Q3 EPS Rises to $1.11 as Net Interest Margin Widens to 4.05%
FUNC sits 30% above its 52-week low of $33.54.
Summary
Q3 GAAP EPS came in at $1.11 versus $1.07 a year ago, with net income of $7.2M against $6.9M. Net interest margin widened to 4.05% from 3.98% in Q2, a 7 bp gain on higher loan yields and cheaper funding. Loan balances are up $83.7M year-to-date and deposits up $52.6M as expensive brokered CDs were repaid. The offset is credit: the provision jumped to $1.9M from $0.5M a year ago, tied to loan growth and added uncertainty. This extends the margin and fee improvement reported in the Q2 10-Q filed August 6th, and the $0.28 quarterly dividend declared September 24th remains in place.
At the time of this announcement, FUNC was trading at $43.63 on NASDAQ in the Finance sector, with a market capitalization of approximately $281.6M. The 52-week trading range was $33.54 to $46.30. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.