Banc of California: 2Q Earnings Snapshot
SANTA ANA, Calif. (AP) _ Banc of California Inc. (BANC) on Thursday reported second-quarter net income of $16.6 million.
The Santa Ana, California-based bank said it had earnings of 23 cents per share. Earnings, adjusted for one-time gains and costs, came to 24 cents per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 19 cents per share.
The banking service and lending company posted revenue of $101.8 million in the period. Its revenue net of interest expense was $62.5 million, which fell short of Street forecasts. Six analysts surveyed by Zacks expected $73.1 million.
Banc of California shares have risen nearly 10% since the beginning of the year. The stock has dropped 24% in the last 12 months.