AMERICAN FORK, Utah (AP) _ Peoples Utah Bancorp (PUB) on Wednesday reported first-quarter profit of $10.8 million.
The American Fork, Utah-based bank said it had earnings of 57 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share.
The bank holding company posted revenue of $33.1 million in the period. Its revenue net of interest expense was $31 million, also beating Street forecasts. Three analysts surveyed by Zacks expected $30.1 million.
Peoples Utah Bancorp shares have declined 42% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $17.53, a drop of 36% in the last 12 months.
