Welcome to our dedicated page for Peoples Bancorp news (Ticker: PEBO), a resource for investors and traders seeking the latest updates and insights on Peoples Bancorp stock.
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.
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The Board of Directors of Peoples Bancorp Inc. (NASDAQ: PEBO) announced a quarterly cash dividend of $0.39 per common share on April 24, 2023, with payment scheduled for May 22, 2023. Shareholders of record on May 8, 2023 will receive the payout of approximately $11.1 million. This dividend yields an annualized 6.15%, based on the closing stock price of $25.35 on April 21, 2023. As of March 31, 2023, Peoples reported total assets of $7.3 billion and operates 130 locations across multiple states including Ohio, West Virginia, Kentucky, Virginia, Washington D.C., and Maryland.
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Peoples Bancorp Inc. (Nasdaq: PEBO) reported a net income of $26.6 million for the first quarter of 2023, equating to earnings per diluted share of $0.96, up from $0.95 in the prior quarter and $0.84 year-over-year. The net interest income rose by 3% quarter-over-quarter and 34% year-over-year, attributed to higher market interest rates and full-quarter contributions from the Vantage acquisition. However, the provision for credit losses of $1.9 million negatively impacted earnings by $0.05 per share. Non-interest income, excluding net gains and losses, grew by 9% sequentially, driven by increased insurance income. The company is set to finalize the acquisition of Limestone Bancorp on April 30, 2023, valued at approximately $208.2 million. Total loans increased 4% annualized, and total deposits rose 1% compared to the previous quarter.
Peoples Bancorp Inc. (NASDAQ: PEBO) has received all regulatory approvals for its merger with Limestone Bancorp, Inc. (NASDAQ: LMST). This merger will position Peoples as the surviving corporation, streamlining operations as Peoples Bank merges with Limestone Bank, Inc. The Merger Agreement was initially made on October 24, 2022, receiving shareholder approval from both companies on February 23, 2023. With total assets of $7.2 billion and a wide service offering, Peoples aims to enhance its market presence across Ohio, Kentucky, West Virginia, Virginia, Washington D.C., and Maryland. This merger is expected to consolidate their resources, potentially leading to improved financial performance and service efficiency.