Company did not provide specific financial guidance for future quarters or the full year.
Key details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Loss Per Share
$0.09
Q2 Net Loss
$272,000
Q2 Net Interest Income
$3 mln
Q2 Net Interest Margin
3.11%
Result drivers
Loan growth and provision expense - Co said net loss was primarily due to higher provision for credit losses associated with significant loan growth and changes in unfunded commitments.
Automobile loan premium acceleration - Premium acceleration within the purchased automobile loan portfolio reduced reported loan yields and affected earnings.
Higher compensation and commissions - Increased compensation costs, including new commercial lenders and higher variable mortgage commissions, contributed to higher expenses.
Quarterly overview
U.S. community bank holding company reported a Q2 net loss as provision expenses rose with loan growth.
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