Banc of California, Inc. Issues Press Release on Third Quarter Financial Results

On October 22, 2024, Banc of California, Inc. reported its financial results for the third quarter. The company issued a press release detailing the outcomes of its operations during this period. The press release includes information on key financial metrics and performance indicators.

The results were accompanied by a conference call scheduled for 10:00 A.M. Pacific Time on Tuesday, October 22, 2024. Interested parties could join the call by dialing (888) 317-6003 and using event code 6084667. Additionally, a live webcast of the call was made available on the Company’s Investor Relations website at www.bancofcal.com/investor.

A summary of the financial results and a presentation for investor review prior to the call were made available through the Investor Relations website. The press release and presentation materials have been furnished as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated into the report.

The company indicated that it has achieved its targeted quarterly Net Interest Margin (NIM) range of 2.90% to 3.00%, representing an expansion of 13 basis points quarter over quarter. Furthermore, noninterest expenses were reduced by 9% compared to the previous quarter.

Banc of California, Inc. highlighted its strong execution in lowering funding costs, increasing core deposit growth, and achieving its quarterly operating expense target ahead of schedule. The company’s strategic balance sheet repositioning and focus on core earnings growth were emphasized as key drivers of its financial performance.

The press release also touched upon the company’s achievements in strengthening its core deposit base, optimizing its funding mix, and maintaining high levels of liquidity. It noted the successful completion of various strategic actions, including the sale of a loan portfolio, repositioning of the securities portfolio, and reducing high-cost deposits.

For further details on Banc of California, Inc.’s third quarter financial results and additional information, interested parties are directed to refer to the complete press release and presentation materials available on the company’s official Investor Relations website.

The company remains focused on prudent expense management, balance sheet optimization, and growth strategies despite the uncertain economic environment in the financial sector.

The financial statement furnished as Exhibit 99.1 and the conference call presentation materials as Exhibit 99.2 provide a comprehensive overview of Banc of California, Inc.’s performance and strategic direction for the third quarter of 2024.

This report is in compliance with the requirements of the Securities Exchange Act of 1934. It is signed and dated by Joseph Kauder, Executive Vice President and Chief Financial Officer of Banc of California, Inc., on October 22, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Banc of California’s 8K filing here.

Banc of California Company Profile

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.