Business
Peoples Bancorp Inc. Announces Third Quarter 2021 Results
MARIETTA, Ohio, Oct. 26, 2021 /PRNewswire/ -- Peoples Bancorp Inc. ("Peoples") (Nasdaq: PEBO) today announced results for the three and nine months ended
About this update from Peoples Bancorp Inc.
[{"type":"text","content":"MARIETTA, Ohio, Oct. 26, 2021 /PRNewswire/ -- Peoples Bancorp Inc. (\"Peoples\") (Nasdaq: PEBO) today announced results for the three and nine months ended September 30, 2021. Peoples reported a net loss of $5.8 million for the third quarter of 2021, representing a loss per diluted common share of $0.28. In comparison, Peoples recognized earnings per diluted common share of $0.51 for the second quarter of 2021 and earnings per diluted common share of $0.51 for the third quarter of 2020. For the nine months ended September 30, 2021, Peoples recorded net income of $19.8 million, or $0.99 per diluted common share, compared to $14.2 million, or $0.70 per diluted common share, for the nine months ended September 30, 2020.\nNon-core items, and the related tax effect of each, in net (loss) income included acquisition-related expenses, contract negotiation expenses, COVID-19-related expenses, a contribution to Peoples Bank Foundation, Inc., pension settlement charges, severance expenses, gains and losses on investment securities, asset disposals and other transactions. Non-core items negatively impacted earnings per diluted common share by $0.71 for the third quarter of 2021, $0.10 for the second quarter of 2021, and $0.05 for the third quarter of 2020. Non-core items negatively impacted earnings per diluted common share by $0.98 and $0.12 for the nine months ended September 30, 2021, and 2020, respectively.\n\"We are delighted to have closed on our acquisition of Premier and Citizens,\" said Chuck Sulerzyski, President and Chief Executive Officer. \"We are grateful for the dedication of all colleagues to make the conversion as flawless as possible. We are excited to bring our insurance, investments and leasing capabilities to our new clients and prospects.\" \nCompletion of Premier Acquisition:On March 29, 2021, Peoples and Premier Financial Bancorp, Inc. (\"Premier\") jointly announced the signing of a definitive Agreement and Plan of Merger, dated March 26, 2021 (the \"Merger Agreement\"), pursuant to which Peoples was to acquire, in an all-stock merger, Premier, a bank holding company headquartered in Huntington, West Virginia, and the parent company of Premier Bank, Inc. (\"Premier Bank\") and Citizens Deposit Bank and Trust, Inc. (\"Citizens\"). Under the terms and subject to the conditions of the Merger Agreement, Premier merged ...