Peoples Financial Services Q3 net income rises on higher loan volume, yields

By Reuters News


Overview

  • U.S. community bank's Q3 net income and EPS rose year-over-year

  • Higher net interest and non-interest income drove profit growth, partly offset by higher expenses

  • Company saw improved asset quality with lower nonperforming assets year-over-year


Outlook

  • Company did not provide specific financial guidance for upcoming quarters or full year in its press release


Result Drivers

  • NET INTEREST INCOME - Co said higher net interest income was a primary driver of Q3 profit growth

  • LOAN VOLUME AND YIELDS - Improved earning asset yields and higher loan volume contributed to increased interest income

  • ASSET QUALITY - Co said improved asset quality and resolution of nonaccrual assets reduced nonperforming assets


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$1.90

Q3 Net Income

$19.13 mln

Q3 Net Interest Income

$47.30 mln

Q3 Adjusted Net Interest Margin

3.80%


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "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 Financial Services Corp is $66.50, about 6.9% below its October 29 closing price of $71.46

  • The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago


Reuters Recommended Reads

  • Oct 28 - Hope Bancorp Q3 net income rises 16% year over year

  • Oct 29 - Virginia National Bankshares Q3 net income rises on higher loan yields and lower costs

  • Oct 28 - Orange County Bancorp Q3 net income rises 25% to record


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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