secwatch.observer — SEC 8-K summary
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Issuer:     BANC OF CALIFORNIA, INC. (BANC)
CIK:        0001169770
Form:       8-K
Filed at:   2024-04-23T23:59:59+00:00
Accession:  0001140361-24-021153
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Banc of California posts Q1 net income of $28.2M, net interest margin expands 109 bps to 2.78%
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- Net earnings available to common $28.2M ($0.17 diluted EPS); adjusted EPS $0.19 excluding FDIC special assessment.
- Net interest income $239.1M (+58% QoQ); net interest margin 2.78%, up from 1.69% in Q4.
- Noninterest expense declined to $210.5M (ex-merger costs) from $251.8M in Q4 due to lower FDIC assessment and no merger costs.
- Nonperforming loans rose to $146M (0.57% of loans) from $62.5M, driven by four CRE credits; allowance for credit losses 1.26%.
- Total deposits $28.9B, down $1.5B; noninterest-bearing deposits increased to 27% of total; liquidity $16.8B.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1169770/000114036124021153/0001140361-24-021153-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1169770/000114036124021153/ef20027444_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-24-021153

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