PEOPLES BANCORP INC. (NASDAQ:PEBO) Files An 8-K Results of Operations and Financial Condition

ME Staff 8-k
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PEOPLES BANCORP INC. (NASDAQ:PEBO) Files An 8-K Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition

On April 25, 2017, management of Peoples Bancorp Inc. (Peoples)
conducted a facilitated conference call at approximately 11:00
a.m., Eastern Daylight Saving Time, to discuss results of
operations for the quarter ended March 31, 2017. A replay of the
conference call audio will be available on Peoples website,
www.peoplesbancorp.com, in the Investor Relations section for one
year. A copy of the transcript of the conference call is included
as Exhibit 99 to this Current Report on Form 8-K.
The information contained in this Item 2.02 and Exhibit 99 included
with this Current Report on Form 8-K, is being furnished to Item
2.02 and shall not be deemed to be filed for purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the Exchange
Act), or otherwise subject to the liabilities of that Section, nor
shall such information be deemed to be incorporated by reference in
any registration statement or other document filed under the
Securities Act of 1933, as amended, or the Exchange Act, except as
otherwise stated in such filing.
During the conference call, management referred to non-Generally
Accepted Accounting Principles (“GAAP”) financial measures that
are used by management to provide information useful to investors
in understanding Peoples’ operating performance and trends, and to
facilitate comparisons with the performance of Peoples’ peers. The
following tables show the differences between the non-GAAP
financial measures referred to during the conference call and the
most directly comparable GAAP-based financial measures.
NON-GAAP FINANCIAL MEASURES
The following non-GAAP financial measures used by Peoples provide
information useful to investors in understanding Peoples’
operating performance and trends, and facilitate comparisons with
the performance of Peoples’ peers. The following tables summarize
the non-GAAP financial measures derived from amounts reported in
Peoples’ consolidated financial statements:
Three Months Ended
March 31,
December 31,
March 31,
(in $000s)
Core fee-based income:
Total fee-based income
$
13,334
$
12,111
$
13,054
Plus: System upgrade revenue waived
Core fee-based income
$
13,334
$
12,196
$
13,054
Three Months Ended
March 31,
December 31,
March 31,
(in $000s)
Core non-interest expenses:
Total non-interest expense
$
27,331
$
27,282
$
26,282
Less: System upgrade costs
Core non-interest expenses
$
27,331
$
26,536
$
26,282
Three Months Ended
March 31,
December 31,
March 31,
(in $000s)
Efficiency ratio:
Total non-interest expense
$
27,331
$
27,282
$
26,282
Less: Amortization of intangible assets
1,007
1,008
Adjusted non-interest expense
$
26,468
$
26,275
$
25,274
Total fee-based income
$
13,334
$
12,111
$
13,054
Net interest income
$
26,945
$
26,667
$
25,767
Add: Fully tax-equivalent adjustment
Net interest income on a fully tax-equivalent basis
$
27,458
$
27,184
$
26,275
Adjusted revenue
$
40,792
$
39,295
$
39,329
Efficiency ratio
64.89
%
66.87
%
64.26
%
Efficiency ratio adjusted for non-core items:
Core non-interest expenses
$
27,331
$
26,536
$
26,282
Less: Amortization of intangible assets
1,007
1,008
Adjusted non-interest expense
$
26,468
$
25,529
$
25,274
Core fee-based income
$
13,334
$
12,196
$
13,054
Net interest income on a fully tax-equivalent basis
$
27,458
$
27,184
$
26,275
Adjusted core revenue
$
40,792
$
39,380
$
39,329
Efficiency ratio adjusted for non-core items
64.89
%
64.83
%
64.26
%
At or For the Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
(in $000s)
Tangible Equity:
Total stockholders’ equity
$
443,009
$
435,261
$
440,637
$
437,753
$
428,486
Less: goodwill and other intangible assets
145,505
146,018
147,005
147,971
148,997
Tangible equity
$
297,504
$
289,243
$
293,632
$
289,782
$
279,489
Tangible Assets:
Total assets
$
3,459,276
$
3,432,348
$
3,363,585
$
3,333,455
$
3,294,929
Less: goodwill and other intangible assets
145,505
146,018
147,005
147,971
148,997
Tangible assets
$
3,313,771
$
3,286,330
$
3,216,580
$
3,185,484
$
3,145,932
Tangible Book Value per Common Share:
Tangible equity
$
297,504
$
289,243
$
293,632
$
289,782
$
279,489
Common shares outstanding
18,270,508
18,200,067
18,195,986
18,185,708
18,157,932
Tangible book value per common share
$
16.28
$
15.89
$
16.14
$
15.93
$
15.39
Tangible Equity to Tangible Assets Ratio:
Tangible equity
$
297,504
$
289,243
$
293,632
$
289,782
$
279,489
Tangible assets
$
3,313,771
$
3,286,330
$
3,216,580
$
3,185,484
$
3,145,932
Tangible equity to tangible assets
8.98
%
8.80
%
9.13
%
9.10
%
8.88
%
Three Months Ended
March 31,
December 31,
March 31,
(in $000s)
Pre-Provision Net Revenue:
Income before income taxes
$
12,661
$
10,744
$
11,649
Add: provision for loan losses
Add: net loss on loans held-for-sale and OREO
Add: net loss on other assets
Less: net gain on securities transactions
Pre-provision net revenue
$
12,948
$
11,496
$
12,539
Pre-provision net revenue
$
12,948
$
11,496
$
12,539
Total average assets
$
3,446,351
$
3,386,519
$
3,272,635
Pre-provision net revenue to total average assets
(annualized)
1.52
%
1.35
%
1.54
%
At or For the Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
(in $000s)
Annualized Net Income Excluding Amortization of Other
Intangible Assets:
Net income
$
8,809
$
7,408
$
7,792
$
7,962
$
7,995
Add: amortization of other intangible assets
1,007
1,008
1,007
1,008
Less: tax effect (at 35% tax rate) of amortization of
other intangible assets
Net income excluding amortization of other intangible
assets
$
9,370
$
8,063
$
8,447
$
8,617
$
8,650
Days in the quarter
Days in the year
Annualized net income
$
35,725
$
29,471
$
30,999
$
32,023
$
32,156
Annualized net income excluding amortization of other
intangible assets
$
38,001
$
32,077
$
33,604
$
34,657
$
34,790
Average Tangible Stockholders’ Equity:
Total average stockholders’ equity
$
438,990
$
438,238
$
438,606
$
430,072
$
423,543
Less: average goodwill and other intangible assets
145,546
146,489
147,466
148,464
149,528
Average tangible stockholders’ equity
$
293,444
$
291,749
$
291,140
$
281,608
$
274,015
Return on Average Stockholders’ Equity Ratio:
Annualized net income
$
35,725
$
29,471
$
30,999
$
32,023
$
32,156
Average stockholders’ equity
$
438,990
$
438,238
$
438,606
$
430,072
$
423,543
Return on average stockholders’ equity
8.14
%
6.72
%
7.07
%
7.45
%
7.59
%
Return on Average Tangible Stockholders’ Equity Ratio:
Annualized net income excluding amortization of other
intangible assets
$
38,001
$
32,077
$
33,604
$
34,657
$
34,790
Average tangible stockholders’ equity
$
293,444
$
291,749
$
291,140
$
281,608
$
274,015
Return on average tangible stockholders’ equity
12.95
%
10.99
%
11.54
%
12.31
%
12.70
%
Item 5.07 Submission of Matters to a Vote of Security Holders
On April 27, 2017, Peoples Bancorp Inc. (Peoples) held its 2017
Annual Meeting of Shareholders (the Annual Meeting) at the
Lafayette Hotel in Marietta, Ohio, with 15,780,768 (86.39%) of the
18,266,209 common shares outstanding and entitled to vote on the
February 28, 2017 record date represented in person or by proxy.
Three Directors of Peoples were elected to serve terms of three
years each (expiring in 2020): Tara M. Abraham, James S. Huggins
and Brooke W. James. Other Directors of Peoples who continue to
serve after the Annual Meeting include S. Craig Beam, George W.
Broughton, David F. Dierker, David L. Mead, Susan D. Rector,
Charles W. Sulerzyski and Terry T. Sweet.
The following is a summary of the voting results:
Nominee
For
Withheld
Abstentions
Broker Non-Votes
Tara M. Abraham
13,218,337
225,399
not applicable
2,337,031
James S. Huggins
12,816,835
626,902
not applicable
2,337,031
Brooke W. James
13,232,041
211,696
not applicable
2,337,031
Also at the Annual Meeting, Peoples’ shareholders: (1) approved,
in a non-binding advisory vote, the compensation of Peoples’ named
executive officers as disclosed in Peoples’ proxy statement for
the Annual Meeting; and (2) ratified the appointment of Ernst Young
LLP as Peoples’ independent registered public accounting firm for
the fiscal year ending December 31, 2017. The following is a
summary of the voting results:
Proposal
For
Against
Abstentions
Broker Non-Votes
Non-binding advisory vote on executive compensation
13,067,953
242,901
132,883
2,337,031
Proposal
For
Against
Abstentions
Broker Non-Votes
Ratification of the appointment of independent registered
public accounting firm
15,584,730
180,431
15,607
Item 9.01 Financial Statements and Exhibits
a) – c)
Not applicable.
d) Exhibits
See Index to Exhibits below.


About PEOPLES BANCORP INC. (NASDAQ:PEBO)

Peoples Bancorp Inc. is a financial holding company. The Company is engaged in banking, investment, insurance and trust solutions. The Company operates principally through its subsidiary, Peoples Bank, National Association (Peoples Bank). The Company’s products and services include demand deposit accounts, savings accounts, money market accounts and certificates of deposit. It also offers commercial, consumer and real estate mortgage loans for both commercial and residential purposes, and lines of credit. The Company also offers corporate and personal trust services, safe deposit rental facilities, money orders and cashier’s checks. The Company also offers life, health, property, and casualty insurance, as well as fiduciary, employee benefit plans and asset management services. Peoples Bank’s operating subsidiaries include Peoples Insurance Agency, LLC and over two asset management companies, PBNA, L.L.C. and Peoples Tax Credit Equity, L.L.C.

PEOPLES BANCORP INC. (NASDAQ:PEBO) Recent Trading Information

PEOPLES BANCORP INC. (NASDAQ:PEBO) closed its last trading session down -0.68 at 33.76 with 78,674 shares trading hands.