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. (symbol: BANC) is a reputable financial holding company that has been providing comprehensive banking services since 1941. With assets exceeding $7 billion and over 100 banking and lending locations, Banc of California is strategically positioned to serve private businesses, entrepreneurs, and homeowners across California. The company offers a wide range of financial services including banking, lending, and private banking. Their deposit products include checking, savings, money market accounts, certificates of deposit, and retirement accounts.
Banc of California focuses on simplifying banking through innovative products and exceptional customer service, aiming to make banking straightforward for its clients. The company’s strong balance sheet, deep community involvement, and commitment to building lasting relationships have contributed to its long record of success. Banc of California's lending activities are predominantly geared towards providing financing to California's diverse business landscape, including both commercial and residential real estate.
Recent achievements highlight Banc of California's commitment to growth and community engagement. The company continues to adapt its services to meet the evolving needs of its clients, emphasizing efficiency, fairness, and simplicity in all its financial solutions. Their dedication to these principles ensures that clients can focus on their personal and professional growth while Banc of California handles their financial needs.
Banc of California, Inc. (NYSE: BANC) is set to release its 2023 first quarter financial results on Thursday, April 20, 2023. The company will conduct a conference call at 10:00 a.m. PT to discuss these earnings. Interested attendees can join by calling (888) 317-6003 with event code 4273553, or tune into a live audio webcast available on the company's investor relations website. Banc of California, which had $9.2 billion in assets as of December 31, 2022, operates 34 offices throughout Southern California, providing tailored banking and lending solutions.
Banc of California, Inc. (NYSE: BANC) announced that the Kroll Bond Rating Agency (KBRA) has affirmed its credit ratings and stable outlook. The Bank holds senior unsecured debt and deposit ratings of BBB+, with a stable outlook. Its liquidity position is deemed comfortable, having sufficient coverage through diverse deposit sources. Banc of California's capital position is strong, with a CET1 ratio consistently above 11% since 2020. This strong financial standing positions the Company favorably in attractive markets, supporting investor confidence.
Banc of California, Inc. (NYSE: BANC) announced the resignation of Executive Vice President and CFO Lynn Hopkins effective March 31, 2023. Raymond Rindone, the current Deputy CFO and Chief Accounting Officer, will assume the role of Interim CFO on the same date. Hopkins expressed gratitude for her time at the company, while CEO Jared Wolff praised her contributions to the Bank’s transformation over the past three years. Rindone brings over 25 years of financial services experience, having previously served at City National Bank. Banc of California reported $9.2 billion in assets as of December 31, 2022.
Banc of California, Inc. (NYSE: BANC) announced a quarterly cash dividend of
Banc of California, Inc. (NYSE: BANC) has appointed Houri Vartanian Simon as Senior Vice President for Payments Risk and Operations. This role aims to enhance the bank's payments risk strategy, a critical focus for its developing payments ecosystem. Simon brings over 25 years of banking experience, specializing in payments, including ACH and Card Acquiring. She will report to Chief Risk Officer Olivia Lindsay, who expressed excitement about Simon's expertise aiding in the bank's payments solutions rollout. Banc of California holds $9.2 billion in assets and operates 34 offices across Southern California.
Banc of California reported a fourth quarter 2022 net income of $21.5 million ($0.36 per diluted share), down from $24.2 million ($0.40) in Q3 2022. Adjusted net income was $26.8 million ($0.45 per diluted share). For the full year 2022, net income reached a record $115.8 million ($1.89 per share), compared to $50.6 million in 2021. The company repurchased $18.9 million of common stock, representing 2% of shares. Noninterest-bearing deposits rose to 41% of total deposits, contributing to a net interest margin increase of 11 basis points to 3.69%.
Banc of California, Inc. (NYSE: BANC) will release its financial results for the fourth quarter and fiscal year ended December 31, 2022, on January 19, 2023. A conference call will follow at 10:00 a.m. PT on the same day. Interested participants can join via phone at (888) 317-6003 or through a live audio webcast on the company's investor relations website. Banc of California has reported $9.4 billion in assets as of September 30, 2022, operating 34 offices across Southern California, providing various banking and lending solutions.
Banc of California, Inc. (NYSE: BANC) announced executive promotions effective January 1, 2023, following the retirement of Chief Risk Officer Lynn Sullivan. John Sotoodeh becomes COO of the Company, overseeing operations and technology. Hamid Hussain is now President of the Bank, focusing on client strategy. Ido Dotan is promoted to Chief Administrative Officer, while Olivia Lindsay steps up as Chief Risk Officer. The Company reported $9.4 billion in assets as of September 30, 2022, and operates 34 offices in Southern California.
Banc of California, Inc. (NYSE: BANC) announced the appointment of Raymond Rindone as Chief Accounting Officer and Deputy Chief Financial Officer, effective November 14, 2022. Rindone succeeds Diana Hanson, who transitions to the role of SVP, Corporate Controller. With over 25 years of experience in financial services, Rindone previously served as Deputy Chief Financial Officer at City National Bank. The Company, valued at $9.4 billion in assets as of September 30, 2022, operates 34 offices in Southern California, focusing on innovative banking solutions.
Banc of California, Inc. (NYSE: BANC) announced a quarterly cash dividend of $0.06 per share, payable on January 3, 2023, to stockholders of record as of December 15, 2022. The company offers a Dividend Reinvestment Plan (DRIP) that allows eligible stockholders to purchase shares at a 3% discount from the market price. As of September 30, 2022, Banc of California reported $9.4 billion in assets and operates 34 offices throughout Southern California.
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