Overview
US regional bank's Q1 net income and EPS rose yr/yr on lower costs
Company attributed profit growth to lower cost of funds and reduced noninterest expense
Quarterly dividend maintained at $0.36 per share
Outlook
Company did not provide specific financial guidance for future quarters or full yr
Result Drivers
LOWER FUNDING COSTS - Co said net income growth was primarily due to a 19 basis point reduction in cost of funds
LOWER NONINTEREST EXPENSE - Noninterest expense fell, mainly due to lower data processing costs after contract renewal negotiations
IMPROVED OPERATING EFFICIENCY - Efficiency ratio improved as increased net interest income and lower expenses offset a decline in noninterest income
Company press release: ID:nPn79hG20a
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
$0.97
Q1 Net Income
$5.26 mln
Q1 Net Interest Income
$12.91 mln
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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.)