PEBO - Peoples Bancorp GAAP EPS of $0.88 beats by $0.15 revenue of $80.85M beats by $2.34M

• Peoples Bancorp press release ( NASDAQ: PEBO ): Q2 GAAP EPS of $0.88 beats by $0.15 .
• Revenue of $80.85M (+45.7% Y/Y) beats by $2.34M .
• Net interest income increased $7.2 million, or 13%, compared to the linked quarter and increased $21.8 million, or 55%, compared to the second quarter of 2021.
• Net interest margin increased 43 basis points to 3.84% for the second quarter of 2022, compared to 3.41% for the linked quarter and increased 39 basis points compared to 3.45% for the second quarter of 2021. The increase in net interest margin compared to the linked quarter was driven by the Vantage acquisition and the related accretion, coupled with recent increases in market interest rates.
• The increase in net interest income for the second quarter of 2022 compared to the second quarter of 2021 was driven by the Premier Merger and Vantage acquisition.
• Peoples recorded a recovery of credit losses of $0.8 million for the second quarter of 2022, compared to a recovery of $6.8 million for the first quarter of 2022, and a provision for credit losses of $3.1 million for the second quarter of 2021.
• The recovery of credit losses in the second quarter of 2022 was primarily due to changes in our loss drivers coupled with a reduction in reserves for individually analyzed loans.
• Net charge-offs were $1.5 million, or 0.14% of average total loans annualized, for the second quarter of 2022, compared to $1.9 million, or 0.17%, for the linked quarter.

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