Pre-tax income for the first quarter of 2016 was $33.0 million, an increase of 49% compared to first quarter of 2015. Net income available to common shareholders for the first quarter was $15.1 million, an increase of 30% compared to the first quarter of 2015.
Highlights for the first quarter included:
Record quarterly non-interest bearing deposit growth of $278 million, or 25%.
Quarterly commercial banking segment loan and lease originations of $823 million, an increase of 66% from a year ago.
The Company’s return on average assets for the quarter was 0.9%, and its return on average tangible common equity (ROTCE) for the quarter was 14.5%.
The Company’s consolidated assets totaled $9.6 billion at March 31, 2016, an increase of $1.4 billion, or 17%, compared to the prior quarter, and an increase of $3.5 billion, or 58%, compared to a year ago. The Company’s growth over this period has been entirely organic as Banc of California’s last acquisition occurred in 2014.
Banc of California, Inc. earnings per share showed an increasing trend of 47.8% for the current fiscal year. The company’s expected EPS growth rate for next fiscal year is 200%.Analysts project EPS growth over the next 5 years at 12.5%. It has EPS annual growth over the past 5 fiscal years of 29.6% when sales grew 45.4. It reported 38.5% sales growth, and 22% EPS growth in the last quarter.
The stock is trading at $20.06, up 71.31% from 52-week low of $11.71. The stock trades down -3.79% from its peak of $20.85 and 11.47% above the consensus price target of $22.36. Its volume clocked up at 1.06 million shares which is higher than the average volume of 0.87 million shares. Its market capitalization currently stands at $877.50M.
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