Peoples Bancorp Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits
$PEBO
Major Banks
Finance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 28, 2025
| (Exact name of Registrant as specified in its charter) | ||||||||
| (State or other jurisdiction | (Commission File | (I.R.S. Employer | ||||||||||||
| of incorporation) | Number) | Identification Number) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||||||||
| Registrant's telephone number, including area code: | |||||||||||||||||
| Not applicable | ||||||||
| (Former name or former address, if changed since last report) | ||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On April 22, 2025, management of Peoples Bancorp Inc. (“Peoples”) conducted a facilitated conference call at approximately 11:00 a.m., Eastern Standard Time, to discuss results of operations for the quarter ended March 31, 2025. 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 99.1 to this Current Report on Form 8-K.
The information contained in this Item 2.02 and Exhibit 99.1 included with this Current Report on Form 8-K, is being furnished pursuant 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 ("US 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-US GAAP financial measures referred to during the conference call and the most directly comparable US GAAP-based financial measures.
| Three Months Ended | |||||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||||
| (Dollars in thousands) | 2025 | 2024 | 2024 | ||||||||||||||
| Efficiency ratio: | |||||||||||||||||
| Total non-interest expense | $ | 70,787 | $ | 70,503 | $ | 68,465 | |||||||||||
| Less: amortization of other intangible assets | 2,213 | 2,800 | 2,788 | ||||||||||||||
| Adjusted total non-interest expense | 68,574 | 67,703 | 65,677 | ||||||||||||||
| Total non-interest income | 27,099 | 25,089 | 25,779 | ||||||||||||||
| Less: net loss on investment securities | (2) | 12 | (1) | ||||||||||||||
| Less: net loss on asset disposals and other transactions | (361) | (1,746) | (341) | ||||||||||||||
| Total non-interest income, excluding net gains and losses | 27,462 | 26,823 | 26,121 | ||||||||||||||
| Net interest income | 85,255 | 86,536 | 86,640 | ||||||||||||||
| Add: fully tax-equivalent adjustment (a) | 283 | 286 | 354 | ||||||||||||||
| Net interest income on a fully tax-equivalent basis | 85,538 | 86,822 | 86,994 | ||||||||||||||
| Adjusted revenue | $ | 113,000 | $ | 113,645 | $ | 113,115 | |||||||||||
| Efficiency ratio | 60.68 | % | 59.57 | % | 58.06 | % | |||||||||||
(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.
| At or For the Three Months Ended | |||||||||||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||
| (Dollars in thousands, except per share data) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||||||||||
| Tangible equity: | |||||||||||||||||||||||||||||
| Total stockholders' equity | $ | 1,137,821 | $ | 1,111,590 | $ | 1,124,972 | $ | 1,077,833 | $ | 1,062,002 | |||||||||||||||||||
| Less: goodwill and other intangible assets | 400,099 | 402,422 | 403,922 | 406,417 | 409,285 | ||||||||||||||||||||||||
| Tangible equity | $ | 737,722 | $ | 709,168 | $ | 721,050 | $ | 671,416 | $ | 652,717 | |||||||||||||||||||
| Tangible assets: | |||||||||||||||||||||||||||||
| Total assets | $ | 9,246,000 | $ | 9,254,247 | $ | 9,140,471 | $ | 9,226,461 | $ | 9,270,774 | |||||||||||||||||||
| Less: goodwill and other intangible assets | 400,099 | 402,422 | 403,922 | 406,417 | 409,285 | ||||||||||||||||||||||||
| Tangible assets | $ | 8,845,901 | $ | 8,851,825 | $ | 8,736,549 | $ | 8,820,044 | $ | 8,861,489 | |||||||||||||||||||
| Tangible book value per common share: | |||||||||||||||||||||||||||||
| Tangible equity | $ | 737,722 | $ | 709,168 | $ | 721,050 | $ | 671,416 | $ | 652,717 | |||||||||||||||||||
| Common shares outstanding | 35,669,100 | 35,563,590 | 35,538,607 | 35,498,977 | 35,486,234 | ||||||||||||||||||||||||
| Tangible book value per common share | $ | 20.68 | $ | 19.94 | $ | 20.29 | $ | 18.91 | $ | 18.39 | |||||||||||||||||||
| Tangible equity to tangible assets ratio: | |||||||||||||||||||||||||||||
| Tangible equity | $ | 737,722 | $ | 709,168 | $ | 721,050 | $ | 671,416 | $ | 652,717 | |||||||||||||||||||
| Tangible assets | $ | 8,845,901 | $ | 8,851,825 | $ | 8,736,549 | $ | 8,820,044 | $ | 8,861,489 | |||||||||||||||||||
| Tangible equity to tangible assets | 8.34 | % | 8.01 | % | 8.25 | % | 7.61 | % | 7.37 | % | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||||
| (Dollars in thousands) | 2025 | 2024 | 2024 | ||||||||||||||
| Pre-provision net revenue: | |||||||||||||||||
| Income before income taxes | $ | 31,377 | $ | 34,855 | $ | 37,852 | |||||||||||
| Add: provision for credit losses | 10,190 | 6,267 | 6,102 | ||||||||||||||
| Add: net loss on OREO | — | 1,228 | — | ||||||||||||||
| Add: net loss on investment securities | 2 | — | 1 | ||||||||||||||
| Add: net loss on other assets | 330 | 458 | 309 | ||||||||||||||
| Add: net loss on other transactions | 51 | 60 | 32 | ||||||||||||||
| Less: gain on OREO | 20 | — | — | ||||||||||||||
| Less: net gain on investment securities | — | 12 | — | ||||||||||||||
| Pre-provision net revenue | $ | 41,930 | $ | 42,856 | $ | 44,296 | |||||||||||
| Three Months Ended | |||||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||||
| (Dollars in thousands) | 2025 | 2025 | 2024 | ||||||||||||||
| Annualized net income adjusted for non-core items: | |||||||||||||||||
| Net income | $ | 24,336 | $ | 26,930 | $ | 29,584 | |||||||||||
| Add: net loss on investment securities | 2 | — | 1 | ||||||||||||||
| Less: tax effect of net loss on investment securities (a) | — | — | — | ||||||||||||||
| Less: net gain on investment securities | — | 12 | — | ||||||||||||||
| Add: tax effect of net gain on investment securities (a) | — | 3 | — | ||||||||||||||
| Add: net loss on asset disposals and other transactions | 361 | 1,746 | 341 | ||||||||||||||
| Less: tax effect of net loss on asset disposals and other transactions (a) | 76 | 367 | 72 | ||||||||||||||
| Add: acquisition-related expenses | — | 1,144 | (84) | ||||||||||||||
| Less: tax effect of acquisition-related expenses (a) | — | 240 | (18) | ||||||||||||||
| Net income adjusted for non-core items | $ | 24,623 | $ | 29,204 | $ | 29,788 | |||||||||||
| Days in the period | 90 | 92 | 91 | ||||||||||||||
| Days in the year | 365 | 366 | 366 | ||||||||||||||
| Annualized net income | $ | 98,696 | $ | 107,135 | $ | 118,986 | |||||||||||
| Annualized net income adjusted for non-core items | $ | 99,860 | $ | 116,181 | $ | 119,807 | |||||||||||
| Return on average assets: | |||||||||||||||||
| Annualized net income | $ | 98,696 | $ | 107,135 | $ | 118,986 | |||||||||||
| Total average assets | $ | 9,195,467 | $ | 9,146,057 | $ | 9,021,651 | |||||||||||
| Return on average assets | 1.07 | % | 1.17 | % | 1.32 | % | |||||||||||
| Return on average assets adjusted for non-core items: | |||||||||||||||||
| Annualized net income adjusted for non-core items | $ | 99,860 | $ | 116,181 | $ | 119,807 | |||||||||||
| Total average assets | $ | 9,195,467 | $ | 9,146,057 | $ | 9,021,651 | |||||||||||
| Return on average assets adjusted for non-core items | 1.09 | % | 1.27 | % | 1.33 | % | |||||||||||
(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.
| For the Three Months Ended | ||||||||||||||
| March 31, | December 31, | March 31, | ||||||||||||
| (Dollars in thousands) | 2025 | 2025 | 2024 | |||||||||||
| Annualized net income excluding amortization of other intangible assets: | ||||||||||||||
| Net income | $ | 24,336 | $ | 26,930 | $ | 29,584 | ||||||||
| Add: amortization of other intangible assets | 2,213 | 2,800 | 2,788 | |||||||||||
| Less: tax effect of amortization of other intangible assets (a) | 465 | 588 | 585 | |||||||||||
| Net income excluding amortization of other intangible assets | $ | 26,084 | $ | 29,142 | $ | 31,787 | ||||||||
| Days in the period | 90 | 92 | 91 | |||||||||||
| Days in the year | 365 | 366 | 366 | |||||||||||
| Annualized net income | $ | 98,696 | $ | 107,135 | $ | 118,986 | ||||||||
| Annualized net income excluding amortization of other intangible assets | $ | 105,785 | $ | 115,934 | $ | 127,847 | ||||||||
| Average tangible equity: | ||||||||||||||
| Total average stockholders' equity | $ | 1,122,860 | $ | 1,120,597 | $ | 1,052,781 | ||||||||
| Less: average goodwill and other intangible assets | 401,344 | 402,930 | 410,719 | |||||||||||
| Average tangible equity | $ | 721,516 | $ | 717,667 | $ | 642,062 | ||||||||
| Return on average stockholders' equity ratio: | ||||||||||||||
| Annualized net income | $ | 98,696 | $ | 107,135 | $ | 118,986 | ||||||||
| Average stockholders' equity | $ | 1,122,860 | $ | 1,120,597 | $ | 1,052,781 | ||||||||
| Return on average stockholders' equity | 8.79 | % | 9.56 | % | 11.30 | % | ||||||||
| Return on average tangible equity ratio: | ||||||||||||||
| Annualized net income excluding amortization of other intangible assets | $ | 105,785 | $ | 115,934 | $ | 127,847 | ||||||||
| Average tangible equity | $ | 721,516 | $ | 717,667 | $ | 642,062 | ||||||||
| Return on average tangible equity | 14.66 | % | 16.15 | % | 19.91 | % | ||||||||
(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.
Item 9.01 Financial Statements and Exhibits
a) - c)
Not applicable
d) Exhibits
See Index to Exhibits below.
INDEX TO EXHIBITS
| Exhibit Number | Description | ||||||||||
| Transcript of conference call conducted by management of Peoples Bancorp Inc. on April 22, 2025 to discuss results of operations for the quarter ended March 31, 2025 | |||||||||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) | ||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PEOPLES BANCORP INC. | ||||||||||||||
| Date: | April 28, 2025 | By:/s/ | KATHRYN BAILEY | |||||||||||
| Kathryn Bailey | ||||||||||||||
| Executive Vice President, Chief Financial Officer and Treasurer | ||||||||||||||