Reports Q1 revenue $266.01M, consensus $244.99M. Jared Wolff, President & CEO of Banc of California (BANC), commented, “Our first quarter results came in as expected, with positive trends in our core earnings drivers including net interest margin expansion, solid loan growth, and prudent expense management. We have continued to capitalize on our strong market position to bring in new attractive client relationships, providing us with high quality lending opportunities and stable deposits. As a result, both book value and tangible book value per share increased, and liquidity levels remained high. Given our healthy capital and liquidity position, and our commitment to delivering excellent, sustainable returns to our shareholders, we announced an opportunistic share buyback program in mid-March and have repurchased 6.8% of our shares as of April 21.”
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BANC:
- BANC Earnings this Week: How Will it Perform?
- Banc of California price target lowered to $16 from $20 at Wells Fargo
- Banc of California price target lowered to $18 from $19 at Barclays
- Banc of California announces $150M share repurchase program
- Positive Outlook for Banc of California: Strong NIM, Loan Growth, and Strategic Buybacks Drive Buy Rating
Looking for a trading platform? Check out TipRanks' Best Online Brokers guide, and find the ideal broker for your trades.
Report an Issue