```markdown PART I. FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for Q1 2025, including balance sheets, earnings, comprehensive income, equity, and cash flows [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $33.78 billion, driven by loan growth, with stable deposits and increased stockholders' equity Balance Sheet Highlights (in thousands) | Account | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | **$33,779,918** | **$33,542,864** | | Total loans and leases held for investment, net | $23,891,541 | $23,542,303 | | Total investment securities | $4,801,300 | $4,700,761 | | Goodwill | $214,521 | $214,521 | | **Total Liabilities** | **$30,258,262** | **$30,042,915** | | Total deposits | $27,193,191 | $27,191,909 | | Borrowings | $1,670,782 | $1,391,814 | | **Total Stockholders' Equity** | **$3,521,656** | **$3,499,949** |[15](index=15&type=chunk) [Condensed Consolidated Statements of Earnings](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings) Q1 2025 net earnings were $53.6 million, down from Q4 2024 but significantly up year-over-year Quarterly Earnings Summary (in thousands, except per share data) | Metric | Q1 2025 (in thousands) | Q4 2024 (Unaudited) (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | :--- | | Net Interest Income | $232,364 | $235,285 | $229,102 | | Provision for credit losses | $9,300 | $12,801 | $10,000 | | Total Noninterest Income | $33,650 | $28,989 | $33,816 | | Total Noninterest Expense | $183,653 | $181,370 | $210,518 | | Net Earnings | $53,568 | $56,919 | $30,852 | | Net Earnings Available to Common Stockholders | $43,621 | $46,972 | $20,905 | | Diluted EPS | $0.26 | $0.28 | $0.12 |[17](index=17&type=chunk)[19](index=19&type=chunk) [Condensed Consolidated Statements of Comprehensive Income](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income for Q1 2025 significantly increased to $85.0 million, driven by net earnings and unrealized gains on securities Comprehensive Income (in thousands) | Component | Q1 2025 (in thousands) | Q4 2024 (Unaudited) (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | :--- | | Net Earnings | $53,568 | $56,919 | $30,852 | | Other comprehensive income (loss), net of tax | $31,460 | $(26,632) | $(4,322) | | **Comprehensive Income** | **$85,028** | **$30,287** | **$26,530** |[22](index=22&type=chunk) [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity increased to $3.52 billion in Q1 2025, driven by earnings and comprehensive income, offset by repurchases and dividends - Key activities impacting equity in Q1 2025 included: - Net earnings: **+$53.6 million** - Other comprehensive income: **+$31.5 million** - Stock repurchases: **-$38.9 million** - Preferred stock dividends: **-$9.9 million** - Common stock dividends: **-$17.3 million**[25](index=25&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash decreased by $158.3 million in Q1 2025 due to investing outflows, partially offset by operating and financing inflows Cash Flow Summary for Three Months Ended March 31 (in thousands) | Activity | 2025 (in thousands) | 2024 (in thousands) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $15,122 | $(88,396) | | Net cash (used in) provided by investing activities | $(384,739) | $107,402 | | Net cash provided by (used in) financing activities | $211,294 | $(2,311,354) | | **Net decrease in cash, cash equivalents, and restricted cash** | **$(158,323)** | **$(2,292,348)** |[28](index=28&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes provide detailed disclosures on accounting policies, investment and loan portfolios, credit quality, borrowings, and fair value measurements Investment Securities Composition at March 31, 2025 (in thousands) | Category | Fair Value (AFS) (in thousands) | Amortized Cost (HTM) (in thousands) | | :--- | :--- | :--- | | Agency residential MBS/CMOs | $1,432,110 | - | | Municipal securities | $597 | $1,252,435 | | Corporate debt securities | $263,403 | $69,993 | | Private label MBS/CMOs | $314,773 | $356,586 | | Other | $261,971 | $632,898 | | **Total** | **$2,334,058** | **$2,311,912** |[43](index=43&type=chunk)[55](index=55&type=chunk) Loan Portfolio Composition at March 31, 2025 (in thousands) | Loan Category | Balance (in thousands) | % of Total | | :--- | :--- | :--- | | Real estate mortgage | $13,655,592 | 56.2% | | Real estate construction and land | $2,873,608 | 11.8% | | Commercial | $7,392,651 | 30.4% | | Consumer | $392,953 | 1.6% | | **Total Gross Loans** | **$24,314,804** | **100.0%** |[68](index=68&type=chunk) - Nonaccrual loans increased to **$213.5 million** (**0.88%** of total loans) at Q1 2025, up from **$189.6 million** (**0.80%** of total loans) at year-end 2024[74](index=74&type=chunk)[302](index=302&type=chunk) - Subsequent to quarter-end, the company upsized its stock repurchase program from **$150 million** to **$300 million** and repaid **$174.0 million** of Senior Notes[213](index=213&type=chunk)[217](index=217&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=62&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 financial performance, highlighting loan growth, NIM expansion, stable deposits, strong credit quality, and capital levels [Results of Operations](index=69&type=section&id=Results%20of%20Operations) Q1 2025 net earnings available to common stockholders were $43.6 million, driven by loan growth, NIM expansion, and reduced noninterest expense Key Performance Ratios | Ratio | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | Return on average assets | 0.65% | 0.67% | 0.33% | | Return on average tangible common equity | 7.56% | 7.35% | 4.36% | | Net interest margin | 3.08% | 3.04% | 2.66% | | Efficiency ratio | 66.35% | 65.96% | 76.87% |[248](index=248&type=chunk) - Key operational highlights for Q1 2025 include: - Total loans grew by **$344.9 million** (**6%** annualized) - Repurchased **$38.5 million** of common stock - Net interest margin expanded to **3.08%** - Average cost of deposits declined **14 bps** to **2.12%**[247](index=247&type=chunk) [Net Interest Income and Net Interest Margin](index=71&type=section&id=Net%20Interest%20Income%20and%20Net%20Interest%20Margin) Net interest income was $232.4 million, with NIM improving to 3.08% due to a lower cost of funds, despite lower asset yields - Compared to Q4 2024, NIM increased by **4 bps** to **3.08%** due to a **13 bps** decrease in the average cost of funds, which outpaced the **9 bps** decrease in the average yield on interest-earning assets[253](index=253&type=chunk)[254](index=254&type=chunk) - Compared to Q1 2024, NIM increased by **42 bps** from **2.66%**, driven by a **60 bps** decrease in the average cost of funds, reflecting lower market rates and reduced reliance on higher-cost wholesale funding[255](index=255&type=chunk)[256](index=256&type=chunk) [Balance Sheet Analysis](index=79&type=section&id=Balance%20Sheet%20Analysis) The balance sheet grew to $33.8 billion with loan growth, stable deposits, strong credit quality, and robust liquidity levels Loan Portfolio Composition at March 31, 2025 | Loan Type | Balance (in billions) | % of Total | | :--- | :--- | :--- | | Total real estate | $16.4 | 68% | | Commercial | $7.4 | 30% | | Consumer | $0.4 | 2% | | **Total Loans** | **$24.1** | **100%** |[279](index=279&type=chunk) Deposit Composition at March 31, 2025 | Deposit Type | Balance (in billions) | % of Total | | :--- | :--- | :--- | | Noninterest-bearing checking | $7.6 | 28% | | Interest-bearing checking | $7.7 | 29% | | Money market & Savings | $7.4 | 27% | | Time deposits | $4.5 | 16% | | **Total Deposits** | **$27.2** | **100%** |[309](index=309&type=chunk) - The Allowance for Credit Losses (ACL) to total loans ratio was **1.10%** at quarter-end. Net charge-offs were low at **0.24%** of average loans[257](index=257&type=chunk) - Available liquidity of **$15.1 billion** provided a coverage ratio of **205%** for uninsured and uncollateralized deposits of **$7.4 billion**[310](index=310&type=chunk) [Regulatory Matters and Capital](index=96&type=section&id=Regulatory%20Matters%20and%20Capital) The company and Bank remained well-capitalized in Q1 2025, with CET1 ratio at 10.45%, despite slight decreases from prior quarter Consolidated Capital Ratios at March 31, 2025 | Ratio | Actual | Minimum for Well Capitalized (Bank) | | :--- | :--- | :--- | | CET1 capital ratio | 10.45% | 6.50% | | Tier 1 capital ratio | 12.86% | 8.00% | | Total capital ratio | 16.93% | 10.00% | | Tier 1 leverage capital ratio | 10.19% | 5.00% |[321](index=321&type=chunk) - Beginning in Q1 2025, the impact of the CECL accounting standard is fully reflected in regulatory capital, following the end of the three-year transition period[319](index=319&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=101&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's interest rate risk profile is 'neutral' based on NII and EVE models, but 'liability sensitive' when considering ECRs Interest Rate Sensitivity Analysis at March 31, 2025 | Rate Shock (bps) | Change in EVE | Change in NII (12-month) | | :--- | :--- | :--- | | +200 | -5.5% | +0.3% | | +100 | -2.5% | +0.5% | | -100 | +3.0% | -0.5% | | -200 | +4.6% | -1.5% |[362](index=362&type=chunk) - The company's interest rate risk profile is described as 'neutral' based on its NII and EVE models, reflecting a balanced composition of repricing assets and liabilities[361](index=361&type=chunk) - When including the impact of Earnings Credit Rates (ECRs) on HOA deposits, the company's overall Earnings-at-Risk profile is considered 'liability sensitive'[364](index=364&type=chunk)[365](index=365&type=chunk) [Item 4. Controls and Procedures](index=105&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - The CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2025[366](index=366&type=chunk) - No changes occurred in internal control over financial reporting during Q1 2025 that have materially affected, or are reasonably likely to materially affect, such controls[367](index=367&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=105&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal actions, with management believing no material adverse effect on financial condition is expected - Management opines that any liability from ongoing legal actions, beyond amounts already accrued, would not have a material adverse effect on the company's financial statements[370](index=370&type=chunk) [Item 1A. Risk Factors](index=105&type=section&id=Item%201A.%20Risk%20Factors) No material changes were reported to the risk factors previously disclosed in the company's Annual Report on Form 10-K - There have been no material changes to the risk factors previously disclosed in the company's Form 10-K[371](index=371&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=106&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company detailed Q1 2025 stock repurchase activity, including a new $150 million program upsized to $300 million post-quarter Stock Repurchases for Q1 2025 | Period | Total Shares Purchased | Average Price Paid ($) | Shares Purchased Under Program | | :--- | :--- | :--- | :--- | | Jan 2025 | 4,326 | $14.82 | — | | Feb 2025 | 157,543 | $14.74 | — | | Mar 2025 | 2,706,434 | $14.36 | 2,684,823 |[372](index=372&type=chunk) - On March 17, 2025, the Board authorized a **$150 million** stock repurchase program. As of March 31, 2025, **$111.5 million** remained available under this authorization[372](index=372&type=chunk)[373](index=373&type=chunk) - On April 23, 2025, the company upsized its stock repurchase program from **$150 million** to **$300 million** and expanded it to include preferred stock[374](index=374&type=chunk) [Other Disclosures](index=106&type=section&id=Other%20Disclosures) This section confirms no defaults on senior securities, no mine safety disclosures, and no new Rule 10b5-1 trading arrangements - Item 3: No defaults upon senior securities were reported[376](index=376&type=chunk) - Item 5: No directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement during the quarter[378](index=378&type=chunk) ```

Core Viewpoint - Investors in Banc of California, Inc. (BANC) should closely monitor the stock due to significant implied volatility in the options market, particularly for the July 18, 2025 $7.50 Call option [1] Group 1: Implied Volatility - Implied volatility indicates the market's expectation of future price movement, with high levels suggesting a potential significant move or an upcoming event that could lead to a rally or sell-off [2] - The current high implied volatility for Banc of California options suggests that traders anticipate a notable price movement [4] Group 2: Analyst Sentiment - Banc of California holds a Zacks Rank 3 (Hold) within the Banks - Southwest industry, which is in the top 8% of the Zacks Industry Rank [3] - Over the past 60 days, there has been a mixed revision in earnings estimates, with one analyst increasing and three decreasing their estimates, resulting in a consensus estimate drop from 29 cents to 28 cents per share for the current quarter [3]

Core Viewpoint - The article emphasizes the importance of value investing and highlights Banc of California (BANC) as a strong value stock based on various financial metrics [2][8]. Company Analysis - Banc of California (BANC) currently holds a Zacks Rank of 2 (Buy) and a Value grade of A, indicating strong potential for value investors [4]. - The stock has a P/E ratio of 9.78, significantly lower than the industry average of 12.22, suggesting it may be undervalued [4]. - BANC's Forward P/E has fluctuated between 8.24 and 22.03 over the past year, with a median of 11.68 [4]. - The P/B ratio for BANC is 0.71, compared to the industry average of 1.76, further indicating its attractive valuation [5]. - BANC's P/S ratio stands at 1.15, while the industry average is 1.99, reinforcing the notion of undervaluation [6]. - The P/CF ratio for BANC is 13.69, lower than the industry average of 18.12, highlighting its strong cash flow outlook [7]. - Overall, the financial metrics suggest that Banc of California is likely undervalued and stands out as one of the market's strongest value stocks [8].

Group 1 - Banc of California (BANC) has provided a cautious outlook and a conservative forward strategy, which may indicate a potential decline in GDP growth, impacting industrial activity significantly [2] - The oil and gas industry is characterized as a boom-bust, cyclical sector, requiring patience and experience for successful investment [2] Group 2 - The analysis of oil and gas companies focuses on identifying undervalued entities, examining their balance sheets, competitive positions, and development prospects [1]

Financial Data and Key Metrics Changes - The company reported a net income of $43.6 million or $0.26 per share, reflecting continued momentum in core earnings drivers [23] - Net interest income was $232 million, slightly down from the prior quarter due to lower day count and fewer loan prepayments, but offset by lower deposit costs [23][24] - The net interest margin increased by four basis points to 3.08%, driven by a decline in the cost of funds [24] - The average loan yield decreased by 11 basis points to 5.9%, primarily due to the impact of December rate cuts on floating rate loans [25] Business Line Data and Key Metrics Changes - Loan production, including unfunded commitments, was $2.6 billion, up from $1.8 billion in the previous quarter, resulting in a loan portfolio growth of 6% on an annualized basis [8] - The strongest loan growth was observed in warehouse, lender finance, and fund finance areas [8] - The average rate on new loan production was 7.2%, contributing positively to average loan yields and margin [10] Market Data and Key Metrics Changes - The company is adjusting its 2025 outlook for loan growth to mid-single-digit growth due to uncertainties in the current environment [9] - The company maintained a disciplined pricing and underwriting criteria while growing its loan portfolio [10] Company Strategy and Development Direction - The company is capitalizing on its strong market position to add attractive commercial relationships, evidenced by loan growth and new non-interest-bearing (NIB) business relationships [36][38] - The company is focused on maintaining healthy capital liquidity positions and is well-positioned for future growth [46] Management's Comments on Operating Environment and Future Outlook - Management noted that while there is more dialogue regarding potential economic slowdown, they did not observe a meaningful change in borrower behavior in the first quarter [40] - The company remains cautious in loan production, particularly regarding industry and structure [41] - Management expressed confidence in the ability to continue executing for clients despite market volatility [19][46] Other Important Information - The company announced a $150 million share buyback program, which was upsized to $300 million, covering both common and preferred stock [6][7] - The total economic coverage ratio is 1.66%, which includes the benefit of credit-linked notes and purchase accounting marks [33] Q&A Session Summary Question: Outlook on credit and profitability amid buybacks - Management acknowledged the positives of margin expansion and loan growth but noted concerns about rising classified loans and capital levels compared to peers [58][59] - Management expressed confidence in the credit quality and the health of their coverage ratios, indicating a conservative approach to risk management [68][70] Question: Opportunities for new clients amid economic uncertainty - Management indicated that they would continue to hire and seek new clients, particularly in Southern California, despite the economic outlook [102][108] Question: Allowance for credit losses (ACL) and its decline - Management clarified that the ACL decline was not due to an improved economic outlook but rather due to a conservative approach to risk ratings and modeling [157][160] Question: Expectations for net interest margin (NIM) and accretion income - Management provided insights on baseline accretion income and its impact on NIM, indicating a stable outlook for the second quarter [171][176] Question: Growth in deposits and HOA balances - Management expressed intent to grow HOA balances, emphasizing the stability of their deposit base despite some outflows [225][231]

Core Insights - Banc of California reported Q1 2025 net income of $43.6 million or $0.26 per share, indicating strong core earnings despite economic uncertainties [5] - The company achieved a loan production of $2.6 billion, reflecting a 6% annualized growth rate, with a new loan yield of 7.20% [10][14] - Management has adopted a conservative approach to risk ratings, resulting in an increase in classified loans, with 84% of new classified loans remaining current [12][14] Financial Performance - Net interest margin expanded by 4 basis points to 3.08% in Q1 2025, driven by a decline in the cost of funds [14] - Total noninterest income was $33.7 million, consistent with the normalized run rate [15] - The adjusted loan growth outlook for 2025 has been revised to mid-single digits due to economic uncertainties [6] Shareholder Returns - The company completed a $150 million share repurchase in Q1 2025, repurchasing 6.8% of shares, and announced an additional $150 million buyback authorization, bringing the total to $300 million [10][6] - The buyback program is intended to be executed opportunistically, reflecting the company's commitment to enhancing shareholder value [9][10] Risk Management - The allowance for credit losses (ACL) ratio stands at 1.1% of total loans, with an economic coverage ratio of 1.66% [3][12] - The company has adopted a conservative posture on risk ratings, leading to additional credit downgrades, but maintains that the majority of classified loans are current and well-collateralized [12][14] - The company is monitoring economic conditions closely and remains cautious in loan production [19][20] Market Positioning - Banc of California is capitalizing on its strong market position in Southern California, filling the void left by banks that exited the market [17][18] - The company is focused on attracting new business relationships and expanding its loan portfolio, particularly in lower-risk categories [16][18] - Management believes that the current economic environment presents opportunities for growth despite uncertainties [34][66]

Financial Data and Key Metrics Changes - The company reported a first quarter net income of $43.6 million or $0.26 per share, reflecting continued momentum in core earnings drivers [13] - Net interest income was $232 million, slightly down from the prior quarter, with a net interest margin increase of four basis points to 3.08% [13][14] - The average loan yield decreased by 11 basis points to 5.9%, while the average rate on new loan production was 7.2% [15][19] Business Line Data and Key Metrics Changes - Loan production, including unfunded commitments, was $2.6 billion, up from $1.8 billion in the previous quarter, resulting in a loan portfolio growth of 6% on an annualized basis [7] - Strong loan growth was noted in warehouse lender finance and fund finance areas, although there was a decline in construction loans due to payoffs and completed projects [7][10] - The company adjusted its 2025 outlook for loan growth to mid-single digit growth due to uncertainties in the current environment [8] Market Data and Key Metrics Changes - The company maintained a disciplined pricing and underwriting criteria while growing its loan portfolio, with a focus on lower risk and lower duration loan categories [18] - The economic coverage ratio is substantially higher at 1.66% of loans, incorporating unearned credit marks and coverage from credit-linked notes [12][18] Company Strategy and Development Direction - The company is capitalizing on its strong market position to add attractive commercial relationships, evidenced by loan growth and new non-interest-bearing (NIB) business relationships [20] - The management is cautious in loan production, evaluating the portfolio for direct tariff impacts, with minimal and indirect exposure [21] - The company aims to achieve a target of 30% non-discretionary deposits by the end of the year, currently at 28% [58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to continue executing for clients while maintaining healthy capital and liquidity positions despite market volatility [12][22] - The management noted that while there is more dialogue regarding potential slowdown among clients, they did not observe a meaningful change in borrower behavior in the first quarter [21] - The company remains optimistic about growth opportunities in the Southern California market, despite the economic uncertainties [21][107] Other Important Information - The company announced a share buyback program of $150 million, which was upsized to $300 million, covering both common and preferred stock [6] - Total non-interest income was $33.7 million, in line with the normalized run rate, while total non-interest expense increased to $183.7 million due to seasonally higher compensation-related expenses [16] Q&A Session Summary Question: Outlook on credit and profitability amid uncertainty - Management acknowledged the positives in margin expansion and loan growth but noted concerns about increasing classified loans and lower allowance coverage ratios [26][27] - The management expressed confidence in the health of their coverage ratios and the conservative approach taken in risk rating loans [30][32] Question: Changes in underwriting and risk management - Management clarified that while they have not tightened the credit box, they are exercising more discipline in credit management and selection processes [115] - They emphasized the importance of core principles in underwriting, especially in uncertain times [116] Question: Expense management and outlook - Management discussed potential levers available to manage expenses, including adjustments to bonus accruals and project spending [122][124] - They reiterated their guidance for non-interest expenses to return to normalized levels in the upcoming quarters [17]

Banc of California (BANC) Q1 2025 Earnings Call April 24, 2025 01:00 PM ET Company Participants Ann DeVries - Head of Investor RelationsJared Wolff - President, CEO & ChairmanJoseph Kauder - Executive VP & CFOBen Gerlinger - Vice President of Equity ResearchJared Shaw - Managing DirectorDavid Feaster - Director - BankingAnthony Elian - Equity Research – BanksChristopher Mcgratty - MD & Head of U.S. Bank ResearchTimur Braziler - Director - Mid-Cap Bank Equity ResearchAndrew Terrell - Managing Director Confer ...

Draft v4.5 1/21/24 Investor Presentation First Quarter 2025 Results Forward-Looking Statements and Other Matters This presentation includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, liquidity and capital ratios and other non-historical statements. Words or phrases such as "believe," "wi ...

Group 1: Earnings Performance - Banc of California reported quarterly earnings of $0.26 per share, exceeding the Zacks Consensus Estimate of $0.24 per share, and up from $0.19 per share a year ago, representing an earnings surprise of 8.33% [1] - Over the last four quarters, the company has surpassed consensus EPS estimates three times [2] - The company posted revenues of $266.01 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 2.37%, and down from $272.96 million year-over-year [2] Group 2: Stock Performance and Outlook - Banc of California shares have declined approximately 13.6% since the beginning of the year, compared to a decline of 10.1% for the S&P 500 [3] - The company's earnings outlook is favorable, with a current consensus EPS estimate of $0.29 on revenues of $282.9 million for the coming quarter, and $1.24 on $1.16 billion in revenues for the current fiscal year [7] - The Zacks Industry Rank for Banks - Southwest is currently in the top 9% of over 250 Zacks industries, indicating a strong potential for outperformance [8] Group 3: Estimate Revisions and Future Expectations - The estimate revisions trend for Banc of California is favorable, leading to a Zacks Rank 2 (Buy) for the stock, suggesting expected outperformance in the near future [6] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]