Overview

* Banc of California ( BANC ) Q2 adjusted EPS of $0.31 beats analyst expectations

* Company reports 9% annualized loan growth, driven by lender and fund finance

* Credit quality metrics improved due to strategic loan sales and transfers

Outlook

* Company expects durable, profitable growth through strong market position and efficiency

* Banc of California ( BANC ) anticipates continued robust loan origination pipeline

* Company confident in driving long-term shareholder value

Result Drivers

* LOAN GROWTH - 9% annualized loan growth driven by lender finance, fund finance, and purchased single-family residential loans

* NET INTEREST INCOME - Increase due to higher average yield on loans and leases, with flat cost of funds

* CREDIT QUALITY - Improved metrics due to strategic loan sales and transfers, reducing nonperforming and classified loans

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Beat $0.31 $0.26

Adjusted (11

EPS Analysts

)

Q2 EPS $0.12

Q2 $48.40

Adjusted mln

Net

Income

Q2 Net $28.38

Income mln

Q2 Net $240.22

Interest mln

Income

Q2 $39.10

Credit mln

Loss

Provisio

n

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy"

* Wall Street's median 12-month price target for Banc of California Inc ( BANC ) is $17.50, about 13.9% above its July 22 closing price of $15.07

* The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)