Banc of California Q3 2024 10-Q Filing

TL;DR

Banc of California's Q3 2024 10-Q is in, showing stock and note details. Check it for the latest financials.

AI Summary

Banc of California, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial position and performance, including its common stock, preferred stock, and various note issuances. Key financial data points from previous periods are also referenced for comparison.

Why It Matters

This filing provides investors with a detailed look at Banc of California's financial health and operational status as of the third quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures for public companies, but the specific financial details within can indicate varying levels of risk.

Key Numbers

• 2024-09-30 — Period End Date (Latest reported quarter)
• 2024-11-08 — Filing Date (Date the report was submitted)
• 2023-12-31 — Previous Year End (For comparative analysis)

Key Players & Entities

• BANC OF CALIFORNIA, INC. (company) — Filer
• 0001169770 (company) — Central Index Key
• 20240930 (date) — Period of Report
• 20241108 (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-20240930.htm (10-Q) — 7277KB
• a09302410-qexhibit311.htm (EX-31.1) — 9KB
• a09302410-qexhibit312.htm (EX-31.2) — 9KB
• a09302410-qexhibit321.htm (EX-32.1) — 6KB
• a09302410-qexhibit322.htm (EX-32.2) — 6KB
• 0001628280-24-046683.txt ( ) — 32983KB
• pacw-20240930.xsd (EX-101.SCH) — 124KB
• pacw-20240930_cal.xml (EX-101.CAL) — 131KB
• pacw-20240930_def.xml (EX-101.DEF) — 844KB
• pacw-20240930_lab.xml (EX-101.LAB) — 1215KB
• pacw-20240930_pre.xml (EX-101.PRE) — 1127KB
• pacw-20240930_htm.xml (XML) — 9162KB

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) 13 Notes to Condensed Consolidated Financial Statements (Unaudited) 15

Management's Discussion and Analysis of Financial Condition and Results of Operations 70

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 70

Quantitative and Qualitative Disclosures About Market Risk 107

Item 3. Quantitative and Qualitative Disclosures About Market Risk 107

Controls and Procedures 110

Item 4. Controls and Procedures 110

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings 110

Item 1. Legal Proceedings 110

Risk Factors 110

Item 1A. Risk Factors 110

Unregistered Sales of Equity Securities and Use of Proceeds 110

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 110

Defaults Upon Senior Securities 111

Item 3. Defaults Upon Senior Securities 111

Mine Safety Disclosures 111

Item 4. Mine Safety Disclosures 111

Other Information 111

Item 5. Other Information 111

Exhibits 111

Item 6. Exhibits 111 Signatures 112 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 ASC Accounting Standards Codification IRR Interest Rate Risk 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 NAV Net Asset Value CDI Core Deposit Intangible Assets NII Net Interest Income CECL Current Expected Credit Loss NVCE Non-Voting Common Stock Equivalents CET1 Common Equity Tier 1 OREO Other Real Estate Owned Civic Civic Financial Services, LLC (a company acquired on February 1, 2021) PCD Purchased Credit Deteriorated CMBS Commercial Mortgage-Backed Securities PRSUs Performance-Based Restricted Stock Units CMOs Collateralized Mortgage Obligations ROU Right-of-use COVID-19 Coronavirus Disease RSUs Restricted Stock Units CRA Community Reinvestment Act 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 EVE Economic Value of Equity SEC Securities and Exchange Commission FDIC Federal Deposit Insurance Corporation SOFR Secured Overnight Financing Rate FHLB Federal Home Loan Bank of San Francisco TRSAs Time-Based Restricted Stock Awards FRB Board of Governors

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) BANC OF CALIFORNIA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS September 30, December 31, 2024 2023 (Unaudited) (Dollars in thousands, except par value amounts) ASSETS: Cash and due from banks $ 251,869 $ 202,427 Interest-earning deposits in financial institutions 2,302,358 5,175,149 Total cash, cash equivalents, and restricted cash 2,554,227 5,377,576 Securities available-for-sale, at fair value, net of allowance for credit losses (amortized cost of $ 2,526,306 and $ 2,699,255 , respectively) 2,300,284 2,346,864 Securities held-to-maturity, at amortized cost, net of allowance for credit losses (fair value of $ 2,229,482 and $ 2,168,316 , respectively) 2,301,263 2,287,291 FRB and FHLB stock, at cost 145,123 126,346 Total investment securities 4,746,670 4,760,501 Loans held for sale 28,639 122,757 Loans and leases held for investment 23,553,534 25,534,730 Deferred fees, net ( 25,757 ) ( 45,043 ) Allowance for loan and lease losses ( 254,345 ) ( 281,687 ) Total loans and leases held for investment, net 23,273,432 25,208,000 Equipment leased to others under operating leases 314,998 344,325 Premises and equipment, net 143,200 146,798 Bank owned life insurance 343,212 339,643 Goodwill 216,770 198,627 Intangible assets, net 140,562 165,477 Deferred tax asset, net 706,849 739,111 Other assets 964,054 1,131,249 Total assets $ 33,432,613 $ 38,534,064 LIABILITIES: Noninterest-bearing deposits $ 7,811,796 $ 7,774,254 Interest-bearing deposits 19,016,473 22,627,515 Total deposits 26,828,269 30,401,769 Borrowings (including $ 119,624 and $ 123,116 at fair value, respectively) 1,591,833 2,911,322 Subordinated debt 942,151 936,599 Accrued interest payable and other liabilities 574,162 893,609 Total liabilities 29,936,415 35,143,299 Commitments and contingencies STOCKHOLDERS' EQUITY: Preferred stock 498,516 498,516 Common stock ($ 0.01 par value, 158,611,64

View Full Filing

View this 10-Q filing on SEC EDGAR