Company expects to close sale of North Carolina branches early in Q4 2026
Company anticipates a one-time gain on branch sale in Q4 2026
Company plans to consolidate three additional banking offices and discontinue low volume ATMs before year-end
Overview
US community bank's Q2 adjusted EPS rose yr/yr, net interest income increased
Net interest margin improved to 4.15% from 3.95% a year earlier
Company received regulatory approvals for pending North Carolina branch sale, part of branch optimization
Result Drivers
Loan and deposit growth - Net interest income rose on higher average loan and deposit balances and improved yields
Asset quality - Sound asset quality supported results, with non-performing assets at 0.23% of total assets
Noninterest income - Modest increase in noninterest income from higher ATM and check card income, other operating income, and brokered mortgage fees
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
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