Juniata Valley Financial's Q3 profit rises on loan growth
JUVF•Juniata Valley Financial's third-quarter net income rose 40% year over year to $2.89 million, while earnings per share increased 39%. The company cited loan growth and a higher net interest margin.
1. Quarterly results
Juniata Valley Financial reported third-quarter net income of $2.89 million, up 40% year over year, and earnings per share increased 39%. Net interest income was $7.93 million, pretax profit was $3.47 million and the provision for credit losses was $186,000.
2. Loan growth
The company said loan growth at market rates and replacing lower-yielding assets drove higher net interest income and margin improvement. It used proceeds from securities paydowns and maturities to fund loan growth, reducing its investment securities exposure.
