Forbright Q2 net income $4.1M ($0.10 EPS) down from $11.6M in Q1; NII up to $63.1M, NIM expands to 3.19%

Forbright, Inc.

Net income $4.1M, basic EPS $0.10, diluted $0.09; Q1 net income was $11.6M ($0.29 basic).
Net interest income $63.1M, up $3.6M QoQ; net interest margin 3.19%, +9 bps QoQ.
Total loans $6.1B, total deposits $7.3B; provision for credit losses $5.9M, net charge-off ratio 0.20%.
Efficiency ratio 77.39%; return on avg tangible common equity 2.19% (non-GAAP).
One-time costs: $5.6M write-down of deferred tax assets and $0.9M IPO expenses in Q2.

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