Banc of California Reports Third Quarter 2019 Earnings
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Banc of California (BANC) Misses Q3 EPS by 11c
October 23, 2019 6:14 AM EDTBanc of California (NYSE: BANC) reported Q3 EPS of ($0.45), $0.11 worse than the analyst estimate of ($0.34).
Highlights for the third quarter (as compared to second quarter 2019) included:
Noninterest-bearing deposits increased $114 millionCost of deposits decreased by 14 basis points to 1.48%Noninterest expense was $43.3 millionExecuted on the sale of $371 million of low-yielding and long duration mortgage-backed securities, furthering the ability to remix the investment portfolioCompleted tender offer for $46 million of preferred stock, inclusive of premium and accrued dividendsThe total riskbased capital ratio was 14.31% and the tier 1... More