Banc of California, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 24, 2023 at 06:00 am EDT
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Banc of California, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 69.22 million compared to USD 79.41 million a year ago. Net income was USD 42.57 million compared to USD 24.2 million a year ago. Basic earnings per share from continuing operations was USD 0.74 compared to USD 0.4 a year ago. Diluted earnings per share from continuing operations was USD 0.74 compared to USD 0.4 a year ago.
For the nine months, net interest income was USD 211.9 million compared to USD 234.15 million a year ago. Net income was USD 80.73 million compared to USD 99.42 million a year ago. Basic earnings per share from continuing operations was USD 1.39 compared to USD 1.54 a year ago. Diluted earnings per share from continuing operations was USD 1.39 compared to USD 1.53 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.