Peoples Bancorp of North Carolina Q2 net interest income rises

Peoples Bancorp of North Carolina, Inc.

Peoples Bancorp of North Carolina, Inc.

PEBK

0.00


Overview

  • US regional bank's Q2 net earnings were flat yr/yr at $5.2 mln

  • Net interest income rose due to higher loan balances and lower interest expense

  • Earnings offset by higher provision for credit losses and lower non-interest income


Outlook

  • Company did not provide specific guidance or outlook for future periods in the press release


Result Drivers

  • NET INTEREST INCOME - Higher net interest income driven by increased loan balances and lower interest expense

  • CREDIT LOSS PROVISION - Higher provision for credit losses reflecting loan growth and increased net charge-offs

  • NON-INTEREST INCOME - Lower non-interest income mainly due to a decrease in appraisal management fee income from reduced appraisal volume


Company press release: ID:nACSl4JxPa


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 Net Income

$5.23 mln

Q2 Net Interest Income

$15.97 mln

Q2 Pretax Profit

$6.73 mln

Q2 Provision for Credit Losses

$293,000


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