Peoples Bancorp Q3 net interest income rises on higher loan growth

Overview

• Peoples Bancorp Q3 net income falls compared to last year, EPS at $0.83

• Net interest income for Q3 rises 4% from linked qtr, driven by higher loan balances

• Provision for credit losses in Q3 drops significantly from previous quarter

Outlook

• Peoples Bancorp did not provide specific financial guidance for future periods

Result Drivers

• LOAN GROWTH - High loan growth, especially in commercial real estate and industrial loans, drove net interest income increase

• CREDIT LOSS PROVISION - Provision for credit losses decreased significantly, driven by net charge-offs, loan growth, and slight economic forecast deterioration

• EFFICIENCY IMPROVEMENT - Efficiency ratio improved due to higher net interest income and lower non-interest expense

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for Peoples Bancorp Inc is $34.00, about 15.6% above its October 20 closing price of $28.70

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release: ID:nPnbH7X2Ba

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