Tri-County Financial Q2 profit rises on higher net interest income
TYFG•Outlook
- Company did not provide specific guidance or forecasts for the current or future periods
Quarterly profit rises
- U.S. regional bank's Q2 net income rose 17% yr/yr on higher net interest income
- Non-interest income fell 5% yr/yr, while non-interest expenses declined 3%
- Higher credit loss expense driven by increased reserves for unfunded commitments
Result drivers and key details
- Net interest income - Co said higher net interest income was driven by increased yields on earning assets and lower funding costs
- Credit loss expense - Higher credit loss expense this quarter was mainly due to increased reserves for unfunded commitments
- Deposit growth - Total deposits rose year-over-year, with a reduction in brokered deposits
| Metric | Actual |
|---|---|
| Q2 Net Income | $4.12 mln |
| Q2 Net Interest Income | $14.16 mln |
| Q2 Pretax Profit | $5.64 mln |
| Q2 Provision for Loan Losses | $1.08 mln |
