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LOS ANGELES (AP) — LOS ANGELES (AP) — Banc of California Inc. (BANC) on Wednesday reported first-quarter net income of $53.6 million.
The bank, based in Los Angeles, said it had earnings of 26 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.
The banking service and lending company posted revenue of $440.3 million in the period. Its revenue net of interest expense was $266 million, which missed Street forecasts. Four analysts surveyed by Zacks expected $272.5 million.
Banc of California shares have decreased 11% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $13.73, a decline of almost 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 BANC at https://www.zacks.com/ap/BANC