US Bancorp (OTCMKTS:UBNC) Stock In Focus After Quarterly Earnings

Back on October 21, US Bancorp (OTCMKTS:UBNC) was in the news after it announced its financial results for the quarter as well as the nine month period, both of which ended on September 30, 2022. However, the numbers seem to have not come as a source of optimism for investors and the stock tanked by as much as 3% amidst a selloff.

Trading Data

On Friday, UBNC stock moved down 3.24% to $21.53 with 549 shares, compared to volume of 1.36K shares. The stock moved within a range of $21.53 – 21.54 after opening trade at $21.54.

UB Bancorp Releases Results for the Quarter and Nine Months Ended September 30, 2022

US Bancorp managed to bring in net income to the tune of as much as $3 million in the quarter, which worked out to earnings of 51 cents for each common share. On the other hand, the net income in the nine month period stood at $8.2 million, which reflected earnings of $1.36 per basic common share.

It was also noted that during the course of the first three quarters of the year, US Bancorp had spent as much as $515,000 in the form of expenses related to mergers. In the first nine months of the year, the core loans on its books soared to $38.2 million and that reflected growth of as much as 6%. At the conclusion of the third quarter, the total deposits with the company stood at $1.02 billion.

Key Quote

Rob Jones, President and CEO, commented “I am pleased and proud to report these outstanding results for what is anticipated to be our final earnings report. As previously stated, all regulatory and shareholder hurdles have been cleared for our previously announced merger with FNB Corporation. The merger is expected to be completed in December of 2022.”

Traders Corner

UBNC stock is trading above the 20-Day and 50-Day Moving averages of $19 and $19 respectively. Moreover, the stock is trading above the 200-Day moving average of $18.