Peoples Bancorp of North Carolina Q3 net earnings rise on loan growth

Peoples Bancorp of North Carolina

Mon 14:11

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: ID:nACSnthJha

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
 

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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.)