Banc Of California Reports Q2 Profit, Net Interest Income Rises

(RTTNews) - Banc of California, Inc. (BANC) Tuesday reported net earnings available to stockholders of $20.39 million, or $0.12 per share, for the second quarter compared with a loss of $207.36 million in the same quarter a year ago, primarily due to a loss of $158.88 million on sale of loans recorded last year.

Net interest income increased to $229.49 million from $186.08 million a year ago. Not interest income was 29.79 million compared with loss of $128.08 million last year.

Revenue for the quarter significantly increased to $259.28 million from $57.99 million in the previous year. The company had a gain of $1.14 million on sales of loans compared with a loss of $158.88 million last year.

Provision for credit losses rose to $11 million from $2 million a year ago.

Total nonperforming assets were $130.37 million, 0.37 percent of total assets, higher than 113.31 million , 0.30 percent of total assets last year.