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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Banc of California, Inc. | NYSE:BANC.PRC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
FORM 8-K | |||
Banc of California, Inc. | ||
(Exact name of registrant as specified in its charter) |
|
Maryland | 001-35522 | 04-3639825 | |||
(State or other jurisdiction of
incorporation)
|
(Commission File Number) | (IRS Employer Identification No.) | ||||
18500 Von Karman Avenue, Suite 1100, Irvine, California | 92612 | |||||
|
(Address of principal executive
offices)
|
(Zip Code) |
(949) 236-5211 |
|
|
(Registrant’s telephone number, including area code) |
|
|
N/A | ||
(Former Name or Former Address, if Changed Since Last Report) |
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 9.01.
|
Financial Statements and Exhibits.
|
|
(d) Exhibits.
|
Exhibit Number
|
Description
|
99.1
|
Unaudited pro forma combined condensed consolidated statement of operations for the year ended December 31, 2013.
|
BANC OF CALIFORNIA, INC. | ||
Date: May 14,2014 | ||
By: /s/ Richard Herrin | ||
Name: Richard Herrin | ||
Title: Executive Vice President, Chief Administrative Officer and Corporate Secretary |
Exhibit Number
|
Description
|
99.1
|
Unaudited pro forma combined condensed consolidated statement of operations for the year ended December 31, 2013.
|
PBOC Merger
|
Proforma Combined
BANC & PBOC
|
||||||
BANC Historical
|
PBOC
(1/1 to 6/30)
|
Proforma Merger Adjustments
|
|||||
Interest and dividend income
|
|
||||||
Loans, including fees
|
$ 116,673
|
$ 7,456
|
$ 1,127
|
(1)
|
$ 125,256
|
||
Securities and other earning assets
|
3,838
|
2,183
|
399
|
(1)
|
6,420
|
||
Total interest and dividend income
|
120,511
|
9,639
|
1,526
|
131,676
|
|||
Interest expense
|
|||||||
Deposits
|
16,051
|
708
|
(49)
|
(1)
|
16,710
|
||
Borrowings
|
7,231
|
48
|
-
|
7,279
|
|||
Total interest expense
|
23,282
|
756
|
(49)
|
23,989
|
|||
Net interest income
|
97,229
|
8,883
|
1,575
|
107,687
|
|||
Provision for loan and lease losses
|
7,963
|
792
|
-
|
8,755
|
|||
Net interest income after provision for loan and lease losses
|
89,266
|
8,091
|
1,575
|
98,932
|
|||
Noninterest income
|
|||||||
Customer service fees
|
1,942
|
148
|
-
|
2,090
|
|||
Loan servicing income
|
2,049
|
-
|
-
|
2,049
|
|||
Net gain on mortgage banking activities
|
67,890
|
-
|
-
|
67,890
|
|||
Net gain on sale of loans
|
8,700
|
2,484
|
-
|
11,184
|
|||
Net gain on sales of securities available for sale
|
331
|
-
|
-
|
331
|
|||
Other income
|
15,831
|
169
|
-
|
16,000
|
|||
Total noninterest income
|
96,743
|
2,801
|
-
|
99,544
|
|||
Noninterest expense
|
|||||||
Salaries and employee benefits
|
110,687
|
5,544
|
-
|
116,231
|
|||
Occupancy and equipment
|
19,662
|
927
|
3
|
(2)
|
20,592
|
||
OREO expense
|
(367)
|
-
|
-
|
(367)
|
|||
Amortization of intangible assets
|
2,651
|
-
|
808
|
(2)
|
3,459
|
||
All other expense
|
46,037
|
2,879
|
-
|
48,916
|
|||
Total noninterest expense
|
178,670
|
9,350
|
811
|
188,831
|
|||
Income before income taxes
|
7,339
|
1,542
|
764
|
9,645
|
|||
Income tax expense
|
7,260
|
373
|
596
|
(3)
|
8,229
|
||
Net income
|
79
|
1,169
|
168
|
1,416
|
|||
Preferred stock dividends
|
2,185
|
50
|
-
|
2,235
|
|||
Net income (loss) available to common shareholders
|
$ (2,106)
|
$ 1,119
|
$ 168
|
$ (819)
|
|||
Basic earnings (loss) per common share
|
(0.14)
|
(0.05)
|
|||||
Diluted earnings (loss) per common share
|
(0.14)
|
(0.05)
|
|||||
Weighted average common shares outstanding - basic
|
15,286,834
|
3,872,051
|
(2,830,385)
|
(4)
|
16,328,501
|
||
Weighted average common shares outstanding - diluted
|
15,286,834
|
3,969,760
|
(2,928,094)
|
(4)
|
16,328,501
|
1.
|
Adjustment reflects the amortization/accretion of fair value adjustments related to loans, investment securities, and deposits
|
2.
|
Adjustment reflects the amortization of core deposit intangibles, trade names intangibles, and fixed assets fair market value adjustments
|
3.
|
The amount represents the result of an effective tax rate of 42 percent
|
4.
|
Adjustment reflects elimination of weighted average shares outstanding of acquired entities and the issuance of 2,083,333 shares in the acquisition of PBOC
|
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