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First PacTrust: Banc Of California Reports Third Quarter Earnings

The following excerpt is from the company's SEC filing.

Banc of California, Inc. (NYSE: BANC) today reported net income of $14.5 million and net income available to common shareholders of $11.5 million, resulting in $0.29 per diluted common share for the quarter ended September 30, 2015.

Net income available to common shareholders for the nine months ended September 30, 2015 was $36.2 million, resulting in $0.93 per diluted common share, compared to $17.4 million, resulting in $0.63 per diluted common share for the nine months ended September 30, 2014.

Highlights for the third quarter, compared to the prior q uarter, included:

Record quarterly core deposit growth exceeding $500 million (net of branch sales and offsetting the reduction in brokered and treasury deposits)

Record quarterly commercial banking segment loan originations of $729 million (excludes mortgage banking originations)

Noninterest bearing deposits increased by $143 million, or 17%, quarter over quarter and now exceed $1 billion

Noninterest expenses declined by $6.2 million quarter over quarter

Continued strong and stable asset quality

The third quarter was highlighted by strong core deposit growth and accelerating loan originations in our commercial banking segment, said Steven Sugarman, Chairman and Chief Executive Officer. We are especially pleased with the growth of noninterest bearing deposits during the quarter which reflect our teams success growing and deepening client relationships.

The Companys consolidated assets totaled $7.3 billion at September 30, 2015, an increase of $0.8 billion compared to the prior quarter, and an increase of $2.7 billion compared to a year ago. Return on average assets for the third quarter was 0.9%, and return on average tangible common equity was 12% for the third quarter.

The third quarter results mark the sixth straight quarter since the reorganization of our banks Board of Directors and management team in which the Company has exceeded consensus earnings estimates, and we are on pace to exceed analysts full year 2015 consensus earnings estimates, Mr. Sugarman continued. The Board and executive management team have set preliminary targets for 2016 that include earnings per share growth of 15%, return on average assets of 1% and return on tangible common equity of 15%. Additionally, in light of the benefits of scale we are beginning to see throughout the business, we are lowering our efficiency ratio target for 2016 by 5% to 65-70%.

The Company will host a conference call to discuss its third quarter financial results at 8:00 a.m. Pacific Time (PT) on Thursday, October 29, 2015. Interested parties are welcome to attend the conference call by dialing 888-317-6003, and referencing event code 9759464. A live audio webcast will also be available and the webcast link will be posted on the Companys website under the Investors section. The slide presentation for the call will also be available on the Companys website prior to the call.

18500 Von Karman Ave. ● Suite 1100 ● Irvine, CA 92612 ● (949) 236-5250 ● www.bancofcal.com

About Banc of California, Inc.

Banc of California, Inc. (NYSE: BANC) provides comprehensive banking services to Californias diverse private businesses, entrepreneurs and homeowners. 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.

Source: Banc of California, Inc.

NVESTOR

ELATIONS

NQUIRIES

Vectis Strategies

Timothy Sedabres, (855) 361-2262

David Herbst, (213) 973-4113 x101

- 2 -

Consolidated Statements of Financial Condition

(Dollars in thousands)

(Unaudited)

June 30,

March 31,

December 31,

ASSETS

Cash and cash equivalents

378,963

458,990

265,402

231,199

184,985

Time deposits in financial institutions

Securities available for sale

693,219

487,293

393,586

345,695

310,385

Securities held to maturity

529,532

53,414

Loans held for sale

596,565

746,651

1,240,942

1,187,090

1,127,339

Loans and leases receivable

4,730,077

4,473,095

3,933,715

3,949,122

2,712,068

Allowance for loan and lease losses

(34,774

(34,787

(29,345

(29,480

(25,283

Federal Home Loan Bank and other bank stock

40,643

34,187

39,844

42,241

35,432

Servicing rights, net

41,646

34,942

21,829

19,566

11,745

Other real estate owned, net

Premises and equipment, net

34,689

35,229

78,285

78,685

67,323

Goodwill

39,244

31,591

Other intangible assets, net

20,504

21,905

23,708

25,252

10,829

Deferred income tax

13,388

12,081

14,157

16,373

Income tax receivable

Bank-owned life insurance investment

99,570

19,201

19,154

19,095

19,038

Other assets

68,961

59,049

62,089

52,545

41,206

Total assets

7,256,810

6,437,882

6,097,355

5,971,297

4,537,826

LIABILITIES AND STOCKHOLDERS EQUITY

Deposits

Noninterest-bearing deposits

1,011,169

867,930

749,129

662,295

457,743

Interest-bearing deposits

4,410,821

4,184,260

4,112,863

4,009,536

3,173,967

Deposits held for sale

52,820

Total deposits

5,421,990

5,105,010

4,861,992

4,671,831

3,631,710

Advances from Federal Home Loan Bank

830,000

350,000

545,000

633,000

305,000

Other borrowings

15,000

Notes payable, net

262,779

264,077

92,668

93,569

95,549

Reserve for loss on repurchased loans

Income taxes payable

Accrued expenses and other liabilities

83,470

75,502

55,615

61,223

49,653

Total liabilities

6,613,276

5,804,000

5,583,195

5,467,982

4,091,115

Commitments and contingent liabilities

Preferred stock, Series A, non-cumulative perpetual

31,934

Preferred stock, Series B, non-cumulative...


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