Banc of California Q4 2022 Earnings Report
Key Takeaways
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.
Diluted EPS was $0.36, and adjusted diluted EPS was $0.45.
Noninterest-bearing deposits represented 41% of average deposits, an increase from 38%.
Net interest margin was 3.69%, an increase of 11 basis points.
Return on average assets was 0.92%, and adjusted return on average assets was 1.15%.
Banc of California
Banc of California
Forward Guidance
Banc of California did not provide specific forward guidance in this earnings report.