Peoples Bancorp of North Carolina Q3 net earnings rise on loan growth
PEBK•Peoples Bancorp of North Carolina reported Q3 net income of $5.73 million as net interest income rose to $16.69 million, driven by loan growth and lower interest expense.
1. Earnings and drivers
Q3 net income was $5.73 million, net interest income was $16.69 million and pretax profit was $7.37 million. The company said higher net interest income reflected increased interest income and lower interest expense, mainly due to loan growth and lower rates paid on deposits.
2. Credit costs and expenses
The provision for credit losses was $250,000. The company attributed its decline to reduced balances in commercial construction and non-owner-occupied real estate loans, and said lower non-interest expenses mainly reflected reduced professional fees, debit card expense and appraisal management fee expense. It provided no specific guidance for future periods.
