Earnings call transcript Q1 2023

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Operator

Good morning, and welcome to the Peoples Bancorp Inc. Conference Call. My name is Kate, and I will be your conference facilitator. Today's call will cover a discussion of the results of operations for the quarterly period ended March 31, 2023.

Please be advised that all lines have been placed on mute to prevent any background noise. there a remarks period. speakers the will question-and-answer be After [Operator Instructions]. also This being is recorded. call

object please If time. the to you recording, disconnect this at

and Please number expectations. statements historical filings. statements commentary detailed projections the Securities These are statements uncertainties performance be not call on events. of in advised contain management's and and this based will which current or in future forward-looking or statements Peoples' Peoples' involve facts, Commission regarding this forward-looking risks are are a future The financial in other Exchange that call,

Management based and believes the forward-looking operations. of statements the business made during this on call assumptions their are Peoples' reasonable knowledge of bounds within

these may differ applicable However, from any statements. these forward-looking it be legal this requirements. forward-looking update disclaims statements except call, required possible is after results by as may materially Peoples’ to actual responsibility

was financial earnings included reconciliation Relations. morning quarter directly GAAP or at non-Generally release is first financial of earnings the call this the comparable Investor release. of issued Peoples' under GAAP at the is A the measures to available measures during this most discussed Principles Peoplesbancorp.com Accounting end XXXX and Accepted

will include commentary, by will to the in question-and-answer for year. XX about minutes section one followed call I webcast of facilitate. available period, prepared which of archived Peoplesbancorp.com on XX a An this call be This will Investor Relations

be for Financial call Sulerzyski, and Officer; questions President will statements. today's Chuck Treasurer, will opening and Officer Chief Participants and be Katie following in Bailey, Chief Executive each and available

conference. may you your Mr. begin Sulerzyski,

Chuck Sulerzyski

report quarterly strong are our Good Based for earnings. diversified model Thank core joining and strong morning to you, our on you we thank franchise, pleased deposit today. Kate. business and call

our diluted earlier shares. we inadvertently by weighted our earnings XXX,XXX this morning, In average release shares underreported

lower As a per earnings $X.XX. release was result, of diluted was we $X.XX share earnings in which reported than our $X.XX, our

with in release will call. a issue today. little later review We the results excellent new a X-K Katie will an our

banking the our current liquidity, events capital. with of deposits, and light industry, in credit discussion start we In the will

end, Our deposit limits. of base at is our deposit a key This quarter exceeded year from end. insurance strength balances is down XX% Peoples. only XX% At of FDIC

We governmental of deposit nearly at certain deposit million quarter covered $XXX uninsured routinely balances securities pledge accounts, end. investment against which

deposits by pledged investment of Excluding total are were uninsured at end. that only uninsured deposits our our covered deposits securities, quarter XX%

more position liquidity the Our covers uninsured remaining deposits. than

XX% Our retail consumers deposits, includes balances. small deposits commercial and XX% of comprised businesses which are and

our end. our Our average balance customer was quarter deposit was retail commercial $XX,XXX. approximately median time, while balance median was relationship At same a customer at $XX,XXX customer $X,XXX, over the little

linked which the effectively At our points for points quarter. compared the to cost We cost our XX basis linked the of funds was basis compared time, deposits, controlled XX of for points, basis the same for points to was XX XX basis quarter, quarter.

funding, used brokered XX our for the to CDs, compared Excluding were points, we for linked costs our basis for deposit the quarter. basis quarter which XX points

rural markets. We XX% XX% are estimate deposits urban only of from come from markets, approximately while our

movement. markets, During have we little deposit our seen and turmoil calm, the clients have recent unusual other remained in

available been educating on clients has and in proactive insurance team limits Our our options. FDIC

been also We has our the service. we in bank's reassuring have our well been stability, financial received of which communities clients

year-end. deposits, compared CDs total million brokered X% $XX Our excluding or declined to

nearly time. as money in CDs, retailed increase those inflated COVID, expected had market of We were balances, of had have but that offered offset more was and some over attractive an We with deposits decline related outflows to pricing. so we savings our

non-interest bearing deposits. our experience did a decline We in

by the in of decline However, are that deposits was an governmental some increase seasonal nature. tempered in

a year year compared end, end XX% deposits deposits Our total of to and XX% demand at comprised year ago. at XX%

funds. liquidity position, we to liquidity and with have position liquidity excellent Moving balance quick sheet access continually to our our monitor

was which contingent $X to sources loan end, stood investment which pledged, nearly including and that ICS Our million potential deposit and unpledged at had include year and assets XX, ratio end. had securities We not million, around of XX% we cash available securities. of funding. At quarter $XXX unchanged March liquefiable of from borrowings, liquidity, CDARS had been of other the investment at value

$X the $XXX collateral available funding of we million the available lines Of available nearly from assuming have and the all is the FHLB billion, potential from FRB, pledged.

uncertainty we not Bank it markets viewing utilized Reserve its not as and the since there Federal inception, additional have We negatively. term is program funding around funding, needed have the

that using in the around of due source utilize this us FRB, lieu instead securities expenses. funding have We see line justified. projected other lower collateral March funding utilizing and us the is pledge to benefit of believe may the cost funding Therefore, at market to $XXX,XXX of in compared the and this value. sources of saved future. we savings to the annually funding estimate in allows investment this at XX, We would FHLB This line other par as from also the as source

From stable a perspective, quality compared credit had to metrics year-end. we

allowance was loans, credit total X.XX% Our of was year-end. compared flat for to losses which

during of reserves loans, quarter. of While this resulted charge-offs during a in losses which pooled was that offset much analyzed for loans the individually for provision was we by the quarter, driven payoffs increase mostly increased credit by

relationships due. by improved to of was at an on decrease XX.X%, payoffs past $X.X and at driven of loan compared X.XX% longer pay-downs XX.X% year-end, total portfolio were with non-performing This The assets current assets in at was portion considered X.XX% assets quarter-end from million loans our no since improvement that multiple and coupled Non-performing year-end. to year-end. declined

not delinquencies. commercial in customers, put uptick has current seen the While environment we have on rate meaningful a pressure

decline quarter, points charge-offs. driven for improvement net rate the fourth was the quarter. basis lower points was XX from for quarterly lease This an XX annualized net by charge-off basis Our

year grown prior quarter. the recent quarter basis Our basis points for for consumer points compared were quarter, indirect the to and loan X points net the charge-offs have periods of in basis charge-offs and X X linked for

of first quarter, our declined. the During indirect charge-offs number

charge-off charge-offs pricing. car with to used annualized loan of we The in them. size due charge-offs and rate average we would indirect range within the a However, are grew, are net higher resulting comfortable expect

linked were $X driven million increase relationships. by of time, compared three commercial increase and in increase quarter million was to partially of slight to commercial due loans and was up the a experience largely criticized one industrial and our million X%. same This pay-downs $X was The $XX the This loans of criticized by classified quarter. upgrades offset At the of downgrade end. relationship. during the industrial Our loans

this portion of regards commercial office With a to small remains space, very portfolio. loan our

at X.X% represented quarter Our and total our portfolio. total million was of loan end exposure $XXX

million average space commercial borrowers These and in only in the $XX have of $X.X $X million. loan office million of The outstanding portfolio liquidity top in balances maturing of XX borrowers have office represent XX% average million space We XXXX. and commercial balances. $X.X commitments

were quarter for million balances portfolio our real loan is our quarter The the top of the with million developers. As construction multifamily exposure end estate this tier phase at within end. was our majority and exposure outstanding at portfolio, $XXX $XXX total of

top This the concentrated in Central at construction or leasing our is most them with Ohio with our occasional rents up portfolio. the these of We is $XX higher projects, XX% there Projects desired account permitting but million. problems major liquidity largely at have projected. speeds delay. the portfolio been has been and than of see no of average exposures borrowers top The XX XX for

portfolio. loans. diversified commercial real-estate loans Of our maintaining commercial while total our loans industrial real the we We specialty remain and XX%. more loans generally loans comprise At finance We view these we XX%. Construction of bank which loans, and loans do were end, industrial loan consumer quarter transactions operating XX%, commercial commercial company. only focused totaled owner-occupied, is XX% XX% where growing on like loans, and and our a X%, were estate were

Compared both our on an XX% X% basis. our fixed-rate annualized real-estate At annualized loan leases and quarter-end, floating-rate loan XX%. percentage growth growth indirect balances. and year-end, loans to loans while commercial were XX%, consumer This portfolio annualized the loans in to includes of loans XX% total was in grew

our credit to the We portfolio overall process. in ability with have our confidence organically, at our forefront quality grow of loan

capital perspective, at capital to ratios and continue a strong be our From quarter-end. grew

meaningfully losses, maturity other held our levels At ratios. are be well-capitalized capital above levels. included if and accumulated we security still loss our to even well-capitalized would We all March above we for investment XX, comprehensive

over I Katie for turn details to will additional the call around financial performance. now and our earnings

Katie Bailey

I discussion, steals delighted report following news. and good the am earnings always to Chuck the

versus Our consensus improved negatively estimates to compared and expenses $X.XX. EPS highlighted $X.XX which share, by diluted earnings the were per of linked totaling acquisition-related for impacted by quarter was $X.XX

year. was we our the in expansion of X net and X%, was points. improvement in of growth the interest annual which primarily Continued of income performance-based up net first quarter due each to receive X%, income basis margin Fee-based interest which insurance income,

grew assets points return-on-average pre-provision, pre-tax, Our basis X.XX%. to X

X% growth We compared loan also to had annualized year-end. total

and to brokered points only low XX grew the excluding costs, deposit Our CDs, basis linked remained quarter. compared

improved to book per ratio $XX.XX. points basis our same and tangible time, At share compared tangible was the year-end. Our $X.XX and assets was to improved up to tangible value equity X.X% year-end compared to XX

was recognize each in quarter quarter, additional typically income of the the net For we our expected by impacted first year. expenses

compensation million. reduced Combined, As accounts to and EPS a of health expenses result, $XXX,XXX certain contributions $X.X stock-based of our $X.XX. total savings these quarter expense diluted the non-interest expense included for by for our employer employees additional

impacted our for which $X.XX. incurred acquisition-related negatively in also by We expenses $XXX,XXX the quarter, EPS diluted

interest compared in rates prior increase period, our grew Our net to funding market benefited income interest income, interest our the higher as costs. the outpacing the

XX quarter. linked basis Compared compared points Accretion to added linked over points. XX income basis to grew to declined X net margin for points the basis the and quarter, interest margin, $XXX,XXX

sold investment $XXX of a the million. nearly During we and million available-for-sale loss quarter, $X.X recognized first of securities

recover and was calendar this and to sales improve the interest income. our The year. make the investment sheet balance net purpose to expect portfolio We within efficient of overall more loss

linked quarter, improved yields our basis to Compared the points. XX investment

yields for for quarter. X.X% linked total year Our and the quarter from prior X.X% the loan to improved X.X%

year. insurance compared linked due to to Our first annual primarily quarter, fee-based performance-based improved the commissions each quarter income X% receive we of in the the

compared quarter. to Our the linked total non-interest expense grew

we year. of costs typically by I first As were earlier, the additional impacted during we mentioned quarter recognized each

tax higher compared had linked electronic also banking the franchise to expense quarter. We and

was perspective, portfolio our Our for year-end. at From linked reported ratio compared assets the expenses, XX.X% linked the XX.X% sheet to quarter. efficiency to quarter. ratio securities non-core for total XX.X% of was efficiency investment the XX.X% compared compared balance to XX.X% for to grew our we XX.X% a adjusted quarter When for

portfolio closing of been the as we for securities to have the certain our balance outlook future selectively towards to Merger, manage Limestone enhance We choosing our the prior sheet.

anticipate will in that securities future manage liquidity total decline periods a Limestone. as on position and percent investment as our still bring we assets of We

from may as liquidity. first earn an interest manage to in ensure relates liquidate it investment to as opportunistic sales need liquidity quarter actively We we benefit will our the is continue where to a future there investments viewpoint, From the were be and do portfolio perspective. rate to future securities the not a back and we anticipate

relates it slightly to interest sensitivity, sheet we to continue manage asset our a to remain relatively sensitive. We rate neutral position. As balance

lower the to quarters investment through We have to reduce have couple interest over purchases exposure taken rates, our we made. primarily actions of last security the

that interest the on rate anticipate reduce slightly, We sensitivity a position. not Merger will our our impact Limestone We will change rate may profile. but have our minimal interest asset they meaningfully sensitivity believe

and grew strong and common We XX compared XX limits. XX while improved Tier this to equity grew leverage year-end, At points our our end, ratio continue have capital points capital well-capitalized points. a capital position basis basis exceeds further to ratio X include basis total which quarter our risk-based quarter

the we taken levels. have reaction our additional steps In capital to recent analyze failures, bank to

an ratios on we securities in where included held permitted that loss, capital our regulatory of excluded analysis other to from regulators, investment Although maturity calculation as portfolio as we capital ratios. loss well completed losses our as we by comprehensive regulatory the our accumulated our

our $XXX tax, levels above totaled March have Even been have all well-capitalized capital ratios all regulatory these – which losses, been XX, considered at considered including unrealized would million after XXXX.

– capital or For risk-weighted $XX.X% was $XXX example, assets. common our at million of end, equity ratio capital Tier X quarter

loss comprehensive reduce equity Tier by ratio assets. other If capital X that you $XXX risk-weighted our is million, of XX% of our common accumulated

in common the reduce ratio. well-capitalized by of capital resulted you calculations assets. Tier it particular our equity ratio this are on which set regulators risk-weighted level a by further $XX our held-to-maturity These after-tax above of for investment If our unrealized X.X% X X.X% securities, loss was million,

book and net to of equity improved X.X% quarter our value accumulated to asset compared year capital slight end. tangible tangible grew recovery loss. earnings end linked share annualized from X.X% XX% in other basis the at XX% an increased by share our Our comprehensive a with our as tangible book ratio per to respectively and per dividends value We coupled on

years. quarterly for shareholders we dividend. and providing $X.XX increase quality a our return consecutive have our dividend morning to a remain We increased this on for announced focused Earlier our eight

additional I will the to call back turn comments. now Chuck for

Chuck Sulerzyski

Thank future. you, Katie. continue and to look another forward had to quarter We strong our

the the same to are to cross we asset $XX time, At billion our readiness threshold. working assess

cross We opportunities to do for to as be are engaged in want the third-party seizing analysis that mind, hurry be in this could and that prepared consulting our soon we we process. firm assist ourselves with have beneficial success. from so restrict possible, threshold, no a however as to our With we and accounting preparation future not

we we hit our are timing, expect with internal on to cost merger metrics savings. as track and far Limestone, our As as on far as projected

the of to the the on and approval business merger of close as regulatory received have plan We XX. April close

conversion the and for teams. and Limestone between date third quarter of are a core coordinating operations We dates with processes our the close have in our and those separate our processor conversion

have months, and clients we engaging with For communities been by the served Limestone.

dealer ensuring plans, are full We finance insurance, the specialty actively trust suite lending, including opportunities. mortgage, be floor available products Limestone in will of markets, indirect and our

in and We are are we our about up excited talent the we combined are merger. optimistic future, picking about the

of We XXXX. of our finish expenses. but up These remainder Limestone for the guidance the projections want impact include to the pending exclude Merger, with acquisition-related

market XXXX, Limestone as benefits income to interest newest net due well the During higher our continue to to the to we as rates of rest our loans the full-year expect impact interest of of as re-price the the rate. Merger, grow

X.X%, last in XXXX With between mind, expansion to as costs. net for as call, year we expect be market XXXX believe our for throughout during interest slow those XXXX. compared rates will flat relatively to we continue we and interest assumes As our noted net margin margin the that X.X% year-end we funding to items interest which increase

in closing purchase However, range. the range, given expect related margin this we but full-year second be merger will below the this accounting come quarter might adjustments, our and the within

of will growth the organic loan believe XX%, balances, annual acquired we anticipate new while growth be and between We between without Limestone XX% including the our loans

X%. and X%

be includes the low Merger. We which growth compared fee-based income pending in percentage of expect impact to Limestone double-digits the to the XXXX,

We year expenses XX% the anticipated XXXX, in cost assuming for are compared million Limestone our excluding the total million will expenses $XX acquisition quarter conversion we quarter. we related Merger, we our anticipating the dates Since to to the non-interest full acquisition-related our third million incur for a $X merger. increase during separate are for of XXXX, and achieve with closing believe expenses second during of $X the $X another savings between million,

loans provision $XX acquired establish record for We to also deteriorated between record will will we losses during second that and provision $XX non-purchase credit the losses a for will credit allowance million quarter losses credit We for the the million. from be credit the Limestone. estimate for

is subject this and pieces, moving to many number change. are there However,

expenses We impact the our year, will XX% increase We XXXX between XX% of we expect and full our in of basis during XXXX. an including compared be efficiency X points about the to believe charge-off to net Limestone. ratio, for the addition of excluding rate have one-time

We to of recommend and inform at as far board, cutting based this on but that for bank performance, look analysis. we As each investors that believe analysts indicator not Peoples. understand we bank accurate do for institutions an market their the across be individually analysts earnings are the projections

make likely the XX% earnings estimate. between remain earnings believe our it XXXX. we Limestone the trajectory margin. book of Specifically, the will our we our and We From deposit across-the-board loan of comfortable in with and grow moves our that impact Merger XX% growth original of short-change and quality XXXX strength deposit our perspective,

me and Once This session concludes our this our Officer. the the again, questions. Bailey, commentary, Financial is we open joining Chief Chuck will for call Q&A is and Sulerzyski Katie for

Kate. I call back Thank will facilitator, into you. call now turn the our hands of the

Operator

Instructions]. [Operator

of Nosal Brendan from Sandler. ahead. is go question Please first Our Piper

Brendan Nosal

Hey! Hope doing Good well. morning, folks. you're

Chuck Sulerzyski

Brendan. Hi,

Katie Bailey

Hi, Brendan.

Brendan Nosal

funding you remained given the curious of just remarkably folks start tightening course changes mean, to I if this on I'm know, here. bank for off the of just over the space costs all you they for cycle. Maybe just point benign is your months, larger where maybe more current a past curve catch is yield the and actively given the costs, at versus up, few to balances? there kind a there's the need of deposit maintain then over which funding also

Chuck Sulerzyski

Nothing more crazy. already. Nothing what seen than you've

of that that. that more I again, left think going forward, severe serve, places the difference quarter, between last this testament competitors. nothing might where large that to you the quarter expect markets than a lot a I think And I it's we people lot a think of but have and

Brendan Nosal

more perhaps me. Okay, for one

getting M&A and mentioned for to process internally of I ready was for that desire folks terms pushes your like you assets, near of prepared that wondering appetite a in of term, deals $XX the do get in kind in whether what You internally. billion as looks just kind out

Chuck Sulerzyski

the answer looks of that compliance, review it first all accounting, to operations, process as a like, etc. of part processes the of what question review it's the credit, our – systems, Well, process to comprehensive relates of

As far in sure week we'd that's for as the up and term, our closed get appetite this to and converted short limestone make and sailing. like August in M&A

be no billion, as We’re view that situation but $XX able of to to that left take along. hurry we leave advantage not I – want important we in, something don't want we as cross strategically to should said, a to come don't

could ability of may it. pick a years out, cross pick that it, not we couple but we'd if we to billion So, $XX have

Brendan Nosal

the you Yeah, Thank taking for understood. questions.

Chuck Sulerzyski

you. Thank

Katie Bailey

you, Thank Brendan.

Operator

Daniel is Please James. ahead. go of next question The Raymond Tamayo from

Daniel Tamayo

Hey! Good afternoon, everyone.

Chuck Sulerzyski

Hi Danny!

Katie Bailey

Hi Dan!

Daniel Tamayo

on just following the first, discussion. funding Maybe up

when funding, maturities of you're far how the you're going that? between interplay the CDs, if you about about wholesale thinking then in terms fundings? you're thinking it's brokered with how FHLB, out those of And how if are kind it's curious Just using

Katie Bailey

Sure.

So, we the historically saw brokered. FHLB was brokered did compared rates. as be given going first the results – advantageous quarter, on for we're to use relative source to needs, you long continues the market the we overnight so CD that as months the did fourth so access quarter and generally current for expectations the pricing real the out they're in going primary the funding side, not brokered the our to our what And six three on to

Daniel Tamayo

release see had Understood, you $XXX sense if that in didn't exposure this follow-up how saw their overall I Louisville. curious on much mentioned Was around office a sense. And was. is add makes the terms their morning. just Limestone then that's I office a mostly for to and if Limestone. would of million anything you

Chuck Sulerzyski

heavy Yeah. in do. a They have weighting office bit than more little we

give But have number the Louisville, have two Lexington million it's yes, you. come more office question, in a a $XX me Kentucky, you If we'll minute geography for so, or focused. with – than extra up they we in Central more on

Daniel Tamayo

it, that's had. Got helpful. okay. right, Thank Yeah, all I you. All that's

Chuck Sulerzyski

Thank Great! you.

Operator

go is of question Terry McEvoy next The from Stephens. ahead. Please

Brandon Rud

This Hi! Rud Brandon on Terry. is for

Chuck Sulerzyski

Brandon! Hi

Brandon Rud

can your percent a could My where deposit about kind bottom talk on just total as non-interest first those here, of thoughts of the you bearing and flow question deposits?

Chuck Sulerzyski

I deterioration think a percent. not that quarter, terms in a total of was the this trend seen of we've quite percent

a non-interest likely. the since interest I ratio between the bearing DDA. continuing think to you're you long-term rate the in the customers. beginning But that Those the is of bearing rises, and going are for see pretty look I stable, think If at don't little changes massive bit that

Brandon Rud

or do expansion basis, guide, than your to a some in the you with said think margin for People's X.XX% core there's you a think there room lower I coming basis merger, there? NIM has X.XX% in the further I one, XQ get is the or movement And on year, but standalone that. for on perfect. peaked Okay,

Chuck Sulerzyski

it's I you the get it's going to noise take out about to, acquisition. think where with the if

Brandon Rud

Okay.

on one release credits which criticized credit specifics in said Just I you those were think any the give industries quickly, C&I. it loan increase, the in? Did on

Chuck Sulerzyski

there in DLF flow the was It it plan. was the,

Brandon Rud

Okay.

one just And one. last sorry,

was that decision that catalyst the the restructure So quarter it mid-March securities Was all to that? is prior the – was portfolio, to mid-March or point what for the in events? in the

Chuck Sulerzyski

all to piece late Yeah, it March. and of piece in of done was was Actually, there was to a early in it mid that. a done then February, prior very

Brandon Rud

questions the you. had. Okay, perfect. Thank Those are I

Chuck Sulerzyski

Thank you.

Operator

Davidson. next comes Navas Instructions]. ahead. from [Operator question The of go Manuel Please D.A.

Manuel Navas

Hey! Good morning.

Katie Bailey

morning. Good

Manuel Navas

of of growth think How are some for on takes the the should we there? of puts year? was a basis core and deposit What kind

Chuck Sulerzyski

seasonality flows some deposits, there's public some think our with I funds. in

to XX% room. pricing. than I price at think loan-to-deposit a amount We of fair I think ratio, aggressively need have we that more don't we're

deposit perspective. and minimal Limestone of that's, help a from expect will acquisition that outside us I I So growth margin the think

Katie Bailey

cost retail We'll but say would mix deposits there a you've of likely thinking into CDs. CDs, out will funding the the to at deposits, portfolio I say as more And of quarters, a of that's last know as shift to source the kind CDs. within brokered I and of per up funding se. continue of lower kind few the When be as market continue into seen look I'm the than that I CDs, kind customer rolls customer viewed more deposits

Manuel Navas

opportunities picture, can I bigger kind in be that. a not hits, of half be where year if shifts some Kind almost your And of conservative? recession are negative, of of of the where the second guidance to your your like terms some in a guidances? appreciate so of thinking what

Chuck Sulerzyski

see I So our with? to slit which of great a recession. a throat those us on numbers. don't economy We you the deal have optimism knife don't do want Okay, into baked

You in that markets grow. know, don't we're

only in very grow from The That simple. or good business we way is Our competition. times take times. to the bad can is change proposition away doesn't

It's So in any independent little recession. a some of recession. ways it's

the than may say business. would little I leasing that in a is that we harder better businesses What core the have times do

we of Does the of off offset But of a you? there have So help great that'll that in lot growth terms any economy. in flows. don't help based

Manuel Navas

think things, color. I most of I helps. like feel other that kind covered – Yes, the so I we've appreciate really

Chuck Sulerzyski

you. Thank No, thank you.

Operator

go is question follow from a Nosal up Please Piper next Sandler. of ahead. Brendan The

Brendan Nosal

for the of you I in for margin that accounting kind commentary given of the guide. move where the lands just rest XQ full Thank that just lower year me. of that, margin, the back Hi! guess third that the purchase is quarter up beyond of the kind or carries the year? terms on kind through noise versus does a is reset looking in Just of one XQ the pressure more on

Katie Bailey

No, higher. it they'll record well in giving off just [ph] we're as what one and quarter the you're true And using XXX day we we're the to ups resets up heads be quarter. second preliminary. to in likely happen through It's third be that go aware, is, valuation of and there'll that

So income the there is be those will in in recorded some mostly noise accretion of that periods. each

back that's that that guidance, than So be the lower QX fourth third why then a bounce there's the and in might it'll quarter. and range potential in

Brendan Nosal

Got be it, that core margin, correct? and purchase of will like not noise but all it sounds accounting the

Chuck Sulerzyski

Correct. as always disclose do. And we'll it we

Brendan Nosal

you Thank for Perfect. taking the follow-up.

Operator

At are you any remarks? Sir, closing this time, no have there do further questions.

Chuck Sulerzyski

call be call for this like earnings Please a remember Investor at I'd and a of will Thank everyone our that day! time, this joining release our section. you great Relations the morning. archived to your have for webcast and thank Yes, under www.peoplesbancorp.com

Operator

concluded. conference for presentation. Thank The attending has now you today's

You may disconnect. now

Peoples Bancorp (PEBO) 25 Apr 232023 Q1 Earnings call transcript