Peoples Bancorp reported net income of $31.7 million for the third quarter of 2024, resulting in diluted earnings per common share of $0.89. This represents an increase from $29.0 million and $0.82 per share in the second quarter of 2024, though it is a slight decrease from $31.9 million and $0.90 per share in the third quarter of 2023. The company's net interest income reached $88.9 million, an increase of $2.3 million compared to the linked quarter.
The net interest margin for the third quarter of 2024 was 4.27%, up from 4.18% in the previous quarter. This expansion was primarily driven by an increase in accretion income from acquisitions, which contributed 39 basis points to the net interest margin, and higher earning asset yields. However, net interest income decreased by $4.4 million, or 5%, compared to the third quarter of 2023, due to higher funding costs.
The provision for credit losses increased to $6.7 million for the quarter, up from $5.7 million in the linked quarter and $4.1 million in the third quarter of 2023, mainly due to net charge-offs and increased reserves on individually analyzed loans. Despite this, the efficiency ratio improved to 55.1% from 59.2% in the linked quarter, reflecting a reduction in non-interest expense and an increase in net interest income. Total stockholders' equity to total assets improved to 12.31% from 11.68% in the prior quarter.
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