Banc of California beats by $0.05 :
- Reports Q4 (Dec) earnings of $0.54 per share, $0.05 better than the Capital IQ Consensus of $0.49.
- The Company's return on average assets for the quarter was 1.1%, and its return on average tangible common equity for the quarter was 17.3%.
- Total loan originations for the fourth quarter were $2.3 billion, including $1.0 billion from the commercial banking segment. The Company sold $865 million of leases, seasoned single family residential pools and nonperforming loans during the quarter. As a result, net held for investment loan balances declined by $534 million for the quarter.
- Net interest margin was 3.13% vs. 3.39% a year ago
- The Company's consolidated assets totaled $11.0 billion at December 31, 2016, a decrease of $186.6 million compared to prior quarter and an increase of $2.8 billion, or 34%, compared to the prior year.
- "As we look to 2017 with a fresh perspective, our foundation continues to be our mission and vision as California's Bank. Our objectives for 2017 are focused on four key pillars: responsible and disciplined growth, strong and stable asset quality, focus and optimization of our business, and strong corporate governance. We are confident that we can continue to execute and deliver strong financial returns for shareholders."
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