Business
PEOPLES BANCORP INC. ANNOUNCES FIRST QUARTER 2024 RESULTS
MARIETTA, Ohio, April 23, 2024 /PRNewswire/ -- Peoples Bancorp Inc. ("Peoples") (NASDAQ: PEBO) today announced results for the quarter ended March 31, 2024.
About this update from Peoples Bancorp Inc.
[{"type":"text","content":"MARIETTA, Ohio, April 23, 2024 /PRNewswire/ -- Peoples Bancorp Inc. (\"Peoples\") (NASDAQ: PEBO) today announced results for the quarter ended March 31, 2024. Net income totaled $29.6 million for the first quarter of 2024, representing earnings per diluted common share of $0.84. In comparison, Peoples reported net income of $33.8 million, representing earnings per diluted common share of $0.96, for the fourth quarter of 2023 and net income of $26.6 million representing earnings per diluted common share of $0.94, for the first quarter of 2023.\n\n\"Our first quarter performance built upon our foundation from 2023, as our diversified mix of revenue sources continued to be a strength. We see most segments of our business thriving as the demand for commercial and industrial loans and leasing remains strong,\" said Tyler Wilcox, President and Chief Executive Officer. \"We increased our dividend this morning, for the ninth consecutive year, and are focused on shareholder return.\"\nStatement of Operations Highlights:\nNet interest income for the first quarter of 2024 declined 2%, compared to the linked quarter, driven by lower accretion income. Net interest margin decreased to 4.27% for the first quarter of 2024, compared to 4.44% for the linked quarter driven by lower accretion income and excess cash retained during the quarter.Peoples recorded a provision for credit losses of $6.1 million for the first quarter of 2024, compared to a provision for credit losses of $1.3 million for the fourth quarter of 2023.The provision for credit losses negatively impacted earnings per diluted common share by $0.14 for the first quarter of 2024 and $0.03 for the fourth quarter of 2023.Annualized net charge-offs were 0.22% of average total loans and are returning to pre-pandemic levels.Total non-interest income, excluding net gains and losses, decreased $0.2 million, or 1%, for the first quarter of 2024 compared to the linked quarter. Total non-interest expense for the first quarter of 2024 increased $0.8 million, or 1%, compared to the linked quarter.The increase in total non-interest expense compared to the linked quarter was primarily attributable to an increase in salaries and employee benefit costs due to anticipated annual expenses that occur in the first quarter of each year.The efficiency ratio for the first quarter of 2024 was 58.0%, compar...