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Altabancorp: 4Q Earnings Snapshot

·1 min read

AMERICAN FORK, Utah (AP) _ Altabancorp (ALTA) on Wednesday reported fourth-quarter profit of $11.1 million.

The American Fork, Utah-based bank said it had earnings of 58 cents per share.

The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 54 cents per share.

The bank holding company posted revenue of $33 million in the period. Its revenue net of interest expense was $31.4 million, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $30.6 million.

For the year, the company reported profit of $43.5 million, or $2.29 per share. Revenue was reported as $126.1 million.

Altabancorp shares have climbed 20% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $33.50, an increase of 18% 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