LOS ANGELES (AP) — LOS ANGELES (AP) — Banc of California Inc. (BANC) on Wednesday reported first-quarter earnings of $72 million.
The Los Angeles-based bank said it had earnings of 39 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.
The banking service and lending company posted revenue of $442.8 million in the period. Its revenue net of interest expense was $286.9 million, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $290.7 million.
Banc of California shares have declined roughly 5% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $18.39, a rise of 38% in the last 12 months.
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