Banc of California (BANC) Misses Q1 EPS by 20c, Revenues Miss

Banc of California (NYSE: BANC) reported Q1 EPS of $0.05, $0.20 worse than the analyst estimate of $0.25. Revenue for the quarter came in at $67.81 million versus the consensus estimate of $70.53 million.

“The first quarter results, and particularly actions taken at the end of the quarter, reflect continued effort toward our strategic transformation,” said Jared Wolff, President and Chief Executive Officer of Banc of California. “We increased our core deposits during the quarter by $58 million and more importantly, increased our noninterest bearing deposits by $97 million. Additionally, we decreased our wholesale funding balance to 24% of total funding. Credit quality remained strong with non-performing assets to total assets at 0.29% at quarter end.”

Mr. Wolff continued, “This will be my first quarterly earnings call as the company’s President and CEO, and I am honored to be leading Banc of California at such an exciting time for the company. We have a great brand, very talented people at all levels and are located in one of the best banking markets in the country with the expertise, products and platform necessary to be one of the premier community banking franchises in California. I look forward to accelerating the company’s transformation and continuing to build long term value for our stockholders.”

For earnings history and earnings-related data on Banc of California (BANC) click here.

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