Q3 Net Income Jumps to $5.7M as Credit Provisions Stay Minimal
PEBK sits 62% above its 52-week low of $27.33.
Summary
Q3 net income came in at $5.727 million, up from $5.2 million in Q2, with diluted EPS of $1.05, pretax profit of $7.366 million and net interest income of $16.691 million. The credit loss provision was just $250 thousand, a light charge that contrasts with the increased provisioning that weighed on Q2 results. For a bank of this size, the quarter shows steady core earnings with little credit stress. Shares are trading near the 52-week high of $45.78, so the print supports the recent run; watch whether the improved earnings hold into Q4.
At the time of this announcement, PEBK was trading at $44.32 on NASDAQ in the Finance sector, with a market capitalization of approximately $242.1M. The 52-week trading range was $27.33 to $45.78. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.