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Jun 30, 2024
Banc of California Q2 2024 Earnings Report
Net earnings of $20.4 million, or $0.12 per diluted common share, were reported.
Key Takeaways
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.
Average noninterest-bearing deposits increased by $196.5 million, or 3%.
Net interest margin increased to 2.80%, up 14 basis points from the previous quarter.
Available on-balance sheet liquidity and unused borrowing capacity reached $16.9 billion.
Nonperforming assets decreased to 0.37% of total assets.
Forward Guidance
Banc of California is focused on optimizing its business to drive long-term sustainable growth and profitability. The recent sale of CIVIC loans positively impacts capital and liquidity ratios, which will be leveraged to further reposition the balance sheet and optimize core earnings power. The company is well-positioned to continue improving profitability through net interest margin expansion and expense reduction initiatives.
Positive Outlook
- Leveraging strong market position.
- Delivering exceptional customer experience.
- Unique platform to expanded customer base.
- Sale of $1.95 billion of CIVIC loans positively impacts capital and liquidity ratios.
- Repositioning balance sheet and optimize core earnings power.
Challenges Ahead
- Changes in general economic conditions.
- Changes in the interest rate environment.
- Credit risks of lending activities.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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