CW Bancorp Q2 net interest income rises

Overview

• U.S. commercial bank's Q2 diluted EPS rose 4% yr/yr, net income up 2%

• Net interest income for Q2 grew 10% yr/yr

• Total loans fell 4% and non-interest income declined 24% yr/yr

Outlook

• Co says it remain committed to disciplined credit management, operational excellence, prudent capital allocation, and building long term value for our clients, shareholders, and employees

Result Drivers

• NET INTEREST INCOME - Q2 net interest income rose 10% yr/yr, driven by higher yields on investment securities and lower interest expense on deposits

• FUNDING MIX - Non-interest-bearing deposits grew 17% yr/yr, improving the quality of the funding base and reducing funding costs

• CREDIT MANAGEMENT - The company maintained a conservative approach to credit quality, with a reduction in the reserve for credit losses

Company press release: ID:nPn6yzjp3a

Key Details

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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.)