SANTA ANA, Calif.--(BUSINESS WIRE)--Mar 29, 2023--
Banc of California, Inc. (NYSE: BANC) (the “Company”), the holding company for Banc of California, N.A. (the “Bank”), today announced that the Kroll Bond Rating Agency (KBRA), a Nationally Recognized Statistical Rating Organization registered with the U.S. Securities and Exchange Commission, has affirmed the Company and Bank’s credit ratings and stable outlook.
The Bank’s favorable ratings and stable outlook were maintained with the senior unsecured debt and deposit ratings of BBB+, the subordinated debt rating of BBB, and the short-term debt and deposit ratings of K2. Additionally, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for the Company. The outlook for all long-term ratings is Stable. According to KBRA’s report, “BANC’s liquidity position [is] comfortable, with sufficient uninsured deposit coverage through primary and secondary liquidity sources, as well as a low unrealized loss position in its AFS securities portfolio. The company’s deposit mix is well diversified by industry type, with limited exposure to higher risk sectors.
“Additionally, the ratings are further supported by the company’s overall scale in attractive markets, as well as a strong capital position, evidenced by a CET1 ratio that has generally tracked above 11% since 2020, which is an integral aspect of the company’s credit profile.”
Note Regarding Ratings
A rating is not investment or financial advice and is not a recommendation to buy, sell or hold securities. Ratings may be subject to revision or withdrawal at any time by the assigning rating organization. Each rating organization has its own methodology for assigning ratings and, accordingly, each rating should be evaluated independently of any other rating. The foregoing description of the rating is qualified in its entirety by reference to the full text of KBRA’s press release, disclosures and additional information on rating categories which can be found on their website at www.kbra.com.
About Banc of California, Inc.
Banc of California, Inc. (NYSE: BANC) is a bank holding company with $9.2 billion in assets at December 31, 2022 and one wholly-owned banking subsidiary, Banc of California, N.A. (the Bank). The Bank has 34 offices including 28 full-service branches located throughout Southern California. Through our dedicated professionals, we provide customized and innovative banking and lending solutions to businesses, entrepreneurs and individuals throughout California, and full stack payment processing solutions through our subsidiary Deepstack Technologies. We help to improve the communities where we live and work, by supporting organizations that provide financial literacy and job training, small business support and affordable housing. With a commitment to service and to building enduring relationships, we provide a higher standard of banking. We look forward to helping you achieve your goals. For more information, please visit us at www.bancofcal.com.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are necessarily subject to risk and uncertainty and actual results could differ materially from those anticipated due to various factors, including those set forth from time to time in the documents filed or furnished by Banc of California, Inc. with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and Banc of California, Inc. undertakes no obligation to update any such statements to reflect circumstances or events that occur after the date on which the forward-looking statement is made.
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CONTACT: Investor Relations Inquiries:
Banc of California, Inc.
(855) 361-2262
Jared Wolff, (949) 385-8700
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES SMALL BUSINESS FINTECH ASSET MANAGEMENT BANKING ACCOUNTING
SOURCE: Banc of California, Inc.
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PUB: 03/29/2023 07:00 AM/DISC: 03/29/2023 07:02 AM
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