Quaint Oak Bancorp Q2 net income rises on lower interest expense
Quaint Oak Bancorp Q2 net income rises on lower interest expense
Overview
U.S. financial services firm's Q2 net income rose 77% yr/yr on lower interest expense
Company's net interest margin improved to 2.93% from 2.85% a year ago
Non-performing assets rose to 1.64% of total assets from 0.89% a year earlier
Outlook
Quaint Oak Bancorp did not provide specific financial guidance for the current or future periods
Result Drivers
LOWER INTEREST EXPENSE - Co attributed reduced interest expense to elimination of FHLB borrowings and lower money market deposit balances
HIGHER NON-INTEREST INCOME - Increased gains on sale of mortgage and commercial loans and higher loan servicing income boosted non-interest income
LOWER INTEREST AND DIVIDEND INCOME - Decrease in loan balances and lower yields on loans and bank deposits reduced interest income
Company press release: ID:nGNXbLlWXW
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Net Income |
| $481,000 |
|
Q2 Net Interest Income |
| $4.57 mln |
|
Q2 Credit Loss Provision |
| $500,000 |
|
Q2 Net Interest Margin |
| 2.93% |
|
Q2 Pretax Profit |
| $734,000 |
|
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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.)