DDM Analysis: BANC

Valuation Snapshot

Stable Growth	$27.05 - $64.33	$39.94
Multi-Stage	$19.33 - $21.11	$20.20
Blended Fair Value	$30.07
Current Price	$16.55
Upside	81.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	34.11%	20.40%	0.42	0.30	0.73	0.73	0.07	0.10	0.20	0.16	0.13	0.10
YoY Growth	-	-	39.72%	-59.35%	0.68%	908.21%	-24.75%	-51.89%	27.30%	17.68%	28.84%	58.92%
Dividend Yield	-	-	2.93%	2.04%	5.85%	3.76%	0.40%	1.20%	1.42%	0.81%	0.64%	0.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	208.50
(-) Cash Dividends Paid (M)	67.63
(=) Cash Retained (M)	140.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41.70	26.06	15.64
Cash Retained (M)	140.87	140.87	140.87
(-) Cash Required (M)	-41.70	-26.06	-15.64
(=) Excess Retained (M)	99.17	114.80	125.23
(/) Shares Outstanding (M)	164.17	164.17	164.17
(=) Excess Retained per Share	0.60	0.70	0.76
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	0.60	0.70	0.76
(=) Adjusted Dividend	1.02	1.11	1.17
WACC / Discount Rate	9.46%	9.46%	9.46%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$27.05	$39.94	$64.33
Upside / Downside	63.42%	141.33%	288.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	208.50	222.05	236.49	251.86	268.23	285.66	294.23
Payout Ratio	32.44%	43.95%	55.46%	66.98%	78.49%	90.00%	92.50%
Projected Dividends (M)	67.63	97.59	131.16	168.68	210.53	257.10	272.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.46%	9.46%	9.46%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	88.32	89.16	89.99
Year 2 PV (M)	107.42	109.46	111.53
Year 3 PV (M)	125.02	128.61	132.26
Year 4 PV (M)	141.20	146.63	152.22
Year 5 PV (M)	156.05	163.59	171.42
PV of Terminal Value (M)	2,556.02	2,679.47	2,807.65
Equity Value (M)	3,174.03	3,316.93	3,465.08
Shares Outstanding (M)	164.17	164.17	164.17
Fair Value	$19.33	$20.20	$21.11
Upside / Downside	16.82%	22.08%	27.53%

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Financial Statements

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Sector

Banc of California, Inc. (BANC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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