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) 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.
Hawke Ventures, a technology-focused venture capital firm in Los Angeles, has successfully raised $25M for its second venture fund. Notable investors include Banc of California, former LegalZoom executives Chris Welker and Dorian Quispe, and others. This fund follows the firm's first venture fund, which raised $5.6M and invested in 18 portfolio companies. Hawke Ventures targets Pre-Seed and Seed investments ranging from $1M to $2M in marketing, advertising, and eCommerce technology, leveraging the expertise of its parent company, Hawke Media.
Banc of California, Inc. (NYSE: BANC) announced the appointment of Matthew Grimes as SVP, ABL Leader, tasked with leading the bank's Asset Based Lending initiatives. Grimes brings over 25 years of experience in direct lending, aiming to enhance Banc of California's capabilities in serving small and medium-sized enterprises across various sectors. This strategic hire is expected to bolster the bank's growth and align with its commitment to client financial success.
Banc of California, Inc. (NYSE: BANC) will redeem its outstanding 7.00% Non-Cumulative Perpetual Preferred Stock, Series E, on March 15, 2022, at a price of $1,000 per share. Concurrently, the Board declared a quarterly cash dividend of $0.06 per share on common stock and $0.4375 per Series E Depositary Share, payable on April 1, 2022, and March 15, 2022, respectively. The Series E Depositary Shares will be delisted following the redemption. Banc of California holds $9.4 billion in assets as of December 31, 2021.
Banc of California, Inc. (NYSE: BANC) announced the hiring of John Helgeson as Senior Director, Specialty Banking, to focus on banking services for charter schools. Helgeson, with over $2 billion in funding experience for charter schools across the U.S., will report to Patti Thompson-Derry. His role aims to enhance Banc of California's offerings in education and non-profit banking, leveraging his 14+ years in charter school finance. This strategic move highlights the bank's commitment to expanding its influence in the educational sector.
Banc of California reported Q4 2021 net income of $5.8 million, down from $23.2 million in Q3 2021, reflecting $13.5 million in pre-tax merger costs from the Pacific Mercantile Bancorp acquisition. For the year, net income totaled $62.3 million. Key metrics include a return on average assets of 0.24%, net interest margin of 3.28%, and a provision for credit losses of $11.3 million in Q4. Total assets rose to $9.39 billion, driven by the acquisition contributing $1.54 billion in new assets. Non-performing loans increased to $52.6 million. Common Equity Tier 1 capital stood at 11.38%.
Banc of California, Inc. (NYSE: BANC) has appointed Guillaume de Chalendar as SVP, Head of Media & Entertainment. He will focus on enhancing the bank's strategic growth in the entertainment finance sector. De Chalendar brings over nine years of experience from Bank Leumi and Alvarium Investments, aiming to broaden the bank's lending and depository services to clients in media and entertainment. The bank reported $8.3 billion in assets as of September 30, 2021, with a recent acquisition boosting total assets to approximately $9.8 billion.
Banc of California, Inc. (NYSE: BANC) will release its financial results for Q4 and the fiscal year ending December 31, 2021, on January 25, 2022, at 10:00 a.m. PT. The results will be discussed in a conference call accessible through a dial-in and a live webcast.
As of September 30, 2021, the company had $8.3 billion in assets, with a combined proforma total of approximately $9.8 billion after acquiring Pacific Mercantile Bancorp. Banc of California operates 38 offices in Southern California, committed to providing innovative banking solutions.
Banc of California, Inc. (NYSE: BANC) has declared a quarterly cash dividend of
Banc of California (NYSE: BANC) reported a net income of $23.2 million for Q3 2021, with earnings per share of $0.42. Loan growth was strong at 16% annualized, excluding PPP loans. The net interest margin improved to 3.28%, while the average cost of deposits decreased to 0.15%. Noninterest-bearing deposits surged 17% sequentially, marking 32% of total deposits. The company completed its acquisition of Pacific Mercantile Bancorp, enhancing its asset base with total loans of $982.4 million. The CEO emphasized ongoing profitable growth and a robust loan and deposit pipeline.
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