Banc of California Q1 2022 EPS $0.69 vs $0.07 prior; net income $48.5M

BANC OF CALIFORNIA, INC.

Diluted EPS $0.69, net income $48.5M; prior quarter EPS $0.07, net income $5.8M.
Net interest margin 3.51%, up 23 bps QoQ; net interest income $76.4M, up $3.4M.
Provision reversal of $31.5M driven by $31.3M recovery from settlement of loan charged off in 2019.
Loans held for investment up $200.1M to $7.45B; total deposits $7.48B, noninterest-bearing 40%.
Redeemed all Series E Preferred Stock for $98.7M; repurchased $4.3M stock, $70.7M remaining under buyback.

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