Overview

• US community bank's Q3 net income and EPS rose sharply from prior year

• Higher net interest income drove the quarterly earnings increase

• Non-interest income rose 71.6% while non-interest expense increased 2% in the quarter

Outlook

• Company did not provide specific guidance or outlook for future periods

Result Drivers

• HIGHER NET INTEREST INCOME - Increase driven by higher interest income and lower interest expense

• HIGHER LOAN YIELDS - Average rate earned on loans rose due to new loan production at higher rates and upward repricing of adjustable-rate mortgages

• LOWER INTEREST EXPENSE - Decrease in average balance and rate paid on interest-bearing liabilities reduced interest expense

Company press release: ID:nGNXnNLw3

Key Details

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