Banc of California: 2Q Earnings Snapshot
SANTA ANA, Calif. (AP) _ Banc of California Inc. (BANC) on Thursday reported second-quarter net income of $14.8 million.
The Santa Ana, California-based bank said it had earnings of 18 cents per share. Earnings, adjusted to account for discontinued operations, came to 16 cents per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 20 cents per share.
The banking service and lending company posted revenue of $113.2 million in the period. Its revenue net of interest expense was $80.8 million, surpassing Street forecasts. Six analysts surveyed by Zacks expected $79.7 million.
Banc of California shares have dropped slightly more than 9 percent since the beginning of the year. The stock has fallen nearly 9 percent in the last 12 months.