Oxford Bank Q1 net income falls 46% on higher credit reserves
OXFORD BANK CORP OXBC | 0.00 |
Overview
US commercial bank's Q1 net income fell 46% yr/yr due to higher credit reserves
Net interest income rose 11% yr/yr, driven by loan growth and favorable asset yields
Total deposits declined following normalization of a large deposit relationship
Outlook
Company expects earnings performance to improve as balance sheet normalization and credit impacts subside
Result Drivers
CREDIT RESERVE ACTIONS - Co said higher credit-related reserves, mainly from a single construction loan, reduced Q1 earnings by about $1.5 mln
LENDING ACTIVITY - Strong commercial finance and conventional lending activity supported loan growth and net interest income
NONINTEREST EXPENSES - Higher noninterest expenses reflected investments in team, technology, and treasury management infrastructure
Company press release: ID:nPn5Bq66Da
Key Details
Metric |
Beat/Miss |
Actual |
Consensus Estimate |
Q1 Net Income |
|
$1.53 mln |
|
Q1 Net Interest Margin |
|
4.79% |
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