MetroCorp Bancshares Inc. (MCBI) reported that its second-quarter net income applicable to common stock was $2.8 million, compared to $2.5 million in the year-ago period. Earnings per share for the quarter was $0.15, down from $0.16 in the comparable quarter last year.
On average, three analysts polled by Thomson Reuters expected the company to earn $0.15 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income for the latest second quarter was $12.98 million, down 4.9% compared with $13.65 million in the year-ago period, while total non-interest income rose 10.5% to $1.9 million from $1.8 million in the prior year quarter.
The decrease in net interest income was primarily due to a decline in the yield on loans, partially offset by lower cost of deposits.
by RTT Staff Writer
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