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The bank’s key metrics included an efficiency ratio of 51.6%, a net interest margin of 3.5%, and earning assets-average balance standing at $25.77 billion. Other income sources contributing to the earnings included mortgage banking operations, which accounted for $7.56 million, total other income of $33.66 million, bank-owned life insurance income that brought in $2.56 million, deposit service fees amounting to $9.28 million, and net interest income (taxable equivalent) of $229.32 million.
Additional revenue streams were from other service charges, commissions, and fees which summed up to $0.85 million, bankcard fees and merchant discounts that totaled $1.68 million, and other income which stood at $2.12 million.
Despite a monthly return of -3.4%, UBSI outperformed the Zacks S&P 500 composite’s -1.6% change for the same period. Given this performance, UBSI currently holds a Zacks Rank #2 (Buy).
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