Peoples Bancorp ( (PEBO) ) has released its Q4 earnings. Here is a breakdown of the information Peoples Bancorp presented to its investors.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
Peoples Bancorp Inc. is a diversified financial services holding company based in Marietta, Ohio, offering a wide range of banking, trust and investment, insurance, and premium financing solutions through its subsidiaries. The company is a member of the Russell 3000 index, operating primarily in the banking sector with a focus on community impact.
Peoples Bancorp reported its fourth-quarter and annual financial results for 2024, highlighting net income of $26.9 million for the quarter and $117.2 million for the full year. This marks the third consecutive year of record net income for the company, despite a slight decrease in quarterly earnings compared to the previous quarter and the same quarter last year. The year-over-year increase in full-year net income was attributed to higher market interest rates and the impact of the Limestone Merger.
Key financial metrics showed a mixed performance. Net interest income for the fourth quarter decreased by 3% compared to the previous quarter, largely due to lower accretion income, while non-interest income increased by 5% driven by higher swap fee income. The company’s balance sheet reflected a 5% annualized increase in total loan and lease balances, supported by growth in commercial and residential real estate loans. Asset quality remained stable, with a slight increase in criticized loans but a decrease in classified loans.
Looking ahead, Peoples Bancorp is focused on maintaining its growth trajectory while managing expenses and integrating recent acquisitions. The management remains committed to serving its clients, shareholders, and communities in 2025, as it navigates economic uncertainties and aims to uphold its heritage of financial stability and community impact.
