Reports Q3 NII $88.05M, consensus $90.48M. Tangible book value per common share at end of period was $24.53 from $23.18. CEO Nitin Mhatre stated, “We are pleased to report a robust quarter reflecting accelerating momentum across key business drivers. Quarterly operating income has increased sequentially throughout this year driven by calibrated loan growth, improving credit quality and continued expense management. Q3 operating income per share increased 16% year over year. This quarter also saw approximately 1% growth in average deposit balances. During the quarter, we completed the sale of ten branch offices. Including branch consolidations, the total branch count has been reduced by 14% this year to 83 offices. Also, after quarter-end, the company’s balance sheet was further strengthened through the sale of $46.5M in consumer loans.” CFO Brett Brbovic added, “Operating revenue grew 1% linked quarter and benefited from loan growth and increased loan related fees. The net interest margin decreased modestly to 3.16% from 3.20% linked quarter and 3.18% year-over-year. The provision for credit losses decreased $1.0M reflecting lower recent loss trends. Operating expense increased $0.9M, with lower occupancy and technology costs offset by higher miscellaneous expenses. The allowance for credit losses on loans remained steady at 1.22% of total loans. Capital strength improved, with the tangible common equity ratio improving to 9.1% from 8.2%.”
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