Peoples Bancorp reported net income of $24.3 million for the first quarter of 2025, with diluted earnings per common share of $0.68. This compares to $26.9 million and $0.76 per share in the fourth quarter of 2024, and $29.6 million and $0.84 per share in the first quarter of 2024. Net interest income was $85.3 million, a decrease of $1.3 million from the linked quarter, primarily due to lower accretion income from acquisitions.
The net interest margin was 4.12%, down three basis points from the linked quarter, but the core net interest margin, excluding accretion income, expanded by three basis points. The company achieved annualized loan growth of over 4% and saw deposit balances increase by 2%, with core deposits growing over 3%. Asset quality metrics improved, with nonperforming assets decreasing by $3.1 million, and criticized and classified loans also declining.
The Board of Directors declared a quarterly cash dividend of $0.41 per common share, marking the tenth consecutive year of increasing its dividend. This dividend represents a payout of approximately $14.6 million, or 60.1% of the reported first quarter 2025 earnings. The company also provided a positive outlook for 2025, anticipating positive operating leverage, full-year net interest margin between 4% and 4.2%, and loan growth of 4% to 6%.
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