Overview

• US community bank's Q2 net income rose from prior quarter to $604,000, or $0.24 per share

• Total assets increased $19.6 mln to $465.4 mln, with loans and deposits both rising

• Company says improved earnings reflect lower mortgage banking expenses and growth in core banking

Outlook

• Company expects core earnings to strengthen as Mortgage Banking Department expenses subside

• Company notes continued uncertainty from geopolitical conflicts, trade tensions, and inflationary pressures

Result Drivers

• LOWER MORTGAGE BANKING EXPENSES - Co said improved earnings reflect lower operating expenses in the Mortgage Banking Department

• LOAN AND DEPOSIT GROWTH - Co cited strong growth in loans and deposits as contributing to quarterly results

• NONINTEREST INCOME DECLINE - Noninterest income fell sharply year-over-year, which may have limited earnings growth

Company press release: ID:nBw9vRbJ4a

Key Details

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