Company says it will continue investing in technology and personnel to improve efficiency
Company expects to meet regulatory conditions for repurchasing preferred stock under ECIP agreement
Company says capital ratios remain well above regulatory requirements
Result drivers
Net interest income - Q2 net interest income rose due to higher interest and dividend income from loans, offset by increased interest expense
Non-interest income decline - Q2 non-interest income fell, mainly due to lower late and prepayment charges and absence of grant income recognized in the prior year
Higher expenses - Q2 non-interest expense increased, driven by higher compensation and benefits
Key details and analyst coverage
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 EPS
$0.35
Q2 Net Interest Income
$30.10 mln
Q2 Net Interest Margin
3.66%
The one available analyst rating on the shares is "buy"
The average consensus recommendation for the banks peer group is "buy"
PDLB•
