Business
Peoples Bancorp Inc. Reports Quarterly Net Loss
MARIETTA, Ohio, April 21, 2020 /PRNewswire/ -- Peoples Bancorp Inc. ("Peoples") (Nasdaq: PEBO) today announced results for the quarter ended March 31, 2020.
About this update from Peoples Bancorp Inc.
[{"type":"text","content":"MARIETTA, Ohio, April 21, 2020 /PRNewswire/ -- Peoples Bancorp Inc. (\"Peoples\") (Nasdaq: PEBO) today announced results for the quarter ended March 31, 2020. Peoples recorded a net loss of $(0.8) million for the first quarter of 2020, representing a loss per diluted common share of $(0.04). In comparison, earnings per diluted common share were $0.72 for the fourth quarter of 2019 and $0.73 for the first quarter of 2019. Non-core items negatively impacted loss per diluted common share by $0.02 for the first quarter of 2020. Earnings per diluted common share were negatively impacted by $0.01 for the fourth quarter of 2019, and positively impacted by $0.09 for the first quarter of 2019, by non-core items.\n\"Earnings for the first quarter of 2020 were heavily impacted by the provision for credit losses recorded for expected credit losses due to the expected economic downturn related to COVID-19. This included a provision for credit losses of $17.0 million for the first quarter of 2020. Through managing deposit costs, net interest margin remained relatively stable at 3.51% for the quarter despite the decline in interest rates on loans,\" said Chuck Sulerzyski, President and Chief Executive Officer. \"Credit quality remained stable and net charge-off levels were 0.07% of average total loans. On an annualized basis, our loan portfolio grew 5% and deposits were up 13% compared to the linked quarter. We are focused on supporting our clients, communities, and associates during this time of need while strengthening our diverse revenue streams.\"\nAs of close of business yesterday, we signed an asset purchase agreement under which Peoples Bank will acquire the operations and assets of Triumph Premium Finance (\"TPF\"), a division of TBK Bank, SSB. Based in Kansas City, Missouri, TPF provides premium finance services for customers to purchase property and casualty insurance products through its growing network of independent insurance agency customers nationwide. As of December 31, 2019, TPF had total receivables of approximately $100 million. Upon consummation of the agreement, current Senior Vice President of TPF, John Binaggio, will manage the insurance premium financing operations for Peoples Bank. The transaction is expected to be immediately accretive to PEBO's earnings per share, adding approximately $0.02 to $0.04 in 2020 and $0.11...