Peoples Bancorp announced net income of $26.9 million for the fourth quarter of 2024, resulting in diluted earnings per common share of $0.76. This represents a decrease from $31.7 million and $0.89 per share in the third quarter of 2024, and $33.8 million and $0.96 per share in the fourth quarter of 2023. For the full year 2024, net income reached a record $117.2 million, an increase from $113.4 million in 2023, with diluted earnings per share of $3.31.
Net interest income for the fourth quarter was $86.5 million, a decrease of $2.4 million from the linked quarter, with the net interest margin declining to 4.15% from 4.27%. This was primarily due to a decrease in accretion income from acquisitions, which contributed 23 basis points to NIM, down from 39 basis points in the prior quarter. Full year net interest income increased by $9.3 million, or 3%, compared to 2023.
The provision for credit losses for the fourth quarter was $6.3 million, primarily driven by net charge-offs, and increased from $1.3 million in the fourth quarter of 2023. Total non-interest expense increased by $4.4 million from the linked quarter, influenced by $1.7 million in acquisition-related expenses and other operational costs. The efficiency ratio for the fourth quarter increased to 59.6% from 55.1% in the linked quarter, mainly due to lower revenue.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.