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Banc of California: 1Q Earnings Snapshot

SANTA ANA, Calif. (AP) _ Banc of California Inc. (BANC) on Tuesday reported first-quarter profit of $7 million.

The Santa Ana, California-based bank said it had earnings of 5 cents per share. Earnings, adjusted for non-recurring costs, came to 19 cents per share.

The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.

The banking service and lending company posted revenue of $117 million in the period. Its revenue net of interest expense was $74.1 million, which also fell short of Street forecasts. Six analysts surveyed by Zacks expected $75.6 million.

Banc of California shares have risen nearly 10 percent since the beginning of the year. The stock has declined 21 percent in the last 12 months.


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