Oregon Pacific Bancorp Q3 profit steady asset quality improves
Overview
US community bank's Q3 net income was stable at $2.75 mln
Company retired $15 mln of subordinated debt to reduce future interest expense
Asset quality improved as classified assets and past-due loans declined
Outlook
Company expects retirement of subordinated debt to reduce future borrowing costs
Result Drivers
LOAN PRODUCTION - Co said $46.4 mln in new and renewed loans drove $2.8 mln net growth and improved earning-asset yields
DEPOSIT MIX - $19.3 mln deposit growth led by $19.0 mln increase in noninterest-bearing balances; deposit costs fell to 1.16%
ASSET QUALITY - Classified assets fell $4.6 mln and past-due loans declined to 0.25% of portfolio, co said asset quality improved
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Net Income | $2.75 mln | ||
Q3 Net Interest Income | $8.58 mln | ||
Q3 Pretax Profit | $3.69 mln | ||
Q3 Provision for Credit Losses | $200,000 |
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.)