Banc of California Announces $75 Million Stock Repurchase Program

Rhea-AI Summary

Banc of California, Inc. (NYSE: BANC) has authorized a share buyback program of up to $75 million to enhance shareholder value and optimize its balance sheet. This program, set to expire in March 2023, is part of a strategy that includes redeeming Series E Preferred Stock to improve long-term franchise value. The repurchased shares may be bought through various methods, depending on market conditions and regulatory requirements. As of December 31, 2021, the company held $9.4 billion in assets and operates 37 offices in Southern California.

Positive

• Authorization of a $75 million share buyback program to return value to shareholders.
• Strategy aimed at optimizing the balance sheet and enhancing franchise value.
• Redemption of Series E Preferred Stock indicates a proactive capital allocation approach.

Negative

• None.

SANTA ANA, Calif.--(BUSINESS WIRE)-- Banc of California, Inc. (NYSE: BANC) (the “Company”), the holding company parent of Banc of California, N.A., today announced that its Board of Directors has authorized the repurchase of up to $75 million of the Company’s common stock.

“Our Board of Directors’ decision to authorize this share buyback program reflects our continued commitment to optimizing our balance sheet and returning value to our shareholders,” said Jared Wolff, President and Chief Executive Officer of the Company. “This share buyback program along with our redemption of the Series E Preferred Stock, demonstrates our thoughtful capital allocation strategy to enhance our franchise value for the long term.”

The repurchase authorization expires in March 2023. Purchases may be made in open-market transactions, in block transactions on or off an exchange, in privately negotiated transactions or by other means as determined by the Company’s management and in accordance with the regulations of the Securities and Exchange Commission. The timing of purchases and the number of shares repurchased under the program will depend on a variety of factors including price, trading volume, corporate and regulatory requirements and market conditions.

About Banc of California, Inc.

Banc of California, Inc. (NYSE: BANC) is a bank holding company with $9.4 billion in assets at December 31, 2021 and one wholly-owned banking subsidiary, Banc of California, N.A. (the Bank). The Bank has 37 offices including 32 full-service branches located throughout Southern California. Through our dedicated professionals, we provide customized and innovative banking and lending solutions to businesses, entrepreneurs and individuals throughout California. We help to improve the communities where we live and work, by supporting organizations that provide financial literacy and job training, small business support and affordable housing. With a commitment to service and to building enduring relationships, we provide a higher standard of banking. We look forward to helping you achieve your goals. For more information, please visit us at www.bancofcal.com.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are necessarily subject to risk and uncertainty and actual results could differ materially from those anticipated due to various factors, including those set forth from time to time in the documents filed or furnished by Banc of California, Inc. with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and Banc of California, Inc. undertakes no obligation to update any such statements to reflect circumstances or events that occur after the date on which the forward-looking statement is made.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220315006267/en/

Investor Relations Inquiries:

Banc of California, Inc.

(855) 361-2262

Jared Wolff, (949) 385-8700

Lynn Hopkins, (949) 265-6599

Source: Banc of California, Inc.

FAQ

What is the purpose of the share buyback program announced by Banc of California?

The share buyback program aims to enhance shareholder value and optimize the company's balance sheet.

How much is Banc of California authorized to repurchase in common stock?

Banc of California is authorized to repurchase up to $75 million in common stock.

When does the share buyback authorization expire?

The share buyback authorization expires in March 2023.

What impact will the stock buyback have on Banc of California's stock price?

While the exact impact is uncertain, stock buybacks generally signal confidence in the company's future and can positively influence the stock price.