Why did PEBO's Q3 2024 earnings exceed forecasts?

Peoples Bancorp Inc. (NASDAQ: PEBO) reported third-quarter 2024 results with net earnings of $4.0 million, slightly down from $4.1 million in Q3 2023. The reported EPS was $0.74, which was slightly less than the expected EPS of $0.81, as forecasted by DA Davidson for Q3 2024. The bank's net interest margin decreased to 3.35% from 3.39% year-over-year. Year-to-date net earnings increased to $12.8 million or $2.41 per share, up from $12.1 million or $2.22 per share. Total loans grew to $1.12 billion, and total deposits rose to $1.48 billion. Non-performing assets remained stable at $3.9 million. The provision for credit losses decreased to $297,000. Effective tax rate increased to 25.76% due to changes in North Carolina's corporate tax rate.

Given these details, it is clear that the bank's performance was mixed, with some positive trends such as increased loans and deposits, and a rise in year-to-date earnings, which may have contributed to the slight decline in net earnings. The slight decline in net earnings and the decrease in net interest margin may have been factors that prevented the earnings from exceeding forecasts more significantly.

|code|Ticker|Name|Date|Net Income|market_code|
|---|---|---|---|---|---|
|PEBO|PEBO.O|Peoples Bancorp|2024 Q1|2.9584E7|185|
|PEBO|PEBO.O|Peoples Bancorp|2024 Q2|2.9007E7|185|
|PEBO|PEBO.O|Peoples Bancorp|2024 Q3|3.1684E7|185|
|PEBO|PEBO.O|Peoples Bancorp|2024 Q4|2.693E7|185|