Business
PEOPLES BANCORP INC. ANNOUNCES SECOND QUARTER 2023 RESULTS
MARIETTA, Ohio, July 25, 2023 /PRNewswire/ -- Peoples Bancorp Inc. ("Peoples") (Nasdaq: PEBO) today announced results for the three and six months ended June
About this update from Peoples Bancorp Inc.
[{"type":"text","content":"MARIETTA, Ohio, July 25, 2023 /PRNewswire/ -- Peoples Bancorp Inc. (\"Peoples\") (Nasdaq: PEBO) today announced results for the three and six months ended June 30, 2023. Peoples reported net income of $21.1 million for the second quarter of 2023, representing earnings per diluted common share of $0.64. In comparison, Peoples reported net income of $26.6 million, representing earnings per diluted common share of $0.94, for the first quarter of 2023, and net income of $24.9 million, representing earnings per diluted common share of $0.88, for the second quarter of 2022. For the six months ended June 30, 2023, Peoples recorded net income of $47.7 million, or $1.56 per diluted common share, compared to $48.5 million, or $1.72 per diluted common share, for the six months ended June 30, 2022.\nThe provision for (recovery of) credit losses recorded represents the amount needed to maintain the appropriate level of the allowance for credit losses based on management's quarterly estimates. The provision for credit losses negatively impacted earnings per diluted common share by $0.19 for the second quarter of 2023, compared to $0.05 for the first quarter of 2023, while the release of provision positively impacted earnings per diluted common share by $0.02 for the second quarter of 2022. For the first six months of 2023, the provision negatively impacted earnings per diluted common share by $0.25, compared to the release of provision positively impacting earnings per diluted common share by $0.21 for the first six months of 2022.\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 $0.28 for the second quarter of 2023, $0.07 for the first quarter of 2023, and $0.02 for the second quarter of 2022. Non-core items negatively impacted earnings per diluted share by $0.37 and $0.06 for the six months ended June 30, 2023 and 2022, respectively.\n\"We are delighted to have closed on our merger with Limestone,\" said Chuck Sulerzyski, President and Chief Executive Officer. \"We have already begun to see the results of the merger throughout the second quarter, which have added to our already impressive first half of 2023. We are grateful for the dedication of all colleagues who made this acquisition possible and remai...