Banc of California, Inc. Q2 2024 10-Q Filing

TL;DR

**Banc of California Q2 2024 10-Q is in. Financials updated.**

AI Summary

Banc of California, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial position, including common stock and preferred stock details. Key financial data points and operational metrics are presented for the reporting period and comparative periods.

Why It Matters

This filing provides investors with an update on Banc of California's financial health and operational performance for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial health indicators or risks.

Key Numbers

• 20240630 — Period End Date (Financial reporting period)
• 2023-12-31 — Previous Period End Date (Comparative financial reporting)
• 2024-01-01 — Reporting Period Start Date (Current financial reporting period)

Key Players & Entities

• BANC OF CALIFORNIA, INC. (company) — Filer
• 0001169770 (company) — Central Index Key
• 20240630 (date) — Period of Report
• 20240809 (date) — Filing Date

FAQ

Key Financial Figures

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

Filing Documents

• pacw-20240630.htm (10-Q) — 7005KB
• a06302410-qexhibit311.htm (EX-31.1) — 9KB
• a06302410-qexhibit312.htm (EX-31.2) — 9KB
• a06302410-qexhibit321.htm (EX-32.1) — 6KB
• a06302410-qexhibit322.htm (EX-32.2) — 6KB
• 0001628280-24-036507.txt ( ) — 32408KB
• pacw-20240630.xsd (EX-101.SCH) — 124KB
• pacw-20240630_cal.xml (EX-101.CAL) — 130KB
• pacw-20240630_def.xml (EX-101.DEF) — 840KB
• pacw-20240630_lab.xml (EX-101.LAB) — 1215KB
• pacw-20240630_pre.xml (EX-101.PRE) — 1116KB
• pacw-20240630_htm.xml (XML) — 8909KB

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) 8 Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) 9 Condensed Consolidated Statements of Cash Flows (Unaudited) 12 Notes to Condensed Consolidated Financial Statements (Unaudited) 14

Management's Discussion and Analysis of Financial Condition and Results of Operations 68

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 68

Quantitative and Qualitative Disclosures About Market Risk 103

Item 3. Quantitative and Qualitative Disclosures About Market Risk 103

Controls and Procedures 106

Item 4. Controls and Procedures 106

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings 106

Item 1. Legal Proceedings 106

Risk Factors 106

Item 1A. Risk Factors 106

Unregistered Sales of Equity Securities and Use of Proceeds 106

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 106

Defaults Upon Senior Securities 107

Item 3. Defaults Upon Senior Securities 107

Mine Safety Disclosures 107

Item 4. Mine Safety Disclosures 107

Other Information 107

Item 5. Other Information 107

Exhibits 107

Item 6. Exhibits 107 Signatures 108 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 FRBSF Federal Reserve Bank of San Francisco AFS Available-for-Sale HFS Held for Sale AFX American Financial Exchange HLBV Hypothetical Liquidation at Book Value ALLL Allowance for Loan and Lease Losses HTM Held-to-Maturity ALM Asset Liability Management ICS IntraFi Cash Service ASC Accounting Standards Codification IRR Interest Rate Risk ASU Accounting Standards Update LIBOR London Inter-bank Offered Rate BAM BofCal Asset Management Inc. LIHTC Low Income Housing Tax Credit Basel III A comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013 LOCOM Lower of Cost or Market BOLI Bank Owned Life Insurance MBS Mortgage-Backed Securities 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 Secu

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) BANC OF CALIFORNIA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2024 2023 (Unaudited) (Dollars in thousands, except par value amounts) ASSETS: Cash and due from banks $ 203,467 $ 202,427 Interest-earning deposits in financial institutions 2,495,343 5,175,149 Total cash, cash equivalents, and restricted cash 2,698,810 5,377,576 Securities available-for-sale, at fair value, net of allowance for credit losses (amortized cost of $ 2,613,901 and $ 2,699,255 , respectively) 2,244,031 2,346,864 Securities held-to-maturity, at amortized cost, net of allowance for credit losses (fair value of $ 2,145,929 and $ 2,168,316 , respectively) 2,296,708 2,287,291 FRB and FHLB stock, at cost 132,380 126,346 Total investment securities 4,673,119 4,760,501 Loans held for sale 1,935,455 122,757 Loans and leases held for investment 23,255,297 25,534,730 Deferred fees, net ( 26,388 ) ( 45,043 ) Allowance for loan and lease losses ( 247,762 ) ( 281,687 ) Total loans and leases held for investment, net 22,981,147 25,208,000 Equipment leased to others under operating leases 335,968 344,325 Premises and equipment, net 145,734 146,798 Bank owned life insurance 341,779 339,643 Goodwill 215,925 198,627 Intangible assets, net 148,894 165,477 Deferred tax asset, net 738,534 739,111 Other assets 1,028,474 1,131,249 Total assets $ 35,243,839 $ 38,534,064 LIABILITIES: Noninterest-bearing deposits $ 7,825,007 $ 7,774,254 Interest-bearing deposits 20,979,443 22,627,515 Total deposits 28,804,450 30,401,769 Borrowings (including $ 124,434 and $ 123,116 at fair value, respectively) 1,440,875 2,911,322 Subordinated debt 939,287 936,599 Accrued interest payable and other liabilities 651,379 893,609 Total liabilities 31,835,991 35,143,299 Commitments and contingencies STOCKHOLDERS' EQUITY: Preferred stock 498,516 498,516 Common stock ($ 0.01 par value, 158,252,79

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View this 10-Q filing on SEC EDGAR