PEOPLES BANCORP INC. ANNOUNCES FIRST QUARTER 2025 RESULTS

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MARIETTA, Ohio, April 22, 2025 /PRNewswire/ -- Peoples Bancorp Inc. ("Peoples") (NASDAQ: PEBO) today announced results for the quarter ended March 31, 2025. Net income totaled $24.3 million for the first quarter of 2025, representing earnings per diluted common share of $0.68. In comparison, Peoples reported net income of $26.9 million, representing earnings per diluted common share of $0.76, for the fourth quarter of 2024 and net income of $29.6 million, representing earnings per diluted common share of $0.84, for the first quarter of 2024.

"We are pleased with our results for the first quarter of 2025. Although net interest margin decreased three basis points during the quarter, on a core basis, excluding accretion income, net interest margin expanded by three basis points," said Tyler Wilcox, President and Chief Executive Officer. "We continue to remain committed to our focus on providing consistent results and driving shareholder value."

Statement of Operations Summary:

  • Net interest income for the first quarter of 2025 decreased $1.3 million, or 1%, when compared to the linked quarter driven by lower accretion income.

    • Net interest margin decreased to 4.12% for the first quarter of 2025, compared to 4.15% for the linked quarter, driven by lower accretion income.

    • Accretion income, net of amortization expense, contributed 17 basis points to margin for the first quarter, down 6 basis points from the 23 basis points of accretion income, net of amortization expense, recognized in the linked quarter.

  • Peoples recorded a provision for credit losses of $10.2 million for the first quarter of 2025, compared to a provision for credit losses of $6.3 million for the fourth quarter of 2024.

    • The provision for credit losses was primarily driven by net charge-offs, and negatively impacted earnings per diluted common share by $0.22 for the first quarter of 2025 and $0.13 for the fourth quarter of 2024.

  • Total non-interest income, excluding net gains and losses, increased $0.6 million, or 2%, for the first quarter of 2025 compared to the linked quarter.

    • The increase was driven by an increase in insurance income due to seasonal-performance-based commissions paid in the first quarter of each year.

  • Total non-interest expense for the first quarter of 2025 increased $0.3 million compared to the linked quarter.

    • The increase was the result of increased salaries and employee benefit costs due to anticipated annual expenses that occur in the first quarter of each year.

    • The efficiency ratio for the first quarter of 2025 was 60.7%, compared to 59.6% for the linked quarter.