Business
PEOPLES BANCORP INC. ANNOUNCES SECOND QUARTER 2022 RESULTS
MARIETTA, Ohio, July 26, 2022 /PRNewswire/ -- Peoples Bancorp Inc. ("Peoples") (Nasdaq: PEBO) today announced results for the quarter and six months ended
About this update from Peoples Bancorp Inc.
[{"type":"text","content":"MARIETTA, Ohio, July 26, 2022 /PRNewswire/ -- Peoples Bancorp Inc. (\"Peoples\") (Nasdaq: PEBO) today announced results for the quarter and six months ended June 30, 2022. Peoples reported net income of $24.9 million for the second quarter of 2022, representing earnings per diluted common share of $0.88. In comparison, Peoples recognized earnings per diluted common share of $0.84 for the first quarter of 2022, and earnings per diluted common share of $0.51 for the second quarter of 2021. For the six months ended June 30, 2022, Peoples recorded net income of $48.5 million, or $1.72 per diluted common share, compared to $25.6 million, or $1.31 per diluted common share, for the six months ended June 30, 2021.\nNon-core items, and the related tax effect of each, in net income primarily included acquisition-related and COVID-19 related expenses. Non-core items negatively impacted earnings per diluted common share by $0.02 for the second quarter of 2022, $0.04 for the first quarter of 2022, and $0.10 for the second quarter of 2021. Non-core items negatively impacted earnings per diluted share by $0.06 and $0.21 for the six months ended June 30, 2022 and 2021, respectively. The release of provision for credit losses positively impacted earnings per diluted share by $0.02 for the second quarter of 2022, and $0.18 for the first quarter of 2022, while the provision for credit losses had a negative impact on earnings per diluted share of $0.13 for the second quarter of 2021. For the first six months of 2022, the release of provision positively impacted earnings per diluted share by $0.21, compared to $0.07 for the first six months of 2021.\n\"Earnings were strong for the first half of 2022 as we nearly doubled our net income compared to 2021 primarily due to our recent acquisitions and organic growth,\" said Chuck Sulerzyski, President and Chief Executive Officer. \"Our return on average assets improved to 1.40%, and our return on average stockholders' equity grew to 12.6%, for the second quarter. We continue to focus on driving greater shareholder value through reliable and consistent financial results.\" \nCompletion of Vantage Acquisition:On 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, Peopl...