Peoples Bank of Commerce Q3 net income, EPS rise sequentially on deposit growth

By Reuters News


Overview

  • U.S. commercial bank's Q3 net income and EPS rose from prior quarter

  • Company's net interest margin increased to 4.38% in Q3

  • Non-interest expenses rose due to merger-related professional costs


Outlook

  • Company did not provide specific guidance for future quarters or full-year results in its press release


Result Drivers

  • LOAN GROWTH - Co said portfolio loans increased 1.6% from prior qtr and credit quality remained strong

  • DEPOSIT GROWTH - Co reported 3% increase in deposit balances, including higher non-interest bearing demand deposits and brokered funding

  • NON-INTEREST INCOME - Increase in non-interest income mainly due to recognition of prior year lost revenue and repayment of legal expenses


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$0.51

Q3 Net Income

$2.62 mln

Q3 Net Interest Income

$7.65 mln

Q3 Pretax Profit

$3.55 mln


Reuters Recommended Reads

  • Oct 19 - Peoples Bancorp of North Carolina Q3 net earnings rise on loan growth

  • Oct 20 - Peoples Bancorp Q3 net income and EPS rise

  • Oct 21 - Fidelity D&D Bancorp Q3 net income rises on loan growth


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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