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Altabancorp: 3Q Earnings Snapshot

·1 min read

AMERICAN FORK, Utah (AP) _ Altabancorp (ALTA) on Wednesday reported third-quarter earnings of $11.3 million.

The bank, based in American Fork, Utah, said it had earnings of 60 cents per share.

The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.

The bank holding company posted revenue of $33.6 million in the period. Its revenue net of interest expense was $31.9 million, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $31.3 million.

Altabancorp shares have decreased 28% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $21.77, a drop of 26% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ALTA at https://www.zacks.com/ap/ALTA