Stocks
ETFs
Options
Commodities
Crypto
Currency
Pro Newsletters
Research Tools
Daily Feeds
Calendars
Economic Indicators
Class Actions
Calculators
Education
About Us
Working with TipRanks
Follow Us
Banc of California Inc. (BANC)
NYSE:BANC
Holding BANC?
Track your performance easily
Earnings Data
Report Date
Jan 23, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.23Last Year’s EPS
-$4.55Same Quarter Last Year
Moderate Buy
Based on 9 Analysts Ratings
---
Earnings Call Summary
Earnings Call Date:Oct 22, 2024
|% Change Since: 4.82%
|Next Earnings Date:Jan 23, 2025
Earnings Call Sentiment|Positive
The earnings call indicated a strong quarter of strategic actions leading to improved financial metrics, such as net interest margin and deposit mix. Despite a GAAP net loss due to repositioning costs and increased classified loans, the bank successfully reduced noninterest expenses and achieved growth in core earnings. The overall sentiment is cautiously optimistic, focusing on future growth and balance sheet strength.Company Guidance
During the Banc of California's third quarter earnings call for 2024, significant financial metrics were discussed, underscoring the company’s strategic actions and financial health. The bank sold $1.95 billion of Civic loans at 98% of par, deploying $1.9 billion of liquidity to pay down $545 million in Bank Term Funding and approximately $1.85 billion in brokered deposits and expensive borrowings. They used $60 million of the $100 million capital from the sale to reposition $740 million of securities, achieving an additional 270 basis points of yield. Loan growth included $1.6 billion in new loans, with the total loan portfolio performing well, resulting in a net interest margin expansion of 13 basis points to 2.93%. Noninterest expenses met the targeted $195 million to $200 million range a quarter earlier than expected due to reduced FDIC assessment expenses. The bank's net charge-offs were low at $2.4 million, or 0.04% of loans, and they maintained robust reserves at 1.2% of total loans. Looking ahead, the bank anticipates further improvement in the net interest margin, projected to be between 3% and 3.10% in the fourth quarter, with ongoing strategic investments in talent and technology to enhance client experiences and efficiencies.Strong Balance Sheet Repositioning
Banc of California sold $1.95 billion of Civic loans, paid down $545 million of Bank Term Funding, and reduced $1.85 billion of broker deposits. Net interest margin increased by 13 basis points to 2.93%.
Net Interest Margin Improvement
The bank's net interest margin increased to 2.93% due to strategic actions, with expectations for further improvement to 3% - 3.10% in Q4.
Noninterest Expense Reduction
Noninterest expenses were reduced to $196.2 million, achieving the target range of $195 million to $200 million a quarter earlier than expected.
Growth in Core Earnings Power
Earnings per share on an adjusted basis was $0.25 for the third quarter, reflecting a significant increase from the prior quarter.
Deposit Mix Improvement
Noninterest-bearing deposits grew to 29% of total deposits, improving the deposit mix and reducing higher-cost brokered deposits.
---
BANC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
---
BANC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 22, 2024 | $14.71 | $15.33 | +4.21% |
| Jul 23, 2024 | $14.49 | $13.65 | -5.80% |
| Apr 23, 2024 | $13.91 | $13.66 | -1.80% |
| Jan 25, 2024 | $12.83 | $13.84 | +7.87% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
---
FAQ
When does Banc of California Inc. (BANC) report earnings?
Banc of California Inc. (BANC) is schdueled to report earning on Jan 23, 2025, TBA Not Confirmed.
What is Banc of California Inc. (BANC) earnings time?
Banc of California Inc. (BANC) earnings time is at Jan 23, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BANC EPS forecast?
BANC EPS forecast for the fiscal quarter 2024 (Q4) is $0.23.
---