Community bank USCB Q3 net interest income rises on loan growth
Community bank USCB Q3 net interest income rises on loan growth
Overview
Florida community bank's Q3 net income rose to $9.5 mln, with diluted EPS at $0.51
Net interest income grew 14.2% yr/yr, net interest margin expanded to 3.37%
Non-interest income fell 27.5% yr/yr, while non-interest expense rose 12.9%
Outlook
Company did not provide specific guidance for future quarters or full-year results
Result Drivers
NET INTEREST INCOME - Co said higher net interest income, up 14.2% yr/yr, supported Q3 results
NET INTEREST MARGIN - Net interest margin expanded by 23 basis points to 3.37%
LOAN GROWTH - Loans grew 9.0% yr/yr, contributing to higher interest income
Company press release: ID:nGNX2cXBYy
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS |
| $0.51 |
|
Q3 Net Income |
| $9.53 mln |
|
Q3 Net Interest Income |
| $24.30 mln |
|
Q3 Loan Loss Provision |
| $53,000 |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for USCB Financial Holdings Inc is $24.00, about 7.7% above its October 21 closing price of $22.29
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago
Reuters Recommended Reads
Oct 20 - East West Bancorp Q3 revenue beats estimates on loan and deposit growth
Oct 21 - Old National Bancorp Q3 net interest income rises on loan growth
Oct 22 - Huntington Bancshares Q3 EPS unchanged, net interest income up
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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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