SANTA ANA, Calif. (AP) — SANTA ANA, Calif. (AP) — Banc of California Inc. (BANC) on Thursday reported a fourth-quarter loss of $483 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 $4.55 per share. Losses, adjusted for non-recurring costs, were 46 cents per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 32 cents per share.
The banking service and lending company posted revenue of $509.3 million in the period. Its revenue net of interest expense was $193.1 million, beating Street forecasts. Four analysts surveyed by Zacks expected $156.8 million.
For the year, the company reported a loss of $1.9 billion, or $22.71 per share, swinging to a loss in the period. Revenue was reported as $741.3 million.
Banc of California shares have dropped roughly 2% since the beginning of the year. The stock has dropped 20% 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
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