Peoples Bancorp Inc. · NASDAQ:PEBO
Peoples Bancorp — Q3 2024 Earnings Presentation
14 slides from Peoples Bancorp's earnings presentation, Oct 22, 2024
Slide 1: Third Quarter 2024 Earnings Conference Call
Third Quarter 2024 Earnings Conference Call October 22, 2024 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Statements in this presentation which are not historical are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Ac
Slide 3: Use of Non-US GAAP Financial Measures
Use of Non-US GAAP Financial Measures This presentation contains financial information and performance measures determined by methods other than those in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Management uses these “non-US GAAP” financia
Slide 4: Third Quarter 2024 Financial Highlights
Third Quarter 2024 Financial Highlights • Improved return on average assets, which stood at Net income totaling $32 million, or $0.89 diluted 1.4% for the third quarter, while return on average earnings per share (“EPS”) stockholders’ equity was 11.5% – Net interest income improved 3% • Efficiency r
Slide 5: Loans
Loans Loan Balances and Yields Loans Balances by Segment (Dollars in billions) 7.16% 7.27% 7.13% 7.12% 7.13% 27% 29% $4.16 $4.33 $4.45 $4.64 $4.69 12% 12% 20% $1.93 $1.83 $1.76 $1.69 $1.59 Consumer loans Owner occupied commercial real estate 9/30/2023 12/31/2023 3/31/2023 6/30/2024 9/30/2024 Non-own
Slide 6: North Star Leasing
North Star Leasing North Star Leasing North Star Leasing by Segment 14.43% 14.69% 14.27% 19% 34% 13% 7% 10% 8% 9% 4.14% 1.54% 1.65% Restaurant Titled - Vocational TItled - Trucking/Trailer/Fleet Brewery/Distillery Full Year 2022 Full Year 2023 Year-to-Date 2024 Heavy Equipment Manufacturing - Produc
Slide 7: Asset Quality
Asset Quality Asset Quality Metrics Asset quality metrics remained stable for the 4.14% third quarter of 2024 – Criticized loans declined compared to June 30th due 3.82% 3.79% 3.79% to paydowns and upgrades to pass 3.50% – Classified loans grew compared to the linked quarter-end, mostly due to two c
Slide 8: Net Interest Income
Net Interest Income Net Interest Income Accretion Income Net interest income increased (Dollars in Thousands) (Dollars in Thousands) 3% compared to the linked quarter $251,005 $262,165 $20,314 $16,291 $93,274 $86,613 $88,912 $9,809 $8,061 – Net interest margin expanded 9 $5,754 basis points to 4.27%
Slide 9: Non-Interest Income
Non-Interest Income Non-Interest Income (Dollars in Thousands) Non-interest income for the third quarter of 2024 increased 5% compared to the linked quarter – We recognized additional early termination gains on leases that paid off of $74,277 $1.1 million, which was driven by customer activity – We
Slide 10: Non-Interest Expense
Non-Interest Expense Core Non-Interest Expense – Core non-interest expense declined 4% compared to the linked quarter (Dollars in Thousands) – Core non-interest expense was higher for the first nine months of 2024 due to the larger footprint and ongoing operating costs of the Limestone $204,059 $181
Slide 11: Deposits
Deposits Deposit Balances and Costs Deposit Balances by Segment (Dollars in billions) 7% 19% 12% $5.86 $5.83 $6.03 $5.47 $5.58 1.94% 2.01% 11% 1.85% 1.67% 14% 1.28% 12% 25% Non-interest-bearing deposits $1.57 $1.57 Interest-bearing demand accounts $1.47 $1.47 $1.45 Retail certificates of deposit Mon
Slide 12: Capital
Capital Capital Metrics 13.38% 13.40% 13.44% 13.48% 13.14% 12.58% 12.50% 12.53% 12.58% 12.31% 11.57% 11.75% 11.69% 11.74% 11.79% 9.86% 9.34% 9.57% 9.43% 9.56% 8.25% 7.37% 7.61% 7.33% 6.85% 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Common equity tier 1 capital ratio Tier 1 risk-based capital
Slide 13: 2024 Outlook
2024 Outlook Our fourth quarter 2024 expectations are as follows: Net Interest Income – Assuming a 50 basis point reduction in rates from the Federal Reserve during the fourth quarter, net interest income and net interest margin will modestly decline – This would result in a net interest margin for
Slide 14: 2025 Outlook
2025 Outlook A preliminary high level look at our expectations for 2025: Operating Leverage – Generating positive operating leverage for 2025, compared to 2024 Net Interest Income – Assuming another 50 basis point rate reduction by the Federal Reserve, spread over the first nine months of 2025, we a