Overview

• U.S. community bank's Q2 net income and EPS declined from prior quarter

• Net income fell due to higher income taxes, partly offset by lower non-interest expense

• Company repurchased 40,000 shares

Outlook

• Company did not provide specific guidance for the current quarter or full year

Result Drivers

• HIGHER TAXES - Co said net income declined from Q1 due to higher income taxes

• LOWER INTEREST EXPENSE - Net interest margin rose to 3.10% from 3.06% due to a decrease in interest expense on deposits

• LOWER SERVICE FEES - Non-interest income fell due to lower service charges and fees on loans

Company press release: ID:nGNX6ytj7y

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 EPS		$0.13
Q2 Net Income		$882,000
Q2 Net Interest Income		$4.67 mln
Q2 Net Interest Margin		3.10%

Reuters Recommended Reads

• July 22 - United Bancshares Q2 net income drops on one-time securities loss

• July 22 - Enterprise Financial Q2 profit falls on lower noninterest income

• July 21 - TrustCo Bank Q2 net interest income rises driven by loan repricing

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