Peoples Bancorp delivered fourth quarter results that modestly exceeded Wall Street expectations, driven by robust commercial loan production and improvements in fee-based income. Management credited high demand from middle-market clients, particularly in the commercial and industrial segments, alongside progress in upgrading the quality of its small ticket leasing portfolio. CEO Tyler Wilcox noted that loan growth reached the top end of internal targets, despite ongoing payoffs and a deliberate reduction in riskier lease balances. CFO Katie Bailey highlighted stable efficiency ratios and tangible equity improvements, while also acknowledging that net charge-offs in the leasing business remained elevated as anticipated.

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While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Peoples Bancorp’s Q4 Earnings Call

• Jeff Rulis (D.A. Davidson) asked about the margin guidance and accretion income assumptions. CFO Katie Bailey clarified that accretion income should trend toward five basis points for the year, with margin stability depending on loan production and rate changes.
• Brendan Nosal (Hovde Group) questioned the timeline and benchmarks for improvement in the NorthStar leasing portfolio. CEO Tyler Wilcox said charge-offs should begin declining in 2026, with portfolio right-sizing and new leadership aimed at long-term stability.
• Daniel Tamayo (Raymond James) pressed on operating leverage risks in the face of rate cuts. Bailey responded that expense control remains the most actionable lever, and management feels prepared to manage margin and fee income volatility.
• Tim Switzer (KBW) inquired about net interest margin resilience in the event of multiple rate cuts. Bailey noted the outcome depends on timing of rate moves and loan production but expects the margin to stay above 4% for the year.
• Terry McEvoy (Stephens) asked for specifics on fee income outlook and investment priorities. Wilcox highlighted a focus on data systems, continued talent acquisition, and maintaining core insurance and leasing income levels.

Catalysts in Upcoming Quarters

Looking forward, the StockStory team will monitor (1) ongoing progress in reducing charge-offs and stabilizing the small ticket leasing portfolio, (2) the pace of commercial loan growth against anticipated payoffs and shifting credit conditions, and (3) tangible improvements from technology and process investments, especially as Peoples Bancorp approaches regulatory asset thresholds. The company's approach to M&A and potential insurance agency acquisitions will also be important to watch.

Peoples Bancorp currently trades at $31.71, up from $31.21 just before the earnings. Is there an opportunity in the stock?The answer lies in our full research report (it’s free).

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