Latest news with #BancofCalifornia
Yahoo
19-05-2025
- Business
- Yahoo
Patriot National gets serious about private banking
Two months after shepherding a $58 million private placement to completion, Patriot National Bancorp CEO Steven Sugarman is remaking the Connecticut bank's board and management team. Patriot, which has $957 million of assets, announced a number of new director and executive appointments on Monday. Most prominently, Private Bank of California founder Richard Smith is joining the board, and Nicole Wells, who previously served as head strategic retail operations at Santander Bank, will serve as senior vice president and head of operations. Several of the incoming faces are familiar to Sugarman from his earlier stints at Banc of California and The Change Company. They'll assist in implementing a new strategy for Stamford, Connecticut-based Patriot, focusing on the high-net-worth segment. "Their collective expertise and vision will advance Patriot's mission to empower our clients while delivering exceptional value to our shareholders," Sugarman said in a press release. Sugarman, 50, joined Patriot as president in January. He was appointed CEO April 30. He is tasked with turning around an underperforming bank that's reported heavy losses in recent years — $4.5 million in 2023, $39.9 million in 2024, followed by $2.8 million in the first quarter of 2025. The Office of the Comptroller of the Currency classified Patriot as being "in troubled condition" in January. While the fiscal red ink ate away at Patriot's capital position, the private placement announced in March gave the company renewed room to maneuver, boosting its common equity tier 1 capital ratio to 13.62% at March 31, up from 7.58% three months earlier. An emphasis on high-net-worth clients jibes with Patriot's geographic footprint. It operates branches in the Fairfield, Connecticut, region and in Westchester County, New York — both among the wealthiest communities in America, with median household incomes well above $115,000. Fairfield and Westchester border each other and have a combined $321 billion of deposits, according to Federal Deposit Insurance Corp. statistics. Patriot holds a 0.19% market share. In other appointments announced Monday, Patriot tabbed Paul Simmons as chief credit officer. Rebecca Mais will serve as president for high-net-worth and specialty deposits, and Raquel Gillett joined the company as vice president for digital automation and risk analytics. Mais comes to Patriot from Change Home Mortgage. Simmons was chief credit officer at the $3.5 billion-asset SunWest Bank in Sandy, Utah. Before joining SunWest in 2020, Simmons was chief credit officer at Silvergate Bank and Banc of California. "I am excited to be a part of this high-performing executive team … and to contribute to Patriot Bank's turnaround," Simmons said in the press release. Smith is currently a director at the $2.4 billion-asset CalPrivate Bank in La Jolla. In 2005, he founded another Golden State bank, Private Bank of California, and led it until its 2012 sale to Banc of California. "Patriot Bank's commitment to serving high net worth clients and their advisors aligns with my passion for fostering strong client relationships," Smith said in the press release. Patriot also appointed Change Company executives Jeff Seabold and Thedora Nickel as directors. Sugarman founded the Anaheim, California-based Change Company, a community development financial institution, in 2017. He served as CEO at Banc of California from 2013 to 2017. Patriot had not responded to American Banker's request for comment at deadline. Sign in to access your portfolio
Yahoo
27-04-2025
- Business
- Yahoo
Results: Banc of California, Inc. Exceeded Expectations And The Consensus Has Updated Its Estimates
As you might know, Banc of California, Inc. (NYSE:BANC) recently reported its quarterly numbers. The result was positive overall - although revenues of US$266m were in line with what the analysts predicted, Banc of California surprised by delivering a statutory profit of US$0.26 per share, modestly greater than expected. Earnings are an important time for investors, as they can track a company's performance, look at what the analysts are forecasting for next year, and see if there's been a change in sentiment towards the company. So we gathered the latest post-earnings forecasts to see what estimates suggest is in store for next year. We check all companies for important risks. See what we found for Banc of California in our free report. Following the latest results, Banc of California's eight analysts are now forecasting revenues of US$1.14b in 2025. This would be a decent 18% improvement in revenue compared to the last 12 months. Statutory earnings per share are predicted to bounce 86% to US$1.23. In the lead-up to this report, the analysts had been modelling revenues of US$1.15b and earnings per share (EPS) of US$1.22 in 2025. The consensus analysts don't seem to have seen anything in these results that would have changed their view on the business, given there's been no major change to their estimates. Check out our latest analysis for Banc of California It will come as no surprise then, to learn that the consensus price target is largely unchanged at US$17.36. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. There are some variant perceptions on Banc of California, with the most bullish analyst valuing it at US$20.00 and the most bearish at US$15.00 per share. The narrow spread of estimates could suggest that the business' future is relatively easy to value, or thatthe analysts have a strong view on its prospects. Of course, another way to look at these forecasts is to place them into context against the industry itself. For example, we noticed that Banc of California's rate of growth is expected to accelerate meaningfully, with revenues forecast to exhibit 24% growth to the end of 2025 on an annualised basis. That is well above its historical decline of 10% a year over the past five years. By contrast, our data suggests that other companies (with analyst coverage) in the industry are forecast to see their revenue grow 7.1% per year. Not only are Banc of California's revenues expected to improve, it seems that the analysts are also expecting it to grow faster than the wider industry. The most important thing to take away is that there's been no major change in sentiment, with the analysts reconfirming that the business is performing in line with their previous earnings per share estimates. Fortunately, they also reconfirmed their revenue numbers, suggesting that it's tracking in line with expectations. Additionally, our data suggests that revenue is expected to grow faster than the wider industry. The consensus price target held steady at US$17.36, with the latest estimates not enough to have an impact on their price targets. Following on from that line of thought, we think that the long-term prospects of the business are much more relevant than next year's earnings. At Simply Wall St, we have a full range of analyst estimates for Banc of California going out to 2027, and you can see them free on our platform here.. You can also see whether Banc of California is carrying too much debt, and whether its balance sheet is healthy, for free on our platform here. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
Yahoo
07-04-2025
- Business
- Yahoo
Banc of California Announces Schedule of First Quarter 2025 Earnings Release and Conference Call
LOS ANGELES, April 07, 2025--(BUSINESS WIRE)--Banc of California, Inc. (the "Company") (NYSE: BANC) today announced it will release 2025 first quarter financial results after market close on Wednesday, April 23, 2025. The Company will host a conference call to discuss its first quarter results the following day on Thursday, April 24, 2025 at 10:00 a.m. Pacific Time (PT). Interested parties are welcome to attend the conference call by dialing (888) 317-6003 and referencing event code 8785621. A link to the live audio webcast and the slide presentation for the call will be available on the Company's investor relations website prior to the call. An audio archive of the conference call will be available on the Company's investor relations website within 24 hours after the end of the call. About Banc of California, Inc. Banc of California, Inc. (NYSE: BANC) is a bank holding company with over $33 billion in assets and the parent company of Banc of California. Banc of California is one of the nation's premier relationship-based business banks, providing banking and treasury management services to small-, middle-market, and venture-backed businesses. Banc of California is the largest independent bank headquartered in Los Angeles and the third largest bank headquartered in California and offers a broad range of loan and deposit products and services through 80 full-service branches located throughout California and in Denver, Colorado, and Durham, North Carolina, as well as through regional offices nationwide. The bank also provides full-stack payment processing solutions through its subsidiary, Deepstack Technologies, and serves the Community Association Management industry nationwide with its technology-forward platform, SmartStreet™. The bank is committed to its local communities through the Banc of California Charitable Foundation, and by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more. For more information, please visit us at View source version on Contacts Investor Relations Inquiries: Banc of California, Inc.(855) 361-2262Jared Wolff, (310) 424-1230Joe Kauder, (310) 844-5224Ann DeVries, (646) 376-7011 Media Contact: Debora Vrana, Banc of California(213) Sign in to access your portfolio
Yahoo
27-03-2025
- Business
- Yahoo
3 Value Stocks Trading Below Estimated Worth For Savvy Investors
As the U.S. stock market navigates the complexities of tariff news and economic data, investors are closely watching for signs of stability amid fluctuating indices. In this environment, identifying stocks trading below their estimated worth can be a strategic move, offering potential value opportunities in a market marked by uncertainty. Name Current Price Fair Value (Est) Discount (Est) Provident Financial Services (NYSE:PFS) $17.34 $34.66 50% Brookline Bancorp (NasdaqGS:BRKL) $11.14 $21.87 49.1% ACNB (NasdaqCM:ACNB) $41.52 $81.63 49.1% KBR (NYSE:KBR) $50.98 $101.44 49.7% German American Bancorp (NasdaqGS:GABC) $38.05 $75.40 49.5% Pure Storage (NYSE:PSTG) $50.64 $99.51 49.1% Smurfit Westrock (NYSE:SW) $45.28 $90.04 49.7% Rocket Lab USA (NasdaqCM:RKLB) $19.44 $38.06 48.9% Workiva (NYSE:WK) $83.72 $166.61 49.7% Driven Brands Holdings (NasdaqGS:DRVN) $17.38 $34.55 49.7% Click here to see the full list of 195 stocks from our Undervalued US Stocks Based On Cash Flows screener. Let's take a closer look at a couple of our picks from the screened companies. Overview: Banc of California, Inc. is a bank holding company for Banc of California, offering a range of banking products and services, with a market cap of approximately $2.45 billion. Operations: The company's revenue primarily comes from its Commercial Banking segment, which generated $960.39 million. Estimated Discount To Fair Value: 22.2% Banc of California is currently trading at $14.65, which is 22.2% below its estimated fair value of $18.83, indicating it may be undervalued based on discounted cash flow analysis. The company's recent share repurchase program worth up to $150 million could enhance shareholder value. Despite a low forecasted return on equity of 7.6%, earnings are expected to grow significantly at 49.8% annually, outpacing the US market's growth rate of 14%. Insights from our recent growth report point to a promising forecast for Banc of California's business outlook. Navigate through the intricacies of Banc of California with our comprehensive financial health report here. Overview: Bowhead Specialty Holdings Inc. operates in the United States, offering commercial specialty property and casualty insurance products, with a market cap of approximately $1.34 billion. Operations: The company generates revenue of $425.66 million from its commercial specialty property and casualty insurance products in the United States. Estimated Discount To Fair Value: 16.1% Bowhead Specialty Holdings is trading at US$40.36, below its estimated fair value of US$48.13, suggesting potential undervaluation based on cash flows. The company's earnings grew 52.7% last year and are projected to rise 29.3% annually, exceeding the US market's growth rate of 14%. Recent financials show a strong performance with full-year revenue reaching US$425.66 million and net income increasing to US$38.24 million from the previous year's figures. Our expertly prepared growth report on Bowhead Specialty Holdings implies its future financial outlook may be stronger than recent results. Take a closer look at Bowhead Specialty Holdings' balance sheet health here in our report. Overview: Moelis & Company is an investment banking advisory firm with operations across North and South America, Europe, the Middle East, Asia, and Australia, and has a market cap of approximately $4.83 billion. Operations: The company's revenue segment consists of $1.19 billion from its investment banking advisory services. Estimated Discount To Fair Value: 11% Moelis & Company, trading at US$61.63, is below its fair value estimate of US$69.29, indicating undervaluation based on cash flows. The firm recently reported a net income of US$136.02 million for 2024 after recovering from a loss the previous year. Earnings are expected to grow significantly over the next three years, outpacing the broader market's growth rate. However, its dividend yield of 4.22% is not well covered by earnings projections. According our earnings growth report, there's an indication that Moelis might be ready to expand. Delve into the full analysis health report here for a deeper understanding of Moelis. Get an in-depth perspective on all 195 Undervalued US Stocks Based On Cash Flows by using our screener here. Are these companies part of your investment strategy? Use Simply Wall St to consolidate your holdings into a portfolio and gain insights with our comprehensive analysis tools. Take control of your financial future using Simply Wall St, offering free, in-depth knowledge of international markets to every investor. Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Diversify your portfolio with solid dividend payers offering reliable income streams to weather potential market turbulence. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NYSE:BANC NYSE:BOW and NYSE:MC. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Sign in to access your portfolio
Los Angeles Times
23-03-2025
- Business
- Los Angeles Times
SoCal's Top Banks and Credit Unions Focus on Community in Wake of Wildfires
The banking business has been impacted by higher interest rates, new technology and consolidation within the industry, but the wildfires that scorched Southern California in January have had an unprecedented impact on the lives of residents, employees and clients. Many banks and other financial institutions responded by creating funds or donating to local organizations that support fire relief in the midst of ongoing commercial banking operations. City National Bank, a subsidiary of Royal Bank of Canada, is the largest bank headquartered in Southern California. It committed $3 million to nonprofits and foundations supporting wildfire relief, including the American Red Cross, Entertainment Industry Foundation and United Way Los Angeles, among others. 'As the largest bank headquartered in Los Angeles, this tragedy is deeply personal for us. Our clients, colleagues and communities are suffering unimaginable devastation,' said Howard Hammond, chief executive and president of City National Bank, in a statement. 'We know we have an important role to play in helping address both the immediate needs in the wake of these fires as well as in the long-term work to rebuild.' City National Bank has also expanded its local presence recently by opening a new branch in Whittier in one of a collection of buildings that has been redeveloped at the former site of the Fred C. Nelles Youth Correctional Facility. The facility shuttered in 2004 and was acquired by Brookfield Residential in 2019, which repositioned it into a mixed-use project. It is adjacent to 500 new homes and 200 apartments, along with restaurants and other retail spanning 16 acres. Banc of California, which completed a merger with PacWest Bancorp in 2023, created a charitable fund and committed $1 million to local communities affected by the wildfires. The bank will establish an advisory board comprised of business and civic leaders to ensure that funds are directed to those impacted by the fires. 'We are creating this fund in part because of our unique position in the community and because of the significant outpouring of inquiries we have received from those across our country wanting to help Los Angeles,' said Jared Wolff, chief executive of Banc of California, in a statement. Pasadena-based East West Bank contributed $250,000 through its East West Bank Foundation to the Pasadena Community Foundation's Eaton Fire Fund. It reported minimal direct losses from the fires and has made support of the small number of customers and employees who were affected a priority. For customers, it activated a 'Skip-a-Pay' program, which has been used in past disasters that allows homeowners to delay mortgage payments. Employees created a relief fund, and the bank matched their contributions to help them through this difficult time. 'As a long-time resident, I've witnessed the resilience and spirit of our Pasadena community in the face of challenges,' said Dominic Ng, chairman and chief executive of East West Bank, in a statement. East West Bank contributed an additional $100,000 to the YMCA of Metropolitan Los Angeles. It has ties to the arts community and reached out to museums, foundations and arts supporters to help establish the LA Arts Community Fire Relief Fund, which received pledges of $12 million. Other regional banks that announced contributions include CBTC Bank, which contributed $300,000 to the Los Angeles County Economic Development Corp.'s small business recovery efforts. Preferred Bank donated $250,000 split among Tzu Chi USA, Pasadena Community Foundation, Alliance for a Better Community and the Los Angeles Fire Department Foundation. It also matched employee donations for wildfire relief above its corporate contribution. Bank of Hope contributed $100,000 to United Way of Greater Los Angeles Wildfire Relief Fund, California Bank & Trust spread a $100,000 donation across several organizations and Western Alliance Bancorp made a $100,000 contribution to the American Red Cross. Credit unions, which typically have membership requirements that closely align to a geographic region or a large local employer, have also made significant contributions towards wildfire relief. Tustin-based SchoolsFirst Federal Credit Union, the largest credit union headquartered in Southern California with $31.9 billion in assets, announced donations of more than $220,000 to local organizations. The credit union identified more than 20,000 members who may have been impacted by the fires. It has provided goodwill funds, emergency relief personal loans, skips or deferments on loan and credit card payments, waived fees and other lending assistance. 'Unfortunately, we have been with our members through these types of devastating situations too many times. Through these experiences, we have learned that the best way to be there for them is by working with each member one-on-one to offer support tailored to their unique needs,' said Bill Cheney, chief executive officer of SchoolsFirst FCU, in a statement. Los Angeles-based RBB Bancorp, the parent company of Royal Business Bank, announced a change in the company's leadership, effective May 22. Johnny Lee, who previously served as president and chief banking officer, will become chief executive when current chief executive David Morris retires. He previously worked at Pasadena-based East West Bank from 2021 to 2023 before joining Royal Business Bank and has more than 35 years of banking experience. Royal Business Bank operates locations in Southern California, New York City, Chicago and Honolulu. Farmers Insurance Federal Credit Union, a $1.4-billion credit union headquartered in Burbank, named Mirella Reznic as chief executive and president, effective February 3. Prior chief executive Laura Campbell retired. 'Mirella's selection comes after a rigorous and thoughtful process of assessing and interviewing numerous, highly qualified and impressive internal and external candidates,' said Rudy Trevino, Farmers Insurance FCU board chairman, in a statement.
