Ohio Valley Banc Q2 net interest income rises on higher average earning assets - OVBC News | RalliesOhio Valley Banc Q2 net interest income rises on higher average earning assets
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OVBC• Outlook
- Company did not provide specific financial guidance or outlook for upcoming periods
Overview
- US regional bank's Q2 net income fell 31% yr/yr, with EPS down to $0.62
- Net interest income rose as average earning assets increased, but net interest margin narrowed
- Higher provision for credit losses tied to a few large commercial loans, not broader portfolio
Key details
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|
| Q2 EPS | | $0.62 | |
| Q2 Net Interest Margin | | 3.93% | |
Result Drivers
- Credit loss provision - Higher provision for credit losses driven by increased reserves on two large commercial loans and loan growth
- Funding costs - Net interest margin narrowed as cost of funding sources rose faster than yield on earning assets
- Loan and asset growth - Net interest income rose due to higher average earning assets, funded by promotional deposits
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