SANTA ANA, Calif. (AP) — SANTA ANA, Calif. (AP) — Banc of California Inc. (BANC) on Tuesday reported third-quarter net income of $42.6 million.
The Santa Ana, California-based bank said it had earnings of 74 cents per share. Earnings, adjusted for non-recurring gains, were 30 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.
The banking service and lending company posted revenue of $167 million in the period. Its revenue net of interest expense was $120 million, topping Street forecasts. Three analysts surveyed by Zacks expected $79.6 million.
Banc of California shares have decreased 29% since the beginning of the year. The stock has decreased 28% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BANC at https://www.zacks.com/ap/BANC