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AI brief of an SEC Form 8-K · Banc Of California (BANC)

Banc of California posts $28.2 million Q1 profit after $492.9 million Q4 loss

Positive Impact 3 of 5 earnings Written later

Banc of California reported first-quarter 2024 net earnings available to common stockholders of $28.2 million, or $0.17 per diluted share, compared with a net loss of $492.9 million, or $4.55 per share, in the fourth quarter of 2023. Net interest income rose $88.1 million to $239.1 million, while the fourth quarter included $442.4 million of losses on security sales and $111.8 million of merger costs. The company's CEO said it remains on track toward its stated profitability targets for the fourth quarter of 2024.

Key points

  • Net earnings available to common stockholders: $28.2 million, or $0.17 per diluted share; $31.7 million, or $0.19 per share, excluding the FDIC special assessment
  • Net interest income increased $88.1 million, or 58%, to $239.1 million; net interest margin rose to 2.78% from 1.69%
  • Nonperforming assets rose to $158.5 million, or 0.44% of total assets, from $81.7 million at December 31, 2023
  • Book value per share increased to $17.18 at March 31, 2024

The filing

CompanyBanc Of California (BANC)
Form8-K, current report
Filed with the SECApr 23, 2024, 6:15 AM ET
Accession number0001140361-24-021153

Items reported: 2.02 Results of Operations7.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:49 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 23, 2024.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.