Peoples Bancorp Inc. reports news about a diversified financial services holding company built around community banking and related fee businesses. Its updates commonly cover quarterly earnings, net interest margin, loan growth, asset quality, non-interest income, dividend declarations and capital actions. The company provides banking, trust and investment, insurance, premium financing and equipment leasing solutions through subsidiaries including Peoples Bank, Peoples Insurance Agency, Vantage Financial and North Star Leasing.
Company announcements also address branch-market operations across Ohio, West Virginia, Kentucky, Virginia, Washington, D.C. and Maryland, as well as executive appointments, shareholder communications and conference-call materials tied to operating results.
Peoples Bancorp reported a net income of $15.2 million for Q1 2021, equivalent to earnings of $0.79 per share, down from $1.05 in Q4 2020. This quarter marked a significant turnaround from a loss of $0.04 per share in Q1 2020. Non-core items negatively affected earnings by $0.11 per share. The bank announced two acquisitions, including North Star Leasing and a merger with Premier Financial Bancorp valued at $292.3 million. Total loans remained stable with a 3% annualized growth excluding PPP loans, while total deposits rose 10% to $393.8 million.
On March 29, 2021, Peoples Bancorp announced its plan to acquire Premier Financial Bancorp in an all-stock transaction valued at approximately $292.3 million. Upon completion, the merger will create a combined entity with total assets of $6.7 billion, total loans of $4.6 billion, and total deposits of $5.5 billion. The agreement, unanimously approved by both companies' boards, allows Premier shareholders to receive 0.58 shares of Peoples' stock for each share held. The transaction aims to enhance market presence and profitability.
Peoples Bancorp Inc. (Nasdaq: PEBO) plans to release its first quarter 2021 earnings before the market opens on April 20, 2021. A conference call hosted by CEO Chuck Sulerzyski and CFO Kathryn Bailey will follow at 11:00 a.m. EDT. Participants can join via phone at (866) 890-9285 or through a webcast available on the company’s website. Peoples Bancorp, headquartered in Marietta, Ohio, reported total assets of $4.8 billion as of December 31, 2020, and operates 88 locations across Ohio, Kentucky, and West Virginia.
Peoples Bancorp Inc. (NASDAQ: PEBO) announced on January 28, 2021, a new share repurchase program authorizing up to $30 million of its common shares, replacing the previous program which had an authorization of $40 million. As of the termination of the old program, $28.4 million of shares had been repurchased. The new program allows for purchases in open market or negotiated transactions, with no obligation to repurchase specific amounts, using cash resources. Peoples had approximately 1,961,846 shares outstanding as of the announcement date.
On January 26, 2021, Peoples Bancorp Inc. announced the election of Michael N. Vittorio to its Board of Directors. Vittorio, who has over 45 years of banking experience, previously served as President and CEO of The First of Long Island Corporation until his retirement in December 2019. His extensive background is expected to bring valuable insights to Peoples. The company, with total assets of $4.8 billion as of December 31, 2020, operates 88 locations across Ohio, Kentucky, and West Virginia, emphasizing its commitment to financial stability and community impact.
Peoples Bancorp Inc. (NASDAQ: PEBO) reported record fourth-quarter net income of $20.6 million, or $1.05 per diluted share, driven by a $7.3 million recovery of credit losses. However, full-year net income dropped to $34.8 million in 2020 from $53.7 million in 2019. Net interest income decreased 2% in Q4 2020 and 1% for the full year, impacted by lower interest rates and COVID-19 effects. The company actively assisted businesses with approximately $500 million in Paycheck Protection Program loans. Total deposits rose by 19% year-over-year.
The Board of Directors of Peoples Bancorp declared a quarterly cash dividend of $0.35 per share, totaling approximately $6.8 million, which is 33.3% of reported Q4 2020 earnings. The dividend is payable on February 22, 2021, to shareholders of record as of February 8, 2021. With a closing stock price of $30.00 on the declaration date, this dividend yields an annualized rate of 4.67%. Peoples Bancorp offers diversified financial services and has total assets of $4.8 billion as of December 31, 2020.
Peoples Bancorp Inc. (Nasdaq: PEBO) will report its fourth quarter and year-to-date 2020 earnings on January 26, 2021, before market opens. A conference call hosted by CEO Chuck Sulerzyski and CFO Katie Bailey will follow at 11:00 a.m. Eastern Time. Participants can join via phone at (866) 890-9285, with access to a webcast and a one-year audio replay available online. Peoples operates with total assets of $4.9 billion and has 88 locations across Ohio, Kentucky, and West Virginia, demonstrating its financial stability and community impact.
Peoples Bancorp Inc. (NASDAQ: PEBO) announced that David L. Mead will retire as Chairman of the Board on October 31, 2020, after serving since 2016. He will leave the Boards of Directors effective March 31, 2021, after being a member since 2005. Susan D. Rector, an independent director since 2011, has been elected as the new Chairman. Rector has extensive experience in law and leadership within various committees at Peoples. The company, headquartered in Marietta, Ohio, has total assets of $4.9 billion as of September 30, 2020, and operates 88 locations across Ohio, Kentucky, and West Virginia.
The Board of Directors of Peoples Bancorp Inc. (Nasdaq: PEBO) declared a quarterly cash dividend of $0.35 per common share on October 19, 2020, payable November 16, 2020, to shareholders of record on November 2, 2020. This dividend totals approximately $6.9 million, providing an annualized yield of 6.46% based on the stock's closing price of $21.67 on the declaration date. Peoples Bancorp operates with $4.9 billion in total assets and maintains 88 locations across Ohio, Kentucky, and West Virginia.