Its noninterest expense rose 17% from a year earlier, in part because of costs stemming from its recent overdraft protection settlement with federal regulators.
The Oklahoma bank’s net charge-offs were its second-highest in the last five quarters, but the company said it was confident in its credit quality outlook and growth prospects from a pending acquisition.
The Salt Lake City company reported a 21% increase in second-quarter profits, even as its decision to scale back commercial real estate lending muted overall loan growth.
Despite some green shoots in key credit segments, total loan growth was light at many banks last quarter. Rate hikes are threatened, and deposits will get pricier — where will the earnings come from?
