BOSTON (AP) — BOSTON (AP) — Beacon Financial Corporation (BBT) on Wednesday reported fourth-quarter net income of $53.4 million.
The bank, based in Boston, said it had earnings of 64 cents per share. Earnings, adjusted for non-recurring costs, came to 79 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 78 cents per share.
The bank holding company posted revenue of $338.5 million in the period. Its revenue net of interest expense was $225.7 million, which fell short of Street forecasts.
For the year, the company reported profit of $90.3 million, or $1.03 per share. Revenue was reported as $553 million.
Beacon shares have risen almost 7% since the beginning of the year, while the S&P’s 500 index has risen almost 2%. In the final minutes of trading on Wednesday, shares hit $28.18, a drop of slightly more than 2% 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 BBT at https://www.zacks.com/ap/BBT
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