Banc of California, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022
July 21, 2022 at 06:04 am
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Banc of California, Inc. reported earnings results for the second quarter and six months ended June 30, 2022. For the second quarter, the company reported net interest income was USD 78.3 million compared to USD 59.85 million a year ago. Net income was USD 26.71 million compared to USD 19.05 million a year ago. Basic earnings per share from continuing operations was USD 0.44 compared to USD 0.34 a year ago. Diluted earnings per share from continuing operations was USD 0.43 compared to USD 0.34 a year ago.
For the six months, net interest income was USD 154.74 million compared to USD 117.76 million a year ago. Net income was USD 75.22 million compared to USD 33.43 million a year ago. Basic earnings per share from continuing operations was USD 1.13 compared to USD 0.5 a year ago. Diluted earnings per share from continuing operations was USD 1.13 compared to USD 0.49 a year ago.
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.