Banc of California Reports Strong Q4 Earnings, Surpassing Wall Street Expectations

Banc of California Inc. (BANC) announced a robust performance in the fourth quarter, with a net income of $56.9 million, marking a significant improvement from the loss incurred in the same period last year. This translates to earnings of 28 cents per share, surpassing the market consensus of 23 cents per share estimated by five analysts surveyed by Zacks Investment Research.

The bank's revenue for the quarter reached $453.5 million, while net revenue after interest expense stood at $264.3 million, falling short of analysts' expectations of $273.1 million.

For the full year, Banc of California reported a net income of $126.9 million, or 52 cents per share. This represents a significant turnaround from the previous year's loss, and aligns with the company's revenue of $1.06 billion.

Since the start of the year, Banc of California shares have witnessed a nearly 4% increase, while over the past 12 months, they have surged by 22%.