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.
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.
Banc of California, Inc. (NYSE: BANC) has appointed Houri Vartanian Simon as Senior Vice President for Payments Risk and Operations. This role aims to enhance the bank's payments risk strategy, a critical focus for its developing payments ecosystem. Simon brings over 25 years of banking experience, specializing in payments, including ACH and Card Acquiring. She will report to Chief Risk Officer Olivia Lindsay, who expressed excitement about Simon's expertise aiding in the bank's payments solutions rollout. Banc of California holds $9.2 billion in assets and operates 34 offices across Southern California.
Banc of California reported a fourth quarter 2022 net income of $21.5 million ($0.36 per diluted share), down from $24.2 million ($0.40) in Q3 2022. Adjusted net income was $26.8 million ($0.45 per diluted share). For the full year 2022, net income reached a record $115.8 million ($1.89 per share), compared to $50.6 million in 2021. The company repurchased $18.9 million of common stock, representing 2% of shares. Noninterest-bearing deposits rose to 41% of total deposits, contributing to a net interest margin increase of 11 basis points to 3.69%.
Banc of California, Inc. (NYSE: BANC) will release its financial results for the fourth quarter and fiscal year ended December 31, 2022, on January 19, 2023. A conference call will follow at 10:00 a.m. PT on the same day. Interested participants can join via phone at (888) 317-6003 or through a live audio webcast on the company's investor relations website. Banc of California has reported $9.4 billion in assets as of September 30, 2022, operating 34 offices across Southern California, providing various banking and lending solutions.
Banc of California, Inc. (NYSE: BANC) announced executive promotions effective January 1, 2023, following the retirement of Chief Risk Officer Lynn Sullivan. John Sotoodeh becomes COO of the Company, overseeing operations and technology. Hamid Hussain is now President of the Bank, focusing on client strategy. Ido Dotan is promoted to Chief Administrative Officer, while Olivia Lindsay steps up as Chief Risk Officer. The Company reported $9.4 billion in assets as of September 30, 2022, and operates 34 offices in Southern California.
Banc of California, Inc. (NYSE: BANC) announced the appointment of Raymond Rindone as Chief Accounting Officer and Deputy Chief Financial Officer, effective November 14, 2022. Rindone succeeds Diana Hanson, who transitions to the role of SVP, Corporate Controller. With over 25 years of experience in financial services, Rindone previously served as Deputy Chief Financial Officer at City National Bank. The Company, valued at $9.4 billion in assets as of September 30, 2022, operates 34 offices in Southern California, focusing on innovative banking solutions.
Banc of California, Inc. (NYSE: BANC) announced a quarterly cash dividend of $0.06 per share, payable on January 3, 2023, to stockholders of record as of December 15, 2022. The company offers a Dividend Reinvestment Plan (DRIP) that allows eligible stockholders to purchase shares at a 3% discount from the market price. As of September 30, 2022, Banc of California reported $9.4 billion in assets and operates 34 offices throughout Southern California.
Banc of California reported a net income of $24.2 million or $0.40 per diluted share for Q3 2022, down from $26.7 million or $0.43 in Q2 2022. The third quarter included $2.1 million in pre-tax costs from the acquisition of Deepstack Technologies, completed on September 15, 2022. The bank's net interest margin held steady at 3.58%, while noninterest-bearing deposits grew by 17%, reaching 40% of total deposits. The company repurchased $13 million in stock during the quarter, further enhancing shareholder value.