Banc of California -- California’s leading business bank

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25.1.
Banc of California, Inc. Reports Fourth Quarter 2023 Financial Results Following Completion of Transformational Merger with PacWest Bancorp
https://www.wallstreet-online.de/nachricht/17732929-banc-of-…
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Completed asset sales of $6.1 billion and completed paydown of $8.6 billion high-cost funding related to the balance sheet repositioning, which improved the mix of earning assets and reduced higher cost funding. Wholesale fundings as a percentage of total assets down to 17%, compared to 28% in the prior quarter.
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Significant decrease in unrealized losses on securities, with unrealized losses in accumulated other comprehensive income (“AOCI”) of $434 million at year-end compared to $879 million at the prior quarter-end, resulting from security sales and decreased market forward rates in the fourth quarter.
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Jared Wolff, President & CEO of Banc of California, commented, “Since closing our transformational merger with PacWest Bancorp on November 30, 2023, we have made excellent progress on the integration and the balance sheet repositioning actions that we indicated at the time of the merger announcement. As a result, we have created the well capitalized, highly-liquid financial institution we envisioned, with significant earnings potential and a strong position in key California markets.”
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14.1.
JPMorgan CEO Jamie Dimon says the economy is ‘resilient.’ How do other banks feel about that?
https://www.marketwatch.com/story/jpmorgan-ceo-jamie-dimon-s…
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When JPMorgan Chase & Co. reported fourth-quarter results on Friday, Chief Executive Jamie Dimon said the U.S. economy was “resilient,” with management saying a soft landing was likely. Executives at Bank of America Corp. also said they expected a soft landing, while Wells Fargo & Co. said consumer spending “remains strong.”

Citigroup Inc., despite a messy and “very disappointing” fourth quarter, nonetheless also said that underlying growth was, in fact, “very strong” across its businesses.

Now, in the week ahead, we’ll see if the big banks’ cautious, muddied optimism about consumers, markets and businesses filters through to the rest of the financial industry.
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But those financial institutions will be reporting results after what Edward Jones analyst James Shanahan described as a “noisy” and “pretty soft across the board” quarter for the banks that reported on Friday. “The debit and credit card spending data that JPMorgan and Bank of America publish suggests that the consumer was still spending in the fourth quarter,” Shanahan told MarketWatch. But he added: “The growth rate and purchase volumes on credit cards and debit cards has certainly slowed.”

Among the noise and the softness: Bank of America’s fourth-quarter profits tumbled, as trading revenues and lending income lagged. Wells Fargo said it set aside a more money to cover potentially souring credit, as higher prices continue to squeezes consumers trying to pay their bills. Citigroup got gouged by shocks to the economies in Russia and Argentina, and said it would cut 20,000 jobs by the end of 2026 amid a bigger organizational revamp.

Some analysts expect banks to cut costs this year, amid pressures to embrace more technology. And they expect choppiness in the markets and deal-making, as investors await more clarity on potential interest-rate cuts from the Federal Reserve which has been fiddling with those rates in an effort to steer the economy through a two-year inflation spell. And brace for the fallout from conflicts abroad and whatever chaos lies ahead for the U.S. presidential election.

JPMorgan on Friday said it was modeling six interest-rate cuts from the Fed this year, which would ding its net-interest income, a gauge of a bank’s ability to profit off of interest collected on loans. But those rate cuts aren’t a guarantee, and speculation persists over how far interest rates need to fall to actually help consumers.

Meanwhile, concerns about commercial real estate lending have hung on, after more people abandoned offices for remote work. And despite the market rally at the end of last year, trading revenues — which both Morgan Stanley and Goldman Sachs depend on — have been a disappointment elsewhere. Investors, Shanahan said, may have been reluctant to sell into the rally and take a hit on taxes. And he said there may have been seasonal, holiday-related factors as well.”
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als quasi erneuerte und größere Regionalbank läuft die Banc of California immer noch unter dem Radar bei den allgemeinen Listen mit US-Banken und deren Analysten-Schätzungen:

5.1.
These two bank stocks shine as the industry gets closer to turning a corner
Interest rate pressure on the banking industry is expected to ease during 2024, but fourth-quarter numbers won’t be pretty
https://www.marketwatch.com/story/these-two-bank-stocks-shin…
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=> ich meine, was US-Groß-Banken hilft, sollte auch hier ankommen in 2024H2e

Mal sehen.

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5.12.
Banc of California Designates Los Angeles as Headquarters and Donates $1 Million to Expand Financing Options for Small Businesses
https://www.wallstreet-online.de/nachricht/17611126-banc-of-…
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Banc of California, Inc. (NYSE: BANC) has designated Los Angeles as its new headquarters and has contributed $1 million to help small businesses thrive, CEO Jared Wolff announced today at a joint press conference with Los Angeles Mayor Karen Bass.

“As a native Angeleno, I know the power and promise of Los Angeles and the entrepreneurs and businesses that make it great,” said Wolff. “As California’s leading business bank, we are designating Los Angeles as our headquarters to further serve this vibrant business community.”

“Los Angeles is open for business, and City Hall will advocate to make it easier for businesses to open, expand and thrive,” said Mayor Bass, who was joined by Los Angeles City Council President Paul Krekorian, Councilwoman Traci Park, and Deputy Mayor for Business and Economic Development Rachel Freeman. “When you make a change, you see results, and one of those results is that Banc of California is now here in Los Angeles.”
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nebenbei: HQ's der Banc of California waren zuvor Santa Ana, CA

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weiter von hier: https://www.wallstreet-online.de/diskussion/1367463-1-10/pac…