-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JwwAyDYfkXCFHkh+bYb69YkBr1FUX/6j94J5JRL8IXpZkGyNhx6yjn2/L4xqOJVF NkrlX0X1NbpMzc+3v6JqGA== 0000318300-02-000052.txt : 20020722 0000318300-02-000052.hdr.sgml : 20020722 20020722161519 ACCESSION NUMBER: 0000318300-02-000052 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020630 ITEM INFORMATION: Other events FILED AS OF DATE: 20020722 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEOPLES BANCORP INC CENTRAL INDEX KEY: 0000318300 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 310987416 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16772 FILM NUMBER: 02707856 BUSINESS ADDRESS: STREET 1: 138 PUTNAM ST STREET 2: P O BOX 738 CITY: MARIETTA STATE: OH ZIP: 45750-0738 BUSINESS PHONE: 7403733155 8-K 1 q2earnings.txt ANNOUNCEMENT OF 2Q2002 EARNINGS 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 July 22, 2002 ------------------------------------------------ Date of Report (Date of earliest event reported) PEOPLES BANCORP INC. ------------------------------------------------------ (Exact name of Registrant as specified in its charter) 0-16772 ---------------------- Commission File Number Ohio ---------------------------------------------- (State or other jurisdiction of incorporation) 31-0987416 ------------------------------------ (I.R.S. Employer Identification No.) 138 Putnam Street PO Box 738 Marietta, Ohio 45750 --------------------------------------- ---------- (Address of principal executive office) (Zip Code) Registrant's telephone number, including area code: (740) 373-3155 Not applicable ------------------------------------------------------------ (Former name or former address, if changed since last report) Index to Exhibits on page 3 Item 1. Changes in Control of Registrant Not applicable. Item 2. Acquisition or Disposition of Assets Not applicable. Item 3. Bankruptcy or Receivership Not applicable. Item 4. Changes in Registrant's Certifying Accountant Not applicable. Item 5. Other Events Peoples Bancorp Inc. (Nasdaq: PEBO) announced net income of $4,585,000 for the second quarter of 2002. The release is included herewith as Exhibit 99. Item 6. Resignations of Registrant's Directors Not applicable. Item 7. Financial Statements and Exhibits (a) Non required (b) Non required (c) Exhibits EXHIBIT NUMBER DESCRIPTION -------------- ----------------- 99 News Release issued July 22, 2002 Item 8. Change in Fiscal Year Not applicable. Item 9. Regulation FD Disclosure Not applicable. 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. DATE: July 22, 2002 PEOPLES BANCORP INC. -------------------- Registrant By: ROBERT E. EVANS Robert E. Evans President and Chief Executive Officer INDEX TO EXHIBITS Exhibit Number Description Page - -------------- --------------------------------- -------- 99 News Release issued July 22, 2002 4 - 11 EX-99 3 q2ex99.txt 2Q2002 EARNINGS RELEASE EXHIBIT 99 NEWS RELEASE FOR IMMEDIATE RELEASE Contact: Jack Conlon July 22, 2002 Chief Financial Officer (740) 373-3155 PEOPLES BANCORP ANNOUNCES INCREASED SECOND QUARTER EARNINGS --------------------------------------------------------------------- MARIETTA, Ohio - Peoples Bancorp Inc. (Nasdaq: PEBO) announced net income of $4,585,000 for the second quarter of 2002, up $1,580,000 (or 53%) from $3,005,000 a year ago. Peoples' increased second quarter earnings are due primarily to strong net interest income and higher levels of non-interest revenue, which grew $1,715,000 and $1,363,000, respectively. For the three months ended June 30, diluted earnings per share were $0.57 in 2002 versus $0.37 in 2001. Return on average equity was 18.15% for the second quarter of 2002 compared to 13.46% for the same period last year. On a year-to-date basis, net income totaled $9,100,000 in 2002, up $3,499,000 (or 62%) compared to $5,601,000 in 2001, and earnings per diluted share increased to $1.13 from $0.70 a year ago. For the six months ended June 30, 2002, return on equity improved to 18.37% from 12.81% for the same period last year. "We are pleased to report our fifth consecutive quarter of solid earnings growth, even as a sluggish economy continues to challenge the financial services industry," said Robert E. Evans, Peoples' President and CEO. "Our robust second quarter results reflect the success of recent strategic initiatives designed to enhance revenues and increase shareholder value. Our associates will continue to focus on satisfying the needs of Peoples' expanding client base, especially our new clients welcomed in the second quarter in the Guernsey Bank acquisition." Late in the second quarter, Peoples completed its acquisition of First Colony Bancshares, Inc., the holding company of The Guernsey Bank, Federal Savings Bank based in Cambridge, Ohio. As part of the transaction, Peoples acquired five full-service offices in Ohio's Guernsey and Belmont Counties, involving loans of $67 million and deposits of $97 million. The former Guernsey Bank offices now operate as sales offices of Peoples Bank. Management expects this acquisition to positively impact Peoples' earnings. Net interest income totaled $12,511,000 for the second quarter of 2002, up $1,715,000 (or 16%) compared to $10,796,000 for the second quarter of 2001. For the quarter ended June 30, 2002, net interest margin was 4.55% versus 4.07% a year ago. On a year-to-date basis, net interest income grew $3,563,000 (or 17%) in 2002, totaling $24,670,000, while net interest margin improved to 4.53% compared to 4.02% a year ago. This improvement in net interest income and margin is the result of Peoples' cost of funds dropping more than its yield on assets. In the second quarter of 2002, Peoples' average cost of funds was 3.12% compared to 4.71% in the second quarter of 2001, while the average yield on earning assets was 7.30% and 8.19% for the same periods, respectively. "Peoples' net interest income and margin continue to benefit from interest rates remaining at their current low levels and our ongoing proactive balance sheet management," said Jack Conlon, Peoples' Chief Financial Officer. "We know interest rates will eventually increase, which could negatively impact our net interest income. However, we continually work to mitigate the impact of future interest rate changes on Peoples' earnings." Non-interest income increased $1,363,000 (or 60%) in the second quarter of 2002 from $2,270,000 a year ago. For the six months ended June 30, 2002, non-interest income totaled $6,916,000, up $2,445,000 (or 55%) versus $4,471,000 for the same period in 2001. Enhanced deposit account service charges and business owned life insurance ("BOLI") income account for $786,000 and $376,000 of the revenue growth, respectively, while increased insurance and investment commissions of $133,000 were also a contributing factor. Deposit account service charges totaled $1,675,000 in the second quarter of 2002, up $786,000 (or 88%) compared to last year and on a year-to-date basis, grew $1,345,000 (or 79%) to $3,041,000 from $1,696,000 for the first half of 2001. These improvements are the result of volume increases in overdraft and non-sufficient funds fees attributable to the Overdraft Privilege program and other changes to the assessment of cost recovery fees on deposit accounts introduced in late 2001. Peoples' BOLI generated tax-advantaged income of $376,000 for the three months ended June 30, 2002, and $701,000 through six months of 2002. Peoples had no BOLI income in either period last year due to the timing of the BOLI purchase. "The continued growth and diversification of non-interest revenues is vital to minimize the impact of changes in interest rates and economic conditions on earnings," added Conlon. "The acquisition of the five former Guernsey Bank offices provides additional opportunities to further enhance revenues as we integrate Peoples' non-traditional products and services, such as insurance and investments, and our wide array of traditional banking products with the limited products previously offered to the Guernsey Bank customers. In addition, these markets gave us the opportunity to expand the current customer base and further leverage our investment in technology." Insurance and investment commissions totaled $462,000 for the second quarter of 2002 and $986,000 for the first half of 2002, up $133,000 (or 40%) and $277,000 (or 39%) from the same periods a year ago, respectively. Strong annuity sales in the first six months of 2002 have helped to boost Peoples' insurance and investment commissions. In the second quarter of 2002, electronic banking revenues rose $60,000 (or 17%) compared to the previous year, reaching $414,000. On a year-to-date basis through June 30, 2002, electronic banking revenues were $782,000 versus $676,000 in 2001, an increase of $106,000 (or 16%). Sustained growth of ATM and debit card usage by Peoples' clients accounts for the higher revenues versus last year. Fiduciary fees were $640,000 in the quarter ended June 30, 2002, versus $628,000 a year ago. Through the first six months, fiduciary fees totaled $1,256,000 in 2002 compared to $1,242,000 last year. Non-interest expense grew $655,000 (or 8%) in the second quarter, from $8,168,000 a year ago and was up $1,655,000 (or 10%) for the six months ended June 30, 2002, totaling $17,774,000. Expense growth in 2002 is largely attributable to additional salaries and benefit expenses of $704,000 and increased professional fees of $333,000. In the second half of 2002, management anticipates operating expenses will increase modestly due to the addition of several new associates and offices as part of the First Colony Bancshares acquisition in mid-June 2002. For the quarter ended June 30, 2002, salaries and benefits totaled $4,346,000 compared to $3,642,000 for the same period in 2001, an increase of $704,000 (or 19%). Salaries and benefits grew 22% in the first half of 2002, totaling $8,830,000 versus $7,227,000 for the first six months of 2001. Higher incentive and medical plan expenses, as well as increases in salaries necessary to retain and recruit key personnel, account for the majority of these increases. Professional fees were up $333,000 (or 134%) in the second quarter of 2002, totaling $582,000 compared to $249,000 in 2001's second quarter. On a year-to-date basis through June 30, 2002, professional fees were $883,000 versus $523,000 a year ago, an increase of $360,000 (or 69%). Professional fees in 2002 were impacted by costs of $165,000 associated with Peoples' implementation of "Free Checking" and "Overdraft Privilege" products, while other initiatives account for the remaining increase. The non-interest income leverage ratio, defined as non-interest income as a percentage of operating expenses (excluding intangible amortization), serves as a measurement of efficiency and performance. Through the first six months of 2002, the non-interest leverage ratio improved to 40.7% from 29.9% a year ago, due to strong non-interest revenues and controlled expense growth. "The improved non-interest leverage ratio in 2002 reflects our ability to grow revenues without incurring a proportional increase in operating expenses," commented Conlon. "In the second half of 2002, we will continue to capitalize on revenue opportunities through our needs-based selling approach and work towards our long-term goal of 50%." At June 30, 2002, loans totaled $862.4 million, up $89.5 million from $772.9 million at year-end 2001. A significant portion of the loan growth is attributable to Peoples acquiring loans of approximately $67 million as part of the First Colony acquisition in late second quarter. Peoples has also experienced modest organic growth in commercial and real estate loan balances during the first half of 2002. Peoples' asset quality improved moderately in the second quarter with nonperforming assets comprising 0.57% of total assets at June 30, 2002, down from 0.67% at March 31, 2002. Even with this improvement, nonperforming assets remain above their year-end 2001 level of 0.48% of total assets. Asset quality remains a key focus, as management continues to stress quality rather than growth in response to the current economic conditions. At June 30, 2002, the allowance for loan losses totaled $12.4 million, unchanged since year-end 2001, and is 165% of nonperforming loans versus 158% at March 31, 2002, and 225% at December 31, 2001. Peoples' provision for loan losses was $980,000 for the second quarter of 2002 and $1,841,000 for first six months of 2002, up from $675,000 and $1,350,000 for the same periods a year ago, respectively. The increased provision is based upon management's ongoing evaluation of the adequacy for loan losses and factors affecting probable loan losses, as well as provisions relating to the Overdraft Privilege Program of $230,000 in the second quarter of 2002 and $391,000 on a year-to-date basis through June 30, 2002. "Our risk management process includes a review of the entire loan portfolio, which helps us identify problem loans and manage, to the degree possible, the amount of any future loss," stated Conlon. "We remain confident in our loan review programs and feel the current allowance for loan losses is adequate for the overall quality, inherit risk and loan volume concentrations in the loan portfolio. In the third quarter, Peoples' loan loss provision is expected to remain at second quarter levels." Net chargeoffs were $983,000 in the second quarter of 2002, up from $549,000 a year ago, with commercial and consumer loans comprising over 90% of Peoples net chargeoffs. For the quarter ended June 30, 2002, commercial and consumer loan net chargeoffs totaled $690,000 and $215,000, respectively, versus $281,000 and $125,000, respectively, last year. Through six months, net chargeoffs were $1,775,000 in 2002 compared to $1,092,000 in 2001. Commercial loan net chargeoffs totaled $1,139,000 in 2002 and $557,000 in 2001, while consumer loan net chargeoffs were $485,000 and $346,000, for the same periods respectively. At June 30, Peoples effective tax rate on a year-to-date basis was 28.0% compared to 30.0% in 2001. The decrease in Peoples' effective tax rate is largely attributable to growth in tax-advantaged investments, while the new goodwill accounting rules have also been a contributing factor. "Overall, we are very pleased with the second quarter results," summarized Evans. "In the second half of 2002, we will continue to strengthen existing client relationships and build new relationships with the objective of enhancing Peoples' long-term value for every stakeholder." Peoples Bancorp Inc., a diversified financial products and services company with $1.3 billion in assets, offers a complete line of banking, investment, insurance, and trust solutions through Peoples Bank's 45 sales offices and 28 ATMs in Ohio, West Virginia, and Kentucky. Peoples' common shares are traded on the NASDAQ national market under the symbol "PEBO" and a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples or enroll in Peoples OnLine Connection, Peoples' award winning Internet banking product, at www.peoplesbancorp.com. Conference Call to Discuss Earnings: - ------------------------------------ Peoples will conduct a facilitated conference call to discuss the results of operations for the second quarter of 2002 on July 24, 2002, at 3:00 p.m., local time, with members of Peoples' executive management participating. The conference call, consisting of brief opening remarks followed by a question and answer period, is open to the public; however, management asks that questions be limited to investment analysts, interested members of the media and shareholders. To participate in the call, please dial (877) 735-0939 approximately five minutes before the scheduled start of the conference call. A complete transcript of the conference call will be placed on peoplesbancorp.com, in the "Investor Relations" section under "Conference Call Transcripts". Safe Harbor Statement: - ---------------------- Except for the historical and present factual information contained in this press release, the matters discussed in this press release, and other statements identified by words such as "expects," "believes," "plans," and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, but not limited to, the interest rate environment, the effect of federal and state banking and tax regulations, the effect of technological changes, the effect of economic conditions, the impact of competitive products and pricing, and other risk factors relating to the banking industry or Peoples as detailed from time to time in Peoples' reports filed with the SEC. Although management believes that the expectations in these forward-looking statements are based on reasonable assumptions within the bounds of management's knowledge of Peoples' business and operations, it is possible that actual results may differ materially from these projections. Peoples disclaims any responsibility to update these forward-looking statements.
PEOPLES BANCORP INC. (Nasdaq: PEBO) Financial Highlights (Unaudited) --------------------------------- --------------------------------- Three Months Ended Six Months Ended (in $000's, except share data) June 30, June 30, 2002 2001 2002 2001 --------------------------------- --------------------------------- PER SHARE DATA (a) Basic earnings per share: Income before extraordinary gains $ 0.58 $ 0.38 $ 1.11 $ 0.71 Net income $ 0.58 $ 0.38 $ 1.16 $ 0.71 Diluted earnings per share: Income before extraordinary gains $ 0.57 $ 0.37 $ 1.08 $ 0.70 Net income $ 0.57 $ 0.37 $ 1.13 $ 0.70 Dividends declared per share $ 0.15 $ 0.12 $ 0.29 $ 0.24 Book value per share $ 13.30 $ 11.30 $ 13.30 $ 11.30 Tangible book value per share (b) $ 9.71 $ 9.01 $ 9.71 $ 9.01 Dividend payout as a percentage of net income 26.19% 32.98% 25.04% 34.24% Actual shares outstanding (net of treasury shares) 7,878,182 7,921,175 7,878,182 7,921,175 Weighted average shares outstanding: Basic 7,873,795 7,951,378 7,857,062 7,927,673 Diluted 8,102,047 8,068,643 8,045,609 8,039,474 PERFORMANCE RATIOS Return on average equity 18.15% 13.46% 18.37% 12.81% Return on average assets 1.48% 1.03% 1.49% 0.97% Non-interest income leverage ratio (c) 43.06% 29.92% 40.67% 29.86% Efficiency ratio (d) 50.97% 56.39% 52.57% 57.36% Net interest margin (fully tax equivalent) 4.55% 4.07% 4.53% 4.02% Net loan chargeoffs as a percentage of average loans 0.12% 0.07% 0.23% 0.15% NET CHARGEOFFS Gross chargeoffs $ 1,147 $ 701 $ 2,100 $ 1,343 Recoveries $ 164 $ 152 $ 325 $ 251 --------------- --------------- --------------- -------------- Net chargeoffs $ 983 $ 549 $ 1,775 $ 1,092 --------------- --------------- --------------- -------------- (a) Adjusted for 10% stock dividends issued June 28, 2002 and September 12, 2001 (b) Excludes balance sheet impact of intangible assets acquired through use of purchase accounting for acquisitions. (c) Non-interest income (less securities and asset disposal gains) as a percentage of non-interest expense (less intangible amortization). (d) Non-interest expense (less intangible amortization) as a percentage of fully tax equivalent net interest income plus non-interest income.
PEOPLES BANCORP INC. CONSOLIDATED STATEMENTS OF INCOME ------------------------------- ------------------------------- Three Months Ended Six Months Ended June 30, June 30, (in $000's) 2002 2001 2002 2001 ------------------------------- ------------------------------- Interest income $ 20,312 $ 21,992 $ 40,627 $ 44,112 Interest expense 7,801 11,196 15,957 23,005 -------------- ------------- -------------- -------------- Net interest income 12,511 10,796 24,670 21,107 Provision for loan losses 980 675 1,841 1,350 -------------- ------------- -------------- -------------- Net interest income after provision for loan losses 11,531 10,121 22,829 19,757 Net (loss) gain on securities transactions - (1) 51 1 Net (loss) gain on asset disposals (7) 5 (14) 25 Net mark-to-market adjustment on interest rate caps - 42 - (131) Non-interest income: Service charges on deposits 1,675 889 3,041 1,696 Fiduciary revenues 640 628 1,256 1,242 Insurance and investment commissions 462 329 986 709 Electronic banking revenues 414 354 782 676 Business owned life insurance 376 - 701 - Other non-interest income 66 70 150 148 -------------- ------------- -------------- -------------- Total non-interest income 3,633 2,270 6,916 4,471 Non-interest expense: Salaries and benefits 4,346 3,642 8,830 7,227 Occupancy and equipment 940 962 1,866 1,907 Trust preferred 623 659 1,184 1,311 Professional fees 582 249 883 523 Data processing and software 294 231 617 478 Amortization of goodwill 274 457 547 897 Marketing 150 157 536 276 Amortization of other intangible assets 112 125 223 251 Other non-interest expense 1,502 1,686 3,088 3,249 -------------- ------------- -------------- -------------- Total non-interest expense 8,823 8,168 17,774 16,119 -------------- ------------- -------------- -------------- Income before income taxes 6,334 4,269 12,008 8,004 Income taxes 1,749 1,264 3,318 2,403 -------------- ------------- -------------- -------------- Income before extraordinary gains 4,585 3,005 8,690 5,601 Extraordinary gain on early debt extinguishment, net of tax expense of $221 - - 410 - -------------- ------------- -------------- -------------- Net income $ 4,585 $ 3,005 $ 9,100 $ 5,601 -------------- ------------- -------------- -------------- Fully tax equivalent net interest income $ 12,919 $ 11,057 $ 25,430 $ 21,630
PEOPLES BANCORP INC. SELECTED FINANCIAL INFORMATION ------------------------------- ------------------------------- Three Months Ended Six Months Ended June 30, June 30, (in $000's) 2002 2001 2002 2001 ------------------------------- ------------------------------- CONSOLIDATED AVERAGE BALANCES Average gross loans $ 796,798 $ 752,632 $ 787,563 $ 746,675 Average earning assets 1,138,435 1,088,627 1,124,958 1,076,004 Average intangible assets 18,552 18,508 17,696 18,313 Average total assets 1,238,088 1,165,000 1,222,046 1,151,377 Average non-interest bearing deposits 97,594 88,119 95,788 86,023 Average interest bearing deposits: Savings 108,583 78,417 96,756 77,100 Interest-bearing demand deposits 273,528 274,772 275,108 270,693 Time deposits 373,394 374,186 368,702 359,814 -------------- ------------- -------------- -------------- Total average interest bearing deposits 755,505 727,375 740,566 707,608 Average stockholders' equity $ 101,068 $ 89,318 $ 99,052 $ 87,414 -------------- ------------- -------------- --------------
PEOPLES BANCORP INC. SELECTED FINANCIAL INFORMATION ----------------- ----------------- ----------------- June 30, December 31, June 30, 2002 2001 2001 ----------------- ----------------- ----------------- LOAN PORTFOLIO (in $000's, end of period) Commercial, financial, and agricultural $ 379,243 $ 343,800 $ 313,806 Real estate, construction 15,782 14,530 20,683 Real estate, mortgage 345,795 295,944 293,817 Consumer 121,557 118,582 125,450 -------------------------------------------------------- Total loans $ 862,377 $ 772,856 $ 753,756 ASSET QUALITY Allowance for loan losses as a percent of total loans 1.44% 1.60% 1.61% Allowance for loan losses as a percent of nonperforming loans (a) 165.3% 225.0% 240.1% Nonperforming loans as a percent of total loans (a) 0.87% 0.71% 0.67% Nonperforming assets as a percent of total assets (b) 0.57% 0.48% 0.43% Nonperforming assets as a percent of total loans and other real estate owned real estate owned (b) 0.89% 0.73% 0.68% Nonperforming assets (in $000's, end of period): Loans 90 days or more past due $ 227 $ 686 $ 466 Renegotiated loans $ 2,864 $ 425 $ 511 Nonaccrual loans $ 4,425 $ 4,380 $ 4,085 Other real estate owned $ 124 $ 181 $ 32 ----------------- ----------------- ----------------- Total nonperforming assets $ 7,640 $ 5,672 $ 5,094 REGULATORY CAPITAL (in $000's, end of period) Tier 1 risk-based capital 11.26% 12.86% 12.75% Total risk-based capital ratio (Tier 1 and Tier 2) 12.62% 14.21% 14.08% Leverage ratio 8.42% 9.18% 8.84% Tier 1 capital $ 101,451 $ 105,065 $ 101,336 Total capital (Tier 1 and Tier 2) $ 113,704 $ 116,114 $ 111,871 Total risk-weighted assets $ 901,032 $ 816,907 $ 794,781 SUPPLEMENTAL DATA (in $000's, end of period) Trust assets under management $ 489,641 $ 539,487 $ 492,877 One year cumulative repricing gap $ (64,122) $ (11,925) $ (96,404) Employees (full-time equivalent) 447 403 401 Full service offices 39 34 34 Supermarket offices 4 4 4 ATMs 28 25 25 Announced treasury share plans: (c) Total shares in plan 192,500 151,250 151,250 Shares purchased (d) 4,756 12,383 63,432 Average price (d) $ 23.39 $ 16.03 $ 15.76 ----------------- ----------------- ----------------- (a) Nonperforming loans include loans 90 days past due and accruing, renegotiated loans, and nonaccrual loans. (b) Nonperforming assets include nonperforming loans, and other real estate owned. (c) 2002 data reflects 2002 Stock Repurchase Program of 192,500 shares (or 2.5% of outstanding shares); 2001 data reflects 2001 Stock Repurchase Program of 151,250 shares (or 2% of outstanding shares). All share amounts adjusted for stock dividends. (d) Reflects treasury shares purchased and average price paid for the three-month period ended on the date indicated.
PEOPLES BANCORP INC. CONSOLIDATED BALANCE SHEETS ------------------ ------------------ (in $000's) June 30, December 31, 2002 2001 ------------------ ------------------ ASSETS Cash and cash equivalents $ 29,817 $ 32,838 Available-for-sale investment securities, at estimated fair value (amortized cost of $361,083 and $329,081 at June 30, 2002, and December 31, 2001, respectively) 367,406 330,364 Loans, net of unearned interest 862,377 772,856 Allowance for loan losses (12,423) (12,357) ---------------- ---------------- Net loans 849,954 760,499 Bank premises and equipment, net of accumulated depreciation 20,337 16,369 Goodwill and other intangible assets 28,259 17,010 Other real estate owned 124 181 Other assets 43,001 36,705 ---------------- ---------------- TOTAL ASSETS $ 1,338,898 $ 1,193,966 ---------------- ---------------- LIABILITIES Non-interest bearing deposits $ 109,088 $ 96,533 Interest bearing deposits 825,735 717,835 ---------------- ---------------- Total deposits 934,823 814,368 Federal funds purchased, securities sold under repurchase agreements, and other short term borrowings 63,503 56,052 Long-term borrowings 197,213 192,448 Accrued expenses and other liabilities 9,533 8,188 ---------------- ---------------- TOTAL LIABILITIES 1,205,072 1,071,056 Guaranteed preferred beneficial interests in junior subordinated debentures 29,046 29,056 STOCKHOLDERS' EQUITY Common stock, no par value (12,000,000 shares authorized, 7,966,071 shares issued at June 30, 2002, and 7,289,266 shares issued at December 31, 2001) 96,819 78,664 Accumulated comprehensive income, net of deferred income taxes 4,116 834 Retained earnings 5,390 17,735 Treasury stock, at cost (87,889 shares at June 30, 2002, and 178,344 shares at December 31, 2001) (1,545) (3,379) ---------------- ---------------- TOTAL STOCKHOLDERS' EQUITY 104,780 93,854 TOTAL LIABILITIES, BENEFICIAL INTERESTS, AND ---------------- ---------------- STOCKHOLDERS' EQUITY $ 1,338,898 $ 1,193,966 ---------------- ----------------
END OF RELEASE -----END PRIVACY-ENHANCED MESSAGE-----