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Banc of California, Inc. (symbol: BANC) is a reputable financial holding company that has been providing comprehensive banking services since 1941. With assets exceeding $7 billion and over 100 banking and lending locations, Banc of California is strategically positioned to serve private businesses, entrepreneurs, and homeowners across California. The company offers a wide range of financial services including banking, lending, and private banking. Their deposit products include checking, savings, money market accounts, certificates of deposit, and retirement accounts.
Banc of California focuses on simplifying banking through innovative products and exceptional customer service, aiming to make banking straightforward for its clients. The company’s strong balance sheet, deep community involvement, and commitment to building lasting relationships have contributed to its long record of success. Banc of California's lending activities are predominantly geared towards providing financing to California's diverse business landscape, including both commercial and residential real estate.
Recent achievements highlight Banc of California's commitment to growth and community engagement. The company continues to adapt its services to meet the evolving needs of its clients, emphasizing efficiency, fairness, and simplicity in all its financial solutions. Their dedication to these principles ensures that clients can focus on their personal and professional growth while Banc of California handles their financial needs.
Banc of California reported a net income of $20.3 million, or $0.34 per diluted share, for Q1 2023, down from $21.5 million, or $0.36 in Q4 2022.
Adjusted net income was $21.7 million, or $0.37 per share, compared to $26.8 million, or $0.45, in the prior quarter.
Key highlights include a diversified deposit base, with noninterest-bearing deposits at 38% of the average deposits, and total assets reaching $10.04 billion.
Capital ratios remain robust, projecting a total risk-based capital ratio of 14.06%.
Total loans stood at $7.05 billion, a decrease from the previous quarter with delinquent loans down 20% to 1.03% of total loans.
Shareholder equity saw slight erosion, and the quarterly dividend increased by 67% to $0.10 per share.
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