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. (NYSE: BANC) is a bank holding company and parent of Banc of California, a relationship-based business bank focused on commercial banking and treasury management services for small, middle-market, and venture-backed businesses. The BANC news page on Stock Titan aggregates company-issued announcements and related coverage so investors can follow how the bank communicates its performance, strategy, and community involvement.
News about Banc of California frequently includes quarterly and annual earnings releases, where the company reports metrics such as net interest income, net interest margin, loan production, deposit trends, and capital ratios. These updates are often accompanied by conference call and webcast details, allowing analysts and shareholders to hear management discuss financial results and operating conditions in more depth.
In addition to earnings, Banc of California regularly announces quarterly dividends on its common stock and on depositary shares representing its Series F preferred stock. These releases may also highlight the company’s Dividend Reinvestment Plan (DRIP), which provides a mechanism for eligible registered common stockholders to reinvest dividends into additional common shares.
Company news also covers corporate developments such as office expansions, including new or expanded offices in downtown Los Angeles and other key markets, and its role as the largest independent bank headquartered in Los Angeles and the third largest bank headquartered in California. Banc of California’s press releases further describe community-focused initiatives, including grant programs and partnerships aimed at supporting small businesses in wildfire-impacted communities and broader charitable efforts through the Banc of California Charitable Foundation.
By reviewing the BANC news feed, readers can see how the bank positions its commercial banking franchise, how it engages with local communities, and how management describes its financial and strategic progress over time.
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 $0.06 per share on its common stock, payable on January 3, 2022, to stockholders of record as of December 15, 2021. Additionally, a quarterly dividend of $0.4375 per depositary share on the 7.00% Series E Non-Cumulative Perpetual Preferred Stock will be paid on December 15, 2021. The company also offers a Dividend Reinvestment Plan (DRIP) allowing stockholders to purchase shares at a 3% discount.
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.