Overview

* Morris State Q3 net income rises 68.98% yr/yr, driven by non-recurring items

* Net interest margin increased to 4.48% from 4.43% in the prior qtr

* Efficiency ratio improved to 36.96% due to ERC and PAM adjustments

Outlook

* Company expects stable loan demand with potential slight increase from M&A activity

Result Drivers

* NON-RECURRING ITEMS - Net income boosted by COVID Employee Retention Credit and accounting change related to investment tax credits

* NET INTEREST MARGIN - Increased to 4.48% due to solid loan growth, supporting higher net interest income

* LOAN GROWTH - Loans increased $18.2 million during the third quarter, contributing to higher net interest income

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS $0.87

Q3 Net $9.20

Income mln

Q3 Net $15.80

Interest mln

Income

Q3 Basic $0.87

EPS

Q3 Net 4.48%

Interest

Margin

Press Release:

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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.)