Commercial BancGroup Q3 net income rises on loan growth
CBK•Commercial BancGroup reported third-quarter net income of $10.9 million and pretax profit of $13.8 million. Loans outstanding grew 2.2% from the prior quarter, while nonperforming assets were 0.31% of total assets.
1. Quarterly results
Commercial BancGroup said higher net interest income after provision for credit losses was the main driver of third-quarter pretax profit growth. A modest increase in noninterest income, mainly from ATM fees and bank-owned life insurance income, also contributed.
2. Loans and asset quality
Loans outstanding, net of deferred fees and discounts, increased $42.8 million, or 2.2%, from the prior quarter. Book value per share rose 2.8%, and nonperforming assets remained at 0.31% of total assets. The company provided no specific financial guidance for upcoming quarters or the full year.
