Financial Performance - Net income for the first quarter of 2025 was $24.3 million, with earnings per diluted common share of $0.68, down from $26.9 million and $0.76 in the fourth quarter of 2024[1]. - Net income for Q1 2025 was $24,336,000, down 9.8% from $26,930,000 in Q4 2024 and down 17.7% from $29,584,000 in Q1 2024[82]. - Basic earnings per common share for Q1 2025 were $0.69, down from $0.85 in Q1 2024, representing a decrease of 18.82%[50]. - Diluted earnings per common share for Q1 2025 were $0.68, compared to $0.84 in Q1 2024, reflecting a decline of 19.05%[50]. - Annualized net income adjusted for non-core items for Q1 2025 was $99,860,000, a decrease of 14.0% from $116,181,000 in Q4 2024 and a decrease of 16.7% from $119,807,000 in Q1 2024[82]. - Return on average assets for Q1 2025 was 1.07%, down from 1.17% in Q4 2024 and 1.32% in Q1 2024[82]. - Return on average stockholders' equity for Q1 2025 was 8.79%, down from 9.56% in Q4 2024 and 11.30% in Q1 2024[86]. Income and Expenses - Net interest income decreased by $1.3 million, or 1%, to $85.3 million for the first quarter of 2025, with a net interest margin of 4.12%, down from 4.15% in the linked quarter[4][5]. - Total interest income for Q1 2025 was $124,542,000, a decrease of 3.5% from $128,793,000 in Q4 2024[56]. - Net interest income after provision for credit losses decreased to $75,065,000 in Q1 2025 from $80,269,000 in Q4 2024, reflecting a decline of 6.4%[56]. - Total non-interest income, excluding net gains and losses, increased by $0.6 million, or 2%, driven by a rise in insurance income due to seasonal commissions[12]. - Total non-interest income increased to $27,099,000 in Q1 2025, up 8.0% from $25,089,000 in Q4 2024[56]. - The efficiency ratio for the first quarter of 2025 was 60.7%, up from 59.6% in the linked quarter, reflecting higher non-interest expenses[17]. - The efficiency ratio improved to 60.68% for the three months ended March 31, 2025, compared to 59.57% in the previous quarter, indicating a slight increase in operational efficiency[77]. Credit Quality - The provision for credit losses increased to $10.2 million for the first quarter of 2025, compared to $6.3 million in the fourth quarter of 2024, negatively impacting earnings per diluted common share by $0.22[8][9]. - Provision for credit losses rose to $10,190,000 in Q1 2025, compared to $6,267,000 in Q4 2024, indicating a significant increase of 62.5%[67]. - Annualized net charge-offs were 0.52% of average total loans for Q1 2025, down from 0.61% in the linked quarter and up from 0.22% in Q1 2024[31]. - Nonperforming loans (NPLs) as a percentage of total loans decreased to 0.62% in Q1 2025 from 0.67% in Q4 2024[66]. - The allowance for credit losses increased to $65,232,000 in Q1 2025 from $63,348,000 in Q4 2024, indicating a rise in provisions[62]. - The allowance for credit losses as a percentage of NPLs increased to 163.77% in Q1 2025 from 148.13% in Q4 2024, indicating a stronger reserve position[66]. Assets and Liabilities - Total assets as of March 31, 2025, were $9,246,000,000, a slight decrease from $9,254,247,000 at the end of Q4 2024[62]. - Total stockholders' equity increased by $26.2 million, or 2%, compared to December 31, 2024, primarily due to net income of $24.3 million[38]. - Total stockholders' equity increased by $75.8 million, or 7%, compared to March 31, 2024, driven by net income of $112.0 million over the last twelve months[39]. - Total deposits increased to $7,734,749,000 in Q1 2025, up from $7,590,205,000 in Q4 2024, representing an increase of 1.9%[62]. - Total loan and lease balances increased by $70.5 million, or 4% annualized, compared to December 31, 2024, with significant growth in commercial real estate loans and residential real estate loans[3][23]. - Total average assets for Q1 2025 were $9,195,467,000, an increase from $9,146,057,000 in Q4 2024 and $9,021,651,000 in Q1 2024[82]. Market and Shareholder Information - Cash dividends declared per common share remained stable at $0.40 for both Q1 2025 and Q4 2024, up from $0.39 in Q1 2024[50]. - The dividend payout ratio increased to 58.46% in Q1 2025 from 46.46% in Q1 2024, reflecting a rise of 25.83%[50]. - The closing price of common shares at the end of Q1 2025 was $29.66, down from $29.61 in Q1 2024[50]. - Tangible book value per common share increased to $20.68 as of March 31, 2025, up from $19.94 at December 31, 2024, representing a growth of 3.70%[79].

First Quarter 2025 Earnings Conference Call April 22, 2025 1 Safe Harbor Statement Statements in this presentation which are not historical facts 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 may include discussions of the strategic plans and objectives or anticipated future performance and e ...

Financial Data and Key Metrics Changes - The diluted earnings per share for the first quarter were $0.68, with a 2% increase in book value per share to $31.90 and a 4% increase in tangible book value per share to $20.68 [6][8] - Annualized loan growth was over 4%, with deposit balances growing 2%, driven by higher money market and governmental deposit account balances [7][8] - Reported net interest income decreased by 1% compared to the linked quarter, while net interest margin decreased by 3 basis points [9][20] Business Line Data and Key Metrics Changes - Commercial real estate loans led the increase in loan growth, contributing $75 million, while residential real estate loans increased by $13 million and consumer indirect loans grew by $10 million [17] - Fee-based income grew over 2%, primarily due to performance-based insurance commissions [9][23] - Nonperforming assets decreased by over $3 million, representing 50 basis points of total assets compared to 53 basis points at year-end [11][12] Market Data and Key Metrics Changes - The company experienced a decline in consumer confidence nationally, but this did not translate into reduced consumer demand in its lines of business [14][70] - The deposit composition was 76% in retail deposit balances and 24% in commercial deposit balances, with average retail client deposit relationships at $26,000 [30][29] Company Strategy and Development Direction - The company aims to achieve positive operating leverage for 2025 compared to 2024, with expectations of loan growth between 4% and 6% [38][40] - The management is committed to maintaining high standards and has received recognition for being a top workplace and one of America's Best Banks [36][37] - The company is actively engaged in M&A discussions but is focused on strategic patience, preferring to find the right partner rather than rushing into acquisitions [73][74] Management's Comments on Operating Environment and Future Outlook - Management noted that while there is uncertainty around tariffs, the actual impact on clients and business has been nominal so far [13][14] - The company expects to normalize the provision for credit losses in the second half of 2025, with a slight reduction anticipated in the second quarter [40][101] - Management expressed optimism regarding loan demand and production, particularly in the small business space [46][70] Other Important Information - The company announced an increase in its quarterly dividend for the tenth consecutive year, now at $0.41 per share, resulting in an annualized yield of 5.95% [31][32] - The efficiency ratio was reported at 60.7%, up from 59.6% for the linked quarter, driven by higher costs and lower accretion income [25][26] Q&A Session Summary Question: Insights on loan growth outlook amid tariff discussions - Management indicated strong visibility into the second quarter pipeline and expressed optimism despite potential macroeconomic impacts [44][46] Question: Timeline for normalizing charge-offs in leasing - Management expects charge-offs to continue declining throughout the year, with a significant reduction in high balance accounts contributing to this trend [50][51] Question: Fee income guidance reduction drivers - The reduction was attributed to softer performance-based insurance commissions and changes in mortgage income expectations [55][56] Question: Consumer behavior changes due to tariffs - Management noted increased indirect lending and strong mortgage pipeline activity, indicating consumer confidence in securing loans [68][70] Question: M&A strategy and geographic focus - The company aims to expand in Ohio, Kentucky, West Virginia, and Virginia, while remaining patient in finding the right acquisition opportunities [74][120]

Core Insights - Peoples Bancorp reported revenue of $112.35 million for Q1 2025, a year-over-year decline of 0.4% and a surprise of -1.05% compared to the Zacks Consensus Estimate of $113.55 million [1] - The EPS for the same quarter was $0.69, down from $0.85 a year ago, with an EPS surprise of -5.48% against the consensus estimate of $0.73 [1] Financial Performance Metrics - Total earning assets averaged $8.28 billion, slightly below the estimated $8.39 billion [4] - Net Interest Margin was reported at 4.1%, matching the average estimate [4] - Efficiency ratio stood at 60.7%, better than the estimated 63.6% [4] - Net charge-offs as a percentage of average total loans (annualized) were 0.5%, slightly above the estimate of 0.4% [4] - Mortgage banking income was $0.40 million, exceeding the average estimate of $0.33 million [4] - Total Non-interest income was $27.10 million, below the estimated $28.11 million [4] - Electronic banking income was $5.89 million, lower than the average estimate of $6.37 million [4] - Bank owned life insurance income was $1.13 million, above the estimate of $0.80 million [4] - Insurance income was $6.05 million, slightly below the estimate of $6.32 million [4] - Deposit account service charges were $4.02 million, below the estimate of $4.53 million [4] - Net Interest Income was reported at $85.26 million, matching the average estimate [4] - Net interest income on a fully tax-equivalent basis was $85.54 million, slightly above the estimate of $85.45 million [4] Stock Performance - Shares of Peoples Bancorp have returned -9.2% over the past month, compared to the Zacks S&P 500 composite's -8.9% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Company Performance - Peoples Bancorp reported quarterly earnings of $0.69 per share, missing the Zacks Consensus Estimate of $0.73 per share, and down from $0.85 per share a year ago, representing an earnings surprise of -5.48% [1] - The company posted revenues of $112.35 million for the quarter, missing the Zacks Consensus Estimate by 1.05%, and down from $112.82 million year-over-year [2] - Over the last four quarters, the company has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - Peoples Bancorp shares have declined approximately 13.1% since the beginning of the year, compared to a decline of -12.3% for the S&P 500 [3] - The current status of estimate revisions for Peoples Bancorp is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the coming quarter is $0.80 on revenues of $113.7 million, and for the current fiscal year, it is $3.23 on revenues of $459.55 million [7] - The outlook for the industry, specifically the Banks - Midwest sector, is favorable, ranking in the top 13% of over 250 Zacks industries, suggesting potential for outperformance [8] Related Company - Civista Bancshares, another company in the same industry, is expected to report quarterly earnings of $0.50 per share, reflecting a year-over-year change of +22%, with revenues anticipated to be $40.09 million, up 8.7% from the previous year [9][10]

Company Overview - Peoples Bancorp Inc. is a diversified financial services holding company offering a complete line of banking, trust and investment, insurance, premium financing, and equipment leasing solutions through its subsidiaries [4] - The company has been headquartered in Marietta, Ohio since 1902, showcasing a heritage of financial stability, growth, and community impact [4] - As of December 31, 2024, Peoples had total assets of $9.3 billion and operated 148 locations, including 129 full-service bank branches across Ohio, Kentucky, West Virginia, Virginia, Washington D.C., and Maryland [4] Upcoming Earnings Release - Peoples intends to release its first quarter 2025 earnings before the market opens on Tuesday, April 22, 2025 [1] - A facilitated conference call with analysts, media, and individual investors will take place at 11:00 a.m. Eastern Daylight Time on the same date [1] - The conference call will feature commentary from Tyler Wilcox, President and CEO, and Kathryn Bailey, CFO and Treasurer, followed by a question and answer period [2] Participation Details - Individuals wishing to participate in the live conference call are encouraged to call or sign in at least 15 minutes prior to the scheduled start time [3] - The dial-in number for the call will be (866) 890-9285 [2] - A simultaneous webcast of the conference call audio will be available in listen-only mode, with an archived replay accessible online via the "Investor Relations" section of Peoples' website for one year [2]

Acquisition and Mergers - Peoples Bancorp Inc. completed the acquisition of Limestone Bancorp Inc. in an all-stock merger, resulting in the issuance of 6,827,668 common shares valued at $177.9 million[18]. Loan Portfolio Composition - As of December 31, 2024, commercial loans represented approximately 60.3% of Peoples Bank's total loan portfolio, with commercial and industrial loans comprising 21.2%[23][28]. - The portfolio of insurance premium finance loans increased to 4.2% of total loans at December 31, 2024, up from 3.3% at December 31, 2023[34]. - Peoples Bank's construction loans accounted for 5.2% of total loans at December 31, 2024, compared to 5.9% at December 31, 2023[30]. - Peoples Bank's commercial real estate loans comprised 33.9% of total loans at December 31, 2024, down from 35.7% at December 31, 2023[29]. - At December 31, 2024, 61.1% of the commercial loan portfolio consisted of variable interest rate loans[25]. - Peoples Bank's equipment leases and financing agreements represented 6.4% of total loans at December 31, 2024, slightly down from 6.7% at December 31, 2023[35]. - As of December 31, 2024, residential real estate loans comprised 13.2% of total loans, up from 12.9% in 2023, with $2.3 million held for sale and $346.2 million serviced[37]. - Home equity lines of credit represented 3.7% of total loans at December 31, 2024, compared to 3.4% in 2023, with 99.2% of the portfolio in variable interest rate loans[41]. - Consumer indirect loans accounted for 10.5% of total loans as of December 31, 2024, down from 10.8% in 2023[44]. - Peoples Bank's consumer direct loans comprised 1.7% of total loans at December 31, 2024, down from 2.1% in 2023[46]. Financial Performance and Strategy - The company aims to improve operating efficiency by focusing resources on offices and markets with the greatest earnings opportunities[17]. - The share repurchase program authorized on January 28, 2021, allowed for the purchase of up to $30.0 million in common shares, with $3.0 million repurchased in 2024[19]. - Investment securities made up 20.7% of total assets at December 31, 2024, increasing from 19.6% in 2023[49]. - The unfunded commitment related to overdraft services was $79.6 million as of December 31, 2024[48]. Employee and Workplace Initiatives - As of December 31, 2024, Peoples had 1,479 full-time equivalent employees, a slight increase from 1,478 in 2023[59]. - Peoples has implemented a $15 minimum wage across the organization, with all associates meeting or exceeding this threshold as of January 2023[59]. - Peoples has been recognized as one of America's Best Workplaces and Best Regional Banks in 2024, and has received accolades as a "Best Bank to Work For" from American Banker for four consecutive years[59]. Regulatory and Compliance Matters - The FDIC insures deposits at Peoples Bank up to $250,000 per depositor, backed by the full faith and credit of the U.S. government[73]. - The FDIC has established a designated reserve ratio (DRR) of 2.0% for the Deposit Insurance Fund (DIF), with a statutory minimum of 1.35% to be achieved by September 30, 2028[77]. - The FDIC projected that the DIF reserve ratio increased from 1.15% as of December 31, 2023, to 1.21% as of June 30, 2024, indicating progress towards the statutory minimum[78]. - The BHC Act requires bank holding companies to be "well managed" and "well capitalized" to engage in new activities or acquisitions[81]. - To be classified as "well capitalized," a bank must maintain a common equity tier 1 capital ratio of at least 6.5% and a total risk-based capital of at least 10.0%[102]. - The Basel III Capital Rules set minimum capital ratios: common equity tier 1 capital ratio of 4.5%, tier 1 risk-based capital ratio of 6.0%, and total risk-based capital ratio of 8.0%[92]. - The Federal Reserve Board has adopted risk-based capital guidelines that consider off-balance sheet exposures in evaluating capital adequacy[91]. - The regulatory agencies have a system of prompt corrective action for undercapitalized institutions, categorized into five capital levels[89]. - The Federal Reserve may require financial holding companies to contribute additional capital to undercapitalized subsidiary banks[84]. Cybersecurity and Data Protection - Peoples Bank is monitoring state-level privacy and cybersecurity regulations as they continue to evolve[126]. - Peoples has not detected significant data loss or material financial losses related to cybersecurity attacks, but risks remain high due to evolving threats and increased use of technology-based services[129]. - The company employs a layered defensive approach to manage cybersecurity controls, including encryption and multi-factor authentication technology[129]. - Cybersecurity incidents could lead to increased costs for remediation, litigation, and regulatory scrutiny, negatively impacting Peoples' financial results[171]. - Federal regulators require banking organizations to notify them of computer-security incidents within 36 hours of determination[125]. - The SEC's new rules require public companies to disclose material cybersecurity incidents within four business days[128]. Economic and Market Risks - Inflation and rising interest rates have led to a decline in the trading value of previously issued government securities, impacting Peoples' business operations and customer repayment abilities[152]. - The macroeconomic environment is susceptible to global events, with ongoing geopolitical conflicts potentially causing significant market disruptions and volatility[150][151]. - Economic conditions such as high inflation and elevated interest rates could adversely affect borrowers' ability to make loan payments, impacting Peoples' financial condition[184]. - Changes in interest rates could adversely affect Peoples' profitability, as net interest income is significantly dependent on the difference between interest income and interest expense[142]. - Peoples' loan portfolio is significantly exposed to credit risk, particularly from commercial loans, which are more susceptible to defaults during economic downturns[183]. Capital and Liquidity Considerations - Peoples may need to seek additional capital in the future, but availability is uncertain and could adversely affect financial condition and operations[192]. - The company believes it has effective asset and liability management strategies to mitigate interest rate risk, although unexpected changes could adversely affect financial results[144]. - Peoples' ability to pay dividends is limited and may be affected by regulatory constraints, impacting liquidity and financial condition[197]. - The accuracy of information from customers and counterparties is critical, as reliance on misleading financial statements could negatively impact financial results[198]. - Changes in accounting standards may materially impact how Peoples records and reports its financial condition and results of operations[207]. - Increases in FDIC insurance premiums may adversely affect Peoples Bank's earnings and ability to pay dividends[210]. Community and Social Responsibility - Peoples Bank received an overall "Satisfactory" rating in its most recent Community Reinvestment Act evaluation by the Federal Reserve Board[104]. - The Federal Reserve Board's final rule on the CRA, effective January 1, 2026, aims to enhance access to credit in low- and moderate-income communities[105].

Net Income and Profitability - Net income for Q4 2024 was $26.9 million, a decrease from $31.7 million in Q3 2024 and $33.8 million in Q4 2023[1] - For the full year 2024, net income was $117.2 million, compared to $113.4 million in 2023[1] - Net income for the year ended December 31, 2024, was $117.21 million, up from $113.36 million in 2023, a 3.4% increase[68] - Net income for the three months ended December 31, 2024, was $26,930 thousand, compared to $31,684 thousand in the previous quarter and $33,825 thousand in the same period last year[99] - Annualized net income adjusted for non-core items for the three months ended December 31, 2024, was $116,181 thousand, compared to $125,972 thousand in the previous quarter and $145,127 thousand in the same period last year[99] - Net income excluding amortization of other intangible assets for the three months ended December 31, 2024, was $29,142 thousand, compared to $33,885 thousand in the previous quarter and $36,409 thousand in the same period last year[103] - Annualized net income excluding amortization of other intangible assets for the three months ended December 31, 2024, was $115,934 thousand, compared to $134,803 thousand in the previous quarter and $144,449 thousand in the same period last year[103] Net Interest Income and Margin - Net interest income for Q4 2024 decreased by $2.4 million (3%) compared to Q3 2024, driven by lower accretion income[4] - Net interest margin for Q4 2024 decreased to 4.15% from 4.27% in Q3 2024[4] - Net interest margin for Q4 2024 was 4.15%, down from 4.43% in Q4 2023[64] - Net interest income for the year ended December 31, 2024, was $348.70 million, up from $339.37 million in 2023, a 2.7% increase[68] - Net interest income for Q4 2024 was $86,822 thousand, compared to $88,734 thousand in Q4 2023, with a net interest margin of 4.15%[86] - Net interest income on a fully tax-equivalent basis for Q4 2024 was $86.82 million, down from $88.73 million in Q4 2023[94] - Net interest income for the year ended December 31, 2024, was $350,009 thousand, with a net interest margin of 4.21%[89] Non-Interest Income and Expense - Total non-interest income, excluding net gains and losses, increased by $1.2 million (5%) in Q4 2024 compared to Q3 2024[4] - Total non-interest expense increased by $4.4 million (7%) in Q4 2024 compared to Q3 2024[4] - Non-interest expense for Q4 2024 was $70.5 million, compared to $66.1 million in Q3 2024 and $67.7 million in Q4 2023[25] - Total non-interest income for the year ended December 31, 2024, was $99.37 million, compared to $87.41 million in 2023, a 13.7% increase[68] - Core non-interest expense for Q4 2024 was $69.36 million, compared to $66.41 million in Q4 2023[94] - Total non-interest income for Q4 2024 was $25.09 million, compared to $24.13 million in Q4 2023[94] Loan and Lease Balances - Period-end total loan and lease balances increased by $86.2 million (5% annualized) in Q4 2024 compared to Q3 2024[4] - Total loan and lease balances at December 31, 2024 increased by $86.2 million (5% annualized) compared to September 30, 2024, driven by $97.5 million growth in commercial and industrial loans[32] - Total loan and lease balances at December 31, 2024 increased by $198.8 million compared to December 31, 2023, driven by organic growth in commercial and industrial loans ($162.7 million) and premium finance portfolios ($66.3 million)[33] - Loans and leases, net of deferred fees and costs, as of December 31, 2024, were $6.36 billion, compared to $6.16 billion in 2023, a 3.2% increase[73] - Total loans and leases increased to $6,358,003 thousand in December 2024, up from $6,159,196 thousand in December 2023[79] - Total loans increased to $6,241,228 thousand in Q4 2024, up from $6,094,217 thousand in Q4 2023, with a yield of 7.01%[86] - Total loans for the year ended December 31, 2024, averaged $6,238,070 thousand, yielding 7.14%, compared to $5,590,453 thousand in 2023 with a yield of 6.79%[89] Deposit Balances - Period-end total deposit balances increased by $111.9 million (2%) in Q4 2024 compared to Q3 2024[5] - Total deposits increased by $111.9 million compared to September 30, 2024, driven by increases in brokered certificates of deposit ($59.1 million), non-interest bearing deposits ($54.2 million), and retail certificates of deposit ($37.3 million)[41] - Period-end deposit balances increased by $442.8 million (6%) compared to December 31, 2023, primarily due to a $478.0 million increase in retail certificates of deposit[42][43] - Retail deposit balances accounted for 79% of total deposits at December 31, 2024, while commercial deposits made up 21%[44] - Uninsured deposits were 26% of total deposits at December 31, 2024, with $656.9 million (33%) of uninsured deposits collateralized by investment securities[45] - Average deposit balances increased by $211.4 million (3%) compared to the linked quarter and $509.3 million (7%) compared to Q4 2023[46] - Total deposits as of December 31, 2024, were $7.60 billion, up from $7.15 billion in 2023, a 6.3% increase[75] - Total deposits grew to $7,595,079 thousand in December 2024, compared to $7,152,297 thousand in December 2023[79] - Total demand deposits as a percent of total deposits were 34.14% in December 2024, down from 37.92% in December 2023[79] - Total interest-bearing deposits grew to $6,061,069 thousand in Q4 2024, up from $5,498,566 thousand in Q4 2023, with a cost of 2.44%[86] Credit Quality and Provisions - Provision for credit losses in Q4 2024 was $6.3 million, compared to $6.7 million in Q3 2024 and $1.3 million in Q4 2023[12] - Nonperforming assets decreased by $20.8 million (30%) compared to Q3 2024 but increased by $9.6 million (24%) compared to Q4 2023[36] - Criticized loans increased by $3.7 million (2%) compared to Q3 2024 and $6.1 million (3%) compared to Q4 2023, primarily due to loan downgrades[37] - Classified loans decreased by $4.4 million (3%) compared to Q3 2024 but increased by $8.8 million (7%) compared to Q4 2023, driven by loan and lease downgrades[38] - Annualized net charge-offs increased to 0.61% of average total loans in Q4 2024, up from 0.38% in the linked quarter and 0.23% in Q4 2023, driven by higher charge-offs in North Star Leasing[39] - The allowance for credit losses decreased by $3.3 million compared to September 30, 2024, but increased by $1.3 million compared to December 31, 2023, with the allowance ratio at 1.00% of total loans as of December 31, 2024[40] - Net charge-offs for the year ended December 31, 2024, were $23,223 thousand, compared to $8,547 thousand in the previous year[82] - Provision for credit losses for the year ended December 31, 2024, was $24,787 thousand, up from $15,174 thousand in the previous year[82] - Nonperforming assets (NPAs) as a percent of total assets decreased to 0.53% in December 2024 from 0.43% in December 2023[79] Investment Securities - Available-for-sale investment securities decreased by $2.9 million compared to Q3 2024 but increased by $35.2 million compared to Q4 2023[28] - Held-to-maturity investment securities increased by $81.2 million compared to Q3 2024 and $91.1 million compared to Q4 2023[29] - Investment securities averaged $1,910,266 thousand in Q4 2024, yielding 3.42%, compared to $1,768,033 thousand in Q4 2023 with a yield of 3.23%[86] Capital and Equity - Total stockholders' equity decreased by $13.4 million (1%) compared to September 30, 2024, but increased by $58.1 million (6%) compared to December 31, 2023[47][48] - The tier 1 risk-based capital ratio was 12.40% at December 31, 2024, compared to 12.59% at September 30, 2024, and 12.37% at December 31, 2023[49] - Book value per common share was $31.26 at December 31, 2024, compared to $31.65 at September 30, 2024, and $29.83 at December 31, 2023[50] - Total stockholders' equity as of December 31, 2024, was $1.11 billion, up from $1.05 billion in 2023, a 5.5% increase[76] - Common equity tier 1 capital ratio improved to 11.96% in December 2024 from 11.56% in December 2023[79] - Total risk-based capital ratio (tier 1 and tier 2) increased to 13.59% in December 2024 from 13.17% in December 2023[79] - Total stockholders' equity to total assets ratio increased to 12.01% in December 2024 from 11.50% in December 2023[79] - Tangible equity as of December 31, 2024, was $709.17 million, up from $641.36 million in December 2023[96] - Tangible book value per common share increased to $19.94 in Q4 2024 from $18.16 in Q4 2023[96] - Tangible equity to tangible assets ratio was 8.01% in Q4 2024, up from 7.33% in Q4 2023[96] Earnings Per Share and Ratios - Basic earnings per common share for Q4 2024 were $0.77, down from $0.97 in Q4 2023[64] - Diluted earnings per common share for Q4 2024 were $0.76, compared to $0.96 in Q4 2023[64] - Return on average stockholders' equity for Q4 2024 was 9.56%, down from 13.39% in Q4 2023[64] - Return on average tangible equity for Q4 2024 was 16.15%, compared to 24.45% in Q4 2023[64] - Efficiency ratio for Q4 2024 was 59.57%, up from 55.98% in Q4 2023[64] - Dividend payout ratio for Q4 2024 was 52.79%, compared to 41.75% in Q4 2023[64] - Book value per common share at the end of Q4 2024 was $31.26, up from $29.83 at the end of Q4 2023[64] - Tangible book value per common share at the end of Q4 2024 was $19.94, compared to $18.16 at the end of Q4 2023[64] - Earnings per common share (diluted) for the year ended December 31, 2024, was $3.31, compared to $3.44 in 2023, a 3.8% decrease[71] - Return on average stockholders' equity for the three months ended December 31, 2024, was 9.56%, compared to 11.46% in the previous quarter and 13.39% in the same period last year[103] - Return on average tangible equity for the three months ended December 31, 2024, was 16.15%, compared to 19.40% in the previous quarter and 24.45% in the same period last year[103] Asset and Liability Management - Total assets as of December 31, 2024, were $9.25 billion, compared to $9.16 billion in 2023, a 1.1% increase[77] - Cash and cash equivalents as of December 31, 2024, were $217.66 million, down from $426.72 million in 2023, a 49.0% decrease[73] - Total earning assets averaged $8,208,999 thousand in Q4 2024, yielding 6.20%, up from $7,858,046 thousand in Q4 2023 with a yield of 6.29%[86] - Total liabilities and stockholders' equity reached $9,146,057 thousand in Q4 2024, compared to $8,826,655 thousand in Q4 2023[86] - Total assets as of December 31, 2024, were $9.25 billion, up from $9.16 billion in December 2023[96] Other Financial Metrics - Accretion income, net of amortization expense, was $4.9 million in Q4 2024, down from $8.1 million in Q3 2024 and $9.3 million in Q4 2023[9] - The efficiency ratio for Q4 2024 was 59.6%, up from 55.1% in Q3 2024 and 56.0% in Q4 2023, primarily due to lower revenue[25][26] - Income tax expense for Q4 2024 was $7.9 million with an effective tax rate of 22.7%, down from $9.2 million in Q3 2024 and $9.7 million in Q4 2023[27] - Closing price of common shares at the end of Q4 2024 was $31.69, down from $33.76 at the end of Q4 2023[64] - Total interest income for the year ended December 31, 2024, was $520.78 million, compared to $439.40 million in 2023, reflecting an 18.5% increase[68] - Trust assets under administration and management stood at $2,061,267 thousand in December 2024, slightly down from $2,124,320 thousand in September 2024[85] - Adjusted revenue for Q4 2024 was $113.65 million, slightly down from $115.08 million in Q4 2023[94] - Pre-provision net revenue for Q4 2024 was $42.86 million, down from $47.03 million in Q4 2023[98] - Return on average assets for the three months ended December 31, 2024, was 1.17%, compared to 1.38% in the previous quarter and 1.52% in the same period last year[99] - Return on average assets adjusted for non-core items for the three months ended December 31, 2024, was 1.27%, compared to 1.38% in the previous quarter and 1.64% in the same period last year[99]

Financial Data and Key Metrics - The company's fourth quarter 2024 earnings release and conference call presentation were issued and are available on the company's website under Investor Relations [4] Business Line Data and Key Metrics - No specific data or metrics related to individual business lines were provided in the content Market Data and Key Metrics - No specific data or metrics related to individual markets were provided in the content Company Strategy and Industry Competition - No specific information on company strategy or industry competition was provided in the content Management Commentary on Operating Environment and Future Outlook - Management believes that the forward-looking statements made during the call are based on reasonable assumptions within the bounds of their knowledge of the company's business and operations [3] - However, actual results may differ materially from these forward-looking statements due to a number of risks and uncertainties detailed in the company's SEC filings [2][3] Other Important Information - The call contains projections and forward-looking statements regarding the company's future financial performance or future events, which are based on management's current expectations [2] - The company disclaims any responsibility to update these forward-looking statements after the call, except as may be required by applicable legal requirements [3] Summary of Q&A Session - No specific questions or answers from the Q&A session were provided in the content

1 Safe Harbor Statement Statements in this presentation which are not historical facts 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 may include discussions of the strategic plans and objectives or anticipated future performance and events of Peoples Bancorp Inc. ("Peoples"). The information ...