By Rob Curran

Peoples Bancorp's fourth-quarter earnings declined 20% as net interest income fell and noninterest expenses rose.

The Marietta, Ohio, regional bank holding company posted a net profit of $26.9 million, or 76 cents a share, down from $33.8 million, or 96 cents a share, a year earlier.

The lender booked a provision for credit losses of $6.3 million, up from $1.3 million a year earlier. The provision was lower than in the third quarter, and largely reflected net charge-offs on loans. Asset quality remained stable during the quarter, the bank said.

Net interest income fell 2% to $86.5 million, reflecting lower accretion income. Accretion income typically refers to changes in value of investments or of assets gathered as part of an acquisition.

In April, 2023, Peoples acquired Louisville, Ky., bank holding company Limestone Bancorp.

Fourth-quarter noninterest income rose slightly to $25.1 million. Noninterest expenses rose 6.7% to $70.5 million from a year earlier.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

January 21, 2025 06:33 ET (11:33 GMT)

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