Document


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): October 31, 2016 (October 25, 2016)

pebonewlogo.jpg
 
PEOPLES BANCORP INC.
 
 
(Exact name of Registrant as specified in its charter)
 

Ohio
 
0-16772
 
31-0987416
(State or other jurisdiction
 
(Commission File
 
(I.R.S. Employer
of incorporation)
 
Number)
 
Identification Number)

 
138 Putnam Street, PO Box 738
 
 
 
 
Marietta, Ohio
 
45750-0738
 
 
(Address of principal executive offices)
 
(Zip Code)
 

 
Registrant's telephone number, including area code:
 
(740) 373-3155
 

 
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:

 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
 
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
 
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
 
 
(17 CFR 240.14d-2(b))
 
 
 
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
 
 
(17 CFR 240.13e-4(c))









Item 2.02     Results of Operations and Financial Condition

On October 25, 2016, management of Peoples Bancorp Inc. (“Peoples”) conducted a facilitated conference call at approximately 11:00 a.m., Eastern Daylight Time, to discuss results of operations for the quarter and nine months ended September 30, 2016. 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 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 ("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
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
June 30,
 
September 30,
 
September 30,
(in $000’s)
2016
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
 
Core non-interest expenses:
 
 
 
 
 
 
 
 
 
Total non-interest expense
$
26,842

 
$
26,505

 
$
26,112

 
$
79,629

 
$
87,804

Less: System upgrade costs
423

 
90

 

 
513

 

Less: Acquisition-related costs

 

 
108

 

 
9,884

Less: Pension settlement charges

 

 
82

 

 
454

Less: Other non-core charges

 

 

 

 
185

Core non-interest expenses
$
26,419

 
$
26,415

 
$
25,922

 
$
79,116

 
$
77,281









 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
June 30,
 
September 30,
 
September 30,
(in $000’s)
2016
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
 
Efficiency ratio:
 
 
 
 
 
 
 
 
 
Total non-interest expense
26,842

 
26,505

 
26,112

 
79,629

 
87,804

Less: Amortization of intangible assets
1,008

 
1,007

 
1,127

 
3,023

 
2,944

Adjusted non-interest expense
25,834


25,498


24,985


76,606


84,860

 
 
 
 
 
 
 
 
 
 
Total non-interest income
13,538

 
12,367

 
11,906

 
38,959

 
35,340

 
 
 
 
 
 
 
 
 
 
Net interest income
26,123

 
26,308

 
25,536

 
78,198

 
71,748

Add: Fully tax-equivalent adjustment
$
497

 
$
502

 
$
525

 
$
1,508

 
$
1,462

Net interest income on a fully taxable-equivalent basis
$
26,620

 
$
26,810

 
$
26,061

 
$
79,706

 
$
73,210

 
 
 
 
 
 
 
 
 
 
Adjusted revenue
$
40,158

 
$
39,177

 
$
37,967

 
$
118,665

 
$
108,550

 
 
 
 
 
 
 
 
 
 
Efficiency ratio
64.33
%
 
65.08
%
 
65.81
%
 
64.56
%
 
78.18
%
 
 
 
 
 
 
 
 
 
 
Efficiency ratio adjusted for non-core charges:
 
 
 
 
 
 
 
 
Core non-interest expenses
$
26,419

 
$
26,415

 
$
25,922

 
$
79,116

 
$
77,281

Less: Amortization of intangible assets
$
1,008

 
$
1,007

 
$
1,127

 
$
3,023

 
$
2,944

Adjusted non-interest expense
25,411

 
25,408

 
24,795

 
76,093


74,337

 
 
 
 
 
 
 
 
 
 
Adjusted revenue
$
40,158

 
$
39,177

 
$
37,967

 
$
118,665

 
$
108,550

 
 
 
 
 
 
 
 
 
 
Efficiency ratio adjusted for non-core charges
63.28
%
 
64.85
%
 
65.31
%
 
64.12
%
 
68.48
%

 
At or For the Three Months Ended
 
September 30,
 
June 30,
 
March 31
 
December 31,
 
September 30,
(in $000’s)
2016
 
2016
 
2016
 
2015
 
2015
 
 
 
 
 
 
 
 
 
 
Tangible Equity:
 
 
 
 
 
 
 
 
 
Total stockholders' equity, as reported
$
440,637

 
$
437,753

 
$
428,486

 
$
419,789

 
$
424,760

Less: goodwill and other intangible assets
147,005

 
147,971

 
148,997

 
149,617

 
151,339

Tangible equity
$
293,632

 
$
289,782

 
$
279,489

 
$
270,172

 
$
273,421

 
 
 
 
 
 
 
 
 
 
Tangible Assets:
 
 
 
 
 
 
 
 
 
Total assets, as reported
$
3,363,585

 
$
3,333,455

 
$
3,294,929

 
$
3,258,970

 
$
3,228,830

Less: goodwill and other intangible assets
147,005

 
147,971

 
148,997

 
149,617

 
151,339

Tangible assets
$
3,216,580

 
$
3,185,484

 
$
3,145,932

 
$
3,109,353

 
$
3,077,491

 
 
 
 
 
 
 
 
 
 
Tangible Book Value per Common Share:
 
 
 
 
 
 
 
 
 
Tangible equity
$
293,632

 
$
289,782

 
$
279,489

 
$
270,172

 
$
273,421

Common shares outstanding
18,195,986

 
18,185,708

 
18,157,932

 
18,404,864

 
18,400,809

 
 
 
 
 
 
 
 
 
 
Tangible book value per common share
$
16.14

 
$
15.93

 
$
15.39

 
$
14.68

 
$
14.86

 
 
 
 
 
 
 
 
 
 
Tangible Equity to Tangible Assets Ratio:
 
 
 
 
Tangible equity
$
293,632

 
$
289,782

 
$
279,489

 
$
270,172

 
$
273,421

Tangible assets
$
3,216,580

 
$
3,185,484

 
$
3,145,932

 
$
3,109,353

 
$
3,077,491

 
 
 
 
 
 
 
 
 
 
Tangible equity to tangible assets
9.13
%
 
9.10
%
 
8.88
%
 
8.69
%
 
8.88
%









Item 9.01     Financial Statements and Exhibits

a) - c)
Not applicable.

d) Exhibits
See Index to Exhibits below.




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:
October 31, 2016
By:/s/
JOHN C. ROGERS
 
 
 
 
John C. Rogers
 
 
 
 
 
 
 
 
 
Executive Vice President,
Chief Financial Officer and Treasurer
 




INDEX TO EXHIBITS
Exhibit Number
 
Description
99

 
Transcript of conference call conducted by management of Peoples Bancorp Inc. on October 25, 2016 to discuss results of operations for the quarter and year period ended September 30, 2016

* Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedules or exhibits will be furnished supplementally to the SEC upon its request.