Company remains focused on expansion into Medford and growing loans, deposits, and customer relationships
Key details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 EPS
$0.39
Q2 Net Income
$3.30 mln
Q2 Net Interest Margin
2.45%
Quarterly results
US community bank's Q2 net income more than doubled yr/yr
Q2 diluted EPS rose to $0.39 from $0.17 a year ago
Net interest margin declined to 2.45% from 2.49% in the prior quarter on lower loan prepayment fees
Drivers of the quarter
Higher loan and investment balances - Modest increase in net interest and dividend income was primarily driven by higher average loan and short-term investment balances
Lower loan prepayment fees - Net interest margin declined due to lower loan prepayment fee income compared to the prior quarter
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