Banc of California Swings to Profit in Q2Thursday, August 8, 2013
Irvine-based Banc of California Inc. swung to profit in the second quarter, notching nearly $4.4 million in net income compared with a loss of $739,000 in the same period last year.
The bank holding company, formerly First PacTrust Bancorp Inc., operates through its PacTrust Bank and Private Bank of California subsidiaries. A handful of acquisitions have helped the company roughly double its assets over the past year, to $2.54 billion, as of the end of June.
The second-quarter figure does not take into account the company’s latest deal—the buy of Los Angeles-based Private Bank of California—which wrapped up in July and boosted combined assets to about $3 billion.
Banc of California had about $21.6 million in net interest income in the second quarter, up from $8.4 million a year ago.
Noninterest income was $26.1 million, up from $639,000. Income from mortgage activities accounted for 78% of the total in the latest quarter, thanks in large part to Mission Hills Mortgage Bankers, a lending unit that came into the Banc of California fold last August along with the buy of Cerritos-based Gateway Bancorp.
Banc of California originated $1.09 billion in loans during the second quarter, up 33% from the year-ago period.
Total loans at the end of June summed up to $1.61 billion, a 92% jump year over year.