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The company is suing Basswood Capital, claiming the activist hedge fund unlawfully accumulated a large stake by violating a confidentiality agreement. It also claims that Basswood's meddling resulted in a subpar capital raise last month.
June 19 -
A community group opposes Banc of California's plans to buy 20 branches, saying management isn't being open about plans to serve low-income and minority customers. The bank says its all a misunderstanding. Still, the issue shows why banks must foster good relations with powerful advocacy groups.
July 16
Banc of California in Irvine
The $4.4 billion-asset bank earned $8.1 million in the quarter that ended June 30, up 86% from the same period last year. Earnings were 27 cents per share, beating an estimate of analysts polled by Bloomberg by 11 cents.
Net interest income climbed 65%, to $35.6 million, as total loans increased 61%, to $2.6 billion. That growth was aided substantially by its October acquisition of the $1.1 billion-asset Private Bank of California in Century City.
Revenue from fees and service charges also contributed to the second-quarter earnings. Noninterest income rose 36%, to $35.4 million, driven by strong gains in fees from mortgage banking.
Operating expenses were $60.5 million, up 53% from last year, due primarily to higher salary costs that came with the Private Bank acquisition.
