BANC OF CALIFORNIA, INC. has recently released its latest 10-Q report. The company is the holding company for Banc of California, a California state-chartered bank that provides banking and treasury management services to small and middle-market businesses, venture-backed companies, nonprofit organizations, entrepreneurs, professionals and high-net-worth individuals. Its products include deposits, real estate lending, commercial lending, consumer loans, payment processing and treasury management services, delivered through 77 full-service branches in California, Denver and Durham, along with regional offices nationwide.
For the six months ended June 30, 2026, management said the quarter was shaped by several balance-sheet moves: it repositioned $2.3 billion of lower-yielding held-to-maturity securities, moved $827.0 million of selected commercial real estate and multi-family construction loans from held for investment to held for sale, and redeemed $385.0 million of subordinated debt before a higher-rate reset. The company said it later sold substantially all of the transferred securities and entered into agreements in July 2026 to sell the loans.
The company also extended its $300 million stock repurchase program through March 16, 2027. In the first half, it repurchased about 1.7 million shares of common and common equivalent stock for $31.9 million at a weighted-average price of $18.68 per share, leaving $82.6 million available under the authorization at June 30, 2026.
Financially, the company reported a net loss of $241.3 million for the second quarter of 2026, compared with net earnings of $71.95 million in the first quarter of 2026 and $28.39 million in the second quarter of 2025. For the first six months of 2026, it posted a net loss of $169.4 million versus net earnings of $81.95 million in the same period of 2025. On a non-GAAP basis, return on average tangible common equity was negative 36.18% in the second quarter and negative 13.30% for the first half.
At June 30, 2026, stockholders’ equity stood at $3.41 billion, down from $3.54 billion at December 31, 2025. Tangible common equity was $2.60 billion, compared with $2.72 billion at year-end 2025, while tangible book value per common share fell to $16.44 from $17.51. Common and equivalent shares outstanding rose to 158.4 million from 155.5 million. The market has reacted to these announcements by moving the company's shares -1.42% to a price of $18.73. For more information, read the company's full 10-Q submission here.
