Company did not provide specific financial guidance for future quarters or the full year
Overview
US community bank's Q2 net income and EPS declined from both prior year and quarter
Q2 net interest income rose year-over-year, driven by loan growth and higher loan yields
Non-interest expense increased due to higher staffing and operating costs
Key details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 EPS
$0.61
Q2 Net Income
$5.11 mln
Q2 Net Interest Income
$18.94 mln
Q2 Net Interest Margin
4.15%
Result drivers
Loan growth & higher yields - Co said net interest income rose due to loan growth and increased loan yields
Higher operating costs - Non-interest expense rose due to staffing and general operating costs tied to growth and branch expansion
Lower non-interest income - Decline in non-interest income mainly due to absence of prior quarter's special dividend and fair value changes in a limited partnership investment
OVLY•
