Overview
US regional bank's Q2 EPS rose 6% yr/yr to $0.90
Net income and net interest income both increased 6% from a year ago
Company repurchased 80,000 shares for $3.09 mln during the quarter
Outlook
Company did not provide specific guidance for future quarters or the full year
Result Drivers
CREDIT LOSS PROVISION - Higher provision for credit losses and increased non-accrual loans impacted results, primarily due to an isolated participation loan moved to non-accrual status
NET INTEREST INCOME - Year-over-year growth in net interest income supported results, though average interest-earning assets declined from the prior quarter
DEPOSIT GROWTH - Total deposits grew 2% from the prior quarter and 6% year-over-year, aiding funding stability
Company press release: ID:nGNX18Y3b3
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 EPS
$0.90
Q2 Net Income
$7.10 mln
Q2 Net Interest Income
$18.24 mln
Q2 Net Interest Margin
3.81%
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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.)