Banc of CA Reports Q1 LossFriday, May 9, 2014
Irvine-based Banc of California Inc. posted a first-quarter loss of $153,000 attributable to common shareholders. That compared with a profit of $641,000 in the same period a year ago.
The loss came on preferred stock dividends and other discounts that exceeded the bank’s overall profit of $757,000.
Banc of California had $33.3 million in net interest income after setting aside provisions for potential loan losses. That was more than double the year-earlier figure of $13.2 million.
Noninterest income, including mortgage banking revenue and fees, totaled $25.3 million, up 41% year-over-year. Noninterest expenses totaled $57.8 million,
Banc of California had $4 billion in total assets as of the end of March.
It originated more than $1 billion worth of loans during the first quarter, bringing the total amount of loans and leases to $3.4 billion as of March 31. That’s up 95% from a year earlier.
The bank had $3.1 billion in deposits, 86% of which are noninterest bearing, up about 83% year-over-year.
Last month, it acquired the California branch network of Popular Community Bank. The deal is expected to boost Banc of California’s assets to more than $5 billion, “a critical milestone in our strategic plan,” Chief Executive Steven Sugarman said.
The bank also recently acquired an 8% stake in Clearinghouse CDIF, a Lake Forest-based lending institution that focuses on low- to moderate-income communities in California and Nevada.