SANTA ANA, Calif.–(BUSINESS WIRE)–Banc of California, Inc. (NYSE: BANC) today reported net income of $21.7 million and net income available to common stockholders for the fourth quarter of 2020 of $17.7 million, or diluted earnings per common share of $0.35.
Highlights for the fourth quarter included:
- Return on average assets of 1.11%
- Net interest margin of 3.38%, a 29 basis points increase from the prior quarter
- Average cost of total deposits of 0.36%, a 15 basis points decrease from the prior quarter, and period-end cost of deposits at 0.29%
- Noninterest-bearing deposit balances increased $108.5 million during the quarter and represented 26% of total deposits at December 31, 2020, up from 20% a year earlier
- Allowance for credit losses remained strong at 1.43% of total loans and 230% of non-performing assets
- Non-performing loans decreased 45% to $36.6 million or 0.62% of total loans
- Total deferrals/forbearances declined to $201.5 million at December 31, 2020 from $282.5 million at September 30, 2020
- Common Equity Tier 1 capital at 11.19%
Jared Wolff, President & CEO of Banc of California, commented, “We ended 2020 with a strong quarter that demonstrates the potential of our franchise. We continued to execute on our key initiatives, lowering deposit costs and controlling noninterest expense, while increasing our level of quality earning assets. As a result, we saw significant growth in pre-tax pre-provision income, net income and earnings per share, while generating a return on average assets of more than 1.0% for the fourth quarter.”
“While the operating environment remains uncertain as we begin 2021, we are confident in our ability to continue to execute well on the strategies that are driving earnings growth and franchise value. We believe that we can continue to generate balance sheet growth while protecting our net interest margin and managing expenses, improving operating leverage over the course of 2021,” said Mr. Wolff.
Lynn Hopkins, Chief Financial Officer of Banc of California, said, “In addition to the strong operating results we generated in the fourth quarter, noninterest income benefited from recoveries on a number of legacy legal matters that we strategically decided to pursue, impacting net income by approximately $2.8 million, or $0.05 per share. We continue to pursue additional recovery opportunities that could positively impact earnings and tangible book value per share in future quarters.”
“Our focus on reducing deposit costs, shifting excess liquidity into higher yielding earning assets, and increasing production of quality loans at attractive risk-adjusted yields resulted in our net interest margin expanding 29 basis points to 3.38% during the fourth quarter. We also continued to see positive trends in asset quality, with two of our largest non-performing assets being resolved during the quarter with no additional provision required, and total loan deferrals continuing to decline. We also successfully raised $85 million in subordinated debt during the fourth quarter. Although the additional subordinated debt temporarily weighs on our cost of funds, it will position the Company to move forward on capital actions during 2021, subject to regulatory approval, that are expected to be accretive to earnings,” said Ms. Hopkins.
Income Statement Highlights
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||||||||||
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
December 31, |
|
December 31, |
||||||||||||||
|
|
($ in thousands) |
||||||||||||||||||||||||||
|
Total interest and dividend income |
$ |
73,530 |
|
|
$ |
69,666 |
|
|
$ |
72,697 |
|
|
$ |
74,714 |
|
|
$ |
83,702 |
|
|
$ |
290,607 |
|
|
$ |
391,111 |
|
|
Total interest expense |
11,967 |
|
|
13,811 |
|
|
17,382 |
|
|
22,853 |
|
|
27,042 |
|
|
66,013 |
|
|
142,948 |
|
|||||||
|
Net interest income |
61,563 |
|
|
55,855 |
|
|
55,315 |
|
|
51,861 |
|
|
56,660 |
|
|
224,594 |
|
|
248,163 |
|
|||||||
|
Total noninterest income |
6,975 |
|
|
3,954 |
|
|
5,528 |
|
|
2,061 |
|
|
4,930 |
|
|
18,518 |
|
|
12,116 |
|
|||||||
|
Total revenue |
68,538 |
|
|
59,809 |
|
|
60,843 |
|
|
53,922 |
|
|
61,590 |
|
|
243,112 |
|
|
260,279 |
|
|||||||
|
Total noninterest expense |
38,950 |
|
|
40,394 |
|
|
72,770 |
|
|
46,919 |
|
|
47,483 |
|
|
199,033 |
|
|
196,472 |
|
|||||||
|
Pre-tax / pre-provision income (loss) |
29,588 |
|
|
19,415 |
|
|
(11,927) |
|
|
7,003 |
|
|
14,107 |
|
|
44,079 |
|
|
63,807 |
|
|||||||
|
Provision for (reversal of) credit losses |
991 |
|
|
1,141 |
|
|
11,826 |
|
|
15,761 |
|
|
(2,976) |
|
|
29,719 |
|
|
35,829 |
|
|||||||
|
Income tax expense (benefit) |
6,894 |
|
|
2,361 |
|
|
(5,304) |
|
|
(2,165) |
|
|
2,811 |
|
|
1,786 |
|
|
4,219 |
|
|||||||
|
Net income (loss) |
$ |
21,703 |
|
|
$ |
15,913 |
|
|
$ |
(18,449) |
|
|
$ |
(6,593) |
|
|
$ |
14,272 |
|
|
$ |
12,574 |
|
|
$ |
23,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net income (loss) available to common stockholders(1) |
$ |
17,706 |
|
|
$ |
12,084 |
|
|
$ |
(21,936) |
|
|
$ |
(9,694) |
|
|
$ |
10,415 |
|
|
$ |
(1,103) |
|
|
$ |
2,624 |
|
|
(1) Balance represents the net income (loss) available to common stockholders after subtracting preferred stock dividends, income allocated to participating securities, participating securities dividends, and impact of preferred stock redemption from net income (loss). Refer to the Statement of Operations for additional detail on these amounts. |
|||||||||||||||||||||||||||
Net interest income
Q4-2020 vs Q3–2020
Net interest income increased $5.7 million to $61.6 million for the fourth quarter due to both lower funding costs, higher yields on interest-earning assets and higher average interest-earning assets. Compared to the prior quarter, average interest-earning assets increased by $64.7 million to $7.25 billion, including higher average loans of $211.3 million and higher average securities of $48.5 million, offset by lower other interest-earning assets of $195.2 million. During the fourth quarter, average deposits increased $66.4 million, consisting of higher average noninterest-bearing deposits of $91.0 million, offset by lower average interest-bearing deposits of $24.6 million. Average FHLB advances decreased $73.9 million primarily due to maturities of $105.0 million in advances during the quarter. Average long-term debt and other interest-bearing liabilities increased $64.4 million due to the issuance of $85.0 million in subordinated notes in October 2020.
The net interest margin increased 29 basis points to 3.38% for the fourth quarter from 3.09% for the third quarter as the average earning-assets yield increased 18 basis points and the average cost of funds decreased 12 basis points. The yield on average interest-earning assets increased to 4.04% for the fourth quarter from 3.86% for the third quarter due to an overall higher loan yield and improved mix of interest-earning assets. The average yield on loans increased 12 basis points to 4.58% during the fourth quarter due to higher average commercial and industrial loans and higher prepayment penalty fees from refinancing activity and accelerated accretion from PPP loan forgiveness. The average yield on securities decreased 13 basis points to 2.13% due mostly to a 22 basis point decrease in average yield on collateralized loan obligations (CLOs) to 1.94% for the fourth quarter from 2.16% for the third quarter as these securities reprice quarterly.
The average cost of funds decreased 12 basis points to 0.70% for the fourth quarter from 0.82% for the third quarter. This decrease was driven by the lower average cost of interest-bearing liabilities and improved funding mix, including higher average noninterest-bearing deposits during the fourth quarter. We continue to reduce our reliance on high cost transaction accounts, non-brokered certificates of deposits, and wholesale funds as we execute on our relationship-focused business banking strategy. The average cost of interest-bearing liabilities decreased 13 basis points to 0.89% for the fourth quarter from 1.02% for the third quarter due to actively managing down the cost of interest-bearing deposits into the current rate environment. The average cost of interest-bearing deposits declined 19 basis points to 0.47% for the fourth quarter from 0.66% for the prior quarter. Additionally, average noninterest-bearing deposits increased by $91.0 million and represented 24.1% of total average deposits in the fourth quarter compared to 22.9% of total average deposits for the third quarter. Our total cost of average deposits decreased 15 basis points to 0.36% for the fourth quarter. The spot rate of total deposits at the end of the fourth quarter of 2020 was 0.29%.
YTD 2020 vs YTD 2019
Net interest income for the year ended December 31, 2020 decreased $23.6 million to $224.6 million from $248.2 million for 2019. Net interest income was impacted by lower average interest-earning assets, as a result of targeted sales of securities and loans during 2019, in line with our strategy of remixing the loan portfolio towards relationship-based lending, offset by improved funding costs. For the year ended December 31, 2020, average interest-earning assets declined $1.44 billion to $7.16 billion, and the net interest margin increased 24 basis points to 3.13% for the year ended December 31, 2020 compared to 2.89% for the same 2019 period.
The net interest margin expanded due to a 78 basis point decrease in the average cost of funds, outpacing a 49 basis point decline in the average interest-earning asset yield. The average yield on interest-earning assets decreased to 4.06% for the year ended December 31, 2020, from 4.55% for 2019 due mostly to the impact of lower market interest rates on loan and securities yields over this time period. The average yield on loans was 4.52% for the year ended December 31, 2020, compared to 4.76% for the same 2019 period and the average yield on securities decreased 125 basis points due mostly to CLOs repricing into the lower rate environment.
The average cost of funds decreased to 0.99% for the year ended December 31, 2020, from 1.77% for the same 2019 period. This decrease was driven by the lower average cost of interest-bearing liabilities and the improved funding mix, including higher average noninterest-bearing deposits. The average cost of interest-bearing liabilities decreased 81 basis points to 1.23% for the year ended December 31, 2020 from 2.04% for 2019 due to the combination of actively managing deposit pricing down into the lower interest rate environment and the lower average cost of FHLB term advances resulting from maturities and refinancing certain term advances during 2020. Compared to the prior year, the average cost of interest-bearing deposits declined 96 basis points to 0.85% and the average cost of total deposits decreased 86 basis points to 0.66%. Additionally, average noninterest-bearing deposits increased by $269.5 million when compared to the same 2019 period.
Provision for credit losses
Q4-2020 vs Q3–2020
The provision for credit losses totaled $1.0 million for the fourth quarter, compared to $1.1 million for the third quarter. The fourth quarter provision for credit losses was comprised of $684 thousand in general reserves and $306 thousand related to specific reserves, offset by provision release of $23 thousand related to unfunded commitments. The general provision is due to changes in key macro-economic forecast variables, such as unemployment and gross domestic product, improved credit quality metrics, and higher period end loan balances of $220.4 million.
YTD 2020 vs YTD 2019
During the year ended December 31, 2020, the provision for credit losses totaled $29.7 million under the CECL model, compared to $35.8 million under the incurred loss model during 2019. The lower provision for credit losses was primarily the result of lower net charge-offs and lower period end loan balances of $53.5 million, offset by increases from using the new CECL model, the estimated future impact of the health crisis, and higher specific reserves.
Noninterest income
Q4-2020 vs Q3–2020
Noninterest income increased $3.0 million, to $7.0 million for the fourth quarter due mostly to higher legacy legal settlements for the benefit of the Company of $2.4 million. In addition, customer service fees increased $455 thousand and processing fees for credit facilities increased $292 thousand, offset by lower gains on sale of loans of $297 thousand. There were no sales of loans during the fourth quarter of 2020.
YTD 2020 vs YTD 2019
Noninterest income for the year ended December 31, 2020 increased $6.4 million to $18.5 million compared to the prior year. Noninterest income in 2019 included a $4.5 million loss on the multifamily loans securitization, which was offset by a reduction in the provision for credit losses of $5.1 million. There was no similar securitization activity in 2020. Excluding the impact of the 2019 multifamily loans securitization, noninterest income increased $1.9 million as a result of (i) higher net gain on sale of investment securities of $6.9 million, (ii) lower impairment losses on investment securities of $731 thousand and (iii) higher other income of $2.5 million related to legacy legal settlements for the benefit of the Company. These increases were offset by (iv) lower other net gains on sales of loans of $3.0 million, (v) lower earn-out income related to the sale of our mortgage banking division of $1.4 million, (vi) lower other income of $2.0 million due in part to lower rental income and (vii) a $1.6 million loss due to decreases in the fair value of loans held for sale in 2020.
Noninterest expense
Q4-2020 vs Q3–2020
Noninterest expense decreased $1.4 million to $39.0 million for the fourth quarter compared to the prior quarter. The decrease was primarily due to lower professional fees of $5.1 million due to higher recoveries of indemnified legal costs which totaled $4.2 million in the fourth quarter compared to $1.3 million during the third quarter, offset by higher salaries and benefits expense of $2.6 million due mostly to higher incentive compensation accruals and lower gains in alternative energy partnership investments of $757 thousand. Total operating costs, defined as noninterest expense adjusted for certain non-core items (refer to section Non-GAAP Measures), increased $3.4 million to $44.0 million for the fourth quarter compared to $40.7 million for the prior quarter primarily due to higher incentive compensation.
YTD 2020 vs YTD 2019
Noninterest expense for the year ended December 31, 2020 increased $2.6 million to $199.0 million compared to the prior year. The increase was primarily due to: (i) the $26.8 million one-time charge related to the termination of our LAFC naming rights agreements, (ii) a $2.5 million debt extinguishment fee associated with the early repayment of certain FHLB term advances, and (iii) higher professional fees of $3.5 million, due to overall reductions in recoveries of $18.2 million related to indemnified legal fees for resolved legal proceedings and various other litigations. These increases were partially offset by: (i) lower losses in alternative energy partnership investments of $2.1 million, (ii) lower salaries and benefits expense of $9.1 million resulting from lower headcount, (iii) lower advertising costs of $5.1 million due to the termination of our LAFC naming rights agreements and reductions in overall events and media spending, (iv) lower regulatory assessments of $5.0 million due to changes in our asset size and an FDIC assessment credit, (v) lower restructuring costs of $4.3 million and (vi) lower occupancy, equipment and other expenses of $4.7 million due to gaining other efficiencies.
Income taxes
Q4-2020 vs Q3–2020
Income tax expense totaled $6.9 million for the fourth quarter resulting in an effective tax rate of 24.1% compared to a $2.4 million expense for the third quarter resulting in an effective tax rate of 12.9%. The increase in effective tax rate between quarters was based on the increase in pre-tax income.
YTD 2020 vs YTD 2019
Income tax expense totaled $1.8 million for the year ended December 31, 2020, representing an effective tax rate of 12.4%, compared to income tax expense of $4.2 million and an effective tax rate of 15.1% for year ended December 31, 2019. The effective tax rate for the year ended December 31, 2020 differs from the 21% federal statutory rate due to the impact of state taxes as well as various permanent tax differences.
Balance Sheet
At December 31, 2020, total assets were $7.88 billion, which represented a linked-quarter increase of $139.2 million. The following table shows selected balance sheet line items as of the dates indicated.
|
|
|
|
Amount Change |
||||||||||||||||||||||||
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
Q4-20 vs. Q3-20 |
|
Q4-20 vs. Q4-19 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
($ in thousands) |
||||||||||||||||||||||||||
|
Securities available-for-sale |
$ |
1,231,431 |
|
|
$ |
1,245,867 |
|
|
$ |
1,176,029 |
|
|
$ |
969,427 |
|
|
$ |
912,580 |
|
|
$ |
(14,436) |
|
|
$ |
318,851 |
|
|
Loans held-for-investment |
$ |
5,898,405 |
|
|
$ |
5,678,002 |
|
|
$ |
5,627,696 |
|
|
$ |
5,667,464 |
|
|
$ |
5,951,885 |
|
|
$ |
220,403 |
|
|
$ |
(53,480) |
|
|
Loans held-for-sale |
$ |
1,413 |
|
|
$ |
1,849 |
|
|
$ |
19,768 |
|
|
$ |
20,234 |
|
|
$ |
22,642 |
|
|
$ |
(436) |
|
|
$ |
(21,229) |
|
|
Total assets |
$ |
7,877,334 |
|
|
$ |
7,738,106 |
|
|
$ |
7,770,138 |
|
|
$ |
7,662,607 |
|
|
$ |
7,828,410 |
|
|
$ |
139,228 |
|
|
$ |
48,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Noninterest-bearing deposits |
$ |
1,559,248 |
|
|
$ |
1,450,744 |
|
|
$ |
1,391,504 |
|
|
$ |
1,256,081 |
|
|
$ |
1,088,516 |
|
|
$ |
108,504 |
|
|
$ |
470,732 |
|
|
Total deposits |
$ |
6,085,800 |
|
|
$ |
6,032,266 |
|
|
$ |
6,037,465 |
|
|
$ |
5,562,838 |
|
|
$ |
5,427,167 |
|
|
$ |
53,534 |
|
|
$ |
658,633 |
|
|
Borrowings (1) |
$ |
796,110 |
|
|
$ |
733,105 |
|
|
$ |
790,707 |
|
|
$ |
1,151,479 |
|
|
$ |
1,368,421 |
|
|
$ |
63,005 |
|
|
$ |
(572,311) |
|
|
Total liabilities |
$ |
6,980,127 |
|
|
$ |
6,863,852 |
|
|
$ |
6,923,179 |
|
|
$ |
6,827,605 |
|
|
$ |
6,921,165 |
|
|
$ |
116,275 |
|
|
$ |
58,962 |
|
|
Total equity |
$ |
897,207 |
|
|
$ |
874,254 |
|
|
$ |
846,959 |
|
|
$ |
835,002 |
|
|
$ |
907,245 |
|
|
$ |
22,953 |
|
|
$ |
(10,038) |
|
|
(1) Represents Advances from Federal Home Loan Bank and Notes payable, net |
|||||||||||||||||||||||||||
Investments
Securities available-for-sale decreased $14.4 million during the fourth quarter to $1.23 billion at December 31, 2020 primarily due to the call of $16.1 million in CLOs and principal payments of $7.1 million, partially offset by higher unrealized net gains of $9.2 million. The increase in the unrealized net gain was due mostly to credit spreads tightening during the quarter resulting in a positive change on the pricing of the CLOs and corporate debt securities. There were no sales of securities during the fourth quarter. As of December 31, 2020, our securities portfolio included $677.8 million of CLOs, $318.2 million of agency securities, $68.6 million of municipal securities, $149.3 million of corporate debt securities, and $17.4 million of SBA pool securities. The CLO portfolio, which is comprised only of AA and AAA rated securities, represented 55.1% of the total securities portfolio and the carrying value included an unrealized net loss of $9.7 million at December 31, 2020 compared to an unrealized net loss of $17.7 million at September 30, 2020.
Loans
The following table sets forth the composition, by loan category, of our loan portfolio as of the dates indicated:
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
||||||||||
|
|
($ in thousands) |
||||||||||||||||||
|
Composition of held-for-investment loans |
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial real estate |
$ |
807,195 |
|
|
$ |
826,683 |
|
|
$ |
822,694 |
|
|
$ |
810,024 |
|
|
$ |
818,817 |
|
|
Multifamily |
1,289,820 |
|
|
1,476,803 |
|
|
1,434,071 |
|
|
1,466,083 |
|
|
1,494,528 |
|
|||||
|
Construction |
176,016 |
|
|
197,629 |
|
|
212,979 |
|
|
227,947 |
|
|
231,350 |
|
|||||
|
Commercial and industrial |
2,088,308 |
|
|
1,586,824 |
|
|
1,436,990 |
|
|
1,578,223 |
|
|
1,691,270 |
|
|||||
|
SBA |
273,444 |
|
|
320,573 |
|
|
310,784 |
|
|
70,583 |
|
|
70,981 |
|
|||||
|
Total commercial loans |
4,634,783 |
|
|
4,408,512 |
|
|
4,217,518 |
|
|
4,152,860 |
|
|
4,306,946 |
|
|||||
|
Single-family residential mortgage |
1,230,236 |
|
|
1,234,479 |
|
|
1,370,785 |
|
|
1,467,375 |
|
|
1,590,774 |
|
|||||
|
Other consumer |
33,386 |
|
|
35,011 |
|
|
39,393 |
|
|
47,229 |
|
|
54,165 |
|
|||||
|
Total consumer loans |
1,263,622 |
|
|
1,269,490 |
|
|
1,410,178 |
|
|
1,514,604 |
|
|
1,644,939 |
|
|||||
|
Total gross loans |
$ |
5,898,405 |
|
|
$ |
5,678,002 |
|
|
$ |
5,627,696 |
|
|
$ |
5,667,464 |
|
|
$ |
5,951,885 |
|
|
Composition percentage of held-for-investment loans |
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial real estate |
13.7 |
% |
|
14.6 |
% |
|
14.6 |
% |
|
14.3 |
% |
|
13.8 |
% |
|||||
|
Multifamily |
21.9 |
% |
|
26.0 |
% |
|
25.5 |
% |
|
25.9 |
% |
|
25.1 |
% |
|||||
|
Construction |
3.0 |
% |
|
3.5 |
% |
|
3.8 |
% |
|
4.0 |
% |
|
3.9 |
% |
|||||
|
Commercial and industrial |
35.3 |
% |
|
28.0 |
% |
|
25.5 |
% |
|
27.9 |
% |
|
28.4 |
% |
|||||
|
SBA |
4.6 |
% |
|
5.6 |
% |
|
5.5 |
% |
|
1.2 |
% |
|
1.2 |
% |
|||||
|
Total commercial loans |
78.5 |
% |
|
77.7 |
% |
|
74.9 |
% |
|
73.3 |
% |
|
72.4 |
% |
|||||
|
Single-family residential mortgage |
20.9 |
% |
|
21.7 |
% |
|
24.4 |
% |
|
25.9 |
% |
|
26.7 |
% |
|||||
|
Other consumer |
0.6 |
% |
|
0.6 |
% |
|
0.7 |
% |
|
0.8 |
% |
|
0.9 |
% |
|||||
|
Total consumer loans |
21.5 |
% |
|
22.3 |
% |
|
25.1 |
% |
|
26.7 |
% |
|
27.6 |
% |
|||||
|
Total gross loans |
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|||||
Held-for-investment loans increased $220.4 million to $5.90 billion from the prior quarter, resulting from higher commercial and industrial (C&I) loans of $501.5 million due, in part, to increased utilization of credit facilities. The increases were partially offset by decreases in commercial real estate loans of $19.5 million, multifamily loans of $187.0 million, construction loans of $21.6 million due to prepayment activity. SBA loans decreased $47.1 million due to the SBA’s processing of forgiveness requests for 268 PPP loans totaling $45.0 million during the quarter. At December 31, 2020, SBA loans included $210.0 million of PPP loans, net of fees.
We continue to focus the real estate loan portfolio toward relationship-based multifamily, bridge, light infill construction, and commercial real estate loans. Currently, loans secured by residential real estate (single-family, multifamily, single-family construction, and credit facilities) represent approximately 68% of our total loans outstanding.
The C&I portfolio has limited exposure to certain business sectors undergoing severe stress. The C&I industry concentrations in dollars and as a percentage of total outstanding C&I loan balances are summarized below:
|
|
December 31, 2020 |
|||||
|
|
Amount |
|
% of Portfolio |
|||
|
|
($ in thousands) |
|||||
|
C&I Portfolio by Industry |
|
|
|
|||
|
Finance and insurance (includes Warehouse lending) |
$ |
1,397,278 |
|
|
67 |
% |
|
Real Estate & Rental Leasing |
245,748 |
|
|
12 |
% |
|
|
Gas Stations |
69,743 |
|
|
3 |
% |
|
|
Healthcare |
69,381 |
|
|
3 |
% |
|
|
Wholesale Trade |
38,700 |
|
|
2 |
% |
|
|
Television / Motion Pictures |
38,416 |
|
|
2 |
% |
|
|
Manufacturing |
34,276 |
|
|
2 |
% |
|
|
Food Services |
30,280 |
|
|
1 |
% |
|
|
Other Retail Trade |
20,759 |
|
|
1 |
% |
|
|
Professional Services |
16,572 |
|
|
1 |
% |
|
|
Transportation |
5,286 |
|
|
— |
% |
|
|
Accommodations |
1,452 |
|
|
— |
% |
|
|
All other |
120,417 |
|
|
6 |
% |
|
|
Total |
$ |
2,088,308 |
|
|
100 |
% |
Deposits
The following table sets forth the composition of our deposits at the dates indicated.
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
||||||||||
|
|
($ in thousands) |
||||||||||||||||||
|
Composition of deposits |
|
|
|
|
|
|
|
|
|
||||||||||
|
Noninterest-bearing checking |
$ |
1,559,248 |
|
|
$ |
1,450,744 |
|
|
$ |
1,391,504 |
|
|
$ |
1,256,081 |
|
|
$ |
1,088,516 |
|
|
Interest-bearing checking |
2,107,942 |
|
|
2,045,115 |
|
|
1,846,698 |
|
|
1,572,389 |
|
|
1,533,882 |
|
|||||
|
Money market |
714,297 |
|
|
689,769 |
|
|
765,854 |
|
|
575,820 |
|
|
715,479 |
|
|||||
|
Savings |
932,363 |
|
|
946,293 |
|
|
939,018 |
|
|
877,947 |
|
|
885,246 |
|
|||||
|
Non-brokered certificates of deposit |
755,727 |
|
|
820,531 |
|
|
924,630 |
|
|
1,071,936 |
|
|
1,204,044 |
|
|||||
|
Brokered certificates of deposit |
16,223 |
|
|
79,814 |
|
|
169,761 |
|
|
208,665 |
|
|
— |
|
|||||
|
Total deposits |
$ |
6,085,800 |
|
|
$ |
6,032,266 |
|
|
$ |
6,037,465 |
|
|
$ |
5,562,838 |
|
|
$ |
5,427,167 |
|
|
Composition percentage of deposits |
|
|
|
|
|
|
|
|
|
||||||||||
|
Noninterest-bearing checking |
25.6 |
% |
|
24.1 |
% |
|
23.0 |
% |
|
22.6 |
% |
|
20.1 |
% |
|||||
|
Interest-bearing checking |
34.6 |
% |
|
33.9 |
% |
|
30.6 |
% |
|
28.3 |
% |
|
28.2 |
% |
|||||
|
Money market |
11.7 |
% |
|
11.4 |
% |
|
12.7 |
% |
|
10.3 |
% |
|
13.2 |
% |
|||||
|
Savings |
15.3 |
% |
|
15.7 |
% |
|
15.6 |
% |
|
15.8 |
% |
|
16.3 |
% |
|||||
|
Non-brokered certificates of deposit |
12.4 |
% |
|
13.6 |
% |
|
15.3 |
% |
|
19.3 |
% |
|
22.2 |
% |
|||||
|
Brokered certificates of deposit |
0.4 |
% |
|
1.3 |
% |
|
2.8 |
% |
|
3.7 |
% |
|
— |
% |
|||||
|
Total deposits |
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|||||
Total deposits increased $53.5 million during the fourth quarter of 2020 to $6.09 billion due to higher noninterest-bearing checking balances of $108.5 million, interest-bearing checking of $62.8 million, and money market balances of $24.5 million, offset by lower savings balances of $13.9 million, brokered certificates of deposit of $63.
Contacts
Investor Relations Inquiries:
Banc of California, Inc.
(855) 361-2262
Jared Wolff, (949) 385-8700
Lynn Hopkins, (949) 265-6599
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