• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    Banc of California, Inc. Reports Fourth Quarter Diluted Earnings per Share of $0.28, Reflecting Strong Year-Over-Year Net Interest Margin Expansion and Lower Noninterest Expenses

    1/23/25 6:00:00 AM ET
    $BANC
    Major Banks
    Finance
    Get the next $BANC alert in real time by email

    Banc of California, Inc. (NYSE:BANC):

    $0.28

    Earnings Per Share

    $17.78

    Book Value Per Share

     

    $15.72

    Tangible Book Value

    Per Share(1)

    10.55%

    CET1 Ratio

    29.1%

    Average Noninterest-

    Bearing Deposits to

    Average Total Deposits

    Banc of California, Inc. (NYSE:BANC) ("Banc of California" or the "Company"), the parent company of wholly-owned subsidiary Banc of California (the "Bank"), today reported financial results for the fourth quarter and year ended December 31, 2024. The Company reported net earnings available to common and equivalent stockholders of $47.0 million, or $0.28 per diluted common share, for the fourth quarter of 2024. This compares to a net loss available to common and equivalent stockholders of $1.2 million, or a loss of $0.01 per diluted common share, for the third quarter of 2024. On an adjusted basis, net earnings available to common and equivalent stockholders were $41.4 million, or $0.25 per diluted common share for the third quarter.(1) The third quarter of 2024 included $60 million of pre-tax losses from repositioning a portion of the securities portfolio. For the full year 2024, we reported net income available to common and equivalent shareholders of $87.1 million, or $0.52 per diluted common share. On an adjusted basis, net income available to common and equivalent shareholders was $135.4 million, or $0.80 per diluted common shares.(1)

    Update on Southern California Wildfires

    The recent wildfires in Southern California have been devastating, severely impacting Los Angeles and the surrounding areas – home to our headquarters and where many of our clients and team members live and work. To support the recovery efforts, our charitable foundation has launched the Banc of California Wildfire Relief and Recovery Fund, which is dedicated to aiding relief efforts and rebuilding our community. To further our commitment, we have donated $1 million to the relief fund, standing in solidarity with Angelenos as we work together to rebuild and restore what has been lost. To date, we are not aware of any material impact on our loan portfolio, collateral or any of our facilities due to the Southern California wildfires. We are currently aware of four commercial properties and three residential properties that have been damaged or destroyed but all such collateral has insurance coverage in place and will continue to monitor and assess for potential exposure.

    Financial Highlights for the Fourth Quarter and 2024 Fiscal Year

    • Net interest margin expansion of 11 basis points vs 3Q24 to 3.04% and 135 basis points year-over-year, driven by lower funding costs
    • Lowered funding costs by 27 basis points vs 3Q24 and 113 basis points year-over-year, reflecting benefits of prior balance sheet repositioning actions and improved funding mix
    • Average noninterest-bearing deposits grew to 29.1% of average total deposits, up from 27.7% in 3Q24 and 22.6% in 4Q23, driven by relationship-focused deposit growth strategy
    • Total loans of $23.8 billion grew 4.3% annualized or $254 million from 3Q24, driven by growth in warehouse lending, equity funds, and residential mortgage loan portfolios
    • Total noninterest expense declined 7.6% vs 3Q24 to $181.4 million and 50.1% year-over-year, driven by strong efficiency gains and achievement of our merger cost savings target. This reflects a 35.7% decrease in adjusted noninterest expense(1) year-over-year excluding acquisition, integration and reorganization costs and normalizing 4Q23 to include combined company expenses for a full quarter and incentive compensation adjusted to target.
    • Strengthened capital ratios with CET1 capital ratio(2) up 9 basis points vs 3Q24 to 10.55% and 41 basis points year-over year
    • Growth in book value per share to $17.78 and tangible book value per share(1) to $15.72

    (1)

    Non-GAAP measure; refer to section 'Non-GAAP Measures'

    (2)

    Capital ratio for 12/31/2024 is preliminary

    Jared Wolff, President & CEO of Banc of California, commented, "Our strong fourth quarter results reflect continued momentum and consistent execution by our team. During the quarter, we achieved additional cost savings as well as a significant decline in our funding costs driven by our targeted reduction in deposit costs and the balance sheet repositioning actions that we completed earlier in the year. These actions helped drive an expansion in our net interest margin and increases in our net income, earnings per share, and level of returns."

    Mr. Wolff continued, "During the course of 2024, we made significant strides in strengthening our balance sheet and core earnings power. We believe we are well positioned to continue adding to our client base and expanding relationships with existing clients. Given the positive economic outlook, and the solid gains in loans and deposits generated by our teams in the fourth quarter, we believe we are well positioned to generate further growth in the balance sheet in 2025, expanding operating leverage and profitability to create additional value for our shareholders."

    INCOME STATEMENT HIGHLIGHTS

    Three Months Ended Year Ended
    December 31, September 30, December 31, December 31,
    Summary Income Statement

     

    2024

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    (In thousands)
    Total interest income

    $

    424,519

     

    $

    446,893

     

    $

    467,240

     

    $

    1,812,705

     

    $

    1,971,000

     

    Total interest expense

     

    189,234

     

     

    214,718

     

     

    316,189

     

     

    886,655

     

     

    1,223,872

     

    Net interest income

     

    235,285

     

     

    232,175

     

     

    151,051

     

     

    926,050

     

     

    747,128

     

    Provision for credit losses

     

    12,801

     

     

    9,000

     

     

    47,000

     

     

    42,801

     

     

    52,000

     

    Gain (loss) on sale of loans

     

    20

     

     

    (62

    )

     

    (3,526

    )

     

    645

     

     

    (161,346

    )

    (Loss) gain on sale of securities

     

    (454

    )

     

    (59,946

    )

     

    (442,413

    )

     

    (60,400

    )

     

    (442,413

    )

    Other noninterest income

     

    29,423

     

     

    44,556

     

     

    45,537

     

     

    136,900

     

     

    155,474

     

    Total noninterest income (loss)

     

    28,989

     

     

    (15,452

    )

     

    (400,402

    )

     

    77,145

     

     

    (448,285

    )

    Total revenue

     

    264,274

     

     

    216,723

     

     

    (249,351

    )

     

    1,003,195

     

     

    298,843

     

    Goodwill impairment

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    1,376,736

     

    Acquisition, integration and reorganization costs

     

    (1,023

    )

     

    (510

    )

     

    111,800

     

     

    (14,183

    )

     

    142,633

     

    Other noninterest expense

     

    182,393

     

     

    196,719

     

     

    251,838

     

     

    805,923

     

     

    938,812

     

    Total noninterest expense

     

    181,370

     

     

    196,209

     

     

    363,638

     

     

    791,740

     

     

    2,458,181

     

    Earnings (loss) before income taxes

     

    70,103

     

     

    11,514

     

     

    (659,989

    )

     

    168,654

     

     

    (2,211,338

    )

    Income tax expense (benefit)

     

    13,184

     

     

    2,730

     

     

    (177,034

    )

     

    41,766

     

     

    (312,201

    )

    Net earnings (loss)

     

    56,919

     

     

    8,784

     

     

    (482,955

    )

     

    126,888

     

     

    (1,899,137

    )

    Preferred stock dividends

     

    9,947

     

     

    9,947

     

     

    9,947

     

     

    39,788

     

     

    39,788

     

    Net earnings (loss) available to common and equivalent stockholders

    $

    46,972

     

    $

    (1,163

    )

    $

    (492,902

    )

    $

    87,100

     

    $

    (1,938,925

    )

    Net Interest Income

    Q4-2024 vs Q3-2024

    Net interest income increased by $3.1 million to $235.3 million for the fourth quarter from $232.2 million for the third quarter due to lower interest expense on interest-bearing liabilities, offset partially by lower interest income on interest-earning assets.

    The net interest margin increased 11 basis points to 3.04% for the fourth quarter as the cost of average total funding decreased 27 basis points and the average interest-earning assets yield decreased 15 basis points.

    The average yield on interest-earning assets decreased by 15 basis points to 5.48% for the fourth quarter from 5.63% for the third quarter due mainly to the average yield on deposits in financial institutions decreasing by 65 basis points and the average yield on loans and leases decreasing by 17 basis points, offset partially by the average yield on investment securities increasing by 21 basis points. The decrease in the average yield on deposits in financial institutions was due to lower market rates attributable mainly to the Federal Reserve reducing the federal funds rate by a total of 100 basis points since September 2024. The average yield on loans and leases decreased by 17 basis points to 6.01% for the fourth quarter from 6.18% for the third quarter as a result of lower market interest rates and lower loan discount accretion. The average yield on investment securities increased by 21 basis points benefiting from the balance sheet repositioning actions taken in the third quarter.

    Average interest-earning assets decreased by $750.7 million to $30.8 billion for the fourth quarter due mainly to the decreases of $631.5 million in average deposits in financial institutions and $154.4 million in average loans and leases.

    The average total cost of funds decreased by 27 basis points to 2.55% for the fourth quarter from 2.82% for the third quarter due mainly to lower market interest rates, lower rate on average borrowings, and lower average balance of total deposits due to the paydown of higher-cost brokered deposits in the third quarter. The average cost of interest-bearing liabilities decreased by 32 basis points to 3.48% for the fourth quarter from 3.80% for the third quarter. The average cost of interest-bearing deposits decreased by 34 basis points to 3.18% for the fourth quarter from 3.52% for the third quarter mainly due to deposit rate repricing driven by federal funds rate cuts, while the average cost of borrowings decreased by 95 basis points to 5.40% for the fourth quarter from 6.35% for the third quarter as the BTFP was paid off and partially replaced with lower fixed rate FHLB advances in the third quarter. Average noninterest-bearing deposits increased by $59.9 million for the fourth quarter compared to the third quarter, average total deposits decreased by $1.2 billion due to the aforementioned paydown of brokered deposits, and average borrowings increased by $335.5 million.

    Full Year 2024 vs Full Year 2023

    Net interest income increased by $178.9 million to $926.1 million for the year ended December 31, 2024 from $747.1 million for the year ended December 31, 2023 due to lower interest expense on interest-bearing liabilities, offset partially by lower interest income on interest-earning assets.

    The net interest margin increased by 87 basis points to 2.85% for the year ended December 31, 2024 compared to 1.98% in 2023 due to the average yield on interest-earning assets increasing by 37 basis points, while the average total cost of funds decreased by 50 basis points.

    The average yield on interest-earning assets increased by 37 basis points to 5.58% for the year ended December 31, 2024 from 5.21% in 2023 due mainly to the change in the interest-earning asset mix. This was driven by the increase in the balance of average loans and leases as a percentage of average interest-earning assets to 76% for the year ended December 31,2024 from 67% for the year ended December 31, 2023, the decrease in the balance of average investment securities as a percentage of average interest-earning assets to 14% for the year ended December 31, 2024 from 18% in 2023, and the decrease in the balance of average deposits in financial institutions as a percentage of average interest-earning assets to 10% for the year ended December 31, 2024 from 15% in 2023.

    The average yield on loans and leases increased by 19 basis points to 6.11% for the year ended December 31, 2024 from 5.92% in 2023 as a result of changes in portfolio mix and higher net accretion of loan discounts. The average yield on investment securities increased by 44 basis points benefiting from the balance sheet repositioning actions taken in the third quarter of 2024.

    Average interest-earning assets decreased by $5.4 billion to $32.5 billion for the year ended December 31, 2024 due to lower average balances in loans and leases, investments securities, and deposits in financial institutions. Average loans and leases decreased by $760.7 million primarily due to the sale in July 2024 of $1.95 billion of Civic loans, offset partially by the acquisition of legacy Banc of California loans completed in the fourth quarter of 2023. Average investment securities decreased by $2.1 billion mostly due to securities sales completed in the fourth quarter of 2023. Average deposits in financial institutions decreased by $2.5 billion due to lower cash balances which were used to pay down higher-cost funding including the full payoff of $2.6 billion of the BTFP and $1.85 billion in brokered deposits as part of the balance sheet repositioning actions taken during 2024.

    The average total cost of funds decreased by 50 basis points to 2.84% for the year ended December 31, 2024 from 3.34% for the year ended December 31, 2023 due mainly to changes in the total funding mix. This was driven by the increase in the balance of lower-cost average total deposits as a percentage of average total funds to 91% for the year ended December 31, 2024 from 78% in 2023, and the decrease in the balance of higher-cost average borrowings as a percentage of average total funds to 6% for the year ended December 31, 2024 from 19% in 2023. The average cost of interest-bearing liabilities decreased by 35 basis points to 3.79% for the year ended December 31, 2024 from 4.14% in 2023. The average total cost of deposits decreased by 9 basis points to 2.52% for the year ended December 31, 2024 compared to 2.61% for the year ended December 31, 2023. Average noninterest-bearing deposits increased by $757.6 million for the year ended December 31, 2024 compared to 2023 and average total deposits decreased by $251.8 million. Average borrowings decreased by $5.2 billion for the year ended December 31, 2024 compared to 2023 due to paydown of borrowings in connection with the balance sheet repositioning completed due to the merger.

    Provision For Credit Losses

    Q4-2024 vs Q3-2024

    The provision for credit losses increased by $3.8 million to $12.8 million for the fourth quarter compared to $9.0 million for the third quarter. The fourth quarter provision included an $11.5 million provision for loan losses and a $1.5 million provision for unfunded loan commitments, offset partially by a $0.2 million reversal of the provision for credit losses related to available-for-sale securities. The fourth quarter provision for loans and unfunded loan commitments was driven primarily by net charge-off activity during the quarter. The third quarter provision was driven primarily by increases in qualitative reserves, for loans secured by office properties and concentrations of credit, and specific reserves for nonperforming loan downgrades.

    Full Year 2024 vs Full Year 2023

    The provision for credit losses decreased by $9.2 million to $42.8 million for the year ended December 31, 2024 compared to $52.0 million for the year ended December 31, 2023. The provision for credit losses in 2024 included a $43.5 million provision for loan losses, offset partially by a $0.5 million reversal of the provision for credit losses related to unfunded loan commitments and a $0.2 million reversal of the provision for credit losses related to available-for-sale securities. The 2024 provision was driven mainly by net charge-off activity during the year. The provision for credit losses for 2023 included a $113.5 million provision for loan losses, offset partially by a $61.5 million reversal of the provision for credit losses related to lower unfunded loan commitments. The 2023 provision for loan losses also included an initial provision of $22.2 million for acquired legacy Banc of California non-PCD loans.

    Noninterest Income

    Q4-2024 vs Q3-2024

    Noninterest income increased by $44.4 million to $29.0 million for the fourth quarter from a loss of $15.5 million for the third quarter due mainly to a $59.5 million decrease in loss on sale of securities, offset partially by decreases of $6.4 million in leased equipment income, $5.4 million in other income and $3.7 million in dividends and gains on equity investments. The decrease in loss on sale of securities was mainly due to the sale of $741.8 million in securities for a net loss of $59.9 million in the third quarter of 2024. The decrease in leased equipment was due mostly to lower gains from early lease terminations and sale of leased assets. The decrease in other income was due primarily to a $4.6 million increase in the negative fair value mark on the credit-linked notes. The decrease in dividends and gains on equity investments was due to lower income distributions from the CRA equity investments.

    Full Year 2024 vs Full Year 2023

    Noninterest income increased by $525.4 million to $77.1 million for the year ended December 31, 2024 due mostly to a decrease in the loss on sale of securities of $382.0 million and an increase in the gain on sale of loans of $162.0 million. The Company sold $753.7 million in securities for a net loss of $60.4 million in the year ended December 31, 2024 and $2.7 billion in securities for a net loss of $442.4 in the year ended December 31, 2023. The Company sold $2.5 billion of loans for a net gain of $0.6 million in the year ended December 31, 2024 and $8.7 billion of loans for a net loss of $161.3 million in the year ended December 31, 2023.

    Noninterest Expense

    Q4-2024 vs Q3-2024

    Noninterest expense decreased by $14.8 million to $181.4 million for the fourth quarter due mainly to decreases of $7.9 million in compensation expenses, $2.8 million in customer related expenses, $1.5 million in insurance and assessments expense, and $1.2 million in occupancy expense. The decrease in compensation expenses was primarily due to lower headcount. The decrease in customer related expenses was driven by lower earnings credit rate expenses which were impacted by lower federal funds rate. The decrease in insurance and assessments expense was due to lower FDIC assessment rates. The decrease in occupancy expense was mostly attributable to facility consolidations leading to cost savings.

    Full Year 2024 vs Full Year 2023

    Noninterest expense decreased by $1.7 billion to $791.7 million for the year ended December 31, 2024 due mainly to a $1.4 billion goodwill impairment recorded in 2023, a $156.8 million decrease in acquisition, integration and reorganization costs related to our merger with PacWest, and a $65.0 million decrease in insurance and assessments expense for both the regular FDIC assessment and the special assessment.

    Income Taxes

    Q4-2024 vs Q3-2024

    Income tax expense of $13.2 million was recorded for the fourth quarter resulting in an effective tax rate of 18.8% compared to income tax expense of $2.7 million for the third quarter and an effective tax rate of 23.7%. The lower fourth quarter effective tax rate was due primarily to tax benefits resulted from recording deferred tax assets at higher state tax rates.

    Full Year 2024 vs Full Year 2023

    Income tax expense of $41.8 million was recorded for the year ended December 31, 2024 resulting in an effective tax rate of 24.8% compared to an income tax benefit of $312.2 million for the year ended December 31, 2023 and an effective tax rate of 14.1%. The lower effective tax rate in 2023 was due primarily to non-deductible goodwill impairment recorded in 2023. Excluding non-deductible goodwill impairment of $1.0 billion, the effective tax rate was 26.2% for the year ended December 31, 2023.

    BALANCE SHEET HIGHLIGHTS

    December 31, September 30, December 31, Increase (Decrease)
    Selected Balance Sheet Items

     

    2024

     

     

    2024

     

     

    2023

     

    QoQ YoY
    (In thousands)
    Cash and cash equivalents

    $

    2,502,212

    $

    2,554,227

    $

    5,377,576

    $

    (52,015

    )

    $

    (2,875,364

    )

    Securities available-for-sale

     

    2,246,839

     

     

    2,300,284

     

     

    2,346,864

     

     

    (53,445

    )

     

    (100,025

    )

    Securities held-to-maturity

     

    2,306,149

     

     

    2,301,263

     

     

    2,287,291

     

     

    4,886

     

     

    18,858

     

    Loans held for sale

     

    26,331

     

     

    28,639

     

     

    122,757

     

     

    (2,308

    )

     

    (96,426

    )

    Loans and leases held for investment, net of deferred fees

     

    23,781,663

     

     

    23,527,777

     

     

    25,489,687

     

     

    253,886

     

     

    (1,708,024

    )

    Total assets

     

    33,542,864

     

     

    33,432,613

     

     

    38,534,064

     

     

    110,251

     

     

    (4,991,200

    )

     
    Noninterest-bearing deposits

    $

    7,719,913

     

    $

    7,811,796

     

    $

    7,774,254

     

    $

    (91,883

    )

    $

    (54,341

    )

    Total deposits

     

    27,191,909

     

     

    26,828,269

     

     

    30,401,769

     

     

    363,640

     

     

    (3,209,860

    )

    Borrowings

     

    1,391,814

     

     

    1,591,833

     

     

    2,911,322

     

     

    (200,019

    )

     

    (1,519,508

    )

    Total liabilities

     

    30,042,915

     

     

    29,936,415

     

     

    35,143,299

     

     

    106,500

     

     

    (5,100,384

    )

    Total stockholders' equity

     

    3,499,949

     

     

    3,496,198

     

     

    3,390,765

     

     

    3,751

     

     

    109,184

     

    Securities

    The balance of securities held-to-maturity ("HTM") remained consistent through the fourth quarter and totaled $2.3 billion at December 31, 2024. As of December 31, 2024, HTM securities had aggregate unrealized net after-tax losses in accumulated other comprehensive income (loss) ("AOCI") of $157.9 million remaining from the balance established at the time of transfer from available-for-sale on June 1, 2022.

    Securities available-for-sale ("AFS") decreased by $53.4 million during the fourth quarter to $2.2 billion at December 31, 2024. AFS securities had aggregate unrealized net after-tax losses in AOCI of $200.1 million. These AFS unrealized net losses related primarily to changes in overall interest rates and spreads and the resulting impact on valuations.

    Loans and Leases

    The following table sets forth the composition, by loan category, of our loan and lease portfolio held for investment, net of deferred fees, as of the dates indicated:

    December 31, September 30, June 30, March 31, December 31,
    Composition of Loans and Leases

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

    (Dollars in thousands)
    Real estate mortgage:
    Commercial

    $

    4,578,772

     

    $

    4,557,939

     

    $

    4,722,585

     

    $

    4,896,544

     

    $

    5,026,497

     

    Multi-family

     

    6,041,713

     

     

    6,009,280

     

     

    5,984,930

     

     

    6,121,472

     

     

    6,025,179

     

    Other residential

     

    2,807,174

     

     

    2,767,187

     

     

    2,866,085

     

     

    4,949,383

     

     

    5,060,309

     

    Total real estate mortgage

     

    13,427,659

     

     

    13,334,406

     

     

    13,573,600

     

     

    15,967,399

     

     

    16,111,985

     

    Real estate construction and land:
    Commercial

     

    799,131

     

     

    836,902

     

     

    784,166

     

     

    775,021

     

     

    759,585

     

    Residential

     

    2,373,162

     

     

    2,622,507

     

     

    2,573,431

     

     

    2,470,333

     

     

    2,399,684

     

    Total real estate construction and land

     

    3,172,293

     

     

    3,459,409

     

     

    3,357,597

     

     

    3,245,354

     

     

    3,159,269

     

    Total real estate

     

    16,599,952

     

     

    16,793,815

     

     

    16,931,197

     

     

    19,212,753

     

     

    19,271,254

     

    Commercial:
    Asset-based

     

    2,087,969

     

     

    2,115,311

     

     

    1,968,713

     

     

    2,061,016

     

     

    2,189,085

     

    Venture capital

     

    1,537,776

     

     

    1,353,626

     

     

    1,456,122

     

     

    1,513,641

     

     

    1,446,362

     

    Other commercial

     

    3,153,084

     

     

    2,850,535

     

     

    2,446,974

     

     

    2,245,910

     

     

    2,129,860

     

    Total commercial

     

    6,778,829

     

     

    6,319,472

     

     

    5,871,809

     

     

    5,820,567

     

     

    5,765,307

     

    Consumer

     

    402,882

     

     

    414,490

     

     

    425,903

     

     

    439,702

     

     

    453,126

     

    Total loans and leases held for investment, net of deferred fees

    $

    23,781,663

     

    $

    23,527,777

     

    $

    23,228,909

     

    $

    25,473,022

     

    $

    25,489,687

     

     
    Total unfunded loan commitments

    $

    4,887,690

     

    $

    5,008,449

     

    $

    5,256,473

     

    $

    5,482,672

     

    $

    5,578,907

     

     
     
    Composition as % of Total December 31, September 30, June 30, March 31, December 31,
    Loans and Leases

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

    Real estate mortgage:
    Commercial

     

    19

    %

     

    19

    %

     

    20

    %

     

    19

    %

     

    20

    %

    Multi-family

     

    26

    %

     

    25

    %

     

    26

    %

     

    24

    %

     

    23

    %

    Other residential

     

    12

    %

     

    12

    %

     

    12

    %

     

    19

    %

     

    20

    %

    Total real estate mortgage

     

    57

    %

     

    56

    %

     

    58

    %

     

    62

    %

     

    63

    %

    Real estate construction and land:
    Commercial

     

    3

    %

     

    4

    %

     

    4

    %

     

    3

    %

     

    3

    %

    Residential

     

    10

    %

     

    11

    %

     

    11

    %

     

    10

    %

     

    9

    %

    Total real estate construction and land

     

    13

    %

     

    15

    %

     

    15

    %

     

    13

    %

     

    12

    %

    Total real estate

     

    70

    %

     

    71

    %

     

    73

    %

     

    75

    %

     

    75

    %

    Commercial:
    Asset-based

     

    9

    %

     

    9

    %

     

    8

    %

     

    8

    %

     

    9

    %

    Venture capital

     

    6

    %

     

    6

    %

     

    6

    %

     

    6

    %

     

    6

    %

    Other commercial

     

    13

    %

     

    12

    %

     

    11

    %

     

    9

    %

     

    8

    %

    Total commercial

     

    28

    %

     

    27

    %

     

    25

    %

     

    23

    %

     

    23

    %

    Consumer

     

    2

    %

     

    2

    %

     

    2

    %

     

    2

    %

     

    2

    %

    Total loans and leases held for investment, net of deferred fees

     

    100

    %

     

    100

    %

     

    100

    %

     

    100

    %

     

    100

    %

    Total loans and leases held for investment, net of deferred fees, increased by $253.9 million in the fourth quarter and totaled $23.8 billion at December 31, 2024. The increase in loans and leases held for investment was due primarily to increased balances in the warehouse lending, equity funds, and residential mortgage loan portfolios, offset partially by a decrease in the residential real estate construction loan portfolio. Loan originations including production, purchased loans, and unfunded new commitments were $1.8 billion in the fourth quarter with rate on new production at a weighted average interest rate of 7.02%.

    Credit Quality

    December 31, September 30, June 30, March 31, December 31,
    Asset Quality Information and Ratios

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

    (Dollars in thousands)
    Delinquent loans and leases held for investment:
    30 to 89 days delinquent

    $

    91,347

     

    $

    52,927

     

    $

    27,962

     

    $

    178,421

     

    $

    113,307

     

    90+ days delinquent

     

    88,846

     

     

    72,037

     

     

    55,792

     

     

    57,573

     

     

    30,881

     

    Total delinquent loans and leases

    $

    180,193

     

    $

    124,964

     

    $

    83,754

     

    $

    235,994

     

    $

    144,188

     

     
    Total delinquent loans and leases to loans and leases held for investment

     

    0.76

    %

     

    0.53

    %

     

    0.36

    %

     

    0.93

    %

     

    0.57

    %

     
    Nonperforming assets, excluding loans held for sale:
    Nonaccrual loans and leases

    $

    189,605

     

    $

    168,341

     

    $

    117,070

     

    $

    145,785

     

    $

    62,527

     

    90+ days delinquent loans and still accruing

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    11,750

     

    Total nonperforming loans and leases ("NPLs")

     

    189,605

     

     

    168,341

     

     

    117,070

     

     

    145,785

     

     

    74,277

     

    Foreclosed assets, net

     

    9,734

     

     

    8,661

     

     

    13,302

     

     

    12,488

     

     

    7,394

     

    Total nonperforming assets ("NPAs")

    $

    199,339

     

    $

    177,002

     

    $

    130,372

     

    $

    158,273

     

    $

    81,671

     

     
    Classified loans and leases held for investment

    $

    563,502

     

    $

    533,591

     

    $

    415,498

     

    $

    366,729

     

    $

    228,417

     

    Allowance for loan and lease losses

    $

    239,360

     

    $

    254,345

     

    $

    247,762

     

    $

    291,503

     

    $

    281,687

     

    Allowance for loan and lease losses to NPLs

     

    126.24

    %

     

    151.09

    %

     

    211.64

    %

     

    199.95

    %

     

    379.24

    %

    NPLs to loans and leases held for investment

     

    0.80

    %

     

    0.72

    %

     

    0.50

    %

     

    0.57

    %

     

    0.29

    %

    NPAs to total assets

     

    0.59

    %

     

    0.53

    %

     

    0.37

    %

     

    0.44

    %

     

    0.21

    %

    Classified loans and leases to loans and leases held for investment

     

    2.37

    %

     

    2.27

    %

     

    1.79

    %

     

    1.44

    %

     

    0.90

    %

    We continued to remain conservative on risk rating of loans and leases. Increases to classified loans and leases that remained on accrual status resulted from downward migration for loans and leases where performance metrics deteriorated but with no current expectation of loss. Nonperforming, classified and delinquent loan inflows were primarily driven by one customer relationship with two loans with no expected loss due to collateral coverage. Our overall loan portfolio continues to benefit from strong underwriting, borrower strength and good credit metrics.

    At December 31, 2024, total delinquent loans and leases were $180.2 million, compared to $125.0 million at September 30, 2024. The $55.2 million increase in total delinquent loans was due mainly to increases in the 30 to 89 days delinquent category of $20.2 million in other residential real estate mortgage loans, $10.4 million in commercial real estate mortgage loans, and $10.3 million in multi-family mortgage loans. In the 90 or more days delinquent category, there was a $21.9 million increase in multi-family mortgage loans, offset partially by a $6.9 million decrease in commercial real estate mortgage loans. Total delinquent loans and leases as a percentage of total loans and leases increased to 0.76% at December 31, 2024, as compared to 0.53% at September 30, 2024.

    At December 31, 2024, nonperforming assets were $199.3 million, or 0.59% of total assets, compared to $177.0 million, or 0.53% of total assets, as of September 30, 2024. At December 31, 2024, nonperforming assets included $9.7 million of foreclosed assets, consisting entirely of single-family residences.

    At December 31, 2024, nonperforming loans were $189.6 million, compared to $168.3 million at September 30, 2024. During the fourth quarter, nonperforming loans increased by $21.3 million due to additions of $56.9 million, offset partially by charge-offs of $22.0 million and payoffs and paydowns of $13.6 million. The addition to nonperforming loans was mainly related to aforementioned two commercial loans from one customer relationship.

    Nonperforming loans and leases as a percentage of loans and leases held for investment increased to 0.80% at December 31, 2024 compared to 0.72% at September 30, 2024.

    Allowance for Credit Losses – Loans

    Three Months Ended Year Ended
    December 31, September 30, December 31, December 31,
    Allowance for Credit Losses – Loans

     

    2024

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    (Dollars in thousands)
    Allowance for loan and lease losses
    ("ALLL"):
    Balance at beginning of period

    $

    254,345

     

    $

    247,762

     

    $

    222,297

     

    $

    281,687

     

    $

    200,732

     

    Initial ALLL on acquired PCD loans

     

    -

     

     

    -

     

     

    25,623

     

     

    -

     

     

    25,623

     

    Charge-offs

     

    (27,696

    )

     

    (4,163

    )

     

    (14,628

    )

     

    (94,943

    )

     

    (63,428

    )

    Recoveries

     

    1,211

     

     

    1,746

     

     

    1,395

     

     

    9,116

     

     

    5,260

     

    Net charge-offs

     

    (26,485

    )

     

    (2,417

    )

     

    (13,233

    )

     

    (85,827

    )

     

    (58,168

    )

    Provision for loan losses

     

    11,500

     

     

    9,000

     

     

    47,000

     

     

    43,500

     

     

    113,500

     

    Balance at end of period

    $

    239,360

     

    $

    254,345

     

    $

    281,687

     

    $

    239,360

     

    $

    281,687

     

     
    Reserve for unfunded loan commitments
    ("RUC"):
    Balance at beginning of period

    $

    27,571

     

    $

    27,571

     

    $

    29,571

     

    $

    29,571

     

    $

    91,071

     

    (Negative provision) provision for credit losses

     

    1,500

     

     

    -

     

     

    -

     

     

    (500

    )

     

    (61,500

    )

    Balance at end of period

    $

    29,071

     

    $

    27,571

     

    $

    29,571

     

    $

    29,071

     

    $

    29,571

     

     
    Allowance for credit losses ("ACL") –
    Loans:
    Balance at beginning of period

    $

    281,916

     

    $

    275,333

     

    $

    251,868

     

    $

    311,258

     

    $

    291,803

     

    Initial ALLL on acquired PCD loans

     

    -

     

     

    -

     

     

    25,623

     

     

    -

     

     

    25,623

     

    Charge-offs

     

    (27,696

    )

     

    (4,163

    )

     

    (14,628

    )

     

    (94,943

    )

     

    (63,428

    )

    Recoveries

     

    1,211

     

     

    1,746

     

     

    1,395

     

     

    9,116

     

     

    5,260

     

    Net charge-offs

     

    (26,485

    )

     

    (2,417

    )

     

    (13,233

    )

     

    (85,827

    )

     

    (58,168

    )

    Provision for credit losses

     

    13,000

     

     

    9,000

     

     

    47,000

     

     

    43,000

     

     

    52,000

     

    Balance at end of period

    $

    268,431

     

    $

    281,916

     

    $

    311,258

     

    $

    268,431

     

    $

    311,258

     

     
    ALLL to loans and leases held for investment

     

    1.01

    %

     

    1.08

    %

     

    1.11

    %

     

    1.01

    %

     

    1.11

    %

    ACL to loans and leases held for investment

     

    1.13

    %

     

    1.20

    %

     

    1.22

    %

     

    1.13

    %

     

    1.22

    %

    ACL to NPLs

     

    141.57

    %

     

    167.47

    %

     

    419.05

    %

     

    141.57

    %

     

    419.05

    %

    ACL to NPAs

     

    134.66

    %

     

    159.27

    %

     

    381.11

    %

     

    134.66

    %

     

    381.11

    %

    Annualized net charge-offs to average loans and leases

     

    0.45

    %

     

    0.04

    %

     

    0.22

    %

     

    0.35

    %

     

    0.23

    %

    The allowance for credit losses – loans, which includes the reserve for unfunded loan commitments, totaled $268.4 million, or 1.13% of total loans and leases, at December 31, 2024, compared to $281.9 million, or 1.20% of total loans and leases, at September 30, 2024. The $13.5 million decrease in the allowance was due to net charge-offs of $26.5 million, offset partially by the $13.0 million provision. The ACL coverage ratio decreased from last quarter driven by improvement in the economic forecast, a mix shift towards loan categories with lower expected losses, and the impact of charge-offs, offset partially by the impact of changes in risk ratings.

    Our ability to absorb credit losses is also bolstered by (i) $117.0 million of loss coverage from the credit-linked notes, pursuant to which the bank sold the first 5% of any losses on our $2.3 billion single-family residential mortgage loan portfolio; and (ii) unearned credit marks of $22.5 million on approximately $1.7 billion of purchased loans without credit deterioration that were originated by Banc of California prior to the merger. When the loss coverage from the credit-linked notes and unearned credit marks is added to our allowance for credit losses, this provides additional economic coverage on top of our ACL ratio. We refer to this adjusted ACL ratio as our economic coverage ratio(1), which equaled 1.72% of total loans and leases at December 31, 2024.

    The ACL coverage of nonperforming loans was 142% at December 31, 2024 compared to 167% at September 30, 2024.

    Net charge-offs were 0.45% of average loans and leases (annualized) for the fourth quarter, compared to 0.04% for the third quarter. The increase in net charge-offs in the fourth quarter was attributable primarily to a commercial loan exposure with isolated risk and one Civic loan, both of which migrated to nonperforming loan status in the third quarter.

    (1)

     

    Non-GAAP measures; refer to section 'Non-GAAP Measures'

    Deposits and Client Investment Funds

    The following table sets forth the composition of our deposits at the dates indicated:

    December 31, September 30, June 30, March 31, December 31,
    Composition of Deposits

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

    (Dollars in thousands)
    Noninterest-bearing checking

    $

    7,719,913

     

    $

    7,811,796

     

    $

    7,825,007

     

    $

    7,833,608

     

    $

    7,774,254

     

    Interest-bearing:
    Checking

     

    7,610,705

     

     

    7,539,899

     

     

    7,309,833

     

     

    7,836,097

     

     

    7,808,764

     

    Money market

     

    5,361,635

     

     

    5,039,607

     

     

    4,837,025

     

     

    5,020,110

     

     

    6,187,889

     

    Savings

     

    1,933,232

     

     

    1,992,364

     

     

    2,040,461

     

     

    2,016,398

     

     

    1,997,989

     

    Time deposits:
    Non-brokered

     

    2,488,217

     

     

    2,451,340

     

     

    2,758,067

     

     

    2,761,836

     

     

    3,139,270

     

    Brokered

     

    2,078,207

     

     

    1,993,263

     

     

    4,034,057

     

     

    3,424,358

     

     

    3,493,603

     

    Total time deposits

     

    4,566,424

     

     

    4,444,603

     

     

    6,792,124

     

     

    6,186,194

     

     

    6,632,873

     

    Total interest-bearing

     

    19,471,996

     

     

    19,016,473

     

     

    20,979,443

     

     

    21,058,799

     

     

    22,627,515

     

    Total deposits

    $

    27,191,909

     

    $

    26,828,269

     

    $

    28,804,450

     

    $

    28,892,407

     

    $

    30,401,769

     

     
     
    December 31, September 30, June 30, March 31, December 31,
    Composition as % of Total Deposits

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

     
    Noninterest-bearing checking

     

    28

    %

     

    29

    %

     

    27

    %

     

    27

    %

     

    26

    %

    Interest-bearing:
    Checking

     

    28

    %

     

    28

    %

     

    25

    %

     

    27

    %

     

    26

    %

    Money market

     

    20

    %

     

    19

    %

     

    17

    %

     

    17

    %

     

    20

    %

    Savings

     

    7

    %

     

    7

    %

     

    7

    %

     

    7

    %

     

    6

    %

    Time deposits:
    Non-brokered

     

    9

    %

     

    9

    %

     

    10

    %

     

    10

    %

     

    10

    %

    Brokered

     

    8

    %

     

    8

    %

     

    14

    %

     

    12

    %

     

    12

    %

    Total time deposits

     

    17

    %

     

    17

    %

     

    24

    %

     

    22

    %

     

    22

    %

    Total interest-bearing

     

    72

    %

     

    71

    %

     

    73

    %

     

    73

    %

     

    74

    %

    Total deposits

     

    100

    %

     

    100

    %

     

    100

    %

     

    100

    %

     

    100

    %

    Total deposits increased by $363.6 million during the fourth quarter to $27.2 billion at December 31, 2024.

    Noninterest-bearing checking totaled $7.72 billion and represented 28% of total deposits at December 31, 2024, compared to $7.81 billion, or 29% of total deposits, at September 30, 2024.

    Uninsured and uncollateralized deposits of $7.2 billion represented 26% of total deposits at December 31, 2024 compared to uninsured and uncollateralized deposits of $6.7 billion or 25% of total deposits at September 30, 2024.

    In addition to deposit products, we also offer alternative, non-depository corporate treasury solutions for select clients to invest excess liquidity. These alternative options include investments managed by BofCal Asset Management Inc. ("BAM"), our registered investment advisor subsidiary, and third-party sweep products. Total off-balance sheet client investment funds were $1.5 billion as of December 31, 2024, of which $0.7 billion was managed by BAM.

    Borrowings

    Borrowings decreased $200.0 million to $1.4 billion at December 31, 2024 from $1.6 billion at September 30, 2024 due to lower short-term borrowings.

    Equity

    During the fourth quarter, total stockholders' equity increased by $3.8 million to $3.5 billion and tangible common equity(1) increased by $13.6 million to $2.7 billion at December 31, 2024. The increase in total stockholders' equity for the fourth quarter resulted primarily from net earnings of $56.9 million, offset partially by an increase in the unrealized after-tax net loss in AOCI for AFS securities of $38.3 million and common and preferred stock dividends of $27.9 million.

    At December 31, 2024, book value per common share increased to $17.78 compared to $17.75 at September 30, 2024, and tangible book value per common share(1) increased to $15.72 compared to $15.63 at September 30, 2024.

    (1)

    Non-GAAP measures; refer to section 'Non-GAAP Measures'

    CAPITAL AND LIQUIDITY

    Capital ratios remain strong with total risk-based capital at 17.05% and a tier 1 leverage ratio of 10.15% at December 31, 2024.

    The following table sets forth our regulatory capital ratios as of the dates indicated:

    December 31, September 30, June 30, March 31, December 31,
    Capital Ratios

    2024 (1)

    2024

    2024

    2024

    2023

     
    Banc of California, Inc.
    Total risk-based capital ratio

    17.05

    %

    17.00

    %

    16.57

    %

    16.40

    %

    16.43

    %

    Tier 1 risk-based capital ratio

    12.97

    %

    12.88

    %

    12.62

    %

    12.38

    %

    12.44

    %

    Common equity tier 1 capital ratio

    10.55

    %

    10.46

    %

    10.27

    %

    10.09

    %

    10.14

    %

    Tier 1 leverage capital ratio

    10.15

    %

    9.83

    %

    9.51

    %

    9.12

    %

    9.00

    %

     
    Banc of California
    Total risk-based capital ratio

    16.65

    %

    16.61

    %

    16.19

    %

    15.88

    %

    15.75

    %

    Tier 1 risk-based capital ratio

    14.17

    %

    14.08

    %

    13.77

    %

    13.34

    %

    13.27

    %

    Common equity tier 1 capital ratio

    14.17

    %

    14.08

    %

    13.77

    %

    13.34

    %

    13.27

    %

    Tier 1 leverage capital ratio

    11.08

    %

    10.74

    %

    10.38

    %

    9.84

    %

    9.62

    %

     

    (1)

     

    Capital information for December 31, 2024 is preliminary.

    At December 31, 2024, immediately available cash and cash equivalents were $2.3 billion, a decrease of $52.9 million from September 30, 2024. Combined with total available borrowing capacity of $11.5 billion and unpledged AFS securities of $2.0 billion, total available liquidity was $15.9 billion at the end of the fourth quarter.

    Conference Call

    The Company will host a conference call to discuss its fourth quarter 2024 financial results at 10:00 a.m. Pacific Time (PT) on Thursday, January 23, 2025. Interested parties are welcome to attend the conference call by dialing (888) 317-6003 and referencing event code 4964279. A live audio webcast will also be available, and the webcast link will be posted on the Company's Investor Relations website at www.bancofcal.com/investor. The slide presentation for the call will also be available on the Company's Investor Relations website prior to the call. A replay of the call will be made available approximately one hour after the call has ended on the Company's Investor Relations website at www.bancofcal.com/investor or by dialing (877) 344-7529 and referencing event code 6452827.

    About Banc of California, Inc.

    Banc of California, Inc. (NYSE:BANC) is a bank holding company with over $33 billion in assets and the parent company of Banc of California. Banc of California is one of the nation's premier relationship-based business banks, providing banking and treasury management services to small-, middle-market, and venture-backed businesses. Banc of California is the largest independent bank headquartered in Los Angeles and the third largest bank headquartered in California and offers a broad range of loan and deposit products and services through 80 full-service branches located throughout California and in Denver, Colorado, and Durham, North Carolina, as well as through regional offices nationwide. The bank also provides full-stack payment processing solutions through its subsidiary, Deepstack Technologies, and serves the Community Association Management industry nationwide with its technology-forward platform, SmartStreet™. The bank is committed to its local communities through the Banc of California Charitable Foundation, and by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more. For more information, please visit us at www.bancofcal.com.

    Forward-Looking Statements and Other Matters

    This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, liquidity and capital ratios and other non-historical statements. Words or phrases such as "believe," "will," "should," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," "plans," "strategy," or similar expressions are intended to identify these forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements. These statements are necessarily subject to risk and uncertainty and actual results could differ materially from those anticipated due to various factors, including those set forth from time to time in the documents filed or furnished by the Company with the Securities and Exchange Commission ("SEC"). The Company undertakes no obligation to revise or publicly release any revision or update to these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made, except as required by law.

    Factors that could cause actual results to differ materially from the results anticipated or projected include, but are not limited to: (i) changes in general economic conditions, either nationally or in our market areas, including the impact of supply chain disruptions, and the risk of recession or an economic downturn; (ii) changes in the interest rate environment, including the recent and potential future changes in the FRB benchmark rate, which could adversely affect our revenue and expenses, the value of assets and obligations, the realization of deferred tax assets, the availability and cost of capital and liquidity, and the impacts of continuing or renewed inflation; (iii) the credit risks of lending activities, which may be affected by deterioration in real estate markets and the financial condition of borrowers, and the operational risk of lending activities, including the effectiveness of our underwriting practices and the risk of fraud, any of which may lead to increased loan delinquencies, losses, and non-performing assets, and may result in our allowance for credit losses not being adequate; (iv) fluctuations in the demand for loans, and fluctuations in commercial and residential real estate values in our market area; (v) the quality and composition of our securities portfolio; (vi) our ability to develop and maintain a strong core deposit base, including among our venture banking clients, or other low cost funding sources necessary to fund our activities particularly in a rising or high interest rate environment; (vii) the rapid withdrawal of a significant amount of demand deposits over a short period of time; (viii) the costs and effects of litigation; (ix) risks related to the Company's acquisitions, including disruption to current plans and operations; difficulties in customer and employee retention; fees, expenses and charges related to these transactions being significantly higher than anticipated; and our inability to achieve expected revenues, cost savings, synergies, and other benefits; and in the case of our recent acquisition of PacWest Bancorp ("PacWest"), reputational risk, regulatory risk and potential adverse reactions of the Company's or PacWest's customers, suppliers, vendors, employees or other business partners; (x) results of examinations by regulatory authorities of the Company and the possibility that any such regulatory authority may, among other things, limit our business activities, restrict our ability to invest in certain assets, refrain from issuing an approval or non-objection to certain capital or other actions, increase our allowance for credit losses, result in write-downs of asset values, restrict our ability or that of our bank subsidiary to pay dividends, or impose fines, penalties or sanctions; (xi) legislative or regulatory changes that adversely affect our business, including changes in tax laws and policies, accounting policies and practices, privacy laws, and regulatory capital or other rules; (xii) the risk that our enterprise risk management framework may not be effective in mitigating risk and reducing the potential for losses; (xiii) errors in estimates of the fair values of certain of our assets and liabilities, which may result in significant changes in valuation; (xiv) failures or security breaches with respect to the network, applications, vendors and computer systems on which we depend, including due to cybersecurity threats; (xv) our ability to attract and retain key members of our senior management team; (xvi) the effects of climate change, severe weather events, natural disasters such as earthquakes and wildfires, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; (xvii) the impact of bank failures or other adverse developments at other banks on general depositor and investor sentiment regarding the stability and liquidity of banks; (xviii) the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; (xix) our existing indebtedness, together with any future incurrence of additional indebtedness, could adversely affect our ability to raise additional capital and to meet our debt obligations; (xx) the risk that we may incur significant losses on future asset sales; and (xxi) other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and the other risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and from time to time in other documents that we file with or furnish to the SEC.

    Non-GAAP Financial Measures

    Included in this press release are certain non-GAAP financial measures, such as tangible assets, tangible equity to tangible assets, tangible book value per common share, return on average tangible common equity, adjusted return on average tangible common equity, adjusted net earnings (loss), adjusted noninterest expense, and economic coverage ratio, designed to complement the financial information presented in accordance with U.S. GAAP because management believes such measures are useful to investors. These non-GAAP financial measures should be considered only as supplemental to, and not superior to, financial measures provided in accordance with GAAP. Please refer to the "Non-GAAP Measures" section of this release for additional detail including reconciliations of the non-GAAP financial measures included in this press release to the most directly comparable financial measures prepared in accordance with GAAP.

    BANC OF CALIFORNIA, INC.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
     
    December 31, September 30, June 30, March 31, December 31,

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

    (Dollars in thousands)
    ASSETS:
    Cash and due from banks

    $

    192,006

     

    $

    251,869

     

    $

    203,467

     

    $

    199,922

     

    $

    202,427

     

    Interest-earning deposits in financial institutions

     

    2,310,206

     

     

    2,302,358

     

     

    2,495,343

     

     

    2,885,306

     

     

    5,175,149

     

    Total cash and cash equivalents

     

    2,502,212

     

     

    2,554,227

     

     

    2,698,810

     

     

    3,085,228

     

     

    5,377,576

     

     
    Securities available-for-sale

     

    2,246,839

     

     

    2,300,284

     

     

    2,244,031

     

     

    2,286,682

     

     

    2,346,864

     

    Securities held-to-maturity

     

    2,306,149

     

     

    2,301,263

     

     

    2,296,708

     

     

    2,291,984

     

     

    2,287,291

     

    FRB and FHLB stock

     

    147,773

     

     

    145,123

     

     

    132,380

     

     

    129,314

     

     

    126,346

     

    Total investment securities

     

    4,700,761

     

     

    4,746,670

     

     

    4,673,119

     

     

    4,707,980

     

     

    4,760,501

     

     
    Loans held for sale

     

    26,331

     

     

    28,639

     

     

    1,935,455

     

     

    80,752

     

     

    122,757

     

     
    Gross loans and leases held for investment

     

    23,808,205

     

     

    23,553,534

     

     

    23,255,297

     

     

    25,517,028

     

     

    25,534,730

     

    Deferred fees, net

     

    (26,542

    )

     

    (25,757

    )

     

    (26,388

    )

     

    (44,006

    )

     

    (45,043

    )

    Total loans and leases held for investment, net of deferred fees

     

    23,781,663

     

     

    23,527,777

     

     

    23,228,909

     

     

    25,473,022

     

     

    25,489,687

     

    Allowance for loan and lease losses

     

    (239,360

    )

     

    (254,345

    )

     

    (247,762

    )

     

    (291,503

    )

     

    (281,687

    )

    Total loans and leases held for investment, net

     

    23,542,303

     

     

    23,273,432

     

     

    22,981,147

     

     

    25,181,519

     

     

    25,208,000

     

     
    Equipment leased to others under operating leases

     

    307,188

     

     

    314,998

     

     

    335,968

     

     

    339,925

     

     

    344,325

     

    Premises and equipment, net

     

    142,546

     

     

    143,200

     

     

    145,734

     

     

    144,912

     

     

    146,798

     

    Bank owned life insurance

     

    339,517

     

     

    343,212

     

     

    341,779

     

     

    341,806

     

     

    339,643

     

    Goodwill

     

    214,521

     

     

    216,770

     

     

    215,925

     

     

    198,627

     

     

    198,627

     

    Intangible assets, net

     

    132,944

     

     

    140,562

     

     

    148,894

     

     

    157,226

     

     

    165,477

     

    Deferred tax asset, net

     

    720,587

     

     

    706,849

     

     

    738,534

     

     

    741,158

     

     

    739,111

     

    Other assets

     

    913,954

     

     

    964,054

     

     

    1,028,474

     

     

    1,094,383

     

     

    1,131,249

     

    Total assets

    $

    33,542,864

     

    $

    33,432,613

     

    $

    35,243,839

     

    $

    36,073,516

     

    $

    38,534,064

     

     
    LIABILITIES:
    Noninterest-bearing deposits

    $

    7,719,913

     

    $

    7,811,796

     

    $

    7,825,007

     

    $

    7,833,608

     

    $

    7,774,254

     

    Interest-bearing deposits

     

    19,471,996

     

     

    19,016,473

     

     

    20,979,443

     

     

    21,058,799

     

     

    22,627,515

     

    Total deposits

     

    27,191,909

     

     

    26,828,269

     

     

    28,804,450

     

     

    28,892,407

     

     

    30,401,769

     

    Borrowings

     

    1,391,814

     

     

    1,591,833

     

     

    1,440,875

     

     

    2,139,498

     

     

    2,911,322

     

    Subordinated debt

     

    941,923

     

     

    942,151

     

     

    939,287

     

     

    937,717

     

     

    936,599

     

    Accrued interest payable and other liabilities

     

    517,269

     

     

    574,162

     

     

    651,379

     

     

    709,744

     

     

    893,609

     

    Total liabilities

     

    30,042,915

     

     

    29,936,415

     

     

    31,835,991

     

     

    32,679,366

     

     

    35,143,299

     

     
    STOCKHOLDERS' EQUITY:
    Preferred stock

     

    498,516

     

     

    498,516

     

     

    498,516

     

     

    498,516

     

     

    498,516

     

    Common stock

     

    1,586

     

     

    1,586

     

     

    1,583

     

     

    1,583

     

     

    1,577

     

    Class B non-voting common stock

     

    5

     

     

    5

     

     

    5

     

     

    5

     

     

    5

     

    Non-voting common stock equivalents

     

    98

     

     

    98

     

     

    101

     

     

    101

     

     

    108

     

    Additional paid-in-capital

     

    3,785,725

     

     

    3,802,314

     

     

    3,813,312

     

     

    3,827,777

     

     

    3,840,974

     

    Retained deficit

     

    (431,201

    )

     

    (478,173

    )

     

    (477,010

    )

     

    (497,396

    )

     

    (518,301

    )

    Accumulated other comprehensive loss, net

     

    (354,780

    )

     

    (328,148

    )

     

    (428,659

    )

     

    (436,436

    )

     

    (432,114

    )

    Total stockholders' equity

     

    3,499,949

     

     

    3,496,198

     

     

    3,407,848

     

     

    3,394,150

     

     

    3,390,765

     

    Total liabilities and stockholders' equity

    $

    33,542,864

     

    $

    33,432,613

     

    $

    35,243,839

     

    $

    36,073,516

     

    $

    38,534,064

     

     
    Common shares outstanding (1)

     

    168,825,656

     

     

    168,879,566

     

     

    168,875,712

     

     

    169,013,629

     

     

    168,959,063

     

     

    (1)

     

    Common shares outstanding include non-voting common equivalents that are participating securities.

     
    BANC OF CALIFORNIA, INC.
    CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (UNAUDITED)
     
    Three Months Ended Year Ended
    December 31, September 30, December 31, December 31,

     

    2024

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    (In thousands, except per share amounts)
    Interest income:
    Loans and leases

    $

    357,303

     

    $

    369,913

     

    $

    346,308

     

    $

    1,501,534

     

    $

    1,496,357

     

    Investment securities

     

    37,743

     

     

    34,912

     

     

    41,280

     

     

    140,794

     

     

    174,996

     

    Deposits in financial institutions

     

    29,473

     

     

    42,068

     

     

    79,652

     

     

    170,377

     

     

    299,647

     

    Total interest income

     

    424,519

     

     

    446,893

     

     

    467,240

     

     

    1,812,705

     

     

    1,971,000

     

    Interest expense:
    Deposits

     

    154,085

     

     

    180,986

     

     

    207,760

     

     

    715,984

     

     

    748,423

     

    Borrowings

     

    18,993

     

     

    16,970

     

     

    92,474

     

     

    104,398

     

     

    416,744

     

    Subordinated debt

     

    16,156

     

     

    16,762

     

     

    15,955

     

     

    66,273

     

     

    58,705

     

    Total interest expense

     

    189,234

     

     

    214,718

     

     

    316,189

     

     

    886,655

     

     

    1,223,872

     

    Net interest income

     

    235,285

     

     

    232,175

     

     

    151,051

     

     

    926,050

     

     

    747,128

     

    Provision for credit losses

     

    12,801

     

     

    9,000

     

     

    47,000

     

     

    42,801

     

     

    52,000

     

    Net interest income after provision for credit losses

     

    222,484

     

     

    223,175

     

     

    104,051

     

     

    883,249

     

     

    695,128

     

    Noninterest income:
    Service charges on deposit accounts

     

    4,770

     

     

    4,568

     

     

    4,562

     

     

    18,583

     

     

    16,468

     

    Other commissions and fees

     

    8,231

     

     

    8,256

     

     

    8,860

     

     

    33,258

     

     

    38,086

     

    Leased equipment income

     

    10,730

     

     

    17,176

     

     

    12,369

     

     

    51,109

     

     

    63,167

     

    Gain (loss) on sale of loans and leases

     

    20

     

     

    (62

    )

     

    (3,526

    )

     

    645

     

     

    (161,346

    )

    Loss on sale of securities

     

    (454

    )

     

    (59,946

    )

     

    (442,413

    )

     

    (60,400

    )

     

    (442,413

    )

    Dividends and gains on equity investments

     

    18

     

     

    3,730

     

     

    8,138

     

     

    7,982

     

     

    15,731

     

    Warrant income (loss)

     

    343

     

     

    211

     

     

    (173

    )

     

    408

     

     

    (718

    )

    LOCOM HFS adjustment

     

    (3

    )

     

    (74

    )

     

    3,175

     

     

    215

     

     

    (8,461

    )

    Other income

     

    5,334

     

     

    10,689

     

     

    8,606

     

     

    25,345

     

     

    31,201

     

    Total noninterest income (loss)

     

    28,989

     

     

    (15,452

    )

     

    (400,402

    )

     

    77,145

     

     

    (448,285

    )

    Noninterest expense:
    Compensation

     

    77,661

     

     

    85,585

     

     

    89,354

     

     

    341,396

     

     

    332,353

     

    Occupancy

     

    15,678

     

     

    16,892

     

     

    15,925

     

     

    67,993

     

     

    61,668

     

    Information technology and data processing

     

    14,546

     

     

    14,995

     

     

    13,099

     

     

    60,418

     

     

    51,805

     

    Other professional services

     

    5,498

     

     

    5,101

     

     

    2,980

     

     

    20,857

     

     

    24,623

     

    Insurance and assessments

     

    11,179

     

     

    12,708

     

     

    60,016

     

     

    70,779

     

     

    135,666

     

    Intangible asset amortization

     

    7,770

     

     

    8,485

     

     

    4,230

     

     

    33,143

     

     

    11,419

     

    Leased equipment depreciation

     

    7,096

     

     

    7,144

     

     

    7,447

     

     

    29,271

     

     

    34,243

     

    Acquisition, integration and reorganization costs

     

    (1,023

    )

     

    (510

    )

     

    111,800

     

     

    (14,183

    )

     

    142,633

     

    Customer related expense

     

    31,672

     

     

    34,475

     

     

    45,826

     

     

    129,471

     

     

    124,104

     

    Loan expense

     

    4,489

     

     

    3,994

     

     

    4,446

     

     

    17,306

     

     

    20,458

     

    Goodwill impairment

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    1,376,736

     

    Other expense

     

    6,804

     

     

    7,340

     

     

    8,515

     

     

    35,289

     

     

    142,473

     

    Total noninterest expense

     

    181,370

     

     

    196,209

     

     

    363,638

     

     

    791,740

     

     

    2,458,181

     

    Earnings (loss) before income taxes

     

    70,103

     

     

    11,514

     

     

    (659,989

    )

     

    168,654

     

     

    (2,211,338

    )

    Income tax expense (benefit)

     

    13,184

     

     

    2,730

     

     

    (177,034

    )

     

    41,766

     

     

    (312,201

    )

    Net earnings (loss)

     

    56,919

     

     

    8,784

     

     

    (482,955

    )

     

    126,888

     

     

    (1,899,137

    )

    Preferred stock dividends

     

    9,947

     

     

    9,947

     

     

    9,947

     

     

    39,788

     

     

    39,788

     

    Net earnings (loss) available to common and equivalent stockholders

    $

    46,972

     

    $

    (1,163

    )

    $

    (492,902

    )

    $

    87,100

     

    $

    (1,938,925

    )

     
    Basic and diluted earnings (loss) per common share (1)

    $

    0.28

     

    $

    (0.01

    )

    $

    (4.55

    )

    $

    0.52

     

    $

    (22.71

    )

    Weighted average number of common shares outstanding
    Basic

     

    168,604

     

     

    168,583

     

     

    108,290

     

     

    168,441

     

     

    85,394

     

    Diluted

    169,732

    168,583

    108,290

    168,684

    85,394

    (1)

     

    Common shares include non-voting common equivalents that are participating securities.

     
    BANC OF CALIFORNIA, INC.
    SELECTED FINANCIAL DATA
    (UNAUDITED)
     
    Three Months Ended Year Ended
    December 31, September 30, December 31, December 31,
    Profitability and Other Ratios

    2024

    2024

    2023

    2024

    2023

    Return on average assets (1)

    0.67

    %

    0.10

    %

    (5.09

    )%

    0.36

    %

    (4.71

    )%

    Adjusted ROAA (1)(2)

    0.67

    %

    0.59

    %

    (0.66

    )%

    0.50

    %

    0.13

    %

    Pre-tax, pre-provision, pre-goodwill impairment ROAA (1)(2)

    0.98

    %

    0.24

    %

    (6.46

    )%

    0.60

    %

    (1.94

    )%

    Adjusted pre-tax, pre-provision, pre-goodwill impairment ROAA (1)(2)

    0.98

    %

    0.92

    %

    (0.27

    )%

    0.78

    %

    0.20

    %

    Return on average equity (1)

    6.50

    %

    1.01

    %

    (68.49

    )%

    3.70

    %

    (63.42

    )%

    Return on average tangible common equity (1)(2)

    7.35

    %

    0.70

    %

    (102.87

    )%

    4.35

    %

    (35.27

    )%

    Adjusted return on average tangible common equity (1)(2)

    7.35

    %

    7.30

    %

    (12.39

    )%

    6.23

    %

    1.06

    %

    Dividend payout ratio (3)

    35.71

    %

    (1000.00

    )%

    (2.64

    )%

    76.92

    %

    (2.33

    )%

    Average yield on loans and leases (1)

    6.01

    %

    6.18

    %

    5.82

    %

    6.11

    %

    5.92

    %

    Average yield on interest-earning assets (1)

    5.48

    %

    5.63

    %

    5.23

    %

    5.58

    %

    5.21

    %

    Average cost of interest-bearing deposits (1)

    3.18

    %

    3.52

    %

    3.80

    %

    3.48

    %

    3.46

    %

    Average total cost of deposits (1)

    2.26

    %

    2.54

    %

    2.94

    %

    2.52

    %

    2.61

    %

    Average cost of interest-bearing liabilities (1)

    3.48

    %

    3.80

    %

    4.51

    %

    3.79

    %

    4.14

    %

    Average total cost of funds (1)

    2.55

    %

    2.82

    %

    3.68

    %

    2.84

    %

    3.34

    %

    Net interest spread

    2.00

    %

    1.83

    %

    0.72

    %

    1.79

    %

    1.07

    %

    Net interest margin (1)

    3.04

    %

    2.93

    %

    1.69

    %

    2.85

    %

    1.98

    %

    Noninterest income to total revenue (4)

    10.97

    %

    (7.13

    )%

    160.58

    %

    7.69

    %

    (150.01

    )%

    Adjusted noninterest income to adjusted total revenue (2)(4)

    11.12

    %

    16.08

    %

    21.76

    %

    12.93

    %

    18.10

    %

    Noninterest expense to average total assets (1)

    2.15

    %

    2.27

    %

    3.83

    %

    2.24

    %

    6.10

    %

    Adjusted noninterest expense to average total assets (1)(2)

    2.16

    %

    2.26

    %

    2.31

    %

    2.28

    %

    2.06

    %

    Efficiency ratio (2)(5)

    65.49

    %

    68.02

    %

    127.34

    %

    72.47

    %

    124.91

    %

    Adjusted efficiency ratio (2)(6)

    65.49

    %

    68.02

    %

    110.38

    %

    72.02

    %

    86.20

    %

    Loans to deposits ratio

    87.56

    %

    87.80

    %

    84.25

    %

    87.56

    %

    84.25

    %

    Average loans and leases to average deposits

    87.05

    %

    84.05

    %

    84.34

    %

    86.42

    %

    88.32

    %

    Average investment securities to average total assets

    14.01

    %

    13.55

    %

    16.01

    %

    13.26

    %

    16.94

    %

    Average stockholders' equity to average total assets

    10.39

    %

    10.03

    %

    7.43

    %

    9.71

    %

    7.43

    %

     

    (1)

    Annualized.

    (2)

    Non-GAAP measure.

    (3)

    Ratio calculated by dividing dividends declared per common and equivalent share by basic earnings per common and equivalent share.

    (4)

    Total revenue equals the sum of net interest income and noninterest income.

     

    BANC OF CALIFORNIA, INC.
    AVERAGE BALANCE, AVERAGE YIELD EARNED, AND AVERAGE COST PAID
    (UNAUDITED)
     
    Three Months Ended
    December 31, 2024 September 30, 2024 December 31, 2023
    Interest Average Interest Average Interest Average
    Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/
    Balance Expense Cost Balance Expense Cost Balance Expense Cost
    (Dollars in thousands)
    Assets:
    Loans and leases (1)

    $

    23,649,271

    $

    357,303

    6.01

    %

    $

    23,803,691

    $

    369,913

    6.18

    %

    $

    23,608,246

    $

    346,308

    5.82

    %

    Investment securities

     

    4,700,742

     

     

    37,743

     

    3.19

    %

     

    4,665,549

     

     

    34,912

     

    2.98

    %

     

    6,024,737

     

     

    41,280

     

    2.72

    %

    Deposits in financial institutions

     

    2,474,732

     

     

    29,473

     

    4.74

    %

     

    3,106,227

     

     

    42,068

     

    5.39

    %

     

    5,791,739

     

     

    79,652

     

    5.46

    %

    Total interest-earning assets

     

    30,824,745

     

     

    424,519

     

    5.48

    %

     

    31,575,467

     

     

    446,893

     

    5.63

    %

     

    35,424,722

     

     

    467,240

     

    5.23

    %

    Other assets

     

    2,737,283

     

     

    2,850,718

     

     

    2,215,665

     

    Total assets

    $

    33,562,028

     

    $

    34,426,185

     

    $

    37,640,387

     

     
    Liabilities and Stockholders' Equity:
    Interest checking

    $

    7,659,320

     

     

    56,408

     

    2.93

    %

    $

    7,644,515

     

     

    61,880

     

    3.22

    %

    $

    7,296,234

     

     

    60,743

     

    3.30

    %

    Money market

     

    5,003,118

     

     

    31,688

     

    2.52

    %

     

    4,958,777

     

     

    32,361

     

    2.60

    %

     

    5,758,074

     

     

    44,279

     

    3.05

    %

    Savings

     

    1,954,625

     

     

    14,255

     

    2.90

    %

     

    2,028,931

     

     

    17,140

     

    3.36

    %

     

    1,696,222

     

     

    16,446

     

    3.85

    %

    Time

     

    4,645,115

     

     

    51,734

     

    4.43

    %

     

    5,841,965

     

     

    69,605

     

    4.74

    %

     

    6,915,504

     

     

    86,292

     

    4.95

    %

    Total interest-bearing deposits

     

    19,262,178

     

     

    154,085

     

    3.18

    %

     

    20,474,188

     

     

    180,986

     

    3.52

    %

     

    21,666,034

     

     

    207,760

     

    3.80

    %

    Borrowings

     

    1,399,080

     

     

    18,993

     

    5.40

    %

     

    1,063,541

     

     

    16,970

     

    6.35

    %

     

    5,229,425

     

     

    92,474

     

    7.02

    %

    Subordinated debt

     

    942,221

     

     

    16,156

     

    6.82

    %

     

    940,480

     

     

    16,762

     

    7.09

    %

     

    894,219

     

     

    15,955

     

    7.08

    %

    Total interest-bearing liabilities

     

    21,603,479

     

     

    189,234

     

    3.48

    %

     

    22,478,209

     

     

    214,718

     

    3.80

    %

     

    27,789,678

     

     

    316,189

     

    4.51

    %

    Noninterest-bearing demand deposits

     

    7,905,750

     

     

    7,846,641

     

     

    6,326,511

     

    Other liabilities

     

    566,635

     

     

    648,760

     

     

    726,414

     

    Total liabilities

     

    30,075,864

     

     

    30,973,610

     

     

    34,842,603

     

    Stockholders' equity

     

    3,486,164

     

     

    3,452,575

     

     

    2,797,784

     

    Total liabilities and stockholders' equity

    $

    33,562,028

     

    $

    34,426,185

     

    $

    37,640,387

     

    Net interest income (1)

    $

    235,285

     

    $

    232,175

     

    $

    151,051

     

    Net interest spread

    2.00

    %

    1.83

    %

    0.72

    %

    Net interest margin

    3.04

    %

    2.93

    %

    1.69

    %

     
    Total deposits (2)

    $

    27,167,928

     

    $

    154,085

     

    2.26

    %

    $

    28,320,829

     

    $

    180,986

     

    2.54

    %

    $

    27,992,545

     

    $

    207,760

     

    2.94

    %

    Total funds (3)

    $

    29,509,229

     

    $

    189,234

     

    2.55

    %

    $

    30,324,850

     

    $

    214,718

     

    2.82

    %

    $

    34,116,189

     

    $

    316,189

     

    3.68

    %

     

    (1)

    Includes net loan discount accretion of $20.7 million, $23.0 million and $15.7 million for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023.

    (2)

    Total deposits is the sum of total interest-bearing deposits and noninterest-bearing demand deposits. The cost of total deposits is calculated as annualized interest expense on total deposits divided by average total deposits.

    (3)

    Total funds is the sum of total interest-bearing liabilities and noninterest-bearing demand deposits. The cost of total funds is calculated as annualized total interest expense divided by average total funds.
     
    BANC OF CALIFORNIA, INC.
    AVERAGE BALANCE, AVERAGE YIELD EARNED, AND AVERAGE COST PAID
    (UNAUDITED)
     
    Year Ended
    December 31, 2024 December 31, 2023
    Interest Average Interest Average
    Average Income/ Yield/ Average Income/ Yield/
    Balance Expense Cost Balance Expense Cost
    (Dollars in thousands)
    Assets:
    Loans and leases (1)(2)(3)

    $

    24,569,650

    $

    1,501,534

    6.11

    %

    $

    25,330,351

    $

    1,498,701

    5.92

    %

    Investment securities

     

    4,686,615

     

     

    140,794

     

    3.00

    %

     

    6,827,059

     

     

    174,996

     

    2.56

    %

    Deposits in financial institutions

     

    3,226,658

     

     

    170,377

     

    5.28

    %

     

    5,746,858

     

     

    299,647

     

    5.21

    %

    Total interest-earning assets (1)

     

    32,482,923

     

     

    1,812,705

     

    5.58

    %

     

    37,904,268

     

     

    1,973,344

     

    5.21

    %

    Other assets

     

    2,850,565

     

     

    2,389,112

     

    Total assets

    $

    35,333,488

     

    $

    40,293,380

     

     
    Liabilities and Stockholders' Equity:
    Interest checking

    $

    7,714,920

     

     

    240,913

     

    3.12

    %

    $

    6,992,888

     

     

    220,735

     

    3.16

    %

    Money market

     

    5,164,566

     

     

    138,176

     

    2.68

    %

     

    6,724,296

     

     

    190,027

     

    2.83

    %

    Savings

     

    2,005,513

     

     

    66,421

     

    3.31

    %

     

    1,051,117

     

     

    30,978

     

    2.95

    %

    Time

     

    5,714,821

     

     

    270,474

     

    4.73

    %

     

    6,840,920

     

     

    306,683

     

    4.48

    %

    Total interest-bearing deposits

     

    20,599,820

     

     

    715,984

     

    3.48

    %

     

    21,609,221

     

     

    748,423

     

    3.46

    %

    Borrowings

     

    1,838,819

     

     

    104,398

     

    5.68

    %

     

    7,068,826

     

     

    416,744

     

    5.90

    %

    Subordinated debt

     

    939,528

     

     

    66,273

     

    7.05

    %

     

    875,621

     

     

    58,705

     

    6.70

    %

    Total interest-bearing liabilities

     

    23,378,167

     

     

    886,655

     

    3.79

    %

     

    29,553,668

     

     

    1,223,872

     

    4.14

    %

    Noninterest-bearing demand deposits

     

    7,829,976

     

     

    7,072,334

     

    Other liabilities

     

    693,981

     

     

    672,950

     

    Total liabilities

     

    31,902,124

     

     

    37,298,952

     

    Stockholders' equity

     

    3,431,364

     

     

    2,994,428

     

    Total liabilities and stockholders' equity

    $

    35,333,488

     

    $

    40,293,380

     

    Net interest income (1)(2)

    $

    926,050

     

    $

    749,472

     

    Net interest spread (1)

    1.79

    %

    1.07

    %

    Net interest margin (1)

    2.85

    %

    1.98

    %

     
    Total deposits (4)

    $

    28,429,796

     

    $

    715,984

     

    2.52

    %

    $

    28,681,555

     

    $

    748,423

     

    2.61

    %

    Total funds (5)

    $

    31,208,143

     

    $

    886,655

     

    2.84

    %

    $

    36,626,002

     

    $

    1,223,872

     

    3.34

    %

     

    (1)

    Tax equivalent.

    (2)

    Includes net loan discount accretion of $88.0 million and $9.7 million for the year ended December 31, 2024 and 2023, respectively.

    (3)

    Includes tax-equivalent adjustments of $0.0 million and $2.3 million for the year ended December 31, 2024 and 2023 related to tax-exempt income on loans. The federal statutory tax rate utilized was 21%.

    (4)

    Total deposits is the sum of total interest-bearing deposits and noninterest-bearing demand deposits. The cost of total deposits is calculated as annualized interest expense on total deposits divided by average total deposits.

    (5)

    Total funds is the sum of total interest-bearing liabilities and noninterest-bearing demand deposits. The cost of total funds is calculated as annualized total interest expense divided by average total funds.

    BANC OF CALIFORNIA, INC.

    NON-GAAP MEASURES

    We refer to certain financial measures that are not recognized under U.S. generally accepted accounting principles ("GAAP") in this press release, including: tangible assets, tangible common equity, tangible common equity to tangible assets, tangible book value per common share, return on average tangible common equity, adjusted net earnings (loss), adjusted noninterest expense, and economic coverage ratio. These non-GAAP measures are used by management in its analysis of the Company's performance.

    Tangible assets is calculated by subtracting goodwill and other intangible assets from total assets. Tangible common equity is calculated by subtracting preferred stock, as applicable, from tangible equity. Return on average tangible common equity is calculated by dividing net earnings available to common stockholders, after adjustment for amortization of intangible assets and goodwill impairment, by average tangible common equity. Adjusted return on average tangible common equity is calculated by dividing adjusted net earnings available to common stockholders, after adjustment for amortization of intangible assets, goodwill impairment, and any unusual one-time items, by average tangible common equity. Banking regulators also exclude goodwill and other intangible assets from stockholders' equity when assessing the capital adequacy of a financial institution.

    Adjusted net earnings (loss) is calculated by adjusting net earnings (loss) by unusual, one-time items. ROAA is calculated by dividing annualized net earnings (loss) by average assets. Adjusted ROAA is calculated by dividing annualized adjusted net earnings (loss) by average assets.

    Adjusted noninterest expense is calculated by subtracting acquisition, integration and reorganization costs from total noninterest expense.

    Economic coverage ratio is calculated by dividing the allowance for credit losses adjusted for the impact of the credit-linked notes and unearned credit mark from purchase accounting by loans and leases held for investment, net of deferred fees.

    Management believes the presentation of these financial measures adjusting the impact of these items provides useful supplemental information that is essential to a proper understanding of the financial results and operating performance of the Company. This disclosure should not be viewed as a substitute for results determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

    The following tables provide reconciliations of the non-GAAP measures to financial measures defined by GAAP.

    BANC OF CALIFORNIA, INC.
    NON-GAAP MEASURES
    (UNAUDITED)
     
    Tangible Common Equity Ratio December 31, September 30, June 30, March 31, December 31,
    and Tangible Book Value Per Share

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

    (Dollars in thousands, except per share amounts)

    Stockholders' equity

    $

    3,499,949

     

    $

    3,496,198

     

    $

    3,407,848

     

    $

    3,394,150

     

    $

    3,390,765

     

    Less: Preferred stock

     

    498,516

     

     

    498,516

     

     

    498,516

     

     

    498,516

     

     

    498,516

     

    Total common equity

     

    3,001,433

     

     

    2,997,682

     

     

    2,909,332

     

     

    2,895,634

     

     

    2,892,249

     

    Less: Goodwill and intangible assets

     

    347,465

     

     

    357,332

     

     

    364,819

     

     

    355,853

     

     

    364,104

     

    Tangible common equity

    $

    2,653,968

     

    $

    2,640,350

     

    $

    2,544,513

     

    $

    2,539,781

     

    $

    2,528,145

     

     
    Total assets

    $

    33,542,864

     

    $

    33,432,613

     

    $

    35,243,839

     

    $

    36,073,516

     

    $

    38,534,064

     

    Less: Goodwill and intangible assets

     

    347,465

     

     

    357,332

     

     

    364,819

     

     

    355,853

     

     

    364,104

     

    Tangible assets

    $

    33,195,399

     

    $

    33,075,281

     

    $

    34,879,020

     

    $

    35,717,663

     

    $

    38,169,960

     

     
    Total stockholders' equity to total assets

     

    10.43

    %

     

    10.46

    %

     

    9.67

    %

     

    9.41

    %

     

    8.80

    %

    Tangible common equity ratio (1)

     

    7.99

    %

     

    7.98

    %

     

    7.30

    %

     

    7.11

    %

     

    6.62

    %

    Book value per common share (2)

    $

    17.78

     

    $

    17.75

     

    $

    17.23

     

    $

    17.13

     

    $

    17.12

     

    Tangible book value per common share (3)

    $

    15.72

     

    $

    15.63

     

    $

    15.07

     

    $

    15.03

     

    $

    14.96

     

    Common shares outstanding (4)

     

    168,825,656

     

     

    168,879,566

     

     

    168,875,712

     

     

    169,013,629

     

     

    168,959,063

     

     

    (1)

    Tangible common equity divided by tangible assets.

    (2)

    Total common equity divided by common shares outstanding.

    (3)

    Tangible common equity divided by common shares outstanding.

    (4)

    Common shares outstanding include non-voting common equivalents that are participating securities.
     
    BANC OF CALIFORNIA, INC.
    NON-GAAP MEASURES
    (UNAUDITED)
     
    Three Months Ended Year Ended
    Return on Average Tangible December 31, September 30, December 31, December 31,
    Common Equity ("ROATCE")

     

    2024

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    (Dollars in thousands)
    Net earnings (loss)

    $

    56,919

     

    $

    8,784

     

    $

    (482,955

    )

    $

    126,888

     

    $

    (1,899,137

    )

     
    Earnings (loss) before income taxes

    $

    70,103

     

    $

    11,514

     

    $

    (659,989

    )

    $

    168,654

     

    $

    (2,211,338

    )

    Add: Intangible asset amortization

     

    7,770

     

     

    8,485

     

     

    4,230

     

     

    33,143

     

     

    11,419

     

    Add: Goodwill impairment

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    1,376,736

     

    Adjusted earnings (loss) before income taxes used for ROATCE

     

    77,873

     

     

    19,999

     

     

    (655,759

    )

     

    201,797

     

     

    (823,183

    )

    Adjusted income tax expense (benefit) (1)

     

    19,281

     

     

    5,522

     

     

    (92,593

    )

     

    49,965

     

     

    (116,233

    )

    Adjusted net earnings (loss) for ROATCE

     

    58,592

     

     

    14,477

     

     

    (563,166

    )

     

    151,832

     

     

    (706,950

    )

    Less: Preferred stock dividends

     

    9,947

     

     

    9,947

     

     

    9,947

     

     

    39,788

     

     

    39,788

     

    Adjusted net earnings (loss) available to common and equivalent stockholders for ROATCE

    $

    48,645

     

    $

    4,530

     

    $

    (573,113

    )

    $

    112,044

     

    $

    (746,738

    )

     
    Average stockholders' equity

    $

    3,486,164

     

    $

    3,452,575

     

    $

    2,797,784

     

    $

    3,431,364

     

    $

    2,994,428

     

    Less: Average goodwill and intangible assets

     

    352,907

     

     

    361,316

     

     

    89,041

     

     

    356,960

     

     

    379,005

     

    Less: Average preferred stock

     

    498,516

     

     

    498,516

     

     

    498,516

     

     

    498,516

     

     

    498,516

     

    Average tangible common equity

    $

    2,634,741

     

    $

    2,592,743

     

    $

    2,210,227

     

    $

    2,575,888

     

    $

    2,116,907

     

     
    Return on average equity (2)

     

    6.50

    %

     

    1.01

    %

     

    (68.49

    )%

     

    3.70

    %

     

    (63.42

    )%

    ROATCE (3)

     

    7.35

    %

     

    0.70

    %

     

    (102.87

    )%

     

    4.35

    %

     

    (35.27

    )%

     

    (1)

    Effective tax rates of 24.76%, 27.61%, and 14.12% used for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively. Effective tax rates of 24.76% and 14.12% used for the years ended December 31, 2024 and 2023.

    (2)

    Annualized net earnings (loss) divided by average stockholders' equity.

    (3)

    Annualized adjusted net earnings (loss) available to common and equivalent stockholders for ROATCE divided by average tangible common equity.
     
    BANC OF CALIFORNIA, INC.
    NON-GAAP MEASURES
    (UNAUDITED)
     
    Three Months Ended Year Ended
    Adjusted Return on Average December 31, September 30, December 31, December 31,
    Tangible Common Equity ("ROATCE")

     

    2024

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    (Dollars in thousands)
    Net earnings (loss)

    $

    56,919

     

    $

    8,784

     

    $

    (482,955

    )

    $

    126,888

     

    $

    (1,899,137

    )

     
    Earnings (loss) before income taxes

    $

    70,103

     

    $

    11,514

     

    $

    (659,989

    )

    $

    168,654

     

    $

    (2,211,338

    )

    Add: Intangible asset amortization

     

    7,770

     

     

    8,485

     

     

    4,230

     

     

    33,143

     

     

    11,419

     

    Add: Goodwill impairment

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    1,376,736

     

    Add: FDIC special assessment

     

    -

     

     

    -

     

     

    32,746

     

     

    4,814

     

     

    32,746

     

    Add: Loss on sale of securities

    NA

     

    59,946

     

     

    442,413

     

     

    59,946

     

     

    442,413

     

    Less: Acquisition, integration, and reorganization costs

    NA

     

    (510

    )

     

    111,800

     

     

    (510

    )

     

    142,633

     

    Add: Loan fair value loss adjustments

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    170,971

     

    Add: Unfunded commitments fair value loss adjustments

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    106,767

     

    Adjusted earnings before income taxes used for adjusted ROATCE

     

    77,873

     

     

    79,435

     

     

    (68,800

    )

     

    266,047

     

     

    72,347

     

    Adjusted income tax expense (1)

     

    19,281

     

     

    21,932

     

     

    (9,715

    )

     

    65,873

     

     

    10,215

     

    Adjusted net earnings for adjusted ROATCE

     

    58,592

     

     

    57,503

     

     

    (59,085

    )

     

    200,174

     

     

    62,132

     

    Less: Preferred stock dividends

     

    9,947

     

     

    9,947

     

     

    9,947

     

     

    39,788

     

     

    39,788

     

    Adjusted net earnings available to common and equivalent stockholders for adjusted ROATCE

    $

    48,645

     

    $

    47,556

     

    $

    (69,032

    )

    $

    160,386

     

    $

    22,344

     

     
    Average stockholders' equity

    $

    3,486,164

     

    $

    3,452,575

     

    $

    2,797,784

     

    $

    3,431,364

     

    $

    2,994,428

     

    Less: Average goodwill and intangible assets

     

    352,907

     

     

    361,316

     

     

    89,041

     

     

    356,960

     

     

    379,005

     

    Less: Average preferred stock

     

    498,516

     

     

    498,516

     

     

    498,516

     

     

    498,516

     

     

    498,516

     

    Average tangible common equity

    $

    2,634,741

     

    $

    2,592,743

     

    $

    2,210,227

     

    $

    2,575,888

     

    $

    2,116,907

     

     
    Adjusted ROATCE (2)

     

    7.35

    %

     

    7.30

    %

     

    (12.39

    )%

     

    6.23

    %

     

    1.06

    %

     

    (1)

    Effective tax rates of 24.76%, 27.61%, and 14.12% used for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively. Effective tax rates of 24.76% and 14.12% used for the years ended December 31, 2024 and 2023.

    (2)

    Annualized adjusted net earnings available to common and equivalent stockholders for adjusted ROATCE divided by average tangible common equity.
     
    BANC OF CALIFORNIA, INC.
    NON-GAAP MEASURES
    (UNAUDITED)
     
    Adjusted Net Earnings, Net Earnings Three Months Ended Year Ended
    Available to Common and Equivalent December 31, September 30, December 31, December 31,
    Stockholders, Diluted EPS, and ROAA

     

    2024

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    (In thousands, except per share amounts)
    Net earnings (loss)

    $

    56,919

     

    $

    8,784

     

    $

    (482,955

    )

    $

    126,888

     

    $

    (1,899,137

    )

     
    Earnings (loss) before income taxes

    $

    70,103

     

    $

    11,514

     

    $

    (659,989

    )

    $

    168,654

     

    $

    (2,211,338

    )

    Add: FDIC special assessment

     

    -

     

     

    -

     

     

    32,746

     

     

    4,814

     

     

    32,746

     

    Add: Loss on sale of securities

    NA

     

    59,946

     

     

    442,413

     

     

    59,946

     

     

    442,413

     

    Less: Acquisition, integration, and reorganization costs

    NA

     

    (510

    )

     

    111,800

     

     

    (510

    )

     

    142,633

     

    Add: Loan fair value loss adjustments

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    170,971

     

    Add: Unfunded commitments fair value loss adjustments

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    106,767

     

    Add: Goodwill impairment

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    1,376,736

     

    Adjusted earnings (loss) before income taxes

     

    70,103

     

     

    70,950

     

     

    (73,030

    )

     

    232,904

     

     

    60,928

     

    Adjusted income tax expense (benefit) (1)

     

    13,184

     

     

    19,589

     

     

    (10,312

    )

     

    57,667

     

     

    8,603

     

    Adjusted net earnings (loss)

     

    56,919

     

     

    51,361

     

     

    (62,718

    )

     

    175,237

     

     

    52,325

     

    Less: Preferred stock dividends

     

    (9,947

    )

     

    (9,947

    )

     

    (9,947

    )

     

    (39,788

    )

     

    (39,788

    )

    Adjusted net earnings (loss) available to common and equivalent stockholders

    $

    46,972

     

    $

    41,414

     

    $

    (72,665

    )

    $

    135,449

     

    $

    12,537

     

     
    Weighted average common shares outstanding

     

    169,732

     

     

    168,583

     

     

    108,290

     

     

    168,684

     

     

    85,394

     

    Diluted (loss) earnings per common share

    $

    0.28

     

    $

    (0.01

    )

    $

    (4.55

    )

    $

    0.52

     

    $

    (22.71

    )

    Adjusted diluted earnings per common share (2)

    $

    0.28

     

    $

    0.25

     

    $

    (0.67

    )

    $

    0.80

     

    $

    0.15

     

     
    Average total assets

    $

    33,562,028

     

    $

    34,426,185

     

    $

    37,640,387

     

    $

    35,333,488

     

    $

    40,293,380

     

    Return on average assets ("ROAA") (3)

     

    0.67

    %

     

    0.10

    %

     

    (5.09

    )%

     

    0.36

    %

     

    (4.71

    )%

    Adjusted ROAA (4)

     

    0.67

    %

     

    0.59

    %

     

    (0.66

    )%

     

    0.50

    %

     

    0.13

    %

     

    (1)

    Effective tax rates of 24.76%, 27.61%, and 14.12% used for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively. Effective tax rates of 24.76% and 14.12% used for the years ended December 31, 2024 and 2023.

    (2)

    Adjusted net earnings (loss) available to common and equivalent stockholders divided by weighted average common shares outstanding.

    (3)

    Annualized net earnings (loss) divided by average assets.

    (4)

    Annualized adjusted net earnings (loss) divided by average assets.
     
    BANC OF CALIFORNIA, INC.
    NON-GAAP MEASURES
    (UNAUDITED)
     
    Three Months Ended Year Ended
    December 31, September 30, December 31, December 31,
    Adjusted Noninterest Expense

     

    2024

     

     

    2024

     

     

    2023(1)

     

     

    2024

     

     

    2023

     

    (Dollars in thousands)
    Noninterest expense

    $

    181,370

    $

    196,209

    $

    363,638

     

    $

    791,740

    $

    2,458,181

     

    Less: Acquisition, integration, and reorganization costs

     

    1,023

     

     

    510

     

     

    (111,800

    )

     

    14,183

     

     

    (142,633

    )

    Adjusted noninterest expense

    $

    182,393

     

    $

    196,719

     

    $

    251,838

     

    $

    805,923

     

    $

    2,315,548

     

     
    (1) Does not reflect normalization to include combined company expenses for the full quarter and incentive compensation adjusted to target.
    BANC OF CALIFORNIA, INC.
    NON-GAAP MEASURES
    (UNAUDITED)
    December 31,
    Economic Coverage Ratio

     

    2024

     

    (Dollars in thousands)
     
    Allowance for credit losses ("ACL")

    $

    268,431

     

    Add: Unearned credit mark from purchase accounting (1)

     

    22,473

     

    Add: Credit-linked notes (2)

     

    116,991

     

    Adjusted allowance for credit losses

    $

    407,895

     

     
    Loans and leases held for investment, net of deferred fees

    $

    23,781,663

     

     
    ACL to loans and leases held for investment (3)

     

    1.13

    %

     
    Economic coverage ratio (4)

     

    1.72

    %

     

    (1)

    Unearned credit mark from purchase accounting estimated by using the same pro rata split between the credit and yield marks associated with the non-PCD loans (purchased loans without credit deterioration at the time of the purchase) at the time of the acquisition.

    (2)

    Credit-linked notes loss coverage equal to 5% of the unpaid principal balance of the pledged loans.

    (3)

    Allowance for credit losses divided by loans and leases held for investment, net of deferred fees.

    (4)

    Adjusted allowance for credit losses divided by loans and leases held for investment, net of deferred fees.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250122610723/en/

    Investor Relations Inquiries:

    Banc of California, Inc.

    (855) 361-2262

    Jared Wolff, (310) 424-1230

    Joe Kauder, (310) 844-5224

    Ann DeVries, (646) 376-7011

    Media Contact:

    Debora Vrana, Banc of California

    (213) 533-3122

    [email protected]

    Get the next $BANC alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $BANC

    DatePrice TargetRatingAnalyst
    2/7/2025$18.00Neutral
    Analyst
    1/6/2025$17.00 → $20.00Equal Weight → Overweight
    Wells Fargo
    10/31/2024$17.00 → $18.00Equal Weight → Overweight
    Barclays
    10/10/2024$15.00Neutral
    Citigroup
    9/24/2024$14.00 → $18.00Neutral → Outperform
    Wedbush
    9/17/2024$16.00Mkt Perform → Outperform
    Raymond James
    3/22/2024$16.00 → $18.00Mkt Perform → Outperform
    Keefe Bruyette
    3/8/2024$16.00Equal Weight
    Barclays
    More analyst ratings

    $BANC
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Banc of California, Inc. Announces Quarterly Dividends

      Banc of California, Inc. (the "Company") (NYSE:BANC) announced today that its Board of Directors declared a quarterly cash dividend of $0.10 per share on its outstanding common stock. The dividend will be payable July 1, 2025, to stockholders of record as of June 16, 2025. The Board of Directors also declared a quarterly cash dividend of $0.4845 per depositary share on its 7.75% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series F. The dividend will be payable June 2, 2025, to stockholders of record as of May 19, 2025. The Series F depositary shares are traded on the New York Stock Exchange under the "Banc/PF" symbol. The Company maintains a Dividend Reinvestment Plan (DRIP) whic

      5/8/25 6:00:00 AM ET
      $BANC
      Major Banks
      Finance
    • Banc of California, Inc. Reports First Quarter Diluted Earnings per Share of $0.26 and Loan Growth of 6% Annualized in the First Quarter; Upsizes Stock Buyback Program to $300 Million

      Banc of California, Inc. (NYSE:BANC): $0.26 Earnings Per Share   $18.17 Book Value Per Share   $16.12 Tangible Book Value Per Share(1)     10.43% CET1 Ratio     6% Annualized Loan Growth Banc of California, Inc. (NYSE:BANC) ("Banc of California" or the "Company"), the parent company of wholly-owned subsidiary Banc of California (the "Bank"), today reported financial results for the first quarter ended March 31, 2025. The Company reported net earnings available to common and equivalent stockholders of $43.6 million, or $0.26 per diluted common share, for the first quarter of 2025. This compares to net earnings available to common and equivalent st

      4/23/25 4:15:00 PM ET
      $BANC
      Major Banks
      Finance
    • Banc of California Announces Schedule of First Quarter 2025 Earnings Release and Conference Call

      Banc of California, Inc. (the "Company") (NYSE:BANC) today announced it will release 2025 first quarter financial results after market close on Wednesday, April 23, 2025. The Company will host a conference call to discuss its first quarter results the following day on Thursday, April 24, 2025 at 10:00 a.m. Pacific Time (PT). Interested parties are welcome to attend the conference call by dialing (888) 317-6003 and referencing event code 8785621. A link to the live audio webcast and the slide presentation for the call will be available on the Company's investor relations website prior to the call. An audio archive of the conference call will be available on the Company's investor relations

      4/7/25 6:00:00 AM ET
      $BANC
      Major Banks
      Finance

    $BANC
    Financials

    Live finance-specific insights

    See more
    • Banc of California, Inc. Reports First Quarter Diluted Earnings per Share of $0.26 and Loan Growth of 6% Annualized in the First Quarter; Upsizes Stock Buyback Program to $300 Million

      Banc of California, Inc. (NYSE:BANC): $0.26 Earnings Per Share   $18.17 Book Value Per Share   $16.12 Tangible Book Value Per Share(1)     10.43% CET1 Ratio     6% Annualized Loan Growth Banc of California, Inc. (NYSE:BANC) ("Banc of California" or the "Company"), the parent company of wholly-owned subsidiary Banc of California (the "Bank"), today reported financial results for the first quarter ended March 31, 2025. The Company reported net earnings available to common and equivalent stockholders of $43.6 million, or $0.26 per diluted common share, for the first quarter of 2025. This compares to net earnings available to common and equivalent st

      4/23/25 4:15:00 PM ET
      $BANC
      Major Banks
      Finance
    • Banc of California Announces Schedule of First Quarter 2025 Earnings Release and Conference Call

      Banc of California, Inc. (the "Company") (NYSE:BANC) today announced it will release 2025 first quarter financial results after market close on Wednesday, April 23, 2025. The Company will host a conference call to discuss its first quarter results the following day on Thursday, April 24, 2025 at 10:00 a.m. Pacific Time (PT). Interested parties are welcome to attend the conference call by dialing (888) 317-6003 and referencing event code 8785621. A link to the live audio webcast and the slide presentation for the call will be available on the Company's investor relations website prior to the call. An audio archive of the conference call will be available on the Company's investor relations

      4/7/25 6:00:00 AM ET
      $BANC
      Major Banks
      Finance
    • Banc of California, Inc. Reports Fourth Quarter Diluted Earnings per Share of $0.28, Reflecting Strong Year-Over-Year Net Interest Margin Expansion and Lower Noninterest Expenses

      Banc of California, Inc. (NYSE:BANC): $0.28 Earnings Per Share $17.78 Book Value Per Share   $15.72 Tangible Book Value Per Share(1) 10.55% CET1 Ratio 29.1% Average Noninterest- Bearing Deposits to Average Total Deposits Banc of California, Inc. (NYSE:BANC) ("Banc of California" or the "Company"), the parent company of wholly-owned subsidiary Banc of California (the "Bank"), today reported financial results for the fourth quarter and year ended December 31, 2024. The Company reported net earnings available to common and equivalent stockholders of $47.0 million, or $0.28 per diluted common share, for the fourth quarter o

      1/23/25 6:00:00 AM ET
      $BANC
      Major Banks
      Finance

    $BANC
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Director Barker James Andrew bought $131,560 worth of shares (10,000 units at $13.16) (SEC Form 4)

      4 - BANC OF CALIFORNIA, INC. (0001169770) (Issuer)

      4/29/25 8:49:31 PM ET
      $BANC
      Major Banks
      Finance
    • Wolff Jared M bought $99,677 worth of shares (7,130 units at $13.98) (SEC Form 4)

      4 - BANC OF CALIFORNIA, INC. (0001169770) (Issuer)

      4/26/24 8:29:10 AM ET
      $BANC
      Major Banks
      Finance
    • Lashley Richard J bought $108,562 worth of shares (7,500 units at $14.47) (SEC Form 4)

      4 - BANC OF CALIFORNIA, INC. (0001169770) (Issuer)

      3/15/24 4:44:35 PM ET
      $BANC
      Major Banks
      Finance

    $BANC
    Leadership Updates

    Live Leadership Updates

    See more
    • Banc of California Expands Specialty Lending Team

      Chris Hague joins Banc of California as Executive Vice President and Head of Specialty Finance Team includes five others to expand lender finance and additional areas Banc of California, a wholly owned subsidiary of Banc of California, Inc. (NYSE:BANC), announced today that Chris Hague has joined the company as Executive Vice President and Head of Specialty Finance. In this role, Hague oversees the bank's teams in Lender Finance, Asset-Based Lending (ABL), and Corporate Asset Finance and Commercial Aviation (CAF). Hague is also a member of the bank's Senior Management Committee. Hague is based in Chicago and reports to Hamid Hussain, President of the bank. Hague is an industry leader

      9/3/24 4:15:00 PM ET
      $BANC
      Major Banks
      Finance
    • Carlyle Group and WP Carey Set to Join S&P MidCap 400; Others to Join S&P SmallCap 600

      NEW YORK, Nov. 27, 2023 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P MidCap 400 and S&P SmallCap 600 effective prior to the open of trading on Thursday, November 30: Carlyle Group Inc. (NASD: CG) will replace ICU Medical Inc. (NASD: ICUI) in the S&P MidCap 400. ICU Medical will replace PacWest Bancorp (NASD: PACW) in the S&P SmallCap 600. Banc of California Inc. (NYSE:BANC) is acquiring PacWest Bancorp in a deal expected to be completed soon, pending final closing conditions. Post-merger, Banc of California will remain in the S&P SmallCap 600. ICU Medical is more representative of the small-cap market space.WP Carey Inc. (NYSE: WPC) will replace Worthingt

      11/27/23 6:28:00 PM ET
      $AVTA
      $BANC
      $CG
      $CWEN
      Finance: Consumer Services
      Finance
      Major Banks
      Investment Managers
    • Banc of California Names Joseph Kauder Executive Vice President and Chief Financial Officer

      Banc of California, Inc. (NYSE:BANC) (the "Company"), the holding company for Banc of California, N.A. (the "Bank"), today announced the appointment of Joseph Kauder as Executive Vice President and Chief Financial Officer of the Company and the Bank, effective July 10, 2023. Mr. Kauder succeeds Executive Vice President and CFO Lynn Hopkins, who stepped down from the Company effective March 31, 2023. Raymond Rindone, the Company's Deputy CFO and Chief Accounting Officer, will continue to serve as interim Chief Financial Officer until Mr. Kauder joins the Company. "I am thrilled to have Joe join our executive leadership team," said Jared Wolff, Chairman, President & CEO of Banc of Califor

      7/6/23 6:00:00 AM ET
      $BANC
      Major Banks
      Finance

    $BANC
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Director Rice Joseph J was granted 5,883 shares, increasing direct ownership by 37% to 21,637 units (SEC Form 4)

      4 - BANC OF CALIFORNIA, INC. (0001169770) (Issuer)

      5/9/25 4:48:28 PM ET
      $BANC
      Major Banks
      Finance
    • CHIEF CREDIT OFFICER Corsini Bryan M covered exercise/tax liability with 9,677 shares, decreasing direct ownership by 8% to 108,955 units (SEC Form 4)

      4 - BANC OF CALIFORNIA, INC. (0001169770) (Issuer)

      5/9/25 4:48:15 PM ET
      $BANC
      Major Banks
      Finance
    • Director Thau Andrew was granted 5,883 shares, increasing direct ownership by 17% to 41,502 units (SEC Form 4)

      4 - BANC OF CALIFORNIA, INC. (0001169770) (Issuer)

      5/9/25 4:47:15 PM ET
      $BANC
      Major Banks
      Finance

    $BANC
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G filed by Banc of California Inc.

      SC 13G - BANC OF CALIFORNIA, INC. (0001169770) (Subject)

      11/14/24 1:28:28 PM ET
      $BANC
      Major Banks
      Finance
    • Amendment: SEC Form SC 13D/A filed by Banc of California Inc.

      SC 13D/A - BANC OF CALIFORNIA, INC. (0001169770) (Subject)

      8/1/24 5:00:49 PM ET
      $BANC
      Major Banks
      Finance
    • SEC Form SC 13G/A filed by Banc of California Inc. (Amendment)

      SC 13G/A - BANC OF CALIFORNIA, INC. (0001169770) (Subject)

      2/13/24 4:58:57 PM ET
      $BANC
      Major Banks
      Finance

    $BANC
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Analyst initiated coverage on Banc of California with a new price target

      Analyst initiated coverage of Banc of California with a rating of Neutral and set a new price target of $18.00

      2/7/25 8:22:15 AM ET
      $BANC
      Major Banks
      Finance
    • Banc of California upgraded by Wells Fargo with a new price target

      Wells Fargo upgraded Banc of California from Equal Weight to Overweight and set a new price target of $20.00 from $17.00 previously

      1/6/25 7:41:42 AM ET
      $BANC
      Major Banks
      Finance
    • Banc of California upgraded by Barclays with a new price target

      Barclays upgraded Banc of California from Equal Weight to Overweight and set a new price target of $18.00 from $17.00 previously

      10/31/24 6:16:32 AM ET
      $BANC
      Major Banks
      Finance

    $BANC
    SEC Filings

    See more
    • SEC Form 10-Q filed by Banc of California Inc.

      10-Q - BANC OF CALIFORNIA, INC. (0001169770) (Filer)

      5/9/25 4:19:52 PM ET
      $BANC
      Major Banks
      Finance
    • Banc of California Inc. filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders, Other Events

      8-K - BANC OF CALIFORNIA, INC. (0001169770) (Filer)

      5/8/25 5:07:45 PM ET
      $BANC
      Major Banks
      Finance
    • Banc of California Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - BANC OF CALIFORNIA, INC. (0001169770) (Filer)

      4/23/25 4:27:41 PM ET
      $BANC
      Major Banks
      Finance