Banc of California announces board changes and voting results

Banc of California , Inc. (NYSE:BANC), a $2.31 billion market cap financial institution currently trading at $13.91 per share, announced key outcomes from its Annual Meeting of Stockholders held on May 7, 2025, as well as leadership appointments on the board of directors. According to InvestingPro analysis, the bank appears slightly undervalued based on its Fair Value metrics, with a solid dividend yield of 2.93%. The information, sourced from the company’s recent SEC 8-K filing, outlines the results of stockholder voting on various proposals and executive changes within the organization.

At the 2025 Annual Meeting, all twelve director nominees were successfully elected to serve one-year terms. The elected directors include James A. "Conan" Barker, Paul R. Burke, Mary A. Curran, John M. Eggemeyer, Shannon F. Eusey, Richard J. Lashley, Susan E. Lester, Joseph J. Rice, Todd Schell, Vania E. Schlogel, Andrew Thau, and Jared M. Wolff. The voting results indicated a majority support for each nominee, with no nominee receiving less than 104 million votes in favor.

Additionally, the stockholders ratified the selection of Ernst & Young LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. The firm was approved with over 137 million votes in favor, representing a clear majority.

In an advisory vote on executive compensation, stockholders approved the pay for named executive officers as disclosed in the Proxy Statement (Say-on-Pay) with over 87 million votes for, against 34 million, and approximately 2 million abstentions.

The stockholders also voted on the frequency of future Say-on-Pay votes (Say-on-Frequency), electing to hold the advisory vote every year. The option of one year received the highest number of votes, significantly outpacing the two-year and three-year options. This governance decision comes as InvestingPro data shows the company maintaining a P/E ratio of 21.38, with analysts expecting net income growth this year.

In addition to the voting results, the company’s Board of Directors unanimously elected Jared M. Wolff, the current chief executive officer, to serve as chair of the board. John M. Eggemeyer was appointed vice chair and lead independent director.

These board changes and voting results are part of the company’s ongoing commitment to corporate governance and stockholder engagement. The details of the votes and board appointments reflect the stockholders’ and directors’ confidence in the strategic direction and leadership of Banc of California. While seven analysts have recently revised their earnings expectations downward, InvestingPro analysis reveals additional insights about the company’s financial health and future prospects in its comprehensive Pro Research Report, available along with over 12 exclusive ProTips for subscribers. The information provided in this article is based on the company’s SEC filing and InvestingPro data.

In other recent news, Banc of California Inc. reported its first-quarter 2025 earnings, exceeding analysts’ expectations with an earnings per share (EPS) of $0.26, compared to the forecasted $0.23. However, the company’s revenue fell short of projections, reaching $266 million against the anticipated $272.5 million. Alongside these financial results, Banc of California announced a $300 million share buyback program, which reflects a strategic move to manage capital effectively. The bank also reported a 6% annualized growth in its loan portfolio, indicating a focus on expanding its lending activities. Despite the positive EPS results, economic uncertainties and potential market consolidation were noted as ongoing concerns for the bank. Analysts from Citi highlighted the bank’s conservative approach to credit risk ratings, which may have contributed to the recent credit downgrades. Furthermore, Banc of California’s net interest margin increased by 4 basis points to 3.08%, while the cost of deposits declined by 14 basis points to 2.12%. Looking ahead, the bank projects a 5% growth in net interest income for the second quarter of 2025.

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