LOS ANGELES (AP) — LOS ANGELES (AP) — Banc of California Inc. (BANC) on Tuesday reported first-quarter earnings of $38.1 million.
The bank, based in Los Angeles, said it had earnings of 17 cents per share. Earnings, adjusted for non-recurring costs, were 19 cents per share.
The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 26 cents per share.
The banking service and lending company posted revenue of $522.6 million in the period. Its revenue net of interest expense was $273 million, which also missed Street forecasts. Five analysts surveyed by Zacks expected $296 million.
Banc of California shares have risen nearly 6% since the beginning of the year. The stock has risen 19% 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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