Banc of California, Inc. (NYSE: BANC) announced its board of directors approved extending the company's stock repurchase program through March 16, 2027. The program was originally set to expire in March 2026.

Since the program's inception in March 2025, when it was initially announced at $150 million and later increased to $300 million, the company has repurchased approximately $217 million of its common stock. Of that amount, $31 million was repurchased in 2026, leaving approximately $83 million available for future repurchases under the extended program.

The company also announced its intent to redeem the entire $385 million aggregate principal amount of 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031. These notes were originally issued by Pacific Western Bank and are scheduled to reset to a floating rate equal to three-month term SOFR plus 252 basis points beginning May 1, 2026.

The notes become redeemable beginning May 1, 2026, at a redemption price equal to 100% of the principal amount plus any accrued and unpaid interest. According to the company, the proposed redemption is part of its ongoing capital management strategy.

"Extending our stock repurchase program enables us to continue returning excess capital to stockholders through disciplined share repurchases," said Jared Wolff, chairman and CEO of Banc of California. "At the same time, retiring higher-cost subordinated debt improves our funding profile, reduces interest expense, and strengthens our overall capital structure."

Banc of California is a bank holding company with over $34 billion in assets and operates 79 full-service branches throughout California and in Denver, Colorado, and Durham, North Carolina. The information is based on a company press release.