PR Newswire
IRVINE, Calif., Oct. 19, 2016
IRVINE, Calif., Oct. 19, 2016 /PRNewswire/ -- Banc of California, Inc. (NYSE: BANC) today reported record quarterly net income of $35.9 million for the third quarter of 2016, resulting in earnings per share of $0.59 for the quarter, fully diluted. Third quarter net income increased 147% compared to the third quarter of 2015. Net income available to common shareholders for the third quarter was $30.8 million, an increase of 168% compared to the third quarter of 2015.
Highlights for the quarter included:
The Company finished the quarter with consolidated assets totaling $11.2 billion, an increase of $1.1 billion, or 10%, compared to the prior quarter, and an increase of $4.0 billion, or 55%, compared to a year ago.
"Our third quarter financial performance showcases the strong credit discipline and growing earnings power of our franchise," said Steven Sugarman, Chairman and Chief Executive Officer of Banc of California. "We remain focused on ensuring that as we grow, we maintain the controls, culture and values that are making Banc of California great. We continue to see meaningful opportunities to capture market share by empowering California through its diverse businesses, entrepreneurs and communities."
During the quarter, Banc of California grew its recurring net interest income by $5.9 million, or 7% from the prior quarter, grew total deposits by $1.1 billion, increased held for investment loans by $333 million, or 5% from the prior quarter and reduced FHLB borrowings by $160 million or 17% from the prior quarter.
"We continue to see growth in assets, deposits and loans across our business units. Our consistent progress has now resulted in our franchise meeting or exceeding all of our stated financial targets for 2016, including return on tangible common equity over 15% and return on assets over 1%," said Francisco Turner, Chief Strategy Officer of Banc of California.
"We have built and strengthened our balance sheet and liquidity position, supported by the strong deposit inflows we continued to experience in the third quarter," said James McKinney, Chief Financial Officer of Banc of California. "We maintain a strong capital position and have implemented numerous sources of contingent capital including our increased holding company line of credit. As of the end of the third quarter, we now maintain over $7 billion of contingent liquidity to support Banc of California's balance sheet and to adequately serve all of the diverse needs of our clients. I could not be prouder of the success we have made in ensuring a strong and durable balance sheet with the best possible liquidity to withstand diverse market conditions."
The Company also announced that it has accelerated the date of its conference call to discuss third quarter financial results to Wednesday, October 19, 2016 at 7:00 a.m. Pacific Time (PT). Interested parties are welcome to attend the conference call by dialing 888-317-6003, and referencing event code 8186667. A live audio webcast will also be available and the webcast link will be posted on the Company's Investor Relations website at www.bancofcal.com/investor. The slide presentation for the call will also be available on the Company's Investor Relations website prior to the call.
About Banc of California, Inc.
Banc of California, Inc. (NYSE: BANC) provides comprehensive banking services to California's diverse businesses, entrepreneurs and communities. Banc of California operates over 100 offices in California and the West.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are necessarily subject to risk and uncertainty and actual results could differ materially from those anticipated due to various factors, including those set forth from time to time in the documents filed or furnished by Banc of California, Inc. with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and Banc of California, Inc. undertakes no obligation to update any such statements to reflect circumstances or events that occur after the date on which the forward-looking statement is made.
INVESTOR RELATIONS INQUIRIES: | MEDIA INQUIRIES: |
Banc of California, Inc. | Vectis Strategies |
Timothy Sedabres, (855) 361-2262 | David Herbst, (213) 973-4113 x101 |
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Banc of California, Inc. | |||||
Consolidated Statements of Financial Condition | |||||
(Dollars in thousands) | |||||
(Unaudited) | |||||
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| September 30, | June 30, | March 31, | December 31, | September 30, |
| 2016 | 2016 | 2016 | 2015 | 2015 |
ASSETS | | | | | |
Cash and cash equivalents | $ 372,603 | $ 271,732 | $ 215,012 | $ 156,124 | $ 378,963 |
Time deposits in financial institutions | 1,500 | 1,500 | 1,500 | 1,500 | 1,900 |
Securities available for sale | 1,941,588 | 1,302,785 | 1,663,711 | 833,596 | 693,219 |
Securities held to maturity | 962,315 | 962,282 | 962,262 | 962,203 | 529,532 |
Loans held for sale | 846,844 | 893,782 | 863,944 | 668,841 | 596,565 |
Loans and leases receivable | 6,568,791 | 6,236,115 | 5,463,068 | 5,184,394 | 4,730,077 |
Allowance for loan and lease losses | (40,233) | (37,483) | (35,845) | (35,533) | (34,774) |
Federal Home Loan Bank and other bank stock | 69,190 | 81,115 | 61,146 | 59,069 | 40,643 |
Servicing rights, net | 63,843 | 53,650 | 49,406 | 50,727 | 41,646 |
Other real estate owned, net | 275 | 429 | 325 | 1,097 | 34 |
Premises and equipment, net | 133,228 | 120,755 | 114,668 | 111,539 Werbung Mehr Nachrichten zur Banc of California Aktie kostenlos abonnieren
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