Highest-materiality recent filing
Banc of California Q1 EPS $0.39 (+50% YoY); NIM expands to 3.24%; sub debt redemption
Diluted EPS $0.39, up 50% YoY; net income available to common $62M.
Banc of California Q4 diluted EPS $0.42, up 11% QoQ; full year EPS $1.17 vs $0.52
Q4 net earnings available to common stockholders $67.4M ($0.42 diluted EPS), vs $59.7M ($0.38) in Q3 2025.
Banc of California Q3 EPS $0.38 vs $0.12 in Q2; revenue up 5%, NIM expands 12 bps
Diluted EPS of $0.38, up from $0.12 in Q2; net earnings $59.7M vs $18.4M
Banc of California Q2 EPS $0.12 ($0.31 adj); loan growth 9% ann.; NIM 3.10%
Net earnings available to common $18.4M ($0.12 diluted); adjusted EPS $0.31.
Banc of California Q1 EPS $0.26, loan growth 6% annualized; upsizes buyback to $300M
Net earnings $43.6M, diluted EPS $0.26; NIM expanded 4bps to 3.08%.
Banc of California EVP & COO John Sotoodeh to depart Nov 7, 2024
John Sotoodeh, EVP and COO, will leave Banc of California effective November 7, 2024.
Dismissed KPMG as auditor; appointed Ernst & Young for FY 2024. No adverse opinions or disagreements in prior audits.
Banc of California posts Q1 net income of $28.2M, net interest margin expands 109 bps to 2.78%
Net earnings available to common $28.2M ($0.17 diluted EPS); adjusted EPS $0.19 excluding FDIC special assessment.
Banc of California Q4 net loss $492.9M on $442M securities loss, $112M merger costs
Net loss of $492.9M ($4.55 diluted loss) vs Q3 loss $33.3M; includes $442.4M loss on security sales, $111.8M merger costs, $32.7M FDIC assessment.
Banc of California completes PacWest merger; $400M equity raise, ~78.8M shares issued
Merger consideration: 0.6569 BANC shares per PACW share; total ~78.8M BANC shares issued.
Banc of California and PacWest receive stockholder approvals; merger expected to close Nov 30
Each company's stockholders voted >98% in favor of the merger proposal.
BANC and PACW supplement merger proxy; 11 demand letters, 3 lawsuits, board appointments
BANC and PACW received 11 demand letters from stockholders challenging the merger; three lawsuits filed in federal and state court.
Banc of California Appoints Four New Directors in Connection with PacWest Merger; Four to Retire
Todd Schell (Warburg Pincus) and three PacWest directors appointed to Banc of California board, effective upon merger closing.
Banc of California Q3 net income $42.6M, adj. EPS $0.30; PacWest merger on track for Nov 30
Net income $42.6M ($0.74 diluted EPS) vs $17.9M ($0.31) prior qtr; adjusted net income $17.1M ($0.30).
Federal Reserve and California DFPI granted approval; no further regulatory approvals required.
Banc of California merges with PacWest; investors inject $400M at $12.30/share
PacWest stockholders to receive 0.6569 BANC shares per PACW share; preferred converts to new BANC preferred.
Banc of California merges with PacWest in all-stock deal; Warburg Pincus & Centerbridge invest $400M
PacWest stockholders receive 0.6569 BANC shares per share; combined ~$36B asset bank with 70+ CA branches.
Banc of California Q2 net income $17.9M; merges with PacWest Bancorp with $400M capital raise
Net income $17.9M ($0.31 EPS); adjusted net income $18.4M ($0.32 EPS).
Banc of California Q1 net income $20.3M ($0.34 EPS); deposits down 2%, dividend raised 67%
GAAP EPS $0.34 vs $0.36 prior quarter; adjusted EPS $0.37 vs $0.45.
Banc of California CFO Lynn Hopkins to step down; Raymond Rindone named Interim CFO
CFO Lynn Hopkins to depart March 31, 2023; severance of 100% base salary plus 50% target bonus.
BANC increases quarterly dividend 67% to $0.10/share and authorizes $35M buyback
Quarterly dividend raised 66.7% to $0.10/share; payable Apr 3, 2023 to holders of record Mar 15, 2023.
Banc of California FY2022 net income $115.8M record; Q4 adj. EPS $0.45
Q4 net income $21.5M, diluted EPS $0.36; adjusted EPS $0.45.
Banc of California Reports Q3 2022 Net Income of $24.2M, Completes Deepstack Acquisition
Net income $24.2M ($0.40 diluted EPS) vs $26.7M in Q2 2022; adjusted EPS $0.44.
Banc of California acquires Deepstack payment platform for $24M in cash and stock
Acquisition of Deepstack's payments platform for $24M (70% cash, 30% stock at $17.46/share).
Banc of California Q2 net income $26.7M, EPS $0.43; loan fundings $1.2B, NIM expands
Net income $26.7M, diluted EPS $0.43; adjusted EPS $0.45.
Banc of California Q1 2022 EPS $0.69 vs $0.07 prior; net income $48.5M
Diluted EPS $0.69, net income $48.5M; prior quarter EPS $0.07, net income $5.8M.
Banc of California authorizes $75M share repurchase program through March 2023
Board authorized repurchase of up to $75M of common stock, expiring March 2023.
Banc of California settles fraud lawsuit for $39.9M; expects net $31.3M recovery
Settlement with Chicago Title entities resolves claims from $35.1M charge-off on fraudulent 2017 line of credit.
Banc of California redeems all Series E Preferred Stock for $98.7M, declares quarterly dividends
Redeems all 98,702 shares of Series E Preferred (3,948,105 depositary shares) at $25 per depositary share, total $98,702,625, on March 15, 2022.
Net income $5.8M ($0.07 diluted EPS) vs $23.2M ($0.42) in Q3; includes $13.5M pre-tax merger costs.
Banc of California reports Q3 net income $23.2M, EPS $0.42; completes Pacific Mercantile acquisition
Net income $23.2M, diluted EPS $0.42; net interest margin 3.28%, ROAA 1.13%.
Jeffrey Krumpoch, who ceased to serve as Interim Chief Accounting Officer, pending his retirement.
the appointment of Karen Hon, age 48, as Chief Accounting Officer of the Company and the Bank, effective as of the same date.
John Sotoodeh, Executive Vice President and Chief Operating Officer of Banc of California, Inc. (the “Company”) and its wholly owned subsidiary Banc of California, will depart from the Company effective November 7, 2024 to pursue other opportunities and relocate to Texas to spend more time with his family.
the Company and the Bank appointed Jeffrey Krumpoch, age 68, to serve as Interim Chief Accounting Officer, effective upon Ms. Sparks’s departure.
On August 23, 2024 , Monica Sparks notified Banc of California, Inc. (the “Company”) and Banc of California (the “Bank”), a wholly owned subsidiary of the Company, of her decision to resign as Executive Vice President, Chief Accounting Officer of the Company and the Bank.
Monica Sparks, age 44, was appointed as Executive Vice President and Chief Accounting Officer on and effective as of December 1, 2023.
Bonnie G. Hill, Denis P. Kalscheur, Jonah F. Schnel and Robert D. Sznewajs (the “ Retiring Directors ”) retired from the Banc of California Board effective as of the Effective Time.
the following three (3) former directors of PacWest were appointed to serve as directors on the Banc of California Board, effective as of the Effective Time: John M. Eggemeyer, III, Paul R. Burke and Susan E. Lester
the following three (3) former directors of PacWest were appointed to serve as directors on the Banc of California Board, effective as of the Effective Time: John M. Eggemeyer, III, Paul R. Burke and Susan E. Lester
Todd Schell, designated by the Warburg Investors, was appointed to serve as a director of Banc of California, pursuant to the Warburg Investment Agreement
Bonnie G. Hill, Denis P. Kalscheur, Jonah F. Schnel and Robert D. Sznewajs (the “ Retiring Directors ”) retired from the Banc of California Board effective as of the Effective Time.
John M. Eggemeyer, III was appointed as the Chairman of the Banc of California Board.
Max materiality 1.00 · Median 0.65 · Most common event earnings