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Sep 30, 2022
Banc of California Q3 2022 Earnings Report
Reported strong profitability and continued growth in noninterest-bearing deposits.
Key Takeaways
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.
Completed the acquisition of Deepstack Technologies on September 15, 2022.
Achieved an adjusted diluted EPS of $0.44.
Noninterest-bearing deposits increased by $117.0 million, representing 40% of total quarter-end deposits.
Repurchased $13.0 million of common stock during the quarter.
Banc of California
Banc of California
Forward Guidance
Banc of California expects asset sensitivity to support earnings growth going forward and anticipate the payments business to become a consistent source of high margin fee income and noninterest-bearing deposits in the next few years.