Banc of California reports Q2 adjusted EPS 31c, consensus 27c

Reports Q2 revenue $272.8M, consensus $277.29M. Jared Wolff, President & CEO of Banc of California (BANC), commented, “Our second quarter results reflect the strength of our core earnings engine and our disciplined execution. We delivered double digit growth in adjusted earnings per share, our third consecutive quarter of strong loan growth, expanded net interest income, and grew pre-tax pre-provision profitability, all while proactively managing credit risk. The decisive actions we took to reposition a portion of our balance sheet-through the opportunistic sale of select CRE loans-have enhanced our credit profile and strengthened our balance sheet, positioning us to continue generating consistent and high quality earnings. We have increased tangible book value per share for five straight quarters. With a healthy capital base, improving credit metrics, and a robust pipeline of high-quality loan originations, we are confident in our ability to drive long-term value for our shareholders.”