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]

Core Insights - Peoples Bancorp reported a revenue of $113.71 million for the quarter ended September 2024, reflecting a decrease of 2.7% year-over-year, with EPS at $0.89 compared to $1.06 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $112.3 million by 1.25%, while the EPS surpassed the consensus estimate of $0.83 by 7.23% [1] Financial Performance Metrics - Total earning assets averaged $8.19 billion, below the average estimate of $8.34 billion from three analysts [2] - Net Interest Margin was reported at 4.3%, slightly above the estimated 4.2% [2] - Efficiency ratio stood at 55.1%, significantly better than the average estimate of 60.6% [2] - Net charge-offs as a percentage of average total loans (annualized) were 0.4%, higher than the average estimate of 0.3% [2] - Mortgage banking income was $1.05 million, exceeding the estimated $0.23 million [2] - Total Non-interest income reached $24.79 million, slightly below the average estimate of $24.93 million [2] - Electronic banking income was $6.36 million, below the estimated $6.60 million [2] - Bank owned life insurance income was $0.46 million, significantly lower than the average estimate of $1.08 million [2] - Insurance income was reported at $4.27 million, slightly below the estimated $4.40 million [2] - Deposit account service charges totaled $4.52 million, above the average estimate of $4.34 million [2] - Net Interest Income was $88.91 million, exceeding the estimated $87.22 million [2] - Net interest income on a fully tax-equivalent basis was $89.23 million, compared to the average estimate of $87.10 million [2] Stock Performance - Shares of Peoples Bancorp have returned +0.7% over the past month, underperforming the Zacks S&P 500 composite's +2.8% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Group 1: Earnings Performance - Peoples Bancorp reported quarterly earnings of $0.89 per share, exceeding the Zacks Consensus Estimate of $0.83 per share, but down from $1.06 per share a year ago, indicating a year-over-year decline [1] - The earnings surprise for the quarter was 7.23%, and the company has surpassed consensus EPS estimates three times over the last four quarters [1] - The company posted revenues of $113.71 million for the quarter, surpassing the Zacks Consensus Estimate by 1.25%, but down from $116.91 million year-over-year [1] Group 2: Stock Performance and Outlook - Peoples Bancorp shares have declined approximately 9.8% since the beginning of the year, contrasting with the S&P 500's gain of 22.7% [2] - The current consensus EPS estimate for the upcoming quarter is $0.82 on revenues of $112.55 million, and for the current fiscal year, it is $3.29 on revenues of $448.75 million [4] Group 3: Industry Context - The Banks - Midwest industry, to which Peoples Bancorp belongs, is currently ranked in the top 26% of over 250 Zacks industries, suggesting a favorable industry outlook [5] - Another company in the same industry, 1st Source, is expected to report quarterly earnings of $1.36 per share, reflecting a year-over-year increase of 3% [5]

Core Viewpoint - Peoples Bancorp (PEBO) is anticipated to report a year-over-year decline in earnings due to lower revenues for the quarter ended September 2024, with the consensus outlook indicating a significant impact on its near-term stock price based on actual results compared to estimates [1][3]. Earnings Expectations - The upcoming earnings report is expected to show quarterly earnings of $0.83 per share, reflecting a year-over-year decrease of 21.7%, while revenues are projected to be $112.3 million, down 3.9% from the previous year [3]. - The consensus EPS estimate has been revised 0.8% lower in the last 30 days, indicating a reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that the Most Accurate Estimate for Peoples Bancorp is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +2.72%, although the stock holds a Zacks Rank of 4, complicating predictions of an earnings beat [10]. - A positive Earnings ESP is generally a strong predictor of an earnings beat, especially when combined with a favorable Zacks Rank [8]. Historical Performance - In the last reported quarter, Peoples Bancorp was expected to post earnings of $0.85 per share but delivered $0.84, resulting in a surprise of -1.18% [11]. - Over the past four quarters, the company has beaten consensus EPS estimates three times [12]. Industry Comparison - Wintrust Financial (WTFC), another player in the Zacks Banks - Midwest industry, is expected to report earnings of $2.50 per share for the same quarter, indicating a year-over-year change of -1.2%, with revenues expected to rise by 8.1% to $621.35 million [16]. - Wintrust's consensus EPS estimate has been revised 0.3% upward in the last 30 days, and it has an Earnings ESP of 0.54%, suggesting a likelihood of beating the consensus EPS estimate [17].

Financial Performance - For the quarter ended June 30, 2024, total non-interest income was $23.704 million, compared to $21.015 million for the same period in 2023, reflecting an increase of 12.8%[9] - Net interest income for the quarter was $86.613 million, slightly down from $86.640 million in the previous quarter but up from $84.853 million in the same quarter last year, indicating a year-over-year increase of 3.1%[9] - Pre-provision net revenue for the quarter was $42.340 million, compared to $37.076 million in the same quarter last year, marking a year-over-year increase of 14.1%[10] - Adjusted revenue for the six months ended June 30, 2024, was $224.564 million, up from $202.556 million for the same period in 2023, reflecting a growth of 10.8%[9] - Net income for the three months ended June 30, 2024, was $29,007,000, compared to $21,096,000 for the same period in 2023, representing an increase of 37.5%[11] - Annualized net income for the six months ended June 30, 2024, was $117,826,000, compared to $96,102,000 for the same period in 2023, representing a year-over-year increase of 22.5%[12] - The annualized net income excluding amortization of other intangible assets for the six months ended June 30, 2024, was $126,682,000, up from $103,543,000 in the same period of 2023, reflecting a growth of 22.3%[12] Operational Efficiency - The efficiency ratio for the quarter was 59.19%, an improvement from 62.75% in the same quarter of the previous year, demonstrating enhanced operational efficiency[9] - Total non-interest expense for the quarter was $68.758 million, compared to $70.623 million in the same quarter last year, showing a decrease of 2.4%[9] Asset Management - Total assets as of June 30, 2024, were $9.226 billion, a slight decrease from $9.271 billion at the end of the previous quarter but an increase from $8.787 billion a year ago[10] - The company reported a total average assets of $9,180,454,000 for the three months ended June 30, 2024, compared to $8,342,883,000 in the same period of 2023, indicating growth in asset base[11] Capital Position - Tangible book value per common share increased to $18.91, up from $18.39 in the previous quarter and $16.56 a year ago, reflecting a year-over-year growth of 14.2%[10] - The tangible equity to tangible assets ratio improved to 7.61% as of June 30, 2024, compared to 7.00% a year earlier, indicating stronger capital position[10] - Average tangible equity increased to $653,590,000 for the three months ended June 30, 2024, from $564,383,000 in the same period of 2023, marking a growth of 15.8%[12] Credit Quality - The company reported a provision for credit losses of $5.683 million for the quarter, down from $7.983 million in the same quarter of the previous year, indicating improved credit quality[10] Return Metrics - Return on average assets for the three months ended June 30, 2024, was 1.27%, compared to 1.01% for the same period in 2023, indicating improved asset efficiency[11] - Return on average stockholders' equity for the three months ended June 30, 2024, was 10.99%, compared to 8.89% for the same period in 2023, showing enhanced shareholder returns[12] Non-Core Adjustments - Annualized net income adjusted for non-core items for the six months ended June 30, 2024, was $119,479,000, slightly down from $119,559,000 in the same period of 2023[11] - The company incurred acquisition-related expenses of $10,709,000 in the first quarter of 2024, which impacted net income adjustments[11]

Core Viewpoint - The upcoming earnings reports for Peoples Bancorp and Farmers National Banc are anticipated to show mixed results, with particular attention on earnings per share (EPS) estimates and revenue performance. Company Summary - Peoples Bancorp is expected to report quarterly earnings of $0.84 per share, slightly missing the Zacks Consensus Estimate of $0.85 per share, representing a year-over-year increase from $0.83 per share [3] - The company reported revenues of $109.69 million for the quarter ended June 2024, which is a 3.5% increase from $106.31 million a year ago but missed the Zacks Consensus Estimate by 1.45% [4] - Over the last four quarters, Peoples Bancorp has surpassed consensus EPS estimates three times and topped consensus revenue estimates twice [4] - The stock has underperformed the market, losing about 1.2% since the beginning of the year compared to the S&P 500's gain of 16.7% [5] Industry Summary - The Banks - Midwest industry, to which Peoples Bancorp belongs, is currently in the top 40% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - The performance of stocks in this industry is significantly influenced by the overall industry outlook and earnings estimate revisions [8][7]

Core Viewpoint - Peoples Bancorp Inc. is set to release its second quarter 2024 earnings on July 23, 2024, before market opening, followed by a conference call for analysts, media, and investors [2][3]. Group 1: Earnings Release and Conference Call - The earnings release will occur before the market opens on July 23, 2024 [2]. - A conference call will be held at 11:00 a.m. Eastern Daylight Time on the same date, featuring commentary from the CEO and CFO [3]. - The dial-in number for the conference call is (866) 890-9285, and a webcast will be available for listen-only access [3]. Group 2: Company Overview - Peoples Bancorp Inc. is a diversified financial services holding company with a complete line of banking, trust, investment, insurance, premium financing, and equipment leasing solutions [4]. - The company has been headquartered in Marietta, Ohio since 1902, boasting a heritage of financial stability and community impact [4]. - As of March 31, 2024, Peoples had total assets of $9.3 billion and operates 152 locations, including 133 full-service bank branches across several states [4]. Group 3: Membership and Services - Peoples is a member of the Russell 3000 index of U.S. publicly-traded companies [5]. - The company offers services through various divisions, including Peoples Bank, Peoples Insurance Agency, LLC, and Vantage Financial, LLC [5].

Financial Performance - Peoples reported net income of $29.6 million for Q1 2024, with earnings per diluted common share of $0.84, compared to $33.8 million and $0.96 in Q4 2023, and $26.6 million and $0.94 in Q1 2023[174]. - The company reported a net income of $116.4 million over the last twelve months, contributing to the increase in stockholders' equity[190]. - For the three months ended March 31, 2024, net income was $29,584,000, a decrease from $33,825,000 in the previous quarter and an increase from $26,560,000 in the same period last year[251]. - Annualized net income for Q1 2024 was $118,986,000, down from $134,197,000 in Q4 2023 and up from $107,716,000 in Q1 2023[247]. - The company reported a net income adjusted for non-core items of $29,788,000 for Q1 2024, compared to $36,580,000 in Q4 2023 and $28,718,000 in Q1 2023[247]. Net Interest Income and Margin - Net interest income for Q1 2024 was $86.6 million, a decrease of $1.7 million or 2.0% from the previous quarter, but an increase of $13.8 million or 18.9% compared to Q1 2023[175]. - Net interest margin for Q1 2024 was 4.27%, down from 4.44% in the previous quarter and 4.53% in Q1 2023, primarily due to increased interest expense on deposits[175]. - Net interest income for the first quarter of 2024 was $86.64 million, compared to $72.88 million in the same period last year, reflecting a significant increase[194]. - Net interest income for Q1 2024 grew by 18.9% compared to Q1 2023, driven by increases in market interest rates and the Limestone Merger[201]. - The net interest margin decreased to 4.27% in Q1 2024 from 4.44% in the previous quarter, primarily due to a decrease in accretion income[200]. Acquisitions and Mergers - The Limestone Merger, completed in April 2023, contributed to the increase in accretion income compared to Q1 2023[176]. - The Limestone Merger, completed on April 30, 2023, added $1.46 billion in assets, primarily loans, to the company[188]. - Acquisition-related expenses for Q1 2024 were $(0.1) million, a decrease from $1.3 million in the linked quarter, primarily related to the Limestone Merger[177]. - The increase in PPNR for Q1 2024 compared to Q1 2023 was attributed to increased net interest income from the Limestone Merger[241]. Credit Losses and Charge-offs - The provision for credit losses for Q1 2024 was $6.1 million, up from $1.3 million in the linked quarter and $1.9 million in Q1 2023, driven by macro-economic deterioration, increased reserves, and loan growth[177]. - Net charge-offs for Q1 2024 were $3.3 million, or 0.22% of average total loans annualized, compared to $3.5 million (0.23%) in the linked quarter and $1.5 million (0.13%) in Q1 2023[177]. - The increase in the allowance for credit losses was attributed to a deterioration in macro-economic conditions, increased reserves on individually analyzed loans, and loan growth[270]. - Total gross charge-offs for the first quarter of 2024 were $3.9 million, a decrease from $4.8 million in the fourth quarter of 2023[271]. - The increase in net charge-offs year-over-year was primarily due to higher charge-offs in leases, indirect consumer loans, and commercial industrial loans[273]. Assets and Liabilities - Total assets as of March 31, 2024, were $9.27 billion, up from $9.16 billion at December 31, 2023, and $7.31 billion at March 31, 2023, primarily due to increases in investment securities and loan balances[188]. - Total liabilities increased to $8.21 billion as of March 31, 2024, up from $8.10 billion at December 31, 2023, and $6.49 billion at March 31, 2023[189]. - Total stockholders' equity rose by $8.5 million to $1.45 billion at March 31, 2024, driven by net income of $29.6 million for the first quarter[190]. - Total deposits increased by $784.8 million, or 14%, compared to March 31, 2023, excluding deposits from the Limestone Merger[189]. - Total outstanding loans and leases reached $6.2 billion as of March 31, 2024, compared to $6.16 billion at December 31, 2023[262]. Non-Interest Income and Expenses - Total non-interest income, excluding net gains and losses, decreased by $0.2 million in Q1 2024 compared to the linked quarter, primarily due to a $1.6 million decrease in lease income and a $0.8 million decrease in electronic banking income[179]. - Total non-interest expenses for Q1 2024 increased by $0.8 million, or 1%, compared to the linked quarter, with salaries and employee benefits costs rising by $1.6 million[183]. - The efficiency ratio for Q1 2024 was 58.0%, compared to 56.0% for the linked quarter and 57.8% for Q1 2023, reflecting an increase in interest expense on deposits[186]. - Total non-interest expense for Q1 2024 was impacted by various factors, including a decrease in data processing and software expenses to $5,769,000 from $6,029,000 in Q4 2023[229]. - Insurance income for Q1 2024 increased by $2.2 million compared to the previous quarter, totaling $6,498 thousand[209]. Regulatory and Risk Factors - The company is subject to regulation by the Ohio Division of Financial Institutions, the Federal Reserve Board, and the FDIC[168]. - Future performance is subject to risks including interest rate changes, inflationary pressures, and competitive pressures in the financial services industry[161]. - The company emphasizes the importance of understanding forward-looking statements as strategic objectives rather than absolute targets[170]. Capital and Liquidity - The capital conservation buffer was reported at 5.60% as of March 31, 2024, indicating a strong capital position above regulatory requirements[283]. - As of March 31, 2024, Common Equity Tier 1 capital amounted to $780,017 thousand, with a ratio of 11.69%, slightly down from 11.75% on December 31, 2023[284]. - Total risk-based capital increased to $894,662 thousand, resulting in a ratio of 13.40% as of March 31, 2024, compared to 13.38% at the end of 2023[284]. - Management believes the current liquidity sources and funding availability will meet anticipated cash obligations and off-balance sheet commitments[300]. - The estimated increase in net interest income for a 300 basis point rise in interest rates is projected to be $14,508 thousand, a 4.3% increase[291].

Financial Performance - For the quarter ended March 31, 2024, total non-interest income was $25,779,000, compared to $24,134,000 for the previous quarter and $19,060,000 for the same quarter last year, reflecting a year-over-year increase of 35.5%[10] - Net interest income for the quarter was $86,640,000, down from $88,369,000 in the previous quarter, but up from $72,878,000 in the same quarter last year, indicating a year-over-year growth of 18.9%[10] - Adjusted revenue for the quarter was $113,161,000, down from $115,128,000 in the previous quarter but up from $94,518,000 in the same quarter last year, showing a year-over-year increase of 19.6%[10] - Net income for the three months ended March 31, 2024, was $29,584,000, compared to $33,825,000 for the previous quarter and $26,560,000 for the same period last year[12] - Annualized net income adjusted for non-core items was $119,807,000 for the three months ended March 31, 2024, down from $145,127,000 in the previous quarter but up from $116,467,000 year-over-year[12] - Annualized net income excluding amortization of other intangible assets was $127,847,000 for the three months ended March 31, 2024, compared to $144,449,000 in the previous quarter and $113,710,000 year-over-year[13] Asset and Equity Management - Total stockholders' equity increased to $1,062,002,000 as of March 31, 2024, up from $1,053,534,000 in the previous quarter and $819,543,000 a year ago, representing a year-over-year increase of 29.6%[11] - Tangible book value per common share rose to $18.39, compared to $18.16 in the previous quarter and $17.37 a year ago, reflecting a year-over-year increase of 5.9%[11] - Average tangible equity increased to $642,062,000 for the three months ended March 31, 2024, compared to $590,899,000 in the previous quarter and $475,920,000 a year ago[13] - The average stockholders' equity was $1,052,781,000 for the three months ended March 31, 2024, compared to $1,002,515,000 in the previous quarter and $801,465,000 a year ago[13] Operational Efficiency - The efficiency ratio for the quarter was 58.04%, compared to 55.95% in the previous quarter and 57.78% in the same quarter last year, showing a slight decline in operational efficiency[10] - Pre-provision net revenue for the quarter was $44,296,000, down from $47,025,000 in the previous quarter but up from $37,640,000 in the same quarter last year, indicating a year-over-year increase of 17.6%[11] Credit Risk Management - The company reported a provision for credit losses of $6,102,000 for the quarter, significantly higher than $1,285,000 in the previous quarter, indicating increased caution in credit risk management[11] Asset Growth - Total assets as of March 31, 2024, were $9,270,774,000, up from $9,157,382,000 in the previous quarter and $7,311,520,000 a year ago, reflecting a year-over-year growth of 26.8%[11] - The tangible equity to tangible assets ratio was 7.37% for the quarter, slightly up from 7.33% in the previous quarter and 7.08% a year ago, indicating stable capital management[11] Returns - Return on average assets for the three months ended March 31, 2024, was 1.32%, compared to 1.52% in the previous quarter and 1.49% a year ago[12] - Return on average stockholders' equity was 11.30% for the three months ended March 31, 2024, down from 13.39% in the previous quarter and 13.44% year-over-year[13] Other Information - The company reported a net loss on investment securities of $1,000 for the three months ended March 31, 2024, compared to $1,592,000 in the previous quarter and $1,935,000 a year ago[12] - The tax effect is calculated using a 21% statutory federal corporate income tax rate[12] - The company conducted a conference call on January 23, 2024, to discuss the results of operations for the quarter and twelve months ended December 31, 2023[16]