Banc Of California Inc Stock Price, News & Analysis

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%.

Banc of California (NYSE: BANC) will release its second quarter 2024 financial results on Tuesday, July 23, 2024. The company has scheduled a conference call the same day at 10:00 a.m. PT to discuss the earnings. Interested parties can join the call by dialing (888) 317-6003 with the event code 3283432, or via a live audio webcast available on the company's investor relations website. Additionally, a slide presentation will be accessible on the same website before the call. An audio archive of the conference will be posted within 24 hours after the call ends.

Banc of California (NYSE: BANC) has launched Build@Banc, a new service aimed at providing tailored banking solutions for seed and early-stage startups. The initiative offers guidance and access to a network of investors and advisers, supporting companies from inception to IPO. The bank, known for its tech-forward approach, provides various products including deposit accounts, loans, and payment processing solutions through Deepstack Technologies. Banc of California is based in Los Angeles and is the third-largest bank by assets in California. The Venture Banking Group has supported the innovation economy since 2005, offering venture debt and cash management solutions nationwide.