Peoples Bancorp Q2 net interest income rises on lower costs
PEBO•Outlook
- The company did not provide specific financial guidance for the current or upcoming quarters in the press release.
Result drivers
- Net interest income - Increase driven by lower deposit and borrowing costs compared with the prior quarter and prior year.
- Credit loss provision - Provision for credit losses decreased, reflecting improved macroeconomic conditions and lower charge-offs, especially in leases and indirect consumer loans.
- Non-interest income - Modest growth in non-interest income, led by increases in electronic banking, lease, trust and investment, and mortgage banking income, partially offset by lower insurance income.
Quarterly results
- U.S. regional bank's Q2 net income and EPS rose year over year, but declined from the prior quarter.
- Net interest income and margin increased from the prior quarter, driven by lower deposit costs.
- The company recorded $0.4 million in acquisition-related expenses for the pending Citizens Bank merger.
Key details and analyst coverage
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