Banc of California, Inc. Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2016
January 30, 2017 at 06:00 am
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Banc of California, Inc. announced unaudited consolidated earnings results for fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total interest and dividend income of $103,857,000 against total interest and dividend income of $74,199,000 a year ago. Net interest income of $87,058,000 against net interest income of $62,066,000 a year ago. Income before income taxes of $36,917,000 against income before income taxes of $30,966,000 a year ago. Net income available to common stockholders of $28,151,000 against net income available to common stockholders of $16,008,000 a year ago. Diluted earnings per common share of $0.54,000 against diluted earnings per common share of $0.39,000 a year ago. Return on average assets was 1.14% against 1.00% reported last year. Return on average equity was 13.29% against 11.55% reported last year. Return on average tangible common equity was 17.30% against 16.57% reported last year. Book value per common stock at the end of the period was $14.25 against $12.14 reported last year. Revenue, comprised of net interest income and non-interest income, was $166.7 million, up from $118.9 million from in the same quarter last year.
For the year, the company reported total interest and dividend income of $384,972,000 against total interest and dividend income of $266,338,000 a year ago. Net interest income of $325,473,000 against net interest income of $223,717,000 a year ago. Income before income taxes of $149,406,000 against income before income taxes of $104,266,000 a year ago. Net income available to common stockholders of $95,502,000 against net income available to common stockholders of $52,249,000 a year ago. Diluted earnings per common share of $1.94,000 against diluted earnings per common share of $1.34,000 a year ago. Return on average assets was 1.12% against 0.94% reported last year. Return on average equity was 12.73% against 10.14% reported last year. Return on average tangible common equity was 16.97% against 14.22% reported last year.
Banc of California, Inc. is a bank holding company for its subsidiary, Banc of California (the Bank), a California state-chartered bank. The Bank provides a range of loan and deposit products and services through more than 90 full-service branches throughout California and in Denver, Colorado, and Durham, North Carolina, and full-stack payment processing solutions through its subsidiary, Deepstack Technologies, LLC. The Bank also serves the Community Association Management Industry nationwide with its technology-forward platform SmartStreet. The Bank is organized into four business groups: Community Banking, Specialty Banking, Deposit Services, and Payment Solutions. Specialty Banking is focused on serving clients in niche verticals by industry, including homeowner associations, venture banking, SBA lending, mortgage warehouse lending, media and entertainment and equipment finance. Deposit Services provide valuable services to clients in the Community and Specialty Banking groups.