Banc of California Posts $83.1M Third-Quarter Net Income
BANC is trading near its 52-week low of $16.12 (13% above the low).
Summary
Banc of California reported third-quarter net income of $83.1M, a return to profitability after the Q2 net loss of $1.61 per share tied to the $2.3B securities sale, $827M loan portfolio transfer and $385M debt redemption disclosed in the August 10-Q. Diluted earnings per share came to $0.46, up 21% year over year, and revenue was $303.8M. The swing matters because it suggests the balance-sheet overhaul is largely behind the bank and core earnings are intact. Margin and credit detail are not yet known, and full release and any guidance will fill in whether the quarter's earnings quality holds up.
At the time of this announcement, BANC was trading at $18.24 on NYSE in the Finance sector, with a market capitalization of approximately $2.9B. The 52-week trading range was $16.12 to $21.93. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.