First Capital Q2 profit rises on higher interest income

Overview

• U.S. community bank's Q2 net income and EPS rose yr/yr

• Net interest income after provision for credit losses increased from prior year

• Noninterest income rose, helped by gains on equity securities and higher service charges

Outlook

• Company did not provide specific guidance or outlook for future periods in the press release

Result Drivers

• HIGHER INTEREST INCOME - Co said increased average yield and higher balances of interest-earning assets drove interest income growth

• NONINTEREST INCOME GAINS - Noninterest income rose, mainly due to gains on equity securities and higher service charges on deposit accounts

• HIGHER OPERATING COSTS - Co reported increased noninterest expenses, driven by higher compensation and benefits, advertising, and general inflationary pressures

Company press release: ID:nGNXfCNTv

Key Details

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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.)