Banc Of California Turns To Q4 Profit; Stock Up In Pre-Market

Banc of California

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(RTTNews) - Banc of California, Inc. (BANC) Thursday reported net profit of 46.97 million or $0.28 per share for the fourth quarter compared with net loss of $492.9 million or $4.55 per share in the same quarter a year ago, primarily due to lower loss on sale of securities. Earnings beat analysts' view. The company's shares were more than 3 percent up in pre-market.

On average, 9 analysts were expecting earnings of $0.23 per share for the quarter. Analysts' estimates typically exclude special items.

Loss on sale of securities was $454,000 for the latest quarter, lower than $442.41 million loss last year.

Net interest income increased to $235.29 million from $151.05 million a year ago.

Non interest income was $28.99 million compared with loss of $400.4 million last year.

The company posted revenue of $264.27 million compared with loss of $249.35 million in the previous year. The consensus estimate was for $273.39 million.

Provision for credit losses decreased to $12.8 million from $47 million last year.

Banc of California stock had closed at $16.07, down 1.29 percent on Wednesday. It has traded in the range of $11.88 - $18.08 in the last 1 year.