Reliant Bancorp, Inc. (RBNC) Tops Q2 EPS by 20c

Reliant Bancorp, Inc. (NASDAQ: RBNC) reported Q2 EPS of $0.48, $0.20 better than the analyst estimate of $0.28.

DeVan Ard Jr., Reliant Bancorp's Chairman and CEO, stated, "Our team delivered an excellent quarter despite the challenges of operating in a pandemic. We completed the First Advantage Bank merger and successfully converted their core system on time and with minimal customer disruption. We also assisted over 850 new and existing customers with $83.3 million in Paycheck Protection Program loans, which were a lifeline for many small businesses, allowing them to keep their doors open and continue paying their employees."

Ard continued, “We have begun to realize significant synergies from the Community Bank & Trust and First Advantage Bank mergers. Second quarter 2020 net interest income increased 75% over the first quarter of 2020, and our margin expanded by 97 basis points, driven by sharply lower funding costs and stable loan yields. Despite strong production, loan growth in the second quarter of 2020 was muted due to a dramatic economic slowdown, but core deposits, exclusive of the deposits acquired from First Advantage Bank, grew by 44% on an annualized basis. Finally, credit quality remained strong. We reported no net charge-offs for the quarter, and continued building our reserve to address potential COVID-19-related risks.”

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

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