Banc of California Reports Record Net Income in 2022
SANTA ANA, Calif.–(BUSINESS WIRE)–Banc of California, Inc. (NYSE: BANC) today reported net income of $21.5 million, or $0.36 per diluted common share, for the fourth quarter of 2022. This compares to net income of $24.2 million, or $0.40 per diluted common share for the third quarter of 2022. The fourth quarter included a pre-tax loss on sale of securities of $7.7 million. On an adjusted basis, net income was $26.8 million for the quarter, or $0.45 per diluted common share. This compares to adjusted net income of $26.7 million, or $0.44 per diluted common share, for the third quarter of 2022. For the full year 2022, the Company reported record net income available to common shareholders of $115.8 million, or $1.89 per diluted common share. This compares to net income available to common shareholders of $50.6 million, or $0.95 per diluted common share in 2021. On an adjusted basis, net income available to common shareholders was $128.4 million, or $2.10 per diluted common share. Net income and adjusted net income available to common shareholders for 2022 included a pre-tax $31.3 million recovery from the settlement of a previously charged-off loan.(1)
Fourth quarter highlights(1):
- Diluted EPS of $0.36 and adjusted diluted EPS of $0.45
- Noninterest-bearing deposits represented 41% of average deposits, up from 38%
- Period-end noninterest bearing deposits at 39%, stable with prior quarter
- Net interest margin of 3.69%, an increase of 11 basis points
- Return on average assets of 0.92% and adjusted return on average assets of 1.15%
- Total ACL coverage ratio of 1.28%
- Book value per share of $16.26, up from $15.83
- Tangible common equity per share of $14.19, up from $13.79
- Repurchased $18.9 million of common stock representing 2% of the shares outstanding at the end of the third quarter
Full year highlights(1):
- Diluted EPS of $1.89 and adjusted diluted EPS of $2.10
- Noninterest-bearing deposits represented 39% of average deposits compared to 30% in the prior year
- Net interest margin of 3.59%, an increase of 33 basis points
- Return on average assets of 1.29% and adjusted return on average assets of 1.39%
- Book value per share of $16.26, up from $15.48
- Tangible common equity per share of $14.19, up from $13.88
- Completed $75.0 million in common stock repurchases representing 7% of the shares outstanding at the end of the prior year
- $31.3 million pre-tax recovery from the settlement of a previously charged-off loan
- Redeemed all Series E Preferred Stock for total consideration of $98.7 million with annual savings of $6.9 million
- Completed the acquisition of Deepstack Technologies on September 15, 2022
Jared Wolff, President & CEO of Banc of California, commented, “During the fourth quarter, we capitalized on our strong, stable deposit base and slightly asset sensitive balance sheet to continue generating solid core earnings while being selective in our new loan production given the macroeconomic uncertainty. As a result, while we had a slightly smaller average balance sheet in the fourth quarter, our core earnings were consistent with the prior quarter and we generated a significant increase in our tangible book value per share.”
Mr. Wolff continued, “With the strong deposit base we have built, conservatively underwritten loan portfolio, and high capital ratios, we are well positioned to continue generating strong financial results for our shareholders and effectively managing through the economic uncertainty. While maintaining disciplined expense management, we continue to take a long-term approach and opportunistically invest in areas that will strengthen our franchise. We believe these investments, along with the high performing team and culture that we have built, will allow us to continue to gain market share and enhance franchise value.”
Lynn Hopkins, Chief Financial Officer of Banc of California, said, “With noninterest-bearing deposits averaging 41% of total deposits in the fourth quarter, combined with the balance sheet management actions we took earlier in the year to manage our funding costs, our net interest margin increased 11 basis points from the prior quarter and contributed to our strong financial performance. Our healthy capital ratios enabled us to take advantage of higher interest rates and reposition a portion of our securities portfolio. During the fourth quarter, we sold approximately $119 million of lower-yielding securities for a loss of $7.7 million and reinvested the proceeds into securities with a higher average yield of over 230 basis points, which will contribute to our future earnings growth. Our adjusted diluted earnings per share were $0.45 for the fourth quarter when adjusting for the loss on sale of securities, net indemnified legal costs, and net losses on investments in alternative energy partnerships.”
| (1) | Adjusted financial metrics represent non-GAAP measures; refer to section ‘Non-GAAP Measures’ |
Income Statement Highlights
|
| Three Months Ended |
| Year Ended | |||||||||||||||||||||
|
| December 31, |
| September 30, |
| June 30, |
| March 31, |
| December 31, |
| December 31, |
| December 31, | |||||||||||
|
| ($ in thousands) | |||||||||||||||||||||||
| Total interest and dividend income | $ | 104,112 |
|
| $ | 95,973 |
| $ | 88,418 |
| $ | 84,269 |
|
| $ | 81,573 |
| $ | 372,772 |
|
| $ | 291,659 | |
| Total interest expense |
| 23,895 |
|
|
| 16,565 |
|
| 10,119 |
|
| 7,828 |
|
|
| 8,534 |
|
| 58,407 |
|
|
| 37,881 | |
| Net interest income |
| 80,217 |
|
|
| 79,408 |
|
| 78,299 |
|
| 76,441 |
|
|
| 73,039 |
|
| 314,365 |
|
|
| 253,778 | |
| Net (loss) gain on sale of securities available for sale |
| (7,708 | ) |
|
| — |
|
| — |
|
| 16 |
|
|
| — |
|
| (7,692 | ) |
|
| — | |
| Other noninterest income |
| 6,281 |
|
|
| 5,681 |
|
| 7,186 |
|
| 5,894 |
|
|
| 5,605 |
|
| 25,042 |
|
|
| 19,376 | |
| Total noninterest income |
| (1,427 | ) |
|
| 5,681 |
|
| 7,186 |
|
| 5,910 |
|
|
| 5,605 |
|
| 17,350 |
|
|
| 19,376 | |
| Total revenue |
| 78,790 |
|
|
| 85,089 |
|
| 85,485 |
|
| 82,351 |
|
|
| 78,644 |
|
| 331,715 |
|
|
| 273,154 | |
| Total noninterest expense |
| 48,203 |
|
|
| 50,962 |
|
| 48,612 |
|
| 46,596 |
|
|
| 58,872 |
|
| 194,373 |
|
|
| 183,678 | |
| Pre-tax / pre-provision income(1) |
| 30,587 |
|
|
| 34,127 |
|
| 36,873 |
|
| 35,755 |
|
|
| 19,772 |
|
| 137,342 |
|
|
| 89,476 | |
| Provision for (reversal of) credit losses |
| — |
|
|
| — |
|
| — |
|
| (31,542 | ) |
|
| 11,262 |
|
| (31,542 | ) |
|
| 6,854 | |
| Income tax expense |
| 9,068 |
|
|
| 9,931 |
|
| 10,161 |
|
| 18,785 |
|
|
| 2,759 |
|
| 47,945 |
|
|
| 20,276 | |
| Net income | $ | 21,519 |
|
| $ | 24,196 |
| $ | 26,712 |
| $ | 48,512 |
|
| $ | 5,751 |
| $ | 120,939 |
|
| $ | 62,346 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| Net income available to common stockholders(2) | $ | 21,519 |
|
| $ | 24,196 |
| $ | 26,712 |
| $ | 43,345 |
|
| $ | 4,024 |
| $ | 115,772 |
|
| $ | 50,563 | |
| (1) | Non-GAAP Measure | |
| (2) | Balance represents the net income available to common stockholders after subtracting preferred stock dividends, income allocated to participating securities, participating securities dividends, and impact of preferred stock redemption from net income. Refer to the Statements of Operations for additional detail on these amounts. |
Net interest income
Q4-2022 vs Q3–2022
Net interest income increased $809 thousand to $80.2 million for the fourth quarter due to a higher yield on interest-earning assets and lower average interest-bearing liabilities balances, offset by lower average interest-earning assets and a higher cost on interest-bearing liabilities.
The net interest margin increased 11 basis points to 3.69% for the fourth quarter as the average interest-earning assets yield increased 46 basis points and the cost of average total funding increased 38 basis points. The yield on average interest-earning assets increased to 4.79% for the fourth quarter from 4.33% for the third quarter mainly due to higher yields on loans, securities and other interest-earning assets. The overall loan yield increased 38 basis points to 4.92% during the fourth quarter as a result of the impact of higher market interest rates and changes in portfolio mix. The loan yields include the impact of prepayment penalty fees, the net reversal or recapture of nonaccrual loan interest and accelerated discount accretion on the early payoff of purchased loans; these items increased the overall loan yield by 6 basis points in both the fourth quarter and prior quarter. The yield on securities increased 81 basis points to 4.19%% due mostly to CLO yields resetting higher in the current rate environment and the impact of securities sales and purchases.
The average cost of funds increased 38 basis points to 1.17% for the fourth quarter from 0.79% for the third quarter. This increase was driven by the higher cost of average interest-bearing liabilities, which increased 61 basis points to 1.81% for the fourth quarter from 1.20% for the third quarter. The cost of average interest-bearing deposits increased 57 basis points to 1.34% for the fourth quarter from 0.77% for the third quarter while the cost of average Federal Home Loan Bank (FHLB) advances increased 29 basis points to 3.21% for the fourth quarter from 2.92% for the third quarter. The increase in the cost of these funding sources was due to the impact of higher market interest rates as the average effective Federal Funds rate increased 147 basis points from 2.18% in the third quarter to 3.65% in the fourth quarter.
Average noninterest-bearing deposits were $42.5 million higher in the fourth quarter compared to the third quarter while average deposits were $375.8 million lower for the linked quarter. Average noninterest-bearing deposits represented 41% of average total deposits for the fourth quarter, compared to 38% for the third quarter. The cost of average total deposits increased 32 basis points to 0.79% for the fourth quarter.
The spot rate of total deposits was 1.07% at the end of the fourth quarter, compared to 0.56% in the prior quarter. Average FHLB advances and other borrowings were $172.0 million higher in the fourth quarter compared to the third quarter as wholesale funding sources were strategically utilized to further improve liquidity and manage funding costs.
YTD 2022 vs YTD 2021
Net interest income increased $60.6 million, or 23.9%, to $314.4 million for the year ended December 31, 2022 due to higher average balances and yield on interest-earning assets, partially offset by higher average balances and costs of interest-bearing liabilities. Interest income increased $81.1 million and interest expense increased $20.5 million as average earning assets increased $961.9 million and average total funding sources increased $953.3 million due largely to the impact of the acquisition of Pacific Mercantile Bancorp (PMB) in the fourth quarter of 2021.
The net interest margin increased 33 basis points to 3.59% as the average earning-assets yield increased 52 basis points and the average cost of total funding increased 19 basis points between periods. The yield on average interest-earning assets increased to 4.26% for the year ended December 31, 2022, from 3.74% for the same period in 2021 due mostly to higher market interest rates and changes in the mix of interest-earning assets. Average loans represented 83% of average earnings assets in 2022 compared to 79% for the full year in 2021. Average loans increased by $1.11 billion from organic loan growth and the impact of the PMB acquisition. The yield on average loans increased 28 basis points to 4.52% for the year ended December 31, 2022 compared to the full year of 2021. The yield on average investment securities and other interest-earning assets increased 100 basis points and 149 basis points, respectively, for the year ended December 31, 2022, compared to the full year of 2021.
The average cost of funds increased 19 basis points to 0.71% for the year ended December 31, 2022 from 0.52% for 2021. This increase was driven by the higher cost of average interest-bearing liabilities, partially offset by the overall improved funding mix, including higher average noninterest-bearing deposits as a result of growth from business development efforts and the impact of the acquisition of PMB. The cost of average interest-bearing liabilities increased 36 basis points to 1.08% for the year ended December 31, 2022 compared to 0.72% for the same period in 2021 and included a 35 basis point increase in the cost of average interest-bearing deposits to 0.62%. Average noninterest-bearing deposits were $842.2 million higher for the year ended December 31, 2022 compared to 2021 while average total deposits were $795.2 million higher. Average noninterest-bearing deposits represented 39% of total average deposits for the year ended December 31, 2022 compared to 30% for 2021. The average cost of total deposits increased 19 basis points to 0.38% for the year ended December 31, 2022 compared to the full year of 2021.
Provision for credit losses
Q4-2022 vs Q3–2022
There was no provision for credit losses for the fourth quarter and the third quarter as benefits related to overall stable credit quality metrics within the loan portfolio combined with changes in the portfolio mix and a decrease in total loan balances were offset by the impact of the deterioration in the macroeconomic outlook, which includes the impact of higher market interest rates and the anticipated ongoing actions of the Federal Reserve to lower inflation.
YTD 2022 vs YTD 2021
During the year ended December 31, 2022, the provision for credit losses was a reversal of $31.5 million, compared to a provision for credit losses of $6.9 million during 2021. The reversal of credit losses for the year ended December 31, 2022 was due to a $31.3 million recovery from the settlement of a loan previously charged-off in 2019. The provision for credit losses in 2021 included a $11.3 million charge related to establishing the initial allowance for credit losses for non-purchased credit-deteriorated (non-PCD) loans acquired in the PMB acquisition. This charge was offset by benefits from improvements in key macroeconomic forecast variables.
Noninterest income
Q4-2022 vs Q3–2022
Noninterest income decreased $7.1 million to a loss of $1.4 million for the fourth quarter due mainly to a $7.7 million loss on the sale of investment securities offset by higher other income of $1.0 million. Other income included higher gains from equity investments of $724 thousand. Gains or losses from equity investments are recorded based on the most recent information available from the investee and fluctuates based on their underlying performance.
YTD 2022 vs YTD 2021
Noninterest income for the year ended December 31, 2022 decreased $2.0 million to $17.4 million compared to 2021. The decrease was mainly due to the aforementioned loss on sale of securities, offset by higher customer service fees, loan servicing income, income from bank-owned life insurance, and all other income. Many of these increases are a result of including PMB’s operations for the full year in 2022 compared to 2021. Customer services fees increased $1.9 million due mostly to higher deposit activity fees of $2.6 million attributed to higher average deposit balances, partially offset by lower loan fees of $755 thousand. Loan servicing income increased $923 thousand due mostly to the acquisition of mortgage servicing rights at the end of the second quarter of 2022. Income from bank-owned life insurance increased $531 thousand due to higher average balances and all other income increased $2.4 million due mostly to higher gains from equity investments.
Noninterest expense
Q4-2022 vs Q3–2022
Noninterest expense decreased $2.8 million to $48.2 million for the fourth quarter compared to the third quarter. The decrease was due mostly to (i) lower acquisition, integration and transaction costs of $2.1 million, (ii) lower professional fees of $1.0 million, due to a $1.9 million decrease in indemnified legal fees (net of recoveries) and a $859 thousand increase in other professional fees, and (iii) lower occupancy and equipment expense of $218 thousand as the prior quarter included an early lease termination charge of $285 thousand, partially offset by (iv) higher all other expenses of $454 thousand. Professional fees included net indemnified legal recoveries of $869 thousand in the fourth quarter compared to net indemnified legal expenses of $1.0 million in the third quarter.
Adjusted noninterest expense, which represents total operating costs (a non-GAAP measure; refer to section Non-GAAP Measures), increased $1.1 million to $48.5 million for the fourth quarter compared to $47.4 million for the prior quarter. This increase was due mostly to higher professional fees of $859 thousand and all other expenses of $454 thousand, partially offset by lower occupancy and equipment expense of $218 thousand.
YTD 2022 vs YTD 2021
Noninterest expense for the year ended December 31, 2022 increased $10.7 million to $194.4 million compared to 2021. The increase was primarily due to: (i) higher salaries and employee benefits of $9.7 million and occupancy and equipment expense of $3.4 million due mainly to the increases in personnel and facilities from the acquisition of PMB, (ii) higher professional fees of $4.4 million, due mostly to a $2.6 million increase in indemnified legal fees (net of insurance recoveries) and a $1.8 million increase in other professional fees, (iii) higher all other expenses of $3.7 million due to including the operations of PMB since the date of acquisition, (iv) higher loss in alternative energy partnership investments of $2.5 million, and (v) higher amortization of intangible assets of $429 thousand due to the acquisitions of PMB in 2021 and Deepstack during 2022. These increases were partially offset by lower acquisition, integration and transaction costs of $13.8 million.
Income taxes
Q4-2022 vs Q3–2022
Income tax expense totaled $9.1 million for the fourth quarter resulting in an effective tax rate of 29.6% compared to $9.9 million for the third quarter and an effective tax rate of 29.1%.
YTD 2022 vs YTD 2021
Income tax expense totaled $47.9 million for the year ended December 31, 2022, representing an effective tax rate of 28.4%, compared to $20.3 million and an effective tax rate of 24.5% for 2021. The effective tax rate for the year ended December 31, 2022 was higher than the prior year due mostly to 2021 including a net tax benefit of $2.1 million resulting from the exercise of all previously issued outstanding stock appreciation rights.
Balance Sheet
At December 31, 2022, total assets were $9.2 billion, which represented a linked-quarter decrease of $171.6 million. The following table shows selected balance sheet line items as of the dates indicated:
|
|
|
| Amount Change | ||||||||||||||||||||
|
| December 31, |
| September 30, |
| June 30, |
| March 31, |
| December 31, |
| Q4-22 vs. Q3-22 |
| Q4-22 vs. Q4-21 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
| ($ in thousands) | ||||||||||||||||||||||
| Securities held-to-maturity | $ | 328,641 |
| $ | 328,757 |
| $ | 329,272 |
| $ | 329,381 |
| $ | — |
| $ | (116 | ) |
| $ | 328,641 |
| |
| Securities available-for-sale | $ | 868,297 |
| $ | 847,565 |
| $ | 865,435 |
| $ | 898,775 |
| $ | 1,315,703 |
| $ | 20,732 |
|
| $ | (447,406 | ) | |
| Loans held-for-investment | $ | 7,115,038 |
| $ | 7,289,320 |
| $ | 7,451,264 |
| $ | 7,451,573 |
| $ | 7,251,480 |
| $ | (174,282 | ) |
| $ | (136,442 | ) | |
| Total assets | $ | 9,197,016 |
| $ | 9,368,578 |
| $ | 9,502,113 |
| $ | 9,583,540 |
| $ | 9,393,743 |
| $ | (171,562 | ) |
| $ | (196,727 | ) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Noninterest-bearing deposits | $ | 2,809,328 |
| $ | 2,943,585 |
| $ | 2,826,599 |
| $ | 2,958,632 |
| $ | 2,788,196 |
| $ | (134,257 | ) |
| $ | 21,132 |
| |
| Total deposits | $ | 7,120,921 |
| $ | 7,280,385 |
| $ | 7,558,683 |
| $ | 7,479,701 |
| $ | 7,439,435 |
| $ | (159,464 | ) |
| $ | (318,514 | ) | |
| Borrowings (1) | $ | 1,002,254 |
| $ | 1,011,767 |
| $ | 884,282 |
| $ | 1,020,842 |
| $ | 775,445 |
| $ | (9,513 | ) |
| $ | 226,809 |
| |
| Total liabilities | $ | 8,237,398 |
| $ | 8,416,588 |
| $ | 8,552,983 |
| $ | 8,604,531 |
| $ | 8,328,453 |
| $ | (179,190 | ) |
| $ | (91,055 | ) | |
| Total equity | $ | 959,618 |
| $ | 951,990 |
| $ | 949,130 |
| $ | 979,009 |
| $ | 1,065,290 |
| $ | 7,628 |
|
| $ | (105,672 | ) | |
| (1) | Represents Advances from Federal Home Loan Bank, Other Borrowings and Long Term Debt, net. |
Investments
Securities held-to-maturity totaled $328.6 million at December 31, 2022 and included $214.4 million in agency securities and $114.2 million in municipal securities.
Securities available-for-sale increased $20.7 million during the fourth quarter to $868.3 million at December 31, 2022, due mostly to purchases of $135.0 million and unrealized net gains of $2.6 million, offset by sales of securities of $118.9 million for $111.2 million resulting in a loss of $7.7 million and principal payments of $5.8 million. The securities sold during the quarter had an average yield of 3.5% and the securities purchased had an estimated yield of 5.8% at the time of purchase. The lower unrealized net losses of $9.5 million were due mostly to the realization of losses on sale of securities, the impact of decreases in certain longer-term market interest rates, and the tightening of credit spreads on the value of each class of securities.
As of December 31, 2022, the securities available-for-sale portfolio included $476.6 million of CLOs, $166.6 million of corporate debt securities, $133.4 million of agency securities, $80.5 million of residential collateralized mortgage obligations, and $11.2 million of SBA securities. The CLO portfolio, which is comprised of AAA and AA-rated securities, represented 40% of the total securities portfolio and the carrying value included an unrealized net loss of $15.6 million at December 31, 2022, compared to 40% of the total securities portfolio and an unrealized net loss of $20.1 million at September 30, 2022.
Loans
The following table sets forth the composition, by loan category, of our loan portfolio as of the dates indicated:
|
| December 31, |
| September 30, |
| June 30, |
| March 31, |
| December 31, | |||||||||||
|
| ($ in thousands) | |||||||||||||||||||
| Composition of loans |
|
|
|
|
|
|
|
|
| |||||||||||
| Commercial real estate | $ | 1,259,651 |
|
| $ | 1,240,927 |
|
| $ | 1,204,414 |
|
| $ | 1,163,381 |
|
| $ | 1,311,105 |
| |
| Multifamily |
| 1,689,943 |
|
|
| 1,698,455 |
|
|
| 1,572,308 |
|
|
| 1,397,761 |
|
|
| 1,361,054 |
| |
| Construction |
| 243,553 |
|
|
| 236,495 |
|
|
| 228,341 |
|
|
| 225,153 |
|
|
| 181,841 |
| |
| Commercial and industrial |
| 1,243,452 |
|
|
| 1,227,054 |
|
|
| 1,273,307 |
|
|
| 1,224,908 |
|
|
| 1,066,497 |
| |
| Commercial and industrial – warehouse lending |
| 602,508 |
|
|
| 766,362 |
|
|
| 1,160,157 |
|
|
| 1,574,549 |
|
|
| 1,602,487 |
| |
| SBA |
| 68,137 |
|
|
| 85,674 |
|
|
| 92,235 |
|
|
| 133,116 |
|
|
| 205,548 |
| |
| Total commercial loans |
| 5,107,244 |
|
|
| 5,254,967 |
|
|
| 5,530,762 |
|
|
| 5,718,868 |
|
|
| 5,728,532 |
| |
| Single-family residential mortgage |
| 1,920,806 |
|
|
| 1,947,652 |
|
|
| 1,832,279 |
|
|
| 1,637,307 |
|
|
| 1,420,023 |
| |
| Other consumer |
| 86,988 |
|
|
| 86,701 |
|
|
| 88,223 |
|
|
| 95,398 |
|
|
| 102,925 |
| |
| Total consumer loans |
| 2,007,794 |
|
|
| 2,034,353 |
|
|
| 1,920,502 |
|
|
| 1,732,705 |
|
|
| 1,522,948 |
| |
| Total gross loans | $ | 7,115,038 |
|
| $ | 7,289,320 |
|
| $ | 7,451,264 |
|
| $ | 7,451,573 |
|
| $ | 7,251,480 |
| |
| Composition percentage of loans |
|
|
|
|
|
|
|
|
| |||||||||||
| Commercial real estate |
| 17.7 | % |
|
| 17.0 | % |
|
| 16.2 | % |
|
| 15.6 | % |
|
| 18.1 | % | |
| Multifamily |
| 23.8 | % |
|
| 23.3 | % |
|
| 21.1 | % |
|
| 18.8 | % |
|
| 18.8 | % | |
| Construction |
| 3.4 | % |
|
| 3.2 | % |
|
| 3.1 | % |
|
| 3.0 | % |
|
| 2.5 | % | |
| Commercial and industrial |
| 17.5 | % |
|
| 16.8 | % |
|
| 17.1 | % |
|
| 16.4 | % |
|
| 14.7 | % | |
| Commercial and industrial – warehouse lending |
| 8.4 | % |
|
| 10.6 | % |
|
| 15.5 | % |
|
| 21.1 | % |
|
| 22.1 | % | |
| SBA |
| 1.0 | % |
|
| 1.2 | % |
|
| 1.2 | % |
|
| 1.8 | % |
|
| 2.8 | % | |
| Total commercial loans |
| 71.8 | % |
|
| 72.1 | % |
|
| 74.2 | % |
|
| 76.7 | % |
|
| 79.0 | % | |
| Single-family residential mortgage |
| 27.0 | % |
|
| 26.7 | % |
|
| 24.6 | % |
|
| 22.0 | % |
|
| 19.6 | % | |
| Other consumer |
| 1.2 | % |
|
| 1.2 | % |
|
| 1.2 | % |
|
| 1.3 | % |
|
| 1.4 | % | |
| Total consumer loans |
| 28.2 | % |
|
| 27.9 | % |
|
| 25.8 | % |
|
| 23.3 | % |
|
| 21.0 | % | |
| Total gross loans |
| 100.0 | % |
|
| 100.0 | % |
|
| 100.0 | % |
|
| 100.0 | % |
|
| 100.0 | % | |
Total loans ended the fourth quarter of 2022 at $7.12 billion, down $174.3 million from $7.29 billion at September 30, 2022, due mostly to a $163.9 million decrease in warehouse lending balances, a $26.8 million decrease in single-family residential (SFR) loans, and a $17.5 million decrease in SBA loans due mostly to PPP forgiveness, offset by a $18.7 million increase in commercial real estate loans and $14.9 million increase in other commercial loans. Loan fundings of $495.6 million in the fourth quarter were offset by net warehouse paydowns of $165.9 million and other loan paydowns and payoffs of $496.0 million.
Deposits
The following table sets forth the comp
Contacts
Investor Relations Inquiries:
Banc of California, Inc.
(855) 361-2262
Jared Wolff, (949) 385-8700
Lynn Hopkins, (949) 265-6599
