Banc of California Earnings Reports

Banc of California reported net earnings available to common and equivalent stockholders of $47.0 million, or $0.28 per diluted common share, for the fourth quarter of 2024. The company's net interest margin expanded, and noninterest expenses decreased, contributing to the improved financial performance.

Banc of California reported a net loss of $1.2 million for Q3 2024, or a loss of $0.01 per diluted common share. However, on an adjusted basis, net earnings were $41.4 million, or $0.25 per diluted common share. The results were impacted by $60 million in pre-tax losses from repositioning a portion of the securities portfolio. The company highlighted strategic balance sheet repositioning actions, including the sale of Civic loans and the reduction of higher-cost funding, which led to net interest margin expansion and an increased tangible book value per share.

Banc of California reported net earnings available to common and equivalent stockholders of $20.4 million, or $0.12 per diluted common share. The company saw an increase in average noninterest-bearing deposits and net interest margin. High liquidity levels were maintained, and a core systems conversion was successfully completed.

Banc of California reported a net income of $28.2 million, or $0.17 per diluted common share, for Q1 2024, a significant improvement compared to the net loss in Q4 2023. The company benefited from balance sheet repositioning, leading to increased net interest income and lower operating expenses. Deposits saw a positive shift with noninterest-bearing deposits increasing.

Banc of California reported a net loss of $492.9 million for Q4 2023, impacted by merger-related costs and balance sheet repositioning. Total assets reached $38.5 billion, with increases in total and noninterest-bearing deposits. The net interest margin increased to 1.69%, and the company is focused on realizing benefits from the merger and balance sheet adjustments in 2024.

Banc of California reported a net income of $42.6 million for Q3 2023, a 138% increase from the prior quarter. The results reflect strategic balance sheet positioning ahead of the merger with PacWest, including a $46.2 million gain from derivative instruments.

Banc of California reported a net income of $17.9 million, or $0.31 per diluted common share, for Q2 2023. The company saw interest income growth and stable overall deposits, while also announcing a transformational merger agreement with PacWest Bancorp.

Banc of California reported a net income of $20.3 million, or $0.34 per diluted common share, for Q1 2023. The company's diversified core deposit base, significant available excess liquidity, and stable asset quality contributed to its ability to manage through recent banking industry turmoil.

Banc of California reported a net income of $21.5 million, or $0.36 per diluted common share, for Q4 2022. On an adjusted basis, net income was $26.8 million, or $0.45 per diluted common share. The quarter included a pre-tax loss on sale of securities of $7.7 million. The company capitalized on its strong deposit base and asset-sensitive balance sheet to generate solid core earnings.

Banc of California reported a net income of $24.2 million, or $0.40 per diluted common share, for Q3 2022. The quarter's results include pre-tax transaction costs of $2.1 million related to the Deepstack acquisition. The company's noninterest-bearing deposits grew by $117.0 million, representing 40% of total quarter-end deposits.

Banc of California reported a solid operating performance for Q2 2022, with net income of $26.7 million, or $0.43 per diluted common share. The company saw strong loan production of $1.2 billion, funded with a low-cost deposit base, and a net interest margin of 3.58%, up 7 basis points from the prior quarter.

Banc of California reported a strong first quarter in 2022, with net income of $48.5 million and EPS of $0.69. The results reflect strong financial performance across the board, including high-quality loan growth, solid inflows of noninterest-bearing deposits, net interest margin expansion, higher levels of noninterest income, and strong asset quality.

Banc of California reported a net income of $5.8 million for the fourth quarter of 2021, with earnings per diluted common share at $0.07. The quarter's results were impacted by merger costs and provision for credit losses related to the Pacific Mercantile Bancorp acquisition. The bank completed the acquisition and system conversion during the quarter, which contributed to an increase in total assets and deposits.

Banc of California reported a strong third quarter in 2021, with net income reaching $23.2 million and diluted earnings per share at $0.42. The company saw annualized loan growth of 16% excluding PPP loans, and a decrease in the cost of deposits, showcasing improved profitability and operating leverage.

Banc of California reported a strong second quarter with net income of $19.1 million and diluted earnings per common share of $0.34. Total loan production reached $904.1 million, and the net interest margin expanded to 3.27%.

Banc of California reported a net income of $14.4 million for Q1 2021, with diluted earnings per common share of $0.15. The results reflect solid core operating performance, growth in average loans and earning assets, improved deposit mix, and disciplined expense control.

Banc of California reported a strong fourth quarter in 2020, with significant growth in pre-tax pre-provision income, net income, and earnings per share, driven by lowering deposit costs, controlling noninterest expense, and increasing quality earning assets, resulting in a return on average assets of over 1.0%.

Banc of California's Q3 2020 results demonstrated growing earnings momentum driven by strategic restructuring. Key highlights included an increase in noninterest-bearing deposit balances, stable net interest margin, and a decline in the average cost of total deposits. The company also saw a decrease in total deferrals/forbearances and maintained a strong allowance for credit losses.