SANTA ANA, Calif. (AP) _ Banc of California Inc. (BANC) on Thursday reported first-quarter earnings of $48.5 million.

The bank, based in Santa Ana, California, said it had earnings of 69 cents per share. Earnings, adjusted for non-recurring costs, were 75 cents per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 46 cents per share.

The banking service and lending company posted revenue of $90.2 million in the period. Its revenue net of interest expense was $82.4 million, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $79.4 million.

Banc of California shares have declined almost 4% since the beginning of the year. The stock has climbed nearly 9% in the last 12 months.

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

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