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

ME Staff 8-k
-
0

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 July 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 and six months ended June 30, 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

Six Months Ended

June30,

March31,

June30,

June30,

(in $000’s)

Core non-interest expenses:

Total non-interest expense

$

26,680

$

27,331

$

26,505

$

54,011

$

52,787

Less: System upgrade costs

Core non-interest expenses

$

26,680

$

27,331

$

26,415

$

54,011

$

52,697

Three Months Ended

Six Months Ended

June30,

March31,

June30,

June30,

(in $000’s)

Efficiency ratio:

Total non-interest expense

$

26,680

$

27,331

$

26,505

$

54,011

$

52,787

Less: Amortization of intangible assets

1,007

1,734

2,015

Adjusted non-interest expense

$

25,809

$

26,468

$

25,498

$

52,277

$

50,772

Total fee-based income

$

13,590

$

13,334

$

12,367

26,924

25,421

Net interest income

$

28,090

$

26,945

$

26,308

$

55,035

$

52,075

Add: Fully tax-equivalent adjustment

1,009

1,010

Net interest income on a fully tax-equivalent basis

$

28,586

$

27,458

$

26,810

$

56,044

$

53,085

Adjusted revenue

$

42,176

$

40,792

$

39,177

$

82,968

$

78,506

Efficiency ratio

61.19

%

64.89

%

65.08

%

63.01

%

64.67

%

Efficiency ratio adjusted for non-core items:

Core non-interest expenses

$

26,680

$

27,331

$

26,415

$

54,011

$

52,697

Less: Amortization of intangible assets

1,007

1,734

2,015

Adjusted non-interest expense

$

25,809

$

26,468

$

25,408

$

52,277

$

50,682

Total fee-based income

$

13,590

$

13,334

$

12,367

$

26,924

$

25,421

Net interest income on a fully tax-equivalent basis

$

28,586

$

27,458

$

26,810

$

56,044

$

53,085

Adjusted revenue

$

42,176

$

40,792

$

39,177

$

82,968

$

78,506

Efficiency ratio adjusted for non-core items

61.19

%

64.89

%

64.85

%

63.01

%

64.56

%

At or For the Three Months Ended

June30,

March31,

December 31,

September 30,

June 30,

(in $000’s)

Tangible Equity:

Total stockholders' equity

$

451,353

$

443,009

$

435,261

$

440,637

$

437,753

Less: goodwill and other intangible assets

144,692

145,505

146,018

147,005

147,971

Tangible equity

$

306,661

$

297,504

$

289,243

$

293,632

$

289,782

Tangible Assets:

Total assets

$

3,525,126

$

3,459,276

$

3,432,348

$

3,363,585

$

3,333,455

Less: goodwill and other intangible assets

144,692

145,505

146,018

147,005

147,971

Tangible assets

$

3,380,434

$

3,313,771

$

3,286,330

$

3,216,580

$

3,185,484

Tangible Book Value per Common Share:

Tangible equity

$

306,661

$

297,504

$

289,243

$

293,632

$

289,782

Common shares outstanding

18,279,036

18,270,508

18,200,067

18,195,986

18,185,708

Tangible book value per common share

$

16.78

$

16.28

$

15.89

$

16.14

$

15.93

Tangible Equity to Tangible Assets Ratio:

Tangible equity

$

306,661

$

297,504

$

289,243

$

293,632

$

289,782

Tangible assets

$

3,380,434

$

3,313,771

$

3,286,330

$

3,216,580

$

3,185,484

Tangible equity to tangible assets

9.07

%

8.98

%

8.80

%

9.13

%

9.10

%

Three Months Ended

Six Months Ended

June30,

March31,

June30,

June30,

(in $000’s)

Pre-Provision Net Revenue:

Income before income taxes

$

14,180

$

12,661

$

11,441

$

26,841

$

23,090

Add: provision for loan losses

1,571

1,682

Add: loss on debt extinguishment

Add: net loss on loans held-for-sale and OREO

Add: net loss on other assets

Less: net gain on securities transactions

Less: gain on other assets

(3

)

Pre-provision net revenue

$

15,000

$

12,948

$

12,170

$

27,951

$

24,709

Pre-provision net revenue

$

15,000

$

12,948

$

12,170

$

27,951

$

24,709

Total average assets

$

3,489,701

$

3,446,351

$

3,306,656

$

3,468,146

$

3,288,469

Pre-provision net revenue to total average assets (annualized)

1.72

%

1.52

%

1.48

%

1.63

%

1.51

%

At or For the Three Months Ended

For the Six Months Ended

June30,

March31,

June 30,

June 30,

(in $000’s)

Annualized Net Income Excluding Amortization of Other Intangible Assets:

Net income

$

9,766

$

8,809

$

7,962

$

18,575

$

15,957

Add: amortization of other intangible assets

1,007

1,734

2,015

Less: tax effect (at 35% tax rate) of amortization of other intangible assets

Net income excluding amortization of other intangible assets

$

10,332

$

9,370

$

8,617

$

19,702

$

17,267

Days in the quarter

Days in the year

Annualized net income

$

39,171

$

35,725

$

32,023

$

37,458

$

32,089

Annualized net income excluding amortization of other intangible assets

$

41,442

$

38,001

$

34,657

$

39,731

$

34,724

Average Tangible Stockholders' Equity:

Total average stockholders' equity

$

447,399

$

438,990

$

430,072

$

443,218

$

426,808

Less: average goodwill and other intangible assets

145,052

145,546

148,464

145,298

148,996

Average tangible stockholders' equity

$

302,347

$

293,444

$

281,608

$

297,920

$

277,812

Return on Average Stockholders' Equity Ratio:

Annualized net income

$

39,171

$

35,725

$

32,023

$

37,458

$

32,089

Average stockholders' equity

$

447,399

$

438,990

$

430,072

$

443,218

$

426,808

Return on average stockholders' equity

8.76

%

8.14

%

7.45

%

8.45

%

7.52

%

Return on Average Tangible Stockholders' Equity Ratio:

Annualized net income excluding amortization of other intangible assets

$

41,442

$

38,001

$

34,657

$

39,731

$

34,724

Average tangible stockholders' equity

$

302,347

$

293,444

$

281,608

$

297,920

$

277,812

Return on average tangible stockholders' equity

13.71

%

12.95

%

12.31

%

13.34

%

12.50

%

Item 9.01 Financial Statements and Exhibits

a) – c)

Not applicable.

d) Exhibits

See Index to Exhibits below.


PEOPLES BANCORP INC Exhibit
EX-99 2 a2ndqtr2017conferencecall.htm EXHIBIT 99 Exhibit Exhibit 99Peoples Bancorp Inc. [PEBO]Second-Quarter 2017 Earnings Conference CallTuesday,…
To view the full exhibit click here

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.