Century Next Financial Q3 net income rises on deposit growth
Overview
US community bank's Q3 net income rose 6.6% yr/yr, with diluted EPS up to $2.41
Net interest income for Q3 increased 5.1%, net interest margin improved to 4.64%
Noninterest income fell 22.7% in Q3, mainly due to lower gains on foreclosed assets
Outlook
Company did not provide specific financial guidance for upcoming quarters or full year in its press release
Result Drivers
NET INTEREST MARGIN - Co said Q3 net interest margin improved to 4.64% as yield on earning assets increased and cost of interest-bearing liabilities decreased
DEPOSIT GROWTH - Co attributed increase in cash and cash equivalents to strong deposit growth during the period
NONINTEREST INCOME DECLINE - Co said lower noninterest income in Q3 was mainly due to reduced gains on repossessed foreclosed assets compared to prior year
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS | $2.41 | ||
Q3 Net Income | $4.55 mln | ||
Q3 Net Interest Income | $10.49 mln | ||
Q3 Net Interest Margin | 4.64% | ||
Q3 Pretax Profit | $5.74 mln | ||
Q3 Provision for Credit Losses | $0 |
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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.)