Banc of California: Q2 Earnings Snapshot
SANTA ANA, Calif. (AP) — SANTA ANA, Calif. (AP) — Banc of California Inc. (BANC) on Tuesday reported second-quarter net income of $17.9 million.
The bank, based in Santa Ana, California, said it had earnings of 31 cents per share. Earnings, adjusted for non-recurring costs, were 32 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.
The banking service and lending company posted revenue of $122.2 million in the period. Its revenue net of interest expense was $75.7 million, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $76.2 million.
Banc of California shares have dropped 8% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $14.62, a decline of 16% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BANC at https://www.zacks.com/ap/BANC