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. reports news on its commercial banking franchise, capital actions, and operating performance as the bank holding company for Banc of California. The bank provides banking, treasury management, lending, deposit, private banking, and payment processing services, with a focus on small-, middle-market, and venture-backed businesses.
Recurring updates cover quarterly earnings, net interest margin, loan production, deposit mix, credit metrics, capital ratios, book value, and operating leverage. Company announcements also include common and Series F preferred dividends, stock repurchase activity, subordinated debt actions, payments-business appointments, and services such as SmartStreet for the Community Association Management industry.
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Banc of California reported a net income of $20.3 million, or $0.34 per diluted share, for Q1 2023, down from $21.5 million, or $0.36 in Q4 2022.
Adjusted net income was $21.7 million, or $0.37 per share, compared to $26.8 million, or $0.45, in the prior quarter.
Key highlights include a diversified deposit base, with noninterest-bearing deposits at 38% of the average deposits, and total assets reaching $10.04 billion.
Capital ratios remain robust, projecting a total risk-based capital ratio of 14.06%.
Total loans stood at $7.05 billion, a decrease from the previous quarter with delinquent loans down 20% to 1.03% of total loans.
Shareholder equity saw slight erosion, and the quarterly dividend increased by 67% to $0.10 per share.
Banc of California, Inc. (NYSE: BANC) is set to release its 2023 first quarter financial results on Thursday, April 20, 2023. The company will conduct a conference call at 10:00 a.m. PT to discuss these earnings. Interested attendees can join by calling (888) 317-6003 with event code 4273553, or tune into a live audio webcast available on the company's investor relations website. Banc of California, which had $9.2 billion in assets as of December 31, 2022, operates 34 offices throughout Southern California, providing tailored banking and lending solutions.
Banc of California, Inc. (NYSE: BANC) announced that the Kroll Bond Rating Agency (KBRA) has affirmed its credit ratings and stable outlook. The Bank holds senior unsecured debt and deposit ratings of BBB+, with a stable outlook. Its liquidity position is deemed comfortable, having sufficient coverage through diverse deposit sources. Banc of California's capital position is strong, with a CET1 ratio consistently above 11% since 2020. This strong financial standing positions the Company favorably in attractive markets, supporting investor confidence.
Banc of California, Inc. (NYSE: BANC) announced the resignation of Executive Vice President and CFO Lynn Hopkins effective March 31, 2023. Raymond Rindone, the current Deputy CFO and Chief Accounting Officer, will assume the role of Interim CFO on the same date. Hopkins expressed gratitude for her time at the company, while CEO Jared Wolff praised her contributions to the Bank’s transformation over the past three years. Rindone brings over 25 years of financial services experience, having previously served at City National Bank. Banc of California reported $9.2 billion in assets as of December 31, 2022.
Banc of California, Inc. (NYSE: BANC) announced a quarterly cash dividend of $0.10 per share, a significant increase of $0.04 or 66.7% over the previous quarter. This dividend is payable on April 3, 2023, to stockholders recorded as of March 15, 2023. Additionally, the Board has authorized a share buyback program of up to $35 million, set to expire in February 2024. This strategic decision reflects the company's strong financial position and commitment to enhancing shareholder value.