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

Financial Performance - Net income grew to $1172 million, or $331 of diluted EPS for 2024[12] - Deposit growth reached $443 million, representing a 6% increase[12] - Fee-based income experienced a 10% growth[12] - The efficiency ratio stood at 580%[12] Loan Portfolio - Total loan balances grew 5% annualized compared to September 30, 2024[16] - As of December 31, 2024, 47% of loans were fixed rate, with the remaining 53% at a variable rate[16] - North Star Leasing balances comprised only 3% of the total loan portfolio at December 31, 2024[19] Asset Quality - As of December 31, 2024, 987% of the loan portfolio was considered "current", compared to 985% at September 30, 2024[23] Net Interest Income - Net interest income declined 3% compared to the linked quarter, attributable to lower accretion income[27] - Accretion income added 23 basis points to net interest margin, compared to 39 basis points for the linked quarter[27] Non-Interest Income and Expense - For the full year of 2024, non-interest income increased 14%[31] - Core non-interest expense increased 4% compared to the linked quarter[37] 2025 Outlook - Loan growth is projected to be between 4% and 6% for the full year of 2025, compared to 2024[50]

Core Insights - Peoples Bancorp reported revenue of $111.63 million for the quarter ended December 2024, a decrease of 1.2% year-over-year, but exceeded the Zacks Consensus Estimate by 1.99% [1] - Earnings per share (EPS) were $0.82, down from $1.04 in the same quarter last year, with a surprise of 9.33% over the consensus estimate of $0.75 [1] Financial Performance Metrics - Total earning assets averaged $8.21 billion, slightly below the estimated $8.29 billion [4] - Net Interest Margin was reported at 4.2%, surpassing the average estimate of 4.1% [4] - Net charge-offs as a percentage of average total loans (annualized) were 0.6%, higher than the 0.4% average estimate [4] - Efficiency ratio stood at 59.6%, better than the average estimate of 61.9% [4] - Mortgage banking income was $0.17 million, significantly lower than the average estimate of $0.97 million [4] - Total Non-interest income was $25.09 million, slightly below the average estimate of $25.18 million [4] - Electronic banking income was $6.27 million, compared to the average estimate of $6.45 million [4] - Bank owned life insurance income was $1.22 million, exceeding the average estimate of $0.48 million [4] - Insurance income was reported at $4.52 million, slightly above the average estimate of $4.40 million [4] - Deposit account service charges were $4.50 million, close to the average estimate of $4.54 million [4] - Net Interest Income was $86.54 million, exceeding the average estimate of $84.74 million [4] - Net interest income on a fully tax-equivalent basis was $86.82 million, also above the average estimate of $84.85 million [4] Stock Performance - Shares of Peoples Bancorp have returned -2.6% over the past month, while the Zacks S&P 500 composite increased by 1.2% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

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]

Company Performance - Peoples Bancorp reported quarterly earnings of $0.82 per share, exceeding the Zacks Consensus Estimate of $0.75 per share, but down from $1.04 per share a year ago, indicating an earnings surprise of 9.33% [1] - The company posted revenues of $111.63 million for the quarter, surpassing the Zacks Consensus Estimate by 1.99%, although this is a decrease from year-ago revenues of $112.92 million [2] - Over the last four quarters, the company has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Market Performance - Peoples Bancorp shares have declined approximately 1.2% since the beginning of the year, contrasting with the S&P 500's gain of 2% [3] - The current Zacks Rank for Peoples Bancorp is 4 (Sell), indicating expectations of underperformance in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.72 on revenues of $111.05 million, and for the current fiscal year, it is $3.16 on revenues of $450 million [7] - The outlook for the industry, specifically the Banks - Midwest sector, is favorable, ranking in the top 14% of over 250 Zacks industries, suggesting potential for better performance compared to lower-ranked industries [8]

Core Points - Peoples Bancorp Inc. reported a net income of $26.9 million for Q4 2024, down from $31.7 million in Q3 2024 and $33.8 million in Q4 2023, with earnings per diluted common share of $0.76 [1][2] - For the full year 2024, net income was $117.2 million, an increase from $113.4 million in 2023, with earnings per diluted common share of $3.31 compared to $3.44 in 2023 [1][2] Statement of Operations Highlights - The increase in net income for 2024 marked the third consecutive year of record net income for the company [2] - Higher swap fee income driven by customer demand contributed to the increase in net income [3] Balance Sheet Highlights - The merger with Limestone Bancorp was completed on April 30, 2023, valued at $177.9 million, with acquisition-related expenses recorded [5] - Total loan and lease balances increased by $86.2 million, or 5% annualized, compared to September 30, 2024, driven by growth in commercial and industrial loans [13][32] Net Interest Income - Net interest income for Q4 2024 was $86.5 million, a decrease of $2.4 million from the linked quarter, with a net interest margin of 4.15% [6][13] - For the full year 2024, net interest income increased by $9.3 million, or 3%, compared to 2023, driven by higher market interest rates and additional income from the Limestone Merger [9][10] Provision for Credit Losses - The provision for credit losses was $6.3 million for Q4 2024, down from $6.7 million in Q3 2024, but up from $1.3 million in Q4 2023 [11][12] - For the full year 2024, the provision for credit losses was $24.8 million, compared to $15.2 million in 2023, primarily due to higher net charge-offs and loan growth [12] Non-Interest Income and Expense - Total non-interest income, excluding net gains and losses, increased by $1.2 million, or 5%, for Q4 2024 compared to the linked quarter, driven by higher swap fee income [18] - Total non-interest expense increased by $4.4 million, or 7%, for Q4 2024 compared to the linked quarter, primarily due to acquisition-related expenses [21][22] Asset Quality - Overall asset quality remained stable, with delinquency trends showing 98.7% of loans considered current as of December 31, 2024 [36] - Nonperforming assets decreased by $20.8 million, or 30%, compared to September 30, 2024, but increased by $9.6 million, or 24%, compared to December 31, 2023 [37] Deposits - Total deposits increased by $111.9 million, or 2%, compared to September 30, 2024, driven by increases in brokered certificates of deposit and core deposits [42] - Compared to December 31, 2023, total deposit balances increased by $442.8 million, or 6% [43] Stockholders' Equity - Total stockholders' equity decreased by $13.4 million, or 1%, compared to September 30, 2024, primarily due to an increase in accumulated other comprehensive loss [47] - Compared to December 31, 2023, total stockholders' equity increased by $58.1 million, or 6% [48] Capital Ratios - The tier 1 risk-based capital ratio was 12.40% at December 31, 2024, compared to 12.59% at September 30, 2024 [49] - The common equity tier 1 risk-based capital ratio improved to 11.96% at December 31, 2024, compared to 11.80% at September 30, 2024 [49]

Core Viewpoint - Analysts expect Peoples Bancorp (PEBO) to report quarterly earnings of $0.75 per share, reflecting a year-over-year decline of 27.9%, with revenues projected at $109.45 million, down 3.1% from the previous year [1]. Earnings Estimates - Revisions to earnings estimates are crucial indicators for predicting investor actions regarding the stock, with empirical research showing a strong correlation between earnings estimate trends and short-term stock performance [2]. Key Metrics Projections - The consensus estimate for 'Average Balance - Total earning assets' is $8.29 billion, up from $7.86 billion year-over-year [4]. - Analysts project 'Net Interest Margin' to be 4.1%, down from 4.4% in the previous year [4]. - The expected 'Efficiency ratio' is 61.9%, compared to 56% a year ago [4]. Non-Interest Income Estimates - The consensus for 'Total Non-interest income' is $25.18 million, up from $24.13 million year-over-year [5]. - 'Electronic banking income' is expected to reach $6.45 million, down from $6.84 million in the previous year [5]. - 'Insurance income' is projected at $4.40 million, slightly up from $4.34 million reported last year [5]. Interest Income Projections - 'Deposit account service charges' are forecasted at $4.54 million, compared to $4.49 million in the same quarter last year [6]. - 'Net Interest Income' is expected to be $84.74 million, down from $88.37 million year-over-year [6]. - 'Net interest income on a fully tax-equivalent basis' is projected at $84.85 million, compared to $88.78 million reported last year [7]. Market Performance - Shares of Peoples Bancorp have decreased by 8.3% over the past month, while the Zacks S&P 500 composite has moved down by 3.3% [8]. - With a Zacks Rank 4 (Sell), PEBO is anticipated to underperform the overall market in the near future [8].

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 [5] - The company has been headquartered in Marietta, Ohio since 1902, showcasing a heritage of financial stability, growth, and community impact [5] - As of September 30, 2024, Peoples Bancorp had total assets of $9.1 billion and operated 149 locations, including 130 full-service bank branches across several states [5] Upcoming Earnings Release - Peoples Bancorp intends to release its fourth quarter and full year 2024 earnings before the market opens on January 21, 2025 [3] - A facilitated conference call with analysts, media, and individual investors will take place at 11:00 a.m. Eastern Time on the same date [3] - The conference call will feature commentary from the President and CEO, Tyler Wilcox, and the CFO and Treasurer, Kathryn Bailey, followed by a question and answer session [4] Conference Call Details - Participants are encouraged to join the live conference call at least 15 minutes prior to the scheduled start time [1] - The dial-in number for the call is (866) 890-9285, and a simultaneous webcast will be available in listen-only mode [4] - An audio replay of the conference call will be accessible online for one year via the "Investor Relations" section of Peoples' website [4] Market Position - Peoples Bancorp is a member of the Russell 3000 index of U.S. publicly-traded companies, indicating its significant presence in the market [6] - The company provides services through various divisions, including Peoples Bank, Peoples Insurance Agency, LLC, and Vantage Financial, LLC [6]

For the quarter ended September 2024, Peoples Bancorp (PEBO) reported revenue of $113.71 million, down 2.7% over the same period last year. EPS came in at $0.89, compared to $1.06 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $112.3 million, representing a surprise of +1.25%. The company delivered an EPS surprise of +7.23%, with the consensus EPS estimate being $0.83.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- ...

Peoples Bancorp (PEBO) came out with quarterly earnings of $0.89 per share, beating the Zacks Consensus Estimate of $0.83 per share. This compares to earnings of $1.06 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 7.23%. A quarter ago, it was expected that this financial services and products company would post earnings of $0.85 per share when it actually produced earnings of $0.84, delivering a surprise of -1.18%.Over the l ...