Banc of California

BANC

Banks - Regional · Financial Services

Price

$21.21

-0.27 (-1.26%)

Market Cap

$3.27B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+36.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 117.3M (2021) → 160.1M (2025)

Banc of California is a regional bank headquartered in Los Angeles that serves businesses, real estate investors, and individuals across California. It offers everyday banking services like checking and savings accounts, along with loans for commercial real estate, small businesses, and residential properties. The bank completed a major merger with PacWest Bancorp in 2023, roughly doubling its size and making it one of the larger California-focused regional banks.

The bank earns money primarily through the difference between the interest it charges on loans and the interest it pays on deposits, known as net interest income. It operates mainly in California, with a focus on Southern California, and reported roughly $38 billion in total assets following the PacWest merger. Its main competitive edge is its deep focus on California business banking, but its key risk is concentration — being heavily tied to one state's economy and commercial real estate market means a downturn in either could put meaningful pressure on loan performance and earnings.

Winston Score History

Politician Trades

1 trades / 12mo

0 Congressional buys and 1 sell on BANC in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+53.8% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

10.4%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$254M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Banc of California is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

62.6%

Premium pricing power — 62.6% gross margin

Operating Margin

21.6%

Excellent — 21.6% operating margin

ROCE

1.4%

Weak — 1.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+0.7%

Nearly flat sales (0.7% YoY)

EPS YoY

+102.0%

Earnings growing fast (102.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

117%

Turns 117% of profit into real cash

FCF Margin

14.7%

Converts sales into free cash efficiently (14.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.99

Moderate — manageable debt (0.99)

Interest Cover

0.51x

Dangerous — barely covers interest (0.5x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

16.1x

Fair value — P/E 16.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+4.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (16.1 → 12.0)

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Dividends

Dividend Yield

2.17%

Moderate income — 2.17% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+10.0%

Dividend growing modestly (10.0% YoY)

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