Banc of California Q4 net income $5.8M ($0.07 EPS) includes $13.5M merger costs; PMB acquisition completed

BANC OF CALIFORNIA, INC.

2023-FY EPS reported $7.76 revenue$1,352,656,000

Net income $5.8M ($0.07 diluted EPS) vs $23.2M ($0.42) in Q3; includes $13.5M pre-tax merger costs.
Completed acquisition of Pacific Mercantile Bancorp on Oct 18, 2021 for $225.4M; added $1.54B assets.
Adjusted pre-tax pre-provision ROAA increased to 1.39% from 1.34% in Q3; core earnings improved.
Net interest margin flat at 3.28%; noninterest-bearing deposits rose to 37% of total deposits.
Announced intention to redeem Series E Preferred Stock in H1 2022, subject to regulatory approval.

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