Banc of California, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Banc of California, Inc. filed its Q1 2024 10-Q report on May 10, 2024.</b>

AI Summary

BANC OF CALIFORNIA, INC. (BANC-PF) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Banc of California, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31. The filing was made on May 10, 2024. The company's principal executive offices are located at 3 MacArthur Place, Santa Ana, CA 92707.

Why It Matters

For investors and stakeholders tracking BANC OF CALIFORNIA, INC., this filing contains several important signals. This 10-Q filing provides the latest financial and operational details for Banc of California, Inc. for the first quarter of 2024, crucial for investors to assess performance and outlook. Understanding the specifics within this report allows stakeholders to evaluate the company's financial health, strategic decisions, and potential risks moving forward.

Risk Assessment

Risk Level: low — BANC OF CALIFORNIA, INC. shows low risk based on this filing. The risk is low as this is a standard quarterly filing (10-Q) providing routine financial disclosures, not indicating any immediate or significant adverse events.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Banc of California's performance in Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-10 — Filing Date (Filed as of date)
• 12/31 — Fiscal Year End (Fiscal year end)
• 2024-01-01 — Quarter Start Date (Reporting period start date)
• 2023-12-31 — Previous Period End Date (Previous period end date)

Key Players & Entities

• BANC OF CALIFORNIA, INC. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-10 (date) — Filed as of date
• 3 MACARTHUR PLACE (address) — Business address street 1
• SANTA ANA (city) — Business address city
• CA (state) — Business address state
• 92707 (zip_code) — Business address zip
• FIRST PACTRUST BANCORP INC (company) — Former company name

FAQ

Industry Context

Banc of California, Inc. operates within the national commercial banking industry, providing a range of financial services.

Regulatory Implications

As a publicly traded company, Banc of California, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly reports on Form 10-Q.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review management's discussion and analysis for insights into performance drivers and risks.
3. Compare key financial metrics to prior periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the standard quarterly update (10-Q) for the period ending March 31, 2024, following previous filings.

Key Financial Figures

• $0.01 — ) of the Act: Common Stock, par value $0.01 per share BANC New York Stock Exchange

Filing Documents

• pacw-20240331.htm (10-Q) — 6157KB
• a03312410-qexhibit311.htm (EX-31.1) — 9KB
• a03312410-qexhibit312.htm (EX-31.2) — 9KB
• a03312410-qexhibit321.htm (EX-32.1) — 6KB
• a03312410-qexhibit322.htm (EX-32.2) — 6KB
• 0001628280-24-022655.txt (&nbsp;) — 28415KB
• pacw-20240331.xsd (EX-101.SCH) — 114KB
• pacw-20240331_cal.xml (EX-101.CAL) — 133KB
• pacw-20240331_def.xml (EX-101.DEF) — 750KB
• pacw-20240331_lab.xml (EX-101.LAB) — 1056KB
• pacw-20240331_pre.xml (EX-101.PRE) — 980KB
• pacw-20240331_htm.xml (XML) — 7740KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) Condensed Consolidated Balance Sheets (Unaudited) 5 Condensed Consolidated Statements of Earnings (Loss) (Unaudited) 6 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) 7 Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) 8 Condensed Consolidated Statements of Cash Flows (Unaudited) 10 Notes to Condensed Consolidated Financial Statements (Unaudited) 12

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 57

Quantitative and Qualitative Disclosures About Market Risk 90

Item 3. Quantitative and Qualitative Disclosures About Market Risk 90

Controls and Procedures 93

Item 4. Controls and Procedures 93

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings 93

Item 1. Legal Proceedings 93

Risk Factors 93

Item 1A. Risk Factors 93

Unregistered Sales of Equity Securities and Use of Proceeds 93

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 93

Defaults Upon Senior Securities 94

Item 3. Defaults Upon Senior Securities 94

Mine Safety Disclosures 94

Item 4. Mine Safety Disclosures 94

Other Information 94

Item 5. Other Information 94

Exhibits 94

Item 6. Exhibits 94 Signatures 96 3

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Glossary of Acronyms, Abbreviations, and Terms The acronyms, abbreviations, and terms listed below are used in various sections of this Quarterly Report on Form 10-Q, including "Item 1. Financial Statements" and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations." ACL Allowance for Credit Losses HFS Held for Sale AFS Available-for-Sale HLBV Hypothetical Liquidation at Book Value AFX American Financial Exchange HTM Held-to-Maturity ALLL Allowance for Loan and Lease Losses ICS IntraFi Cash Service ALM Asset Liability Management IRR Interest Rate Risk ASC Accounting Standards Codification LIBOR London Inter-bank Offered Rate ASU Accounting Standards Update LIHTC Low Income Housing Tax Credit BAM BofCal Asset Management Inc. LOCOM Lower of Cost or Market Basel III A comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013 MBS Mortgage-Backed Securities BOLI Bank Owned Life Insurance MVE Market Value of Equity CARES Act Coronavirus Aid, Relief, and Economic Security Act NAV Net Asset Value CDI Core Deposit Intangible Assets NII Net Interest Income CECL Current Expected Credit Loss NIM Net Interest Margin CET1 Common Equity Tier 1 NVCE Non-Voting Common Stock Equivalents Civic Civic Financial Services, LLC (a company acquired on February 1, 2021) OREO Other Real Estate Owned CMBS Commercial Mortgage-Backed Securities PCD Purchased Credit Deteriorated CMOs Collateralized Mortgage Obligations PRSUs Performance-Based Restricted Stock Units COVID-19 Coronavirus Disease ROU Right-of-use CRA Community Reinvestment Act RSUs Restricted Stock Units CRE Commercial Real Estate S&P Standard & Poor's CRI Customer Relationship Intangible Assets SBA Small Business Administration DFPI California Department of Financial Protection and Innovation SBIC Small Business Investment Company DTAs Deferred Tax Assets SEC Securities and Exchan

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) BANC OF CALIFORNIA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2024 2023 (Unaudited) (Dollars in thousands, except par value amounts) ASSETS: Cash and due from banks $ 199,922 $ 202,427 Interest-earning deposits in financial institutions 2,885,306 5,175,149 Total cash, cash equivalents, and restricted cash 3,085,228 5,377,576 Securities available-for-sale, at fair value, net of allowance for credit losses (amortized cost of $ 2,657,281 and $ 2,699,255 , respectively) 2,286,682 2,346,864 Securities held-to-maturity, at amortized cost, net of allowance for credit losses (fair value of $ 2,153,349 and $ 2,168,316 , respectively) 2,291,984 2,287,291 FRB and FHLB stock, at cost 129,314 126,346 Total investment securities 4,707,980 4,760,501 Loans held for sale 80,752 122,757 Loans and leases held for investment 25,517,028 25,534,730 Deferred fees, net ( 44,006 ) ( 45,043 ) Allowance for loan and lease losses ( 291,503 ) ( 281,687 ) Total loans and leases held for investment, net 25,181,519 25,208,000 Equipment leased to others under operating leases 339,925 344,325 Premises and equipment, net 144,912 146,798 Bank owned life insurance 341,806 339,643 Goodwill 198,627 198,627 Intangible assets, net 157,226 165,477 Deferred tax asset, net 741,158 739,111 Other assets 1,094,383 1,131,249 Total assets $ 36,073,516 $ 38,534,064 LIABILITIES: Noninterest-bearing deposits $ 7,833,608 $ 7,774,254 Interest-bearing deposits 21,058,799 22,627,515 Total deposits 28,892,407 30,401,769 Borrowings (including $ 123,824 and $ 123,116 at fair value, respectively) 2,139,498 2,911,322 Subordinated debt 937,717 936,599 Accrued interest payable and other liabilities 709,744 893,609 Total liabilities 32,679,366 35,143,299 Commitments and contingencies STOCKHOLDERS' EQUITY: Preferred stock 498,516 498,516 Common stock ($ 0.01 par value, 158,390,708

View Full Filing

View this 10-Q filing on SEC EDGAR