DS CPQ Test - no contract

This is Only a Test

SAN FRANCISCO--(BUSINESS WIRE)--Test, Inc. today announced that net income for the quarter ended June 30, 2020 was $7,931,000, a 2.8% increase over net income of $7,713,000 for the second quarter of 2019, but down from $8,397,000 for the first quarter of 2020. Diluted earnings per share were $0.47 for the second quarter of 2020, an increase of 2.2% from $0.46 in the second quarter of 2019, but down from $0.50 for the first quarter of 2020.— [characters ™ ® ©]

For the six months ended June 30, 2020, net income totaled $16,328,000, an 8.6% increase over net income of $15,035,000 for the first six months of 2019. Diluted earnings per share for the first six months of 2020 were $0.97, compared to $0.90 for the first six months of 2019, an increase of 7.8%

• Record earnings of 47 cents per diluted share
• Higher net interest income
• Strong fee-based revenues

NET INTEREST INCOME

Net interest income for the second quarter of 2020 increased 7.0% to a record $17,985,000 compared to $16,811,000 for the second quarter of 2019. Net interest margin, on a fully taxable equivalent basis, was 3.61% in the second quarter of 2020, a decrease of 61 basis points from 4.22% in the second quarter of 2019 and a decrease of 23 basis points from the first quarter of 2020.

Net interest income for the six months ended June 30, 2020 increased 6.5% to $35,423,000 compared to $33,271,000 for the six months ended June 30, 2019. The Company’s net interest margin for the first half of 2020 was 3.72%, a decrease of 56 basis points from 4.28% in the first half of 2019.

GENERAL

Test, Inc. trades on the NASDAQ Global Select Market under the symbol “TEST”. The Company owns a state-chartered subsidiary bank that conducts banking operations through 56 offices in 31 communities. The Company’s website is: www.businesswire.com.

Test, Inc. Selected Consolidated Financial Data (Dollars in Thousands, Except Per Share Amounts) Unaudited
	Quarters Ended			Six Months Ended
	June 30,			June 30,
	2020	2019	% Change	2020	2019	% Change
Income statement data:
Net interest income	$17,985	$16,811	7.0%	$35,423	$33,271	6.5%
Provision for loan and lease losses	500	500	-	1,000	1,000	-
Non-interest income	4,954	4,913	0.8	11,118	9,284	19.8
Non-interest expense	11,017	10,008	10.1	22,177	19,504	13.7
Net income	7,931	7,713	2.8	16,328	15,035	8.6
Common stock data:
Net income per share – diluted	$0.47	$0.46	2.2%	$0.97	$0.90	7.8%
Net income per share – basic	0.47	0.46	2.2	0.98	0.90	8.9
Cash dividends per share	0.10	0.09	11.1	0.20	0.17	17.6
Book value per share	8.95	8.40	6.5	8.95	8.40	6.5
Diluted shares outstanding (thousands)	16,808	16,770		16,802	16,752
End of period shares outstanding (thousands)	16,718	16,639		16,718	16,639