Banc of California
BANC on NYSE. Banc of California sells banking services to businesses and individuals. Market value $2.8bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 7 cents. Above 10 is good.
What you pay for each dollar of net assets: $0.81.
Profit per $100 you pay: $-0.81.
Quality score: 41 of 100. Price score: 50 of 100. Our list needs 70 on quality and 60 on price.
$17.43 a share, 14% above its 1-year low
Over the past year the price has ranged from $15.33 to $21.93.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.4bn | $1.6bn | $1.5bn | $1.9bn | $1.8bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.08bn | 0.08bn | 0.16bn | 0.15bn | 0.16bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 243.5% a year
- Buying back its own sharesNo, 105% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $181 million last quarter, down 60% on a year ago.
- A loss of $241 million, after a profit of $28 million a year ago.
- Spare cash over the past 12 months: $364 million, up from $195 million.
- 2% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $431m |
| December 2024 | $454m |
| March 2025 | $440m |
| June 2025 | $453m |
| September 2025 | $467m |
| December 2025 | $459m |
| March 2026 | $443m |
| June 2026 | $181m |
| Quarter to | Amount |
|---|---|
| September 2024 | $9m |
| December 2024 | $57m |
| March 2025 | $54m |
| June 2025 | $28m |
| September 2025 | $70m |
| December 2025 | $77m |
| March 2026 | $72m |
| June 2026 | -$241m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 309 funds in all.
- Hotchkis & WileyHotchkis & Wiley team
- Value
- $7m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $11m | <0.1% | Added |
| Hotchkis & WileyHotchkis & Wiley team | $7m | <0.1% |
Largest holders overall
- BlackRock$462mAdded
- T. Rowe Price Investment Management$266m
- State Street$197mAdded
- Dimensional Fund Advisors LP$141mAdded
- Vanguard Portfolio Management$131mAdded
- Vanguard Capital Management$130mAdded
- Wellington Management Group LLP$125mAdded
- Invesco$101mAdded
- American Century Companies$90mAdded
- Geode Capital Management$76m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- BlackRock, Inc.Passive investor12.9%−1.3 ptsSince 31 March 2025
- T. Rowe Price Investment Management, Inc.Passive investor9.3%+1.2 ptsSince 30 June 2025
- STATE STREET CORPORATIONPassive investor6.0%−1.1 ptsSince 31 March 2025
- Warburg Pincus LLCPassive investorat least 4.6%(filed with 15 related holders)Since 2 February 2026
What they said
Item 4 of the Schedule 13D is hereby amended by adding the following at the end thereof: On February 2, 2026, WP Clipper GG 14 L.P. sold 5,668,452 shares of Common Stock of the Issuer in a sale pursuant to Rule 144 under the Securities Act of 1933, as amended. On February 2,…
Read the filing - Millennium Management LLCPassive investorat least 1.9%−3.1 pts(filed with 2 related holders)Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 12.9%−1.3 pts | 31 March 2025 | |
T. Rowe Price Investment Management, Inc. Passive investor | 9.3%+1.2 pts | 30 June 2025 | |
STATE STREET CORPORATION Passive investor | 6.0%−1.1 pts | 31 March 2025 | |
Warburg Pincus LLC Passive investor | at least 4.6% (filed with 15 related holders) | 2 February 2026 | What they saidItem 4 of the Schedule 13D is hereby amended by adding the following at the end thereof: On February 2, 2026, WP Clipper GG 14 L.P. sold 5,668,452 shares of Common Stock of the Issuer in a sale pursuant to Rule 144 under the Securities Act of 1933, as amended. On February 2,… Read the filing |
Millennium Management LLC Passive investor | at least 1.9%−3.1 pts (filed with 2 related holders) | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $295,680 of shares on the open market. 4 sold $646m.
- Dotan IdoGENERAL COUNSEL, CORP SECRTYSold
- Date
- 10 September 2026
- Shares
- 10,541
- Price
- $18.30
- Value
- $192,848
- Lindsay Olivia ICHIEF RISK OFFICERSold
- Date
- 4 August 2026
- Shares
- 6,000
- Price
- $19.50
- Value
- $117,030
- CORSINI BRYAN MCHIEF CREDIT OFFICERSold
- Date
- 26 May 2026
- Shares
- 14,988
- Price
- $19.06
- Value
- $285,671
- CORSINI BRYAN MCHIEF CREDIT OFFICERSold
- Date
- 29 April 2026
- Shares
- 10,399
- Price
- $18.52
- Value
- $192,589
- CORSINI BRYAN MCHIEF CREDIT OFFICERSold
- Date
- 29 April 2026
- Shares
- 10,399
- Price
- $18.52
- Value
- $192,589
- WARBURG PINCUS (CAYMAN) FINANCIAL SECTOR II GP LLCDirectorSold
- Date
- 13 February 2026
- Shares
- 4,250,000
- Price
- $20.10
- Value
- $85m
- WARBURG PINCUS LLCDirectorSold
- Date
- 13 February 2026
- Shares
- 4,250,000
- Price
- $20.10
- Value
- $85m
- Hussain HamidPRESIDENT OF THE BANKBought
- Date
- 9 February 2026
- Shares
- 14,000
- Price
- $21.12
- Value
- $295,680
- Warburg Pincus (Bermuda) Private Equity GP Ltd.DirectorSold
- Date
- 2 February 2026
- Shares
- 11,850,000
- Price
- $20.00
- Value
- $237m
- WARBURG PINCUS GLOBAL GROWTH 14 PARTNERS (CAYMAN), L.P.DirectorSold
- Date
- 2 February 2026
- Shares
- 11,850,000
- Price
- $20.00
- Value
- $237m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 10 September 2026 | Dotan Ido GENERAL COUNSEL, CORP SECRTY | Sold | 10,541 | $18.30 | $192,848 |
| 4 August 2026 | Lindsay Olivia I CHIEF RISK OFFICER | Sold | 6,000 | $19.50 | $117,030 |
| 26 May 2026 | CORSINI BRYAN M CHIEF CREDIT OFFICER | Sold | 14,988 | $19.06 | $285,671 |
| 29 April 2026 | CORSINI BRYAN M CHIEF CREDIT OFFICER | Sold | 10,399 | $18.52 | $192,589 |
| 29 April 2026 | CORSINI BRYAN M CHIEF CREDIT OFFICER | Sold | 10,399 | $18.52 | $192,589 |
| 13 February 2026 | WARBURG PINCUS (CAYMAN) FINANCIAL SECTOR II GP LLC Director | Sold | 4,250,000 | $20.10 | $85m |
| 13 February 2026 | WARBURG PINCUS LLC Director | Sold | 4,250,000 | $20.10 | $85m |
| 9 February 2026 | Hussain Hamid PRESIDENT OF THE BANK | Bought | 14,000 | $21.12 | $295,680 |
| 2 February 2026 | Warburg Pincus (Bermuda) Private Equity GP Ltd. Director | Sold | 11,850,000 | $20.00 | $237m |
| 2 February 2026 | WARBURG PINCUS GLOBAL GROWTH 14 PARTNERS (CAYMAN), L.P. Director | Sold | 11,850,000 | $20.00 | $237m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 7 Aug 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.