Welcome to our dedicated page for Banc Of California news (Ticker: BANC), a resource for investors and traders seeking the latest updates and insights on Banc Of California stock.
Banc of California Inc (BANC) delivers full-service banking solutions to businesses and individuals across California. This news hub provides investors and financial professionals with timely updates on corporate developments directly affecting market perception and operational strategy.
Access official press releases, earnings reports, and regulatory filings in one centralized location. Track announcements about lending initiatives, leadership changes, and community-focused programs that reflect the bank’s commitment to California’s economic growth.
Key updates include quarterly financial results, merger/acquisition activity, dividend declarations, and strategic partnerships. All content is sourced from verified corporate communications to ensure reliability for investment research and industry analysis.
Bookmark this page for streamlined monitoring of BANC’s financial performance and operational milestones. Combine historical context with real-time updates to better understand the company’s position in the competitive banking sector.
Banc of California (NYSE: BANC) has scheduled its fourth quarter and fiscal year 2024 earnings release for Thursday, January 23, 2025. The company will host a conference call at 10:00 a.m. Pacific Time on the same day to discuss the financial results.
Interested participants can join the conference call by dialing (888) 317-6003 with event code 4964279. The company will provide a live audio webcast and slide presentation on its investor relations website. An audio archive will be available within 24 hours after the call conclusion.
Banc of California has renewed its title sponsorship of the SoCal Venture Pipeline for a third consecutive year. The Pipeline, which improves access to institutional capital for Southern California-based founders seeking Seed and Series A funding, has attracted nearly 800 applicants since June 2021. Of the 88 accepted companies, 24 have secured funding totaling $112 million, and three found acquirers. The program serves as the primary sourcing engine for the Alliance's Catalyst Fund, which has invested in four SoCal-based startups. The Pipeline's portfolio reflects regional diversity, with 40% women-led and 60% minority-led companies across various industries including AI, cleantech, and software.
Banc of California (NYSE: BANC) has declared quarterly dividends for both common and preferred stockholders. Common stockholders will receive $0.10 per share, payable January 2, 2025, with a record date of December 16, 2024. Preferred stockholders of Series F shares will receive $0.4845 per depositary share, payable December 2, 2024, with a record date of November 21, 2024. The company offers a Dividend Reinvestment Plan (DRIP) allowing common stockholders to acquire additional shares at a 3% discount from market price.
Banc of California (NYSE: BANC) reported a net loss of $1.2 million, or $0.01 per diluted share, for Q3 2024. Adjusted earnings were $41.4 million, or $0.25 per diluted share. Key highlights include:
- Closed sale of $1.95 billion Civic loans, generating $1.91 billion in net proceeds
- Repositioned $742 million of securities, resulting in a $60 million pre-tax loss
- Net interest margin increased to 2.93%, up 13 basis points from Q2
- Average noninterest-bearing deposits increased to 28% of total deposits
- Achieved Q4 2024 cost targets early, with noninterest expenses down 4% to $196.2 million
- Strong capital ratios, including 10.45% CET1 ratio
- Book value per share increased to $17.75
The company is now focusing on external growth after completing major balance sheet and operational initiatives.
Banc of California (NYSE: BANC) has announced its schedule for the release of 2024 third quarter financial results. The company will release the results on Tuesday, October 22, 2024, followed by a conference call at 10:00 a.m. Pacific Time on the same day to discuss the results.
Interested parties can join the conference call by dialing (888) 317-6003 and using the event code 6084667. A live audio webcast and slide presentation will be available on the company's investor relations website prior to the call. An audio archive of the conference call will be accessible on the website within 24 hours after the call concludes.
Banc of California, a subsidiary of Banc of California, Inc. (NYSE: BANC), has appointed Ken McMullen as Executive Vice President and Treasurer. McMullen, reporting to CFO Joe Kauder, will oversee the bank's corporate treasury function, including the corporate investment portfolio, balance sheet, funding and capital strategies, and interest rate risk and liquidity management.
McMullen brings over 30 years of financial services experience, having previously served as Treasurer for BNP Paribas USA, Inc., Executive Vice President and Treasurer of Bank of the West, and most recently as Treasurer at Varo Bank. CEO Jared Wolff emphasized that this hire reflects the bank's ability to attract top talent as it continues to grow.
Banc of California (NYSE: BANC) has expanded its Specialty Finance team with key appointments, signaling a strategic move to bolster its lending capabilities. Chris Hague joins as Executive Vice President and Head of Specialty Finance, overseeing Lender Finance, Asset-Based Lending, and Corporate Asset Finance and Commercial Aviation. The bank has also welcomed back several industry veterans, including Jeff Galle, Scott Lisman, and Thomas Scott, to grow its Lender Finance portfolio.
Notably, Banc of California repurchased over $350 million of loans at par that were previously sold by PacWest prior to their merger. This move, along with the experienced team additions, positions the bank for significant growth in specialty lending, particularly in the small- and middle-market ABL sectors.
Banc of California (NYSE: BANC) has announced its participation in the Barclays 22nd Annual Global Financial Services Conference in New York from September 9-11, 2024. Key highlights include:
- President & CEO Jared Wolff and CFO Joseph Kauder will meet with investors
- Wolff will participate in a fireside chat on September 10, 2024, at 11:15 a.m. Eastern Time
- A live audio webcast and replay of the fireside chat will be available on the company's investor relations website
This event provides an opportunity for Banc of California to engage with investors and showcase its financial strategies and performance at a prominent industry conference.
Banc of California (NYSE: BANC) has announced quarterly dividends for its common and preferred stocks. The Board of Directors declared a $0.10 per share cash dividend on common stock, payable on October 1, 2024, to stockholders of record as of September 16, 2024. Additionally, a $0.4845 per depositary share dividend was declared on the 7.75% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series F, payable on September 3, 2024, to stockholders of record as of August 22, 2024.
The company also maintains a Dividend Reinvestment Plan (DRIP), allowing common stockholders to acquire shares at a 3% discount from the market price. Registered common stockholders with holdings at Computershare are eligible to participate in the DRIP program.
Banc of California (NYSE: BANC) reported its Q2 2024 financial results with net earnings of $20.4 million or $0.12 per share, consistent with Q1 2024 earnings. Key highlights include a 3% increase in average noninterest-bearing deposits, a net interest margin of 2.80% (up by 14 basis points), and a reduction in the average total cost of deposits to 2.60%. Liquidity and capital ratios improved significantly following the sale of $1.95 billion CIVIC loans. The CET1 ratio increased to 10.27%, and book value per share rose to $17.23.
Key financial metrics include total revenue of $259.3 million and net interest income of $229.5 million. Noninterest income decreased to $29.8 million while noninterest expense dropped to $203.6 million. The provision for credit losses increased to $11.0 million. The company's strong capital position is reflected in a total risk-based capital ratio of 16.57%.
