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Peoples Bancorp Inc. (NASDAQ: PEBO) is a diversified financial services holding company based in Marietta, Ohio, since 1902. With $9.3 billion in total assets as of March 31, 2024, Peoples provides comprehensive banking, trust and investment, insurance, premium financing, and equipment leasing solutions through its subsidiaries. The company operates 152 locations, including 133 full-service bank branches across Ohio, West Virginia, Kentucky, Virginia, Washington D.C., and Maryland.
Peoples Bancorp Inc.'s core banking services include demand deposit accounts, savings accounts, real estate mortgage loans, merchant credit card transaction processing services, corporate and personal trust services, life, health, property, and casualty insurance products, and brokerage services. Additionally, it offers telephone and internet-based banking through personal computers and mobile devices.
Peoples Bancorp Inc. trades on the NASDAQ Global Select Market® under the symbol “PEBO” and is a member of the Russell 3000 index of U.S. publicly traded companies. The company has shown consistent financial growth, driven by strategic mergers, such as the Limestone Bancorp merger completed on April 30, 2023. This merger added significant assets and strengthened its market position.
For the first quarter of 2024, Peoples reported net income of $29.6 million, representing earnings per diluted common share of $0.84. The quarter saw a 19% increase in net interest income compared to the same period in 2023, driven by market interest rate increases, the Limestone merger, and organic growth. The company continues to focus on asset quality and efficient management, maintaining a stable financial condition despite fluctuations in market conditions.
Peoples Bancorp Inc. is committed to providing a high level of customer service and enhancing shareholder value. The company has a strong tradition of community involvement, financial stability, and continuous growth. For more detailed information about its operations, financial performance, and services, visit www.peoplesbancorp.com.
The Board of Directors of Peoples Bancorp Inc. (NASDAQ: PEBO) announced a quarterly cash dividend of $0.39 per common share on April 24, 2023, with payment scheduled for May 22, 2023. Shareholders of record on May 8, 2023 will receive the payout of approximately $11.1 million. This dividend yields an annualized 6.15%, based on the closing stock price of $25.35 on April 21, 2023. As of March 31, 2023, Peoples reported total assets of $7.3 billion and operates 130 locations across multiple states including Ohio, West Virginia, Kentucky, Virginia, Washington D.C., and Maryland.
Peoples Bancorp Inc. (Nasdaq: PEBO) reported a net income of $26.6 million for the first quarter of 2023, equating to earnings per diluted share of $0.96, up from $0.95 in the prior quarter and $0.84 year-over-year. The net interest income rose by 3% quarter-over-quarter and 34% year-over-year, attributed to higher market interest rates and full-quarter contributions from the Vantage acquisition. However, the provision for credit losses of $1.9 million negatively impacted earnings by $0.05 per share. Non-interest income, excluding net gains and losses, grew by 9% sequentially, driven by increased insurance income. The company is set to finalize the acquisition of Limestone Bancorp on April 30, 2023, valued at approximately $208.2 million. Total loans increased 4% annualized, and total deposits rose 1% compared to the previous quarter.
Peoples Bancorp Inc. (NASDAQ: PEBO) has received all regulatory approvals for its merger with Limestone Bancorp, Inc. (NASDAQ: LMST). This merger will position Peoples as the surviving corporation, streamlining operations as Peoples Bank merges with Limestone Bank, Inc. The Merger Agreement was initially made on October 24, 2022, receiving shareholder approval from both companies on February 23, 2023. With total assets of $7.2 billion and a wide service offering, Peoples aims to enhance its market presence across Ohio, Kentucky, West Virginia, Virginia, Washington D.C., and Maryland. This merger is expected to consolidate their resources, potentially leading to improved financial performance and service efficiency.
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