BANCBANC OF CALIFORNIA, INC.

National Commercial Banks

Revenue: $39M; 4.2% YoY
Operating margin: —
EBITDA: —
Market cap: $2.8B
Employees: —
Net debt / EBITDA: —; $2.1B net debt
AI in 10-K: 0.5; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
112% of net income
Cash flow under 80% of net income
Dilutive SBCYes
16% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
27% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
81% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 22nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$646M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$25M	$31M	$34M	$37M	$39M	4.2%
Net income	$607M	$424M	−$1.9B	$127M	$229M	80%
Operating cash flow	$503M	$702M	$136M	$77M	$256M	230%
Capex	$17M	$20M	$15M	$13M	$21M	60%
Stock-based comp	$5M	$6M	—	—	—
Buybacks	$0	$75M	—	—	$0
Dividends	$119M	$120M	$49M	$68M	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 4, 2026	WARBURG PINCUS LLC	SCHEDULE 13D/A	4.6%	Passive
Aug 1, 2024	WARBURG PINCUS LLC	SC 13D/A	9.9%	Passive
Dec 19, 2023	PL Capital Advisors, LLC	SC 13D/A	1.9%	Active
Mar 3, 2023	PATRIOT FINANCIAL PARTNERS III, L.P.	SC 13D/A	2.9%	Passive
Nov 18, 2022	PL Capital Advisors, LLC	SC 13D/A	5.7%	Passive
Dec 9, 2021	PATRIOT FINANCIAL PARTNERS III, L.P.	SC 13D	3.2%	Passive

Insider trading

Open-market buys, 12 mo: $296K · 1
Open-market sells, 12 mo: $646M · 13
Net: −$646M

Pay vs performance

No pay-versus-performance disclosure yet.