Q: Please comment on earning. Thanks a million.
5i Research Answer:
Revenue fell 6% to $27.3M, missing estimates of $29.4M. Net income fell to $5.5M or 20c per share, down from $12.5M or 47c per share last year. Estimates were 40c per share. Earnings were impacted by a one-time cost of $3.3M associated with the acquisition of Stearns Bank, as well as a one-time expense of a deferred tax assets. Tier One ratio was 11.24% vs 11.33% a year ago. Provision for credit losses remains negligible, but still declined 0.1%. Net interest margin fell to 2.12% from 2.23%. It was a 'miss', but the future looks better, and it is expected to show significant earnings growth in 2025.