Q3 EPS Slips to $0.57 as Securities Sale Loss Offsets Record Margin
CCFN has more than doubled off its 52-week low of $14.603 on elevated volume (6.0× avg).
Summary
Q3 net income fell to $6.04M, or $0.57 per share, from $6.72M, or $0.63, a year ago. The drop is almost entirely a $2.4M realized loss from selling low-yielding available-for-sale securities, part of a balance sheet repositioning meant to lift future interest income. The core franchise actually improved: net interest income rose $2.0M to $17.6M and the net interest margin widened to 4.54% from 4.15%. Offsets: the credit-loss provision more than doubled to $942K and non-performing assets ticked up to 0.67% of assets from 0.53% in Q2. Nine-month EPS of $1.92 is still well ahead of $1.59 last year, and the stock sits near its 52-week high at $30.48 against book value of $18.18.
At the time of this announcement, CCFN was trading at $30.48 on OTC in the Finance sector, with a market capitalization of approximately $323.5M. The 52-week trading range was $14.60 to $30.60. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: BusinessWire.