Beacon: Q3 Earnings Snapshot

BOSTON (AP) — BOSTON (AP) — Beacon Financial Corporation (BBT) on Wednesday reported third-quarter net income of $61.2 million, after reporting a loss in the same period a year earlier.

The bank, based in Boston, said it had earnings of 73 cents per share. Earnings, adjusted for non-recurring costs, came to 77 cents per share.

The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 78 cents per share.

The bank holding company posted revenue of $324.9 million in the period. Its revenue net of interest expense was $223.2 million, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $224.1 million.

Beacon shares have risen 6% since the beginning of the year, while the S&P's 500 index has risen 13%. In the final minutes of trading on Wednesday, shares hit $28, an increase of 16% 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 BBT at https://www.zacks.com/ap/BBT