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Banc of California takes big 2Q loss due to restructuring
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Key insight: Banc of California restructured its balance sheet during the second quarter, leading to a net loss that appeared to surprise investors.
Banc of California restructured its balance sheet during the second quarter, leading to a net loss that appeared to surprise investors.
The result was a net loss of $251.3 million, or $1.61 per share, for the period ending June 30.
Banc of California CEO Jared Wolff framed the balance sheet restructure and resulting net loss as a necessary step to achieve future growth.
Banc of California is the third-largest bank headquartered in California, with $35 billion of assets as of June 30.