LOS ANGELES (AP) — LOS ANGELES (AP) — Banc of California Inc. (BANC) on Wednesday reported third-quarter net income of $69.6 million, after reporting a loss in the same period a year earlier.
The bank, based in Los Angeles, said it had earnings of 38 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.
The banking service and lending company posted revenue of $466.8 million in the period. Its revenue net of interest expense was $287.7 million, also beating Street forecasts. Four analysts surveyed by Zacks expected $286.9 million.
Banc of California shares have risen 9% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $16.88, an increase of 9.5% 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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