Banc of California, Inc. - BANC STOCK NEWS

Banc of California (NYSE: BANC) has announced its participation in the Barclays 22nd Annual Global Financial Services Conference in New York from September 9-11, 2024. Key highlights include:

• President & CEO Jared Wolff and CFO Joseph Kauder will meet with investors
• Wolff will participate in a fireside chat on September 10, 2024, at 11:15 a.m. Eastern Time
• A live audio webcast and replay of the fireside chat will be available on the company's investor relations website

This event provides an opportunity for Banc of California to engage with investors and showcase its financial strategies and performance at a prominent industry conference.

Banc of California (NYSE: BANC) has announced quarterly dividends for its common and preferred stocks. The Board of Directors declared a $0.10 per share cash dividend on common stock, payable on October 1, 2024, to stockholders of record as of September 16, 2024. Additionally, a $0.4845 per depositary share dividend was declared on the 7.75% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series F, payable on September 3, 2024, to stockholders of record as of August 22, 2024.

The company also maintains a Dividend Reinvestment Plan (DRIP), allowing common stockholders to acquire shares at a 3% discount from the market price. Registered common stockholders with holdings at Computershare are eligible to participate in the DRIP program.

Banc of California (NYSE: BANC) reported its Q2 2024 financial results with net earnings of $20.4 million or $0.12 per share, consistent with Q1 2024 earnings. Key highlights include a 3% increase in average noninterest-bearing deposits, a net interest margin of 2.80% (up by 14 basis points), and a reduction in the average total cost of deposits to 2.60%. Liquidity and capital ratios improved significantly following the sale of $1.95 billion CIVIC loans. The CET1 ratio increased to 10.27%, and book value per share rose to $17.23.

Key financial metrics include total revenue of $259.3 million and net interest income of $229.5 million. Noninterest income decreased to $29.8 million while noninterest expense dropped to $203.6 million. The provision for credit losses increased to $11.0 million. The company's strong capital position is reflected in a total risk-based capital ratio of 16.57%.

Banc of California (NYSE: BANC) will release its second quarter 2024 financial results on Tuesday, July 23, 2024. The company has scheduled a conference call the same day at 10:00 a.m. PT to discuss the earnings. Interested parties can join the call by dialing (888) 317-6003 with the event code 3283432, or via a live audio webcast available on the company's investor relations website. Additionally, a slide presentation will be accessible on the same website before the call. An audio archive of the conference will be posted within 24 hours after the call ends.

Banc of California (NYSE: BANC) has launched Build@Banc, a new service aimed at providing tailored banking solutions for seed and early-stage startups. The initiative offers guidance and access to a network of investors and advisers, supporting companies from inception to IPO. The bank, known for its tech-forward approach, provides various products including deposit accounts, loans, and payment processing solutions through Deepstack Technologies. Banc of California is based in Los Angeles and is the third-largest bank by assets in California. The Venture Banking Group has supported the innovation economy since 2005, offering venture debt and cash management solutions nationwide.

Banc of California (NYSE: BANC) has announced that its Board of Directors declared a quarterly cash dividend of $0.10 per share on its common stock, payable on July 1, 2024, to shareholders of record as of June 14, 2024.

Additionally, a quarterly dividend of $0.4845 per depositary share on its 7.75% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series F, will be paid on June 3, 2024, to shareholders of record as of May 23, 2024. The Series F shares trade under the symbol Banc/PF.

The company also offers a Dividend Reinvestment Plan (DRIP), providing a 3% discount on market price for common shareholders.

Banc of California, a subsidiary of Banc of California, Inc. (NYSE: BANC), appoints Ann DeVries as Senior Vice President, leading investor relations strategy and finance team. DeVries brings extensive experience from Bakkt Holdings Inc. and JPMorgan Chase & Co. to enhance investor outreach and financial planning.

Banc of California, Inc. reported improved profitability and a strengthened balance sheet in the first quarter of 2024. Net earnings available to common stockholders increased to $28.2 million, or $0.17 per diluted common share. The company saw a significant increase in net interest income and a decrease in noninterest expenses. Highlights include a 58% increase in net interest income, a 109 basis point increase in net interest margin, and a decrease in noninterest expenses by over $41 million. The company also reported strong capital ratios well above regulatory thresholds, with a total risk-based capital ratio of 16.43% and a CET1 ratio of 10.12%. Book value per share increased to $17.18, and tangible book value per share increased to $15.07.

Banc of California promotes key executives to lead community banking operations in California and Colorado, enhancing relationship-based lending and treasury management solutions.