First Resource Bancorp Q2 net income rises

Overview

• US community bank's Q2 net income rose 46% yr/yr, EPS up 48%

• Net interest income grew 36% yr/yr; net interest margin expanded to 4.09%

• Q2 results aided by full recovery of past due interest on nonaccrual loan

Outlook

• Company did not provide specific guidance or forecasts for future quarters

Result Drivers

• NET INTEREST MARGIN EXPANSION - Margin improvement was partly due to full recovery of past due interest on a nonaccrual loan, which also boosted credit quality, per CEO Lauren Ranalli

• LOAN AND DEPOSIT GROWTH - Q2 loan growth was driven by commercial real estate lending, while deposit growth was supported by higher noninterest-bearing and money market balances

• CREDIT QUALITY IMPROVEMENT - Non-performing assets fell after the successful resolution and full collection of a $2.3 mln nonaccrual commercial loan

Company press release: ID:nPn1p0JY9a

Key Details

Reuters Recommended Reads

• July 22 - John Marshall Bancorp Q2 net income rises as interest margin expands

• July 22 - Univest Financial Q2 net income rises on higher net interest income

• July 23 - Dime Community Bancshares Q2 revenue hits record on loan growth

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)