Business
PEOPLES BANCORP INC. ANNOUNCES 4TH QUARTER AND RECORD ANNUAL RESULTS FOR 2023
MARIETTA, Ohio, Jan. 23, 2024 /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. 23, 2024 /PRNewswire/ -- Peoples Bancorp Inc. (\"Peoples\") (NASDAQ: PEBO) today announced results for the quarter and year ended December 31, 2023. Net income totaled $33.8 million for the fourth quarter of 2023, representing earnings per diluted common share of $0.96. In comparison, Peoples reported net income of $31.9 million, representing earnings per diluted common share of $0.90, for the third quarter of 2023 and net income of $26.8 million representing earnings per diluted common share of $0.95, for the fourth quarter of 2022. For the full year, net income was $113.4 million in 2023 versus $101.3 million in 2022, representing earnings per diluted common share of $3.44 and $3.60, respectively.\n\nThe provision for (recovery of) credit losses recorded represents the amount needed to maintain the appropriate level of the allowance for credit losses based on management's quarterly estimates. The provision for credit losses negatively impacted earnings per diluted common share by $0.03 for the fourth quarter of 2023, $0.09 for the third quarter of 2023, and $0.06 for the fourth quarter of 2022. For the full year of 2023, the provision for credit losses negatively impacted earnings per diluted common share by $0.35, compared to a recovery of credit losses that positively impacted earnings per diluted common share by $0.10 for the full year of 2022.\n Non-core items, and the related tax effect of each, in net income primarily included acquisition-related expenses and a $2.4 million pension settlement charge recognized in the third quarter of 2023. Non-core items negatively impacted diluted earnings per common share by $0.08 for the fourth quarter of 2023, by $0.16 for the third quarter of 2023, and by $0.03 for the fourth quarter of 2022. Non-core items negatively impacted earnings per diluted common share by $0.59 and $0.11 for the full years of 2023 and 2022, respectively.\n\"2023 was the second consecutive year of record net income for Peoples,\" said Chuck Sulerzyski, President and Chief Executive Officer. \"Our diversified mix of business continues to demonstrate our ability to perform at a high level, regardless of the operating or rate environments.\"\nPension Plan Termination:During the third quarter of 2023, Peoples terminated its pension plan by settling the remaining benefit obligation of $7.7 mil...