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Community bank earnings: 2 Arizona banks report higher Q1 earnings YOY

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Community bank earnings: 2 Arizona banks report higher Q1 earnings YOY

In this feature, S&P Global MarketIntelligence takes a look at a handful of community banks reporting results forthe three months ended March 31 around the country on April 29.

West

Lake HavasuCity, Ariz.-based State BankCorp. reported net income of $700,000, or 12 cents per share,for the first quarter, compared to $681,000, or 12 cents per share, for thefirst quarter of 2015. Excluding costs related to its merger, net income forthe quarter would have been $816,000, a 19.8% increase compared to the firstquarter a year ago.


Yuma,Ariz.-based TFB BancorpInc. reported net income after tax of $900,000 for the firstquarter. It was $619,000 a year ago.


Helena,Mont.-based Eagle Bancorp MontanaInc. said that net income was $823,000, or 21 cents pershare, for the first quarter. It was $386,000, or 10 cents per share, a yearago.


Mid-Atlantic                                                              

reported net income of $21.0 million, or 33 cents pershare, for the first quarter, compared to $19.8 million, or 32 cents per share,for the same period in 2015. Growth in both average loans outstanding andaverage noninterest bearing deposits, along with growth in wealth managementincome, favorably impacted results of operations for the first quarter. Theyhelped mitigate the impact of net interest margin compression.


Northeast

NorthConway, N.H.-based NorthwayFinancial Inc. reported net income available to common stockholders of$1.6 million, or 56 cents per share, for the first quarter, compared to $1.8million, or 66 cents per share, for the year-ago period.


Midwest

Grand Forks, N.D.-based Alerus Financial Corp. net income applicable to commonstock of $2.9 million, or 21 cents per share, for the first quarter, comparedto $4.0 million, or 29 cents per share, for the year-ago period.Results for the recent quarter included $1.3 million of nonrecurring expensesrelated to the acquisitions of Alliance Benefit Group North Central States Inc.and Shorewood, Minn.-based BeaconBank.