BOSTON Capital Crossing Bank expects its second-quarter earnings to be between 37 cents and 40 cents per share, below consensus estimates.
A First Call/Thompson Financial survey of three analysts produced a mean earnings estimate of 52 cents a share for the companys second quarter. In last years second quarter, Capital Crossing, formerly Atlantic Bank & Trust Co., earned $1.4 million, or 30 cents a diluted share.
In a press release Monday, the company attributed the shortfall to the interest rate environment, which it said may also affect results for subsequent quarters. Capital Crossing said rising interest rates hurt its loan acquisition operations and increased the cost of funds on the banks deposits, which consist primarily of higher-costing certificates of deposit and money market accounts.
The commercial bank plans to release its second-quarter earnings July 26.