Published on 25 Apr 2024 on GuruFocus.com via Yahoo Finance
Net Income: Reported at $4.3 million, falling short of the estimated $4.6 million.Earnings Per Share (EPS): Achieved $0.44 per diluted share, below the estimated $0.47.Revenue: Net interest income for the quarter was $17.6 million, indicating a decrease from previous periods and not meeting the estimated revenue of $22.3 million.Loan Growth: Loans increased by $32.5 million, showing an annualized growth rate of 7.8%, with significant growth in commercial loans.Deposits: Total deposits rose by $41.7 million to $1.92 billion, with a notable increase in interest-bearing accounts.Noninterest Income: Increased by $196,000 to $4.2 million, primarily due to reduced losses on sales of securities compared to the previous year.Merger Update: Continuing progress on the merger with Orrstown Financial Services, expecting to incur additional merger-related expenses in 2024.
Warning! GuruFocus has detected 1 Warning Sign with CVLY.