Banc of California reports Q3 adjusted EPS 30c, consensus 30c

Reports Q3 revenue $120K, consensus $71.63M. reports Q3 loan loss provision $5.0M vs. $1.9M for the previous quarter. Tangible book value per share of $15.34, up from $14.56 in the previous quarter. Jared Wolff, Chairman, CEO, commented, “Our Q3 results reflect the impact of our strategic approach to positioning our balance sheet ahead of our merger with PacWest, continuing to bring new relationships to the bank, limiting reliance on high cost deposits, effectively hedging interest rate risk on our balance sheet, and accelerating the resolution of certain acquired credits. Due in large part to this strategic approach, we generated net income of $42.6M during the quarter, which resulted in increases in all of our capital ratios, a 4.6% increase in our book value per share and a 5.4% increase in our tangible book value per share. We also continue to be active in our new business development efforts with $201.5M in noninterest-bearing deposits added from new commercial relationships year-to-date…we are very pleased to have received regulatory approval for the merger. We expect to close the merger on or about November 30, 2023… ur two organizations have made significant progress on our integration planning that will enable our combined institution post-closing to immediately focus on the strategic market opportunities presented by our merger, generate long-term profitable growth, and further enhance the value of our franchise.”