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Section 1: 10-Q (10-Q)

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 001-35522
 
BANC OF CALIFORNIA, INC.
(Exact name of registrant as specified in its charter)
 
Maryland
(State or other jurisdiction of
incorporation or organization)
04-3639825
(IRS Employer Identification No.)
3 MacArthur Place, Santa Ana, California
(Address of principal executive offices)
92707
(Zip Code)
(855) 361-2262
(Registrant’s telephone number, including area code)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
 
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 
 
 
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)  Yes  No 


Table of Contents

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, par value $0.01 per share
 
BANC
 
New York Stock Exchange
Depositary Shares each representing a 1/40th interest in a share of 7.375% Non-Cumulative Perpetual Preferred Stock, Series D
 
BANC PRD
 
New York Stock Exchange
Depositary Shares each representing a 1/40th interest in a share of 7.00% Non-Cumulative Perpetual Preferred Stock, Series E
 
BANC PRE
 
New York Stock Exchange
Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.
As of May 6, 2020, the registrant had outstanding 49,680,697 shares of voting common stock and 477,321 shares of Class B non-voting common stock.


Table of Contents

BANC OF CALIFORNIA, INC.
FORM 10-Q QUARTERLY REPORT
March 31, 2020
Table of Contents
 
 
Page
 
 
 
 
 
Item 1 –
 
 
 
 
 
 
 
 
 
 
 
 
Item 2 –
 
 
 
Item 3 –
 
 
 
Item 4 –
 
 
 
 
 
Item 1 –
 
 
 
Item 1A –
 
 
 
Item 2 –
 
 
 
Item 3 –
 
 
 
Item 4 –
 
 
 
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2

Table of Contents

Forward-Looking Statements
When used in this report and in public stockholder communications, in other documents of Banc of California, Inc. (the Company, we, us and our) filed with or furnished to the Securities and Exchange Commission (the SEC), or in oral statements made with the approval of an authorized executive officer, the words or phrases “believe,” “will,” “should,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” “guidance” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. These statements may relate to our future financial performance, strategic plans or objectives, revenue, expense or earnings projections, or other financial items of Banc of California Inc. and its affiliates (the "Company", "we", "us" or "our"), as well as the potential effects of the COVID-19 pandemic on the Company’s business, operations, financial performance and prospects. By their nature, these statements are subject to numerous uncertainties that could cause actual results to differ materially from those anticipated in the statements.
Factors that could cause actual results to differ materially from the results anticipated or projected include, but are not limited to, the following:
i.
the costs and effects of litigation, including legal fees and other expenses, settlements and judgments;
ii.
the effect of the novel coronavirus (COVID-19) pandemic and steps taken by governmental and other authorities to contain, mitigate, and combat the pandemic on our business, operations, financial performance and prospects;
iii.
the risk that the benefits we realize from exiting the third party mortgage origination and brokered single-family residential lending business will be less than anticipated and that the costs we incur from exiting that business will be greater than anticipated;
iv.
the risk that we will not be successful in the implementation of our capital utilization strategy and our other strategies for transitioning to a traditional community bank;
v.
risks that any merger and acquisition transactions of the Company may disrupt current plans and operations and lead to difficulties in customer and employee retention, risks that the costs, fees, expenses and charges related to these transactions could be significantly higher than anticipated and risks that the expected revenues, cost savings, synergies and other benefits of these transactions might not be realized to the extent anticipated, within the anticipated timetables, or at all;
vi.
the credit risks of lending activities, which may be affected by deterioration in real estate markets and the financial condition of borrowers, and the operational risk of lending activities, including but not limited to the effectiveness of our underwriting practices and the risk of fraud, any of which may lead to increased loan delinquencies, losses and nonperforming assets in our loan portfolio, and may result in our allowance for credit losses not being adequate and require us to materially increase our credit loss reserves;
vii.
fluctuations in the demand for loans and fluctuations in commercial and residential real estate values in our market area;
viii.
the new accounting standard adopted by the Financial Accounting Standards Board, referred to as Current Expected Credit Loss, which requires financial institutions to determine periodic estimates of lifetime expected credit losses on loans, and provide for the expected credit losses as allowances for loan losses;
ix.
the quality and composition of our securities portfolio, particularly the credit risks within our collateralized loan obligation investment portfolio and other asset classes;
x.
errors in estimates of the fair values of certain of our assets and liabilities, which may result in significant changes in valuation;
xi.
changes in general economic conditions, either nationally or in our market areas, or changes in financial markets;
xii.
continuation of or changes in the short-term interest rate environment, changes in the levels of general interest rates, volatility in the interest rate environment, the relative differences between short- and long-term interest rates, deposit interest rates, our net interest margin and funding sources;
xiii.
our ability to develop and maintain a strong core deposit base or other low cost funding sources necessary to fund our activities;
xiv.
results of examinations of us by regulatory authorities and the possibility that any such regulatory authority may, among other things, limit our business activities, require us to change our business mix, increase our allowance for credit losses, write-down asset values, increase our capital levels, or affect our ability to borrow funds or maintain or increase deposits, any of which could adversely affect our liquidity and earnings;
xv.
legislative or regulatory changes that adversely affect our business, including, without limitation, changes in tax laws and policies and changes in regulatory capital or other rules, and the availability of resources to address or respond to such changes;
xvi.
our ability to control operating costs and expenses;
xvii.
staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our work force and potential associated charges;
xviii.
the risk that our enterprise risk management framework may not be effective in mitigating risk and reducing the potential for losses;
xix.
failures or security breaches with respect to the network and computer systems on which we depend;
xx.
our ability to attract and retain key members of our senior management team;
xxi.
increased competitive pressures among financial services companies;
xxii.
changes in consumer spending, borrowing and saving habits;
xxiii.
the effects of severe weather, natural disasters, pandemics, acts of war or terrorism and other external events on our business;
xxiv.
the ability of key third-party providers to perform their obligations to us;
xxv.
changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board or their application to our business, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods;
xxvi.
share price volatility and reputational risks, related to, among other things, speculative trading and certain traders shorting our common shares and attempting to generate negative publicity about us; and
xxvii.
other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and the other risks described in this report and from time to time in other documents that we file with or furnish to the SEC, including, without limitation, the risks described under “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 and under “Part II. Item 1A. Risk Factors” of this Quarterly Report on Form 10-Q.

Further, statements about the potential effects of the COVID-19 pandemic on our business, operations, financial performance and prospects may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our clients, third parties and us.
We undertake no obligation to update any such statement to reflect circumstances or events that occur after the date, on which the forward-looking statement is made, except as required by law.

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PART I – FINANCIAL INFORMATION
ITEM 1 – FINANCIAL STATEMENTS
BANC OF CALIFORNIA, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Amounts in thousands, except share and per share data)
(Unaudited)
 
March 31,
2020
 
December 31,
2019
ASSETS
 
 
 
Cash and due from banks
$
28,491

 
$
28,890

Interest-earning deposits in financial institutions
407,501

 
344,582

Total cash and cash equivalents
435,992

 
373,472

Securities available-for-sale, at fair value
969,427

 
912,580

Loans held-for-sale, carried at fair value
20,234

 
22,642

Loans receivable
5,667,464

 
5,951,885

Allowance for credit losses - loans
(78,243
)
 
(57,649
)
Loans receivable, net
5,589,221

 
5,894,236

Federal Home Loan Bank and other bank stock, at cost
57,237

 
59,420

Premises, equipment, net
127,379

 
128,021

Bank owned life insurance
110,397

 
109,819

Operating lease right-of-use-assets
20,882

 
22,540

Investments in alternative energy partnerships, net
27,347

 
29,300

Deferred income taxes, net
63,849

 
44,906

Income tax receivable
7,198

 
4,233

Goodwill
37,144

 
37,144

Other intangible assets, net
3,722

 
4,151

Other assets
192,578

 
185,946

Total assets
$
7,662,607

 
$
7,828,410

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Noninterest-bearing deposits
$
1,256,081

 
$
1,088,516

Interest-bearing deposits
4,306,757

 
4,338,651

Total deposits
5,562,838

 
5,427,167

Federal Home Loan Bank advances
978,000

 
1,195,000

Long term debt, net
173,479

 
173,421

Reserve for loss on repurchased loans
5,601

 
6,201

Operating lease liabilities
22,075

 
23,692

Accrued expenses and other liabilities
85,612

 
95,684

Total liabilities
6,827,605

 
6,921,165

Commitments and contingent liabilities

 

Preferred stock
187,687

 
189,825

Common stock, $0.01 par value per share, 446,863,844 shares authorized; 52,004,041 shares issued and 49,593,077 shares outstanding at March 31, 2020; 51,997,061 shares issued and 50,413,681 shares outstanding at December 31, 2019
520

 
520

Class B non-voting non-convertible common stock, $0.01 par value per share, 3,136,156 shares authorized; 477,321 shares issued and outstanding at March 31, 2020 and at December 31, 2019
5

 
5

Additional paid-in capital
631,125

 
629,848

Retained earnings
110,640

 
127,733

Treasury stock, at cost (2,410,964 and 1,583,380 shares at March 31, 2020 and December 31, 2019)
(40,827
)
 
(28,786
)
Accumulated other comprehensive loss, net
(54,148
)
 
(11,900
)
Total stockholders’ equity
835,002

 
907,245

Total liabilities and stockholders’ equity
$
7,662,607

 
$
7,828,410

See accompanying notes to consolidated financial statements (unaudited)

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Table of Contents

BANC OF CALIFORNIA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
(Unaudited)
 
Three Months Ended
 
March 31,
2020
 
December 31,
2019
 
March 31,
2019
Interest and dividend income
 
 
 
 
 
Loans, including fees
$
65,534

 
$
73,930

 
$
90,558

Securities
7,820

 
7,812

 
17,841

Other interest-earning assets
1,360

 
1,960

 
2,313

Total interest and dividend income
74,714

 
83,702

 
110,712

Interest expense
 
 
 
 
 
Deposits
14,611

 
18,247

 
31,443

Federal Home Loan Bank advances
5,883

 
6,396

 
9,081

Securities sold under repurchase agreements

 
15

 
18

Long term debt and other interest-bearing liabilities
2,359

 
2,384

 
2,362

Total interest expense
22,853

 
27,042

 
42,904

Net interest income
51,861

 
56,660

 
67,808

Provision for (reversal of) credit losses
15,761

 
(2,976
)
 
2,098

Net interest income after provision for credit losses
36,100

 
59,636

 
65,710

Noninterest income
 
 
 
 
 
Customer service fees
1,096

 
1,451

 
1,515

Loan servicing income
75

 
312

 
118

Income from bank owned life insurance
578

 
599

 
525

Net gain on sale of securities available-for-sale

 
3

 
208

Fair value adjustment for loans held for sale
(1,586
)
 
30

 
1

Net (loss) gain on sale of loans
(27
)
 
(863
)
 
1,552

Other income
1,925

 
3,398

 
2,376

Total noninterest income
2,061

 
4,930

 
6,295

Noninterest expense
 
 
 
 
 
Salaries and employee benefits
23,436

 
24,036

 
28,439

Occupancy and equipment
7,243

 
7,900

 
7,686

Professional fees
5,964

 
2,611

 
11,041

Outside service fees
362

 
285

 
403

Data processing
1,773

 
1,684

 
1,496

Advertising and promotion
1,756

 
2,227

 
2,057

Regulatory assessments
484

 
1,854

 
2,482

Loss on investments in alternative energy partnerships
1,905

 
1,039

 
1,950

Reversal of provision for loan repurchases
(600
)
 
(360
)
 
(116
)
Amortization of intangible assets
429

 
454

 
620

Restructuring expense

 
1,626

 
2,795

All other expense
4,167

 
4,127

 
3,396

Total noninterest expense
46,919

 
47,483

 
62,249

(Loss) income from operations before income taxes
(8,758
)
 
17,083

 
9,756

Income tax (benefit) expense
(2,165
)
 
2,811

 
2,719

Net (loss) income
(6,593
)
 
14,272

 
7,037

Preferred stock dividends
3,533

 
3,540

 
4,308

Income allocated to participating securities

 
224

 

Participating securities dividends
94

 
93

 
202

Impact of preferred stock redemption
(526
)
 

 

Net (loss) income available to common stockholders
$
(9,694
)
 
$
10,415

 
$
2,527

(Loss) earnings per common share:
 
 
 
 
 
Basic
$
(0.19
)
 
$
0.21

 
$
0.05

Diluted
$
(0.19
)
 
$
0.20

 
$
0.05

(Loss) earnings per class B common share:
 
 
 
 
 
Basic
$
(0.19
)
 
$
0.21

 
$
0.05

Diluted
$
(0.19
)
 
$
0.21

 
$
0.05

See accompanying notes to consolidated financial statements (unaudited)


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Table of Contents

BANC OF CALIFORNIA, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Amounts in thousands)
(Unaudited)
 
Three Months Ended
 
March 31,
2020
 
December 31,
2019
 
March 31,
2019
Net (loss) income
$
(6,593
)
 
$
14,272

 
$
7,037

Other comprehensive (loss) income, net of tax:
 
 
 
 
 
Unrealized (loss) gain on available-for-sale securities:
 
 
 
 
 
Unrealized (loss) gain arising during the period
(42,248
)
 
(2,317
)
 
6,173

Reclassification adjustment for OTTI loss included in net (loss) income

 
(10
)
 

Reclassification adjustment for loss (gain) included in net (loss) income

 
(2
)
 
(147
)
Total change in unrealized (loss) gain on available-for-sale securities
(42,248
)
 
(2,329
)
 
6,026

Total other comprehensive (loss) income
(42,248
)
 
(2,329
)
 
6,026

Comprehensive (loss) income
$
(48,841
)
 
$
11,943

 
$
13,063

See Accompanying Notes to Consolidated Financial Statements (Unaudited)


6

Table of Contents

BANC OF CALIFORNIA, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Amounts in thousands)
(Unaudited)
 
Preferred Stock
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Treasury Stock
 
Accumulated Other Comprehensive Loss
 
Total Stockholders' Equity
 
 
Voting
 
Class B Non-Voting
 
 
 
 
 
Balance at December 31, 2018
$
231,128

 
$
518

 
$
5

 
$
625,834

 
$
140,952

 
$
(28,786
)
 
$
(24,117
)
 
$
945,534

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income

 

 

 

 
7,037

 

 

 
7,037

Other comprehensive income, net

 

 

 

 

 

 
6,026

 
6,026

Share-based compensation expense

 

 

 
853

 

 

 

 
853

Restricted stock surrendered due to employee tax liability

 

 

 
(79
)
 

 

 

 
(79
)
Shares purchased under the Dividend Reinvestment Plan

 

 

 

 
(50
)
 

 

 
(50
)
Stock appreciation right dividend equivalents

 

 

 

 
(202
)
 

 

 
(202
)
Dividends declared ($0.13 per common share)

 

 

 

 
(6,486
)
 

 

 
(6,486
)
Preferred stock dividends

 

 

 

 
(4,308
)
 

 

 
(4,308
)
Balance at March 31, 2019
$
231,128

 
$
518

 
$
5

 
$
626,608

 
$
136,943

 
$
(28,786
)
 
$
(18,091
)
 
$
948,325