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Stock impact report

Banc of California to record $35M charge-off in Q3 [Seeking Alpha]

Banc of California, Inc. (BANC) 
Last banc of california, inc. earnings: 4/29 06:00 am Check Earnings Report
US:NASDAQ Investor Relations: snl.com/irw/corporateprofile/4074352
Company Research Source: Seeking Alpha
Banc of California to record $35M charge-off in Q3 Banc of California ( BANC -9.4% record a $35M specific loan loss provision According to an SEC complaint, ANI Development, which guaranteed the line of credit, and Champion-Cain, ANI's principal, operated a $300M scheme that defrauded several investors including BANC's borrower. BANC also expects to incur a $1.1M charge for a cancellation of a swap contract associated with the loan. BANC estimates a $27.9M after-tax impact of the provision and the swap cancellation for Q3, or $0.54/share; at $35M, the charge-off is equivalent to 0.52% of BANC's $6.7B gross loan portfolio as of June 30. Show less Read more
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