LOS ANGELES (AP) — LOS ANGELES (AP) — Banc of California Inc. (BANC) on Wednesday reported fourth-quarter profit of $77.4 million.
The bank, based in Los Angeles, said it had earnings of 42 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.
The banking service and lending company posted revenue of $458.5 million in the period. Its revenue net of interest expense was $292.9 million, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $292.7 million.
For the year, the company reported profit of $229 million, or $1.17 per share. Revenue was reported as $1.12 billion.
Banc of California shares have climbed slightly more than 9% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $21.10, an increase of 30% 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
