PEOPLES BANCORP INC. ANNOUNCES THIRD QUARTER 2024 RESULTS
Peoples Bancorp Inc. (NASDAQ: PEBO) announced Q3 2024 results with a net income of $31.7 million, translating to $0.89 per diluted share. This is an increase from Q2 2024's $29.0 million ($0.82/share) but a slight decrease from Q3 2023's $31.9 million ($0.90/share). Key highlights include:
- Net interest income rose by $2.3 million compared to the previous quarter.
- Net interest margin improved to 4.27%.
- Provision for credit losses increased to $6.7 million, impacting earnings by $0.15 per share.
- Total non-interest income grew by $1.2 million, driven by higher mortgage banking income.
- Total non-interest expense decreased by $2.7 million quarter-over-quarter.
- Deposits increased by $185.4 million, while loans and leases decreased by $53.5 million.
- Stockholders' equity to total assets ratio improved to 12.31%.
The Limestone Merger contributed to the financials, with acquisition-related expenses reducing significantly.
Peoples Bancorp Inc. (NASDAQ: PEBO) ha annunciato i risultati del terzo trimestre 2024 con un reddito netto di 31,7 milioni di dollari, pari a 0,89 dollari per azione totalmente diluita. Questo rappresenta un aumento rispetto ai 29,0 milioni di dollari (0,82 dollari/azione) del secondo trimestre 2024, ma una leggera diminuzione rispetto ai 31,9 milioni di dollari (0,90 dollari/azione) del terzo trimestre 2023. I principali punti salienti includono:
- Il reddito netto da interessi è aumentato di 2,3 milioni di dollari rispetto al trimestre precedente.
- Il margine di interesse netto è migliorato al 4,27%.
- La provvista per perdite sui crediti è aumentata a 6,7 milioni di dollari, impattando gli utili di 0,15 dollari per azione.
- Il reddito totale non da interessi è cresciuto di 1,2 milioni di dollari, sostenuto da un aumento del reddito da mutui.
- La spesa totale non da interessi è diminuita di 2,7 milioni di dollari rispetto al trimestre precedente.
- I depositi sono aumentati di 185,4 milioni di dollari, mentre prestiti e leasing sono diminuiti di 53,5 milioni di dollari.
- Il rapporto tra il patrimonio netto degli azionisti e il totale delle attività è migliorato al 12,31%.
La fusione con Limestone ha contribuito ai risultati finanziari, con spese legate all'acquisizione che si sono ridotte significativamente.
Peoples Bancorp Inc. (NASDAQ: PEBO) anunció los resultados del tercer trimestre de 2024 con un ingreso neto de 31,7 millones de dólares, lo que equivale a 0,89 dólares por acción diluida. Esto representa un aumento con respecto a los 29,0 millones de dólares (0,82 dólares/acción) del segundo trimestre de 2024, pero una ligera disminución en comparación con los 31,9 millones de dólares (0,90 dólares/acción) del tercer trimestre de 2023. Los principales puntos destacados incluyen:
- Los ingresos netos por intereses aumentaron en 2,3 millones de dólares en comparación con el trimestre anterior.
- El margen de interés neto mejoró al 4,27%.
- La provisión para pérdidas crediticias aumentó a 6,7 millones de dólares, afectando las ganancias en 0,15 dólares por acción.
- Los ingresos totales no por intereses crecieron en 1,2 millones de dólares, impulsados por un aumento en los ingresos por hipotecas.
- Los gastos totales no por intereses disminuyeron en 2,7 millones de dólares trimestre a trimestre.
- Los depósitos aumentaron en 185,4 millones de dólares, mientras que los préstamos y arrendamientos disminuyeron en 53,5 millones de dólares.
- El ratio de patrimonio de los accionistas sobre el total de activos mejoró al 12,31%.
La fusión con Limestone contribuyó a los resultados financieros, con gastos relacionados con la adquisición que se redujeron significativamente.
Peoples Bancorp Inc. (NASDAQ: PEBO)는 2024년 3분기 결과로 3,170만 달러의 순이익을 발표했으며, 이는 희석 주당 0.89달러에 해당합니다. 이는 2024년 2분기의 2,900만 달러(0.82달러/주)에서 증가한 수치이지만, 2023년 3분기의 3,190만 달러(0.90달러/주)보다 약간 감소한 수치입니다. 주요 하이라이트는 다음과 같습니다:
- 순이자 수익은 이전 분기 대비 230만 달러 증가했습니다.
- 순이자 마진은 4.27%로 향상되었습니다.
- 신용 손실 충당금은 670만 달러로 증가하여 주당 0.15달러의 이익에 영향을 미쳤습니다.
- 비이자 수익 총액은 120만 달러 증가했으며, 이는 주택 담보 대출 수익 증가에 의해 주도됩니다.
- 비이자 총비용은 분기별로 270만 달러 감소했습니다.
- 예금은 1억 8,540만 달러 증가했으며, 대출 및 임대는 5,350만 달러 감소했습니다.
- 주주 지분 대 총 자산 비율이 12.31%로 향상되었습니다.
라임스톤 합병이 재무 성과에 기여했으며, 인수 관련 비용이 크게 감소했습니다.
Peoples Bancorp Inc. (NASDAQ: PEBO) a annoncé les résultats du troisième trimestre 2024 avec un revenu net de 31,7 millions de dollars, soit 0,89 dollar par action diluée. Cela représente une augmentation par rapport aux 29,0 millions de dollars (0,82 dollar/action) du deuxième trimestre 2024, mais une légère diminution par rapport aux 31,9 millions de dollars (0,90 dollar/action) du troisième trimestre 2023. Les points clés comprennent :
- Le revenu net d'intérêts a augmenté de 2,3 millions de dollars par rapport au trimestre précédent.
- La marge d'intérêt net s'est améliorée à 4,27 %.
- La provision pour pertes de crédit a été portée à 6,7 millions de dollars, ce qui a impacté le résultat de 0,15 dollar par action.
- Le revenu total hors intérêts a crû de 1,2 million de dollars, soutenu par une augmentation des revenus de prêts hypothécaires.
- Les charges totales hors intérêts ont diminué de 2,7 millions de dollars par rapport au trimestre précédent.
- Les dépôts ont augmenté de 185,4 millions de dollars, tandis que les prêts et les baux ont diminué de 53,5 millions de dollars.
- Le ratio des capitaux propres des actionnaires par rapport au total des actifs s'est amélioré à 12,31 %.
La fusion avec Limestone a contribué aux résultats financiers, les dépenses liées à l'acquisition ayant considérablement diminué.
Peoples Bancorp Inc. (NASDAQ: PEBO) gab die Ergebnisse des 3. Quartals 2024 bekannt mit einem Nettogewinn von 31,7 Millionen Dollar, was 0,89 Dollar pro verwässerter Aktie entspricht. Dies ist ein Anstieg im Vergleich zu den 29,0 Millionen Dollar (0,82 Dollar/Aktie) des 2. Quartals 2024, jedoch ein leichter Rückgang im Vergleich zu den 31,9 Millionen Dollar (0,90 Dollar/Aktie) des 3. Quartals 2023. Die wichtigsten Highlights sind:
- Die Nettozinseinnahmen stiegen im Vergleich zum vorherigen Quartal um 2,3 Millionen Dollar.
- Die Nettozinsspanne verbesserte sich auf 4,27%.
- Die Rückstellung für Kreditverluste erhöhte sich auf 6,7 Millionen Dollar, was die Erträge um 0,15 Dollar pro Aktie belastete.
- Das gesamte Nichtzinsgeschäft wuchs um 1,2 Millionen Dollar, unterstützt durch höhere Einkünfte aus der Hypothekenfinanzierung.
- Die gesamten Nichtzinsaufwendungen sanken im Vergleich zum Vorquartal um 2,7 Millionen Dollar.
- Einlagen stiegen um 185,4 Millionen Dollar, während Kredite und Leasing um 53,5 Millionen Dollar zurückgingen.
- Das Verhältnis von Eigenkapital der Aktionäre zu den Gesamtaktiven verbesserte sich auf 12,31%.
Die Fusion mit Limestone trug zu den Finanzen bei, da die mit der Übernahme verbundenen Kosten erheblich gesenkt wurden.
- Net income increased to $31.7 million compared to $29.0 million in Q2 2024.
- Net interest income rose by $2.3 million quarter-over-quarter.
- Net interest margin improved to 4.27%.
- Total non-interest income increased by $1.2 million.
- Total non-interest expense decreased by $2.7 million.
- Deposits increased by $185.4 million.
- Stockholders' equity to total assets ratio improved to 12.31%.
- Provision for credit losses increased to $6.7 million, impacting earnings by $0.15 per share.
- Total loan and lease balances decreased by $53.5 million.
- Classified loans increased by $13.1 million due to downgrades.
- Net interest income decreased by $4.4 million year-over-year.
Insights
- Net interest income increased
3% quarter-over-quarter to$88.9 million - Net interest margin improved to
4.27% from4.18% in Q2 - Core deposit growth of
$102.1 million , excluding brokered CDs - Efficiency ratio improved to
55.1% from59.2% in Q2
"We are very pleased with our results for the first nine months of 2024. We saw core improvements in deposit growth, net interest margin, and fee-based income," said Tyler Wilcox, President and Chief Executive Officer. "Our total stockholders' equity to total assets ratio improved to
Statement of Operations Highlights:
- Net interest income for the third quarter of 2024 increased
, or$2.3 million 3% , when compared to the linked quarter.- Net interest margin increased to
4.27% for the third quarter of 2024, compared to4.18% for the linked quarter driven by higher accretion income.
- Net interest margin increased to
- Peoples recorded a provision for credit losses of
for the third quarter of 2024, compared to a provision for credit losses of$6.7 million for the second quarter of 2024.$5.7 million - The provision for credit losses was driven by net charge-offs, and negatively impacted earnings per diluted common share by
for the third quarter of 2024 and$0.15 for the second quarter of 2024.$0.13
- The provision for credit losses was driven by net charge-offs, and negatively impacted earnings per diluted common share by
- Total non-interest income, excluding net gains and losses, increased
, or$1.2 million 5% , for the third quarter of 2024 compared to the linked quarter.- The increase was primarily driven by higher mortgage banking income due to higher net gains from the origination and sale of real estate loans to the secondary market.
- Total non-interest expense for the third quarter of 2024 decreased
compared to the linked quarter.$2.7 million - The efficiency ratio for the third quarter of 2024 was
55.1% , compared to59.2% for the linked quarter.
- The efficiency ratio for the third quarter of 2024 was
Balance Sheet Highlights:
- Period-end total loan and lease balances at September 30, 2024 decreased
, or$53.5 million 3% annualized, compared to at June 30, 2024.- The decrease was driven by decreases in (i) construction loans, (ii) other commercial real estate loans, (iii) residential real estate loans, and (iv) commercial and industrial loans, partially offset by an increase in home equity lines of credit. The decreases were primarily driven by paydown activity.
- Asset quality metrics remained stable during the third quarter of 2024.
- Criticized loans decreased
compared to June 30, 2024.$2.3 million - Classified loans increased
and was driven by the downgrade of two commercial relationships.$13.1 million - Annualized net charge-offs were
0.38% of average total loans, representing a return to pre-pandemic levels.
- Criticized loans decreased
- Period-end total deposit balances at September 30, 2024 increased
, or$185.4 million 3% , compared to at June 30, 2024- Excluding an increase in brokered certificates of deposit of
, core deposits were up$83.3 million compared to the linked quarter, driven by an increase in retail certificates of deposits and higher governmental deposit accounts.$102.1 million - Total loan balances were
84% of total deposit balances at September 30, 2024, compared to87% at June 30, 2024.
- Excluding an increase in brokered certificates of deposit of
Impact of the Limestone Merger:
As of the close of business on April 30, 2023, Peoples completed its previously announced merger with Limestone Bancorp, Inc. ("Limestone"), a bank holding company headquartered in
Net Interest Income
Net interest income was
Net interest income for the third quarter of 2024 decreased
Accretion income, net of amortization expense, from acquisitions was
For the first nine months of 2024, net interest income increased
Accretion income, net of amortization expense, from acquisitions was
Provision for Credit Losses:
The provision for credit losses was
The provision for credit losses during the first nine months of 2024 was
The provision for credit losses recorded represents the amount needed to maintain the appropriate level of the allowance for credit losses based on management's quarterly estimates. The provision for credit losses negatively impacted earnings per diluted common share by
For additional information on net charge-offs, credit trends and the allowance for credit losses, see the "Asset Quality" section below.
Net Gains and Losses:
Net gains and losses include gains and losses on investment securities, asset disposals and other transactions, which are included in total non-interest income on the Consolidated Statements of Income. The net loss for the third quarter of 2024 was
The net loss realized during the first nine months of 2024 was
Total Non-interest Income, Excluding Net Gains and Losses:
Total non-interest income, excluding net gains and losses, for the third quarter of 2024 increased
Compared to the third quarter of 2023, total non-interest income, excluding net gains and losses, increased
For the first nine months of 2024, total non-interest income, excluding gains and losses, increased
Total Non-interest Expense:
Total non-interest expense decreased
Compared to the third quarter of 2023, total non-interest expense decreased
For the nine months of 2024, total non-interest expense increased
The table below summarizes the amount of acquisition-related expenses for each line item that is a component of non-interest expense. Acquisition-related expenses are considered a non-core non-interest expense by Peoples. This information is used by Peoples to provide information useful to investors in understanding Peoples' operating performance and trends.
Three Months Ended | Nine Months Ended | ||||||||
September 30 | June 30, | September 30 | September 30 | ||||||
2024 | 2024 | 2023 | 2024 | 2023 | |||||
(Dollars in thousands) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||
Non-interest expense: | |||||||||
Salaries and employee benefit costs | $ 37,085 | $ 36,564 | $ 36,608 | $ 112,542 | $ 106,661 | ||||
Data processing and software expense | 6,111 | 6,743 | 6,288 | 18,623 | 15,578 | ||||
Net occupancy and equipment expense | 5,905 | 6,142 | 5,501 | 18,330 | 15,836 | ||||
Professional fees | 2,896 | 2,935 | 3,456 | 8,798 | 13,775 | ||||
Amortization of other intangible assets | 2,786 | 2,787 | 3,280 | 8,361 | 7,951 | ||||
Electronic banking expense | 1,844 | 1,941 | 1,836 | 5,566 | 5,159 | ||||
Marketing expense | 971 | 681 | 1,267 | 2,708 | 3,554 | ||||
FDIC insurance premiums | 1,241 | 1,251 | 1,260 | 3,678 | 3,525 | ||||
Franchise tax expense | 917 | 760 | 772 | 2,558 | 2,678 | ||||
Communication expense | 814 | 736 | 752 | 2,349 | 2,089 | ||||
Other loan expenses | 1,178 | 1,036 | 856 | 3,290 | 2,133 | ||||
Other non-interest expense | 4,342 | 7,182 | 9,820 | 16,510 | 19,859 | ||||
Total non-interest expense | 66,090 | 68,758 | 71,696 | 203,313 | 198,798 | ||||
Acquisition-related non-interest expense: | |||||||||
Salaries and employee benefit costs | — | — | 562 | 16 | 5,708 | ||||
Data processing and software expense | — | — | 1,289 | (18) | 1,290 | ||||
Net occupancy and equipment expense | — | — | 2 | — | 31 | ||||
Professional fees | — | — | 429 | (38) | 5,532 | ||||
Electronic banking expense | — | — | — | (100) | 115 | ||||
Marketing expense | — | — | 38 | 10 | 61 | ||||
Communication expense | — | — | 1 | — | 1 | ||||
Other loan expenses | — | — | — | — | 1 | ||||
Other non-interest expense | (662) | — | 2,113 | (616) | 2,955 | ||||
Total acquisition-related non-interest expense | (662) | — | 4,434 | (746) | 15,694 | ||||
Non-interest expense excluding acquisition-related expense: | |||||||||
Salaries and employee benefit costs | 37,085 | 36,564 | 36,046 | 112,526 | 100,953 | ||||
Data processing and software expense | 6,111 | 6,743 | 4,999 | 18,641 | 14,288 | ||||
Net occupancy and equipment expense | 5,905 | 6,142 | 5,499 | 18,330 | 15,805 | ||||
Professional fees | 2,896 | 2,935 | 3,027 | 8,836 | 8,243 | ||||
Amortization of other intangible assets | 2,786 | 2,787 | 3,280 | 8,361 | 7,951 | ||||
Electronic banking expense | 1,844 | 1,941 | 1,836 | 5,666 | 5,044 | ||||
Marketing expense | 971 | 681 | 1,229 | 2,698 | 3,493 | ||||
FDIC insurance premiums | 1,241 | 1,251 | 1,260 | 3,678 | 3,525 | ||||
Franchise tax expense | 917 | 760 | 772 | 2,558 | 2,678 | ||||
Communication expense | 814 | 736 | 751 | 2,349 | 2,088 | ||||
Other loan expenses | 1,178 | 1,036 | 856 | 3,290 | 2,132 | ||||
Other non-interest expense | 5,004 | 7,182 | 7,707 | 17,126 | 16,904 | ||||
Total non-interest expense excluding acquisition-related expense | $ 66,752 | $ 68,758 | $ 67,262 | $ 204,059 | $ 183,104 | ||||
The efficiency ratio for the third quarter of 2024 was
Income Tax Expense:
Peoples recorded income tax expense of
Investment Securities and Liquidity:
Peoples' investment portfolio primarily consists of available-for-sale investment securities reported at fair value and held-to-maturity investment securities reported at amortized cost. The available-for-sale investment securities balance at September 30, 2024 decreased
The held-to-maturity investment securities balance at September 30, 2024 decreased
The effective duration of the investment portfolio as of September 30, 2024 was approximately 5.42 years. The duration of Peoples' investments is managed as part of its Asset Liability Management program, and has the potential to impact both liquidity and capital, as mismatches in duration may require a liquidation of investment securities at market prices to meet funding needs. These assets are one component of Peoples' liquidity profile.
Peoples maintains a number of liquid and liquefiable assets, borrowing capacity, and other sources of liquidity to ensure the availability of funds. At September 30, 2024, Peoples had liquid and liquefiable assets totaling
Loans and Leases:
The period-end total loan and lease balances at September 30, 2024 decreased
The period-end total loan and lease balances at September 30, 2024 increased
The period-end total loan and lease balances at September 30, 2024 increased
Quarterly average total loan balances increased
Compared to the first nine months quarter of 2023, quarterly average loan balances in the current quarter increased
Asset Quality:
Overall, asset quality remained relatively stable through the third quarter of 2024. Delinquency trends remained stable as loans considered current comprised
Criticized loans, which are those categorized as special mention, substandard or doubtful, decreased
Classified loans, which are those categorized as substandard or doubtful, increased
Annualized net charge-offs were
At September 30, 2024, the allowance for credit losses increased
Deposits:
As of September 30, 2024, period-end total deposits increased
Compared to December 31, 2023, period-end total deposits increased
Compared to September 30, 2023, period-end deposit balances increased
The percentages of retail deposit balances and commercial deposit balances of the total deposit balance at September 30, 2024 were
Uninsured deposits were
Average deposit balances during the third quarter of 2024 increased
Stockholders' Equity:
Total stockholders' equity at September 30, 2024 increased
Total stockholders' equity at September 30, 2024 increased
Total stockholders' equity at September 30, 2024 increased
At September 30, 2024, the tier 1 risk-based capital ratio was
At September 30, 2024, book value per common share and tangible book value per common share, which excludes goodwill and other intangible assets, were
Peoples Bancorp Inc. ("Peoples", Nasdaq: PEBO) is a diversified financial services holding company and makes available a complete line of banking, trust and investment, insurance and premium financing solutions through its subsidiaries. Headquartered in
Peoples is a member of the Russell 3000 index of
Conference Call to Discuss Earnings:
Peoples will conduct a facilitated conference call to discuss third quarter 2024 results of operations on October 22, 2024, at 11:00 a.m., Eastern Time, with members of Peoples' executive management participating. Analysts, media and individual investors are invited to participate in the conference call by calling (866) 890-9285. A simultaneous webcast of the conference call audio and earnings conference call presentation will be available online via the "Investor Relations" section of Peoples' website, www.peoplesbancorp.com. Participants are encouraged to call or sign in at least 15 minutes prior to the scheduled conference call time to ensure participation and, if required, to download and install the necessary software. A replay of the call will be available on Peoples' website in the "Investor Relations" section for one year.
Use of Non-US GAAP Financial Measures:
This news release contains financial information and performance measures determined by methods other than those in accordance with accounting principles generally accepted in
- Core non-interest expense is a non-US GAAP financial measure since it excludes the impact of acquisition-related expenses and the COVID-19 employee retention credit.
- The efficiency ratio is calculated as total non-interest expense (less amortization of other intangible assets) as a percentage of fully tax-equivalent net interest income plus total non-interest income, excluding net gains and losses. This ratio is a non-US GAAP financial measure since it excludes amortization of other intangible assets and all gains and losses included in earnings, and uses fully tax-equivalent net interest income.
- The efficiency ratio adjusted for non-core items is calculated as core non-interest expense (less amortization of other intangible assets) as a percentage of fully tax-equivalent net interest income plus total non-interest income, excluding net gains and losses. This ratio is a non-US GAAP financial measure since it excludes the impact of acquisition-related expenses, the COVID-19 employee retention credit, and the amortization of other intangible assets and all gains and losses included in earnings, and uses fully tax-equivalent net interest income.
- Tangible assets, tangible equity, the tangible equity to tangible assets ratio and tangible book value per common share are non-US GAAP financial measures since they exclude the impact of goodwill and other intangible assets acquired through acquisitions on both total stockholders' equity and total assets.
- Total non-interest income, excluding net gains and losses, is a non-US GAAP financial measure since it excludes all gains and losses included in earnings.
- Pre-provision net revenue is defined as net interest income plus total non-interest income, excluding net gains and losses, minus total non-interest expense. This measure is a non-US GAAP financial measure since it excludes the provision for (recovery of) credit losses and all gains and losses included in net income.
- Return on average assets adjusted for non-core items is calculated as annualized net income (less the after-tax impact of all gains and losses, acquisition-related expenses, and COVID-19 employee retention credit divided by average assets. This measure is a non-US GAAP financial measure since it excludes the after-tax impact of all gains and losses and acquisition-related expenses.
- Return on average tangible equity is calculated as annualized net income (less the after-tax impact of amortization of other intangible assets) divided by average tangible equity. This measure is a non-US GAAP financial measure since it excludes the after-tax impact of amortization of other intangible assets from net income and the impact of average goodwill and other average intangible assets acquired through acquisitions on average stockholders' equity.
A reconciliation of these non-US GAAP financial measures to the most directly comparable US GAAP financial measures is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)."
Safe Harbor Statement:
Certain statements made in this news release regarding Peoples' financial condition, results of operations, plans, objectives, future performance and business, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by the fact they are not historical facts and include words such as "anticipate," "estimate," "may," "feel," "expect," "believe," "plan," "will," "will likely," "would," "should," "could," "project," "goal," "target," "potential," "seek," "intend," "continue," "remain," and similar expressions.
These forward-looking statements reflect management's current expectations based on all information available to management and its knowledge of Peoples' business and operations. Additionally, Peoples' financial condition, results of operations, plans, objectives, future performance and business are subject to risks and uncertainties that may cause actual results to differ materially. These factors include, but are not limited to:
(1) | the effects of interest rate policies, changes in the interest rate environment due to economic conditions and/or the fiscal and monetary policy measures undertaken by the |
(2) | the effects of inflationary pressures on borrowers' liquidity and ability to repay; |
(3) | the success, impact, and timing of the implementation of Peoples' business strategies and Peoples' ability to manage strategic initiatives, including the interest rate policies of the Federal Reserve Board, the completion and successful integration of acquisitions, and the expansion of commercial and consumer lending activities; |
(4) | competitive pressures among financial institutions, or from non-financial institutions, which may increase significantly, including product and pricing pressures, which can in turn impact Peoples' credit spreads, changes to third-party relationships and revenues, changes in the manner of providing services, customer acquisition and retention pressures, and Peoples' ability to attract, develop and retain qualified professionals; |
(5) | uncertainty regarding the nature, timing, cost, and effect of legislative or regulatory changes or actions, or deposit insurance premium levels, promulgated and to be promulgated by governmental and regulatory agencies in the |
(6) | the effects of easing restrictions on participants in the financial services industry; |
(7) | current and future local, regional, national and international economic conditions (including the impact of persistent inflation, supply chain issues or labor shortages, supply-demand imbalances affecting local real estate prices, high unemployment rates in the local or regional economies in which Peoples operates and/or the |
(8) | Peoples may issue equity securities in connection with future acquisitions, which could cause ownership and economic dilution to Peoples' current shareholders; |
(9) | changes in prepayment speeds, loan originations, levels of nonperforming assets, delinquent loans, charge-offs, and customer and other counterparties' performance and creditworthiness generally, which may be less favorable than expected in light of recent inflationary pressures and continued elevated interest rates, and may adversely impact the amount of interest income generated; |
(10) | Peoples may have more credit risk and higher credit losses to the extent there are loan concentrations by location or industry of borrowers or collateral; |
(11) | future credit quality and performance, including expectations regarding future credit losses and the allowance for credit losses; |
(12) | changes in accounting standards, policies, estimates or procedures may adversely affect Peoples' reported financial condition or results of operations; |
(13) | the impact of assumptions, estimates and inputs used within models, which may vary materially from actual outcomes, including under the CECL model; |
(14) | adverse changes in the conditions and trends in the financial markets, including recent inflationary pressures, which may adversely affect the fair value of securities within Peoples' investment portfolio, the interest rate sensitivity of Peoples' consolidated balance sheet, and the income generated by Peoples' trust and investment activities; |
(15) | the volatility from quarter to quarter of mortgage banking income, whether due to interest rates, demand, the fair value of mortgage loans, or other factors; |
(16) | Peoples' ability to receive dividends from Peoples' subsidiaries; |
(17) | Peoples' ability to maintain required capital levels and adequate sources of funding and liquidity; |
(18) | the impact of larger or similar-sized financial institutions encountering problems, such as the failure in 2024 of Republic First Bank, and closures in 2023 of Silicon Valley Bank in |
(19) | Peoples' ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks, including those of Peoples' third-party vendors and other service providers, which may prove inadequate, and could adversely affect customer confidence in Peoples and/or result in Peoples incurring a financial loss; |
(20) | any misappropriation of the confidential information which Peoples possesses could have an adverse impact on Peoples' business and could result in regulatory actions, litigation and other adverse effects; |
(21) | Peoples' ability to anticipate and respond to technological changes, and Peoples' reliance on, and the potential failure of, a number of third-party vendors to perform as expected, including Peoples' primary core banking system provider, which can impact Peoples' ability to respond to customer needs and meet competitive demands; |
(22) | operational issues stemming from and/or capital spending necessitated by the potential need to adapt to industry changes in information technology systems on which Peoples and Peoples' subsidiaries are highly dependent; |
(23) | changes in consumer spending, borrowing and saving habits, whether due to changes in retail distribution strategies, consumer preferences and behavior, changes in business and economic conditions, legislative or regulatory initiatives, or other factors, which may be different than anticipated; |
(24) | the adequacy of Peoples' internal controls and risk management program in the event of changes in strategic, reputational, market, economic, operational, cybersecurity, compliance, legal, asset/liability repricing, liquidity, credit and interest rate risks associated with Peoples' business; |
(25) | the impact on Peoples' businesses, personnel, facilities or systems of losses related to acts of fraud, theft, misappropriation or violence; |
(26) | the impact on Peoples' businesses, as well as on the risks described above, of various domestic or international widespread natural or other disasters including severe weather events, pandemics, cybersecurity attacks, system failures, civil unrest, military or terrorist activities or international conflicts (including |
(27) | the potential deterioration of the |
(28) | the potential influence on the |
(29) | the impact on Peoples' businesses and operating results of any costs associated with obtaining rights in intellectual property claimed by others and adequately protecting Peoples' intellectual property; |
(30) | risks and uncertainties associated with Peoples' entry into new geographic markets and risks resulting from Peoples' inexperience in these new geographic markets; |
(31) | Peoples' ability to integrate the Limestone Merger, which may be unsuccessful, or may be more difficult, time-consuming or costly than expected; |
(32) | the risk that expected revenue synergies and cost savings from the Limestone Merger may not be fully realized or realized within the expected time frame; |
(33) | changes in laws or regulations imposed by Peoples' regulators impacting Peoples' capital actions, including dividend payments and share repurchases; |
(34) | the vulnerability of Peoples' network and online banking portals, and the systems of parties with whom Peoples contracts, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches; |
(35) | regulatory and legal matters, including the failure to resolve any outstanding matters on a timely basis and the potential of new regulatory matters, litigation, or other legal actions, which may result in, among other things, additional costs, fines, penalties, restrictions on our business activities, reputational harm, or other adverse consequences; |
(36) | Peoples' business may be adversely affected by increased political and regulatory scrutiny of corporate environmental, social and governance ("ESG") practices; |
(37) | the effect of a fall in stock market prices on the asset and wealth management business; and |
(38) | other risk factors relating to the banking industry or Peoples as detailed from time to time in Peoples' reports filed with the Securities and Exchange Commission (the "SEC"), including those risk factors included in the disclosures under the heading "ITEM 1A. RISK FACTORS" of Peoples' Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Peoples encourages readers of this news release to understand forward-looking statements to be strategic objectives rather than absolute targets of future performance. Peoples undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events, except as required by applicable legal requirements. Copies of documents filed with the SEC are available free of charge at the SEC's website at http://www.sec.gov and/or from Peoples' website - www.peoplesbancorp.com under the "Investor Relations" section. |
As required by
PER COMMON SHARE DATA AND SELECTED RATIOS (Unaudited) | |||||||||
At or For the Three Months Ended | At or For the Nine Months Ended | ||||||||
September 30, | June 30, | September 30, | September 30, | ||||||
2024 | 2024 | 2023 | 2024 | 2023 | |||||
PER COMMON SHARE: | |||||||||
Earnings per common share: | |||||||||
Basic | $ 0.90 | $ 0.83 | $ 0.91 | $ 2.57 | $ 2.49 | ||||
Diluted | 0.89 | 0.82 | 0.90 | 2.55 | 2.47 | ||||
Cash dividends declared per common share | 0.40 | 0.40 | 0.39 | 1.19 | 1.16 | ||||
Book value per common share (a) | 31.65 | 30.36 | 28.06 | 31.65 | 28.06 | ||||
Tangible book value per common share (a)(b) | 20.29 | 18.91 | 16.52 | 20.29 | 16.52 | ||||
Closing price of common shares at end of period | $ 30.09 | $ 30.00 | $ 25.38 | $ 30.09 | $ 25.38 | ||||
SELECTED RATIOS: | |||||||||
Return on average stockholders' equity (c) | 11.46 % | 10.99 % | 12.59 % | 11.25 % | 11.56 % | ||||
Return on average tangible equity (c)(d) | 19.40 % | 19.21 % | 23.04 % | 19.50 % | 21.05 % | ||||
Return on average assets (c) | 1.38 % | 1.27 % | 1.44 % | 1.32 % | 1.31 % | ||||
Return on average assets adjusted for non-core items (c)(e) | 1.39 % | 1.30 % | 1.69 % | 1.34 % | 1.59 % | ||||
Efficiency ratio (f)(h) | 55.10 % | 59.19 % | 58.38 % | 57.43 % | 59.69 % | ||||
Efficiency ratio adjusted for non-core items (g)(h) | 55.67 % | 59.19 % | 52.53 % | 57.65 % | 54.19 % | ||||
Net interest margin (c)(h) | 4.27 % | 4.18 % | 4.70 % | 4.24 % | 4.60 % | ||||
Dividend payout ratio (i) | 44.74 % | 48.94 % | 43.26 % | 46.65 % | 47.70 % |
(a) | Data presented as of the end of the period indicated. |
(b) | Tangible book value per common share represents a non-US GAAP financial measure since it excludes the balance sheet impact of goodwill and other intangible assets acquired through acquisitions on stockholders' equity. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)." |
(c) | Ratios are presented on an annualized basis. |
(d) | Return on average tangible equity represents a non-US GAAP financial measure since it excludes the after-tax impact of amortization of other intangible assets from net income and it excludes the balance sheet impact of average goodwill and other intangible assets acquired through acquisitions on average stockholders' equity. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)." |
(e) | Return on average assets adjusted for non-core items represents a non-US GAAP financial measure since it excludes the after-tax impact of all gains and losses, acquisition-related expenses, and COVID-19 employee retention credit. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)." |
(f) | The efficiency ratio is defined as total non-interest expense (less amortization of other intangible assets) as a percentage of fully tax-equivalent net interest income plus total non-interest income (excluding all gains and losses). This ratio represents a non-US GAAP financial measure since it excludes amortization of other intangible assets, and all gains and losses included in earnings, and uses fully tax-equivalent net interest income. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)." |
(g) | The efficiency ratio adjusted for non-core items is defined as core non-interest expense (less amortization of other intangible assets) as a percentage of fully tax-equivalent net interest income plus total non-interest income (excluding all gains and losses). This ratio represents a non-US GAAP financial measure since it excludes the impact of acquisition-related expenses, COVID-19 employee retention credit, and all gains and losses included in earnings, and uses fully tax-equivalent net interest income. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)." |
(h) | Interest income and yields are presented on a fully tax-equivalent basis, using a |
(i) | This ratio is calculated based on dividends declared during the period divided by net income for the period. |
CONSOLIDATED STATEMENTS OF INCOME | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | June 30, | September 30, | September 30, | ||||||
2024 | 2024 | 2023 | 2024 | 2023 | |||||
(Dollars in thousands, except per share data) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||
Total interest income | $ 133,620 | $ 130,770 | $ 123,593 | $ 391,983 | $ 314,159 | ||||
Total interest expense | 44,708 | 44,157 | 30,319 | 129,818 | 63,154 | ||||
Net interest income | 88,912 | 86,613 | 93,274 | 262,165 | 251,005 | ||||
Provision for credit losses | 6,735 | 5,683 | 4,053 | 18,520 | 13,889 | ||||
Net interest income after provision for credit losses | 82,177 | 80,930 | 89,221 | 243,645 | 237,116 | ||||
Non-interest income: | |||||||||
Electronic banking income | 6,359 | 6,470 | 6,466 | 18,875 | 18,375 | ||||
Trust and investment income | 4,882 | 4,999 | 4,288 | 14,480 | 12,786 | ||||
Deposit account service charges | 4,520 | 4,339 | 4,516 | 13,082 | 12,192 | ||||
Insurance income | 4,271 | 4,109 | 4,250 | 14,878 | 13,679 | ||||
Lease income | 1,827 | 1,116 | (66) | 4,179 | 2,730 | ||||
Bank owned life insurance income | 460 | 1,037 | 1,375 | 2,997 | 2,924 | ||||
Mortgage banking income | 1,051 | 243 | 237 | 1,615 | 740 | ||||
Net loss on investment securities | (74) | (353) | (7) | (428) | (2,108) | ||||
Net loss on asset disposals and other transactions | (795) | (428) | (307) | (1,564) | (2,218) | ||||
Other non-interest income | 2,293 | 2,172 | 2,452 | 6,163 | 4,179 | ||||
Total non-interest income | 24,794 | 23,704 | 23,204 | 74,277 | 63,279 | ||||
Non-interest expense: | |||||||||
Salaries and employee benefit costs | 37,085 | 36,564 | 36,608 | 112,542 | 106,661 | ||||
Data processing and software expense | 6,111 | 6,743 | 6,288 | 18,623 | 15,578 | ||||
Net occupancy and equipment expense | 5,905 | 6,142 | 5,501 | 18,330 | 15,836 | ||||
Professional fees | 2,896 | 2,935 | 3,456 | 8,798 | 13,775 | ||||
Amortization of other intangible assets | 2,786 | 2,787 | 3,280 | 8,361 | 7,951 | ||||
Electronic banking expense | 1,844 | 1,941 | 1,836 | 5,566 | 5,159 | ||||
FDIC insurance expense | 1,241 | 1,251 | 1,260 | 3,678 | 3,525 | ||||
Other loan expenses | 1,178 | 1,036 | 856 | 3,290 | 2,133 | ||||
Franchise tax expense | 917 | 760 | 772 | 2,558 | 2,678 | ||||
Communication expense | 814 | 736 | 752 | 2,349 | 2,089 | ||||
Marketing expense | 971 | 681 | 1,267 | 2,708 | 3,554 | ||||
Other non-interest expense | 4,342 | 7,182 | 9,820 | 16,510 | 19,859 | ||||
Total non-interest expense | 66,090 | 68,758 | 71,696 | 203,313 | 198,798 | ||||
Income before income taxes | 40,881 | 35,876 | 40,729 | 114,609 | 101,597 | ||||
Income tax expense | 9,197 | 6,869 | 8,847 | 24,334 | 22,059 | ||||
Net income | $ 31,684 | $ 29,007 | $ 31,882 | $ 90,275 | $ 79,538 | ||||
CONSOLIDATED STATEMENTS OF INCOME (Cont.) | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | June 30, | September 30, | September 30, | ||||||
2024 | 2024 | 2023 | 2024 | 2023 | |||||
(Dollars in thousands, except per share data) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||
PER COMMON SHARE DATA: | |||||||||
Net income available to common shareholders | $ 31,684 | $ 29,007 | $ 31,882 | $ 90,275 | $ 79,538 | ||||
Less: Dividends paid on unvested common shares | 215 | 218 | 143 | 576 | 388 | ||||
Less: Undistributed loss allocated to unvested common shares | 64 | 55 | 79 | 183 | 190 | ||||
Net earnings allocated to common shareholders | $ 31,405 | $ 28,734 | $ 31,660 | $ 89,516 | $ 78,960 | ||||
Weighted-average common shares outstanding | 34,793,704 | 34,764,489 | 34,818,346 | 34,766,281 | 31,771,061 | ||||
Effect of potentially dilutive common shares | 405,679 | 353,159 | 243,551 | 340,431 | 206,425 | ||||
Total weighted-average diluted common shares outstanding | 35,199,383 | 35,117,648 | 35,061,897 | 35,106,712 | 31,977,486 | ||||
Earnings per common share – basic | $ 0.90 | $ 0.83 | $ 0.91 | $ 2.57 | $ 2.49 | ||||
Earnings per common share – diluted | $ 0.89 | $ 0.82 | $ 0.90 | $ 2.55 | $ 2.47 | ||||
Cash dividends declared per common share | $ 0.40 | $ 0.40 | $ 0.39 | $ 1.19 | $ 1.16 | ||||
Weighted-average common shares outstanding – basic | 34,793,704 | 34,764,489 | 34,818,346 | 34,766,281 | 31,771,061 | ||||
Weighted-average common shares outstanding – diluted | 35,199,383 | 35,117,648 | 35,061,897 | 35,106,712 | 31,977,486 | ||||
Common shares outstanding at the end of period | 35,538,607 | 35,498,977 | 35,395,990 | 35,538,607 | 35,395,990 |
CONSOLIDATED BALANCE SHEETS | |||
September 30, | December 31, | ||
2024 | 2023 | ||
(Dollars in thousands) | (Unaudited) | ||
Assets | |||
Cash and cash equivalents: | |||
Cash and due from banks | $ 139,244 | $ 111,680 | |
Interest-bearing deposits in other banks | 144,463 | 315,042 | |
Total cash and cash equivalents | 283,707 | 426,722 | |
Available-for-sale investment securities, at fair value (amortized cost of | |||
| 1,080,667 | 1,048,322 | |
Held-to-maturity investment securities, at amortized cost (fair value of | |||
| 693,637 | 683,657 | |
Other investment securities, at cost | 55,691 | 63,421 | |
Total investment securities (a) | 1,829,995 | 1,795,400 | |
Loans and leases, net of deferred fees and costs (b) | 6,271,839 | 6,159,196 | |
Allowance for credit losses | (66,639) | (62,011) | |
Net loans and leases | 6,205,200 | 6,097,185 | |
Loans held for sale | 3,246 | 1,866 | |
Bank premises and equipment, net of accumulated depreciation | 105,202 | 103,856 | |
Bank owned life insurance | 143,065 | 140,554 | |
Goodwill | 362,414 | 362,169 | |
Other intangible assets | 41,508 | 50,003 | |
Other assets | 166,134 | 179,627 | |
Total assets | $ 9,140,471 | $ 9,157,382 | |
Liabilities | |||
Deposits: | |||
Non-interest-bearing | $ 1,453,441 | $ 1,567,649 | |
Interest-bearing | 6,029,716 | 5,584,648 | |
Total deposits | 7,483,157 | 7,152,297 | |
Short-term borrowings | 175,945 | 601,121 | |
Long-term borrowings | 236,824 | 216,241 | |
Accrued expenses and other liabilities | 119,573 | 134,189 | |
Total liabilities | $ 8,015,499 | $ 8,103,848 | |
Stockholders' Equity | |||
Preferred shares, no par value, 50,000 shares authorized, no shares issued at September 30, 2024 or at | — | — | |
Common shares, no par value, 50,000,000 shares authorized, 36,772,459 shares issued at September 30, | 865,326 | 865,227 | |
Retained earnings | 375,396 | 327,237 | |
Accumulated other comprehensive loss, net of deferred income taxes | (82,496) | (101,590) | |
Treasury stock, at cost, 1,323,075 common shares at September 30, 2024 and 1,511,348 common shares | (33,254) | (37,340) | |
Total stockholders' equity | 1,124,972 | 1,053,534 | |
Total liabilities and stockholders' equity | $ 9,140,471 | $ 9,157,382 | |
(a) | Available-for-sale investment securities and held-to-maturity investment securities are presented net of allowance for credit losses of |
(b) | Also referred to throughout this document as "total loans" and "loans held for investment." |
SELECTED FINANCIAL INFORMATION (Unaudited) | |||||
September 30, | June 30, | March 31, | December 31, | September 30, | |
(Dollars in thousands) | 2024 | 2024 | 2024 | 2023 | 2023 |
Loan Portfolio | |||||
Construction | $ 320,094 | $ 340,601 | $ 314,687 | $ 364,019 | $ 374,016 |
Commercial real estate, other | 2,180,491 | 2,195,979 | 2,243,780 | 2,196,957 | 2,189,984 |
Commercial and industrial | 1,250,152 | 1,258,063 | 1,214,615 | 1,184,986 | 1,128,809 |
Premium finance | 286,983 | 293,349 | 238,962 | 203,177 | 189,251 |
Leases | 433,009 | 430,651 | 422,694 | 414,060 | 402,635 |
Residential real estate | 777,542 | 789,344 | 781,888 | 791,095 | 791,965 |
Home equity lines of credit | 233,109 | 227,608 | 221,079 | 208,675 | 203,940 |
Consumer, indirect | 677,056 | 675,054 | 650,228 | 666,472 | 668,371 |
Consumer, direct | 112,198 | 113,655 | 113,588 | 128,769 | 134,562 |
Deposit account overdrafts | 1,205 | 1,067 | 1,306 | 986 | 857 |
Total loans and leases | $ 6,271,839 | $ 6,325,371 | $ 6,202,827 | $ 6,159,196 | $ 6,084,390 |
Total acquired loans and leases (a) | $ 1,585,552 | $ 1,686,784 | $ 1,757,169 | $ 1,825,129 | $ 1,925,554 |
Total originated loans and leases | $ 4,686,287 | $ 4,638,587 | $ 4,445,658 | $ 4,334,067 | $ 4,158,836 |
Deposit Balances | |||||
Non-interest-bearing deposits (b) | $ 1,453,441 | $ 1,472,697 | $ 1,468,363 | $ 1,567,649 | $ 1,569,095 |
Interest-bearing deposits: | |||||
Interest-bearing demand accounts (b) | 1,065,912 | 1,083,512 | 1,107,712 | 1,144,357 | 1,181,079 |
Retail certificates of deposit | 1,884,139 | 1,812,874 | 1,680,413 | 1,443,417 | 1,198,733 |
Money market deposit accounts | 894,690 | 869,159 | 859,961 | 775,488 | 730,902 |
Governmental deposit accounts | 824,136 | 766,337 | 825,170 | 726,713 | 761,625 |
Savings accounts | 864,935 | 880,542 | 901,493 | 919,244 | 987,170 |
Brokered deposits | 495,904 | 412,653 | 483,444 | 575,429 | 608,914 |
Total interest-bearing deposits | $ 6,029,716 | $ 5,825,077 | $ 5,858,193 | $ 5,584,648 | $ 5,468,423 |
Total deposits | $ 7,483,157 | $ 7,297,774 | $ 7,326,556 | $ 7,152,297 | $ 7,037,518 |
Total demand deposits (b) | $ 2,519,353 | $ 2,556,209 | $ 2,576,075 | $ 2,712,006 | $ 2,750,174 |
Asset Quality | |||||
Nonperforming assets (NPAs): | |||||
Loans 90+ days past due and accruing | $ 27,578 | $ 7,592 | $ 7,662 | $ 6,716 | $ 9,117 |
Nonaccrual loans | 34,807 | 33,669 | 31,361 | 25,477 | 26,187 |
Total nonperforming loans (NPLs) (f) | 62,385 | 41,261 | 39,023 | 32,193 | 35,304 |
Other real estate owned (OREO) | 7,397 | 7,409 | 7,238 | 7,174 | 7,174 |
Total NPAs | $ 69,782 | $ 48,670 | $ 46,261 | $ 39,367 | $ 42,478 |
Criticized loans (c) | $ 237,627 | $ 239,943 | $ 256,565 | $ 235,239 | $ 213,156 |
Classified loans (d) | 133,241 | 120,180 | 147,518 | 120,027 | 124,836 |
Allowance for credit losses as a percent of NPLs (f) | 106.82 % | 160.56 % | 166.11 % | 194.38 % | 178.23 % |
NPLs as a percent of total loans (f) | 0.99 % | 0.65 % | 0.63 % | 0.52 % | 0.58 % |
NPAs as a percent of total assets (f) | 0.76 % | 0.53 % | 0.50 % | 0.43 % | 0.48 % |
NPAs as a percent of total loans and OREO (f) | 1.11 % | 0.77 % | 0.74 % | 0.64 % | 0.70 % |
Criticized loans as a percent of total loans (c) | 3.79 % | 3.79 % | 4.14 % | 3.82 % | 3.50 % |
Classified loans as a percent of total loans (d) | 2.12 % | 1.90 % | 2.38 % | 1.95 % | 2.05 % |
Allowance for credit losses as a percent of total loans | 1.06 % | 1.05 % | 1.05 % | 1.01 % | 1.03 % |
Total demand deposits as a percent of total deposits (b) | 33.67 % | 35.03 % | 35.16 % | 37.92 % | 39.08 % |
Capital Information (e)(g)(i) | |||||
Common equity tier 1 capital ratio (h) | 11.79 % | 11.74 % | 11.69 % | 11.75 % | 11.57 % |
Tier 1 risk-based capital ratio | 12.58 % | 12.53 % | 12.50 % | 12.58 % | 12.31 % |
Total risk-based capital ratio (tier 1 and tier 2) | 13.48 % | 13.44 % | 13.40 % | 13.38 % | 13.14 % |
Leverage ratio | 9.86 % | 9.56 % | 9.43 % | 9.57 % | 9.34 % |
Common equity tier 1 capital | $ 821,192 | $ 799,710 | $ 780,017 | $ 766,691 | $ 752,728 |
Tier 1 capital | 875,800 | 854,050 | 834,089 | 820,495 | 801,010 |
Total capital (tier 1 and tier 2) | 938,474 | 916,073 | 894,662 | 873,225 | 855,054 |
Total risk-weighted assets | $ 6,962,652 | $ 6,814,149 | $ 6,674,114 | $ 6,524,577 | $ 6,505,779 |
Total stockholders' equity to total assets | 12.31 % | 11.68 % | 11.46 % | 11.50 % | 11.11 % |
Tangible equity to tangible assets (j) | 8.25 % | 7.61 % | 7.37 % | 7.33 % | 6.85 % |
(a) | Includes all loans and leases acquired and purchased in 2012 and thereafter. |
(b) | The sum of non-interest-bearing deposits and interest-bearing demand accounts is considered total demand deposits. |
(c) | Includes loans categorized as special mention, substandard, or doubtful. |
(d) | Includes loans categorized as substandard or doubtful. |
(e) | Data presented as of the end of the period indicated. |
(f) | Nonperforming loans include loans 90+ days past due and accruing, renegotiated loans and nonaccrual loans. Nonperforming assets include nonperforming loans and OREO. |
(g) | September 30, 2024 data based on preliminary analysis and subject to revision. |
(h) | Peoples' capital conservation buffer was |
(i) | Peoples has adopted the five-year transition to phase in the impact of the adoption of CECL on regulatory capital ratios. |
(j) | This ratio represents a non-US GAAP financial measure since it excludes the balance sheet impact of intangible assets acquired through acquisitions on both total stockholders' equity and total assets. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)." |
PROVISION FOR (RECOVERY OF) CREDIT LOSSES INFORMATION | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | June 30, | September 30, | September 30, | ||||||
2024 | 2024 | 2023 | 2024 | 2023 | |||||
(Dollars in thousands) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||
Provision for credit losses | |||||||||
Provision for credit losses | $ 6,279 | $ 5,397 | $ 3,764 | $ 17,510 | $ 13,188 | ||||
Provision for checking account overdrafts | 456 | 286 | 289 | 1,010 | 701 | ||||
Total provision for credit losses | $ 6,735 | $ 5,683 | $ 4,053 | $ 18,520 | $ 13,889 | ||||
Net Charge-Offs | |||||||||
Gross charge-offs | $ 6,591 | $ 4,607 | $ 2,834 | $ 15,072 | $ 6,730 | ||||
Recoveries | 507 | 374 | 516 | 1,435 | 1,672 | ||||
Net charge-offs | $ 6,084 | $ 4,233 | $ 2,318 | $ 13,637 | $ 5,058 | ||||
Net Charge-Offs (Recoveries) by Type | |||||||||
Construction | $ — | $ — | $ — | $ — | $ 9 | ||||
Commercial real estate, other | (100) | 80 | 181 | 109 | 178 | ||||
Commercial and industrial | 258 | 46 | 196 | 532 | (243) | ||||
Premium finance | 33 | 51 | 21 | 130 | 55 | ||||
Leases | 3,697 | 2,204 | 737 | 6,959 | 1,641 | ||||
Residential real estate | (58) | (4) | 23 | (65) | 25 | ||||
Home equity lines of credit | 2 | 9 | 32 | 4 | 106 | ||||
Consumer, indirect | 1,634 | 1,450 | 777 | 4,474 | 2,439 | ||||
Consumer, direct | 143 | 126 | 81 | 486 | 213 | ||||
Deposit account overdrafts | 475 | 271 | 270 | 1,008 | 635 | ||||
Total net charge-offs | $ 6,084 | $ 4,233 | $ 2,318 | $ 13,637 | $ 5,058 | ||||
As a percent of average total loans (annualized) | 0.38 % | 0.27 % | 0.15 % | 0.29 % | 0.12 % |
SUPPLEMENTAL INFORMATION (Unaudited) | |||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | |||||
(Dollars in thousands) | 2024 | 2024 | 2024 | 2023 | 2023 | ||||
Trust assets under administration and management | $ 2,124,320 | $ 2,071,832 | $ 2,061,402 | $ 2,021,249 | $ 1,900,488 | ||||
Brokerage assets under administration and management | 1,608,368 | 1,567,775 | 1,530,954 | 1,473,814 | 1,364,372 | ||||
Mortgage loans serviced for others | 347,719 | 341,298 | 348,937 | 356,784 | 366,996 | ||||
Employees (full-time equivalent) | 1,496 | 1,489 | 1,498 | 1,478 | 1,482 | ||||
CONSOLIDATED AVERAGE BALANCE SHEETS AND NET INTEREST INCOME (Unaudited) | |||||||||||
Three Months Ended | |||||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | |||||||||
(Dollars in thousands) | Balance | Income/ Expense | Yield/ Cost | Balance | Income/ Expense | Yield/ Cost | Balance | Income/ Expense | Yield/ Cost | ||
Assets | |||||||||||
Short-term investments | $ 57,436 | $ 954 | 6.60 % | $ 178,094 | $ 2,502 | 5.65 % | $ 62,609 | $ 801 | 5.08 % | ||
Investment securities (a)(b) | 1,897,701 | 16,397 | 3.46 % | 1,870,372 | 16,144 | 3.45 % | 1,819,248 | 14,116 | 3.10 % | ||
Loans (b)(c): | |||||||||||
Construction | 330,779 | 6,654 | 7.87 % | 328,943 | 6,595 | 7.93 % | 400,396 | 9,983 | 9.76 % | ||
Commercial real estate, other | 2,049,150 | 37,640 | 7.19 % | 2,074,718 | 36,420 | 6.94 % | 1,965,927 | 34,369 | 6.84 % | ||
Commercial and industrial | 1,254,709 | 24,730 | 7.71 % | 1,230,290 | 23,897 | 7.68 % | 1,128,420 | 22,561 | 7.82 % | ||
Premium finance | 288,841 | 6,052 | 8.20 % | 260,513 | 5,746 | 8.73 % | 179,390 | 3,565 | 7.78 % | ||
Leases | 424,549 | 11,922 | 10.99 % | 419,764 | 11,982 | 11.29 % | 384,606 | 11,508 | 11.71 % | ||
Residential real estate (d) | 920,703 | 12,110 | 5.26 % | 925,629 | 11,460 | 4.95 % | 952,863 | 11,879 | 4.99 % | ||
Home equity lines of credit | 231,760 | 4,836 | 8.30 % | 225,362 | 4,612 | 8.23 % | 201,973 | 4,012 | 7.88 % | ||
Consumer, indirect | 681,002 | 10,372 | 6.06 % | 656,405 | 9,669 | 5.92 % | 662,462 | 8,774 | 5.25 % | ||
Consumer, direct | 120,941 | 2,271 | 7.47 % | 119,048 | 2,095 | 7.08 % | 139,595 | 2,416 | 6.87 % | ||
Total loans | 6,302,434 | 116,587 | 7.27 % | 6,240,672 | 112,476 | 7.16 % | 6,015,632 | 109,067 | 7.13 % | ||
Allowance for credit losses | (66,154) | (64,745) | (60,724) | ||||||||
Net loans | 6,236,280 | 6,175,927 | 5,954,908 | ||||||||
Total earning assets | 8,191,417 | 133,938 | 6.44 % | 8,224,393 | 131,122 | 6.34 % | 7,836,765 | 123,984 | 6.23 % | ||
Goodwill and other intangible assets | 405,022 | 407,864 | 411,229 | ||||||||
Other assets | 546,313 | 548,197 | 558,415 | ||||||||
Total assets | |||||||||||
Liabilities and Equity | |||||||||||
Interest-bearing deposits: | |||||||||||
Savings accounts | $ 870,914 | $ 227 | 0.10 % | $ 892,465 | $ 222 | 0.10 % | $ 447 | 0.17 % | |||
Governmental deposit accounts | 824,918 | 5,960 | 2.87 % | 795,913 | 5,594 | 2.83 % | 758,409 | 4,012 | 2.10 % | ||
Interest-bearing demand accounts | 1,072,850 | 591 | 0.22 % | 1,095,553 | 495 | 0.18 % | 1,198,100 | 520 | 0.17 % | ||
Money market deposit accounts | 854,075 | 5,609 | 2.61 % | 850,375 | 5,419 | 2.56 % | 717,765 | 2,943 | 1.63 % | ||
Retail certificates of deposit | 1,865,312 | 20,151 | 4.30 % | 1,743,238 | 18,423 | 4.25 % | 1,043,579 | 7,161 | 2.72 % | ||
Brokered deposits (e) | 410,035 | 4,713 | 4.57 % | 482,310 | 5,506 | 4.59 % | 631,410 | 7,399 | 4.65 % | ||
Total interest-bearing deposits | 5,898,104 | 37,251 | 2.51 % | 5,859,854 | 35,659 | 2.45 % | 5,407,869 | 22,482 | 1.65 % | ||
Short-term borrowings (e) | 318,752 | 4,050 | 5.07 % | 407,273 | 4,978 | 4.90 % | 458,462 | 5,169 | 4.48 % | ||
Long-term borrowings | 234,779 | 3,407 | 5.75 % | 234,961 | 3,520 | 5.98 % | 148,234 | 2,668 | 7.19 % | ||
Total borrowed funds | 553,531 | 7,457 | 5.36 % | 642,234 | 8,498 | 5.30 % | 606,696 | 7,837 | 4.72 % | ||
Total interest-bearing liabilities | 6,451,635 | 44,708 | 2.76 % | 6,502,088 | 44,157 | 2.73 % | 6,014,565 | 30,319 | 1.96 % | ||
Non-interest-bearing deposits | 1,468,498 | 1,476,870 | 1,627,231 | ||||||||
Other liabilities | 122,861 | 140,042 | 159,755 | ||||||||
Total liabilities | 8,042,994 | 8,119,000 | 7,801,551 | ||||||||
Stockholders' equity | 1,099,758 | 1,061,454 | 1,004,858 | ||||||||
Total liabilities and stockholders' equity | |||||||||||
Net interest income/spread (b) | $ 89,230 | 3.68 % | $ 86,965 | 3.61 % | $ 93,665 | 4.27 % | |||||
Net interest margin (b) | 4.27 % | 4.18 % | 4.70 % |
CONSOLIDATED AVERAGE BALANCE SHEETS AND NET INTEREST INCOME (Unaudited) -- (Continued) | |||||||
Nine Months Ended | |||||||
September 30, 2024 | September 30, 2023 | ||||||
(Dollars in thousands) | Balance | Income/ Expense | Yield/ Cost | Balance | Income/ Expense | Yield/ Cost | |
Assets | |||||||
Short-term investments | $ 125,720 | $ 5,377 | 5.71 % | $ 57,271 | $ 1,862 | 4.35 % | |
Investment securities (a)(b) | 1,867,003 | 47,775 | 3.41 % | 1,827,261 | 40,673 | 2.97 % | |
Loans (b)(c): | |||||||
Construction | 333,048 | 19,652 | 7.75 % | 333,895 | 20,437 | 8.07 % | |
Commercial real estate, other | 2,066,631 | 111,302 | 7.08 % | 1,671,019 | 82,403 | 6.50 % | |
Commercial and industrial | 1,229,491 | 72,142 | 7.71 % | 1,021,573 | 56,728 | 7.32 % | |
Premium finance | 253,383 | 16,362 | 8.48 % | 160,729 | 8,374 | 6.87 % | |
Leases | 418,084 | 35,970 | 11.30 % | 362,222 | 31,426 | 11.44 % | |
Residential real estate (d) | 925,756 | 34,892 | 5.03 % | 903,622 | 32,414 | 4.78 % | |
Home equity lines of credit | 224,648 | 13,745 | 8.17 % | 190,225 | 10,634 | 7.47 % | |
Consumer, indirect | 664,610 | 29,322 | 5.89 % | 651,578 | 23,947 | 4.91 % | |
Consumer, direct | 121,359 | 6,465 | 7.12 % | 125,826 | 6,401 | 6.80 % | |
Total loans | 6,237,010 | 339,852 | 7.19 % | 5,420,689 | 272,764 | 6.66 % | |
Allowance for credit losses | (64,052) | (55,757) | |||||
Net loans | 6,172,958 | 5,364,932 | |||||
Total earning assets | 8,165,681 | 393,004 | 6.36 % | 7,249,464 | 315,299 | 5.76 % | |
Goodwill and other intangible assets | 407,858 | 374,924 | |||||
Other assets | 541,515 | 496,497 | |||||
Total assets | $ 9,115,054 | $ 8,120,885 | |||||
Liabilities and Equity | |||||||
Interest-bearing deposits: | |||||||
Savings accounts | $ 889,629 | $ 675 | 0.10 % | $ 1,066,783 | $ 1,166 | 0.15 % | |
Governmental deposit accounts | 795,019 | 16,639 | 2.80 % | 696,359 | 7,408 | 1.42 % | |
Interest-bearing demand accounts | 1,092,407 | 1,538 | 0.19 % | 1,160,698 | 1,232 | 0.14 % | |
Money market deposit accounts | 829,825 | 15,917 | 2.56 % | 661,272 | 5,774 | 1.17 % | |
Retail certificates of deposit | 1,730,818 | 54,472 | 4.20 % | 817,512 | 13,120 | 2.15 % | |
Brokered deposit (e) | 486,832 | 16,972 | 4.66 % | 452,574 | 13,846 | 4.09 % | |
Total interest-bearing deposits | 5,824,530 | 106,213 | 2.44 % | 4,855,198 | 42,546 | 1.17 % | |
Short-term borrowings (e) | 371,426 | 13,212 | 4.75 % | 477,826 | 14,940 | 4.18 % | |
Long-term borrowings | 233,343 | 10,392 | 5.91 % | 126,449 | 5,668 | 5.98 % | |
Total borrowed funds | 604,769 | 23,604 | 5.20 % | 604,275 | 20,608 | 4.14 % | |
Total interest-bearing liabilities | 6,429,299 | 129,817 | 2.70 % | 5,459,473 | 63,154 | 1.50 % | |
Non-interest-bearing deposits | 1,482,318 | 1,607,411 | |||||
Other liabilities | 132,003 | 134,003 | |||||
Total liabilities | 8,043,620 | 7,200,887 | |||||
Stockholders' equity | 1,071,434 | 919,998 | |||||
Total liabilities and stockholders' equity | $ 9,115,054 | $ 8,120,885 | |||||
Net interest income/spread (b) | $ 263,187 | 3.66 % | $ 252,145 | 4.26 % | |||
Net interest margin (b) | 4.24 % | 4.60 % |
(a) | Average balances are based on carrying value. |
(b) | Interest income and yields are presented on a fully tax-equivalent basis, using a |
(c) | Average balances include nonaccrual and impaired loans. Interest income includes interest earned and received on nonaccrual loans prior to the loans being placed on nonaccrual status. Loan fees included in interest income were immaterial for all periods presented. |
(d) | Loans held for sale are included in the average loan balance listed. Related interest income on loans originated for sale prior to the loan being sold is included in loan interest income. |
(e) | Interest related to interest rate swap transactions is included, as appropriate to the transaction, in interest expense on short-term FHLB advances and interest expense on brokered deposits for the periods presented in which FHLB advances and brokered deposits were being utilized. |
NON-US GAAP FINANCIAL MEASURES (Unaudited) |
The following non-US GAAP financial measures used by Peoples provide information useful to investors in understanding Peoples' operating performance and trends, and facilitate |
Three Months Ended | Nine Months Ended | ||||||||
September 30, | June 30, | September 30, | September 30, | ||||||
(Dollars in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | ||||
Core non-interest expense: | |||||||||
Total non-interest expense | $ 66,090 | $ 68,758 | $ 71,696 | $ 203,313 | $ 198,798 | ||||
Less: acquisition-related expenses | (662) | — | 4,434 | (746) | 15,694 | ||||
Less: pension settlement charges | — | — | 2,424 | — | 2,424 | ||||
Add: COVID -19 Employee Retention Credit | — | — | — | — | 548 | ||||
Core non-interest expense | $ 66,752 | $ 68,758 | $ 64,838 | $ 204,059 | $ 181,228 | ||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | June 30, | September 30, | September 30, | ||||||
(Dollars in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | ||||
Efficiency ratio: | |||||||||
Total non-interest expense | $ 66,090 | $ 68,758 | $ 71,696 | ||||||
Less: amortization of other intangible assets | 2,786 | 2,787 | 3,280 | 8,361 | 7,951 | ||||
Adjusted total non-interest expense | 63,304 | 65,971 | 68,416 | 194,952 | 190,847 | ||||
Total non-interest income | 24,794 | 23,704 | 23,204 | 74,277 | 63,279 | ||||
Less: net loss on investment securities | (74) | (353) | (7) | (428) | (2,108) | ||||
Less: net loss on asset disposals and other transactions | (795) | (428) | (307) | (1,564) | (2,218) | ||||
Total non-interest income, excluding net gains and losses | 25,663 | 24,485 | 23,518 | 76,269 | 67,605 | ||||
Net interest income | 88,912 | 86,613 | 93,274 | 262,165 | 251,005 | ||||
Add: fully tax-equivalent adjustment (a) | 318 | 352 | 391 | 1,022 | 1,140 | ||||
Net interest income on a fully tax-equivalent basis | 89,230 | 86,965 | 93,665 | 263,187 | 252,145 | ||||
Adjusted revenue | $ 114,893 | $ 111,450 | $ 117,183 | ||||||
Efficiency ratio | 55.10 % | 59.19 % | 58.38 % | 57.43 % | 59.69 % | ||||
Efficiency ratio adjusted for non-core items: | |||||||||
Core non-interest expense | $ 66,752 | $ 68,758 | $ 64,838 | ||||||
Less: amortization of other intangible assets | 2,786 | 2,787 | 3,280 | 8,361 | 7,951 | ||||
Adjusted core non-interest expense | 63,966 | 65,971 | 61,558 | 195,698 | 173,277 | ||||
Adjusted revenue | $ 114,893 | $ 111,450 | $ 117,183 | ||||||
Efficiency ratio adjusted for non-core items | 55.67 % | 59.19 % | 52.53 % | 57.65 % | 54.19 % | ||||
(a) | Tax effect is calculated using a |
NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued) | |||||||||
At or For the Three Months Ended | |||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | |||||
(Dollars in thousands, except per share data) | 2024 | 2024 | 2024 | 2023 | 2023 | ||||
Tangible equity: | |||||||||
Total stockholders' equity | $ 1,124,972 | $ 1,077,833 | $ 1,062,002 | $ 1,053,534 | $ 993,219 | ||||
Less: goodwill and other intangible assets | 403,922 | 406,417 | 409,285 | 412,172 | 408,494 | ||||
Tangible equity | $ 721,050 | $ 671,416 | $ 652,717 | $ 641,362 | $ 584,725 | ||||
Tangible assets: | |||||||||
Total assets | $ 9,140,471 | $ 9,226,461 | $ 9,270,774 | $ 9,157,382 | $ 8,942,534 | ||||
Less: goodwill and other intangible assets | 403,922 | 406,417 | 409,285 | 412,172 | 408,494 | ||||
Tangible assets | $ 8,736,549 | $ 8,820,044 | $ 8,861,489 | $ 8,745,210 | $ 8,534,040 | ||||
Tangible book value per common share: | |||||||||
Tangible equity | $ 721,050 | $ 671,416 | $ 652,717 | $ 641,362 | $ 584,725 | ||||
Common shares outstanding | 35,538,607 | 35,498,977 | 35,486,234 | 35,314,745 | 35,395,990 | ||||
Tangible book value per common share | $ 20.29 | $ 18.91 | $ 18.39 | $ 18.16 | $ 16.52 | ||||
Tangible equity to tangible assets ratio: | |||||||||
Tangible equity | $ 721,050 | $ 671,416 | $ 652,717 | $ 641,362 | $ 584,725 | ||||
Tangible assets | $ 8,736,549 | $ 8,820,044 | $ 8,861,489 | $ 8,745,210 | $ 8,534,040 | ||||
Tangible equity to tangible assets | 8.25 % | 7.61 % | 7.37 % | 7.33 % | 6.85 % | ||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | June 30, | September 30, | September 30, | ||||||
(Dollars in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | ||||
Pre-provision net revenue: | |||||||||
Income before income taxes | $ 40,881 | $ 35,876 | $ 40,729 | $ 114,609 | $ 101,597 | ||||
Add: provision for credit losses | 6,735 | 5,683 | 4,053 | 18,520 | 13,889 | ||||
Add: loss on OREO | 2 | — | 1 | 2 | 1,623 | ||||
Add: loss on investment securities | 74 | 353 | 7 | 428 | 2,108 | ||||
Add: loss on other assets | 764 | 397 | 283 | 1,470 | 557 | ||||
Add: loss on other transactions | 28 | 31 | 23 | 92 | 38 | ||||
Pre-provision net revenue | $ 48,484 | $ 42,340 | $ 45,096 | $ 135,121 | $ 119,812 | ||||
NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued) | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | June 30, | September 30, | September 30, | ||||||
(Dollars in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | ||||
Annualized net income adjusted for non-core items: | |||||||||
Net income | $ 31,684 | $ 29,007 | $ 31,882 | $ 90,275 | $ 79,538 | ||||
Add: net loss on investment securities | 74 | 353 | 7 | 428 | 2,108 | ||||
Less: tax effect of net loss on investment securities (a) | 16 | 74 | 2 | 90 | 443 | ||||
Add: net loss on asset disposals and other transactions | 795 | 428 | 307 | 1,564 | 2,218 | ||||
Less: tax effect of net loss on asset disposals and other transactions (a) | 167 | 90 | 65 | 328 | 466 | ||||
Add: acquisition-related expenses | (662) | — | 4,434 | (746) | 15,694 | ||||
Less: tax effect of acquisition-related expenses (a) | (139) | — | 931 | (157) | 3,296 | ||||
Add: pension settlement charges | — | — | 2,424 | — | 2,424 | ||||
Less: tax effect of pension settlement charges (a) | — | — | 509 | — | 509 | ||||
Less: COVID -19 Employee Retention Credit | — | — | — | — | 548 | ||||
Add: tax effect of COVID -19 Employee Retention Credit (a) | — | — | — | — | 115 | ||||
Net income adjusted for non-core items | $ 31,847 | $ 29,624 | $ 37,547 | $ 91,260 | $ 96,835 | ||||
Days in the period | 92 | 91 | 92 | 274 | 273 | ||||
Days in the year | 366 | 366 | 365 | 366 | 365 | ||||
Annualized net income | $ 126,047 | $ 116,666 | $ 126,488 | $ 120,586 | $ 106,342 | ||||
Annualized net income adjusted for non-core items | $ 126,696 | $ 119,147 | $ 148,964 | $ 121,902 | $ 129,468 | ||||
Return on average assets: | |||||||||
Annualized net income | $ 126,047 | $ 116,666 | $ 126,488 | $ 120,586 | $ 106,342 | ||||
Total average assets | $ 9,142,752 | $ 9,180,454 | $ 8,806,409 | $ 9,115,054 | $ 8,120,885 | ||||
Return on average assets | 1.38 % | 1.27 % | 1.44 % | 1.32 % | 1.31 % | ||||
Return on average assets adjusted for non-core items: | |||||||||
Annualized net income adjusted for non-core items | $ 126,696 | $ 119,147 | $ 148,964 | $ 121,902 | $ 129,468 | ||||
Total average assets | $ 9,142,752 | $ 9,180,454 | $ 8,806,409 | $ 9,115,054 | $ 8,120,885 | ||||
Return on average assets adjusted for non-core items | 1.39 % | 1.30 % | 1.69 % | 1.34 % | 1.59 % |
(a) | Tax effect is calculated using a |
NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued) | |||||||||
For the Three Months Ended | Nine Months Ended | ||||||||
September 30, | June 30, | September 30, | September 30, | ||||||
(Dollars in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | ||||
Annualized net income excluding amortization of other intangible assets: | |||||||||
Net income | $ 31,684 | $ 29,007 | $ 31,882 | $ 90,275 | $ 79,538 | ||||
Add: amortization of other intangible assets | 2,786 | 2,787 | 3,280 | 8,361 | 7,951 | ||||
Less: tax effect of amortization of other intangible assets (a) | 585 | 585 | 689 | 1,756 | 1,670 | ||||
Net income excluding amortization of other intangible assets | $ 33,885 | $ 31,209 | $ 34,473 | $ 96,880 | $ 85,819 | ||||
Days in the period | 92 | 91 | 92 | 274 | 273 | ||||
Days in the year | 366 | 366 | 365 | 366 | 365 | ||||
Annualized net income | $ 126,047 | $ 116,666 | $ 126,488 | $ 120,586 | $ 106,342 | ||||
Annualized net income excluding amortization of other intangible assets | $ 134,803 | $ 125,522 | $ 136,768 | $ 129,409 | $ 114,740 | ||||
Average tangible equity: | |||||||||
Total average stockholders' equity | $ 1,099,758 | $ 1,061,454 | $ 1,004,858 | $ 1,071,434 | $ 919,998 | ||||
Less: average goodwill and other intangible assets | 405,022 | 407,864 | 411,229 | 407,858 | 374,924 | ||||
Average tangible equity | $ 694,736 | $ 653,590 | $ 593,629 | $ 663,576 | $ 545,074 | ||||
Return on average stockholders' equity ratio: | |||||||||
Annualized net income | $ 126,047 | $ 116,666 | $ 126,488 | $ 120,586 | $ 106,342 | ||||
Average stockholders' equity | $ 1,099,758 | $ 1,061,454 | $ 1,004,858 | $ 1,071,434 | $ 919,998 | ||||
Return on average stockholders' equity | 11.46 % | 10.99 % | 12.59 % | 11.25 % | 11.56 % | ||||
Return on average tangible equity ratio: | |||||||||
Annualized net income excluding amortization of other intangible assets | $ 134,803 | $ 125,522 | $ 136,768 | $ 129,409 | $ 114,740 | ||||
Average tangible equity | $ 694,736 | $ 653,590 | $ 593,629 | $ 663,576 | $ 545,074 | ||||
Return on average tangible equity | 19.40 % | 19.21 % | 23.04 % | 19.50 % | 21.05 % | ||||
(a) | Tax effect is calculated using a |
View original content:https://www.prnewswire.com/news-releases/peoples-bancorp-inc-announces-third-quarter-2024-results-302282251.html
SOURCE Peoples Bancorp Inc.
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