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First Resource Bank Q3 profit rises on loan growth

By Reuters News


Overview

  • US community bank's Q3 net income rose 30% yr/yr to $2.9 mln

  • EPS for Q3 increased 31% yr/yr to $0.98

  • Net interest margin for Q3 rose to 4.06% from 3.87% a year ago


Outlook

  • Company says it will continue investing in infrastructure to support growth and service

  • Company remains focused on disciplined credit practices while supporting community financing needs


Result Drivers

  • LOAN GROWTH - Co said higher average loan balances and improved loan yields drove yr/yr net interest income growth

  • DEPOSIT GROWTH - Co attributed asset expansion to increased deposits, especially in interest-bearing checking and money market accounts

  • OPERATING COSTS - Higher salaries, data processing and FDIC premiums increased non-interest expenses to support business growth


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$0.98

Q3 Net Income

$2.90 mln

Q3 Net Interest Margin

4.06%


Reuters Recommended Reads

  • Oct 23 - Republic Bancorp Q3 net income rises on loan growth

  • Oct 23 - First National Q3 net income rises on loan growth

  • Oct 26 - Lakeland Financial Q3 net income rises on commercial loan growth


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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