Tangible book value per common share (1) decreased to $14.96, compared to $23.81 restated at September 30, 2023, mainly as a result of Banc of California shares issued in exchange for PacWest Bancorp shares as Merger consideration and shares issued in connection with the $400 million capital raise combined with $199 million of goodwill and $145 million of core deposit intangible assets added through the merger. CAPITAL AND LIQUIDITY Capital ratios remain strong with total risk-based capital at 16.40% and a tier 1 leverage ratio of 9.00% at December 31, 2023. The following table sets forth our regulatory capital ratios as of the dates indicated: At December 31, 2023, immediately available cash and cash equivalents were $5.2 billion, a decrease of $0.7 billion from September 30, 2023. Combined with total available borrowing capacity of $12.0 billion, total liquid assets and unused borrowing capacity of $17.2 billion was 2.5 times greater than total uninsured and uncollateralized deposits of $6.9 billion.