Banc of California Q4 net loss $492.9M on $442M securities loss, $112M merger costs

BANC OF CALIFORNIA, INC.

2023-FY EPS reported -$22.71 revenue$1,522,715,000

Net loss of $492.9M ($4.55 diluted loss) vs Q3 loss $33.3M; includes $442.4M loss on security sales, $111.8M merger costs, $32.7M FDIC assessment.
Total assets $38.5B, deposits $30.4B (up $3.8B QoQ), loans $25.5B (up $3.6B) from PacWest merger closed Nov 30, 2023.
Tangible book value per share $14.96; CET1 ratio 10.12%, total risk-based capital 16.40%, all above 'well capitalized' thresholds.
Net interest margin 1.69% for Q4, improved to 2.15% in December; spot NIM at year-end 2.75%.
Nonperforming loans to total loans 0.29% (down from 0.57% QoQ); allowance for credit losses 1.22%.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BANC OF CALIFORNIA, INC. reported fourth quarter and year ended December 31, 2023 results: net income -492.9 million.

Period: fourth quarter and year ended December 31, 2023
Net income: -492.9 million
Result: reported results

Exact text from the filing

The Company recorded a net loss of $492.9 million , or a loss o

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BANC OF CALIFORNIA, INC. filing history →

Source: SEC EDGAR

accession 0001104659-24-006465

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