Bryan Corsini
About Bryan Corsini
Bryan M. Corsini is Executive Vice President and Chief Credit Officer of Banc of California (BANC), effective May 1, 2024; he has 36+ years in financial services and is 63 years old . He previously served as EVP/Chief Credit Officer of PacWest Bancorp (2014–2023), EVP/Chief Administrative Officer at CapitalSource Bank (2011–2014), President, Credit Administration (2008–2011), and earlier as CCO of CapitalSource Inc. from inception (2000–2008); prior roles include EVP at Fleet Capital (1986–2000) and Senior Auditor at Coopers & Lybrand; licensed as a CPA in Connecticut in 1986 (inactive) . Company context during his tenure: FY2024 revenues were $77.1m vs. FY2023 -$448.3m; BANC’s 2024 TSR ended roughly flat at $100.04 on a $100 base while the KBW Nasdaq Regional Banking Index reached $130.90, reflecting sector outperformance versus the stock .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Banc of California | EVP, Chief Credit Officer | Effective May 1, 2024 | Leads credit oversight post-PacWest merger integration . |
| PacWest Bancorp / Pacific Western Bank | EVP, Chief Credit Officer (PacWest) / EVP (PWB) | 2014–2023 | Led credit through cycles; combined bank integration into BANC . |
| CapitalSource Bank | EVP, Chief Administrative Officer | 2011–2014 | Administrative leadership during transition years . |
| CapitalSource Bank | President, Credit Administration | 2008–2011 | Built/oversaw credit administration function . |
| CapitalSource Inc. | Chief Credit Officer | 2000–2008 | Founding CCO; established enterprise credit framework . |
| Fleet Capital Corporation | EVP | 1986–2000 | Senior commercial finance leadership . |
| Coopers & Lybrand | Senior Auditor; CT CPA (inactive) | Licensed 1986 | Foundation in audit/controls; CPA credential (inactive) . |
External Roles
- Not disclosed.
Fixed Compensation
| Component (2024) | Value |
|---|---|
| Base salary | $550,000 |
| Target bonus % of base | 80% |
| Target bonus ($) | $440,000 |
| Actual 2024 bonus paid | $330,000 (performance plan) ; plus $800,000 retention cash paid in 2024 per retention agreement |
Notes:
- Annual incentive opportunity range: 40% threshold / 80% target / 160% maximum of base ($220,000 / $440,000 / $880,000) .
Performance Compensation
2024 Annual Incentive Plan metrics, targets, and outcomes:
| Metric | Weight | Threshold | Target | Maximum | Actual | Payout ratio |
|---|---|---|---|---|---|---|
| Core ROATCE (4Q24) | 35% | 12.2% | 13.6% | 15.0% | 7.4% | 0% |
| Core Adjusted Noninterest Expense (4Q24, $mm) | 25% | $172.5 | $164.3 | $156.1 | $150.7 | 200% |
| Avg Noninterest-Bearing Deposits Growth (YoY, 4Q24) | 15% | 2.5% | 4.9% | 5.9% | 1.7% | 0% |
| Qualitative considerations | 25% | — | — | — | Committee: 100% | 100% |
| Total payout | 100% | 75% |
2024 equity awards (granted):
| Grant type | Grant date | Shares/Target | Grant date fair value ($) | Vesting / Performance |
|---|---|---|---|---|
| RSU | 2/27/2024 | 19,285 | $275,004 | Vests in three substantially equal annual installments beginning 2/27/2025 . |
| PSU | 3/22/2024 | 18,395 target | $327,066 | Performance on Core ROAA, Core EPS, and Relative TSR vs. KRX over set period . |
| RSU (Retention) | 5/9/2024 | 73,776 | $1,100,000 | Vests in three substantially equal annual installments beginning 5/9/2025 . |
Additional company-wide special PSUs (“Stockholder Value Creation Award”) were not granted to Corsini; CEO and certain NEOs received these with a $28.73 VWAP hurdle over 20 trading days within 4 years and continued service; Corsini excluded .
Equity Ownership & Alignment
Beneficial ownership (as of record date March 14, 2025):
| Holder | Voting common shares | % of outstanding |
|---|---|---|
| Bryan M. Corsini | 13,227 | * (<1%) |
Outstanding unvested equity at 12/31/2024:
| Award | Grant date | Vesting period | Unvested shares | Market value ($) |
|---|---|---|---|---|
| RSU | 2/27/2021 | 4 years | 2,079 | $32,141 |
| RSU | 2/16/2022 | 4 years | 2,805 | $43,365 |
| RSU | 2/8/2023 | 3 years | 5,480 | $84,721 |
| RSU | 2/27/2024 | 3 years | 19,285 | $298,146 |
| RSU (Retention) | 5/9/2024 | 3 years | 73,776 | $1,140,577 |
| PSU (target) | 3/22/2024 | 3 years | 18,395 | $284,387 |
Policies and alignment:
- Executive stock ownership guideline: CEO 300% of after-tax base salary; other NEOs 100% within three years of becoming subject to the guideline .
- Anti-hedging/anti-pledging: Prohibits short selling, options trading, hedging, and pledging of Company shares; no dividends on unvested/uneared awards .
- Clawbacks: Board recoupment policy (since 2017) for material restatement or incorrect performance metrics, plus NYSE/SEC-compliant policy adopted in 2023 for Section 16 officers .
Employment Terms
Retention arrangement (Corsini-specific):
- $1.1m cash retention bonus: $800k paid in 2024; $300k to be paid in 2025; subject to prorated clawback upon voluntary resignation and full clawback upon termination for cause before specified date .
- $1.1m RSU retention grant vesting over three years (approx. equal tranches) subject to continued service .
- Acceleration: Any unpaid retention cash and unvested retention RSUs accelerate upon termination without cause, resignation for good reason, or death/disability prior to the third anniversary; no single-trigger upon change in control (consistent with double-trigger equity practice) .
Estimated potential payments (12/31/2024 basis; dollars in $):
| Scenario | Base cash | Bonus equivalent | RSU acceleration | PSU acceleration | Health benefits/Other | Total |
|---|---|---|---|---|---|---|
| Termination for cause / voluntary w/o good reason | — | — | — | — | — | — |
| Involuntary termination w/o cause / voluntary with good reason | 300,000 | 300,000 | 1,598,951 | — | — | 1,898,951 |
| After change in control + involuntary w/o cause / voluntary with good reason | — | — | 1,598,951 | — | — | 1,898,951 |
| Employment Loss (Employee Severance Plan) | 253,846 | — | — | — | — | 253,846 |
| Death or Disability | 300,000 | 300,000 | 1,598,951 | 284,387 | 250,000 | 2,433,337 |
Governance and program design:
- Company-wide executive equity generally requires double-trigger for acceleration upon change in control; no single-trigger cash severance; no tax gross-ups .
- 2024 Say-on-Pay approval: 96% in favor .
- 2024 compensation peer group (15 companies) used post-merger to calibrate pay levels (e.g., Old National, UMB Financial, East West Bancorp, Pinnacle, etc.) .
Company Performance Context
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenues ($) | 193,927,000* | 74,827,000* | -448,285,000 | 77,145,000 |
- Values marked with * retrieved from S&P Global.
Additional 2024 operational achievements (integration year):
- Net interest margin expanded 135 bps to 3.04%; noninterest-bearing deposits increased from 23% to 29%; wholesale funding reduced to 10.3%; noninterest expense reduced 36% vs normalized 4Q23; various balance sheet actions executed .
Investment Implications
- Pay-for-performance calibration: 2024 annual bonus paid at 75% of target based on under-threshold Core ROATCE and NIB deposit growth but maximum performance on cost control and full credit on qualitative execution, indicating CNG Committee emphasis on efficiency and integration milestones .
- Retention and selling pressure: Significant unvested RSUs (≈103.4k) and PSUs (18.4k target) vesting over 2025–2027 create scheduled equity supply events; acceleration protections tied to “good reason”/no-cause/death/disability mitigate retention risk but limit single-trigger liquidity; hedging/pledging prohibitions reduce misalignment risk .
- Alignment and ownership: Corsini holds 13,227 shares (<1%); combined with stock ownership guidelines (100% of after-tax salary within 3 years), ongoing vesting should increase alignment over time; lack of options (no disclosed option awards) implies lower risk-taking bias vs. option-heavy packages .
- Market context: BANC’s TSR in 2024 was roughly flat vs. the KRX index’s strong rebound, highlighting macro/sector factors; governance discipline (no single-trigger, clawbacks, anti-hedging/pledging, strong Say-on-Pay) supports investor confidence while the credit function’s execution remains central to value creation post-merger .
Citations: All bracketed references (e.g., **[1169770_0001169770-25-000015_banc-20250327.htm:43]**) correspond to specific document chunks retrieved from Banc of California’s 2025 and 2024 DEF 14A proxy statements and related filings.