Banc of California, Inc. (NYSE:BANC) Q4 2023 Results Conference Call January 25, 2024 1:00 PM ET

Company Participants

Jared Wolff - Chairman, President and Chief Executive Officer

Joe Kauder - Chief Financial Officer

Bill Black - Head of Strategy, PacWest

Conference Call Participants

Matthew Clark - Piper Sandler

Brandon King - Truist Securities

Timur Braziler - Wells Fargo

Gary Tenner - D.A. Davidson

Andrew Terrell - Stephens

Kelly Motta - KBW

Tim Coffey - Janney

Operator

Hello, and welcome to Banc of California's Fourth Quarter Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Today's call is being recorded, and a copy of the recording will be available later today on the Company's Investor Relations website.

Today's presentation will also include non-GAAP measures. The reconciliation for these and additional required information is available in the earnings press release, which is available on the Company's Investor Relations website. The reference presentation is also available on the Company's Investor Relations website.

Before we begin, we would like to direct everyone to the Company's safe harbor statement on forward-looking statements, included in both the earnings release and the earnings presentation.

At this time, I would like to turn the floor over to Mr. Jared Wolff, Banc of California's President and Chief Executive Officer.

Jared Wolff

Good morning, and welcome to Banc of California's fourth quarter earnings call. Joining me on today's call is Joe Kauder, our CFO, and Bill Black, our Head of Strategy.

Our investor presentation, along with our earnings release, we're designed to provide a great deal of information given the unusual nature of the fourth quarter, which was impacted by the closing of the merger and several 1x items related to our balance sheet repositioning actions. We aren't going to do a detailed walk through of the changes in various line items from the prior quarter.

Instead, we'll utilize the time on our call today to introduce the new Banc of California, provide an update on the progress we have made on the balance sheet repositioning and lay out the timing for our integration and provide insight into the key financial metrics for Q1 and beyond. We will be happy to answer any specific questions to our fourth quarter results later in the call.

I am truly thrilled that we delivered on so many of the key objectives that we outlined when we announced the deal. Thanks to the hard work of our talented colleagues and advisors and the work of the regulators. We received approval for our transaction in record time and closed the transaction on the front-end of our range. We delivered CET1 on top of our 10% target, notwithstanding a complicated rate environment and considerable moving items on the balance sheet, and we nearly hit $15 in tangible book value, after guiding to the mid-to-low $14 range when we announced Q3 earnings. Many other key metrics were delivered in line as well.