Banc of California, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 25, 2018 at 04:30 pm IST
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Banc of California, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net interest income from continuing operations of $73,173,000 compared to $82,932,000 a year ago. Net interest income after provision for loan and lease losses was $68,121,000 compared to $82,343,000 a year ago. Income from continuing operations before income taxes was $7,434,000 compared to $21,952,000 a year ago. Income from continuing operations was $10,852,000 compared to $24,495,000 a year ago. Net income available to common stockholders was $6,189,000 compared to $28,151,000 a year ago. Basic and diluted net income per share was $0.12 compared to $0.54 per diluted share a year ago. Basic and diluted net income per share from continuing operations was $0.11 compared to $0.36 per diluted share a year ago. Net interest income was $73,246,000. Income before income taxes was $8,199,000. Return on average assets was 0.44% against of 1.14% a year ago. Return on average equity was 4.42% against of 13.29% a year ago. Return on average tangible common equity was 3.84% against of 17.30% a year ago.
For the full year, the company reported net interest income of $304,190,000 compared to $310,345,000 a year ago. Net interest income after provision for loan and lease losses was $290,491,000 compared to $305,074,000 a year ago. Income from continuing operations before income taxes was $26,893,000 compared to $100,489,000 a year ago. Income from continuing operations was $53,474,000 compared to $86,740,000 a year ago. Net income available to common stockholders was $37,258,000 compared to $95,502,000 a year ago. Diluted net income per share was $0.71 compared to $1.94 per diluted share a year ago. Diluted net income per share from continuing operations was $0.63 compared to $1.34 per diluted share a year ago. Net interest income was $311,242,000. Income before income taxes was $34,057,000. Return on average assets was 0.55% against of 1.12% a year ago. Return on average equity was 5.72% against of 12.73% a year ago. Return on average tangible common equity was 5.79% against of 16.97% a year ago.
Banc of California, Inc. is a bank holding company for its subsidiary, Banc of California (the Bank), a California state-chartered bank. The Bank provides a range of loan and deposit products and services through more than 90 full-service branches throughout California and in Denver, Colorado, and Durham, North Carolina, and full-stack payment processing solutions through its subsidiary, Deepstack Technologies, LLC. The Bank also serves the Community Association Management Industry nationwide with its technology-forward platform SmartStreet. The Bank is organized into four business groups: Community Banking, Specialty Banking, Deposit Services, and Payment Solutions. Specialty Banking is focused on serving clients in niche verticals by industry, including homeowner associations, venture banking, SBA lending, mortgage warehouse lending, media and entertainment and equipment finance. Deposit Services provide valuable services to clients in the Community and Specialty Banking groups.
BANC OF CALIFORNIA, INC. 
