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MARIETTA, Ohio - On Tuesday, Peoples Bancorp Inc. (NASDAQ:PEBO) reported third quarter earnings that matched analyst expectations, as strong loan growth helped offset pressure on interest margins.
The Ohio-based financial services company posted earnings per diluted share of $0.83 for the third quarter, exactly in line with analyst estimates. Revenue came in at $115.18 million, slightly below the consensus estimate of $116.88 million. Net income totaled $29.5 million, up from $21.2 million in the second quarter but down from $31.7 million in the same quarter last year.
The bank reported period-end total loan and lease balances increased $127.1 million, or 8% annualized, compared to the previous quarter. Net interest income rose $3.8 million, or 4%, from the linked quarter, driven by higher investment securities yields and loan balances.
"We continued to experience high loan growth and had improvements in several key financial metrics during the third quarter," said Tyler Wilcox, President and Chief Executive Officer. "We look to maintain our momentum going into the fourth quarter and to drive shareholder value in future periods."
Net interest margin improved slightly to 4.16% for the third quarter, compared to 4.15% for the linked quarter. However, this was down from 4.27% in the third quarter of 2024, reflecting ongoing margin pressure.
The provision for credit losses decreased significantly to $7.3 million for the third quarter, compared to $16.6 million for the second quarter. Net charge-offs decreased to $6.8 million, representing 0.41% of average total loans on an annualized basis.
Asset quality metrics showed improvement, with nonperforming assets decreasing $1.8 million, or 4%, compared to the previous quarter. Total deposits remained relatively stable, decreasing just $5.0 million compared to the second quarter.
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