CBB Bancorp Q3 profit rises as net interest margin improves
CBBI•CBB Bancorp reported Q3 net income of $5.09 million and EPS of $0.48, up from the prior quarter and year-ago period. Net interest income was $16.54 million and net interest margin was 3.4%.
1. Quarterly results
CBB Bancorp's Q3 net income and EPS rose from the prior quarter and year-ago period. The company reported net income of $5.09 million, EPS of $0.48, net interest income of $16.54 million and a net interest margin of 3.4%.
2. Drivers
The company attributed improved net interest income to higher asset yields and lower funding costs. It recorded no provision for credit losses, citing an improved reserve requirement for one loan. Noninterest income fell from the prior quarter as fewer loans were sold and gains on loan sales declined.
