Banc of California ( (BANC) ) has shared an update.
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Banc of California reported a strategic repositioning of its balance sheet in the third quarter of 2024, resulting in a net loss of $1.2 million but adjusted net earnings of $41.4 million. The bank sold $1.95 billion of loans, repositioned its securities portfolio, and reduced higher-cost funding, leading to improved capital ratios and net interest margin. This financial maneuver is set to boost interest income and support the bank’s strategic shift towards external growth and market expansion.
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