Company did not provide specific guidance for the current quarter or full year
Overview
US regional bank's Q2 net income and EPS rose yr/yr on higher net interest income
Net interest income for Q2 increased 16% yr/yr, driven by loan growth and higher yields
Company cites strong revenue growth and favorable credit performance for Q2 results
Key Details
Metric
Actual
Q2 EPS
$1.33
Q2 Net Income
$7.85 mln
Q2 Net Interest Income
$20.76 mln
Q2 Pretax Profit
$9.51 mln
Q2 Provision for Credit Losses on loans
$400,000
Result Drivers
Loan growth and higher yields - Net interest income rose due to larger average loan balances and higher yields, with the loan portfolio producing a $3.2 mln increase in interest income
Lower deposit costs - Interest expense on deposits fell as rates paid on interest-bearing deposits decreased, more than offsetting higher average balances
- Non-interest expenses increased, mainly due to higher salaries and benefits from more bankers and increased technology costs
FDBC•
