Peoples Bancorp Inc. Announces 4th Quarter Earnings And Full Year Net Income For 2019

About this update from Peoples Bancorp Inc.

[{"type":"text","content":"MARIETTA, Ohio, Jan. 21, 2020 /PRNewswire/ -- Peoples Bancorp Inc. (\"Peoples\") (NASDAQ: PEBO) today announced results for the quarter and year ended December 31, 2019. Net income totaled $14.9 million for the fourth quarter of 2019, representing earnings per diluted common share of $0.72. In comparison, earnings per diluted common share were $0.72 for the third quarter of 2019 and $0.71 for the fourth quarter of 2018. Non-core items negatively impacted earnings per diluted common share by $0.01 during both the fourth and the third quarter of 2019, and positively impacted earnings per diluted common share by $0.02 during the fourth quarter of 2018.\nFor the full year, net income was $53.7 million in 2019 versus $46.3 million in 2018, representing earnings per diluted common share of $2.63 and $2.41, respectively. Earnings per diluted common share were negatively impacted by $0.30 and $0.23 for non-core items for the full years of 2019 and 2018, respectively.\n\"Although the recent interest rate environment and an unusual amount of loan payoffs constrained net interest income in the latter half of the year, we are pleased with our results. Non-interest income, excluding net gains and losses, grew 6% compared to the linked quarter, highlighted by increases in income from electronic banking, trust and investment, and mortgage banking,\" said Chuck Sulerzyski, President and Chief Executive Officer. \"We completed the acquisition of First Prestonsburg Bancshares Inc. during 2019. For the fourth consecutive year, excluding non-core items, we generated positive operating leverage during the year. We also continued to improve our efficiency ratio and had solid non-interest income growth supplemented by the First Prestonsburg acquisition, while investing in technology to better serve our customers. In 2020, we will continue to put our clients' needs first, while continuing to make prudent investments into our business.\"\nNote: The comparison of income statement and balance sheet results between the 2019 and 2018 periods was affected by the First Prestonsburg Bancshares Inc. (\"First Prestonsburg\") acquisition, which closed April 12, 2019, and the ASB Financial Corp. (\"ASB\") acquisition, which closed April 13, 2018.\nStatement of Operations Highlights:\nNet interest income for the fourth quarter of 2019 declined 2% compared to the th...

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