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Banc of California's (BANC) CEO Steven Sugarman on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Conference Call

April 21, 2016 10:00 AM ET


Timothy Sedabres - Director of Investor Relations

Steven Sugarman - President and Chief Executive Officer

James McKinney - Chief Financial Officer

Fran Turner - Chief Strategy Officer

Hugh Boyle - Chief Credit Officer and Chief Risk Officer


Andrew Liesch - Sandler O'Neill & Partners LP

Timothy Coffey - FIG Partners LLC

Jacquelynne Chimera - Keefe, Bruyette & Woods, Inc.

Don Worthington - Raymond James Financial Inc.


Good morning and welcome to the Banc of California First Quarter 2016 Earnings Conference Call. 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 event is being recorded.

I would now like to turn the conference over to Tim Sedabres. Please go ahead.

Timothy Sedabres

Thank you and good morning everyone. Thank you for joining us for today’s 2016 first quarter earnings conference call. Joining me on the call today to discuss first quarter results are Banc of California’s Chairman and Chief Executive Officer, Steven Sugarman; Chief Financial Officer, Jim McKinney; Chief Strategy Officer, Fran Turner; and Chief Risk Officer, Hugh Boyle.

I’d like to remind everyone that today’s conference call is being recorded and a copy of the recording will be made available later on the Company’s Investor Relations website. We have furnished a presentation that management will reference on today’s call and that presentation is also available on our website under the Investor Relations section.

Before I turn over to Steve, I want like to remind everyone that as always elements of this presentation are forward-looking and are based on our best view of the world and our businesses as we see them today. Those elements can change as the world changes. Please interpret them in that light. The forward-looking statements are outlined on Slide 1 of today’s presentation, which apply to our comments today. We will provide an opportunity for Q&A at the end of the presentation.

And with that, I’ll turn it over to our Chairman and CEO, Steven Sugarman.

Steven Sugarman

Thank you, Tim. And thanks for joining Banc of California’s first quarter earnings call. Let me begin on Slide 2 of the presentation. Banc of California continues to see accelerating success growing our franchise value. We are continuing to deliver industry-leading asset and earnings growth including first quarter growth of $1.4 billion and annualized pre-tax income of over $130 million.

Since the end of 2014 we have grown the Company organically by $3.6 billion or 60% in just five quarters. This has resulted in another quarter of record earnings, improving operating efficiencies and dramatic success winning market share and attracting California's top banking talent. We’re finding that winning is resulting in more winning.

Banc of California success is defined by our team's tireless focus on empowering California through its diverse businesses, entrepreneurs and communities. We have built a product suite that collectively meets the comprehensive needs of our clients. We offer multiple banking channels for California’s entrepreneurs and business owners to access our services.

We have built the spoke lending businesses tailored to the needs of our marketplace and we have developed a powerful culture based on local decision making and an entrepreneurial spirit. We are California's Bank. The credit for the bank's success resides in the talent of our bankers who serve our clients so well and of our banking professionals who ensure our operations are sound, our risk is well-managed, our credit is strong and our capital is robust.