Banc of California Inc (BANC) will raise its quarterly dividend from $0.12 to $0.13 per share.

The dividend will be payable on January 3, 2017 to stockholders of record as of December 15, 2016. Based on the trading price of $14.85 as of close of market on December 2, 2016, the cash dividend results in an annualized dividend yield of 3.50%.

Its the first dividend increase since 2011, when Banc of California increased its quarterly dividend by 4.5 percent.

Banc of California, Inc. is a financial holding company and the parent of Banc of California, National Association. Banc of California provides banking services to businesses, entrepreneurs and communities in California. The company operates offices in California and the West with full service branches in San Diego, Orange, Santa Barbara, and Los Angeles.