MARIETTA, OH – Peoples Bancorp Inc . (NASDAQ:PEBO) announced today the signing of a new change in control agreement with Tyler J. Wilcox, the company's President and Chief Executive Officer. The new agreement, effective as of August 1, 2024, replaces a previous agreement dated January 1, 2019.
Under the terms of the new agreement, if Wilcox is terminated without cause or resigns for good reason within six months before or 24 months after a change in control of the company, he will receive a lump-sum payment equal to 2.99 times his base annual salary. This payment is to be made within 30 days of termination, with a delay for specified employees as required by tax regulations. Additionally, Wilcox will be entitled to continued life, medical, and dental insurance coverage for 36 months following his termination under similar conditions as before his departure.
In other recent news, Peoples Bancorp Inc. reported noteworthy financial results and developments. The company announced a core non-interest expense of $68.8 million for the quarter and a tangible book value per common share of $18.91 as of June 30, 2024. Peoples Bancorp's pre-provision net revenue for the quarter was $42.3 million, marking an increase from the same period last year.
The company also reported an adjusted net income of $29.6 million for the quarter, which translates to an annualized net income of $119.1 million. In addition, the return on average assets, adjusted for non-core items, was 1.30% for the quarter. Peoples Bancorp also revealed a net income excluding amortization of other intangible assets of $31.2 million for the quarter, leading to an annualized net income of $125.5 million.
Peoples Bancorp Inc. declared a quarterly cash dividend of $0.40 per common share, payable in August 2024. This dividend distribution, totaling around $14.2 million, represents 49% of the company's reported earnings for the second quarter of 2024. Analysts at Keefe, Bruyette & Woods and DA Davidson have updated their outlooks for the company, with the former reducing its price target and the latter maintaining a Buy rating.
In terms of mergers, the company is optimistic about the benefits of the Limestone merger, anticipating loan growth of 6-8% for 2024. These recent developments are part of the ongoing narrative surrounding Peoples Bancorp Inc.
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