Elmer Bancorp Q1 net income falls on lower non-interest income
Overview
U.S. community bank's Q1 net income fell yr/yr due to prior-year insurance payout
Net interest income rose yr/yr on higher loan balances and investment income
Loans and deposits both increased from a year earlier
Outlook
Company says current economic conditions remain somewhat uncertain
Result Drivers
LOAN AND INVESTMENT INCOME - Net interest income rose due to growth in core loans and higher income from overnight investments, partly offset by higher deposit costs
NON-INTEREST INCOME DROP - Non-interest income fell due to absence of prior-year one-time bank-owned life insurance payout
HIGHER OPERATING COSTS - Non-interest expenses increased due to higher employment, occupancy, equipment, data processing and advertising costs
Company press release: ID:nBw16tw6ya
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q1 Net Income |
| $600,000 |
|
Q1 Net Interest Income |
| $4.02 mln |
|
Q1 Investments |
| $22.97 mln |
|
Q1 Loan Loss Provision |
| $40,000 |
|
Q1 Pretax Profit |
| $800,000 |
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