Banc of California, Inc. - BANC STOCK NEWS

Banc of California reported Q1 2022 net income of $48.5 million, or $0.69 per diluted share, a significant increase from $5.8 million in Q4 2021. The results included a $31.3 million recovery from a charged-off loan and a $3.7 million charge for preferred stock redemption. Return on average assets improved to 2.09%, while net interest margin rose to 3.51%. Deposits reached $7.48 billion, with noninterest-bearing deposits at 40%. The bank redeemed its Series E Preferred Stock, boosting annual net income by approximately $7 million. Total assets increased to $9.58 billion.

Banc of California, Inc. (NYSE: BANC) has announced the release of its 2022 first quarter financial results on April 21, 2022. A conference call to discuss these earnings will occur at 10:00 a.m. PT on the same day. Interested parties can attend by calling (888) 317-6003 with event code 6630261 or via a live audio webcast on their investor relations site. Banc of California had $9.4 billion in assets as of December 31, 2021, with 37 offices in Southern California, demonstrating its commitment to providing innovative banking solutions.

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.