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Mar 31, 2023
Banc of California Q1 2023 Earnings Report
Reported solid earnings and a strong balance sheet.
Key Takeaways
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.
Noninterest-bearing deposits represented 38% of average deposits.
Available liquidity was 2.2 times the level of uninsured and uncollateralized deposits.
Total delinquent loans decreased 20% from the prior quarter.
The company repurchased $5.2 million of common stock through March 31.
Banc of California
Banc of California
Forward Guidance
The company remains focused on building shareholder value by bringing in new client relationships, optimizing liquidity sources, managing expenses, preserving credit quality, and effectively using its significant excess capital.