Banc of California: 3Q Earnings Snapshot
SANTA ANA, Calif. (AP) _ Banc of California Inc. (BANC) on Thursday reported third-quarter profit of $11.1 million.
The bank, based in Santa Ana, California, said it had earnings of 7 cents per share. Earnings, adjusted for one-time gains and costs, came to 22 cents per share.
The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 21 cents per share.
The banking service and lending company posted revenue of $112.6 million in the period. Its revenue net of interest expense was $76 million, falling short of Street forecasts. Six analysts surveyed by Zacks expected $79 million.
Banc of California shares have decreased 24 percent since the beginning of the year. The stock has fallen 23 percent in the last 12 months.