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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 (NYSE: BANC) reported a net income of $19.1 million for Q2 2021, with diluted earnings per share of $0.34. Total loan production reached $904.1 million, while the net interest margin expanded to 3.27%. The company saw a 5 basis point decrease in average deposit costs and a 15% annualized increase in total loans. Management anticipates continued balance sheet growth and profitability, bolstered by the upcoming acquisition of Pacific Mercantile Bancorp and projected cost savings of 40%.
Banc of California, Inc. (NYSE: BANC) announced that it will release its second quarter financial results on July 22, 2021. A conference call to discuss the earnings will take place at 10:00 a.m. PT, with interested participants able to join by dialing (888) 317-6003 and using event code 7494802. A live audio webcast and a slide presentation will be accessible on the Company’s investor relations website. Banc of California is a bank holding company with approximately $7.9 billion in assets and operates 36 offices in Southern California.
Banc of California, Inc. (NYSE: BANC) has declared a quarterly cash dividend of $0.06 per share, payable on July 1, 2021, to stockholders of record as of June 15, 2021. Additionally, a dividend of $0.4375 per depositary share on its 7.00% Series E Non-Cumulative Perpetual Preferred Stock will be paid on June 15, 2021, for holders of record as of May 31, 2021. Banc of California also offers a Dividend Reinvestment Plan (DRIP) enabling stockholders to purchase shares at a 3% discount.
Banc of California, Inc. (NYSE: BANC) reported Q1 2021 net income of $14.4 million, translating to $0.15 earnings per share. Notable metrics include a 0.74% return on average assets and a 1.43% allowance for credit losses. The cost of total deposits decreased to 0.28%. The merger with Pacific Mercantile Bancorp, valued at $1.6 billion, is expected to enhance earnings. Common Equity Tier 1 capital stood at 11.50%. Adjusted net income, excluding non-core items, would have been $12.9 million, or $0.25 per diluted share.
Banc of California, Inc. (NYSE: BANC) has appointed Alex Kweskin as Executive Vice President and Chief Human Resources Officer, effective May 3, 2021. Kweskin, who previously served at MUFG Union Bank, brings extensive experience in banking and human resources. He holds a B.A. in Communication from Purdue University. President and CEO Jared Wolff expressed enthusiasm for Kweskin's leadership, which is expected to enhance the company's culture and talent strategy. Banc of California manages approximately $7.9 billion in assets and operates 36 offices in Southern California.
Banc of California, Inc. (NYSE: BANC) will release its financial results for Q1 2021 on April 22, 2021. A conference call will be held at 10:00 a.m. PT to discuss these results, with details available via telephone at (888) 317-6003 or through a live audio webcast on the company’s investor relations website. Banc of California operates with approximately $7.9 billion in assets and offers banking solutions across 36 locations in Southern California, focusing on financial literacy and community support.
Banc of California (NYSE: BANC) has announced a definitive merger agreement with Pacific Mercantile Bancorp (NASDAQ: PMBC) in an all-stock transaction valued at approximately $235 million, equating to $9.77 per share. The merger is expected to enhance Banc of California's operations, increasing total assets to $9.5 billion. Expected EPS accretion is 12.9% in 2022, with a 2.3-year earnback period on tangible book value. The deal is anticipated to close in Q3 2021, pending regulatory approvals.
Banc of California (NYSE: BANC) announced the redemption of all outstanding Series D Preferred Stock on March 15, 2021, at a price of $1,000 per share. Additionally, the Board declared a quarterly cash dividend of $0.06 per share on common stock, payable April 1, 2021. Holders of Series D Depositary Shares will receive a dividend of $0.460938 per share on March 15, 2021. The Series D Depositary Shares will be delisted after redemption. Banc of California has $7.9 billion in assets and offers a Dividend Reinvestment Plan.
Banc of California reported Q4 2020 net income of $21.7 million, with earnings per share at $0.35. The bank's net interest margin rose to 3.38%, driven by lower deposit costs and increased earning assets. Non-performing loans decreased 45%, reflecting improved asset quality. Total deposits grew to $6.09 billion, with noninterest-bearing deposits at 25.6%. The bank maintained a strong capital position, with a Common Equity Tier 1 ratio of 11.19%. CFO Lynn Hopkins noted contributions from legal recoveries, impacting net income positively by $2.8 million.
Banc of California, Inc. (NYSE: BANC) will release its fourth quarter 2020 financial results on January 21, 2021. A conference call to discuss the earnings will take place at 10:00 a.m. PT on the same day. Interested participants can join via phone or listen to a live audio webcast on the company's investor relations website. Banc of California holds approximately $7.7 billion in assets and operates 37 offices across Southern California, offering customized banking and lending solutions to various clients.
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