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Banc of California
Type
Public
Traded as NYSE: BANC
S&P 600 Component
Industry Financial services
Founded 1941 (as Rohr Employees Federal Credit Union)
Headquarters Santa Ana, California
Key people
Doug Bowers, President and Chief Executive Officer
Total assets $10+ billion
Parent Banc of California, Inc.
Website bancofcal.com

Banc of California is a bank serving the state of California and parts of the Western United States. It was founded in 1941 and has 40 banking branches in Southern California and loan production offices in surrounding states. The bank is currently headquartered in Santa Ana, California

The Banc of California was founded in 1941 as the Rohr Employees Federal Credit Union, serving employees of the Rohr Aircraft plant in Chula Vista, California. The credit union was renamed to the Pacific Trust Federal Credit Union in 1995, which itself was renamed to the Pacific Trust Bank in 2000, becoming a mutually owned federal savings bank.

The Pacific Trust Bank was made into a subsidiary of First PacTrust Bancorp Inc. in 2002. In 2013, the company's two banking subsidiaries, Pacific Trust Bank and The Private Bank of California, were merged to form the "Banc of California". The bank also hired former Los Angeles mayor Antonio Villaraigosa as a strategic advisor.

In 2014, Banc of California bought 20 bank branches in Southern California from Popular, Inc., a Puerto Rico-based bank, for $5.4 million. The move doubled the number of branches the bank owned and brought its assets to $5 billion.

On January 23, 2017, CEO Steven Sugarman resigned amid an investigation by the Securities Exchange Commission (SEC) over the bank's alleged links to a convicted fraudster. An internal investigation by the bank found no legal issues, but attracted criticism from the CalSTRS over its poor oversight of deals signed that benefited Sugarman and his associates. After Sugarman's resignation, the bank shifted its focus from growth to profitability, including laying off 139 workers at its corporate offices.

As of September 2017, financial analysts had cut Banc of California's earnings estimates per share from $1.97 in January to $.77, despite the new strategy's focus on profitability. This has lead some commentators to question whether the change in strategy was wise given the bank's previously outstanding performance.

Since 2014, the bank has been the official bank of the USC Trojans, the athletic program of the University of Southern California.

In 2016, the Banc of California announced a partnership with Los Angeles FC, an upcoming Major League Soccer franchise, and a 15-year, $100 million deal with the club for the naming rights to their stadium Banc of California Stadium in Los Angeles, scheduled to open in 2018. The deal was described as "a little out of the mold for a bank of our size" by CEO Steven Sugarman, with other observers noting that the bank was not well known nationally.

News

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q4 2020 2021-01-21 Future report Set alerts
Q3 2020 2020-10-21 Future report Set alerts
Q2 2020 2020-07-23 0.10 -0.44
Q1 2020 2020-04-29 -0.19 -0.19
Q4 2019 2020-01-23 0.20 0.20
Q3 2019 2019-10-23 -0.45 -0.45
Q2 2019 2019-07-25 0.23 0.23
Q1 2019 2019-04-23 0.05 0.05
Q4 2018 2019-01-24 0.18 0.12
Q3 2018 2018-10-25 0.07 0.06

Ratings

2016-07-01 Initiated Coverage FBR & Co. Market Perform $20.00
2016-07-01 Initiated Coverage FBR & Co Market Perform $20.00
2016-06-30 Reiterated Rating FBR & Co Marketperform
2016-05-04 Upgrade Raymond James Market Perform to Outperform $23.00
2016-05-04 Upgrade Raymond James Financial Inc. Market Perform to Outperform $23.00
2016-05-02 Initiated Coverage Wells Fargo Outperform
2016-05-02 Initiated Coverage Wells Fargo & Co. Outperform
2016-04-22 Upgrade Keefe, Bruyette & Woods Market Perform to Outperform $18.00 to $25.00
2016-02-03 Boost Price Target Keefe, Bruyette & Woods Market Perform $14.00 to $16.00
2015-11-09 Downgrade Raymond James Outperform to Market Perform
2015-05-28 Downgrade DA Davidson Buy to Neutral $14.50
2015-05-09 Reiterated Rating Raymond James Outperform $13.00 to $14.00
2015-05-01 Boost Price Target Keefe, Bruyette & Woods Market Perform $11.00 to $14.00
2015-04-02 Lower Price Target Keefe, Bruyette & Woods Market Perform $12.00 to $11.00
2015-03-12 Upgrade Raymond James Market Perform to Outperform $13.00
2015-01-13 Downgrade Bank of America Buy to Neutral $12.50
2015-01-13 Downgrade Bank of America Corp. Buy to Neutral $12.50
2014-11-20 Initiated Coverage Sterne Agee CRT Neutral $12.00
2014-08-01 Boost Price Target Keefe, Bruyette & Woods Market Perform $11.00 to $13.00
2014-08-01 Upgrade DA Davidson Neutral to Buy $11.00 to $14.50
2014-05-29 Initiated Coverage Bank of America Buy $12.50
2014-05-19 Lower Price Target Keefe, Bruyette & Woods $13.00 to $11.00
2014-05-12 Lower Price Target DA Davidson $13.50 to $12.50
2014-05-09 Lower Price Target Sandler O'Neill $15.00 to $14.00
2014-04-24 Boost Price Target Keefe, Bruyette & Woods $12.00 to $13.00
2014-04-08 Downgrade Raymond James Outperform to Market Perform $14.50
2014-03-20 Downgrade FIG Partners Outperform to Market Perform $16.00 to $13.50
2014-03-19 Downgrade DA Davidson Buy to Neutral $15.00 to $13.50
2014-03-14 Lower Price Target Keefe, Bruyette & Woods $15.00 to $12.00
2014-03-14 Upgrade Sterne Agee CRT Neutral to Buy $14.25
2013-11-14 Reiterated Rating DA Davidson Buy $17.00 to $15.50
2013-11-12 Lower Price Target DA Davidson Buy $17.00 to $15.50
2013-11-11 Downgrade Sterne Agee Buy to Neutral
2013-11-11 Downgrade Sterne Agee CRT Buy to Neutral
2013-08-12 Reiterated Wunderlich Buy $14 to $17
2013-03-04 Reiterated Wunderlich Buy $16 to $14
2013-03-04 Downgrade Robert W. Baird Outperform to Neutral $13 to $11
2012-06-06 Reiterated Robert W. Baird Outperform $18 to $15
2016-07-01 Initiated Coverage FBR & Co. Market Perform $20.00
2016-07-01 Initiated Coverage FBR & Co Market Perform $20.00
2016-06-30 Reiterated Rating FBR & Co Marketperform
2016-05-04 Upgrade Raymond James Market Perform to Outperform $23.00
2016-05-04 Upgrade Raymond James Financial Inc. Market Perform to Outperform $23.00

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
Sugarman Steven CO-CEO 0.77%  (213567) BANC /
Seabold Jeffrey T 0.57%  (157720) BANC /
Boyle Hugh F CHIEF CREDIT OFFICER 0.34%  (94659) BANC / FBC /
Bowers Douglas H CEO AND PRESIDENT 0.33%  (92000) BANC / SQBK /
Grosvenor John C. EVP AND GENERAL COUNSEL 0.21%  (59378) BANC /
Nicolas Ronald J. Jr. EVP, CFO 0.19%  (53887) BANC / PPBI /
McKinney James J. EVP, CAO 0.18%  (50562) BANC / KMPR /
CHRISMAN TIMOTHY 0.18%  (50512) BANC / HMST /
Karish Jeff 0.17%  (47012) BANC / MNDL /
Brownstein Chad T. 0.16%  (44722) BANC / PGRX /
Schnel Jonah 0.16%  (43953) BANC /
Bogler John A. CHIEF FINANCIAL OFFICER 0.14%  (37500) BANC / CSE /
Holoman Eric 0.13%  (34755) BANC /
Kuelbs Brian EVP, CHIEF INVESTMENT OFFICER 0.12%  (32865) BANC /
SZNEWAJS ROBERT D 0.11%  (30459) BANC / OUTR /
Benett Halle J. 0.10%  (26510) BANC /
Turner J. Francisco A. EVP, CHIEF STRATEGY OFFICER 0.09%  (26117) BANC /
Anderson Gaylin EVP - RETAIL BANKING 0.08%  (21780) BANC /
Gagnon Kris CHIEF CREDIT OFFICER 0.07%  (20726) BANC /
FRANKO ROBERT MATTHEW /ADV PRESIDENT 0.07%  (19407) BANC /
Lanfre Melissa CAO AND EVP 0.07%  (18222) BANC /
Duda Nathan CHIEF ACCOUNTING OFFICER 0.05%  (15117) BANC /
LASHLEY RICHARD J 0.05%  (15049) BANC / METR / MFSF /
Naselow Craig EVP, TREASURER, CIO 0.05%  (14460) BANC /
Wang Albert Jen-Wen EVP, CHIEF ACCOUNTING OFFICER 0.05%  (12906) BANC / WBS /
Herrin Richard CHIEF ADMINISTRATIVE OFFICER 0.04%  (11906) BANC /
Liu Chang EVP AND CHIEF LENDING OFFICER 0.04%  (10335) BANC /
EVANS ROBB 0.04%  (10000) BANC / BSRR /
Robinson Lonny Duane CFO 0.02%  (6716) BANC / HAFC / HEOP /
Nickel Thedora A. CHIEF ADMINISTRATIVE OFFICER 0.02%  (5971) BANC /
HILL BONNIE GUITON 0.02%  (5568) AKS / BANC / CWT / HD / YUM /
Curran Mary A 0.02%  (4798) BANC /
WYCOFF W KIRK 0.02%  (4748) BANC / GBNK / HTBK / PBIB / PLMT / SQBK /
GRAY JAMES H 0.02%  (4200) BANC /
March Matthew EVP, CAO, CIO 0.01%  (4047) BANC /
Gee Lawrence CHIEF ACCT OFFICER 0.01%  (1687) BANC /

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