Peoples Bancorp (PEBO) - 2024 Q2 - Quarterly Results

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]