Overview

* Banc of California ( BANC ) Q3 diluted EPS rises to $0.38 from $0.12 in Q2

* Total revenue for Q3 grows over 5% driven by net interest income growth

* Company repurchased 2.2 mln shares at $16.48 per share in Q3

Outlook

* Company expects further earnings growth as it continues to remix the balance sheet

* CEO sees a good pipeline for the fourth quarter

* Company remains confident in disciplined approach for long-term growth

Result Drivers

* NET INTEREST INCOME GROWTH - Driven by higher average yield on loans and lower cost of funds

* LOAN PRODUCTION - $2.1 bln in loan production with a weighted average interest rate of 7.08%

* CREDIT QUALITY - Stable credit metrics with 4% reduction in criticized loans and increased allowance for credit losses ratio

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS $0.38

Q3 Net $69.62

Income mln

Q3 Net $253.44

Interest mln

Income

Q3 $9.70

Credit mln

Loss

Provisio

n

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 2 "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 $20.00, about 16.1% above its October 21 closing price of $16.78

* The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release:

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(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.)