Every material Form 8-K Banc Of California filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Banc of California reported a third-quarter 2024 net loss available to common stockholders of $1.2 million, or $0.01 per diluted share, compared with net earnings of $20.4 million, or $0.12 per diluted share, in the second quarter. The result includes a $60 million pre-tax loss from repositioning $742 million of securities, while adjusted net earnings were $41.4 million, or $0.25 per diluted share, and net interest margin rose to 2.93%.
GAAP net loss available to common stockholders of $1.2 million, or $0.01 per diluted share, for Q3 2024, versus $20.4 million, or $0.12, in Q2 2024
Adjusted net earnings of $41.4 million, or $0.25 per diluted share, include a $60 million pre-tax loss on the securities repositioning
Net interest margin increased 13 basis points to 2.93%; total revenue was $216.7 million versus $259.3 million in Q2
Nonperforming assets rose to $177.0 million, or 0.53% of total assets, from $130.4 million at June 30, 2024
Banc of California said its Executive Vice President and Chief Operating Officer, John Sotoodeh, will leave the company effective November 7, 2024, to pursue other opportunities and relocate to Texas. He will provide transition support in an advisory role until his departure date. The departure of a senior operating executive is a leadership change shareholders may want to monitor, though the filing does not describe a successor or any financial effect.
John Sotoodeh, EVP and Chief Operating Officer, departs effective November 7, 2024
Stated reasons: pursuing other opportunities and relocating to Texas to spend more time with his family
Sotoodeh will serve in an advisory role for transition support through his departure date
Filing was signed October 9, 2024 by Ido Dotan, EVP, General Counsel and Corporate Secretary
Banc of California said Executive Vice President and Chief Accounting Officer Monica Sparks will resign, with her last day expected to be September 19, 2024. The company appointed Jeffrey Krumpoch, its former Senior Vice President and Corporate Controller, as Interim Chief Accounting Officer, effective when Ms. Sparks departs. The change affects the executive responsible for accounting oversight, but the filing describes it as a planned transition.
Monica Sparks notified the company of her resignation on August 23, 2024 and will serve through September 19, 2024.
Jeffrey Krumpoch, age 68, was appointed Interim Chief Accounting Officer on August 27, 2024.
Mr. Krumpoch will receive a one-time cash bonus of $35,000 for the interim role.
He has worked at the company or its predecessor PacWest Bancorp since 2002.
Banc of California reported second quarter 2024 net earnings available to common stockholders of $20.4 million, or $0.12 per diluted share, roughly unchanged from the first quarter. Total revenue declined and net charge-offs rose to $55.7 million, while net interest margin widened to 2.80% and a $1.95 billion CIVIC loan sale closed on July 18, 2024, with net proceeds of $1.91 billion that the company says will increase its CET1 capital ratio by more than 30 basis points.
Net earnings available to common stockholders were $20.4 million, or $0.12 per diluted share, versus $20.9 million, or $0.12, in the first quarter of 2024.
Total revenue was $259.3 million, down from $262.9 million in the first quarter; net interest margin rose 14 basis points to 2.80%.
Net charge-offs rose to $55.7 million from $1.2 million in the first quarter, including $28.7 million of CIVIC charge-offs.
The $1.95 billion CIVIC loan sale closed on July 18, 2024, generating net proceeds of $1.91 billion.
Banc of California dismissed KPMG LLP as its independent auditor, effective immediately, and engaged Ernst & Young LLP for the year ending December 31, 2024. The company also signed an amended and restated employment agreement with CEO Jared M. Wolff, which includes a $2.2 million cash retention bonus and larger severance terms.
KPMG dismissal approved by the Audit Committee on May 14, 2024; KPMG's audit reports for 2022 and 2023 contained no adverse opinion, disclaimer, or qualification
EY approved on May 14, 2024 as the new auditor for the year ending December 31, 2024
Wolff's new agreement, effective May 17, 2024, has a three-year term, a 150% annual bonus target, and a $2.2 million retention bonus payable within 15 days
Severance is two times salary plus target bonus, or three times if the termination occurs within six months before or two years after a change of control
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.
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
Banc of California reported a fourth-quarter 2023 net loss of $492.9 million, or $4.55 per diluted share, compared with a net loss of $33.3 million, or $0.42 per share, in the third quarter. The loss included $442.4 million of pre-tax losses on security sales tied to its balance sheet repositioning and $111.8 million of merger costs from the November 30, 2023 PacWest Bancorp merger. Book value per common share fell to $17.12 from $24.12 at September 30, 2023.
Q4 2023 net loss of $492.9 million, or $4.55 per diluted share, versus a Q3 2023 net loss of $33.3 million, or $0.42 per share.
Pre-tax items included $442.4 million of losses on security sales and $111.8 million of merger costs.
Total assets were $38.5 billion at December 31, 2023; book value per common share was $17.12.
Management will hold a conference call at 10:00 A.M. Pacific Time on January 25, 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.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Banc Of California filing is on SEC EDGAR ↗. 8-K briefs of other companies →