BOSTON (AP) — BOSTON (AP) — Beacon Financial Corporation (BBT) on Wednesday reported a third-quarter loss of $56.3 million, after reporting a profit in the same period a year earlier.
The bank, based in Boston, said it had a loss of 64 cents per share. Earnings, adjusted for non-recurring costs, were 44 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 85 cents per share.
The bank holding company posted revenue of $228.5 million in the period. Its revenue net of interest expense was $145 million, beating Street forecasts.
Beacon shares have declined 19% since the beginning of the year, while the S&P’s 500 index has increased 17%. In the final minutes of trading on Wednesday, shares hit $23.12, a fall of 16% in the last 12 months.
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