Corrected: Pinnacle Bancshares Q2 net income edges up
CORRECTED-Pinnacle Bancshares Q2 net income edges up Corrects Net Income unit to mln from bln in KD table
Overview
U.S. community bank's Q2 net income and EPS rose modestly yr/yr
Company recorded $268,000 loss on securities sale, reinvested in higher-yielding assets
Q2 net interest margin improved to 3.20% from 3.13% yr/yr
Outlook
Company did not provide specific guidance for future quarters or the full year
Result Drivers
SECURITIES SALE LOSS - Co recorded $268,000 loss on sale of securities, proceeds reinvested in higher-yielding, shorter-duration assets
INTEREST RATE IMPACT - Co said rising interest rates led to unrealized losses in securities portfolio, but does not expect these to be permanent
Company press release: ID:nBw1dZSvZa
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 EPS |
| $1.14 |
|
Q2 Net Income |
| $1.03 mln |
|
Q2 Net Interest Margin |
| 3.2% |
|
Reuters Recommended Reads
July 22 - United Bancshares Q2 net income drops on one-time securities loss
July 21 - Bar Harbor Q2 profit rises as securities losses ease
July 23 - Glacier Bancorp Q2 profit jumps on higher net interest income, wider margin
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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.)