Exchange Bank Q2 profit rises on higher net interest income - EXSR News | RalliesExchange Bank Q2 profit rises on higher net interest income
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EXSR• Outlook
- Company did not provide specific guidance for the current or future periods
Overview
- Community bank's Q2 net income rose yr/yr as net interest income increased
- Total assets declined 2.6% yr/yr, with deposits down 4.2%
- Non-interest income fell and non-interest expense rose compared to prior year quarter
Key Details
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|
| Q2 Net Income | | $7.30 mln | |
| Q2 Net Interest Income | | $24.24 mln | |
| Q2 Basic EPS | | $4.26 | |
| Q2 Pretax Profit | | $9.78 mln | |
Result Drivers
- Net interest income - Growth in net interest income was driven by higher interest and fees on loans and a reduction in interest expense
- Non-interest income - Non-interest income declined yr/yr, reducing overall revenue growth
- - Non-interest expense increased, mainly due to higher salary and benefit costs
Operating costs
