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 (BANC) delivers full-service banking solutions to businesses and individuals across California. This news hub provides investors and financial professionals with timely updates on corporate developments directly affecting market perception and operational strategy.
Access official press releases, earnings reports, and regulatory filings in one centralized location. Track announcements about lending initiatives, leadership changes, and community-focused programs that reflect the bank’s commitment to California’s economic growth.
Key updates include quarterly financial results, merger/acquisition activity, dividend declarations, and strategic partnerships. All content is sourced from verified corporate communications to ensure reliability for investment research and industry analysis.
Bookmark this page for streamlined monitoring of BANC’s financial performance and operational milestones. Combine historical context with real-time updates to better understand the company’s position in the competitive banking sector.
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.
Banc of California, Inc. has completed its acquisition of Pacific Mercantile Bancorp as of October 18, 2021, creating a significant business banking franchise in Southern California, with total assets exceeding $9 billion.
The deal, valued at approximately $226 million, adds $980 million in gross loans and $1.3 billion in deposits. A total of 11.9 million shares of the Company common stock will be issued as part of the merger. The Board of Directors will now include three new independent directors, enhancing governance and oversight.
Banc of California, Inc. (NYSE: BANC) and Pacific Mercantile Bancorp (NASDAQ: PMBC) have received all necessary regulatory approvals for their merger, expected to close around October 18, 2021. Post-merger, the combined entity is projected to have total assets of approximately $9.6 billion, total loans of about $7.1 billion, and deposits of roughly $7.5 billion as of June 30, 2021.
Banc of California, Inc. (NYSE: BANC) announced it will release its third-quarter financial results for 2021 on October 21, 2021. A conference call is scheduled for 10:00 a.m. PT to discuss the earnings. Interested parties can join the call by calling (888) 317-6003 with event code 9764771, or listen via a live audio webcast on the company’s investor relations website. Banc of California has approximately $8.0 billion in assets and operates 35 offices across Southern California.
Banc of California, Inc. (NYSE: BANC) has declared a quarterly cash dividend of $0.06 per share, payable on October 1, 2021, to stockholders of record as of September 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 September 15, 2021, to holders on record as of August 31, 2021. Banc of California also offers a Dividend Reinvestment Plan (DRIP) allowing shareholders to acquire shares at a 3% discount.
Banc of California, Inc. (NYSE: BANC) has appointed Diana Hanson as the new Senior Vice President and Chief Accounting Officer, effective August 16, 2021. She succeeds Mike Smith, who resigned on August 6, 2021. With over 25 years of experience in finance and community banking, Ms. Hanson previously served at First Choice Bancorp and Pacific Western Bank. Banc of California operates with roughly $8.0 billion in assets and has 36 offices throughout Southern California, providing customized banking and lending solutions.
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.
