Banc of California, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Banc of California, Inc. has filed its 2023 annual report on Form 10-K, detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

BANC OF CALIFORNIA, INC. (BANC-PF) filed a Annual Report (10-K) with the SEC on February 29, 2024. Banc of California, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 3 MacArthur Place, Santa Ana, CA 92707. The filing includes financial data for the fiscal years ending December 31, 2023, 2022, and 2021. Banc of California, Inc. was formerly known as First Pactrust Bancorp Inc, with a name change date of March 22, 2002.

Why It Matters

For investors and stakeholders tracking BANC OF CALIFORNIA, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Banc of California's financial health, strategic initiatives, and risk factors for the past fiscal year, crucial for investors to assess the company's performance and outlook. The detailed financial statements and disclosures within the report are essential for stakeholders to understand the company's asset base, liabilities, equity, and operational results, informing investment decisions.

Risk Assessment

Risk Level: medium — BANC OF CALIFORNIA, INC. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not immediately highlight any significant positive or negative deviations that would suggest an unusually high or low risk profile without further in-depth analysis of the specific financial figures and risk factors presented.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Banc of California's financial position and future prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-02-29 — Filing Date (Date the report was filed)
• 0001628280-24-007933 — Accession Number (Unique identifier for the filing)
• 185 — Public Document Count (Number of documents included in the filing)

Key Players & Entities

• BANC OF CALIFORNIA, INC. (company) — Filer name
• 3 MACARTHUR PLACE (location) — Business and mailing address
• SANTA ANA (location) — City for business and mailing address
• CA (location) — State for business and mailing address
• 92707 (location) — ZIP code for business and mailing address
• FIRST PACTRUST BANCORP INC (company) — Former company name
• 20020322 (date) — Date of name change
• 20231231 (date) — Fiscal year end

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-02-29: Filing Date — The date Banc of California, Inc. officially submitted its 10-K report to the SEC.

Key Financial Figures

• $0.01 — ) of the Act: Common Stock, par value $0.01 per share BANC New York Stock Exchange
• $400 million — California, Inc. concurrently closed a $400 million equity capital raise. The Merger was ac
• $38.5 b — 31, 2023, the Bank had total assets of $38.5 billion, total loans and leases, net of d
• $25.5 b — ns and leases, net of deferred fees, of $25.5 billion, total deposits of $30.4 billion,
• $30.4 b — es, of $25.5 billion, total deposits of $30.4 billion, and stockholders' equity of $3.4
• $3.4 billion — .4 billion, and stockholders' equity of $3.4 billion. Our Business Strategy Our strategic
• $30.4 billion — ember 31, 2023, our total deposits were $30.4 billion and consisted of $7.8 billion in nonint
• $7.8 billion — its were $30.4 billion and consisted of $7.8 billion in noninterest-bearing deposits, $7.8 b
• $6.2 billion — in interest-bearing checking accounts, $6.2 billion in money market accounts, $2.0 billion
• $2.0 billion — $6.2 billion in money market accounts, $2.0 billion in savings accounts, and $6.6 billion i
• $6.6 billion — , $2.0 billion in savings accounts, and $6.6 billion in time deposits. Our deposits are dive
• $0.6 b — ance sheet client investment funds were $0.6 billion, of which $0.2 billion was manage
• $0.2 billion — tment funds were $0.6 billion, of which $0.2 billion was managed by BAM. At December 31, 202
• $1.4 b — ance sheet client investment funds were $1.4 billion, of which $0.9 billion was manage
• $0.9 billion — tment funds were $1.4 billion, of which $0.9 billion was managed by BAM. Payment Processin

Filing Documents

• banc-20231231.htm (10-K) — 8277KB
• a12312310-kexhibit31.htm (EX-3.1) — 548KB
• a12312310-kexhibit109.htm (EX-10.9) — 138KB
• a12312310-kexhibit1010.htm (EX-10.10) — 54KB
• a12312310-kexhibit211.htm (EX-21.1) — 3KB
• a12312310-kexhibit231.htm (EX-23.1) — 2KB
• a12312310-kexhibit311.htm (EX-31.1) — 9KB
• a12312310-kexhibit312.htm (EX-31.2) — 9KB
• a12312310-kexhibit321.htm (EX-32.1) — 4KB
• a12312310-kexhibit322.htm (EX-32.2) — 4KB
• a12312310-kexhibit97.htm (EX-97) — 34KB
• banc-20231231_g1.jpg (GRAPHIC) — 145KB
• image_0.jpg (GRAPHIC) — 687KB
• image_1.jpg (GRAPHIC) — 16KB
• 0001628280-24-007933.txt (&nbsp;) — 41804KB
• banc-20231231.xsd (EX-101.SCH) — 154KB
• banc-20231231_cal.xml (EX-101.CAL) — 194KB
• banc-20231231_def.xml (EX-101.DEF) — 1116KB
• banc-20231231_lab.xml (EX-101.LAB) — 1615KB
• banc-20231231_pre.xml (EX-101.PRE) — 1429KB
• banc-20231231_htm.xml (XML) — 9201KB

Risk Factors 29

Item 1A. Risk Factors 29

Unresolved Staff Comments 50

Item 1B. Unresolved Staff Comments 50

Cybersecurity 50

Item 1C. Cybersecurity 50

Properties 51

Item 2. Properties 51

Legal Proceedings 51

Item 3. Legal Proceedings 51

Mine Safety Disclosure 51

Item 4. Mine Safety Disclosure 51 PART II

Market For Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 52

ITEM 5. Market For Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 52

Management's Discussion and Analysis of Financial Condition and Results of Operations 57

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 57

Quantitative and Qualitative Disclosures About Market Risk 102

ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 102

Financial Statements and Supplementary Data 105

ITEM 8. Financial Statements and Supplementary Data 105

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 203

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 203

Controls and Procedures 203

ITEM 9A. Controls and Procedures 203

Other Information 203

ITEM 9B. Other Information 203

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 203

ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 203 PART III

Directors, Executive Officers and Corporate Governance 204

ITEM 10. Directors, Executive Officers and Corporate Governance 204

Executive Compensation 204

ITEM 11. Executive Compensation 204

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 204

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 204

Certain Relationships and Related Transactions, and Director Independence 204

ITEM 13. Certain Relationships and Related Transactions, and Director Independence 204

Principal Accountant Fees and Services 204

ITEM 14. Principal Accountant Fees and Services 204 PART IV

Exhibits and Financial Statement Schedules 205

ITEM 15. Exhibits and Financial Statement Schedules 205

Form 10-K Summary 207

ITEM 16. Form 10-K Summary 207 SIGNATURES 208 3 PART I Forward-Looking Information This Annual Report on Form 10-K contains certain "forward-looking statements" about the Company and its subsidiaries within the meaning of the Private Securities Litigation Reform Act of 1995, including certain plans, strategies, goals, and projections and including statements about our expectations regarding our operating expenses, profitability, allowance for credit losses, net interest margin, net interest income, deposit growth, loan and lease portfolio growth and production, acquisitions and related integrations, maintaining capital adequacy, liquidity, goodwill, and interest rate risk management. All statements contained in this Form 10-K that are not clearly historical in nature are forward-looking, and the words "anticipate," "assume," "intend," "believe," "forecast," "expect," "estimate," "plan," "continue," "will," "should," "look forward" and similar expressions are generally intended to identify forward-looking statements. You should not place undue reliance on these statements as they involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from those expressed in them as a result of risks and uncertainties more fully described under "Item 1A. Risk Factors." All forward-looking statements included in this Form 10-K are based on information available at the time the statement is made. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise except as required by law. Available Information We maintain a website for Banc of California at http://bancofcal.com. Via the "Financials and Filings" link at http://investors.bancofcal.com, our Annual Report on Form 10K, quarterly reports on Form 10Q, current reports on Form 8K, i

BUSINESS

ITEM 1. BUSINESS General Banc of California, Inc., a Maryland corporation, was incorporated in March 2002 and serves as the holding company for its wholly owned subsidiary, Banc of California (the "Bank"), a California state-chartered bank and a member of the Board of Governors of the Federal Reserve System (the "FRB"). When we refer to the "parent" or the "holding company", we are referring to Banc of California, Inc., the parent company, on a stand-alone basis. When we refer to "we," "us," "our," or the "Company", we are referring to Banc of California, Inc. and its consolidated subsidiaries including the Bank, collectively. As a bank holding company, the holding company is subject to ongoing and comprehensive supervision, regulation examination, and enforcement by the FRB. As a California state-chartered bank that is a member of the FRB, the Bank is subject to ongoing and comprehensive supervision, regulation, examination, and enforcement by the California Department of Financial Protection and Innovation (the "DFPI") and the FRB. On November 30, 2023, Banc of California, Inc. completed its transformational merger with PacWest Bancorp ( "PacWest"), pursuant to which PacWest merged into Banc of California, Inc., with Banc of California, Inc. continuing as the surviving legal corporation, and, as of December 1, 2023, Banc of California, N.A. merged into Pacific Western Bank, with Pacific Western Bank continuing under the Banc of California name and brand as the Bank. See Note 2. Business Combinations of the Notes to Consolidated Financial Statements contained in "Item 8. Financial Statements and Supplementary Data" for additional information. Our principal executive office is currently located at 11611 San Vicente Boulevard, Suite 500, Los Angeles, California, and our telephone number is (855) 361-2262. Our common stock trades on the New York Stock Exchange under the trading symbol "BANC" and our Series F preferred depositary shares trade on the New York Stock

View Full Filing

View this 10-K filing on SEC EDGAR