The following is a summary of the Peoples Bancorp Inc. (PEBO) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Peoples Bancorp Inc. reported a diluted EPS of $0.89 for Q3, compared to $0.82 in the previous quarter, reflecting improved profitability.

• Net interest income rose by 3%, and net interest margin expanded by 9 basis points, aided by higher accretion income.

• Fee-based income grew by 5%, driven by early termination gains on leases and increased mortgage banking income.

• Non-interest expenses decreased by 4%, contributing to an enhanced efficiency ratio of 55.1%.

Business Progress:

• The bank saw a significant deposit increase of $185 million, with marked client deposit growth exceeding $100 million.

• Adjustments in the small ticket leasing division, including strategic decisions on broker relationships and industry focus, are ongoing to manage risk.

• Expansion is noted in the lease and mortgage sectors, with notable growth in midsize leasing and home equity lines of credit.

Opportunities:

• Expected sustained growth in commercial loans, driven by a robust pipeline and high market demand in the investment commercial real estate sector, despite higher paydowns.

Risks:

• Elevated net charge-offs are anticipated to continue, especially in the small ticket leasing division due to higher than historical levels, with a peak expected in the fourth quarter but normalizing in subsequent periods.

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