Banc of California: 4Q Earnings Snapshot
SANTA ANA, Calif. (AP) _ Banc of California Inc. (BANC) on Thursday reported fourth-quarter earnings of $11 million.
The bank, based in Santa Ana, California, said it had earnings of 13 cents per share. Earnings, adjusted for non-recurring gains and to account for discontinued operations, were 5 cents per share.
The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.
The banking service and lending company posted revenue of $113.6 million in the period. Its revenue net of interest expense was $73.1 million, which also did not meet Street forecasts. Six analysts surveyed by Zacks expected $76.1 million.
For the year, the company reported profit of $45.5 million, or 45 cents per share. Revenue was reported as $310 million.
Banc of California shares have increased 12 percent since the beginning of the year. The stock has fallen 31 percent in the last 12 months.