|
30.01.2017 12:00:00
|
Banc of California Reports Record 2016 Earnings
IRVINE, Calif., Jan. 30, 2017 /PRNewswire/ --
Banc of California, Inc. (NYSE: BANC) today reported net income of $33.3 million, and net income available to common stockholders of $28.2 million, for the fourth quarter of 2016, resulting in diluted earnings per share of $0.54 for the quarter and $1.94 for the full year. Net income for the full year was $115.4 million, an increase of 86% compared to 2015. Net income available to common stockholders for 2016 grew to $95.5 million, an increase of 83% compared to FY 2015.
Highlights for the fourth quarter included:
- The Company's return on average assets for the quarter was 1.1%, and its return on average tangible common equity for the quarter was 17.3%.
- Total loan originations for the fourth quarter were $2.3 billion, including $1.0 billion from the commercial banking segment. The Company sold $865 million of leases, seasoned single family residential pools and nonperforming loans during the quarter. As a result, net held for investment loan balances declined by $534 million for the quarter.
- Full year 2016 total loan originations were $9.5 billion, an increase of 34% from the prior year, and of which $4.3 billion were from the commercial banking segment.
- Nonperforming assets to total assets declined to just 0.16%, the lowest level in over six years.
The Company's consolidated assets totaled $11.0 billion at December 31, 2016, a decrease of $186.6 million compared to prior quarter and an increase of $2.8 billion, or 34%, compared to the prior year.
"Our fourth quarter results capped off a strong finish to a successful 2016," said Hugh Boyle, Interim Chief Executive Officer of Banc of California. "We have invested a great deal of resources into attracting and developing talented, entrepreneurial employees. I would like to thank all of my colleagues for our record 2016 results which are a strong reflection of their hard work and dedication. As we look to 2017 with a fresh perspective, our foundation continues to be our mission and vision as California's Bank. Our objectives for 2017 are focused on four key pillars: responsible and disciplined growth, strong and stable asset quality, focus and optimization of our business, and strong corporate governance. We are confident that we can continue to execute and deliver strong financial returns for shareholders."
"For both the quarter and the full year, we exceeded each of our stated financial targets, producing full-year return on assets of 1.1% and full-year return on tangible common equity of 17.0%," said J. Francisco A. Turner, Interim President and Chief Financial Officer of Banc of California. "During the fourth quarter, we continued to optimize our balance sheet, reduce risk in our portfolio and efficiently redeploy capital to support the business. Looking forward, we see opportunities to continue to grow recurring, spread-based revenue and drive efficiencies and expense management, and demonstrate scalable products and businesses."
The Company will host a conference call to discuss its fourth quarter financial results at 7:00 a.m. Pacific Time (PT) on Monday, January 30, 2017. Interested parties are welcome to attend the conference call by dialing 888-317-6003, and referencing event code 0379665. 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 over 100 offices in California and the West. The Company was recently 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 / Kristin Cole, (213) 630-6550 idc@abmac.com / jrh@abmac.com / kec@abmac.com |
Banc of California, Inc. | |||||
Consolidated Statements of Financial Condition | |||||
(Dollars in thousands) | |||||
(Unaudited) | |||||
December 31, | September 30, | June 30, | March 31, | December 31, | |
2016 | 2016 | 2016 | 2016 | 2015 | |
ASSETS | |||||
Cash and cash equivalents | $ 439,510 | $ 372,603 | $ 271,732 | $ 215,012 | $ 156,124 |
Time deposits in financial institutions | 1,000 | 1,500 | 1,500 | 1,500 | 1,500 |
Securities available for sale | 2,381,488 | 1,941,588 | 1,302,785 | 1,663,711 | 833,596 |
Securities held to maturity | 884,234 | 962,315 | 962,282 | 962,262 | 962,203 |
Loans held for sale | 704,651 | 846,844 | 893,782 | 863,944 | 668,841 |
Loans and leases receivable | 6,034,752 | 6,568,791 | 6,236,115 | 5,463,068 | 5,184,394 |
Allowance for loan and lease losses | (40,444) | (40,233) | (37,483) | (35,845) | (35,533) |
Federal Home Loan Bank and other bank stock | 67,842 | 69,190 | 81,115 | 61,146 | 59,069 |
Servicing rights, net | 77,617 | 63,843 | 53,650 | 49,406 | 50,727 |
Other real estate owned, net | 2,502 | 275 | 429 | 325 | 1,097 |
Premises and equipment, net | 143,617 | 133,228 | 120,755 | 114,668 | 111,539 |
Goodwill | 39,244 | 39,244 | 39,244 | 39,244 | 39,244 |
Other intangible assets, net | 13,617 | 15,335 | 16,514 | 17,836 | 19,158 |
Deferred income tax | 9,989 | 408 | 7,270 | 7,441 | 11,341 |
Income tax receivable | 16,009 | 12,487 | 5,904 | - | 604 |
Bank-owned life insurance investment | 102,512 | 101,909 | 101,314 | 100,734 | 100,171 |
Other assets | 151,713 | 127,077 | 100,754 | 92,520 | 71,480 |
Total assets | $ 11,029,853 | $ 11,216,404 | $ 10,157,662 | $ 9,616,972 | $ 8,235,555 |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Deposits | |||||
Noninterest-bearing deposits | $ 1,282,629 | $ 1,267,363 | $ 1,093,686 | $ 1,398,728 | $ 1,121,124 |
Interest-bearing deposits | 7,859,521 | 7,810,956 | 6,835,270 | 5,438,873 | 5,181,961 |
Total deposits | 9,142,150 | 9,078,319 | 7,928,956 | 6,837,601 | 6,303,085 |
Advances from Federal Home Loan Bank | 490,000 | 770,000 | 930,000 | 1,195,000 | 930,000 |
Securities sold under repurchase agreements | - | - | - | 257,100 | - |
Other borrowings | 67,922 | 49,903 | - | - | - |
Notes payable, net | 175,378 | 176,579 | 177,743 | 260,896 | 261,876 |
Reserve for loss on repurchased loans | 7,974 | 11,369 | 10,438 | 9,781 | 9,700 |
Income taxes payable | 92 | 908 | - | 12,303 | 1,241 |
Accrued expenses and other liabilities | 166,098 | 157,902 | 170,641 | 176,761 | 77,248 |
Total liabilities | 10,049,614 | 10,244,980 | 9,217,778 | 8,749,442 | 7,583,150 |
Commitments and contingent liabilities | |||||
Preferred stock, Series A, non-cumulative perpetual | - | - | - | 31,934 | 31,934 |
Preferred stock, Series B, non-cumulative perpetual | - | - | - | 10,000 | 10,000 |
Preferred stock, Series C, 8.00% non-cumulative perpetual | 37,943 | 37,943 | 37,943 | 37,943 | 37,943 |
Preferred stock, Series D, 7.375% non-cumulative perpetual | 110,873 | 110,873 | 110,873 | 110,873 | 110,873 |
Preferred stock, Series E, 7.00% non-cumulative perpetual | 120,255 | 120,255 | 120,255 | 120,258 | - |
Common stock | 537 | 536 | 510 | 454 | 395 |
Common stock, class B non-voting non-convertible | 2 | 2 | 2 | 1 | 1 |
Additional paid-in capital | 614,226 | 611,069 | 608,303 | 509,123 | 429,790 |
Retained earnings | 134,515 | 112,751 | 88,385 | 73,179 | 63,534 |
Treasury stock | (29,070) | (29,070) | (29,070) | (29,070) | (29,070) |
Accumulated other comprehensive income/(loss), net | (9,042) | 7,065 | 2,683 | 2,835 | (2,995) |
Total stockholders' equity | 980,239 | 971,424 | 939,884 | 867,530 | 652,405 |
Total liabilities and stockholders' equity | $ 11,029,853 | $ 11,216,404 | $ 10,157,662 | $ 9,616,972 | $ 8,235,555 |
Banc of California, Inc. | |||||||
Consolidated Statements of Operations | |||||||
(Dollars in thousands, except per share data) | |||||||
(Unaudited) | |||||||
Three Months Ended | Year Ended | ||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | |
2016 | 2016 | 2016 | 2016 | 2015 | 2016 | 2015 | |
Interest and dividend income | |||||||
Loans, including fees | $ 75,739 | $ 80,370 | $ 73,743 | $ 67,144 | $ 62,248 | $ 296,996 | $ 241,556 |
Securities | 24,153 | 19,934 | 19,393 | 16,047 | 11,163 | 79,527 | 20,263 |
Dividends and other interest-earning assets | 3,965 | 1,931 | 1,504 | 1,049 | 788 | 8,449 | 4,519 |
Total interest and dividend income | 103,857 | 102,235 | 94,640 | 84,240 | 74,199 | 384,972 | 266,338 |
Interest expense | |||||||
Deposits | 12,504 | 11,224 | 8,385 | 8,107 | 6,862 | 40,220 | 25,783 |
Federal Home Loan Bank advances | 1,076 | 1,413 | 1,966 | 1,262 | 890 | 5,717 | 2,120 |
Securities sold under repurchase agreements | 221 | 48 | 389 | 160 | 15 | 818 | 18 |
Notes payable and other interest-bearing liabilities | 2,998 | 2,589 | 2,863 | 4,294 | 4,366 | 12,744 | 14,700 |
Total interest expense | 16,799 | 15,274 | 13,603 | 13,823 | 12,133 | 59,499 | 42,621 |
Net interest income | 87,058 | 86,961 | 81,037 | 70,417 | 62,066 | 325,473 | 223,717 |
Provision for loan and lease losses | 589 | 2,592 | 1,769 | 321 | 1,260 | 5,271 | 7,469 |
Net interest income after provision for loan and lease losses | 86,469 | 84,369 | 79,268 | 70,096 | 60,806 | 320,202 | 216,248 |
Noninterest income | |||||||
Customer service fees | 1,560 | 1,566 | 1,173 | 848 | 957 | 5,147 | 4,057 |
Loan servicing (loss) income | 11,924 | 2,096 | (3,347) | (5,288) | 3,663 | 5,385 | 2,974 |
Net gain on sale of securities available for sale | (695) | 487 | 12,824 | 16,789 | 1,510 | 29,405 | 3,258 |
Net gain on sale of loans | 20,490 | 11,063 | 2,147 | 2,195 | 15,164 | 35,895 | 37,211 |
Mortgage banking income | 39,386 | 50,159 | 43,795 | 33,684 | 30,334 | 167,024 | 144,685 |
Advisory service fees | - | - | 510 | 997 | 1,942 | 1,507 | 9,868 |
Loan brokerage income | 1,502 | 1,384 | 759 | 874 | 678 | 4,519 | 3,140 |
Gain on sale of building | - | - | - | - | - | - | 9,919 |
All other income | 5,520 | 7,875 | 7,743 | 1,860 | 2,571 | 22,998 | 5,107 |
Total noninterest income | 79,687 | 74,630 | 65,604 | 51,959 | 56,819 | 271,880 | 220,219 |
Noninterest expense | |||||||
Salaries and employee benefits | 71,680 | 68,033 | 61,022 | 57,183 | 54,008 | 257,918 | 213,114 |
Occupancy and equipment | 12,607 | 12,728 | 11,943 | 11,740 | 11,200 | 49,018 | 41,405 |
Professional fees | 11,586 | 6,732 | 6,763 | 6,212 | 4,808 | 31,293 | 20,193 |
Data processing | 2,964 | 2,837 | 2,838 | 2,194 | 2,104 | 10,833 | 8,184 |
Loss on investments in alternative energy partnerships, net | 13,850 | 17,660 | - | - | - | 31,510 | - |
Amortization of intangible assets | 1,028 | 1,179 | 1,322 | 1,322 | 1,346 | 4,851 | 5,836 |
All other expenses | 15,524 | 15,093 | 16,187 | 10,449 | 13,193 | 57,253 | 43,469 |
Total noninterest expense | 129,239 | 124,262 | 100,075 | 89,100 | 86,659 | 442,676 | 332,201 |
Income before income taxes | 36,917 | 34,737 | 44,797 | 32,955 | 30,966 | 149,406 | 104,266 |
Income tax (benefit) expense | 3,653 | (1,200) | 18,269 | 13,268 | 11,928 | 33,990 | 42,194 |
Net income | 33,264 | 35,937 | 26,528 | 19,687 | 19,038 | 115,416 | 62,072 |
Preferred stock dividends | 5,113 | 5,112 | 5,114 | 4,575 | 3,030 | 19,914 | 9,823 |
Net income available to common stockholders | $ 28,151 | $ 30,825 | $ 21,414 | $ 15,112 | $ 16,008 | $ 95,502 | $ 52,249 |
Basic earnings per total common share | $ 0.55 | $ 0.60 | $ 0.44 | $ 0.36 | $ 0.40 | $ 1.97 | $ 1.36 |
Diluted earnings per total common share | $ 0.54 | $ 0.59 | $ 0.43 | $ 0.36 | $ 0.39 | $ 1.94 | $ 1.34 |
Banc of California, Inc. | |||||||
Selected Financial Data | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
Three Months Ended | Year Ended | ||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | |
2016 | 2016 | 2016 | 2016 | 2015 | 2016 | 2015 | |
Average balances | |||||||
Total assets | $ 11,568,849 | $ 10,860,257 | $ 10,061,237 | $ 8,833,176 | $ 7,590,781 | $ 10,335,705 | $ 6,619,017 |
Total gross loans and leases | 7,209,241 | 7,245,472 | 6,663,340 | 5,995,436 | 5,531,539 | 6,780,826 | 5,300,237 |
Investment Securities | 3,236,253 | 2,776,304 | 2,696,524 | 2,128,882 | 1,506,626 | 2,711,112 | 776,256 |
Total interest earning assets | 11,075,367 | 10,432,247 | 9,619,937 | 8,344,167 | 7,264,341 | 9,872,770 | 6,353,316 |
Total interest-bearing deposits | 7,825,036 | 7,164,061 | 5,696,893 | 5,332,032 | 4,685,145 | 6,509,915 | 4,292,629 |
Total borrowings | 1,190,060 | 1,297,382 | 2,067,234 | 1,309,710 | 1,141,554 | 1,464,882 | 778,182 |
Total interest bearing liabilities | 9,015,096 | 8,461,443 | 7,764,127 | 6,641,742 | 5,826,699 | 7,974,797 | 5,070,811 |
Total stockholders' equity | 995,908 | 968,684 | 898,164 | 762,923 | 654,106 | 906,831 | 612,393 |
Profitability and other ratios | |||||||
Return on average assets(1) | 1.14% | 1.32% | 1.06% | 0.90% | 1.00% | 1.12% | 0.94% |
Return on average equity (1) | 13.29% | 14.76% | 11.88% | 10.38% | 11.55% | 12.73% | 10.14% |
Return on average tangible common equity(2) | 17.30% | 19.51% | 15.65% | 14.46% | 16.57% | 16.97% | 14.22% |
Dividend payout ratio (3) | 23.64% | 20.00% | 27.27% | 33.33% | 30.00% | 24.87% | 35.29% |
Net interest spread | 2.99% | 3.18% | 3.26% | 3.22% | 3.22% | 3.15% | 3.35% |
Net interest margin(1) | 3.13% | 3.32% | 3.39% | 3.39% | 3.39% | 3.30% | 3.52% |
Noninterest income to total revenue (4) | 47.79% | 46.18% | 44.74% | 42.46% | 47.79% | 45.51% | 49.61% |
Noninterest income to average total assets(1) | 2.74% | 2.73% | 2.62% | 2.37% | 2.97% | 2.63% | 3.33% |
Noninterest expense to average total assets(1) | 4.44% | 4.55% | 4.00% | 4.06% | 4.53% | 4.28% | 5.02% |
Efficiency ratio(5) | 77.51% | 76.90% | 68.24% | 72.81% | 72.89% | 74.11% | 74.83% |
Adjusted efficiency ratio for including the pre-tax effect of investments in alternative energy partnerships (2) , (5) | 66.87% | 62.38% | 68.24% | 72.81% | 72.89% | 67.13% | 74.83% |
Average held for investment loans and leases to average deposits | 69.11% | 75.92% | 82.88% | 79.76% | 86.88% | 76.26% | 83.82% |
Average investment securities to average total assets | 27.97% | 25.56% | 26.80% | 24.10% | 19.85% | 26.23% | 11.73% |
Average stockholders' equity to average total assets | 8.61% | 8.92% | 8.93% | 8.64% | 8.62% | 8.77% | 9.25% |
Allowance for loan and lease losses (ALLL) | |||||||
Balance at beginning of period | $ 40,233 | $ 37,483 | $ 35,845 | $ 35,533 | $ 34,774 | $ 35,533 | $ 29,480 |
Loans and leases charged off | (1,351) | (393) | (772) | (102) | (718) | (2,618) | (1,942) |
Recoveries | 973 | 551 | 641 | 93 | 217 | 2,258 | 526 |
Provision for loan and lease losses | 589 | 2,592 | 1,769 | 321 | 1,260 | 5,271 | 7,469 |
Balance at end of period | $ 40,444 | $ 40,233 | $ 37,483 | $ 35,845 | $ 35,533 | $ 40,444 | $ 35,533 |
Annualized net loan charge-offs to average total gross loans held for investment | 0.02% | -0.01% | 0.01% | 0.00% | 0.04% | 0.01% | 0.03% |
Reserve for loss on repurchased loans | |||||||
Balance at beginning of period | $ 11,369 | $ 10,438 | $ 9,781 | $ 9,700 | $ 9,098 | $ 9,700 | $ 8,303 |
Provision for loan repurchases | (1,881) | 1,241 | 851 | 379 | 735 | 590 | 4,352 |
Change in estimates | - | - | - | - | 846 | - | 846 |
Utilization of reserve for loan repurchases | (1,514) | (310) | (194) | (298) | (979) | (2,316) | (3,801) |
Balance at end of period | $ 7,974 | $ 11,369 | $ 10,438 | $ 9,781 | $ 9,700 | $ 7,974 | $ 9,700 |
(1) Ratios are presented on an annualized basis. | ||||||
(2) Non-GAAP measure. See Non-GAAP measures section for reconciliation of the calculation. | ||||||
(3) Dividends declared per common share divided by basic earnings per share. | ||||||
(4) Total revenue is equal to the sum of net interest income before provision and noninterest income. | ||||||
(5) The ratios were 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) December 31, September 30, June 30, March 31, December 31, 2016 2016 2016 2016 2015 Asset quality information and ratios 30 to 89 days delinquent, excluding PCI loans $ 30,140 $ 39,054 $ 50,494 $ 36,022 $ 39,946 90+ days delinquent, excluding PCI loans 14,218 22,827 28,675 27,469 23,338 Total delinquent loans, excluding PCI loans 44,358 61,881 79,169 63,491 63,284 PCI loans, 30 to 89 days delinquent 15,078 39,113 48,255 44,191 40,291 PCI loans, 90+ days delinquent 2,577 6,145 8,952 9,806 6,894 Total delinquent PCI loans 17,655 45,258 57,207 53,997 47,185 Total delinquent loans $ 62,013 $ 107,139 $ 136,376 $ 117,488 $ 110,469 Total delinquent non-PCI loans to total non-PCI loans 0.75% 1.04% 1.44% 1.33% 1.42% Total delinquent loans to gross loans 1.03% 1.63% 2.19% 2.15% 2.13% Non-performing loans, excluding PCI loans $ 14,942 $ 35,223 $ 45,012 $ 44,216 $ 45,129 90+ days delinquent and still accruing loans, excluding PCI loans - - - - - Other real estate owned 2,502 275 429 325 1,097 Non-performing assets $ 17,444 $ 35,498 $ 45,441 $ 44,541 $ 46,226 ALLL to non-performing loans 270.67% 114.22% 83.27% 81.07% 78.74% Non-performing loans to gross loans 0.25% 0.54% 0.72% 0.81% 0.87% Non-performing assets to total assets 0.16% 0.32% 0.45% 0.46% 0.56% Troubled Debt Restructurings (TDRs) Performing TDRs $ 4,827 $ 11,160 $ 14,450 $ 15,128 $ 7,842 Non-performing TDRs - 520 2,864 2,545 1,970 Total TDRs $ 4,827 $ 11,680 $ 17,314 $ 17,673 $ 9,812
Banc of California, Inc. Selected Financial Data, Continued (Dollars in thousands) (Unaudited) December 31, September 30, June 30, March 31, December 31, 2016 2016 2016 2016 2015 Loan and lease breakdown by ALLL evaluation type Originated loans and leases Individually evaluated for impairment $ 10,168 $ 22,306 $ 25,661 $ 26,565 $ 30,654 Collectively evaluated for impairment 4,933,381 4,789,155 4,254,975 3,484,995 3,117,528 Acquired loans not impaired at acquisition Individually evaluated for impairment 2,429 3,397 3,470 3,530 3,629 Collectively evaluated for impairment 924,993 958,135 1,022,696 1,079,711 1,124,874 Seasoned SFR mortgage loan pools - non-impaired Individually evaluated for impairment 755 6,581 9,717 9,287 - Collectively evaluated for impairment 21,200 146,850 168,352 175,004 194,978 Acquired with deteriorated credit quality 141,826 642,367 751,244 683,976 712,731 Total loans $ 6,034,752 $ 6,568,791 $ 6,236,115 $ 5,463,068 $ 5,184,394 ALLL breakdown Originated loans and leases Individually evaluated for impairment $ 137 $ 137 $ 215 $ 365 $ 369 Collectively evaluated for impairment 38,394 37,858 34,575 32,202 32,713 Acquired loans not impaired at acquisition Individually evaluated for impairment - - - - - Collectively evaluated for impairment 1,703 1,606 1,458 2,061 2,245 Seasoned SFR mortgage loan pools - non-impaired Individually evaluated for impairment 106 528 1,131 1,011 - Collectively evaluated for impairment - - - - - Acquired with deteriorated credit quality 104 104 104 206 206 Total ALLL $ 40,444 $ 40,233 $ 37,483 $ 35,845 $ 35,533 Discount on Purchased/Acquired Loans Acquired loans not impaired at acquisition $ 17,820 $ 18,400 $ 20,136 $ 20,781 $ 21,366 Seasoned SFR mortgage loan pools - non-impaired 1,280 9,789 11,304 11,862 12,545 Acquired with deteriorated credit quality 22,454 57,780 76,505 66,573 68,372 Total Discount $ 41,554 $ 85,969 $ 107,945 $ 99,216 $ 102,283 Ratios To originated loans and leases: Individually evaluated for impairment 1.35% 0.61% 0.84% 1.37% 1.20% Collectively evaluated for impairment 0.78% 0.79% 0.81% 0.92% 1.05% Total ALLL 0.78% 0.79% 0.81% 0.93% 1.05% To originated loans and leases and acquired loans not impaired at acquisition: Individually evaluated for impairment 1.09% 0.53% 0.74% 1.21% 1.08% Collectively evaluated for impairment 0.68% 0.69% 0.68% 0.75% 0.82% Total ALLL 0.69% 0.69% 0.68% 0.75% 0.83% Total ALLL and discount (1) 0.99% 1.00% 1.06% 1.21% 1.33% To total loans and leases: Individually evaluated for impairment 1.82% 2.06% 3.46% 3.49% 1.08% Collectively evaluated for impairment 0.68% 0.67% 0.66% 0.72% 0.79% Total ALLL 0.67% 0.61% 0.60% 0.66% 0.69% Total ALLL and discount (1) 1.36% 1.92% 2.33% 2.47% 2.66%
(1) The ratios were calculated by dividing a sum of ALLL and discounts by carrying value of loans. |
Banc of California, Inc. Selected Financial Data, Continued (Dollars in thousands) (Unaudited) December 31, September 30, June 30, March 31, December 31, 2016 2016 2016 2016 2015 Composition of held for investment loans and leases Commercial real estate $ 729,959 $ 721,838 $ 725,107 $ 713,693 $ 727,707 Multi-family 1,365,262 1,199,207 1,147,597 1,021,097 904,300 Construction 125,100 99,086 86,852 68,241 55,289 Commercial and industrial 1,522,960 1,531,041 1,306,866 983,961 876,999 SBA 73,840 67,737 65,477 71,640 57,706 Lease financing 379 234,540 228,663 212,836 192,424 Total commercial loans 3,817,500 3,853,449 3,560,562 3,071,468 2,814,425 Single family residential mortgage 2,106,630 2,601,375 2,555,344 2,282,445 2,255,584 Other consumer 110,622 113,967 120,209 109,155 114,385 Total consumer loans 2,217,252 2,715,342 2,675,553 2,391,600 2,369,969 Total gross loans and leases $ 6,034,752 $ 6,568,791 $ 6,236,115 $ 5,463,068 $ 5,184,394 Composition percentage of held for investment loans and leases Commercial real estate 12.1% 11.0% 11.6% 13.1% 14.0% Multi-family 22.6% 18.3% 18.4% 18.7% 17.4% Construction 2.1% 1.5% 1.4% 1.2% 1.1% Commercial and industrial 25.2% 23.3% 21.0% 18.0% 16.9% SBA 1.2% 1.0% 1.0% 1.3% 1.1% Lease financing 0.1% 3.6% 3.7% 3.9% 3.7% Total commercial loans 63.3% 58.7% 57.1% 56.2% 54.2% Single family residential mortgage 34.9% 39.6% 41.0% 41.8% 43.6% Other consumer 1.8% 1.7% 1.9% 2.0% 2.2% Total consumer loans 36.7% 41.3% 42.9% 43.8% 45.8% Total gross loans and leases 100.0% 100.0% 100.0% 100.0% 100.0% Composition of deposits Noninterest-bearing checking $ 1,282,629 $ 1,267,363 $ 1,093,686 $ 1,398,728 $ 1,121,124 Interest-bearing checking 2,048,839 2,369,332 2,053,656 2,052,507 1,697,055 Money market 2,731,314 2,900,248 2,343,561 1,534,492 1,479,931 Savings 1,118,175 880,712 909,242 844,177 823,618 Certificates of deposit 1,961,193 1,660,664 1,528,811 1,007,697 1,181,357 Total deposits $ 9,142,150 $ 9,078,319 $ 7,928,956 $ 6,837,601 $ 6,303,085 Composition percentage of deposits Noninterest-bearing checking 14.0% 14.0% 13.8% 20.5% 17.8% Interest-bearing checking 22.4% 26.1% 25.9% 30.0% 26.8% Money market 29.9% 31.9% 29.5% 22.4% 23.5% Savings 12.2% 9.7% 11.5% 12.3% 13.1% Certificates of deposit 21.5% 18.3% 19.3% 14.8% 18.8% 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 December 31, 2016 September 30, 2016 June 30, 2016 Average Yield Average Yield Average Yield Balance Interest / Cost Balance Interest / Cost Balance Interest / Cost Interest earning assets Loans held for sale and SFR mortgage $ 2,755,849 $ 25,577 3.69% $ 2,618,879 $ 24,365 3.70% $ 2,428,168 $ 22,488 3.72% Seasoned SFR mortgage loan pools 570,006 6,281 4.38% 907,387 11,924 5.23% 878,068 12,404 5.68% Commercial real estate, multi-family, and construction 2,146,067 23,405 4.34% 2,033,718 23,097 4.52% 1,907,649 21,049 4.44% Commercial and industrial, SBA, and lease financing 1,628,177 19,228 4.70% 1,576,379 19,734 4.98% 1,343,961 16,642 4.98% Other consumer 109,142 1,248 4.55% 109,109 1,250 4.56% 105,494 1,160 4.42% Gross loans and leases 7,209,241 75,739 4.18% 7,245,472 80,370 4.41% 6,663,340 73,743 4.45% Securities 3,236,253 24,153 2.97% 2,776,304 19,934 2.86% 2,696,524 19,393 2.89% Other interest-earning assets 629,873 3,965 2.50% 410,471 1,931 1.87% 260,073 1,504 2.33% Total interest-earning assets 11,075,367 103,857 3.73% 10,432,247 102,235 3.90% 9,619,937 94,640 3.96% Allowance for loan and lease losses (39,163) (38,258) (37,637) BOLI and non-interest earning assets 532,645 466,268 478,937 Total assets $ 11,568,849 $ 10,860,257 $ 10,061,237 Interest-bearing liabilities Savings $ 941,404 $ 1,917 0.81% $ 887,973 $ 1,704 0.76% $ 866,051 $ 1,603 0.74% Interest-bearing checking 2,081,105 3,371 0.64% 2,300,128 3,972 0.69% 1,981,702 3,135 0.64% Money market 2,830,271 3,909 0.55% 2,427,356 3,226 0.53% 1,672,662 1,962 0.47% Certificates of deposit 1,972,256 3,307 0.67% 1,548,604 2,322 0.60% 1,176,478 1,685 0.58% Total interest-bearing deposits 7,825,036 12,504 0.64% 7,164,061 11,224 0.62% 5,696,893 8,385 0.59% FHLB advances 892,120 1,076 0.48% 1,104,663 1,413 0.51% 1,663,791 1,966 0.48% Securities sold under repurchase agreements 59,761 221 1.47% 12,539 48 1.52% 210,299 389 0.74% Long-term debt and other interest-bearing liabilities 238,179 2,998 5.01% 180,180 2,589 5.72% 193,144 2,863 5.96% Total interest-bearing liabilities 9,015,096 16,799 0.74% 8,461,443 15,274 0.72% 7,764,127 13,603 0.70% Noninterest-bearing deposits 1,286,642 1,178,849 1,205,987 Non-interest-bearing liabilities 271,203 251,281 192,959 Total liabilities 10,572,941 9,891,573 9,163,073 Total stockholders' equity 995,908 968,684 898,164 Total liabilities and stockholders' equity $ 11,568,849 $ 10,860,257 $ 10,061,237 Net interest income/spread $ 87,058 2.99% $ 86,961 3.18% $ 81,037 3.26% Net interest margin 3.13% 3.32% 3.39% Ratio of interest-earning assets to interest-bearing liabilities 122.85% 123.29% 123.90% Total deposits $ 9,111,678 $ 12,504 0.55% $ 8,342,910 $ 11,224 0.54% $ 6,902,880 $ 8,385 0.49% Total funding (1) $ 10,301,738 $ 16,799 0.65% $ 9,640,292 $ 15,274 0.63% $ 8,970,114 $ 13,603 0.61% (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 March 31, 2016 December 31, 2015 Average Yield Average Yield Balance Interest / Cost Balance Interest / Cost Interest earning assets Loans held for sale and SFR mortgage $ 2,144,834 $ 19,808 3.71% $ 1,903,331 $ 17,584 3.67% Seasoned SFR mortgage loan pools 876,142 12,710 5.83% 858,601 12,098 5.59% Commercial real estate, multi-family, and construction 1,760,646 19,816 4.53% 1,638,329 19,006 4.60% Commercial and industrial, SBA, and lease financing 1,105,971 13,665 4.97% 1,020,306 12,754 4.96% Other consumer 107,843 1,145 4.27% 110,972 806 2.88% Gross loans and leases 5,995,436 67,144 4.50% 5,531,539 62,248 4.46% Securities 2,128,882 16,047 3.03% 1,506,626 11,163 2.94% Other interest-earning assets 219,849 1,049 1.92% 226,176 788 1.38% Total interest-earning assets 8,344,167 84,240 4.06% 7,264,341 74,199 4.05% Allowance for loan and lease losses (35,575) (35,894) BOLI and non-interest earning assets 524,584 362,334 Total assets $ 8,833,176 $ 7,590,781 Interest-bearing liabilities Savings $ 834,965 $ 1,572 0.76% $ 805,445 $ 1,538 0.76% Interest-bearing checking 1,900,834 3,244 0.69% 1,475,461 2,663 0.72% Money market 1,437,332 1,679 0.47% 1,343,683 1,267 0.37% Certificates of deposit 1,158,901 1,612 0.56% 1,060,556 1,394 0.52% Total interest-bearing deposits 5,332,032 8,107 0.61% 4,685,145 6,862 0.58% FHLB advances 955,659 1,262 0.53% 869,457 890 0.41% Securities sold under repurchase agreements 90,395 160 0.71% 7,010 15 0.85% Long-term debt and other interest-bearing liabilities 263,656 4,294 6.55% 265,087 4,366 6.53% Total interest-bearing liabilities 6,641,742 13,823 0.84% 5,826,699 12,133 0.83% Noninterest-bearing deposits 1,230,991 1,037,966 Non-interest-bearing liabilities 197,520 72,010 Total liabilities 8,070,253 6,936,675 Total stockholders' equity 762,923 654,106 Total liabilities and stockholders' equity $ 8,833,176 $ 7,590,781 Net interest income/spread $ 70,417 3.22% $ 62,066 3.22% Net interest margin 3.39% 3.39% Ratio of interest-earning assets to interest-bearing liabilities 125.63% 124.67% Total deposits $ 6,563,023 $ 8,107 0.50% $ 5,723,111 $ 6,862 0.48% Total funding (1) $ 7,872,733 $ 13,823 0.71% $ 6,864,665 $ 12,133 0.70% (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) Year Ended December 31, 2016 December 31, 2015 Average Yield Average Yield Balance Interest / Cost Balance Interest / Cost Interest earning assets Loans held for sale and SFR mortgage $ 2,488,028 $ 92,239 3.71% $ 1,924,593 $ 72,167 3.75% Seasoned SFR mortgage loan pools 807,522 43,318 5.36% 683,612 42,102 6.16% Commercial real estate, multi-family, and construction 1,962,719 87,367 4.45% 1,751,851 80,708 4.61% Commercial and industrial, SBA, and lease financing 1,414,653 69,268 4.90% 802,821 40,989 5.11% Other consumer 107,904 4,804 4.45% 137,360 5,590 4.07% Gross loans and leases 6,780,826 296,996 4.38% 5,300,237 241,556 4.56% Securities 2,711,112 79,527 2.93% 776,256 20,263 2.61% Other interest-earning assets 380,832 8,449 2.22% 276,823 4,519 1.63% Total interest-earning assets 9,872,770 384,972 3.90% 6,353,316 266,338 4.19% Allowance for loan and lease losses (37,664) (32,467) BOLI and non-interest earning assets 500,599 298,168 Total assets $ 10,335,705 $ 6,619,017 Interest-bearing liabilities Savings $ 882,774 $ 6,795 0.77% $ 862,160 $ 6,467 0.75% Interest-bearing checking 2,066,623 13,723 0.66% 1,204,560 8,973 0.74% Money market 2,094,839 10,776 0.51% 1,219,416 4,590 0.38% Certificates of deposit 1,465,679 8,926 0.61% 1,006,493 5,753 0.57% Total interest-bearing deposits 6,509,915 40,220 0.62% 4,292,629 25,783 0.60% FHLB advances 1,153,208 5,717 0.50% 553,162 2,120 0.38% Securities sold under repurchase agreements 92,937 818 0.88% 2,443 18 0.74% Long-term debt and other interest-bearing liabilities 218,737 12,744 5.83% 222,577 14,700 6.60% Total interest-bearing liabilities 7,974,797 59,499 0.75% 5,070,811 42,621 0.84% Noninterest-bearing deposits 1,225,656 875,227 Non-interest-bearing liabilities 228,421 60,586 Total liabilities 9,428,874 6,006,624 Total stockholders' equity 906,831 612,393 Total liabilities and stockholders' equity $ 10,335,705 $ 6,619,017 Net interest income/spread $ 325,473 3.15% $ 223,717 3.35% Net interest margin 3.30% 3.52% Ratio of interest-earning assets to interest-bearing liabilities 123.80% 125.29% Total deposits $ 7,735,571 $ 40,220 0.52% $ 5,167,856 $ 25,783 0.50% Total funding (1) $ 9,200,453 $ 59,499 0.65% $ 5,946,038 $ 42,621 0.72% (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) December 31, September 30, June 30, March 31, December 31, 2016 2016 2016 2016 2015 Capital Ratios Banc of California, Inc. Total risk-based capital ratio 13.70% 12.79% 13.45% 13.59% 11.18% Tier 1 risk-based capital ratio 13.22% 12.54% 13.14% 13.17% 10.71% Common equity tier 1 capital ratio 9.44% 8.85% 9.16% 8.14% 7.36% Tier 1 leverage ratio 8.17% 8.47% 8.87% 9.27% 8.07% Banc of California, NA Total risk-based capital ratio 14.73% 14.38% 14.96% 14.03% 13.45% Tier 1 risk-based capital ratio 14.12% 13.83% 14.38% 13.42% 12.79% Common equity tier 1 capital ratio 14.12% 13.83% 14.38% 13.42% 12.79% Tier 1 leverage ratio 8.71% 9.31% 9.70% 9.44% 9.64%
Banc of California, Inc. Non-GAAP Measures (Dollars in thousands, except per share data) (Unaudited) Non-GAAP performance measure: Tangible equity to tangible assets, tangible common equity to tangible assets ratios, return on average tangible common equity, and adjusted efficiency ratio are supplemental financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (GAAP). These non-GAAP measures are used by management in the analysis of Banc of California, Inc.'s capital strength and performance of businesses. Tangible equity is calculated by subtracting goodwill and other intangible assets from total stockholders' equity and tangible common equity is calculated by subtracting preferred stock from tangible equity. Banking and financial institution regulators also exclude goodwill and other intangible assets from total 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 pretax return, which includes the loss on investments in alternative energy partnerships, from investments in alternative energy partnerships to noninterest income. Management believes the presentation of these financial measures excluding the impact of these items provides useful supplemental information that is essential to a proper understanding of the capital and financial strength of Banc of California, Inc. This disclosure should not be viewed as a substitution 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 reconcile this non-GAAP performance measures to the GAAP performance measures for the periods indicated: December 31, September 30, June 30, March 31, December 31, 2016 2016 2016 2016 2015 Tangible common equity to tangible assets ratio Total assets $ 11,029,853 $ 11,216,404 $ 10,157,662 $ 9,616,972 $ 8,235,555 Less goodwill (39,244) (39,244) (39,244) (39,244) (39,244) Less other intangible assets (13,617) (15,335) (16,514) (17,836) (19,158) Tangible assets $ 10,976,992 $ 11,161,825 $ 10,101,904 $ 9,559,892 $ 8,177,153 Total stockholders' equity $ 980,239 $ 971,424 $ 939,884 $ 867,530 $ 652,405 Less goodwill (39,244) (39,244) (39,244) (39,244) (39,244) Less other intangible assets (13,617) (15,335) (16,514) (17,836) (19,158) Tangible equity 927,378 916,845 884,126 810,450 594,003 Less preferred stock (269,071) (269,071) (269,071) (311,008) (190,750) Tangible common equity $ 658,307 $ 647,774 $ 615,055 $ 499,442 $ 403,253 Total stockholders' equity to total assets 8.89% 8.66% 9.25% 9.02% 7.92% Tangible equity to tangible assets 8.45% 8.21% 8.75% 8.48% 7.26% Tangible common equity to tangible assets 6.00% 5.80% 6.09% 5.22% 4.93% Common stock outstanding 49,695,299 49,531,321 49,478,348 43,907,587 38,002,267 Class B non-voting non-convertible common stock outstanding 201,922 201,922 161,841 91,066 37,355 Total common stock outstanding 49,897,221 49,733,243 49,640,189 43,998,653 38,039,622 Minimum number of shares issuable under purchase contracts (1) 188,742 188,742 218,928 253,155 601,299 Total common stock outstanding and shares issuable under purchase contracts 50,085,963 49,921,985 49,859,117 44,251,808 38,640,921 (1) Purchase contracts relating to the tangible equity units Tangible common equity per common stock $ 13.19 $ 13.02 $ 12.39 $ 11.35 $ 10.60 Book value per common stock $ 14.25 $ 14.12 $ 13.51 $ 12.65 $ 12.14 Tangible common equity per common stock and shares issuable under purchase contracts $ 13.14 $ 12.98 $ 12.34 $ 11.29 $ 10.44 Book value per common stock and shares issuable under purchase contracts $ 14.20 $ 14.07 $ 13.45 $ 12.58 $ 11.95
Banc of California, Inc. Non-GAAP Measures, Continued (Dollars in thousands, except per share data) (Unaudited) Three Months Ended Year Ended December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2016 2016 2016 2016 2015 2016 2015 Return on tangible common equity Average total stockholders' equity $ 995,908 $ 968,684 $ 898,164 $ 762,923 $ 654,106 $ 906,831 $ 612,393 Less average preferred stock (269,071) (269,071) (269,073) (260,959) (190,750) (267,054) (161,288) Less average goodwill (39,244) (39,244) (39,244) (39,244) (39,244) (39,244) (33,541) Less average other intangible assets (14,704) (16,039) (17,299) (18,601) (19,877) (16,654) (22,222) Average tangible common equity $ 672,889 $ 644,330 $ 572,548 $ 444,119 $ 404,235 $ 583,879 $ 395,342 Net income $ 33,264 $ 35,937 $ 26,528 $ 19,687 $ 19,038 $ 115,416 $ 62,072 Less preferred stock dividends (5,113) (5,112) (5,114) (4,575) (3,030) (19,914) (9,823) Add amortization of intangible assets 1,028 1,179 1,322 1,322 1,346 4,851 5,836 Add impairment on intangible assets 690 - - - - 690 258 Less tax effect on amortization and impairment of intangible assets (1) (601) (413) (463) (463) (471) (1,939) (2,133) Net income available to common stockholders $ 29,268 $ 31,591 $ 22,273 $ 15,971 $ 16,883 $ 99,104 $ 56,210 Return on average equity 13.29% 14.76% 11.88% 10.38% 11.55% 12.73% 10.14% Return on average tangible common equity 17.30% 19.51% 15.65% 14.46% 16.57% 16.97% 14.22% (1) Utilized a 35% effective tax rate
Three Months Ended Year Ended December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2016 2016 2016 2016 2015 2016 2015 Adjusted efficiency ratio for including the pre-tax effect of investments in alternative energy partnerships Noninterest expense $ 129,239 $ 124,262 $ 100,075 $ 89,100 $ 86,659 $ 442,676 $ 332,201 Loss on investments in alternative energy partnerships, net (13,850) (17,660) - - - (31,510) - Adjusted noninterest expense $ 115,389 $ 106,602 $ 100,075 $ 89,100 $ 86,659 $ 411,166 $ 332,201 Net interest income $ 87,058 $ 86,961 $ 81,037 $ 70,417 $ 62,066 $ 325,473 $ 223,717 Noninterest income 79,687 74,630 65,604 51,959 56,819 271,880 220,219 Total revenue 166,745 161,591 146,641 122,376 118,885 597,353 443,936 Tax credit from investments in alternative energy partnerships 14,048 19,357 - - - 33,405 - Deferred tax expense on investments in alternative energy partnerships (2,459) (3,387) - - - (5,846) - Tax effect on tax credit and deferred tax expense 8,078 11,002 - - - 19,080 - Loss on investments in alternative energy partnerships, net (13,850) (17,660) - - - (31,510) - Total pre-tax adjustments for investments in alternative energy partnerships 5,817 9,312 - - - 15,129 - Total adjusted revenue $ 172,562 $ 170,903 $ 146,641 $ 122,376 $ 118,885 $ 612,482 $ 443,936 Efficiency ratio 77.51% 76.90% 68.24% 72.81% 72.89% 74.11% 74.83% Adjusted efficiency ratio for excluding the effect of investments in alternative energy partnerships 66.87% 62.38% 68.24% 72.81% 72.89% 67.13% 74.83% Effective tax rate utilized for calculating tax effect on tax credit and deferred tax expense 41.10% 40.79% - - - 40.91% -
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/banc-of-california-reports-record-2016-earnings-300398537.html
SOURCE Banc of California, Inc.
Der finanzen.at Ratgeber für Aktien!
Wenn Sie mehr über das Thema Aktien erfahren wollen, finden Sie in unserem Ratgeber viele interessante Artikel dazu!
Jetzt informieren!
Nachrichten zu Banc of California Incmehr Nachrichten
|
21.10.24 |
Ausblick: Banc of California präsentiert Quartalsergebnisse (finanzen.net) | |
|
07.10.24 |
Erste Schätzungen: Banc of California gibt Ergebnis zum abgelaufenen Quartal bekannt (finanzen.net) | |
|
22.07.24 |
Ausblick: Banc of California präsentiert Quartalsergebnisse (finanzen.net) | |
|
08.07.24 |
Erste Schätzungen: Banc of California stellt das Zahlenwerk zum vergangenen Quartal vor (finanzen.net) |
Analysen zu Banc of California Incmehr Analysen
ETF-Sparplan
Oskar ist der einfache und intelligente ETF-Sparplan. Er übernimmt die ETF-Auswahl, ist steuersmart, transparent und kostengünstig.