Banc of California: Q2 Earnings Snapshot
LOS ANGELES (AP) — LOS ANGELES (AP) — Banc of California Inc. (BANC) on Tuesday reported second-quarter earnings of $30.3 million.
The Los Angeles-based bank said it had earnings of 12 cents per share. Earnings, adjusted for non-recurring gains, were 10 cents per share.
The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 19 cents per share.
The banking service and lending company posted revenue of $492.4 million in the period. Its revenue net of interest expense was $259.3 million, also missing Street forecasts. Five analysts surveyed by Zacks expected $271.4 million.
Banc of California shares have increased slightly more than 9% since the beginning of the year. The stock has risen 13% 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