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Sep 30, 2021
Peoples Bancorp Q3 2021 Earnings Report
Reported a net loss due to acquisition-related costs and provision for credit losses.
Key Takeaways
Peoples Bancorp reported a net loss of $5.8 million, or $0.28 per diluted share, for the third quarter of 2021, impacted by acquisition-related costs and increased provision for credit losses. However, fee-based businesses showed great growth and the merger with Premier Financial Bancorp was successfully closed.
Successfully closed merger with Premier Financial Bancorp, Inc. on September 17, 2021, with minimal customer impact.
Premium finance and leasing divisions both had over 60% annualized growth in loan and lease balances compared to the linked quarter.
Fee-based businesses experienced great growth, with trust and investment income up 22% and insurance income up 9% compared to 2020.
Total revenue increased at an annualized rate of 26% compared to the linked quarter.
Forward Guidance
Peoples Bancorp anticipates continued growth and expansion across its new footprint in 2022, focusing on client care and effective execution.
Positive Outlook
- Fourth quarter non-interest expenses, excluding non-core expenses, will range between $46 and $48 million.
- Net interest margin is expected to grow and settle between 3.50% and 3.60% for the fourth quarter.
- Fee-based income is believed to increase by between 3 to 5% for the fourth quarter.
- Loan growth of 4-6% annualized is anticipated for the fourth quarter.
- Loan growth of between 5-7%, excluding PPP loans is expected for 2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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