SANTA ANA, Calif. (AP) _ Banc of California Inc. (BANC) on Tuesday reported fourth-quarter net income of $5.8 million.

The Santa Ana, California-based bank said it had earnings of 7 cents per share. Earnings, adjusted for non-recurring costs, were 23 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 29 cents per share.

The banking service and lending company posted revenue of $86.4 million in the period. Its revenue net of interest expense was $77.9 million, also missing Street forecasts.

For the year, the company reported net income of $62.3 million, or 95 cents per share, swinging to a profit in the period. Revenue was reported as $272.7 million.

Banc of California shares have climbed almost 6% since the beginning of the year. The stock has increased 16% 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

Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News