Banc of California: Q2 Earnings Snapshot

LOS ANGELES (AP) — LOS ANGELES (AP) — Banc of California Inc. (BANC) on Wednesday reported a second-quarter loss of $241.3 million, after reporting a profit in the same period a year earlier.

The Los Angeles-based bank said it had a loss of $1.61 per share. Earnings, adjusted for non-recurring costs and amortization costs, were 13 cents per share.

The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.

The banking service and lending company posted revenue of $180.5 million in the period. Its revenue net of interest expense was $273.2 million, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $297 million.

Banc of California shares have increased almost 10% since the beginning of the year. The stock has climbed 40% 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