CNB Community Bancorp Q2 net interest income rises on higher rates and loan portfolio growth

CNB COMMUNITY BANCORP INC

CNB COMMUNITY BANCORP INC

CNBB

0.00


Overview

  • US community bank's Q2 net income rose 5.5% yr/yr, driven by higher net interest income

  • Basic EPS for Q2 increased 8.8% to $1.61

  • Company repurchased 2,700 shares in Q2 as part of ongoing buyback


Outlook

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


Result Drivers

  • NET INTEREST INCOME - Higher net interest income, driven by increased rates and loan portfolio growth, was the primary contributor to improved Q2 results

  • CREDIT QUALITY - Provision for credit losses rose due to higher nonperforming loans, mainly in commercial real estate

  • NONINTEREST INCOME - Gains on loan sales, ATM service charges, and a valuation adjustment for an equity position supported noninterest income growth


Company press release: ID:nBw8PnQpta


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 Net Income

$3.20 mln

Q2 Net Interest Income

$12.70 mln

Q2 Basic EPS

$1.61

Q2 ROE

11.65%


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