Banc of California Reports Q2 Earnings Below Expectations
Banc of California (NYSE: BANC) reported second-quarter earnings per share (EPS) of -$1.61, significantly below the consensus estimate of $0.40. The bank also saw a sharp decline in revenue to $16.41 million, down 94% year-over-year. Despite the drop in revenue, average loans increased by $556.1 million or 2.3%, driven largely by strong loan production and disbursements totaling $2.8 billion during the quarter. The results highlight a challenging operating environment for Banc of California as it navigates declining income while maintaining growth in its lending portfolio. The earnings miss could raise concerns among investors about the bank's financial health, particularly given the steep revenue decline.
Tickers: $BANC
Topics: banking financial performance