First Bancshares Missouri Q2 profit rises helped by branch acquisition - FBSI News | RalliesFirst Bancshares Missouri Q2 profit rises helped by branch acquisition
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FBSI• Outlook
- The company expects future results to continue to improve based on strength of the acquired branch.
- It said it continues to execute strategic growth strategies and self-capitalize for future opportunities.
Key details
| Metric | Actual |
|---|
| Q2 EPS | $0.89 |
| Q2 Net Income | $2.14 mln |
| Q2 Net Interest Income | $6.86 mln |
| Q2 Pretax Profit | $2.80 mln |
| Q2 Provision for Loan Losses | $369,000 |
Result drivers
- Branch acquisition — Addition of the Westcliffe, Colorado branch drove growth in assets, loans, and deposits, funded with organic capital and no debt.
- Low-cost deposits — Net interest margin remained strong at 4.76% due to low cost of funds from the acquired deposit portfolio.
- Acquisition expenses — Efficiency ratio increased slightly due to acquisition expenses and a larger asset base.
Q2 profit rises on branch acquisition
- US community bank holding company for Stockmens Bank reported Q2 net income and EPS up year over year.
- The company completed a Colorado branch acquisition, boosting assets, loans, and deposits.
- Net interest margin remained strong at 4.76% due to low-cost acquired deposits.
