Yahoo Finance

Impact of the Limestone Merger:
As of the close of business on April 30, 2023, Peoples completed its previously announced merger with Limestone Bancorp, Inc. ("Limestone"), a bank holding company headquartered in Louisville, Kentucky, and the parent company of Limestone Bank, pursuant to a definitive Agreement and Plan of Merger (the "Merger Agreement") dated October 24, 2022. Under the terms of the Merger Agreement, Limestone merged with and into Peoples, and immediately thereafter Limestone Bank merged with and into Peoples' wholly-owned subsidiary, Peoples Bank (collectively, the "Limestone Merger"), in a transaction valued at $177.9 million. Peoples recorded acquisition-related expenses, primarily related to the Limestone Merger, which included $1.1 million, $(0.9) million, and $(0.1) million in other non-interest expense for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively. For the twelve months ended December 31, 2024, Peoples recorded acquisition-related expenses of $0.2 million compared to $17.0 million for the twelve months ended December 31, 2023.

Net Interest Income
Net interest income was $86.5 million for the fourth quarter of 2024 and decreased $2.4 million when compared to the linked quarter. Net interest margin was 4.15% for the fourth quarter of 2024, compared to 4.27% for the linked quarter. The decrease in net interest income and margin was primarily driven by a decrease in accretion income, net of amortization, from acquisitions, which more than offset the reduction in funding costs during the quarter.

Net interest income for the fourth quarter of 2024 decreased $1.8 million, or 2%, compared to the fourth quarter of 2023. The decrease in net interest income compared to the fourth quarter of 2023 was driven by lower accretion and higher funding costs. Net interest margin decreased 28 basis points when compared to the fourth quarter of 2023, driven primarily by higher rates on deposits.

Accretion income, net of amortization expense, from acquisitions was $4.9 million for the fourth quarter of 2024, $8.1 million for the linked quarter and $9.3 million for the fourth quarter of 2023, which added 23 basis points, 39 basis points and 47 basis points, respectively, to net interest margin. The decrease in accretion income for the fourth quarter of 2024 when compared to the linked quarter was primarily driven by fewer loan and lease payoffs. The decrease in accretion income for the current quarter compared to the fourth quarter of 2023 was a result of less accretion from the Limestone merger.

For the full year of 2024, net interest income increased $9.3 million, or 3%, compared to the full year of 2023, while net interest margin decreased 34 basis points to 4.21%. The increase in net interest income for the full year of 2024 was driven by increases in market interest rates and an additional four months of income from the Limestone Merger. The decrease in net interest margin for the full year of 2024 compared to the full year of 2023 was primarily driven by higher borrowing costs, which offset higher earning asset yields.

Accretion income, net of amortization expense, from acquisitions was $25.2 million for the full year ended December 31, 2024 and for the full year ended December 31, 2023, which added 30 and 34 basis points, respectively, to net interest margin.

Provision for Credit Losses:
The provision for credit losses was $6.3 million for the fourth quarter of 2024, compared to $6.7 million for the linked quarter and $1.3 million for the fourth quarter of 2023. The provision for credit losses for each of the fourth quarter and third quarter of 2024 was primarily driven by net charge-offs. The increase in the provision for credit losses for the fourth quarter of 2024 compared to the fourth quarter of 2023 was largely attributable to higher net charge-offs.

For the full year of 2024, the provision for credit losses was $24.8 million, compared to a provision for credit losses of $15.2 million for 2023. The provision for credit losses during the full year of 2024 was mainly a result of (i) higher net charge-offs, (ii) an increase in reserves for individually analyzed loans and leases, (iii) economic forecast deterioration and (iv) loan growth. The provision for credit losses during the full year of 2023 was driven by (i) the addition of the provision for the loans acquired in the Limestone Merger, (ii) loan growth and (iii) an increase in charge-offs, partially offset by a release of reserves on individually analyzed loans and the use of updated loss drivers.

The provision for credit losses recorded represents the amount needed to maintain the appropriate level of the allowance for credit losses based on management's quarterly estimates. The provision for credit losses negatively impacted earnings per diluted common share by $0.13 for the fourth quarter of 2024, $0.15 for the third quarter of 2024, and $0.03 for the fourth quarter of 2023. For the full year of 2024, the provision negatively impacted earnings per diluted common share by $0.51, compared to $0.35 for the full year of 2023.

For additional information on net charge-offs, credit trends and the allowance for credit losses, see the "Asset Quality" section below.

Net Gains and Losses:
Net gains and losses include gains and losses on investment securities, asset disposals and other transactions, which are included in total non-interest income on the Consolidated Statements of Income. The net loss for the fourth quarter of 2024 was $1.7 million, compared to a net loss of $0.9 million for the linked quarter, and a net loss of $2.2 million for the fourth quarter of 2023. The net loss for the fourth quarter of 2024 was primarily driven by a $1.2 million write-down of an other real estate owned ("OREO") property, which was acquired in a prior merger.

The net loss realized during the full year of 2024 was $3.7 million, compared to a net loss realized of $6.5 million for the full year of 2023. The net loss for the full year of 2024 was primarily driven by $1.8 million of net losses on repossessed assets and the aforementioned write-down of an OREO property. The net loss recognized in the full year of 2023 was primarily driven by a $3.6 million pre-tax ($2.9 million after-tax) net loss on the disposition of available-for-sale investment securities during the fourth quarter of 2023 and a $1.6 million write-down of an OREO property during the second quarter of 2023.

Total Non-interest Income, Excluding Net Gains and Losses:
Total non-interest income, excluding net gains and losses, for the fourth quarter of 2024 increased $1.2 million compared to the linked quarter. The increase in non-interest income, excluding net gains and losses, was primarily impacted by increases of $1.0 million in swap fee income and $0.8 million in bank owned life insurance income ("BOLI"), partially offset by a decrease of $0.9 million in mortgage banking income. Total non-interest income, excluding net gains and losses, for the fourth quarter of 2024 was 24% of total revenue (defined as net interest income plus total non-interest income excluding net gains and losses) compared to 22% for the linked quarter.

Compared to the fourth quarter of 2023, total non-interest income, excluding net gains and losses, increased $0.5 million, primarily due to a $0.7 million increase in trust and investment income and $0.6 million in other non-interest  income, partially offset by a $0.6 million decrease in electronic banking income.

For the full year of 2024, total non-interest income, excluding gains and losses, increased $9.1 million, or 10%, compared to the full year of 2023. The increase was driven by (i) a $2.6  million increase in lease income, primarily attributable to operating lease income, (ii) a $2.4 million increase in trust and investment income driven by an increase in assets under administration and management, (iii) a $1.4 million increase in insurance income driven by higher contingency income and market increases for premiums, (iv) a $0.9 million increase in deposit account service charge income, and (vi) a $0.7 million increase in mortgage banking income. Total non-interest income, excluding net gains and losses, for the full year of 2024 was 23% of total revenue (defined as net interest income plus total non-interest income excluding net gains and losses) consistent with the full year of 2023.

Total Non-interest Expense:
Total non-interest expense increased $4.4 million for the fourth quarter of 2024, compared to the linked quarter. The increase in total non-interest expense was primarily due to an increase of $3.4 million in other non-interest expense, driven primarily by an increase of $1.7 million in acquisition-related expenses, and increases of $0.5 million in data processing expense, $0.4 million in professional fees, and $0.4 million in salaries and employee benefit costs.

Compared to the fourth quarter of 2023, total non-interest expense increased $2.8 million, or 4%. The increase in total non-interest expense was primarily driven by a $1.0 million acquisition-related legal contingency accrued for in the fourth quarter of 2024 and an increase of $0.6 million in each of data processing expense and operating lease expense.

For the full year of 2024, total non-interest expense increased $7.3 million, or 3%, compared to the full year of 2023. Excluding acquisition-related expenses, non-interest expenses increased $24.1 million, or 10%, primarily due to increases of $11.8 million in salaries and employee benefits costs due to additional employees added in the Limestone Merger, and $5.7 million and $2.9 million in data processing and software expense and in net occupancy and equipment expense, respectively, due to recent growth, including through acquisitions.

The table below summarizes the amount of acquisition-related expenses for each line item that is a component of non-interest expense. Acquisition-related expenses are considered a non-core non-interest expense by Peoples. This information is used by Peoples to provide information useful to investors in understanding Peoples' operating performance and trends.

The efficiency ratio for the fourth quarter of 2024 was 59.6%, compared to 55.1% for the linked quarter and 56.0% for the fourth quarter of 2023. The efficiency ratio, adjusted for non-core items, was 58.6% for the fourth quarter of 2024, compared to 55.7% for the linked quarter, and 54.9% for the fourth quarter of 2023. The efficiency ratio and the adjusted for non-core items efficiency ratio increased compared to the linked quarter mainly as the result of lower revenue. The efficiency ratio and the adjusted for non-core items efficiency ratio increased for the fourth quarter of 2024 compared to the fourth quarter of 2023 due to higher non-interest expense and lower revenue.  The efficiency ratio for the full year of 2024 was 58.0%, compared to 58.7% for the full year of 2023. The efficiency ratio improved compared to the prior year due to increased revenue. The efficiency ratio, adjusted for non-core items, was 57.9% for the full year of 2024, compared to 54.4% for the full year of 2023. The increase in the efficiency ratio, adjusted for non-core items, for the full year of 2024 compared to the full year of 2023 was due to higher non-interest expense.  Peoples continues to focus on controlling expenses, while recognizing necessary costs in order to continue growing the business.

Income Tax Expense:
Peoples recorded income tax expense of $7.9 million with an effective tax rate of 22.7% for the fourth quarter of 2024, compared to income tax expense of $9.2 million with an effective tax rate of 22.5% for the linked quarter and income tax expense of $9.7 million with an effective tax rate of 22.3% for the fourth quarter of 2023. The decrease in income tax expense when compared to the prior quarter and to the fourth quarter of 2023 was primarily due to lower net income. Peoples recorded income tax expense of $32.3 million with an effective tax rate of 21.6% for the full year of 2024 and $31.8 million with an effective tax rate of 21.9% for the full year of 2023. Income tax expense was positively impacted by a $1.1 million one-time benefit recognized in the second quarter of 2024 related to a prior year amended return.

Investment Securities and Liquidity:
Peoples' investment portfolio primarily consists of available-for-sale investment securities reported at fair value and held-to-maturity investment securities reported at amortized cost. The available-for-sale investment securities balance at December 31, 2024 decreased $2.9 million when compared to at September 30, 2024, and increased $35.2 million when compared to at December 31, 2023. The balances of unrealized losses, net of tax, on available-for-sale investment securities recognized within accumulated other comprehensive loss were $111.8 million, $83.7 million, and $104.2 million at December 31, 2024, at September 30, 2024, and at December 31, 2023, respectively. The increase in accumulated other comprehensive loss was the result of the changes in the market value of available-for-sale investment securities during the period. At December 31, 2024, Peoples' investment securities represented approximately 20.7% of total assets, compared to 20.0% at September 30, 2024, and 19.6% at December 31, 2023.

The held-to-maturity investment securities balance at December 31, 2024 increased $81.2 million when compared to at September 30, 2024 and $91.1 million when compared to at December 31, 2023. The increase when compared to the linked quarter and when compared to December 31, 2023, was primarily driven by purchases of higher yielding, longer duration securities booked as held-to-maturity. The balances of net unrealized losses on held-to-maturity investment securities were $82.9 million, $57.1 million, and $71.6 million at December 31, 2024, at September 30, 2024, and at December 31, 2023, respectively.

The effective duration of the investment portfolio as of December 31, 2024 was approximately 5.87 years. The duration of Peoples' investments is managed as part of its Asset Liability Management program, and has the potential to impact both liquidity and capital, as mismatches in duration may require a liquidation of investment securities at market prices to meet funding needs. These assets are one component of Peoples' liquidity profile.

Peoples maintains a number of liquid and liquefiable assets, borrowing capacity, and other sources of liquidity to ensure the availability of funds. At December 31, 2024, Peoples had liquid and liquefiable assets totaling $857.1 million, which included (i) cash and cash equivalents, (ii) unpledged government and agency investment securities and (iii) unpledged non-agency investment securities that could be liquidated. At December 31, 2024, Peoples had a total borrowing capacity of $830.6 million available through the Federal Home Loan Bank ("FHLB"), the Federal Reserve Bank ("FRB"), and federal funds. Additionally, at December 31, 2024, Peoples had other contingent sources of liquidity totaling $3.6 billion. Cash and cash equivalents decreased $209.1 million when compared to December 31, 2023 due to an improvement in other inputs in our aforementioned liquidity metrics, specifically unencumbered securities, driven by the migration of deposit balances to IntraFi Cash Service accounts ("ICS"), freeing up investment securities previously held as collateral against those balances, and requiring less cash to be held on the balance sheet.

Loans and Leases:
The period-end total loan and lease balances at December 31, 2024 increased $86.2 million, or 5% annualized, compared to at September 30, 2024. The increase in the period-end total loan and lease balances was primarily driven by increases of $97.5 million in commercial and industrial loans, partially offset by decreases of $26.4 million and $24.5 million in leases and other commercial real estate loans, respectively.

The period-end total loan and lease balances at December 31, 2024 increased $198.8 million compared to at December 31, 2023, primarily driven by organic growth in our commercial and industrial, and premium finance portfolios of $162.7 million and $66.3 million, respectively.

Quarterly average total loan balances decreased $61.2 million compared to the linked quarter. The decrease in average total loan balances when compared to the linked quarter was primarily the result of decreases of (i) $15.1 million in other commercial real estate loans, (ii) $11.9 million in leases, (iii) $11.6 million in premium finance loans, (iv) $11.0 million in residential real estate loans, and (v) $10.5 million in consumer indirect loans.

Compared to the fourth quarter of 2023, quarterly average loan balances in the current quarter increased $147.0 million, or 2%. The increase was driven by growth of (i) $114.8 million in commercial and industrial loans, (ii) $87.3 million in premium finance loans, and (iii) $27.3 million in home equity lines of credit, partially offset with a decrease of $62.3 million in construction loans.

Asset Quality:
Overall, asset quality remained relatively stable through the fourth quarter of 2024. Delinquency trends remained stable as loans considered current comprised 98.7%, 98.5%, and 98.6% of the loan portfolio at December 31, 2024, at September 30, 2024, and at December 31, 2023, respectively. Total nonperforming assets at December 31, 2024 decreased $20.8 million, or 30%, compared to at September 30, 2024, and increased $9.6 million, or 24%, compared to at December 31, 2023. The decrease in nonperforming assets compared to the linked quarter was primarily driven by the reduction in 90+ administrative delinquency on Vantage leases. The increase in nonperforming assets compared to at December 31, 2023, was impacted by the increase of nonaccrual loans. Nonperforming assets as a percent of total loans and OREO was 0.77% at December 31, 2024, compared to 1.11% at September 30, 2024, and 0.64% at December 31, 2023.

Criticized loans, which are those categorized as special mention, substandard or doubtful, increased $3.7 million, or 2%, compared to at September 30, 2024, and increased $6.1 million, or 3%, compared to at December 31, 2023. As a percent of total loans, criticized loans were 3.80% at December 31, 2024, compared to 3.79% at September 30, 2024, and 3.82% at December 31, 2023. The increase in the amount of criticized loans compared to at September 30, 2024 was primarily driven by loan downgrades. Compared to at December 31, 2023, the increase in the amount of criticized loans was primarily driven by loan downgrades.

Classified loans, which are those categorized as substandard or doubtful, decreased $4.4 million, or 3%, compared to at September 30, 2024, and increased $8.8 million, or 7%, compared to at December 31, 2023. As a percent of total loans, classified loans were 2.03% at December 31, 2024, compared to 2.12% at September 30, 2024, and 1.95% at December 31, 2023. The decrease in classified loans compared to at September 30, 2024 was primarily driven by paydowns and upgrades. The increase in classified loans when compared to at December 31, 2023, was primarily driven by loan and lease downgrades.

Annualized net charge-offs were 0.61% of average total loans for the fourth quarter of 2024, compared to 0.38% for the linked quarter, and 0.23% for the fourth quarter of 2023. The increase relative to the linked quarter was driven by an increase in charge-offs on leases originated by our North Star Leasing business. The increase in net charge-offs during the fourth quarter of 2024 versus the prior year fourth quarter was primarily attributable to an increase in charge-offs on leases originated by our North Star Leasing business.

At December 31, 2024, the allowance for credit losses decreased $3.3 million when compared to September 30, 2024, and increased $1.3 million when compared to at December 31, 2023. The decrease in the allowance for credit losses at December 31, 2024 when compared to at September 30, 2024 was primarily due to a decrease in reserves for individually analyzed loans and leases. The increase in the allowance balance at December 31, 2024 when compared to December 31, 2023 was driven by an increase in reserves for individually analyzed loans and leases, as well as loan growth. The ratio of the allowance for credit losses as a percent of total loans was 1.00% at December 31, 2024, compared to 1.06% at September 30, 2024, and 1.01% at December 31, 2023. The ratio of allowance for credit losses as a percentage of non-performing loans increased to 148.13% at December 31, 2024 compared to 106.82% at September 30, 2024, and decreased compared to 192.62% at December 31, 2023.

Deposits:
As of December 31, 2024, period-end total deposits increased $111.9 million compared to at September 30, 2024. The increase was primarily driven by increases of (i) $59.1 million in brokered certificates of deposit, (ii) $54.2 million in non-interest bearing deposits, and (iii) $37.3 million in retail certificates of deposit, partially offset by a decrease of  $48.4 million in governmental deposit accounts. The increase in retail certificates of deposits was due to current specials being offered, while the decrease in governmental deposit accounts was due to the seasonality of those balances. The increase in brokered deposit accounts was due to the lower-cost of funding available compared to Federal Home Loan Bank ("FHLB") advances.

Compared to December 31, 2023, period-end deposit balances increased $442.8 million, or 6%. The increase was primarily driven by increases of $478.0 million in retail certificates of deposit, $107.6 million in money market deposit accounts, and $49.1 million in governmental deposit accounts, offset by decreases of $60.0 million, $59.2 million, $52.3 million, and $20.5 million in non-interest bearing deposits, interest-bearing demand accounts, savings accounts,  and brokered certificates of deposit, respectively. The increase in retail certificates of deposits was driven by special promotional rate offerings over the past year.

The percentages of retail deposit balances and commercial deposit balances of the total deposit balance were 79% and 21%, respectively, at December 31, 2024, and at September 30, 2024, and were 80% and 20%, respectively, at December 31, 2023.

Uninsured deposits were 26%, 27%, and 27% of total deposits at December 31, 2024, at September 30, 2024, and at December 31, 2023, respectively. Uninsured amounts are estimated based on the portion of customer account balances that exceeded the FDIC limit of $250,000. Peoples pledges investment securities against certain governmental deposit accounts, which collateralized $656.9 million, or 33%, $714.1 million, or 36%, and $788.7 million, or 40%, of the uninsured deposit balances at December 31, 2024, at September 30, 2024, and at December 31, 2023, respectively.

Average deposit balances during the fourth quarter of 2024 increased $211.4 million, or 3%, when compared to the linked quarter, and increased $509.3 million, or 7%, when compared to the fourth quarter of 2023. The increase in average deposit balances compared to the linked quarter was driven by increases of $98.9 million in brokered certificates of deposits, $48.4 million in non-interest bearing deposits, $39.0 million in retail certificates of deposits, and $38.3 million in money market accounts partially offset by decreases of $13.3 million in governmental deposits and $8.7 million in savings account deposits. Total demand deposit accounts comprised 34%, 34%, and 38% of total deposits at December 31, 2024, at September 30, 2024 and at December 31, 2023, respectively.

Stockholders' Equity:
Total stockholders' equity at December 31, 2024 decreased $13.4 million, or 1%, compared to at September 30, 2024. This change was primarily driven by an increase of $27.9 million in accumulated other comprehensive loss during the quarter and dividends paid of $14.2 million, partially offset by net income of $26.9 million. The increase in accumulated other comprehensive loss was the result of the changes in the market value of available-for-sale investment securities during the period.

Total stockholders' equity at December 31, 2024 increased $58.1 million, or 6%, compared to at December 31, 2023, which was due to net income of $117.2 million in the full year and a decrease in other comprehensive loss of $8.8 million, partially offset by dividends paid of $56.3 million.

At December 31, 2024, the tier 1 risk-based capital ratio was 12.40%, compared to 12.59% at September 30, 2024, and 12.37% at December 31, 2023. The common equity tier 1 risk-based capital ratio was 11.96% at December 31, 2024, compared to 11.80% at September 30, 2024, and 11.56% at December 31, 2023. The total risk-based capital ratio was 13.59% at December 31, 2024, compared to 13.49% at September 30, 2024, and 13.17% at December 31, 2023. Peoples adopted the five-year transition to phase in the impact of the adoption of the current expected credit loss ("CECL") model (accounting standard) on regulatory capital ratios. Compared to at September 30, 2024, and at December 31, 2023, total risk-based capital ratio improved due to net income during the fourth quarter of 2024, partially offset by dividends paid.

At December 31, 2024, book value per common share and tangible book value per common share, which excludes goodwill and other intangible assets, were $31.26 and $19.94, respectively, compared to $31.65 and $20.29, respectively, at September 30, 2024, and $29.83 and $18.16, respectively, at December 31, 2023. The ratio of total stockholders' equity to total assets decreased 31 basis points when compared to September 30, 2024. The tangible equity to tangible assets ratio, which excludes goodwill and other intangible assets, decreased 24 basis points when compared to at September 30, 2024. Compared to at December 31, 2023, the total stockholders' equity to total assets ratio increased from 11.50% to 12.01%, and the tangible equity to tangible assets ratio increased from 7.33% to 8.01%.

Peoples Bancorp Inc. ("Peoples", Nasdaq: PEBO) is a diversified financial services holding company and makes available a complete line of banking, trust and investment, insurance and premium financing solutions through its subsidiaries. Headquartered in Marietta, Ohio since 1902, Peoples has established a heritage of financial stability, growth and community impact. Peoples had $9.3 billion in total assets as of December 31, 2024, and 148 locations, including 129 full-service bank branches in Ohio, West Virginia, Kentucky, Virginia, Washington D.C., and Maryland. Peoples' vision is to be the Best Community Bank in America.

Peoples is a member of the Russell 3000 index of United States ("U.S.") publicly-traded companies. Peoples offers services through Peoples Bank (which includes the divisions of Peoples Investment Services, Peoples Premium Finance and North Star Leasing), Peoples Insurance Agency, LLC, and Vantage Financial, LLC.

Conference Call to Discuss Earnings:
Peoples will conduct a facilitated conference call to discuss fourth quarter 2024 results of operations on January 21, 2025, at 11:00 a.m., Eastern Time, with members of Peoples' executive management participating. Analysts, media and individual investors are invited to participate in the conference call by calling (866) 890-9285. A simultaneous webcast of the conference call audio and earnings conference call presentation will be available online via the "Investor Relations" section of Peoples' website, www.peoplesbancorp.com. Participants are encouraged to call or sign in at least 15 minutes prior to the scheduled conference call time to ensure participation and, if required, to download and install the necessary software. A replay of the call will be available on Peoples' website in the "Investor Relations" section for one year.

Use of Non-US GAAP Financial Measures:
This news release 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" financial measures in its analysis of Peoples' performance and the efficiency of its operations. Management believes that these non-US GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods and peers. These disclosures should not be viewed as substitutes for financial measures determined in accordance with US GAAP, nor are they necessarily comparable to non-US GAAP performance measures that may be presented by other companies. Below is a listing of the non-US GAAP financial measures used in this news release:

• Core non-interest expense is a non-US GAAP financial measure since it excludes the impact of acquisition-related expenses and the COVID-19 employee retention credit.

• The efficiency ratio is calculated as total non-interest expense (less amortization of other intangible assets) as a percentage of fully tax-equivalent net interest income plus total non-interest income, excluding net gains and losses. This ratio is a non-US GAAP financial measure since it excludes amortization of other intangible assets and all gains and losses included in earnings, and uses fully tax-equivalent net interest income.

• The efficiency ratio adjusted for non-core items is calculated as core non-interest expense (less amortization of other intangible assets) as a percentage of fully tax-equivalent net interest income plus total non-interest income, excluding net gains and losses. This ratio is a non-US GAAP financial measure since it excludes the impact of acquisition-related expenses, the COVID-19 employee retention credit, and the amortization of other intangible assets and all gains and losses included in earnings, and uses fully tax-equivalent net interest income.

• Tangible assets, tangible equity, the tangible equity to tangible assets ratio and tangible book value per common share are non-US GAAP financial measures since they exclude the impact of goodwill and other intangible assets acquired through acquisitions on both total stockholders' equity and total assets.

• Total non-interest income, excluding net gains and losses, is a non-US GAAP financial measure since it excludes all gains and losses included in earnings.

• Pre-provision net revenue is defined as net interest income plus total non-interest income, excluding net gains and losses, minus total non-interest expense. This measure is a non-US GAAP financial measure since it excludes the provision for (recovery of) credit losses and all gains and losses included in net income.

• Return on average assets adjusted for non-core items is calculated as annualized net income (less the after-tax impact of all gains and losses, acquisition-related expenses, and COVID-19 employee retention credit) divided by average assets. This measure is a non-US GAAP financial measure since it excludes the after-tax impact of all gains and losses and acquisition-related expenses.

• Return on average tangible equity is calculated as annualized net income (less the after-tax impact of amortization of other intangible assets) divided by average tangible equity. This measure is a non-US GAAP financial measure since it excludes the after-tax impact of amortization of other intangible assets from net income and the impact of average goodwill and other average intangible assets acquired through acquisitions on average stockholders' equity.

A reconciliation of these non-US GAAP financial measures to the most directly comparable US GAAP financial measures is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)."

Safe Harbor Statement:
Certain statements made in this news release regarding Peoples' financial condition, results of operations, plans, objectives, future performance and business, 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 Act of 1995. These forward-looking statements are identified by the fact they are not historical facts and include words such as "anticipate," "estimate," "may," "feel," "expect," "believe," "plan," "will," "will likely," "would," "should," "could," "project," "goal," "target," "potential," "seek," "intend," "continue," "remain," and similar expressions.

These forward-looking statements reflect management's current expectations based on all information available to management and its knowledge of Peoples' business and operations. Additionally, Peoples' financial condition, results of operations, plans, objectives, future performance and business are subject to risks and uncertainties that may cause actual results to differ materially. These factors include, but are not limited to:

As required by U.S. GAAP, Peoples is required to evaluate the impact of subsequent events through the issuance date of its December 31, 2024 consolidated financial statements as part of its Annual Report on Form 10-K to be filed with the SEC. Accordingly, subsequent events could occur that may cause Peoples to update its critical accounting estimates and to revise its financial information from the estimates and information contained in this news release.

 

 

 

 

 

 

 

 

 

 

 

 

 

View original content:https://www.prnewswire.com/news-releases/peoples-bancorp-inc-announces-fourth-quarter-and-annual-results-for-2024-302355601.html

SOURCE Peoples Bancorp Inc.