Reliant Bancorp, Inc. (RBNC) Tops Q2 EPS by 1c

Reliant Bancorp, Inc. (NASDAQ: RBNC) reported Q2 EPS of $0.34, $0.01 better than the analyst estimate of $0.33.

“Our second quarter results represent the third consecutive quarter of higher earnings, excluding merger related charges, which were driven by accelerating loan growth in the second half of the quarter, improved asset quality, efficiencies gained with the Community First merger and conversion, and increased bank segment noninterest income,” stated DeVan D. Ard, Jr., Chairman, President, and Chief Executive Officer. “We completed the conversion of Community First\'s systems in mid-May and expect to realize additional operating efficiencies and revenue synergies in the third quarter. Our associates worked very hard on all aspects of the conversion, and as a result customer retention has been very high.

“Job growth continues to power Nashville’s economy, led by Williamson and Maury counties, where employment grew 33% and 30%, respectively, from 2012 to 2017 according to the BLS. Further, Williamson County’s population is anticipated to grow 153% from 2010 to 2040, followed by Rutherford County, where we will open a new full service office in August, at a 99% growth rate. Jobs, low unemployment, and a relatively low cost of living continue to spur loan demand by businesses and individuals across the region, and have led to intense competition for deposits. We expect these positive economic trends to continue in the third quarter and for both loan yield and deposit costs to increase,” concluded Ard.

For earnings history and earnings-related data on Reliant Bancorp, Inc. (RBNC) click here.

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