PSB Holdings Q2 EPS falls year over year

Overview

• US community bank's Q2 diluted EPS fell yr/yr to $0.81, net income declined

• Net interest income increased yr/yr, supported by higher loan balances and yields

Outlook

• Company expects merger with Bank First to close in early fourth quarter, pending approvals

Result Drivers

• NET INTEREST INCOME - Higher loan balances and yields, along with lower deposit and FHLB advance costs, drove an increase in net interest income

• NONINTEREST INCOME - Noninterest income declined, reflecting lower investment and insurance sales commissions and absence of prior quarter's one-off gains

• OPERATING COSTS - Noninterest expenses fell due to lower salary and benefit plan expenses from staff reductions and lower incentive accruals, despite higher merger-related costs

Company press release: ID:nGNXb0VbP7

Key Details

Reuters Recommended Reads

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(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.)