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Banc of California reports Q3 loss of $22.7M

Banc of California Inc. posted a third-quarter net loss attributable to common stockholders of $22.7 million, or 45 cents per share, compared to net income of $3.6 million, or 7 cents per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus GAAP estimate for the most recent quarter called for a loss of 28 cents.

Net interest margin for the third quarter was 2.86%, flat from the previous quarter but down from 2.93% a year ago.

Provision for loan and lease losses ballooned to $38.5 million in the most recent quarter, from $1.4 million a year ago.

As reported earlier, the bank attributed the loan provision primarily to a $35 million charge-off of a line of credit originated in November 2017 to a borrower purportedly the subject of a fraudulent scheme. The bank further explained that the charge-off increased the loss factor used in its allowance for loan loss methodology for commercial and industrial loans, resulting in an additional loan loss provision of $3.0 million.

Total loans were $6.38 billion at the end of the third quarter, compared with $6.72 billion at the end of the linked quarter and $7.25 billion at the end of the year-ago quarter.

Total deposits reached $5.77 billion as of Sept. 30, compared with $6.29 billion as of June 30, and $7.40 billion as of Sept. 30, 2018.

During the third quarter, the company entered into a tentative settlement agreement, subject to court approval, for $19.75 million in connection with a securities litigation matter. As a result of the agreement, there is no expected impact to earnings as the settlement will be paid directly by the company's insurance carriers.