Pacific Financial's Q2 net income rises
Pacific Financial's Q2 net income rises
Overview
U.S. regional bank's Q2 net income rose 8% yr/yr, diluted EPS was $0.29
Net interest income increased from prior quarter and year-ago period
Non-interest expenses rose due to pending merger with Banner Corporation
Outlook
Pacific Financial did not provide specific financial guidance for future quarters or the full year in press release
Result Drivers
HIGHER NET INTEREST INCOME - Co said net interest income rose due to higher yields on loans and investment securities and lower cost of deposits and borrowings
MERGER-RELATED EXPENSES - Non-interest expenses increased due to professional fees and other costs tied to the pending merger with Banner Corporation
NON-INTEREST INCOME BOOST - Non-interest income increased mainly due to a death benefit payment from bank-owned life insurance
Company press release: ID:nGNXbkysH4
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 EPS |
| $0.29 |
|
Q2 Net Income |
| $2.90 mln |
|
Q2 Net Interest Income |
| $12.30 mln |
|
Q2 Net Interest Margin |
| 4.16% |
|
Reuters Recommended Reads
July 22 - Banner Q2 EPS misses as expenses offset loan growth
July 24 - Central Pacific Financial Q2 net interest income rises on higher loan yield
July 23 - Huntington Bancshares' quarterly profit rises on interest income boost
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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.)