include ECR expenses related to HOA deposits. 5. Includes brokered CDs. 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% $27,843 1.89% ❖ Cost of deposits down QoQ due to deposit repricing and decline in higher-cost deposit balances, including retail CDs ❖ Average NIB growth of 4% annualized driven by 2.5% increase in average existing account balances ❖ Achieved interest-bearing deposit beta of 57% in 1Q26 Deposits ($ 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% 28.7% NIB Deposits with ECR (3) 5,041 4,924 4,704 First Quarter 2026 Earnings | 11 HIGHLIGHTS

 
650 1,288 1,889 2,390 2,929 3,569 4,031 4,845 5,393 $107.3 1Q24 $257.8 2Q24 $382.6 3Q24 $439.2 4Q24 $537.8 1Q25 $643.2 2Q25 $746.8 3Q25 $965.2 4Q25 $1,113.5 1Q26 Cumulative New NIB Business Deposits Accounts Cumulative New NIB Business Deposits ($ millions) Steady growth in new NIB business deposit relationships and balances(1) 1. Includes new NIB deposits from relationships opened over the last two years from the quarter referenced. NIB Deposit Growth First Quarter 2026 Earnings | 12

 
Balanced loan portfolio with healthy rates despite declining rate environment 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 Portfolio 1Q26 4Q25 1Q26 4Q25 Total Variance % of Total Loans 1Q26 Wtd. Avg. Rate 1Q26 NPL % 1Q26 DQ % 1Q26 ACL Coverage Ratio ACL Coverage 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% 88 2.55% 91 2.48% Real Estate Construction 1,892 1,948 (55) 7.6% 5.9% 0.00% 9.17% 19 0.99% 18 0.90% Residential / Consumer 3,529 3,403 126 14.2% 4.6% 1.15% 1.90% 8 0.22% 6 0.16% C&I 1,886 1,854 32 7.6% 6.3% 0.06% 0.07% 27 1.41% 26 1.42% Warehouse 1,805 2,100 (295) 7.3% 6.7% 0.00% 0.00% 3 0.16% 4 0.17% Venture Lending (1) 965 902 63 3.9% 7.0% 2.99% 0.06% 74 7.71% 72 8.02% Fund Finance 1,358 1,320 37 5.5% 6.5% 0.00% 0.00% 0 0.03% 1 0.05% SBA 730 743 (13) 2.9% 6.9% 5.45% 2.28% 5 0.68% 5 0.71% Lender Finance 1,865 1,602 263 7.5% 6.9% 0.00% 0.00% 6 0.34% 6 0.37% Equipment Lending 666 675 (8) 2.7% 6.0% 0.00% 0.08% 1 0.21% 2 0.26% Core Loan Portfolio $24,095 $24,284 ($189) 97.2% 5.5% 0.71% 1.37% $266 1.10% $270 1.11%0 0 0% 0.00% 0.00% 0 0 0 0 Premium Finance $408 $448 ($40) 1.6% 3.3% 0.00% 0.00% $0 0.07% $0 0.07% Student 250 262 (12) 1.0% 4.3% 0.39% 1.05% 10 4.02% 11 4.05% Civic 27 39 (12) 0.1% 7.2% 47.54% 43.86% 0 0.05% 0 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 76 Total Loans and Leases $25,039 $25,216 ($176) Loan Segment ($ in millions) First Quarter 2026 Earnings | 13

 
$1,063 $867 $990 $826 $1,040 $1,147 $878 $911 $837 $1,443 $1,931 $1,816 $2,186 $1,789 $2,280 7.20% 7.29% 7.08% 6.65%5.90% 5.93% 6.05% 5.74% 6.83% 5.83% Rate on Production Total Loan Yield ($ in millions) 1. Rate on production is rate on new loans funded in respective quarter. 2. Includes charge-offs, transfers to foreclosed assets, loan sales, and transfers to HFS. Consistent, strong loan production $1,197 $997 $893 $1,696 $808 Payoffs PaydownsUnfunded New Commitments 1Q25 2Q25 3Q25 4Q25 1Q26 $2,294 $2,459 $2,068 $2,730 $2,119 Loan Production and Disbursements ($ 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% Loan Activity (1) ❖ 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 First Quarter 2026 Earnings | 14 HIGHLIGHTS

 
Broad-based production drives portfolio remixing as lower yielding loans payoff 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 Activity by Segment First Quarter 2026 Earnings | 15 ❖ 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) HIGHLIGHTS 1Q26 4Q25 1Q25 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 57 (320) 5.3% 3,648 112 (125) 5.3% 3,859 45 (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 965 129 (67) 7.0% 902 138 (95) 7.1% 777 81 (90) 7.8% Fund Finance 1,358 470 (432) 6.5% 1,320 662 (390) 6.5% 956 466 (257) 7.4% SBA 730 18 (30) 6.9% 743 50 (27) 6.9% 715 29 (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 52 (60) 6.0% 675 130 (88) 6.0% 626 37 (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 $2 ($41) 3.3% $448 $2 ($19) 3.4% $518 $2 ($31) 3.4% Student 250 0 (11) 4.3% 262 0 (13) 4.3% 298 0 (12) 4.3% Civic 27 0 (12) 7.2% 39 1 (29) 7.2% 103 1 (20) 7.0% Discontinued Areas $685 $2 ($64) 3.8% $749 $3 ($61) 3.9% $918 $4 ($63) 4.1% Total Loans and Leases HFI $24,780 $2,119 ($2,280) 5.4% $25,033 $2,730 ($1,789) 5.4% $24,127 $2,294 ($1,931) 5.5% (1)

 
$0.3 $0.5 $0.1 $1.6$1.4 $0.6 $0.8 $0.7 20% of fixed rate & hybrid loans will reprice / reset within one year at higher rates 4.1% 4.1% 3.7% 5.1% 3.8% 4.1% 5.1% 3.7% Multifamily Loans – Maturities / Repricing Hybrid & Variable Rate: Fixed Rate: Total Fixed Rate and Hybrid Loans – Maturities / Repricing Total fixed rate and hybrid loans: $13.6B Total multifamily loans: $5.9B 4.4% 4.5% 4.5%4.6%WAC: <= 1 Year 1-2 Years 2-3 Years > 3 Years $1.7B $1.1B $0.9B $2.3BFixed Rate Maturity(1) Hybrid & Variable Rate Reset $1.2 $0.7 $1.6 $1.1 $0.8 $6.6 <= 1 Year $0.9 1-2 Years $0.7 2-3 Years > 3 Years $2.8B $2.0B $1.5B $7.3B Fixed Rate(1) Hybrid Loan Maturity and Repricing Summary 54% or ~$3.2B of low yielding multifamily loans will reprice or mature in next 2.5 years 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. ❖ 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 42% 38% 20% 1Q26 Fixed ST Variable Hybrid+LT Variable Loan Composition WAC: 4.7% WAC: 6.7% WAC: 4.6% HIGHLIGHTS First Quarter 2026 Earnings | 16

 
Diversified NDFI exposure with history of minimal losses First Quarter 2026 Earnings | 17 NDFI Lending Exposure 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. 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 ❖ Business Credit, Consumer Credit, and Other Mortgage Credit are primarily within our Lender Finance business Loan Type ($ in millions) 1Q26 Loan Balance 1Q26 % of Total Loans HFI 1Q26 NPL % of Total Loans HFI 1Q26 DQ % of Total Loans HFI 1Q26 Classified % of Total Loans HFI 10-Year Historical NCO Rate(1) Mortgage Warehouse $1,805 7.3% 0.00% 0.00% 0.00% 0.053% Fund Finance 1,358 5.5% 0.00% 0.00% 0.00% 0.000% Consumer Credit 916 3.7% 0.00% 0.00% 0.00% 0.000% Other Mortgage Credit 488 2.0% 0.00% 0.00% 0.00% 0.022% Business Credit 422 1.7% 0.00% 0.00% 0.00% 0.000% Other NDFI 70 0.3% 0.00% 0.00% 0.00% 0.000% Total NDFI Portfolio HFI $5,059 20.4% 0.00% 0.00% 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%

 
Credit migration in 1Q26 was concentrated in a limited number of relationships ❖ We are appropriately reserved for the credit migration in the first quarter ❖ Delinquent loans increased $144mm QoQ, driven by two loans that are expected to become current before quarter end ❖ Special mention and classified inflows were driven by loans to two longstanding relationships; loans supported by credit enhancements, guarantees, and low LTVs ❖ Remaining HFS CRE sale process remains on track Special Mention Loans ($mm) Delinquent Loans ($mm) Classified Loans ($mm) $311.3 $320.1 $275.3 $281.9 $276.6 $466.5 $21.6 1Q25 $175.1 $465.7 $15.8 2Q25 $255.3 $478.9 $29.3 3Q25 $257.4 $520.1 $22.8 4Q25 $245.7 $583.1 $14.0 1Q26 $764.7 $656.6 $763.6 $800.3 $842.8 3.17% 2.71% 3.17% 3.20% 3.40% Classified Loans/Leases to Loans/Leases HFI CRE Loans (excluding MF and Construction) Other Core Loans(1) Discontinued Loans 0.83% 0.62% 0.67% 0.80% 1.39% Delinquent Loans to Loans/Leases HFI 1. Reference Page 13 for Core Loan Portfolio. Other Core Loans comprises Core Loan Portfolio less CRE loans (excluding MF and Construction). HIGHLIGHTS Nonperforming Loans ($mm) $90.8 $101.4 $21.3 1Q25 $55.7 $96.4 $15.4 2Q25 $56.2 $89.4 $28.9 3Q25 $53.1 $83.2 $22.8 4Q25 $48.4 $123.4 $14.0 1Q26 $213.5 $167.5 $174.5 $159.2 $185.7 CRE Loans (excluding MF and Construction) Other Core Loans(1) Discontinued Loans 0.88% 0.69% 0.72% 0.64% 0.75% $297.8 $633.0 $6.2 1Q25 $201.0 $454.5 $6.1 2Q25 $108.3 $392.0 $5.7 3Q25 $125.0 $328.5 $5.2 4Q25 $117.5 $566.1 $5.0 1Q26 $937.0 $661.6 $506.0 $458.7 $688.7 CRE Loans (excluding MF and Construction) Other Core Loans(1) Discontinued Loans 3.88% 2.73% 2.10% 1.83% 2.78% Special Mention Loans/Leases to Loans/Leases HFI NPLs to Loans/Leases HFI $78.9 $84.8 $36.9 1Q25 $42.7 $90.5 $16.2 2Q25 $46.3 $77.7 $37.4 3Q25 $40.9 $138.2 $21.8 4Q25 $35.4 $295.1 $14.6 1Q26 $200.6 $149.5 $161.4 $201.0 $345.1 CRE Loans (excluding MF and Construction) Other Core Loans(1) Discontinued Loans Asset Quality Ratios and Trends First Quarter 2026 Earnings | 18 We remained proactive in managing credit, while continuing to deliver positive earnings momentum

 
❖ 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) 1Q26 Net Charge-offs (Recoveries) detail ACL 4Q25 ($13.8) Net Charge-offs $9.8 Provision for Loans HFI ACL 1Q26 $280.5 Maintained ACL coverage ratio at 1.12% HIGHLIGHTS 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. 1.60% Economic coverage ratio(1) $276.5 $264.6 1.10% 1.66% 1Q25 $258.6 1.07% 1.61% 2Q25 $270.7 1.12% 1.65% 3Q25 $280.5 1.12% 1.62% 4Q25 $276.5 1.12% 1.60% 1Q26 ACL ACL / Total Loans HFI Economic Coverage Ratio(1) ACL / Total Loans ($mm) 1Q26 ACL walk 1.12% 1.12% Net Charge-offs (Recoveries) ($ in millions) Charge-offs Recoveries Net Charge-offs (Recoveries) % of Total Loans (annualized) Civic Loans $0.2 ($0.1) $0.1 0.00% 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% Allowance for Credit Losses - Loans First Quarter 2026 Earnings | 19

 
Adjusted ACL ratio(1) is significantly higher when adjusting for lower loss loan categories 1Q26 Adjusted ACL Ratio(1) Composition of Lower Loss Loan Categories ❖ 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 $105.0mm of loss coverage from credit-linked notes on SFR ❖ Lower loss loan categories as a percent of total loans relatively stable QoQ 1.12% 1.27% 1.38% 1.61% ACL Ratio Adj. ACL Ratio Excluding Single Family Residential Loans Adj. ACL Ratio Excluding SFR Mortgage & Warehouse Loans Adj. ACL Ratio Excluding SFR Mort., Warehouse, Fund Finance and Lender Finance Loans HIGHLIGHTS 1. Adjusted ACL Ratio is adjusted for lower loss loan categories. Economic Coverage Ratio is adjusted for the impact of credit-linked notes and unearned credit mark from purchase accounting. Denotes a non-GAAP financial measure, see "Non-GAAP Reconciliation” slides in Appendix. Adjusted Allowance for Credit Losses Ratios Lower Loss Loan Categories ($ in millions) 1Q26 4Q25 1Q25 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 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% First Quarter 2026 Earnings | 20

 
Average Total Securities Portfolio Balance & Total Yield(4) 1. Excludes FRB and FHLB stock. 2. AFS securities reflected at fair value; excludes $0.8mm loss reserve. 3. HTM securities reflected at amortized cost; excludes $0.7mm loss reserve. 4. 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. Deployed liquidity to grow securities portfolio by 4% QoQ ❖ 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 HIGHLIGHTS $4.7 3.24% 1Q25 $4.8 3.18% 3Q25 $4.9 3.21% 4Q25 $5.0 3.38% 1Q262Q25 $4.7 3.20% Average Balance ($ in billions) Yield Investment Securities Portfolio (4) Yield Duration (yrs) Unrealized Unrealized 1Q26 4Q25 Variance 1Q26 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 0 0 AFS - Corporate Bonds 233 242 (10) 5.85% 0.9 (14) (15) AFS - Non-Agency Securitizations 254 252 3 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 2 1.84% 4.9 (31) (28) HTM - Corporate Bonds 71 71 0 4.76% 3.8 (7) (6) HTM - Municipal Bonds 1,239 1,238 1 2.13% 7.6 (35) (19) HTM - Non-Agency Securitizations 362 360 1 2.40% 4.6 (13) (10) HTM(3) $2,314 $2,309 $5 2.16% 6.2 ($87) ($62) Total AFS + HTM Securities $4,971 $4,764 $207 3.38% 5.0 ($287) ($254) Security Type (1) ($ in millions) First Quarter 2026 Earnings | 21

 
10.45% 10.01% 10.18% 4Q25 1Q261Q25 8.02% 7.90% 7.97% 1Q25 4Q25 1Q26 CET 1 Ratio TCE Ratio(1) Note: 1Q26 regulatory capital ratios are preliminary. 1. Denotes a non-GAAP financial measure; see “Non-GAAP Reconciliation” slides in Appendix. Healthy capital levels and continued growth in TBVPS Capital First Quarter 2026 Earnings | 22 1Q26 4Q25 1Q25 Regulatory Well- Capitalized Excess of Well- Capitalized 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% NA NA TBVPS (1) $17.77 $17.51 $16.12 NA NA

 
IRR position remains largely neutral for NII sensitivity 1Q26 IRR position – NII impact ($B) ❖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 HIGHLIGHTS $15.2 $20.8 ST Assets ST Liabilities Asset / liability gap of ($5.6B) is largely neutral to NII when adjusting for deposit repricing betas 1Q26 IRR position – Total Earnings ($B) $15.2 $17.7 ST Assets ECR costs on deposits when adjusted for repricing betas shifts IRR position to liability sensitive with a repricing gap at ($2.5B) Cash / ST Investments / ST Loans Cash / ST Investments / ST Loans Variable Deposits / ST CDs / ST Borrowings Variable Deposits / ST CDs / ST Borrowings Interest Rate Sensitivity 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. First Quarter 2026 Earnings | 23 ST Liabilities (Beta & ECR Adjusted) Ongoing balance sheet remixing will support further net interest income expansion, across all rate environments

 
2026 Outlook Key Factors Loans Deposits Pre-Tax Pre- Provision Income Noninterest expense Capital ❖ Full year growth of 20%-25% YoY ❖ Assumes no rate cuts in 2026 ❖ Continued NII growth and NIM expansion to drive positive operating leverage ❖ 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 ❖ 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 ❖ Target mid single digit growth ❖ Driven by growth in commercial loans ❖ Dependent on economic conditions ❖ Target mid single digit growth ❖ Broad based growth across our businesses 2026 Outlook Outlook ❖ Target CET1 ratio of 10%+ ❖ Strategically deploy capital based on opportunities First Quarter 2026 Earnings | 24 FY 2026 Outlook remains unchanged from prior guidance Future state financial targets remain unchanged

 
Supplemental Information

 
Note: Common shares outstanding as of March 31, 2026 are 154,262,045. 1. Represents VWAP of shares repurchased. 2. 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. Delivering shareholder value through share repurchases Share repurchases First Quarter 2026 Earnings | 26 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%

 
❖ 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 7.6% 6.7% 5.1% 2.9% 2.1% 2.6% 1.6% 1.8% Office Industrial Retail Hotel Health Facility Mixed Use Other Self Storage Other CRE as % of Total CRE Total CRE is well diversified across multiple industries • 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 Note: CRE excludes government guaranteed CRE collateralized SBA loans. 1. Represents most recent appraisal or weighted-average LTV at origination. High quality CRE portfolio has low weighted-average LTV and strong debt-service coverage ratio (DSCR) HIGHLIGHTS CRE Portfolio First Quarter 2026 Earnings | 27 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% 8% 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 8% 3% 4.5 61% 2.44 1.94% 16.6 Industrial / Warehouse 314 760 755 7% 3% 2.4 47% 2.06 0.10% 0.7 Retail 176 580 555 5% 2% 3.3 52% 1.61 0.07% 0.4 Hotel 29 333 390 3% 1% 11.5 52% 1.90 7.46% 24.8 Self Storage 39 235 216 2% 1% 6.0 55% 1.49 0.00% 0.0 Mixed Use 35 208 213 2% 1% 6.0 52% 1.65 0.00% 0.0 Health Facility 28 181 207 2% 1% 6.5 58% 2.45 3.12% 5.7 Other Property Types 139 293 460 3% 1% 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

 
Noninterest Expense Detail ($mm) $27.8 $7.3 $62.2 $86.4 1Q25 $26.6 $9.4 $61.5 $88.4 2Q25 $26.2 $9.0 $61.6 $88.9 3Q25 $24.9 $7.1 $62.8 $85.9 4Q25 $23.7 $6.8 $59.8 $91.1 1Q26 $183.7 $185.9 $185.7 $180.6 $181.4 Compensation expense Other operating expenses Insurance and assessments Customer related expense Customer Related Expense ($mm) $23.6 $4.1 1Q25 $21.9 $4.7 2Q25 $21.7 $4.6 3Q25 $20.7 $4.1 4Q25 $19.8 $3.9 1Q26 $27.8 $26.6 $26.2 $24.9 $23.7 ECR Expense Other(1) 1. Other customer related expense includes deposit referral fees, armored car services, check printing expenses, and other miscellaneous expenses. ECR expenses declined QoQ due to impact of rate cuts 1Q25 2Q25 3Q25 4Q25 1Q26 $3,739 $3,728 $3,708 $3,697 $3,891 Average HOA Deposits ($mm) Customer Related Expense First Quarter 2026 Earnings | 28 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

 
Expect total project and investment spend of ~$19mm in 2026, with ~$7mm of planned expense in 2026 Project investment composition Revenue enhancing projects Back office and support projects Projects and Investments Note: Total project and investment spend includes costs that are both capitalized and expensed. First Quarter 2026 Earnings | 29 20% 80% Revenue Enhancing Back Office and Support Projects $3.7mm $14.9mm 19% 53% 28% Infrastructure Optimization/Scalability Regulatory/Compliance $7.9mm $4.1mm $2.9mm11% 8% 81% Sales Enablement Payments Business Specific $0.3mm $3.0mm $0.4mm

 
❖Uninsured and uncollateralized deposits of $7.8B, which represents ~28% of total deposits ❖Total primary and secondary liquidity was 1.8x uninsured and uncollateralized deposits Maintaining high levels of primary and secondary liquidity 1. Cash and cash equivalents figure presented as Bank only, excludes restricted cash. 2. Net of 7.1% haircut as of March 31, 2026. ($ in millions) 1Q26 Current Availability Utilization Capacity Primary Liquidity Cash and cash equivalents $2,046 AFS Securities (unpledged) 2,464 Total Primary Liquidity 4,510 Total Secondary Liquidity 9,721 2,476 12,197 Total Primary + Secondary Liquidity $14,231 Definitions Secondary Liquidity: Net available borrowing capacity with the FHLB and FRB. 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. (1) (2) Liquidity First Quarter 2026 Earnings | 30 HIGHLIGHTS

 
Experienced Management Team with Track Record of Success at Leading Institutions Chris Blake Vice Chairman of the Bank 40+ years of banking experience, previously served as President & CEO, Community Bank Division, for PacWest Bancorp 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 Hamid Hussain President of the Bank 30+ years of banking experience, previously served as EVP, Real Estate Market Executive for Wells Fargo 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 Olivia Lindsay Chief Risk Officer 20+ years of experience in regulatory processes and controls, previously spent 15 years at MUFG Union Bank Steve Schwimmer Chief Information Officer 30+ years of experience in banking technology, previously served as the EVP, Chief Innovation Officer at PacWest Bancorp 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 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 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 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 First Quarter 2026 Earnings | 31

 
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. First Quarter 2026 Earnings | 33

 
Non-GAAP Reconciliation 1. Tangible common equity divided by tangible assets. 2. Total common equity divided by common shares outstanding. 3. Tangible common equity divided by common shares outstanding. 4. Common shares outstanding include non-voting common stock equivalents that are participating securities. ($ 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 498,516 498,516 498,516 498,516 498,516 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 First Quarter 2026 Earnings | 34

 
1. 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. 2. Annualized net earnings divided by average stockholders' equity. 3. Annualized adjusted net earnings available to common and equivalent stockholders for ROATCE divided by average tangible common equity. 4. Annualized adjusted net earnings available to common and equivalent stockholders for adjusted ROATCE divided by average tangible common equity. Non-GAAP Reconciliation First Quarter 2026 Earnings | 35 ($ 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 9,947 9,947 9,947 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 9,947 9,947 9,947 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 498,516 498,516 498,516 498,516 498,516 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%

 
1. 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. 2. Adjusted net earnings available to common and equivalent stockholders divided by weighted average common shares outstanding. 3. Annualized net earnings divided by average assets. 4. Annualized adjusted net earnings divided by average assets. Non-GAAP Reconciliation First Quarter 2026 Earnings | 36 ($ in thousands, except per share amounts) 1Q26 4Q25 3Q25 2Q25 1Q25 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 9,947 9,947 9,947 9,947 Adjusted net earnings available to common and equivalent stockholders $62,005 $67,444 $59,682 $48,441 $43,621 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

 
Non-GAAP Reconciliation First Quarter 2026 Earnings | 37 ($ 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

 
1. Noninterest expense used for efficiency ratio divided by total revenue used for efficiency ratio. 2. Noninterest expense used for adjusted efficiency ratio divided by total revenue used for adjusted efficiency ratio. Non-GAAP Reconciliation First Quarter 2026 Earnings | 38 ($ 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%

 
($ in thousands) 1Q26 4Q25 3Q25 2Q25 1Q25 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% Adjusted Noninterest Expense to Average Total Assets Non-GAAP Reconciliation First Quarter 2026 Earnings | 39

 
($ in millions) 1Q26 4Q25 1Q25 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 Core Deposits Non-GAAP Reconciliation First Quarter 2026 Earnings | 40

 
Non-GAAP Reconciliation ($ in millions) 1Q26 4Q25 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 Core Loans First Quarter 2026 Earnings | 41

 
Non-GAAP Reconciliation 1. Unearned credit mark from purchase accounting estimated by using the same pro rata split between the credit and yield marks associated with the non-PCD loans (purchased loans without credit deterioration at the time of the purchase) at the time of the acquisition. 2. Credit-linked notes loss coverage equal to 5% of the unpaid principal balance of the pledged loans. 3. Allowance for credit losses divided by loans and leases held for investment. 4. Adjusted allowance for credit losses divided by loans and leases held for investment. ($ in thousands) 1Q26 4Q25 3Q25 2Q25 1Q25 Allowance for credit losses ("ACL") $276,521 $280,533 $270,722 $258,565 $264,557 Add: Unearned credit mark from purchase accounting (1) 14,315 15,865 17,496 19,199 20,870 Add: Credit-linked notes(2) 104,988 108,413 110,539 112,887 115,188 Adjusted allowance for credit losses $395,824 $404,811 $398,757 $390,651 $400,615 Loans and leases held for investment $24,780,347 $25,032,679 $24,110,642 $24,245,893 $24,126,527 ACL to loans and leases held for investment(3) 1.12% 1.12% 1.12% 1.07% 1.10% Economic coverage ratio(4) 1.60% 1.62% 1.65% 1.61% 1.66% Economic Coverage Ratio First Quarter 2026 Earnings | 42

 
Non-GAAP Reconciliation 1. Lower loss loan categories include warehouse lending loans, equity fund loans, lender finance loans, and residential mortgage loans. 2. ACL divided by loans and leases held for investment. 3. Adjusted ACL for lower loss loan categories (includes SFR, Warehouse, Fund Finance, and Lender Finance) divided by adjusted loans and leases held for investment. ($ in thousands) 1Q26 Allowance for credit losses ("ACL") $276,521 Less: ACL on lower loss loan categories: ACL on warehouse lending loan portfolio (2,822) ACL on equity fund loan portfolio (426) ACL on lender finance loan portfolio (6,268) ACL on single family residential mortgage loans (4,873) Adjusted ACL for total lower loss loan categories(1) $262,132 Loans and leases held for investment $24,780,347 Less: Lower loss loan categories: Warehouse lending loan portfolio (1,804,612) Equity fund loan portfolio (1,357,740) Lender finance loan portfolio (1,865,118) Single family residential mortgage loans (3,431,033) Adjusted loans and leases held for investment(1) $16,321,844 ACL to loans and leases held for investment(2) 1.12% Adjusted ACL excluding SFR loans 1.27% Adjusted ACL excluding SFR and warehouse loans 1.38% Adjusted ACL for total lower loss loan categories to adjusted loans and leases held for investment(3) 1.61% Adjusted ACL for Lower Loss Loan Categories Ratio First Quarter 2026 Earnings | 43