First Commerce Bank Q2 net interest income rises on loan and asset growth 

Overview

• US regional bank's Q2 net income and EPS more than doubled yr/yr

• Company completed $21 mln share repurchase, reducing average share count

• Quarterly results driven by organic loan growth and improved efficiency ratio

Outlook

• First Commerce Bank plans core system conversion in fall to enhance customer experience

• Company remains focused on expense management, prudent underwriting and credit monitoring

• Company says market interest rates are in a short-term holding pattern amid geopolitical unrest

Result Drivers

• LOAN AND ASSET GROWTH - Net interest income rose due to higher average balances and yields on loans and investment securities

• IMPROVED ASSET QUALITY - Co cited year-over-year improvement in asset quality metrics and lower provision for credit losses

• NON-INTEREST INCOME - Higher bank-owned life insurance income and service charges contributed to increased non-interest income

Company press release: ID:nACSnvklCa

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.)