Banc Of California Inc Stock Price, News & Analysis

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.

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.