Business
PEOPLES BANCORP INC. ANNOUNCES FOURTH QUARTER AND ANNUAL RESULTS FOR 2024
MARIETTA, Ohio, Jan. 21, 2025 /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. 21, 2025 /PRNewswire/ -- Peoples Bancorp Inc. (\"Peoples\") (NASDAQ: PEBO) today announced results for the quarter and year ended December 31, 2024. Net income totaled $26.9 million for the fourth quarter of 2024, representing earnings per diluted common share of $0.76. In comparison, Peoples reported net income of $31.7 million, representing earnings per diluted common share of $0.89, for the third quarter of 2024 and net income of $33.8 million, representing earnings per diluted common share of $0.96, for the fourth quarter of 2023. For the full year, net income was $117.2 million in 2024 versus $113.4 million in 2023, representing earnings per diluted common share of $3.31 and $3.44, respectively.\n\n\"2024 marked the third consecutive year of record net income for Peoples,\" said Tyler Wilcox, President and Chief Executive Officer. \"We are pleased with our accomplishments for the year and remain committed to our focus on our clients, shareholders, and community in 2025.\"\nStatement of Operations Highlights:\nNet interest income for the fourth quarter of 2024 decreased $2.4 million, or 3%, when compared to the linked quarter driven by lower accretion income.Net interest margin decreased to 4.15% for the fourth quarter of 2024, compared to 4.27% for the linked quarter, driven by lower accretion income.Accretion, net of amortization expense, contributed 23 basis points to margin for the fourth quarter, down 16 basis points from the 39 basis points of accretion, net of amortization expense, recognized in the prior quarter.Peoples recorded a provision for credit losses of $6.3 million for the fourth quarter of 2024, compared to a provision for credit losses of $6.7 million for the third quarter of 2024.The provision for credit losses was driven by net charge-offs, and negatively impacted earnings per diluted common share by $0.13 for the fourth quarter of 2024 and $0.15 for the third quarter of 2024.Total non-interest income, excluding net gains and losses, increased $1.2 million, or 5%, for the fourth quarter of 2024 compared to the linked quarter. The increase was the result of higher swap fee income driven by customer demand.Total non-interest expense for the fourth quarter of 2024 increased $4.4 million, or 7%, compared to the linked quarter.The efficiency ratio for the fourth quarter of 2024 was 59.6%,...