Banc of California reports Q4 EPS , consensus (8c)

Reports Q4 loan loss provision $47K vs. $10K last year. Tangible book value per common share decreased to $14.96, compared to $23.81 restated at September 30, 2023. CEO Jared Wolff said, “Since closing our transformational merger with PacWest Bancorp on November 30, 2023, we have made excellent progress on the integration and the balance sheet repositioning actions that we indicated at the time of the merger announcement. As a result, we have created the well capitalized, highly-liquid financial institution we envisioned, with significant earnings potential and a strong position in key California markets. As we move through 2024, we will realize more of the benefits of our balance sheet repositioning, which will positively impact our net interest margin, as well as steadily reduce our noninterest expense as we complete the system conversion in Q2 2024 and consolidate some of our branches that are in close proximity to each other…We believe we are well-positioned to deliver strong financial performance for our shareholders in 2024, as well as capitalize on the strong market position we have created in California to greatly enhance the value of our franchise in the coming years.”