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26.10.2017 12:00:00
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Banc of California Reports Third Quarter 2017 Earnings
SANTA ANA, Calif., Oct. 26, 2017 /PRNewswire/ -- Banc of California, Inc. (NYSE: BANC) today reported net income of $16.9 million, and net income available to common stockholders of $11.8 million, for the third quarter of 2017, resulting in diluted earnings per common share of $0.23 for the quarter. Net income from continuing operations for the quarter was $18.1 million, resulting in diluted earnings per common share from continuing operations of $0.25.
Highlights for the third quarter included:
- Balance Sheet Re-Mix: Reduced securities by $159 million, driven by sales of $87 million of master limited partnerships ("MLPs") and $32 million of bank debt. Reduced held for sale loans by $229 million, driven primarily by jumbo portfolio mortgage loan sales and the completed sale of all remaining seasoned SFR mortgage loan pools.
- Loan Growth: Held for investment loans increased by $271 million, or 5%, during the quarter to $6.2 billion. The Company sold $46 million of loans from held for investment and transferred $88 million of jumbo residential mortgage loans from held for sale to held for investment during the quarter. Excluding these sales and transfers, held for investment loans increased by $229 million, or 4%, from the prior quarter.
- Commercial loan balances increased by $132 million, or 3%, from the prior quarter, and by $335 million, or 9%, from a year ago.
- Expense Management: Achieved targeted quarterly, recurring, run-rate expenses of less than $60 million for the quarter, excluding expense related to loss on investments in alternative energy partnerships and non-recurring expenses.
- Strong Credit: Asset quality remained strong with non-performing assets to total assets of 0.16% at quarter end.
- Strengthened Capital: Common equity tier 1 capital ratio improved from the prior quarter to 9.91%, the highest level in the past 12 quarters.
- Bolstered Talent: Key executive hires including John Bogler as Chief Financial Officer, Jason Pendergist as Head of Real Estate Banking, and Rita Dailey as EVP, Head of Deposits & Treasury Management Services.
"Our third quarter results included numerous strategic actions centered on re-mixing the balance sheet and positioning the company with an ever increasing emphasis on building a diversified and strong California commercial banking franchise," said Doug Bowers, President and Chief Executive Officer of Banc of California. "During the quarter, we continued to de-risk the securities portfolio through selective sales, re-mixed the loan book increasingly toward core lending activities, and saw moderate growth in the held for investment loan portfolio. On the liability side, our focus is on core funding activities as we reduced brokered and other high-rate and high-volatility deposits. Looking forward, we are laser-focused on building and expanding our core deposit capabilities across the organization as core, low cost deposit generation remains our number one priority. Gaining control of our expense base, and reducing costs related to legal and professional fees, settlement, and termination costs is also a high priority. The addition of key senior leaders such as John Bogler, Jason Pendergist, and Rita Dailey are a centerpiece of the plan to help guide Banc of California through this transformation, and we welcome their addition to our team. While we remain in the early innings of this transformation, I continue to see substantial opportunity in front of us, with the size and product set to compete, coupled with a deep and talented employee base, and operating in one of the most attractive markets in the U.S."
The Company will host a conference call to discuss its third quarter financial results at 7:00 a.m. Pacific Time (PT) on Thursday, October 26, 2017. Interested parties are welcome to attend the conference call by dialing 888-317-6003, and referencing event code 8972485. A live audio webcast will also be available and the webcast link will be posted on the Company's Investor Relations website at www.bancofcal.com/investor. The slide presentation for the call will also be available on the Company's Investor Relations website prior to the call.
About Banc of California, Inc.
Banc of California, Inc. (NYSE: BANC) provides comprehensive banking services to California's diverse businesses, entrepreneurs and communities. Banc of California operates 34 offices in California. The Company has been recognized by Forbes for the second straight year as one of the 100 Best Banks in America for 2017.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are necessarily subject to risk and uncertainty and actual results could differ materially from those anticipated due to various factors, including those set forth from time to time in the documents filed or furnished by Banc of California, Inc. with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and Banc of California, Inc. undertakes no obligation to update any such statements to reflect circumstances or events that occur after the date on which the forward-looking statement is made.
Investor Relations Inquiries: | Media Inquiries: |
Banc of California, Inc. | Abernathy MacGregor |
Timothy Sedabres, (855) 361-2262 | Ian Campbell / Joe Hixson, (213) 630-6550 |
Banc of California, Inc. | |||||
Consolidated Statements of Financial Condition | |||||
(Dollars in thousands) | |||||
(Unaudited) | |||||
September 30, | June 30, | March 31, | December 31, | September 30, | |
2017 | 2017 | 2017 | 2016 | 2016 | |
ASSETS | |||||
Cash and cash equivalents | $ 611,826 | $ 511,190 | $ 409,281 | $ 439,510 | $ 372,603 |
Time deposits in financial institutions | 1,000 | 1,000 | 1,000 | 1,000 | 1,500 |
Securities available-for-sale | 2,755,664 | 2,915,103 | 2,434,541 | 2,381,488 | 1,941,588 |
Securities held-to-maturity | - | - | 863,269 | 884,234 | 962,315 |
Loans held-for-sale | 50,130 | 278,824 | 228,196 | 298,018 | 358,892 |
Loans and leases receivable | 6,226,897 | 5,956,337 | 6,105,321 | 6,034,752 | 6,568,791 |
Allowance for loan and lease losses | (45,072) | (42,385) | (42,736) | (40,444) | (40,233) |
Federal Home Loan Bank and other bank stock | 67,063 | 63,438 | 63,238 | 67,842 | 69,190 |
Servicing rights, net | 40,448 | 43,834 | 44,451 | 39,936 | 33,064 |
Other real estate owned, net | 3,682 | 3,267 | 3,345 | 2,502 | 275 |
Premises and equipment, net | 139,326 | 143,398 | 146,631 | 140,917 | 131,481 |
Investments in alternative energy partnerships, net | 43,817 | 37,605 | 47,633 | 25,639 | 23,912 |
Goodwill | 37,144 | 37,144 | 37,144 | 37,144 | 37,144 |
Other intangible assets, net | 10,219 | 11,135 | 12,191 | 13,617 | 15,335 |
Deferred income tax, net | 23,333 | 9,499 | 18,673 | 9,989 | 408 |
Income tax receivable | 7,699 | 14,984 | 15,973 | 16,009 | 12,487 |
Bank owned life insurance investment | 104,292 | 103,709 | 103,093 | 102,512 | 101,909 |
Other assets | 142,985 | 113,534 | 128,036 | 92,694 | 79,386 |
Assets of discontinued operations | 59,575 | 164,152 | 432,805 | 482,494 | 546,357 |
Total assets | $ 10,280,028 | $ 10,365,768 | $ 11,052,085 | $ 11,029,853 | $ 11,216,404 |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Noninterest-bearing deposits | $ 1,075,782 | $ 1,138,095 | $ 1,273,649 | $ 1,282,629 | $ 1,267,363 |
Interest-bearing deposits | 6,327,811 | 6,906,816 | 7,324,044 | 7,859,521 | 7,810,956 |
Total deposits | 7,403,593 | 8,044,911 | 8,597,693 | 9,142,150 | 9,078,319 |
Advances from Federal Home Loan Bank | 1,470,000 | 870,000 | 1,080,000 | 490,000 | 770,000 |
Securities sold under repurchase agreements | 36,520 | 53,242 | 26,320 | - | - |
Other borrowings | - | - | 67,981 | 67,922 | 49,903 |
Notes payable, net | 172,865 | 172,790 | 174,090 | 175,378 | 176,579 |
Reserve for loss on repurchased loans | 6,173 | 8,028 | 8,118 | 7,974 | 11,369 |
Income taxes payable | - | - | 618 | 92 | 908 |
Accrued expenses and other liabilities | 164,469 | 193,276 | 81,208 | 131,618 | 132,089 |
Liabilities of discontinued operations | 12,500 | 17,229 | 30,309 | 34,480 | 25,813 |
Total liabilities | 9,266,120 | 9,359,476 | 10,066,337 | 10,049,614 | 10,244,980 |
Commitments and contingent liabilities | |||||
Preferred stock | 269,071 | 269,071 | 269,071 | 269,071 | 269,071 |
Common stock | 542 | 540 | 537 | 537 | 536 |
Common stock, class B non-voting non-convertible | 4 | 4 | 3 | 2 | 2 |
Additional paid-in capital | 619,849 | 616,251 | 614,983 | 614,226 | 611,069 |
Retained earnings | 145,420 | 140,331 | 139,926 | 134,515 | 112,751 |
Treasury stock | (28,786) | (28,786) | (29,070) | (29,070) | (29,070) |
Accumulated other comprehensive income/(loss), net | 7,808 | 8,881 | (9,702) | (9,042) | 7,065 |
Total stockholders' equity | 1,013,908 | 1,006,292 | 985,748 | 980,239 | 971,424 |
Total liabilities and stockholders' equity | $ 10,280,028 | $ 10,365,768 | $ 11,052,085 | $ 11,029,853 | $ 11,216,404 |
Banc of California, Inc. | |||||||
Consolidated Statements of Operations | |||||||
(Dollars in thousands, except per share data) | |||||||
(Unaudited) | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | |
2017 | 2017 | 2017 | 2016 | 2016 | 2017 | 2016 | |
Interest and dividend income | |||||||
Loans, including fees | $ 70,208 | $ 69,661 | $ 69,507 | $ 71,613 | $ 76,257 | $ 209,376 | $ 210,255 |
Securities | 24,337 | 24,996 | 27,239 | 24,153 | 19,934 | 76,572 | 55,374 |
Other interest-earning assets | 2,206 | 1,783 | 2,096 | 3,965 | 1,931 | 6,085 | 4,484 |
Total interest and dividend income | 96,751 | 96,440 | 98,842 | 99,731 | 98,122 | 292,033 | 270,113 |
Interest expense | |||||||
Deposits | 15,468 | 14,942 | 13,960 | 12,504 | 11,224 | 44,370 | 27,716 |
Federal Home Loan Bank advances | 3,352 | 2,774 | 1,423 | 1,076 | 1,413 | 7,549 | 4,641 |
Securities sold under repurchase agreements | 500 | 180 | 6 | 221 | 48 | 686 | 597 |
Notes payable and other interest-bearing liabilities | 2,395 | 3,044 | 2,972 | 2,998 | 2,589 | 8,411 | 9,746 |
Total interest expense | 21,715 | 20,940 | 18,361 | 16,799 | 15,274 | 61,016 | 42,700 |
Net interest income | 75,036 | 75,500 | 80,481 | 82,932 | 82,848 | 231,017 | 227,413 |
Provision for loan and lease losses | 3,561 | 2,503 | 2,583 | 589 | 2,592 | 8,647 | 4,682 |
Net interest income after provision for loan and lease losses | 71,475 | 72,997 | 77,898 | 82,343 | 80,256 | 222,370 | 222,731 |
Noninterest income | |||||||
Customer service fees | 1,576 | 1,669 | 1,623 | 1,560 | 1,566 | 4,868 | 3,587 |
Loan servicing income (loss) | 553 | 132 | 2,756 | 4,699 | 74 | 3,441 | (4,066) |
Net gain (loss) on sale of securities available for sale | 7,625 | 1,099 | 3,356 | (695) | 487 | 12,080 | 30,100 |
Net gain on sale of loans | 5,735 | 983 | 4,019 | 20,490 | 11,063 | 10,737 | 15,405 |
Loan brokerage income | - | 34 | 1,027 | 1,331 | 1,298 | 1,061 | 2,920 |
Gain on sale of subsidiary and business unit | - | - | - | 2,629 | - | - | 3,694 |
All other income | 2,876 | 1,790 | 2,122 | 2,490 | 7,542 | 6,788 | 14,486 |
Total noninterest income | 18,365 | 5,707 | 14,903 | 32,504 | 22,030 | 38,975 | 66,126 |
Noninterest expense | |||||||
Salaries and employee benefits | 30,216 | 33,348 | 32,443 | 42,800 | 37,133 | 96,007 | 103,347 |
Occupancy and equipment | 10,085 | 9,776 | 10,668 | 10,012 | 10,036 | 30,529 | 28,034 |
Professional fees | 7,697 | 11,794 | 15,073 | 11,562 | 6,482 | 34,564 | 18,811 |
Data processing | 1,901 | 2,246 | 2,179 | 2,357 | 2,112 | 6,326 | 5,954 |
Loss on investments in alternative energy partnerships | 8,348 | 9,761 | 8,682 | 13,850 | 17,660 | 26,791 | 17,660 |
Amortization of intangible assets | 916 | 1,056 | 1,090 | 1,028 | 1,179 | 3,062 | 3,823 |
Restructuring expense | - | 82 | 5,287 | - | - | 5,369 | - |
All other expenses | 16,508 | 8,256 | 14,474 | 11,286 | 11,521 | 39,238 | 32,691 |
Total noninterest expense | 75,671 | 76,319 | 89,896 | 92,895 | 86,123 | 241,886 | 210,320 |
Income from continuing operations before income taxes | 14,169 | 2,385 | 2,905 | 21,952 | 16,163 | 19,459 | 78,537 |
Income tax (benefit) expense | (3,939) | (12,753) | (6,471) | (2,543) | (9,016) | (23,163) | 16,292 |
Income from continuing operations | 18,108 | 15,138 | 9,376 | 24,495 | 25,179 | 42,622 | 62,245 |
Income (loss) from discontinued operations before income taxes | (1,958) | (4,991) | 13,348 | 14,965 | 18,574 | 6,399 | 33,952 |
Income tax (benefit) expense | (799) | (2,110) | 5,523 | 6,196 | 7,816 | 2,614 | 14,045 |
Income (loss) from discontinued operations | (1,159) | (2,881) | 7,825 | 8,769 | 10,758 | 3,785 | 19,907 |
Net income | 16,949 | 12,257 | 17,201 | 33,264 | 35,937 | 46,407 | 82,152 |
Preferred stock dividends | 5,112 | 5,113 | 5,113 | 5,113 | 5,112 | 15,338 | 14,801 |
Net income available to common stockholders | $ 11,837 | $ 7,144 | $ 12,088 | $ 28,151 | $ 30,825 | $ 31,069 | $ 67,351 |
Basic earnings per total common share | |||||||
Income from continuing operations | $ 0.25 | $ 0.20 | $ 0.08 | $ 0.37 | $ 0.38 | $ 0.52 | $ 0.99 |
Income (loss) from discontinued operations | (0.02) | (0.06) | 0.15 | 0.18 | 0.22 | 0.08 | 0.43 |
Net income | $ 0.23 | $ 0.14 | $ 0.23 | $ 0.55 | $ 0.60 | $ 0.60 | $ 1.42 |
Diluted earnings per total common share | |||||||
Income from continuing operations | $ 0.25 | $ 0.20 | $ 0.08 | $ 0.36 | $ 0.38 | $ 0.52 | $ 0.97 |
Income (loss) from discontinued operations | (0.02) | (0.06) | 0.15 | 0.18 | 0.21 | 0.07 | 0.43 |
Net income | $ 0.23 | $ 0.14 | $ 0.23 | $ 0.54 | $ 0.59 | $ 0.59 | $ 1.40 |
Weighted average number of shares outstanding | |||||||
Basic | 50,362,314 | 50,289,590 | 49,991,186 | 50,008,234 | 49,907,840 | 50,160,928 | 45,760,802 |
Diluted | 50,933,358 | 50,942,324 | 50,754,145 | 50,702,110 | 50,996,469 | 50,810,407 | 46,681,317 |
Dividends declared per common share | $ 0.13 | $ 0.13 | $ 0.13 | $ 0.13 | $ 0.12 | $ 0.39 | $ 0.36 |
Banc of California, Inc. | ||||||
Reconciliation of Consolidated Statements of Operations between Continuing and Discontinued Operations | ||||||
(Dollars in thousands, except per share data) | ||||||
(Unaudited) | ||||||
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | |||||
Continuing | Discontinued | Consolidated | Continuing | Discontinued | Consolidated | |
Operations | Operations | Operations | Operations | Operations | Operations | |
Interest and dividend income | $ 96,751 | $ 917 | $ 97,668 | $ 292,033 | $ 6,979 | $ 299,012 |
Interest expense | 21,715 | - | 21,715 | 61,016 | - | 61,016 |
Net interest income | 75,036 | 917 | 75,953 | 231,017 | 6,979 | 237,996 |
Provision for loan and lease losses | 3,561 | - | 3,561 | 8,647 | - | 8,647 |
Net interest income after provision for loan and lease losses | 71,475 | 917 | 72,392 | 222,370 | 6,979 | 229,349 |
Noninterest income | ||||||
Customer service fees | 1,576 | - | 1,576 | 4,868 | - | 4,868 |
Loan servicing income | 553 | - | 553 | 3,441 | 1,551 | 4,992 |
Net gain on sale of securities available for sale | 7,625 | - | 7,625 | 12,080 | - | 12,080 |
Net gain on sale of loans | 5,735 | - | 5,735 | 10,737 | - | 10,737 |
Mortgage banking income | - | 13 | 13 | - | 43,083 | 43,083 |
Loan brokerage income | - | 6 | 6 | 1,061 | 164 | 1,225 |
Gain on disposal of discontinued operations | - | 211 | 211 | - | 13,749 | 13,749 |
All other income | 2,876 | 232 | 3,108 | 6,788 | 826 | 7,614 |
Total noninterest income | 18,365 | 462 | 18,827 | 38,975 | 59,373 | 98,348 |
Noninterest expense | ||||||
Salaries and employee benefits | 30,216 | 416 | 30,632 | 96,007 | 38,384 | 134,391 |
Occupancy and equipment | 10,085 | 359 | 10,444 | 30,529 | 3,754 | 34,283 |
Professional fees | 7,697 | 270 | 7,967 | 34,564 | 2,462 | 37,026 |
Data processing | 1,901 | 141 | 2,042 | 6,326 | 668 | 6,994 |
Loss on investments in alternative energy partnerships | 8,348 | - | 8,348 | 26,791 | - | 26,791 |
Amortization of intangible assets | 916 | - | 916 | 3,062 | - | 3,062 |
Restructuring expense | - | 279 | 279 | 5,369 | 3,794 | 9,163 |
All other expenses | 16,508 | 1,872 | 18,380 | 39,238 | 10,891 | 50,129 |
Total noninterest expense | 75,671 | 3,337 | 79,008 | 241,886 | 59,953 | 301,839 |
Income (loss) before income taxes | 14,169 | (1,958) | 12,211 | 19,459 | 6,399 | 25,858 |
Income tax (benefit) expense | (3,939) | (799) | (4,738) | (23,163) | 2,614 | (20,549) |
Net income | $ 18,108 | $ (1,159) | $ 16,949 | $ 42,622 | $ 3,785 | $ 46,407 |
Banc of California, Inc. | |||||||
Selected Financial Data | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | |
2017 | 2017 | 2017 | 2016 | 2016 | 2017 | 2016 | |
Average balances of consolidated operations | |||||||
Total assets | $ 10,101,181 | $ 10,697,003 | $ 11,188,806 | $ 11,568,849 | $ 10,860,257 | $ 10,658,346 | $ 9,921,657 |
Total gross loans and leases | 6,268,915 | 6,639,666 | 6,785,013 | 7,209,241 | 7,245,472 | 6,562,641 | 6,636,978 |
Investment securities | 2,791,585 | 3,004,551 | 3,376,698 | 3,236,253 | 2,776,304 | 3,055,468 | 2,534,788 |
Total interest earning assets | 9,580,093 | 10,161,566 | 10,661,834 | 11,075,367 | 10,432,247 | 10,130,535 | 9,468,979 |
Total interest-bearing deposits | 6,501,227 | 6,981,991 | 7,724,061 | 7,825,036 | 7,164,061 | 7,064,615 | 6,068,343 |
Total borrowings | 1,224,973 | 1,265,279 | 1,058,607 | 1,190,060 | 1,297,382 | 1,183,562 | 1,557,157 |
Total interest bearing liabilities | 7,726,200 | 8,247,270 | 8,782,668 | 9,015,096 | 8,461,443 | 8,248,176 | 7,625,500 |
Total stockholders' equity | 1,005,462 | 1,014,267 | 1,001,784 | 995,908 | 968,684 | 1,007,185 | 876,922 |
Profitability and other ratios of consolidated operations | |||||||
Return on average assets(1) | 0.67% | 0.46% | 0.62% | 1.14% | 1.32% | 0.58% | 1.11% |
Return on average equity (1) | 6.69% | 4.85% | 6.96% | 13.29% | 14.76% | 6.16% | 12.51% |
Return on average tangible common equity(2) | 7.16% | 4.51% | 7.76% | 17.30% | 19.51% | 6.46% | 16.84% |
Dividend payout ratio (3) | 56.52% | 92.86% | 56.52% | 23.64% | 20.00% | 65.00% | 25.35% |
Net interest spread | 2.92% | 2.90% | 3.03% | 2.99% | 3.18% | 2.96% | 3.22% |
Net interest margin(1) | 3.15% | 3.09% | 3.19% | 3.13% | 3.32% | 3.14% | 3.36% |
Noninterest income to total revenue (4) | 19.86% | 20.20% | 41.62% | 47.79% | 46.18% | 29.24% | 44.63% |
Noninterest income to average total assets(1) | 0.74% | 0.74% | 2.16% | 2.74% | 2.73% | 1.23% | 2.59% |
Noninterest expense to average total assets(1) | 3.10% | 3.68% | 4.52% | 4.44% | 4.55% | 3.79% | 4.22% |
Efficiency ratio(5) | 83.36% | 100.10% | 86.87% | 77.51% | 76.90% | 89.74% | 72.79% |
Adjusted efficiency ratio for including the pre-tax effect of investments in alternative energy partnerships (2) , (5) | 72.49% | 80.51% | 78.76% | 66.87% | 62.38% | 77.58% | 67.23% |
Average held-for-investment loans and leases to average deposits | 77.33% | 73.54% | 68.33% | 69.11% | 75.92% | 72.88% | 79.27% |
Average investment securities to average total assets | 27.64% | 28.09% | 30.18% | 27.97% | 25.56% | 28.67% | 25.55% |
Average stockholders' equity to average total assets | 9.95% | 9.48% | 8.95% | 8.61% | 8.92% | 9.45% | 8.84% |
(1) | Ratios are presented on an annualized basis. |
(2) | The ratios are determined by methods other than in accordance with U.S. generally accepted accounting principles (GAAP). |
See Non-GAAP measures section for reconciliation of the calculation. | |
(3) | The ratio is calculated by dividing dividends declared per common share by basic earnings per share |
(4) | Total revenue is equal to the sum of net interest income before provision for loan and lease losses and noninterest income. |
(5) | The ratios are calculated by dividing noninterest expense by the sum of net interest income before provision for loan and lease losses and noninterest income. |
Banc of California, Inc. | |||||||
Selected Financial Data, Continued | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | |
2017 | 2017 | 2017 | 2016 | 2016 | 2017 | 2016 | |
Allowance for loan and lease losses (ALLL) | |||||||
Balance at beginning of period | $ 42,385 | $ 42,736 | $ 40,444 | $ 40,233 | $ 37,483 | $ 40,444 | $ 35,533 |
Loans and leases charged off | (959) | (2,898) | (357) | (1,351) | (393) | (4,214) | (1,267) |
Recoveries | 85 | 44 | 66 | 973 | 551 | 195 | 1,285 |
Provision for loan and lease losses | 3,561 | 2,503 | 2,583 | 589 | 2,592 | 8,647 | 4,682 |
Balance at end of period | $ 45,072 | $ 42,385 | $ 42,736 | $ 40,444 | $ 40,233 | $ 45,072 | $ 40,233 |
Annualized net loan charge-offs to average total loans and leases held-for-investment | 0.06% | 0.19% | 0.02% | 0.02% | -0.01% | 0.09% | -0.01% |
Reserve for loss on repurchased loans | |||||||
Balance at beginning of period | $ 8,028 | $ 8,118 | $ 7,974 | $ 11,369 | $ 10,438 | $ 7,974 | $ 9,700 |
Provision for loan repurchases | (651) | 270 | 517 | (1,881) | 1,241 | 136 | 2,471 |
Utilization of reserve for loan repurchases | (1,204) | (360) | (373) | (1,514) | (310) | (1,937) | (802) |
Balance at end of period | $ 6,173 | $ 8,028 | $ 8,118 | $ 7,974 | $ 11,369 | $ 6,173 | $ 11,369 |
September 30, | June 30, | March 31, | December 31, | September 30, | |||
2017 | 2017 | 2017 | 2016 | 2016 | |||
Asset quality information and ratios | |||||||
Delinquent loans and leases held-for-investment | |||||||
30 to 89 days delinquent, excluding purchased credit impaired (PCI) loans | $ 20,286 | $ 23,305 | $ 22,596 | $ 30,140 | $ 39,054 | ||
90+ days delinquent, excluding PCI loans | 11,150 | 6,508 | 9,802 | 14,218 | 22,827 | ||
Total delinquent loans, excluding PCI loans | 31,436 | 29,813 | 32,398 | 44,358 | 61,881 | ||
PCI loans, 30 to 89 days delinquent | - | 343 | 16,410 | 15,078 | 39,113 | ||
PCI loans, 90+ days delinquent | - | 807 | 4,943 | 2,577 | 6,145 | ||
Total delinquent PCI loans | - | 1,150 | 21,353 | 17,655 | 45,258 | ||
Total delinquent loans | $ 31,436 | $ 30,963 | $ 53,751 | $ 62,013 | $ 107,139 | ||
Total delinquent non-PCI loans to total non-PCI loans | 0.50% | 0.50% | 0.54% | 0.75% | 1.04% | ||
Total delinquent loans and leases to total loans and leases | 0.50% | 0.52% | 0.88% | 1.03% | 1.63% | ||
Non-performing assets, excluding loans held-for-sale | |||||||
Non-performing loans and leases, excluding PCI loans | $ 12,275 | $ 9,064 | $ 16,222 | $ 14,942 | $ 35,223 | ||
90+ days delinquent and still accruing loans and leases, excluding PCI loans | - | - | - | - | - | ||
Other real estate owned | 3,682 | 3,267 | 3,345 | 2,502 | 275 | ||
Non-performing assets | $ 15,957 | $ 12,331 | $ 19,567 | $ 17,444 | $ 35,498 | ||
ALLL to non-performing loans and leases | 367.19% | 467.62% | 263.44% | 270.67% | 114.22% | ||
Non-performing loans and leases to total loans and leases | 0.20% | 0.15% | 0.27% | 0.25% | 0.54% | ||
Non-performing assets to total assets | 0.16% | 0.12% | 0.18% | 0.16% | 0.32% | ||
Troubled debt restructurings (TDRs) | |||||||
Performing TDRs | $ 5,668 | $ 4,579 | $ 4,309 | $ 4,827 | $ 11,160 | ||
Non-performing TDRs | - | 1,125 | 1,144 | - | 520 | ||
Total TDRs | $ 5,668 | $ 5,704 | $ 5,453 | $ 4,827 | $ 11,680 | ||
Banc of California, Inc. | |||||
Selected Financial Data, Continued | |||||
(Dollars in thousands) | |||||
(Unaudited) | |||||
September 30, | June 30, | March 31, | December 31, | September 30, | |
2017 | 2017 | 2017 | 2016 | 2016 | |
Loan and lease breakdown by ALLL evaluation type | |||||
Originated loans and leases | |||||
Individually evaluated for impairment | $ 15,485 | $ 10,844 | $ 12,518 | $ 10,168 | $ 22,306 |
Collectively evaluated for impairment | 5,472,533 | 5,148,979 | 5,096,657 | 4,933,381 | 4,789,155 |
Acquired loans not impaired at acquisition | |||||
Individually evaluated for impairment | 430 | - | - | 2,429 | 3,397 |
Collectively evaluated for impairment | 738,449 | 792,213 | 834,983 | 924,993 | 958,135 |
Seasoned SFR mortgage loan pools - non-impaired | |||||
Individually evaluated for impairment | - | - | 877 | 755 | 6,581 |
Collectively evaluated for impairment | - | - | 20,587 | 21,200 | 146,850 |
Acquired with deteriorated credit quality | - | 4,301 | 139,699 | 141,826 | 642,367 |
Total loans | $ 6,226,897 | $ 5,956,337 | $ 6,105,321 | $ 6,034,752 | $ 6,568,791 |
ALLL breakdown | |||||
Originated loans and leases | |||||
Individually evaluated for impairment | $ 407 | $ 424 | $ 130 | $ 137 | $ 137 |
Collectively evaluated for impairment | 43,316 | 40,666 | 41,091 | 38,394 | 37,858 |
Acquired loans not impaired at acquisition | |||||
Individually evaluated for impairment | 8 | - | - | - | - |
Collectively evaluated for impairment | 1,341 | 1,271 | 1,234 | 1,703 | 1,606 |
Seasoned SFR mortgage loan pools - non-impaired | |||||
Individually evaluated for impairment | - | - | 120 | 106 | 528 |
Collectively evaluated for impairment | - | - | - | - | - |
Acquired with deteriorated credit quality | - | 24 | 161 | 104 | 104 |
Total ALLL | $ 45,072 | $ 42,385 | $ 42,736 | $ 40,444 | $ 40,233 |
Discount on Purchased/Acquired Loans | |||||
Acquired loans not impaired at acquisition | $ 15,983 | $ 15,446 | $ 16,275 | $ 17,820 | $ 18,400 |
Seasoned SFR mortgage loan pools - non-impaired | - | - | 1,219 | 1,280 | 9,789 |
Acquired with deteriorated credit quality | - | 1,754 | 21,538 | 22,454 | 57,780 |
Total Discount | $ 15,983 | $ 17,200 | $ 39,032 | $ 41,554 | $ 85,969 |
Ratios | |||||
To originated loans and leases: | |||||
Individually evaluated for impairment | 2.63% | 3.91% | 1.04% | 1.35% | 0.61% |
Collectively evaluated for impairment | 0.79% | 0.79% | 0.81% | 0.78% | 0.79% |
Total ALLL | 0.80% | 0.80% | 0.81% | 0.78% | 0.79% |
To originated loans and leases and acquired loans not impaired at acquisition: | |||||
Individually evaluated for impairment | 2.61% | 3.91% | 1.04% | 1.09% | 0.53% |
Collectively evaluated for impairment | 0.72% | 0.71% | 0.71% | 0.68% | 0.69% |
Total ALLL | 0.72% | 0.71% | 0.71% | 0.69% | 0.69% |
To total loans and leases: | |||||
Individually evaluated for impairment | 2.61% | 3.91% | 1.87% | 1.82% | 2.06% |
Collectively evaluated for impairment | 0.72% | 0.71% | 0.71% | 0.68% | 0.67% |
Total ALLL | 0.72% | 0.71% | 0.70% | 0.67% | 0.61% |
Banc of California, Inc. | |||||
Selected Financial Data, Continued | |||||
(Dollars in thousands) | |||||
(Unaudited) | |||||
September 30, | June 30, | March 31, | December 31, | September 30, | |
2017 | 2017 | 2017 | 2016 | 2016 | |
Composition of held-for-investment loans and leases | |||||
Commercial real estate | $ 713,120 | $ 716,771 | $ 750,592 | $ 729,959 | $ 721,838 |
Multifamily | 1,617,890 | 1,545,888 | 1,449,715 | 1,365,262 | 1,199,207 |
Construction | 176,397 | 156,246 | 142,164 | 125,100 | 99,086 |
Commercial and industrial | 1,602,805 | 1,560,916 | 1,585,656 | 1,522,960 | 1,531,041 |
SBA | 78,604 | 77,254 | 76,040 | 73,840 | 67,737 |
Lease financing | 91 | 173 | 285 | 379 | 234,540 |
Total commercial loans | 4,188,907 | 4,057,248 | 4,004,452 | 3,817,500 | 3,853,449 |
Single family residential mortgage | 1,920,310 | 1,778,536 | 1,975,055 | 2,106,630 | 2,601,375 |
Other consumer | 117,680 | 120,553 | 125,814 | 110,622 | 113,967 |
Total consumer loans | 2,037,990 | 1,899,089 | 2,100,869 | 2,217,252 | 2,715,342 |
Total gross loans and leases | $ 6,226,897 | $ 5,956,337 | $ 6,105,321 | $ 6,034,752 | $ 6,568,791 |
Composition percentage of held-for-investment loans and leases | |||||
Commercial real estate | 11.5% | 12.0% | 12.3% | 12.1% | 11.0% |
Multifamily | 26.0% | 26.0% | 23.7% | 22.6% | 18.3% |
Construction | 2.8% | 2.6% | 2.3% | 2.1% | 1.5% |
Commercial and industrial | 25.7% | 26.2% | 26.1% | 25.2% | 23.3% |
SBA | 1.3% | 1.3% | 1.2% | 1.2% | 1.0% |
Lease financing | 0.0% | 0.0% | 0.0% | 0.1% | 3.6% |
Total commercial loans | 67.3% | 68.1% | 65.6% | 63.3% | 58.7% |
Single family residential mortgage | 30.8% | 29.9% | 32.3% | 34.9% | 39.6% |
Other consumer | 1.9% | 2.0% | 2.1% | 1.8% | 1.7% |
Total consumer loans | 32.7% | 31.9% | 34.4% | 36.7% | 41.3% |
Total gross loans and leases | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
Composition of deposits | |||||
Noninterest-bearing checking | $ 1,075,782 | $ 1,138,095 | $ 1,273,649 | $ 1,282,629 | $ 1,267,363 |
Interest-bearing checking | 2,011,943 | 2,058,130 | 1,998,778 | 2,048,839 | 2,369,332 |
Money market | 1,728,937 | 2,265,380 | 2,610,376 | 2,731,314 | 2,900,248 |
Savings | 945,699 | 985,001 | 1,008,218 | 1,118,175 | 880,712 |
Certificates of deposit | 1,641,232 | 1,598,305 | 1,706,672 | 1,961,193 | 1,660,664 |
Total deposits | $ 7,403,593 | $ 8,044,911 | $ 8,597,693 | $ 9,142,150 | $ 9,078,319 |
Composition percentage of deposits | |||||
Noninterest-bearing checking | 14.5% | 14.1% | 14.8% | 14.0% | 14.0% |
Interest-bearing checking | 27.2% | 25.6% | 23.2% | 22.4% | 26.1% |
Money market | 23.3% | 28.2% | 30.4% | 29.9% | 31.9% |
Savings | 12.8% | 12.2% | 11.7% | 12.2% | 9.7% |
Certificates of deposit | 22.2% | 19.9% | 19.9% | 21.5% | 18.3% |
Total deposits | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
Banc of California, Inc. | |||||||||
Average Balance, Average Yield Earned, and Average Cost Paid | |||||||||
(Dollars in thousands) | |||||||||
(Unaudited) | |||||||||
Three Months Ended | |||||||||
September 30, 2017 | June 30, 2017 | March 31, 2017 | |||||||
Average | Yield | Average | Yield | Average | Yield | ||||
Balance | Interest | / Cost | Balance | Interest | / Cost | Balance | Interest | / Cost | |
Interest earning assets | |||||||||
Loans held-for-sale of discontinued operations | $ 98,904 | $ 917 | 3.68% | $ 361,784 | $ 2,796 | 3.10% | $ 388,194 | $ 3,266 | 3.41% |
Loans held-for-sale and SFR mortgage | 1,923,214 | 18,837 | 3.89% | 2,046,409 | 20,086 | 3.94% | 2,275,338 | 21,950 | 3.91% |
Seasoned SFR mortgage loan pools | 84,128 | 1,208 | 5.70% | 151,759 | 2,121 | 5.61% | 154,736 | 2,145 | 5.62% |
Commercial real estate, multifamily, and construction | 2,494,284 | 27,980 | 4.45% | 2,394,487 | 25,821 | 4.33% | 2,336,323 | 25,851 | 4.49% |
Commercial and industrial, SBA, and lease financing | 1,553,816 | 20,820 | 5.32% | 1,565,583 | 20,233 | 5.18% | 1,508,756 | 18,293 | 4.92% |
Other consumer | 114,569 | 1,363 | 4.72% | 119,644 | 1,400 | 4.69% | 121,666 | 1,268 | 4.23% |
Gross loans and leases | 6,268,915 | 71,125 | 4.50% | 6,639,666 | 72,457 | 4.38% | 6,785,013 | 72,773 | 4.35% |
Securities | 2,791,585 | 24,337 | 3.46% | 3,004,551 | 24,996 | 3.34% | 3,376,698 | 27,239 | 3.27% |
Other interest-earning assets | 519,593 | 2,206 | 1.68% | 517,349 | 1,783 | 1.38% | 500,123 | 2,096 | 1.70% |
Total interest-earning assets | 9,580,093 | 97,668 | 4.04% | 10,161,566 | 99,236 | 3.92% | 10,661,834 | 102,108 | 3.88% |
Allowance for loan and lease losses | (42,696) | (42,896) | (41,285) | ||||||
BOLI and non-interest earning assets | 563,784 | 578,333 | 568,257 | ||||||
Total assets | $ 10,101,181 | $ 10,697,003 | $ 11,188,806 | ||||||
Interest-bearing liabilities | |||||||||
Savings | $ 968,158 | $ 2,263 | 0.93% | $ 1,002,797 | $ 2,262 | 0.90% | $ 1,042,031 | $ 2,292 | 0.89% |
Interest-bearing checking | 2,037,729 | 3,871 | 0.75% | 2,013,751 | 3,609 | 0.72% | 2,008,828 | 3,414 | 0.69% |
Money market | 1,935,262 | 5,095 | 1.04% | 2,359,173 | 5,482 | 0.93% | 2,735,810 | 4,691 | 0.70% |
Certificates of deposit | 1,560,078 | 4,239 | 1.08% | 1,606,270 | 3,589 | 0.90% | 1,937,392 | 3,563 | 0.75% |
Total interest-bearing deposits | 6,501,227 | 15,468 | 0.94% | 6,981,991 | 14,942 | 0.86% | 7,724,061 | 13,960 | 0.73% |
FHLB advances | 962,391 | 3,352 | 1.38% | 990,780 | 2,774 | 1.12% | 812,444 | 1,423 | 0.71% |
Securities sold under repurchase agreements | 88,810 | 500 | 2.23% | 34,298 | 180 | 2.11% | 2,123 | 6 | 1.15% |
Long-term debt and other interest-bearing liabilities | 173,772 | 2,395 | 5.47% | 240,201 | 3,044 | 5.08% | 244,040 | 2,972 | 4.94% |
Total interest-bearing liabilities | 7,726,200 | 21,715 | 1.12% | 8,247,270 | 20,940 | 1.02% | 8,782,668 | 18,361 | 0.85% |
Noninterest-bearing deposits | 1,178,062 | 1,261,338 | 1,181,279 | ||||||
Non-interest-bearing liabilities | 191,457 | 174,128 | 223,075 | ||||||
Total liabilities | 9,095,719 | 9,682,736 | 10,187,022 | ||||||
Total stockholders' equity | 1,005,462 | 1,014,267 | 1,001,784 | ||||||
Total liabilities and stockholders' equity | $ 10,101,181 | $ 10,697,003 | $ 11,188,806 | ||||||
Net interest income/spread | $ 75,953 | 2.92% | $ 78,296 | 2.90% | $ 83,747 | 3.03% | |||
Net interest margin | 3.15% | 3.09% | 3.19% | ||||||
Ratio of interest-earning assets to interest-bearing liabilities | 123.99% | 123.21% | 121.40% | ||||||
Total deposits | $ 7,679,289 | $ 15,468 | 0.80% | $ 8,243,329 | $ 14,942 | 0.73% | $ 8,905,340 | $ 13,960 | 0.64% |
Total funding (1) | $ 8,904,262 | $ 21,715 | 0.97% | $ 9,508,608 | $ 20,940 | 0.88% | $ 9,963,947 | $ 18,361 | 0.75% |
(1) | Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding. | ||||||||
Banc of California, Inc. | |||||||
Average Balance, Average Yield Earned, and Average Cost Paid, Continued | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
Three Months Ended | |||||||
December 31, 2016 | September 30, 2016 | ||||||
Average | Yield | Average | Yield | ||||
Balance | Interest | / Cost | Balance | Interest | / Cost | ||
Interest earning assets | |||||||
Loans held-for-sale of discontinued operations | $ 519,495 | $ 4,126 | 3.16% | $ 479,133 | $ 4,113 | 3.42% | |
Loans held-for-sale and SFR mortgage | 2,236,354 | 21,451 | 3.82% | 2,139,746 | 20,252 | 3.77% | |
Seasoned SFR mortgage loan pools | 570,006 | 6,281 | 4.38% | 907,387 | 11,924 | 5.23% | |
Commercial real estate, multifamily, and construction | 2,146,067 | 23,405 | 4.34% | 2,033,718 | 23,097 | 4.52% | |
Commercial and industrial, SBA, and lease financing | 1,628,177 | 19,228 | 4.70% | 1,576,379 | 19,734 | 4.98% | |
Other consumer | 109,142 | 1,248 | 4.55% | 109,109 | 1,250 | 4.56% | |
Gross loans and leases | 7,209,241 | 75,739 | 4.18% | 7,245,472 | 80,370 | 4.41% | |
Securities | 3,236,253 | 24,153 | 2.97% | 2,776,304 | 19,934 | 2.86% | |
Other interest-earning assets | 629,873 | 3,965 | 2.50% | 410,471 | 1,931 | 1.87% | |
Total interest-earning assets | 11,075,367 | 103,857 | 3.73% | 10,432,247 | 102,235 | 3.90% | |
Allowance for loan and lease losses | (39,163) | (38,258) | |||||
BOLI and non-interest earning assets | 532,645 | 466,268 | |||||
Total assets | $ 11,568,849 | $ 10,860,257 | |||||
Interest-bearing liabilities | |||||||
Savings | $ 941,404 | $ 1,917 | 0.81% | $ 887,973 | $ 1,704 | 0.76% | |
Interest-bearing checking | 2,081,105 | 3,371 | 0.64% | 2,300,128 | 3,972 | 0.69% | |
Money market | 2,830,271 | 3,909 | 0.55% | 2,427,356 | 3,226 | 0.53% | |
Certificates of deposit | 1,972,256 | 3,307 | 0.67% | 1,548,604 | 2,322 | 0.60% | |
Total interest-bearing deposits | 7,825,036 | 12,504 | 0.64% | 7,164,061 | 11,224 | 0.62% | |
FHLB advances | 892,120 | 1,076 | 0.48% | 1,104,663 | 1,413 | 0.51% | |
Securities sold under repurchase agreements | 59,761 | 221 | 1.47% | 12,539 | 48 | 1.52% | |
Long-term debt and other interest-bearing liabilities | 238,179 | 2,998 | 5.01% | 180,180 | 2,589 | 5.72% | |
Total interest-bearing liabilities | 9,015,096 | 16,799 | 0.74% | 8,461,443 | 15,274 | 0.72% | |
Noninterest-bearing deposits | 1,286,642 | 1,178,849 | |||||
Non-interest-bearing liabilities | 271,203 | 251,281 | |||||
Total liabilities | 10,572,941 | 9,891,573 | |||||
Total stockholders' equity | 995,908 | 968,684 | |||||
Total liabilities and stockholders' equity | $ 11,568,849 | $ 10,860,257 | |||||
Net interest income/spread | $ 87,058 | 2.99% | $ 86,961 | 3.18% | |||
Net interest margin | 3.13% | 3.32% | |||||
Ratio of interest-earning assets to interest-bearing liabilities | 122.85% | 123.29% | |||||
Total deposits | $ 9,111,678 | $ 12,504 | 0.55% | $ 8,342,910 | $ 11,224 | 0.54% | |
Total funding (1) | $ 10,301,738 | $ 16,799 | 0.65% | $ 9,640,292 | $ 15,274 | 0.63% | |
(1) | Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expensedivided by average total funding. | |||||||
Banc of California, Inc. | ||||||
Average Balance, Average Yield Earned, and Average Cost Paid, Continued | ||||||
(Dollars in thousands) | ||||||
(Unaudited) | ||||||
Nine Months Ended | ||||||
September 30, 2017 | September 30, 2016 | |||||
Average | Yield | Average | Yield | |||
Balance | Interest | / Cost | Balance | Interest | / Cost | |
Interest earning assets | ||||||
Loans held-for-sale of discontinued operations | $ 281,177 | $ 6,979 | 3.32% | $ 428,419 | $ 11,002 | 3.43% |
Loans held-for-sale and SFR mortgage | 2,081,088 | 60,873 | 3.91% | 1,969,682 | 55,659 | 3.77% |
Seasoned SFR mortgage loan pools | 129,949 | 5,474 | 5.63% | 887,273 | 37,037 | 5.58% |
Commercial real estate, multifamily, and construction | 2,408,943 | 79,651 | 4.42% | 1,901,157 | 63,962 | 4.49% |
Commercial and industrial, SBA, and lease financing | 1,542,884 | 59,347 | 5.14% | 1,342,959 | 50,041 | 4.98% |
Other consumer | 118,600 | 4,031 | 4.54% | 107,488 | 3,556 | 4.42% |
Gross loans and leases | 6,562,641 | 216,355 | 4.41% | 6,636,978 | 221,257 | 4.45% |
Securities | 3,055,468 | 76,572 | 3.35% | 2,534,788 | 55,374 | 2.92% |
Other interest-earning assets | 512,426 | 6,085 | 1.59% | 297,213 | 4,484 | 2.02% |
Total interest-earning assets | 10,130,535 | 299,012 | 3.95% | 9,468,979 | 281,115 | 3.97% |
Allowance for loan and lease losses | (42,297) | (37,161) | ||||
BOLI and non-interest earning assets | 570,108 | 489,839 | ||||
Total assets | $ 10,658,346 | $ 9,921,657 | ||||
Interest-bearing liabilities | ||||||
Savings | $ 1,004,058 | $ 6,817 | 0.91% | $ 863,088 | $ 4,878 | 0.75% |
Interest-bearing checking | 2,020,208 | 10,894 | 0.72% | 2,061,761 | 10,352 | 0.67% |
Money market | 2,340,484 | 15,268 | 0.87% | 1,847,906 | 6,867 | 0.50% |
Certificates of deposit | 1,699,865 | 11,391 | 0.90% | 1,295,588 | 5,619 | 0.58% |
Total interest-bearing deposits | 7,064,615 | 44,370 | 0.84% | 6,068,343 | 27,716 | 0.61% |
FHLB advances | 922,421 | 7,549 | 1.09% | 1,240,872 | 4,641 | 0.50% |
Securities sold under repurchase agreements | 42,061 | 686 | 2.18% | 104,076 | 597 | 0.77% |
Long-term debt and other interest-bearing liabilities | 219,080 | 8,411 | 5.13% | 212,209 | 9,746 | 6.13% |
Total interest-bearing liabilities | 8,248,176 | 61,016 | 0.99% | 7,625,500 | 42,700 | 0.75% |
Noninterest-bearing deposits | 1,206,881 | 1,205,179 | ||||
Non-interest-bearing liabilities | 196,104 | 214,056 | ||||
Total liabilities | 9,651,161 | 9,044,735 | ||||
Total stockholders' equity | 1,007,185 | 876,922 | ||||
Total liabilities and stockholders' equity | $ 10,658,346 | $ 9,921,657 | ||||
Net interest income/spread | $ 237,996 | 2.96% | $ 238,415 | 3.22% | ||
Net interest margin | 3.14% | 3.36% | ||||
Ratio of interest-earning assets to interest-bearing liabilities | 122.82% | 124.18% | ||||
Total deposits | $ 8,271,496 | $ 44,370 | 0.72% | $ 7,273,522 | $ 27,716 | 0.51% |
Total funding (1) | $ 9,455,057 | $ 61,016 | 0.86% | $ 8,830,679 | $ 42,700 | 0.65% |
(1) | Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding. | ||||||
Banc of California, Inc. | |||||
Capital Ratios | |||||
(Unaudited) | |||||
September 30, | June 30, | March 31, | December 31, | September 30, | |
2017 | 2017 | 2017 | 2016 | 2016 | |
Capital Ratios | |||||
Banc of California, Inc. | |||||
Total risk-based capital ratio | 14.48% | 14.39% | 13.72% | 13.70% | 12.79% |
Tier 1 risk-based capital ratio | 13.77% | 13.72% | 13.08% | 13.22% | 12.54% |
Common equity tier 1 capital ratio | 9.91% | 9.83% | 9.37% | 9.44% | 8.85% |
Tier 1 leverage ratio | 9.55% | 8.93% | 8.51% | 8.17% | 8.47% |
Banc of California, NA | |||||
Total risk-based capital ratio | 16.39% | 16.13% | 15.11% | 14.73% | 14.38% |
Tier 1 risk-based capital ratio | 15.68% | 15.45% | 14.48% | 14.12% | 13.83% |
Common equity tier 1 capital ratio | 15.68% | 15.45% | 14.48% | 14.12% | 13.83% |
Tier 1 leverage ratio | 10.88% | 10.05% | 9.43% | 8.71% | 9.31% |
Banc of California, Inc. |
Consolidated Operations |
Non-GAAP Measures |
(Dollars in thousands, except per share data) |
(Unaudited) |
Under Item 10(e) of SEC Regulation S-K, public companies disclosing financial measures in filings with the SEC that are not calculated in accordance with GAAP must also disclose, along with each non-GAAP financial measure, certain additional information, including a presentation of the most directly comparable GAAP financial measure, a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure, as well as a statement of the reasons why the company's management believes that presentation of the non-GAAP financial measure provides useful information to investors regarding the company's financial condition and results of operations and, to the extent material, a statement of the additional purposes, if any, for which the company's management uses the non-GAAP financial measure. |
Return on average tangible common equity and efficiency ratio, as adjusted, tangible common equity to tangible assets, and tangible common equity per common share and tangible common equity per common share and per common share issuable under purchase contracts constitute supplemental financial information determined by methods other than in accordance with GAAP. These non-GAAP measures are used by management in its analysis of the Company's performance. |
Tangible common equity is calculated by subtracting preferred stock, goodwill, and other intangible assets from stockholders' equity. Tangible assets is calculated by subtracting goodwill and other intangible assets from total assets. Banking regulators also exclude goodwill and other intangible assets from stockholders' equity when assessing the capital adequacy of a financial institution. |
Adjusted efficiency ratio is calculated by subtracting loss on investments in alternative energy partnerships from noninterest expense and adding total pre-tax return, which includes the loss on investments in alternative energy partnerships, to the sum of net interest income and noninterest income (total revenue). Management believes the presentation of these financial measures adjusting the impact of these items provides useful supplemental information that is essential to a proper understanding of the financial results and operating performance of the Company. |
This disclosure should not be viewed as a substitute for results determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. |
The following tables provide reconciliations of the non-GAAP measures with financial measures defined by GAAP. |
September 30, | June 30, | March 31, | December 31, | September 30, | |
2017 | 2017 | 2017 | 2016 | 2016 | |
Tangible common equity to tangible assets ratio | |||||
Total assets | $ 10,280,028 | $ 10,365,768 | $ 11,052,085 | $ 11,029,853 | $ 11,216,404 |
Less goodwill | (37,144) | (37,144) | (37,144) | (39,244) | (39,244) |
Less other intangible assets | (10,219) | (11,135) | (12,191) | (13,617) | (15,335) |
Tangible assets | $ 10,232,665 | $ 10,317,489 | $ 11,002,750 | $ 10,976,992 | $ 11,161,825 |
Total stockholders' equity | $ 1,013,908 | $ 1,006,292 | $ 985,748 | $ 980,239 | $ 971,424 |
Less goodwill | (37,144) | (37,144) | (37,144) | (39,244) | (39,244) |
Less other intangible assets | (10,219) | (11,135) | (12,191) | (13,617) | (15,335) |
Tangible equity | 966,545 | 958,013 | 936,413 | 927,378 | 916,845 |
Less preferred stock | (269,071) | (269,071) | (269,071) | (269,071) | (269,071) |
Tangible common equity | $ 697,474 | $ 688,942 | $ 667,342 | $ 658,307 | $ 647,774 |
Total stockholders' equity to total assets | 9.86% | 9.71% | 8.92% | 8.89% | 8.66% |
Tangible equity to tangible assets | 9.45% | 9.29% | 8.51% | 8.45% | 8.21% |
Tangible common equity to tangible assets | 6.82% | 6.68% | 6.07% | 6.00% | 5.80% |
Common stock outstanding | 50,096,056 | 49,991,395 | 49,601,363 | 49,695,299 | 49,531,321 |
Class B non-voting non-convertible common stock outstanding | 430,694 | 355,173 | 277,797 | 201,922 | 201,922 |
Total common stock outstanding | 50,526,750 | 50,346,568 | 49,879,160 | 49,897,221 | 49,733,243 |
Minimum number of shares issuable under purchase contracts (1) | - | - | 166,265 | 188,742 | 188,742 |
Total common stock outstanding and shares issuable under purchase contracts | 50,526,750 | 50,346,568 | 50,045,425 | 50,085,963 | 49,921,985 |
(1) Purchase contracts relating to the tangible equity units | |||||
Tangible common equity per common stock | $ 13.80 | $ 13.68 | $ 13.38 | $ 13.19 | $ 13.02 |
Book value per common stock | $ 14.74 | $ 14.64 | $ 14.37 | $ 14.25 | $ 14.12 |
Tangible common equity per common stock and shares issuable under purchase contracts | $ 13.80 | $ 13.68 | $ 13.33 | $ 13.14 | $ 12.98 |
Book value per common stock and shares issuable under purchase contracts | $ 14.74 | $ 14.64 | $ 14.32 | $ 14.20 | $ 14.07 |
Banc of California, Inc. | |||||||
Consolidated Operations | |||||||
Non-GAAP Measures, Continued | |||||||
(Dollars in thousands, except per share data) | |||||||
(Unaudited) | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | |
2017 | 2017 | 2017 | 2016 | 2016 | 2017 | 2016 | |
Return on tangible common equity | |||||||
Average total stockholders' equity | $ 1,005,462 | $ 1,014,267 | $ 1,001,784 | $ 995,908 | $ 968,684 | $ 1,007,185 | $ 876,922 |
Less average preferred stock | (269,071) | (269,071) | (269,071) | (269,071) | (269,071) | (269,071) | (266,377) |
Less average goodwill | (37,144) | (37,144) | (39,221) | (39,244) | (39,244) | (37,829) | (39,244) |
Less average other intangible assets | (10,760) | (11,808) | (13,190) | (14,704) | (16,039) | (11,910) | (17,308) |
Average tangible common equity | $ 688,487 | $ 696,244 | $ 680,302 | $ 672,889 | $ 644,330 | $ 688,375 | $ 553,993 |
Net income | $ 16,949 | $ 12,257 | $ 17,201 | $ 33,264 | $ 35,937 | $ 46,407 | $ 82,152 |
Less preferred stock dividends | (5,112) | (5,113) | (5,113) | (5,113) | (5,112) | (15,338) | (14,801) |
Add amortization of intangible assets | 916 | 1,056 | 1,090 | 1,028 | 1,179 | 3,062 | 3,823 |
Add impairment on intangible assets | - | - | 336 | 690 | - | 336 | - |
Less tax effect on amortization and impairment of intangible assets (1) | (321) | (370) | (499) | (601) | (413) | (1,189) | (1,338) |
Net income available to common stockholders | $ 12,432 | $ 7,830 | $ 13,015 | $ 29,268 | $ 31,591 | $ 33,278 | $ 69,836 |
Return on average equity | 6.69% | 4.85% | 6.96% | 13.29% | 14.76% | 6.16% | 12.51% |
Return on average tangible common equity | 7.16% | 4.51% | 7.76% | 17.30% | 19.51% | 6.46% | 16.84% |
(1) Utilized a 35% effective tax rate | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | |
2017 | 2017 | 2017 | 2016 | 2016 | 2017 | 2016 | |
Adjusted efficiency ratio for including the pre-tax effect of investments in alternative energy partnerships | |||||||
Noninterest expense | $ 79,008 | $ 98,216 | $ 124,615 | $ 129,239 | $ 124,262 | $ 301,839 | $ 313,437 |
Loss on investments in alternative energy partnerships | (8,348) | (9,761) | (8,682) | (13,850) | (17,660) | (26,791) | (17,660) |
Adjusted noninterest expense | $ 70,660 | $ 88,455 | $ 115,933 | $ 115,389 | $ 106,602 | $ 275,048 | $ 295,777 |
Net interest income | $ 75,953 | $ 78,296 | $ 83,747 | $ 87,058 | $ 86,961 | $ 237,996 | $ 238,415 |
Noninterest income | 18,827 | 19,817 | 59,704 | 79,687 | 74,630 | 98,348 | 192,193 |
Total revenue | 94,780 | 98,113 | 143,451 | 166,745 | 161,591 | 336,344 | 430,608 |
Tax credit from investments in alternative energy partnerships | 8,777 | 15,681 | 8,829 | 14,048 | 19,357 | 33,287 | 19,357 |
Deferred tax expense on investments in alternative energy partnerships | (1,536) | (2,744) | (1,545) | (2,459) | (3,387) | (5,825) | (3,387) |
Tax effect on tax credit and deferred tax expense | 3,804 | 8,584 | 5,140 | 8,078 | 11,002 | 17,528 | 11,002 |
Loss on investments in alternative energy partnerships, net | (8,348) | (9,761) | (8,682) | (13,850) | (17,660) | (26,791) | (17,660) |
Total pre-tax adjustments for investments in alternative energy partnerships | 2,697 | 11,760 | 3,742 | 5,817 | 9,312 | 18,199 | 9,312 |
Adjusted total revenue | $ 97,477 | $ 109,873 | $ 147,193 | $ 172,562 | $ 170,903 | $ 354,543 | $ 439,920 |
Efficiency ratio | 83.36% | 100.10% | 86.87% | 77.51% | 76.90% | 89.74% | 72.79% |
Adjusted efficiency ratio for including the pre-tax effect of investments in alternative energy partnerships | 72.49% | 80.51% | 78.76% | 66.87% | 62.38% | 77.58% | 67.23% |
Effective tax rate utilized for calculating tax effect on tax credit and deferred tax expense | 34.44% | 39.89% | 41.37% | 41.10% | 40.79% | 38.96% | 40.79% |
View original content:http://www.prnewswire.com/news-releases/banc-of-california-reports-third-quarter-2017-earnings-300543738.html
SOURCE Banc of California, Inc.
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