Bank of Botetourt Q2 profit jumps 67% on one-time gain
Bank of Botetourt Q2 profit jumps 67% on one-time gain
Overview
Virginia community bank's Q2 net income rose 67% yr/yr, driven by one-time gain
Q2 net interest margin increased to 4.02% from a year earlier
Outlook
Company did not provide specific guidance or forecasts for future quarters or full year
Result Drivers
ONE-TIME GAIN - Q2 results benefited from a $3.8 mln pre-tax gain on the sale of the bank's investment in Bearing Insurance Group
NET INTEREST MARGIN - Net interest margin rose to 4.02%, driven by consistent asset yields and a lower cost of interest-bearing liabilities
NONINTEREST INCOME - Noninterest income increased due to the one-time gain, higher service charges on deposit accounts, and increased gain on sale of mortgage loans
Company press release: ID:nPn6wd365a
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 EPS |
| $2.62 |
|
Q2 Basic EPS |
| $2.62 |
|
Q2 Net Interest Margin |
| 4.02% |
|
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)