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) 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.
Banc of California reported a net income of $24.2 million or $0.40 per diluted share for Q3 2022, down from $26.7 million or $0.43 in Q2 2022. The third quarter included $2.1 million in pre-tax costs from the acquisition of Deepstack Technologies, completed on September 15, 2022. The bank's net interest margin held steady at 3.58%, while noninterest-bearing deposits grew by 17%, reaching 40% of total deposits. The company repurchased $13 million in stock during the quarter, further enhancing shareholder value.
Banc of California, Inc. (NYSE: BANC) will release its third-quarter financial results on October 20, 2022, and host a conference call at 10:00 a.m. PT to discuss the earnings. Interested parties can join by dialing (888) 317-6003 with event code 6394121 or access the live audio webcast on the company's investor relations website. As of June 30, 2022, Banc of California had $9.5 billion in assets and 34 offices across Southern California, focusing on customized banking solutions and community support.
Banc of California has acquired Global Payroll Gateway and its subsidiary Deepstack Technologies for $24 million in a mix of cash and stock. This strategic move, aimed at enhancing their payments vertical, enables Banc of California to offer comprehensive payment solutions, diversifying their revenue streams and expanding market reach. The acquisition is projected to be neutral to earnings per share in 2023 but expected to be accretive thereafter. The deal will allow Banc of California to capture more revenue per transaction, enhancing long-term growth potential.
Banc of California, Inc. (NYSE: BANC) has declared a quarterly cash dividend of $0.06 per share, payable on October 3, 2022, to stockholders of record as of September 15, 2022. The company offers a Dividend Reinvestment Plan (DRIP) that allows stockholders to purchase shares at a 3% discount. As of June 30, 2022, Banc of California holds $9.5 billion in assets and operates 35 branches across Southern California, providing banking and lending solutions to individuals and businesses.
Banc of California reported a net income of $26.7 million for Q2 2022, translating to $0.43 per diluted share, a decrease from $48.5 million in Q1 2022. Highlights include an adjusted EPS of $0.45 and a net interest margin of 3.58%. The bank experienced strong loan fundings of $1.2 billion, the highest in over three years, amid robust demand. Total assets reached $9.50 billion, while total deposits increased to $7.56 billion. The company's allowance for credit losses stood at 1.34% of total loans, reflecting improved asset quality.
Banc of California, Inc. (NYSE: BANC) appointed Jagdeep Singh Sahota as Chief Payments Officer, leveraging his 20 years of experience in the payments sector. Sahota will oversee strategic initiatives in payments, aiming to enhance services for business clients and expand the bank's capabilities in the payments ecosystem. His expertise includes senior roles at NMI, JP Morgan Chase, Visa, Salesforce, and PayPal. As of March 31, 2022, Banc of California reported $9.6 billion in assets, reinforcing its commitment to client-focused banking solutions across Southern California.
Banc of California, Inc. (NYSE: BANC) is set to release its 2022 second quarter financial results on July 21, 2022. A conference call will occur at 10:00 a.m. PT to discuss earnings. Interested participants can join via phone or through a live audio webcast available on the Company's investor relations website. Banc of California holds $9.6 billion in assets as of March 31, 2022, operating 36 offices in Southern California, providing tailored banking solutions to individuals and businesses.
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