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First Capital Q3 net interest income rises on higher yields, asset balances

By Reuters News


Overview

  • U.S. bank holding company's Q3 net income and EPS rose yr/yr

  • Q3 net interest income increased yr/yr, net interest margin improved

  • Provision for credit losses rose in Q3 compared to prior year


Outlook

  • Company did not provide specific financial guidance for upcoming quarters or full year in its press release


Result Drivers

  • HIGHER YIELDS AND ASSET BALANCES - Co said increased interest income was driven by higher yields and larger average balance of interest-earning assets

  • LOWER INTEREST COSTS - Co attributed decreased interest expense to lower average cost of interest-bearing liabilities

  • RISING OPERATING COSTS - Co said higher expenses were mainly due to increased compensation, benefits, and inflationary pressures


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$1.53

Q3 Net Income

$5.11 mln

Q3 Net Interest Income

$12.51 mln

Q3 Net Interest Margin

4.01%

Q3 Provision For Credit Losses

$355,000


Reuters Recommended Reads

  • Oct 22 - Amerant Bancorp Q3 net income rises on solid loan growth

  • Oct 22 - Glacier Bancorp Q3 net income jumps on higher loan yields

  • Oct 22 - 1st Source Q3 net income rises on 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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