Banc of California, Inc. (NYSE:BANC) Q2 2023 Earnings Call Transcript July 26, 2023 12:00 PM ET
Company Participants
Jared Wolff - President and Chief Executive Officer
Joseph Kauder - Chief Financial Officer
Paul Taylor - President and Chief Executive Officer of PacWest
Kevin Thompson - EVP, Chief Financial Officer of PacWest
Conference Call Participants
Matthew Clark - Piper Sandler
Christopher McGratty - KBW
Andrew Terrell - Stephens
Gary Tenner - D.A. Davidson
Timothy Coffey - Janney
Kelly Motta - KBW
Timur Braziler - Wells Fargo
David Feaster - Raymond James
Operator
Hello, and welcome to the conference call to discuss Banc of California and PacWest Merger and Second Quarter Earnings. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation there will be an opportunity to ask questions. [Operator Instructions] Please note, this call is being recorded.
Today's presentation will include non-GAAP measures. The reconciliation for these and additional required information is available in the earnings press releases, which are available on each company's Investor Relations website. The reference presentation is also available on each company's Investor Relations website.
Before we begin, we would like to direct everyone to the safe harbor statement on forward-looking statements included in both the press releases and investor presentations published today.
I would now like to turn the conference call over to Mr. Jared Wolff, Banc of California's Chairman, President and Chief Executive Officer.
Jared Wolff
Good afternoon, and thank you for joining us. With me on the call today is Joe Kauder, the new CFO of Banc of California and Paul Taylor, Kevin Thompson and Bill Back from PacWest. Each company is going to provide a brief review of their second quarter financial results with more limited commentary than usual so that we can spend the majority of the call discussing the merger that was announced today.
Let me start off by saying how thrilled we are to announce this transaction. We are very excited to discuss the tremendous benefits to stockholders, clients, communities and colleagues that this merger will bring. The transaction will result in the third largest bank headquartered in California, with day one tangible book value per share accretion and significant EPS accretion in 2024 when expense savings have been realized. The transaction is accompanied by $400 million of capital from two very sophisticated bank investors, which will accelerate the transformation of the combined company.
Paul and his team have done an outstanding job transforming the balance sheet in a short amount of time through the initial restructuring efforts they have undertaken. Paul and I are both committed to making this successful, and I know this will be a powerhouse franchise. We have worked extremely closely to bring this deal together and it's going to be highly successful.