Peoples Bancorp (PEBO) - 2024 Q1 - Quarterly Results

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]