First Commerce Bank Q2 net interest income rises on loan and asset growth - FCF News | RalliesFirst Commerce Bank Q2 net interest income rises on loan and asset growth
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FCF• Outlook
- First Commerce Bank plans core system conversion in fall to enhance customer experience
- Company remains focused on expense management, prudent underwriting and credit monitoring
- Company says market interest rates are in a short-term holding pattern amid geopolitical unrest
Overview
- US regional bank's Q2 net income and EPS more than doubled yr/yr
- Company completed $21 mln share repurchase, reducing average share count
- Quarterly results driven by organic loan growth and improved efficiency ratio
Key details
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|
| Q2 Net Interest Income | | $13.5 mln | |
| Q2 Net Interest Margin | | 2.97% | |
Result drivers
- Loan and asset growth - Net interest income rose due to higher average balances and yields on loans and investment securities
- Improved asset quality - Co cited year-over-year improvement in asset quality metrics and lower provision for credit losses
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