Tri-County Financial Q2 profit rises on higher net interest income

Overview

• U.S. regional bank's Q2 net income rose 17% yr/yr on higher net interest income

• Non-interest income fell 5% yr/yr, while non-interest expenses declined 3%

• Higher credit loss expense driven by increased reserves for unfunded commitments

Outlook

• Company did not provide specific guidance or forecasts for the current or future periods

Result Drivers

• NET INTEREST INCOME - Co said higher net interest income was driven by increased yields on earning assets and lower funding costs

• CREDIT LOSS EXPENSE - Higher credit loss expense this quarter was mainly due to increased reserves for unfunded commitments

• DEPOSIT GROWTH - Total deposits rose year-over-year, with a reduction in brokered deposits

Company press release: ID:nPnbnKbmga

Key Details

Reuters Recommended Reads

• July 27 - Northwest Bancshares Q2 net income rises 59% to record on higher net interest income

• July 28 - Trustmark Q2 net earnings rises on higher net interest income

• July 27 - First Farmers' Q2 profit rises on higher interest income, 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.)