Banc of California: 3Q Earnings Snapshot
SANTA ANA, Calif. (AP) _ Banc of California Inc. (BANC) on Wednesday reported a third-quarter loss of $14.1 million, after reporting a profit in the same period a year earlier.
The bank, based in Santa Ana, California, said it had a loss of 45 cents per share.
The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 32 cents per share.
The banking service and lending company posted revenue of $95.8 million in the period. Its revenue net of interest expense was $62.1 million, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $73.4 million.
Banc of California shares have risen 13% since the beginning of the year. The stock has fallen nearly 9% in the last 12 months.