Banc of California Reports First Quarter 2021 Financial Results
SANTA ANA, Calif.–(BUSINESS WIRE)–Banc of California, Inc. (NYSE: BANC) today reported net income of $14.4 million and net income available to common stockholders for the first quarter of 2021 of $7.8 million, or diluted earnings per common share of $0.15.
Highlights for the first quarter included:
- Return on average assets of 0.74%
- Average cost of total deposits of 0.28%, an 8 basis point decrease from the prior quarter, and period-end total cost of deposits of 0.24%
- Noninterest-bearing deposit balances represented 28% of total deposits at March 31, 2021, up from 23% a year earlier
- Allowance for credit losses at 1.43% of total loans and 148% of non-performing loans
- Total deferrals/forbearances declined to $108.7…