Peoples Bancorp Q3 net income and EPS rise
Overview
U.S. regional bank's Q3 net income and EPS rose both sequentially and yr/yr
Net interest income and margin improved, driven by higher loan and investment yields
Company recognized acquisition-related expenses for pending Citizens and Capital Bancorp deals
Outlook
Peoples Bancorp did not provide specific financial guidance for the current or future periods
Result Drivers
HIGHER LOAN YIELDS - Co said increased loan yields drove improvement in net interest margin and net interest income
FEE INCOME GROWTH - Co said increases in lease income, swap fee income, deposit account service charges, trust and investment income and bank owned life insurance income lifted non-interest income
LOWER CREDIT LOSS PROVISION - Co said provision for credit losses fell due to declines in reserves for individually-analyzed loans and leases and updates to prepayment, curtailment, and funding rates
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS | $0.91 | ||
Q3 Net Interest Income | $93.84 mln | ||
Q3 Credit Loss Provision | $3.60 mln | ||
Q3 Net Interest Margin | 4.31% |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for Peoples Bancorp Inc is $42.00, about 15.2% above its October 19 closing price of $36.47
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 11 three months ago
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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.)