Tri-County Financial Q3 net income falls 8% on mortgage unit closure
Overview
US regional bank's Q3 net income fell 8% yr/yr, impacted by mortgage unit wind-down costs
Q3 net interest income rose 12% yr/yr
Non-interest income declined 20% yr/yr in Q3
Outlook
Company says competition for deposits remains elevated
Company says it is focused on managing risk and supporting local communities
Result Drivers
MORTGAGE UNIT WIND-DOWN - Co said wind-down and closing costs for mortgage subsidiary weighed on Q3 net income
NON-INTEREST INCOME DROP - Co attributed 20% decline in Q3 non-interest income to mortgage unit closure and lower fee income
MERGER AND CLOSURE COSTS - Co said higher Q3 expenses reflected merger-related costs and mortgage subsidiary closure
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Net Income | $3.35 mln | ||
Q3 Net Interest Income | $14.52 mln | ||
Q3 Pretax Profit | $4.73 mln |
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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.)