Freedom Bank of Virginia returns to profit in Q1 as interest margin expands
Overview
US community bank's Q1 net income rebounded from prior quarter loss but fell yr/yr
Net interest margin rose to 2.73% from prior quarter, aided by lower funding costs
Company repurchased 43,800 shares under previously announced buyback program
Outlook
Company does not provide specific financial guidance for the current or upcoming quarters in press release
Result Drivers
FUNDING COSTS - Net interest margin expanded as cost of funds dropped 15 basis points, reflecting lower deposit and borrowing costs
MORTGAGE ACTIVITY - Gain on sale and fee revenue from mortgage unit rose 30% from prior quarter as mortgage rates decreased
Company press release: ID:nPn7hM1SDa
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q1 Net Interest Income |
| $6.90 mln |
|
Q1 CET1 Capital Ratio |
| 13.50% |
|
Q1 Net Interest Margin |
| 2.73% |
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