Banc of California (BANC) Q4 FY2023 earnings: revenue -$249 million

Banc of California, Inc. (BANC) reported revenue of -$249 million for Q4 FY2023, the quarter ended 31 December 2023. Net income was -$483 million, and diluted earnings per share $-4.55. The figures are the company's own, from the 10-Q it filed with the SEC on 10 May 2024.

Revenue-$249 million

Net income-$483 million

Diluted EPS$-4.55

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	-249	490	n/a	n/a
Interest expense	316	315	n/a	n/a
Pre-tax income	-660	-26.6	n/a	n/a
Income tax	-177	-3.2	n/a	n/a
Net income	-483	-23.3	n/a	n/a
Net margin	n/a	-4.8%	n/a
Diluted EPS	-$4.55	-$0.42	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	41.7	43.6	n/a	n/a
Capital expenditure	7.3	2.9	n/a	n/a
Free cash flow	34.4	40.7	n/a	n/a
Cash from investing	12,565	174	n/a	n/a
Cash from financing	-9,552	-190	n/a	n/a
Depreciation and amortisation	12.4	4.0	n/a	n/a
Share-based compensation	n/a	1.6	n/a	n/a
Buybacks	n/a	-0.0	n/a	n/a
Dividends paid	n/a	5.7	n/a	n/a
Dividend per share	n/a	$0.10	n/a	n/a
Diluted shares, weighted	n/a	78m	n/a	n/a
Shares outstanding at period end	157m	158m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	3,391	1,002	n/a	n/a
Deposits	30,402	6,641	n/a	n/a
Debt	2,911	274	n/a	n/a
Other liabilities	1,830	1,330	n/a	n/a
Total liabilities and equity	38,534	9,247	n/a	n/a
Fixed assets	147	109	n/a	n/a
Goodwill	199	114	n/a	n/a
Intangible assets	165	6.1	n/a	n/a
Securities held for sale or to maturity	4,634	915	n/a	n/a
Loans	25,208	6,887	n/a	n/a
Cash and equivalents	5,378	311	n/a	n/a
Other assets	2,803	905	n/a	n/a
Total assets	38,534	9,247	n/a	n/a

Questions

What was Banc of California's revenue in Q4 FY2023?

Banc of California (BANC) reported revenue of -$249 million for Q4 FY2023, the quarter ended 31 December 2023.

How much did Banc of California earn in Q4 FY2023?

Net loss for Q4 FY2023 was $483 million, and the diluted loss per share $4.55.

When did Banc of California report Q4 FY2023 results?

Banc of California filed its 10-Q for the quarter ended 31 December 2023 with the SEC on 10 May 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023 †	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026 †	Q2 FY2026
Revenue	490	-249	513	492	431	454	440	453	467	459	287	180
Interest expense	315	316	250	233	215	189	174	n/a	n/a	n/a	n/a	n/a
Pre-tax income	-26.6	-660	42.4	44.6	11.5	70.1	73.1	47.9	92.3	99.8	95.8	-335
Tax rate	n/a	n/a	27%	32%	24%	19%	27%	41%	25%	22%	25%	n/a
Net income	-23.3	-483	30.9	30.3	8.8	56.9	53.6	28.4	69.6	77.4	72.0	-241
Net margin	-5%	n/a	6%	6%	2%	13%	12%	6%	15%	17%	25%	-134%
Diluted EPS	-$0.42	-$4.55	$0.12	$0.12	-$0.01	$0.28	$0.26	$0.12	$0.38	$0.42	$0.39	-$1.61
Operating cash flow	43.6	41.7	-88.4	39.1	46.9	79.8	15.1	62.7	75.7	102	49.0	161
Capital expenditure	2.9	7.3	1.9	4.7	2.3	4.1	1.5	1.3	0.2	17.9	3.4	2.6
Free cash flow	40.7	34.4	-90.3	34.4	44.6	75.7	13.6	61.4	75.5	84.2	45.6	159
Buybacks	-0.0	n/a	0.0	0.0	0.0	n/a	38.9	113	35.9	-188	32.3	-0.1
Dividends paid	5.7	n/a	16.7	17.3	16.4	17.9	17.3	16.3	16.1	n/a	18.8	18.9
Shares outstanding	158m	157m	158m	158m	158m	158m	156m	147m	151m	150m	154m	158m
Filing	10-Q	10-Q	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 December 2023, filed 10 May 2024, accession 0001628280-24-022655: the filing on EDGAR. All of Banc of California, Inc.'s filings: EDGAR company page.

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