Overview

• US community bank and wealth manager's Q1 net income rose 22.7% yr/yr

• Net interest income grew 17.4% yr/yr, net interest margin improved to 3.59%

• Company incurred higher professional services expense tied to pending OppFi acquisition

Outlook

• Company says it is monitoring economic and geopolitical uncertainties for potential impacts on its loan portfolio

Result Drivers

• NET INTEREST INCOME - Net interest income rose 17.4% yr/yr, driven by higher average loan balances and improved loan yields

• EXPENSES - Non-interest expense increased mainly due to higher professional services costs tied to the pending OppFi acquisition

• WEALTH MANAGEMENT - Wealth management revenues rose 10.4% yr/yr, helped by higher market values of financial assets

Company press release: ID:nPn5mcmrza

Key Details

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