Peoples Bancorp Inc. reported a net income of $24.3 million for the first quarter of 2025, translating to earnings per diluted share of $0.68. This marks a decrease from the $29.6 million net income, or $0.84 per diluted share, recorded in the same quarter of the previous year. The company's net interest income for the quarter was $85.3 million, down from $86.6 million in the first quarter of 2024, primarily due to lower accretion income from acquisitions. The net interest margin also decreased to 4.12% from 4.26% year-over-year, reflecting the impact of reduced accretion income.
In terms of asset quality, the provision for credit losses increased to $10.2 million in the first quarter of 2025, compared to $6.1 million in the same quarter of 2024. This rise was attributed to higher net charge-offs, which totaled $8.1 million, or 0.52% of average total loans, up from $3.3 million, or 0.22%, a year earlier. The allowance for credit losses stood at $65.2 million, representing 1.01% of total loans, reflecting a slight increase from the previous quarter's $63.3 million.
Peoples Bancorp's total assets remained stable at approximately $9.25 billion as of March 31, 2025, compared to $9.25 billion at the end of 2024. The company experienced a modest increase in total loans and leases, which rose to $6.43 billion, driven by growth in commercial real estate and residential real estate loans. Total deposits also increased to $7.73 billion, up from $7.59 billion at the end of 2024, with notable growth in retail certificates of deposit and money market accounts.
Strategically, Peoples Bancorp continues to focus on enhancing its product offerings and expanding its geographic footprint, with 147 locations across Ohio, Kentucky, West Virginia, Virginia, Washington D.C., and Maryland. The company has also maintained a strong capital position, with a common equity tier 1 capital ratio of 12.10% as of March 31, 2025, exceeding the regulatory requirements for well-capitalized institutions. Looking ahead, management remains cautious about macroeconomic conditions and their potential impact on credit quality and loan performance, while also emphasizing the importance of maintaining liquidity and managing interest rate risk effectively.
About PEOPLES BANCORP INC
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