BANC 4Q18 Earnings Presentation

January 24, 2019
2018 Fourth Quarter Earnings
Investor Presentation

When used in this presentation and in documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public stockholder
communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases “believe,” “will,” “should,” “will likely result,” “are expected to,”
“will continue,” “is anticipated,” “estimate,” “project,” “plans,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. These statements may relate to
future financial performance, strategic plans or objectives, revenue, expense or earnings projections, or other financial items of Banc of California Inc. and its affiliates (“BANC,” the
“Company,” “we,” “us” or “our”). By their nature, these statements are subject to numerous uncertainties that could cause actual results to differ materially from those anticipated in the
statements.
Factors that could cause actual results to differ materially from the results anticipated or projected include, but are not limited to, the following: (i) an ongoing investigation by the SEC as
well as any related litigation or other litigation may result in adverse findings, reputational damage, the imposition of sanctions, increased costs, the diversion of management time and
resources, and other negative consequences; (ii) the costs and effects of litigation generally, including legal fees and other expenses, settlements and judgments; (iii) the risk that the
savings we actually realize from our recently announced reduction in force and planned reduction in use of third party advisors will be less than anticipated and the risk that the costs
associated with the reduction in force will be greater than anticipated; (iv) risks that the Company’s merger and acquisition transactions may disrupt current plans and operations and lead
to difficulties in customer and employee retention, risks that the costs, fees, expenses and charges related to these transactions could be significantly higher than anticipated and risks that
the expected revenues, cost savings, synergies and other benefits of these transactions might not be realized to the extent anticipated, within the anticipated timetables, or at all; (v) the
credit risks of lending activities, which may be affected by deterioration in real estate markets and the financial condition of borrowers, and the operational risk of lending activities,
including but not limited to the effectiveness of our underwriting practices and the risk of fraud, any of which credit and operational risks may lead to increased loan and lease
delinquencies, losses and nonperforming assets in our loan and lease portfolio, and may result in our allowance for loan and lease losses not being adequate to cover actual losses and
require us to materially increase our loan and lease loss reserves; (vi) the quality and composition of our securities portfolio; (vii) changes in general economic conditions, either nationally
or in our market areas, or changes in financial markets; (viii) continuation of or changes in the short-term interest rate environment, changes in the levels of general interest rates, volatility
in the interest rate environment, the relative differences between short- and long-term interest rates, deposit interest rates, our net interest margin and funding sources; (ix) fluctuations
in the demand for loans and leases, the number of unsold homes and other properties and fluctuations in commercial and residential real estate values in our market area; (x) our ability to
develop and maintain a strong core deposit base or other low cost funding sources necessary to fund our activities; (xi) results of examinations of us by regulatory authorities and the
possibility that any such regulatory authority may, among other things, limit our business activities, require us to change our business mix, increase our allowance for loan and lease losses,
write-down asset values or increase our capital levels, or affect our ability to borrow funds or maintain or increase deposits, any of which could adversely affect our liquidity and earnings;
(xii) legislative or regulatory changes that adversely affect our business, including, without limitation, changes in tax laws and policies and changes in regulatory capital or other rules, and
the availability of resources to address or respond to such changes; (xiii) our ability to control operating costs and expenses; (xiv) staffing fluctuations in response to product demand or the
implementation of corporate strategies that affect our work force and potential associated charges; (xv) the risk that our enterprise risk management framework may not be effective in
mitigating risk and reducing the potential for losses; (xvi) errors in estimates of the fair values of certain of our assets and liabilities, which may result in significant changes in valuation;
(xvii) the network and computer systems on which we depend could fail or experience a security breach; (xviii) our ability to attract and retain key members of our senior management
team; (xix) the dependency of our single family residential mortgage loan origination business on third party mortgage brokers who are not contractually obligated to business with us; (xx)
increased competitive pressures among financial services companies; (xxi) changes in consumer spending, borrowing and saving habits; (xxii) the effects of severe weather, natural
disasters, acts of war or terrorism and other external events on our business; (xxiii) the ability of key third-party providers to perform their obligations to us; (xxiv) changes in accounting
policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board or their application to our business, including
additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; (xxv) share price volatility and reputational risks, related to,
among other things, speculative trading and certain traders shorting our common shares and attempting to generate negative publicity about us; (xxvi) war or terrorist activities; and (xxvii)
other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and the other risks described from time to time in
other documents that we file with or furnish to the SEC. You should not place undue reliance on forward-looking statements, and we undertake 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.
Forward-looking Statements

Strong Organic
Loan Growth
Continuation of
Balance Sheet
Re-Mix
Disciplined
Expense
Management
 Held for investment loans grew by $448 million, or 6% QoQ (25% annualized)
– Gross loan commitment originations of $1 billion at an average production yield of 5.26%
– C&I portfolio grew by $268 million on $445 million of new commitments
 Noninterest expense totaled $49.6 million
 Net benefit of $3.4 million from non-recurring items, primarily comprised of $2.7 million in
net recoveries of legal fees, $1.1 million in project related expense, and $1.8 million in gain
from the sale of an owned branch
Credit and
Capital
 Net charge-offs totaled $2.2 million, primarily from two credits: one C&I and one SBA
 NPAs1 / Assets of 0.21%, unchanged from a year ago, and ALLL / Loans1 of 0.81%, up from
0.74% a year ago
 Total delinquencies (delinquent non-PCI loans to total non-PCI loans) of 0.53%
 Common Equity Tier 1 ratio of 9.53%
Fourth Quarter 2018 Highlights
Continuing to Build a Core Commercial Banking Platform
 Reduced securities by $67 million, primarily driven by a net decline in collateralized loan
obligations (“CLOs”) from call activity totaling $129 million, offset by purchases of $79 million
 Sold remaining $132 million portfolio of commercial mortgage-backed securities (“CMBS”) in
early January 2019 and recognized a $3.3 million other than temporary impairment (“OTTI”)
in the fourth quarter
1 Held for investment.
 Core deposit balances stable from prior quarter owing to a focus on gathering lower costing
deposits
 Deposit outflows primarily in transactional accounts
Stabilization of
Core Deposits

33
1 Dollars in millions.
Q4 Strategic Asset Sheet Re-Mix Activities
1
2
($12)
3Q18 Cash and
Other
($67)
Securities
$448
HFI Loans 4Q18
$10,261
$10,630
Total Assets1
21
Strategic Asset Re-Mix Continues
Re-Mix of Balance Sheet Toward Core Held for Investment (“HFI”) Loans Through Reduced Securities
Securities declined by $67 million in Q4 primarily
due to $129 million in CLO call activity, $11
million related to an MBS repayment, and a $6
million decrease in fair value. This activity was
partially offset by $79 million in CLO purchases.
HFI loans increased by $448 million, or 6% from
the prior quarter

44
BANC Strategic Roadmap: Scorecard
Building Core Earnings Power for Sustainable Growth and Returns Over the Long Term
Strategy Components Tracking Guideposts FY 2018 Results
Build Core Deposits
Core Deposit
Balance Growth
Core deposits increased $579 million (10%)
In Q1, completed the run-off of $207 million of legacy
high-rate, high-volatility deposits
Amplify Lending
Annual Net Loan Growth
Loan Originations
Securities / Total Assets (%)
HFI loan growth of $1 billion, or 16%
$3.55 billion of gross loan commitment originations
Securities / Total Assets of 19%, down from 25% at
prior YE
Normalize Expenses
Noninterest Expenses1 /
Average Assets
NIE1 / Average Assets of 2.11%, down from 2.33% for
Q4’17
Continuing to invest in sales and origination teams
while driving efficiencies in support areas
Creating Stockholder Value
ROAA
ROATCE2
0.44%
3.76%
Called $40 million of preferred equity with an 8%
dividend
1 Operating expenses, non-GAAP measure, see reconciliation on slide 21.
2 Non-GAAP measure, see reconciliation on slide 20.

55
1 Dollars in millions.
2 Core deposits defined as non-brokered deposits.
Deposit Composition1
Build Core Deposits: Stabilization of Core Deposit Base
Core Deposits Stable from prior quarter
BANC
4Q17
$1,456
$6,208
$207
$5,630
$1,425
$5,685
77%
80%
1Q18
$1,093
$6,043
78%
85%
2Q18
$7,136
$1,188
$6,214
84%
3Q18
$1,709
4Q18
$7,917
$7,293
$7,110
$7,402
+10%
Brokered Deposits Core Deposits (% of Total Deposits)Institutional Bank Run-off Core Deposits2

66
1 Gross loan commitment originations.
2 Dollars in thousands.
3 CRE includes Construction.
2018 gross loan production1 of $3.55 billion at 5.14% average production yield
HFI Loan Production Yields vs. Portfolio Yields2
14%
28%
Amplify Lending: Growing Loan Balances
Higher average production Yields driven by 15% sequential growth in C&I portfolio
BANC
14%
28%
31%
$94
4.70%
4.99%
$1,071
$2,174
$7,701
2Q18
$1,821
$2,241$2,112
4.63%
$7,253
$76
$2,201
5.05%
$1,745
$1,023$1,005
5.22%
3Q18
$2,013
$71
4.74%
$2,300
5.26%
4.48%
$73
$1,944
4Q18
$1,960
$1,718
$7,036
$974
$2,305
1Q18
$6,931
+2% Q/Q +3% Q/Q
+6% Q/Q
OtherSFR C&IMF CRE3 Portfolio Loan Yields New Production Loan Yields

77
Net Interest Margin
Re-mix of Assets, Liability Funding and Deposit Strategy In Process
Net Interest Margin ComponentsInterest Earning Assets1
1 Average, dollars in billions.
2 Includes loans held for sale and other interest-earning assets.
3 Dollars in millions, consolidated operations.
Interest Income3
4Q18
$2.3
$9.7
$7.0
$0.4
$2.2
2Q18
$7.2
$0.3
$9.8
3Q18
$7.4
$2.0
$0.4
$9.7
HFI Loans Other2Securities
1Q18
2.98%
4.00%
4Q17
2.93%
3.01%
0.96%
0.87%
4.12%
4.35%
4Q18
3.01%
1.15%
2Q18
4.43%
1.36%
3Q18
4.53%
2.88%
1.52%
Net Interest MarginEarning Asset Yield Cost of Deposits
3Q18
($0.1)
Securities,
HFS, & Other
$0.1
$3.4
Residential
Mortgage -
HFI
Commercial
Loans
4Q18
$107.9
$111.3

88
2.37% 2.30%
1.90% 2.04% 2.00%
2Q18 3Q18 4Q18 4Q18
Operating
Long-Term
Target
NIE / Average Assets3
1 Loss on investments in alternative energy partnerships create tax credits to offset expense incurred.
2 Continuing operations operating expense less non-recurring adjustments. Non-GAAP measure: Reconciliation table above.
3 Continuing operations noninterest expense excluding loss on investments in alternative energy partnerships, annualized, over average consolidated assets.
Normalize Expenses: Leveraging Expenses Efficiently
Simplifying Operating Model and Delivering Operational Efficiencies
BANC
<
($ in millions)
Noninterest
Expense -
Continuing
Operations
Q4 non-
recurring
adjustments
Q4
Operating
Expense2
Salaries and employee benefits $ 24.6 $ 24.6
Occupancy and equipment 8.1 8.1
Professional fees 6.2 2.7 8.9
Data processing 1.7 1.7
Advertising 3.4 3.4
Regulatory assessments 1.3 1.3
Reversal of provision for loan repurchases (0.1) (0.1)
Amortization of intangible assets 0.6 0.6
Restructuring expense (0.1) 0.1 -
All other expense 3.1 0.6 3.7
Total Noninterest Expense
(ex-loss on investments in alternative energy
partnerships)
$ 48.8 $ 3.4 $ 52.2
Loss on investments in alternative energy
partnerships1 0.8
Total Noninterest Expense (reported) $ 49.6
Non-Recurring Adjustments toContinuing Operations Expenses
2

99
1 Includes non-recurring items, loss on investments in alternative energy partnerships, and income tax expense required to reach a normalized rate of 20%.
2 Non-GAAP measure: Reconciliation table above.
3 Loss on investments in alternative energy partnerships create tax credits to offset expense incurred. Q4 includes a $1.6mm return to tax provision adjustment.
Focusing on Core, Sustainable Returns
Q4 Including Non-Recurring Items Shown Below
Diluted EPS – Continuing Operations
Reported
Adjusted for
non-recurring items
$0.06
$0.01
4Q18 Reported
$0.12
Tax rate normalized at 20%Adjustments 4Q18 Adjusted
$0.19
Q4 Operating Earnings from
Continuing Operations
Normalized Tax Rate at 20%2
Net interest income $ 70.7 $ 70.7
Provision for loan and lease losses 6.7 6.7
Total noninterest income 2.4 $ 3.3 5.7
Total noninterest expense
(ex-loss on investments in alternative energy partnerships)
48.8 3.4 52.2
Loss on investments in alternative energy partnerships3
0.8 (0.8) -
Total noninterest expense 49.6 2.6 52.2
Pre-tax income 16.9 0.7 17.5
Income tax expense3
6.1 (2.6) 3.5
Net income 10.8 3.3 14.0
Preferred stock dividends 4.3 4.3
Impact of preferred stock redemption - $ - -
Net income available to common stockholders $ 6.5 $ 9.7
Diluted earnings per total common share $ 0.12 $ 0.19
($ in millions)
Continuing Operations
(reported)
Q4 adjustments1

1010
Financial Metric
Long-Term Strategic
Operating Targets
FY 2018
Plan
Tracking
Comments
Growth / Balance Sheet:
- Loan Growth (HFI)¹ Mid-Teens +16%
Fourth quarter realized an
annualized growth rate of 25%
- Deposit Growth (ex-brokered)2 Low-to-Mid Teens +10%
Early Innings of Deposit &
Treasury Management Build Out
- Securities / Total Assets 15% – 20% 19% High end of Target
Operating Metrics:
- NIM 3.00% – 3.20% 2.95%
Deposit competition pressuring
NIM
- NIE3 / Average Assets <2.00% 2.11% Trending Toward Target
- Tax Rate 20% – 25% 11.85%
FY 2018 Tax Rate
Normalized in 2nd Half
Returns:
- ROAA 1%+ 0.44%
- ROATCE4 12%+ 3.76%
1 Annualized. 2 Annualized ex-brokered, ex-IB run off deposits. 3 Continuing operations noninterest expenses excluding loss on investments in alternative energy partnerships, annualized,
over average consolidated assets. See page 21 for Non-GAAP reconciliation. 4 Non-GAAP measure, see reconciliation on slide 20.
Creating Stockholder Value: Strategic Target Tracking
Focused on Building Core Earnings Power for Sustainable Growth and Returns Over the Long Term
BANC

1111
NPLs & REO1
Asset Quality Remains Strong
Disciplined Credit Culture Continues to Drive Strong Asset Quality
1 NPL: Non-performing loans and leases. OREO: Other real estate owned. Dollars in millions, held for investment.
2 ALLL: Allowance for loan and lease losses.
NPAs / Equity
ALLL2 and NPL Coverage Total Delinquent Loans / Total Loans
2Q18
0.36%
4Q17 1Q18
0.32%
4Q18
0.32%
0.30%
0.33%
3Q18
$21.2 $22.2 $23.0
$26.0
$22.7
NPLs & OREO NPLs & OREO / Loans and Leases Receivable
2.2%
4Q184Q17
2.1%
1Q18
2.3%
2Q18 3Q18
2.7%
2.4%
4Q17
255% 258%
1Q18
254%
2Q18
226%
282%
3Q18
0.79%0.74%
4Q18
0.80%0.81% 0.81%
ALLL / Total Loans ALLL / NPLs
4Q17 1Q18 2Q18 4Q18
0.38%
0.63%
3Q18
0.63%
0.49%
0.53%

1212
Tangible Equity / Tangible Assets1
Capital Ratios Exceeding Basel III Guidelines
Tier 1 Risk-Based Capital Ratio Supported by $231 Million of Preferred Equity
Common Equity Tier 1 Ratio (“CET1”)
Tangible Common Equity / Tangible Assets1
Tier 1 Risk-Based Capital Ratio
1 Non-GAAP measure. Reconciliation on slide 20.
9.5%
2Q184Q17 4Q18
9.8%
1Q18 3Q18
9.9% 9.8%9.9%
-0.4%
4Q17
13.7%
1Q18 3Q182Q18
12.8%
4Q18
13.8% 13.8% 13.2%
-1.0%
2Q184Q17 1Q18 3Q18 4Q18
9.4% 9.2% 9.2% 8.8% 8.5%
-0.9%
1Q18
6.6%
4Q184Q17 2Q18 3Q18
6.8% 6.6% 6.6% 6.3%
-0.5%

1414
AA CLO
$1,352
AAA CLO
$79
Securities Portfolio
1 Dollars in millions. 2 Based on par value balances of rated securities, data at December 31, 2018. 3 Sold remaining $132 million portfolio of CMBS in early January 2019 and recognized a
$3.3 million OTTI in 2018 Q4. 4 Dollars in billions. 5 BBB less than 0.05% but greater than 0.00%.
Securities Portfolio Detail1
Security Type
Amortized
Cost
4Q18
Amortized
Cost
3Q18
Q4
Change
Fair Value
4Q18
Book Yield
4Q18
Duration
4Q18
Gov’t & Agency (Agency MBS) $ 462 $ 473 ($ 11) $ 437 2.57% 7.17
CLOs 1,431 1,481 (50) 1,422 4.23% 0.33
CMBS 132 136 (4) 132 3.75% 5.95
Other 2 1 1 2 n/m n/m
Total Securities 2,027 2,091 (64) 1,993 3.82% 2.27
Portfolio Profile2
Credit Rating1,5
Portfolio Average Balances and Yields4
CLO
71%
CMBS
7%
Agency MBS
22%
Composition3
$2.5
3.46%
2Q18
$2.7
4Q17 4Q181Q18
3.47%
3.78%
3Q18
$2.3
3.78%
3.88%
$2.2
$2.0
Average Balance Yield
AA
73%
AAA
26%
A
1%

1515
Collateralized Loan Obligation ("CLO") Portfolio Composition
Diversified, Highly Rated Portfolio with Historically Low Credit Risk
1 Data as of December 31, 2018
2 From 4,322 S&P rates US “1.0” CLO tranches from 1994-2009. S&P has also rated over 5,700 US CLO tranches since 2009, with zero defaults. Source: Wells Fargo Securities, S&P
Top 10 Industry Holdings1
Balanced Portfolio of Mostly Senior
Debt Adheres to Strong Credit Culture1
• BANC’s portfolio is well diversified
across a wide spectrum of industries
‒ Top 10 holdings represent 62% of
portfolio
‒ No industries outside of top 10
represent more than 3.4% of total
holdings
‒ Exposure to Oil & Gas and Metal &
Mining industries total 3.1%
‒ No single manager represents more
than 8% of total holdings
Healthcare & Pharmaceuticals
Banking, Finance, Insurance & Real Estate
High Tech Industries
Hotel, Gaming & Leisure
Services - Business
Telecommunications
Beverage, Food & Tobacco
Media - Broadcasting & Subscription
Chemicals, Plastics, & Rubber
Services Consumer
Rating Total Par Coupon
Spread to
3m Libor
Subordination % Defaulted %
AAA 79,000,000$ 4.62 1.81 44.6% 0.9%
AA 1,352,780,000$ 4.56 1.75 26.5% 0.3%
Total CLO 1,431,780,000$ 4.56 1.75 27.4% 0.3%
S&P Rated CLOs Historically Have Low
Default Rates2
• 1994 – 2009 AA and AAA rated
tranches had default rate of 0.2% in
total
• Since 2009, there have been no
defaults of AA and AAA rated tranches
BANC’s CLO Portfolio Composition, Yields and Performance1

1616
1 All figures from continuing operations unless noted; dollars in millions unless noted per share or percentage.
2 Consolidated operations; Efficiency ratio adjusted for including the pre-tax effect of investments in alternative energy partnerships.
3 Excluding loss on investments in alternative energy partnerships. 4 Non-GAAP measure. Reconciliation within table above. 5 Non-GAAP measure. Reconciliation on slide 18.
Preferred Equity
Class /
Series
CUSIP Issue Date
Amount Out
($000)
Dividend Rate
/ Coupon (%)
First Callable
Date
Preferred Equity: Non-Cumulative, Perpetual E 05990K874 2/8/2016 125,000 7.00% 3/15/2021
Preferred Equity: Non-Cumulative, Perpetual D 05990K882 4/8/2015 115,000 7.375% 6/15/2020
Total Preferred Equity $240,000
BANC Fast Facts & Preferred Equity Capital Structure
(Dollars in millions)1
4Q18 3Q18 2Q18 1Q18 4Q17
Total assets
2
10,630$ 10,261$ 10,319$ 10,329$ 10,328$
Securities available-for-sale 1,993 2,060 2,297 2,425 2,575
Loans and leases receivable 7,701 7,253 7,036 6,931 6,659
Total deposits 7,917 7,402 7,136 7,110 7,293
Net interest income 70.7 71.2 72.8 71.4 73.2
Provision for loan and lease losses 6.7 1.4 2.7 19.5 5.1
Total noninterest income 2.4 4.8 8.1 8.6 5.7
Noninterest expense
3,4
48.8 58.4 60.7 59.8 62.4
Loss on investments in alternative energy partnerships 0.8 2.5 1.8 n/m 4.0
Total noninterest expense - reported 49.6 60.9 62.5 59.8 66.4
Net Income 10.8 10.4 13.9 7.1 10.9
Diluted earnings per share 0.12$ 0.06$ 0.16$ 0.03$ 0.11$
Return on average assets
2
0.43% 0.43% 0.58% 0.34% 0.44%
Efficiency Ratio
2,5
67.09% 77.88% 73.50% 65.70% 75.46%

1717
This presentation contains certain financial measures determined by methods other than in accordance with U.S. generally
accepted accounting principles (GAAP). These measures include noninterest expense from continuing operations, operating
expense from continuing operations, non-interest expense to average assets, and diluted earnings per common share from
continuing operations, adjusted for non-recurring items, each excluding loss on investments in alternative energy partnerships and
the latter three adjusted for non-recurring items. Management believes that these particular measures provide useful
supplemental information in understanding our core operating performance. These measures should not be viewed as substitutes
for measures determined in accordance with GAAP, nor are they necessarily comparable to non‐GAAP measures that may be
presented by other companies. Reconciliations of these measures to measures determined in accordance with GAAP are contained
on slides 8, 9, 18, and 21 of this presentation.
Non-GAAP measures in this presentation also include tangible equity to tangible assets, tangible common equity to tangible assets,
return on average tangible common equity, and adjusted efficiency ratio including the pre-tax effect of investments in alternative
energy partnerships. These particular measures are used by management in its analysis of the Company's capital strength and the
performance of the Company’s businesses. Banking and financial institution regulators also exclude goodwill and other intangible
assets from total stockholders' equity when assessing the capital adequacy of a financial institution. Management believes the
presentation of these measures excluding the impact of these items provides useful supplemental information that is essential to a
proper understanding of the capital and financial strength of the Company and the performance of its businesses. These measures
should not be viewed as substitutes for results determined in accordance with GAAP, nor are they necessarily comparable to non-
GAAP measures that may be presented by other companies. Reconciliations of these measures to measures determined in
accordance with GAAP are contained on slides 18-21 of this presentation.
Non-GAAP Financial Information

1818
Non-GAAP Reconciliation
Adjusted Efficiency Ratio Including the Pre-tax Effect of Investments in Alternative Energy Partnerships
(Dollars in thousands) 4Q18 3Q18 2Q18 1Q18 4Q17
Noninterest expense 49,578$ 60,977$ 62,554$ 59,812$ 66,424$
(Loss) gain on investments in alternative energy partnerships (786) (2,484) (1,808) 34 (3,995)
Adjusted noninterest expense 48,792$ 58,493$ 60,746$ 59,846$ 62,429$
Net interest income 70,842$ 71,322$ 72,953$ 71,624$ 73,246$
Noninterest income 2,644 5,718 9,168 10,452 6,429
Total revenue 73,486 77,040 82,121 82,076 79,675
Tax credit from investments in alternative energy partnerships - 412 1,912 7,323 4,908
Deferred tax expense on investments in alternative energy partnerships - (43) (211) (769) (859)
Tax effect on tax credit and deferred tax expense 26 180 631 2,422 3,004
(Loss) gain on investments in alternative energy partnerships (786) (2,484) (1,808) 34 (3,995)
Total pre-tax adjustments for investments in alternative energy
partnerships (760) (1,935) 524 9,010 3,058
Adjusted total revenue 72,726$ 75,105$ 82,645$ 91,086$ 82,733$
Efficiency ratio 67.47% 79.15% 76.17% 72.87% 83.37%
Adjusted efficiency ratio including the pre-tax effect of investments in
alternative energy partnerships 67.09% 77.88% 73.50% 65.70% 75.46%
Effective tax rate utilized for calculating tax effect on tax credit and
deferred tax expense 100.00% 32.81% 27.07% 26.98% 42.59%

1919
Tangible Common Equity to Tangible Assets and Tangible Equity to Tangible Assets
(Dollars in thousands) 4Q18 3Q18 2Q18 1Q18 4Q17
Tangible common equity to tangible assets ratio
Total assets 10,630,067$ 10,260,822$ 10,319,280$ 10,329,319$ 10,327,852$
Less goodwill (37,144) (37,144) (37,144) (37,144) (37,144)
Less other intangible assets (6,346) (6,990) (7,683) (8,510) (9,353)
Tangible assets 10,586,577$ 10,216,688$ 10,274,453$ 10,283,665$ 10,281,355$
Total stockholders' equity 945,534$ 946,678$ 988,688$ 993,756$ 1,012,308$
Less goodwill (37,144) (37,144) (37,144) (37,144) (37,144)
Less other intangible assets (6,346) (6,990) (7,683) (8,510) (9,353)
Tangible equity 902,044 902,544 943,861 948,102 965,811
Less preferred stock (231,128) (231,128) (269,071) (269,071) (269,071)
Tangible common equity 670,916$ 671,416$ 674,790$ 679,031$ 696,740$
Tangible equity to tangible assets 8.52% 8.83% 9.19% 9.22% 9.39%
Tangible common equity to tangible assets 6.34% 6.57% 6.57% 6.60% 6.78%

2020
Return on Average Tangible Common Equity
(Dollars in thousands) FY 2018 4Q18 3Q18 2Q18 1Q18 4Q17
Return on tangible common equity
Average total stockholders' equity 995,320$ 960,242$ 1,000,819$ 1,000,856$ 1,019,961$ 1,014,368$
Less average preferred stock (257,428) (231,128) (260,822) (269,071) (269,071) (269,071)
Less average goodwill (37,144) (37,144) (37,144) (37,144) (37,144) (37,144)
Less average other intangible assets (7,799) (6,731) (7,412) (8,110) (8,972) (9,788)
Average tangible common equity 692,949$ 685,239$ 695,441$ 686,531$ 704,774$ 698,365$
Net income 45,472$ 11,038$ 11,096$ 14,780$ 8,558$ 11,302$
Less preferred stock dividends and impact of preferred (21,811) (4,308) (7,277) (5,113) (5,113) (5,113)
Add amortization of intangible assets 3,007 644 693 827 843 866
Add impairment on intangible assets - - - - - -
Less tax effect on amortization and impairment
of intangible assets (631) (135) (146) (174) (177) (303)
Net income available to common stockholders 26,037$ 7,239$ 4,366$ 10,320$ 4,111$ 6,752$
Return on average equity 4.57% 4.56% 4.40% 5.92% 3.40% 4.42%
Return on average tangible common equity 3.76% 4.19% 2.49% 6.03% 2.37% 3.84%
Effective tax rate utilized for calculating tax effect
on amortization and impairment of intangible assets 21.00% 21.00% 21.00% 21.00% 21.00% 35.00%

2121
Non-Interest Expense / Average Assets
1. Continuing operations noninterest expenses excluding loss on investments in alternative energy partnerships, annualized, over average consolidated assets.
(in millions) FY 2018 4Q18 3Q18 2Q18 1Q18 4Q17
Operating Expense (NIE)
Total non-interest expense $ 232.8 $ 49.6 $ 60.9 $ 62.5 $ 59.8 $ 66.4
Less loss on investments in alternative energy partnerships (5.1) (0.8) (2.5) (1.8) 0.0 (4.0)
Less non-recurring items (12.0) 3.4 (8.0) (6.4) (1.0) (3.3)
Salaries and employee benefits 0.9 - - - 0.9 (0.3)
Professional fees (9.1) 2.7 (5.9) (1.5) (4.4) (0.3)
Reversal of provision for loan repurchases 1.8 - - - 1.8 -
Restructuring expense (4.5) 0.1 (0.6) (4.0) - -
Other expense (1.1) 0.6 (1.5) (0.9) 0.7 (2.7)
Total operating expense (NIE) $ 215.7 $ 52.2 $ 50.4 $ 54.3 $ 58.8 $ 59.1
Total operating expense (NIE) annualized $ 215.7 $ 208.6 $ 201.8 $ 217.2 $ 235.2 $ 236.4
NIE
1
/ Average Assets 2.11% 2.04% 1.99% 2.12% 2.29% 2.33%

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