Business
PEOPLES BANCORP INC. ANNOUNCES 4TH QUARTER AND ANNUAL RESULTS FOR 2021
MARIETTA, Ohio, Jan. 25, 2022 /PRNewswire/ -- Peoples Bancorp Inc. ("Peoples") (NASDAQ: PEBO) today announced results for the quarter and year ended December
About this update from Peoples Bancorp Inc.
[{"type":"text","content":"MARIETTA, Ohio, Jan. 25, 2022 /PRNewswire/ -- Peoples Bancorp Inc. (\"Peoples\") (NASDAQ: PEBO) today announced results for the quarter and year ended December 31, 2021. Net income totaled $27.9 million for the fourth quarter of 2021, representing earnings per diluted common share of $0.99. In comparison, earnings (loss) per diluted common share were ($0.28) for the third quarter of 2021 and $1.05 for the fourth quarter of 2020. For the full year, net income was $47.7 million in 2021 versus $34.8 million in 2020, representing earnings per diluted common share of $2.16 and $1.73, respectively.\n Non-core items, and the related tax effect of each, in net income (loss) included acquisition-related expenses, contract negotiation expenses, COVID-19-related expenses, a contribution to Peoples Bank Foundation, Inc., pension settlement charges, severance expenses, losses on investment securities, and gains and losses on asset disposals and other transactions. Non-core items positively impacted diluted earnings per common share for the fourth quarter of 2021 by $0.02 and negatively impacted earnings per diluted common share by $0.71 for the third quarter of 2021, and by $0.07 for the fourth quarter of 2020. Non-core items negatively impacted earnings per diluted common share by $0.85 and $0.22 for the full years of 2021 and 2020, respectively.\n\"We are very optimistic that 2022 will be an even better year for Peoples,\" said Chuck Sulerzyski, President and Chief Executive Officer. \"We look forward to seeing greater loan growth, greater efficiency and strengthening of our excellent client and employee experience.\" \nCompletion of Premier Acquisition:On March 29, 2021, Peoples and Premier Financial Bancorp, Inc. (\"Premier\") jointly announced the signing of a definitive Agreement and Plan of Merger, dated March 26, 2021 (the \"Merger Agreement\"), pursuant to which Peoples acquired, in an all-stock merger, Premier, a bank holding company headquartered in Huntington, West Virginia, and the parent company of Premier Bank, Inc. (\"Premier Bank\") and Citizens Deposit Bank and Trust, Inc. (\"Citizens\"). Under the terms and subject to the conditions of the Merger Agreement, Premier merged with and into Peoples (the \"Merger\"), and Premier Bank and Citizens subsequently merged with and into Peoples' wholly-owned subsidiary, Peoples Bank, i...