LOS ANGELES (AP) — LOS ANGELES (AP) — Banc of California Inc. (BANC) on Wednesday reported second-quarter earnings of $28.4 million.
The Los Angeles-based bank said it had earnings of 12 cents per share. Earnings, adjusted for non-recurring costs, came to 31 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 27 cents per share.
The banking service and lending company posted revenue of $453.1 million in the period. Its revenue net of interest expense was $272.8 million, falling short of Street forecasts. Five analysts surveyed by Zacks expected $279.1 million.
Banc of California shares have fallen slightly more than 1% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $15.26, an increase of 10% 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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