Peoples Bancorp of North Carolina Q3 net earnings rise on loan growth
Overview
US regional bank's Q3 net earnings rose yr/yr on higher net interest income
Net interest income increased from prior year, reflecting loan growth and lower interest expense
Provision for credit losses declined, reflecting lower loan balances in certain categories
Outlook
Company did not provide specific guidance or outlook for future periods
Result Drivers
NET INTEREST INCOME - Co said higher net interest income was driven by increased interest income and lower interest expense, mainly due to loan growth and lower rates paid on deposits
CREDIT LOSS PROVISION - Co said lower provision for credit losses was due to reduced balances in commercial construction and non-owner-occupied real estate loans
NON-INTEREST EXPENSES - Co said lower non-interest expenses were mainly due to reduced professional fees, debit card expense and appraisal management fee expense
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Net Income | $5.73 mln | ||
Q3 Net Interest Income | $16.69 mln | ||
Q3 Pretax Profit | $7.37 mln | ||
Q3 Provision for Credit Losses | $250,000 |
Reuters Recommended Reads
Oct 16 - US regional banks join bigger peers in signaling resilient economy as lending holds firm
Oct 16 - Hingham Institution for Savings Q3 net income falls; net interest margin increases
Oct 16 - Chino Commercial Bancorp Q3 net earnings rise on higher net interest income, loan growth
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)