Community bank USCB Q3 net interest income rises on loan growth

Overview

• Florida community bank's Q3 net income rose to $9.5 mln, with diluted EPS at $0.51

• Net interest income grew 14.2% yr/yr, net interest margin expanded to 3.37%

• Non-interest income fell 27.5% yr/yr, while non-interest expense rose 12.9%

Outlook

• Company did not provide specific guidance for future quarters or full-year results

Result Drivers

• NET INTEREST INCOME - Co said higher net interest income, up 14.2% yr/yr, supported Q3 results

• NET INTEREST MARGIN - Net interest margin expanded by 23 basis points to 3.37%

• LOAN GROWTH - Loans grew 9.0% yr/yr, contributing to higher interest income

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for USCB Financial Holdings Inc is $24.00, about 7.7% above its October 21 closing price of $22.29

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

Reuters Recommended Reads

• Oct 20 - East West Bancorp Q3 revenue beats estimates on loan and deposit growth

• Oct 21 - Old National Bancorp Q3 net interest income rises on loan growth

• Oct 22 - Huntington Bancshares Q3 EPS unchanged, net interest income up

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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.)