Business
PEOPLES BANCORP INC. ANNOUNCES SECOND QUARTER 2024 RESULTS
MARIETTA, Ohio, July 23, 2024 /PRNewswire/ -- Peoples Bancorp Inc. ("Peoples") (NASDAQ: PEBO) today announced results for the quarter ended June 30, 2024. Net
About this update from Peoples Bancorp Inc.
[{"type":"text","content":"MARIETTA, Ohio, July 23, 2024 /PRNewswire/ -- Peoples Bancorp Inc. (\"Peoples\") (NASDAQ: PEBO) today announced results for the quarter ended June 30, 2024. Net income totaled $29.0 million for the second quarter of 2024, representing earnings per diluted common share of $0.82. In comparison, Peoples reported net income of $29.6 million, representing earnings per diluted common share of $0.84, for the first quarter of 2024 and net income of $21.1 million, representing earnings per diluted common share of $0.64, for the second quarter of 2023.\n\n\"We are pleased with our results for the quarter, in particular our loan growth and continued stable credit metrics. Additionally, we are very honored to be recognized by Newsweek for being awarded one of America's Best Regional Banks and one of America's Greatest Workplaces, one of only five banks being recognized for both awards,\" said Tyler Wilcox, President and Chief Executive Officer. \"We continue to focus on creating a top tier workplace while producing solid and consistent performance.\"\nStatement of Operations Highlights:\nNet interest income for the second quarter of 2024 was relatively consistent when compared to the linked quarter, with higher interest income offset by higher funding costs. Net interest margin decreased to 4.18% for the second quarter of 2024, compared to 4.26% for the linked quarter driven by lower accretion income.Peoples recorded a provision for credit losses of $5.7 million for the second quarter of 2024, compared to a provision for credit losses of $6.1 million for the first quarter of 2024.The provision for credit losses negatively impacted earnings per diluted common share by $0.13 for the second quarter of 2024 and $0.14 for the first quarter of 2024.Total non-interest income, excluding net gains and losses, decreased $1.6 million, or 6%, for the second quarter of 2024 compared to the linked quarter. The decrease was primarily driven by lower insurance income due to annual contingency income recognized in the first quarter of each year.Total non-interest expense for the second quarter of 2024 increased $0.3 million compared to the linked quarter.The efficiency ratio for the second quarter of 2024 was 59.2%, compared to 58.1% for the linked quarter.Balance Sheet Highlights:\nPeriod-end total loan and lease balances at June 30, 2024 increased $122.5 ...