Business
PEOPLES BANCORP INC. ANNOUNCES FIRST QUARTER 2022 RESULTS
MARIETTA, Ohio, April 26, 2022 /PRNewswire/ -- Peoples Bancorp Inc. ("Peoples") (Nasdaq: PEBO) today announced results for the three months ended March 31,
About this update from Peoples Bancorp Inc.
[{"type":"text","content":"MARIETTA, Ohio, April 26, 2022 /PRNewswire/ -- Peoples Bancorp Inc. (\"Peoples\") (Nasdaq: PEBO) today announced results for the three months ended March 31, 2022. Peoples reported net income of $23.6 million for the first quarter of 2022, representing earnings per diluted common share of $0.84. In comparison, Peoples recognized earnings per diluted common share of $0.98 for the fourth quarter of 2021, and earnings per diluted common share of $0.79 for the first quarter of 2021. \nNon-core items, and the related tax effect of each, in net income primarily included acquisition-related expenses. Non-core items negatively impacted earnings per diluted common share by $0.04 for the first quarter of 2022, $0.02 for the fourth quarter of 2021, and $0.13 for the first quarter of 2021. \n\"On March 7th, we completed the acquisition of Vantage,\" said Chuck Sulerzyski, President and Chief Executive Officer. \"This addition builds upon the capacity and growth potential we have already seen in our leasing division. We are excited to expand our specialty finance business suite, and we are equally pleased with the talent we are gaining from Vantage.\" \nCompletion of Vantage Acquisition:\nOn March 7, 2022, Peoples Bank acquired Vantage Financial, LLC (\"Vantage\"), a nationwide provider of equipment financing headquartered in Excelsior, Minnesota. Under the terms of the agreement, Peoples Bank purchased 100% of the equity of Vantage for total cash consideration of $54.0 million. Peoples Bank also repaid $28.9 million in recourse debt on behalf of Vantage, for total consideration of $82.9 million. Vantage offers mid-ticket equipment leases, primarily for business essential information technology equipment across a wide-array of industries. Peoples recognized lease assets of approximately $140.3 million as of the acquisition date.\nPremier Financial:\nOn September 17, 2021, Peoples completed its merger with Premier Financial Bancorp, Inc. (\"Premier\"), in 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 definitive Agreement and Plan of Merger dated March 26, 2021, Premier merged with and into Peop...