Banc of California Q2 net income $17.9M; merges with PacWest Bancorp with $400M capital raise

BANC OF CALIFORNIA, INC.

Net income $17.9M ($0.31 EPS); adjusted net income $18.4M ($0.32 EPS).
Stable deposits: total deposits down ~1% QoQ to $6.87B; noninterest-bearing deposits 36% of total.
Loan growth $101.8M (1% QoQ) driven by C&I and warehouse lending; total loans $7.16B.
Entered into definitive merger agreement with PacWest Bancorp; committed $400M capital raise.
Merger expected to be immediately accretive to tangible book value and 2024 estimated EPS.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BANC OF CALIFORNIA, INC. reported the second quarter of 2023 results: net income $17.9 million, or $0.31 per diluted common share.

Period: the second quarter of 2023
Net income: $17.9 million, or $0.31 per diluted common share
Result: reported results

Exact text from the filing

Banc of California, Inc. (NYSE: BANC) today reported net income of $17.9 million, or $0.31 per diluted common share, for the second quarter of 2023.

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8 earnings releases filed in the last 30 days. Browse all earnings releases →

BANC OF CALIFORNIA, INC. filing history →

Source: SEC EDGAR

accession 0001169770-23-000055

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