Company did not provide specific guidance for the current or future periods
Overview
U.S. commercial lender's Q2 net income fell sequentially on higher noninterest expense
Q2 diluted EPS was $0.46, down from $0.53 in the prior quarter
Loan originations hit highest level in four years, driven by SBA loan activity
Key details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 EPS
$0.46
Q2 Net Income
$4.90 mln
Q2 Net Interest Income
$15.37 mln
Q2 Basic EPS
$0.46
Q2 Net Interest Margin
3.22%
Q2 Pretax Profit
$6.78 mln
Result drivers
Higher noninterest expense - Increased salaries, employee benefits, and other operating costs drove up noninterest expense, weighing on quarterly profit
Lower noninterest income - Lower gain on sales of loans reduced noninterest income compared to the prior quarter
CBBI•
