Commercial BancGroup Q2 net income rises, driven by loan growth - CBK News | RalliesCommercial BancGroup Q2 net income rises, driven by loan growth
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CBK• Analyst coverage
- The one available analyst rating on the shares is "buy".
- The average consensus recommendation for the banks peer group is "buy".
- Wall Street's median 12-month price target for Commercial BancGroup Inc is $34.00, about 2.7% above its July 24 closing price of $33.11.
- The stock recently traded at 11 times the next 12-month earnings versus a P/E of 9 three months ago.
Quarterly results
- U.S. regional bank's Q2 net income rose year over year, with core EPS flat at $0.75.
- Net interest income for Q2 increased year over year to $21.5 million.
- Loans outstanding rose 8.3% and deposits grew 1.2% from a year earlier.
Drivers of the quarter
- — Q2 net interest income after provision for credit losses rose year over year, driven by loan growth and an increase in net interest margin.
Net interest income
5.3%
18 basis point
Non-interest income — Non-interest income grew 19.2% year over year, mainly due to higher customer service and ATM fees.Loan growth — Loans outstanding increased $149 million, or 8.3%, from a year earlier, supporting revenue growth.Outlook and key figures
- The company did not provide specific guidance or outlook for future periods in the press release.
| Metric | Actual |
|---|
| Q2 Net Income | $10.22 million |
| Q2 Net Interest Income | $21.52 million |
| Q2 Pretax Profit | $12.89 million |
ENR
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