Peoples Bancorp Q3 net income and EPS rise
PEBO•Peoples Bancorp said third-quarter net income and EPS rose sequentially and year over year. EPS was $0.91, net interest income was $93.84 million, and net interest margin was 4.31%.
1. Quarterly results
Peoples Bancorp reported that third-quarter net income and EPS rose both sequentially and year over year. EPS was $0.91, net interest income was $93.84 million, net interest margin was 4.31%, and the provision for credit losses was $3.60 million.
2. Drivers and outlook
The company said higher loan yields improved net interest income and margin, while growth in lease income, swap fees, deposit account service charges, trust and investment income, and bank-owned life insurance income lifted non-interest income. The provision for credit losses fell, and the company recognized acquisition-related expenses for its pending Citizens and Capital Bancorp deals. Peoples Bancorp provided no specific financial guidance for current or future periods.
