Q2 2024 Peoples Bancorp Inc Earnings Call Transcript
Key Points
- Peoples Bancorp Inc (Marietta OH) (PEBO) reported consistent results with diluted earnings per share of $0.82 for Q2 2024.
- Loan growth of 8% annualized compared to the linked quarter.
- Core deposits grew by $42 million, excluding brokered CDs.
- Book value increased to $30.36, and tangible book value per share grew by 3% to $18.91.
- Regulatory capital ratios improved by double-digit percentages compared to the linked quarter end.
- Total deposits declined by $29 million.
- Annualized net charge-off rate increased to 27 basis points from 22 basis points in the first quarter.
- Non-performing assets increased by $2.4 million, mainly due to higher non-accrual leasing balances.
- Net interest margin declined to 4.18% from 4.26% in the previous quarter.
- Provision for credit losses driven by net charge-offs and higher reserves on individually analyzed leases.
Good morning, and welcome to the Peoples Bancorp, Inc., conference call. My name is Cole, and I'll be your conference facilitator. Today's call will cover a discussion of the results of operations for the three and six months ended June 30, 2024.
(Operator Instructions) This call is also being recorded. If you object to the recording, please disconnect at this time.
Please be advised that the commentary in this call will contain projections or other forward-looking statements regarding Peoples' future financial performance or future events. These statements are based on management's current expectations.
The statements in this call which are not historical fact are forward-looking statements and involve a number of risks and uncertainties detailed in the Peoples' Securities and Exchange Commission's filings. Management believes that the forward-looking statements made during this call are based on reasonable assumptions within the bounds of their knowledge of Peoples' business and operation.
However, it is possible actual results may differ materially from these
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