Century Next Financial Q2 net income rises on net interest margin expansion

CENTURY NEXT FINL CORP

CENTURY NEXT FINL CORP

CTUY

0.00


Overview

  • US community bank's Q2 net income rose 5.3% yr/yr, with diluted EPS up

  • Net interest income for Q2 increased 4.8% yr/yr, net interest margin improved to 4.6%

  • Nonperforming assets declined, mainly due to sale of a foreclosed asset


Outlook

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


Result Drivers

  • NET INTEREST INCOME - Higher yields on interest-earning assets and lower cost of interest-bearing liabilities drove a 4.8% increase in net interest income and improved net interest margin

  • NONINTEREST INCOME - Noninterest income rose 14.4% yr/yr, contributing to overall earnings growth


Company press release: ID:nGNXbNJ4D9


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 EPS

$2.20

Q2 Net Income

$4.14 mln

Q2 Net Interest Income

$10.19 mln

Q2 Net Interest Margin

4.6%

Q2 Pretax Profit

$5.16 mln

Q2 Provision for Credit Losses

$438,000


Reuters Recommended Reads

  • July 21 - Southern First Bancshares' Q2 profit rises on loan growth and margin expansion

  • July 20 - SmartFinancial Q2 profit rises as loan growth lifts net interest income

  • July 21 - White River Bancshares' Q2 profit rises as interest margin expands


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