Banc of California reports Q3 net income $23.2M, EPS $0.42; completes Pacific Mercantile acquisition

BANC OF CALIFORNIA, INC.

Net income $23.2M, diluted EPS $0.42; net interest margin 3.28%, ROAA 1.13%.
Total loans ex-PPP grew 16% annualized; total deposits up $337M to $6.54B.
Noninterest-bearing deposits rose to 32% of total deposits (from 29% prior quarter).
Completed acquisition of Pacific Mercantile Bancorp on Oct 18 for $225.4M (11.86M shares issued).
Provision for credit losses reversed $1.1M; allowance 1.26% of total loans, 173% of NPLs.

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