Irvine-based Banc of California Inc. swung to a profit in the first quarter, logging $11.7 million in net income versus a loss of $161,000 in the same period last year.
The bank had $52 million in net interest income, up 48% year-over-year.
Its noninterest income came to $46 million, up 82%. Mortgage banking accounted for more than 80% of the first-quarter noninterest income, versus nearly 70% a year earlier.
Banc of California had $6.1 billion in assets as of March 31, versus $4 billion a year earlier.
Loans totaled $3.9 billion at quarter-end, up from $2.4 billion a year prior.
Deposits totaled $4.9 billion, up 56% year-over-year. Noninterest-bearing deposits made up 15% of the total, versus 14% a year earlier.
Publicly traded Banc of California has about $440 million in market capitalization.
