Overview
CalPrivate Bank Q3 net income rises 2.6% yr/yr to $9.7 mln
Diluted EPS for Q3 was $1.65, down from $1.77 in prior quarter
Core deposits increased 5.8% from prior quarter, brokered deposits decreased 65.7% yr/yr
Outlook
Company notes strong pipelines going into the fourth quarter
CalPrivate Bank focuses on expanding relationships and opening new branches
Company maintains a disciplined approach to lending amid slow loan growth
Result Drivers
INTEREST INCOME REVERSAL - Q3 results affected by $1.3 mln reversal of interest income from loans placed on nonaccrual
CORE DEPOSIT GROWTH - Core deposits increased by $121.1 mln or 5.8% from prior quarter, reflecting strategic focus
CREDIT LOSS PROVISION - Provision for credit losses rose to $1.8 mln, driven by increased reserves for nonaccrual loans
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS | $1.65 | ||
Q3 Net Income | $9.70 mln | ||
Q3 Net Interest Income | $29.33 mln | ||
Q3 Basic EPS | $1.67 | ||
Q3 Pretax Profit | $13.80 mln | ||
Q3 Provision for Credit Losses | $1.79 mln |
Press Release: ID:nGNX6kJ6zK
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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.)