CNB Community Bancorp Q2 net interest income rises on higher rates and loan portfolio growth
CNB Community Bancorp Q2 net interest income rises on higher rates and loan portfolio growth
Overview
US community bank's Q2 net income rose 5.5% yr/yr, driven by higher net interest income
Basic EPS for Q2 increased 8.8% to $1.61
Company repurchased 2,700 shares in Q2 as part of ongoing buyback
Outlook
Company did not provide specific guidance for the current quarter or full year in the press release
Result Drivers
NET INTEREST INCOME - Higher net interest income, driven by increased rates and loan portfolio growth, was the primary contributor to improved Q2 results
CREDIT QUALITY - Provision for credit losses rose due to higher nonperforming loans, mainly in commercial real estate
NONINTEREST INCOME - Gains on loan sales, ATM service charges, and a valuation adjustment for an equity position supported noninterest income growth
Company press release: ID:nBw8PnQpta
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Net Income |
| $3.20 mln |
|
Q2 Net Interest Income |
| $12.70 mln |
|
Q2 Basic EPS |
| $1.61 |
|
Q2 ROE |
| 11.65% |
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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.)
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