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Mar 31, 2021
Banc of California Q1 2021 Earnings Report
Reported solid core operating performance and execution on strategies enhancing franchise value.
Key Takeaways
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.
Return on average assets was 0.74%.
Average cost of total deposits decreased to 0.28%, an 8 basis point decrease from the prior quarter.
Noninterest-bearing deposit balances represented 28% of total deposits.
Allowance for credit losses stood at 1.43% of total loans and 148% of non-performing loans.
Forward Guidance
Banc of California expects to close the acquisition of Pacific Mercantile Bancorp during the third quarter of 2021 and anticipates earnings accretion and other benefits from the combined company.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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