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MARIETTA, Ohio -On Tuesday, Peoples Bancorp Inc . (NASDAQ:PEBO) reported lower first quarter earnings that fell short of analyst expectations as net income declined compared to the prior year.
Peoples Bancorp’s stock was unchanged in early trading following the earnings release
The bank holding company posted net income of $24.3 million, or $0.68 per diluted share, for the first quarter of 2025. This compares to net income of $29.6 million, or $0.84 per share, in the first quarter of 2024. Analysts had forecast earnings of $0.73 per share for Q1 2025.
Total (EPA:TTEF) revenue came in at $112.35 million, slightly below the consensus estimate of $112.77 million. Net interest income decreased 2% YoY to $85.3 million, while non-interest income rose 5% to $27.1 million.
"We are pleased with our results for the first quarter of 2025. Although net interest margin decreased three basis points during the quarter, on a core basis, excluding accretion income, net interest margin expanded by three basis points," said Tyler Wilcox, President and Chief Executive Officer.
The provision for credit losses increased to $10.2 million in Q1 2025, compared to $6.1 million in Q1 2024. Net charge-offs were 0.52% of average loans on an annualized basis, up from 0.22% a year ago.
Total loans grew 4% YoY to $6.43 billion at quarter-end. Deposits increased 6% to $7.73 billion.
The company said it remains focused on providing consistent results and driving shareholder value.
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