Company did not provide specific guidance for the current quarter or full year
Overview
US regional bank's Q2 adjusted EPS beat analyst expectations
Net interest income rose from Q1, driven by loan growth and higher yields
Company completed Bearing Insurance sale and authorized $250 mln share buyback, repurchasing $10 mln in Q2
Result Drivers
Loan growth and higher yields - Net interest income rose from Q1, mainly due to loan growth, higher loan yields, and increased loan accretion income
Insurance sale gain - Noninterest income increased due to a $32.3 mln pre-tax gain on the sale of Bearing Insurance equity interest
Higher fee income - Adjusted operating noninterest income rose, led by higher loan-related swap fees and fiduciary and asset management fees
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
AUB•
