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Dec 31, 2023
Peoples Bancorp Q4 2023 Earnings Report
Reported record quarterly earnings and improved diluted earnings per share.
Key Takeaways
People's Bancorp reported record quarterly earnings of $33.8 million, with diluted earnings per share improving to $0.96. The company's return on average stockholders' equity grew to 13.4%, and the efficiency ratio improved to 56%. Loan-to-deposit ratio declined slightly, and nonperforming assets decreased by 8%.
Record quarterly earnings of $33.8 million were reported.
Diluted earnings per share improved to $0.96.
Return on average stockholders' equity grew to 13.4%.
Efficiency ratio improved to 56%.
Forward Guidance
People's Bancorp provided guidance for 2024, expecting net interest income to be affected by the Limestone merger and potential market interest rate reductions. Fee-based income growth is projected in the high-single-digit to low-double-digit percentages. Loan growth for 2024 is expected to be between 6% and 8%.
Positive Outlook
- Net interest income to benefit from the full year impact of the Limestone merger.
- Fee-based income growth expected in the high-single-digit to low-double-digit percentages compared to 2023.
- Loan growth for 2024 expected to be between 6% and 8% compared to 2023.
Challenges Ahead
- Net interest income to be impacted by the projected market interest rate reductions in 2024.
- Potential for deposit rates to move higher as competition accelerates if rates were to stay flat for 2024.
- Anticipate an increase in our provision for credit losses during 2024.
- Do not anticipate having positive operating leverage for 2024 compared to 2023, given the technology investments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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