-----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, OdxdOZcT4lormefoyt17DWqiJ6YGvIP/ylUsDqaNJy8RTuBtRjfVGjftMg9FBZdf cIds/Tx+G1EIcXyMN0YsnA== 0000318300-03-000017.txt : 20030121 0000318300-03-000017.hdr.sgml : 20030120 20030121153842 ACCESSION NUMBER: 0000318300-03-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20021231 ITEM INFORMATION: Other events FILED AS OF DATE: 20030121 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: 03519541 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 q48k.txt FORM 8K 4TH QTR EARNINGS RELEASE 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 January 21, 2003 - ------------------------------------------------ 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 its 29th consecutive year of increased earnings. 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 Item 8. Change in Fiscal Year Not applicable. Item 9. Regulation FD Disclosure Not applicable. EXHIBIT NUMBER DESCRIPTION - -------------- ----------- 99 News Release issued January 21, 2003 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: January 21, 2003 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 01/21/03 4 - 10 EX-99 3 ex99.txt NEWS RELEASE 4TH QTR EARNINGS PEOPLES BANCORP INC. - P.O. BOX 738 - MARIETTA, OHIO - 45750 www.peoplesbancorp.com NEWS RELEASE FOR IMMEDIATE RELEASE Contact:Jack Conlon - --------------------- Chief Financial Officer January 21, 2003 (740) 373-3155 PEOPLES BANCORP ANNOUNCES 29th CONSECUTIVE YEAR OF INCREASED EARNINGS --------------------------------------------------------------------- Earnings per share up 49% to $2.30 MARIETTA, Ohio - Peoples Bancorp Inc. (Nasdaq: PEBO) announced its 29th consecutive year of increased earnings, as net income reached record levels in 2002 due in large part to strong net interest income and enhanced non-interest revenues. Earnings per diluted share were $2.30 in 2002, up 49% from $1.54 a year ago, as net income totaled $18,752,000 in 2002 compared to $12,335,000 in 2001, a 52% increase. For the fourth quarter of 2002, net income grew to $4,500,000, or $0.54 per diluted share, from $3,537,000, or $0.45 per diluted share, for 2001's fourth quarter. Return on average equity improved to 17.69% for the year ended December 31, 2002, and 15.25% for the fourth quarter of 2002, compared to 13.60% and 14.76% for the same periods in 2001, respectively. Reported net income for the year and quarter ended December 31, 2002, reflects the adoption of FASB Statement 142, "Goodwill and Other Intangible Assets", on January 1, 2002, and FASB Statement 147, "Acquisitions of Certain Financial Institutions", which is effective retroactive to January 1, 2002, whereby goodwill is no longer amortized but will be subject to annual impairment tests. Earnings per diluted share for the year ended and quarter ended December 31, 2001 would have been $1.72 and $0.49 per diluted share excluding goodwill amortization of $1,846,000 and $492,000, respectively. On a comparative basis without goodwill amortization, the current year net income per diluted share increased 34% compared to 2001. "We are pleased to report another year of record earnings," said Robert E. Evans, Peoples' President and CEO. "Although challenging economic conditions persisted throughout the year, our results in 2002 reflect a period of continued expansion and improved performance, including double-digit earnings growth and enhanced return on stockholder equity." Evans continued, "The successful completion of our recent stock offering strengthened Peoples' capital ratios, especially tangible capital, which affords us additional opportunities to build upon our already strong franchise through acquisitions, such as the planned acquisition of Kentucky Bancshares." In mid-December 2002, Peoples completed the sale of 1,440,000 common shares, generating new capital of $32.1 million after offering expenses. In early 2003, Peoples sold an additional 216,000 common shares in conjunction with the option granted to the underwriters to cover over-allotments, generating $4.8 million of capital. In 2002, net interest income grew 16%, totaling $49,998,000 compared to $43,133,000 in 2001, while net interest margin improved to 4.37%, from 4.11% a year ago. The higher level of net interest income and improved net interest margin is largely the result of very low interest rates throughout 2002, while a modest increase in earnings assets, due in part to acquisitions, provided the additional improvement. For the quarter ended December 31, 2002, net interest income totaled $12,190,000 in 2002, up 8% from $11,244,000 in fourth quarter of 2001. Net interest margin was 4.05% in the fourth quarter of 2002 compared to 4.30% a year ago, as management continues to shift to longer-term funding and the demand for lower rates on loans persists. Net interest income and margin in the fourth quarter of 2002 were also adversely impacted by additional net premium amortization of approximately $120,000 on mortgage-backed securities due to increased prepayment speeds; an interest reversal of approximately $105,000 due to an incorrect accrual on a business loan; and net premium amortization of approximately $80,000 on loans acquired in the First Colony acquisition. "The recent interest rate environment has afforded us opportunities to lower Peoples' costs of funds but also applied downward pressure on asset yields due to loan repricings and refinancings," said Jack Conlon, Peoples' Chief Financial Officer. "In addition, our focus in the second half of 2002 was to secure longer-term funding to lock in current low rates, which resulted in some compression of net interest margin. Since net interest income remains Peoples' largest source of revenue, we will continue to execute strategies and manage our asset-liability position to protect net income from future changes in interest rates." Non-interest income was $14,935,000 in 2002 versus $10,728,000 a year ago, a 39% increase. For the three months ended December 31, 2002, non-interest income totaled $3,975,000, up 6% from $3,743,000 for the fourth quarter of 2001. Enhanced non-interest income in 2002 is primarily the result of higher levels of deposit service charge income, while non-interest income in the fourth quarter of 2001 was also enhanced by non-recurring income of $877,000 relating to a demutualization. Deposit account service charges totaled $1,977,000 in the fourth quarter of 2002 compared to $1,049,000 for the final quarter of 2001, and totaled $6,976,000 for the year ended December 31, 2002, up 93% from $3,608,000 the prior year. The introduction of the Overdraft Privilege program, coupled with other changes to the assessment of cost recovery fees on deposit accounts in late 2001, generated higher volumes of overdraft and non-sufficient funds fees in 2002 and accounted for the increased deposit account service charge income. "The growth of non-interest revenues, and in particular deposit account service charges, is a reflection of our commitment to grow top-line revenues through the introduction of new products and services," commented Mark Bradley, President and Chief Operating Officer of Peoples Bank. "In addition, our needs-based approach to selling has allowed us to satisfy client needs and enhance Peoples' other major sources of revenue. Ultimately, if we help make our customers more successful, we will improve Peoples' long-term value and generate additional benefits for every stakeholder." Income from Peoples' business owned life insurance ("BOLI") increased 62% in the fourth quarter of 2002 compared to the same period last year, and more than tripled for the year ended December 31. The fourth quarter increase is the result of an adjustment in the mix of investment funds in early 2002, while the timing of Peoples' BOLI purchase in mid-2001 accounted for the majority of the increase compared to 2001. Insurance and investment commissions grew 31% in 2002 versus the prior year, a result of strong fixed annuity sales and continued property and casualty commission growth. E-banking services grew revenues by 22% in 2002, primarily due to clients utilizing Peoples' ATM and debit cards to complete more of their transactions. Peoples recognized a gain on sale of loans of $135,000 and $157,000 for the quarter and year ended December 31, 2002, respectively, as a result of selling a limited number fixed rate real estate loans into the secondary market. In prior periods, Peoples either has acted as an agent with a national firm for long-term, fixed rate real estate loans or retained the loans and thus did not recognize any gains. Peoples also recognized net gains on securities transactions of $114,000 and $216,000 for the quarter and year ended December 31, 2002, respectively, compared to net gains of $2,000 and $29,000 for the same periods in 2001, respectively. For the year-end December 31, 2002, non-interest expense totaled $35,967,000 compared to $33,412,000 in 2001, as increased operating expenses were partially offset by reduced intangible amortization expense due to new accounting rules that resulted in Peoples ceasing amortization of all goodwill. Non-interest expense of $9,261,000 for the fourth quarter of 2002 was up slightly from 2001's fourth quarter total of $9,176,000. Salaries and benefits remain Peoples' largest non-interest expense, totaling $18,100,000 in 2002, up $2,510,000 from a year ago. This increase is attributable to higher incentive plan expenses that correspond with Peoples' improved earnings, as well as the addition of new associates and salary increases necessary to retain and recruit key personnel. Professional fees and marketing costs were up in 2002 due in large part to costs associated with Peoples' implementation of "Free Checking" and "Overdraft Privilege" and other strategic initiatives to attract new clients and grow revenues. Recent acquisitions and investments in technology resulted in additional occupancy and equipment costs in 2002, in particular depreciation expense. Peoples' adoption of FASB Statements 142 and 147 resulted in no amortization of goodwill in 2002 compared to amortization expense of $1,846,000 in 2001; however, Peoples continued to amortize other intangible assets, primarily core deposit intangibles, which increased by 29%, or $145,000, as a result of acquisitions which occurred in 2002. "Operating expenses rose in 2002 due to continued investment in our associates and technology, as well as from other strategies that have produced numerous benefits, including new revenues and improved convenience, flexibility, and speed of product delivery for our customers," said Bradley. "We recognize the need to deliver products and services to our clients efficiently, and we continue to make investments that enhance our ability to satisfy customer needs and strengthen our business for the long-term." At December 31, 2002, loans totaled $850.9 million, up $78.0 million since year-end 2001. A significant portion of the loan growth is attributable to Peoples acquiring loans of approximately $68 million as part of acquisitions in 2002. Peoples also experienced organic commercial loan growth of $38 million throughout 2002, which was largely offset by declines in consumer loans. In the fourth quarter, loan balances declined $16.7 million, from $867.6 million at September 30, as commercial loan growth was offset by decreased balances in real estate and consumer loans. At December 31, 2002, nonperforming assets totaled $7,611,000, or 0.55% of total assets, versus $7,653,000, or 0.56% of total assets, at September 30, 2002. The allowance for loan losses increased to $13.1 million at December 31, 2002, from $12.4 million at year-end 2001, due in part to an allowance of $0.3 million for loan losses acquired in the First Colony acquisition. As a percent of nonperforming loans, the allowance was 175% at year-end 2002 versus 225% the prior year-end, largely the result of an increase in nonperforming loans. Peoples' provision for loan losses was $4,067,000 in 2002, up from $2,659,000 a year ago, with $877,000 of the increase attributable to the Overdraft Privilege program. The remaining increase in the provision is a result of management's ongoing evaluation of the adequacy for loan losses, loan growth and other factors affecting probable loan losses. Net loan chargeoffs were $3,642,000 in 2002 compared to $2,199,000 in 2001, and totaled $843,000 and $562,000 for the fourth quarters of 2002 and 2001, respectively. Commercial and consumer loans were the majority of net chargeoffs in 2002, comprising 52% and 18%, respectively. In 2001, commercial and consumer loans comprised 42% and 41% of total net chargeoffs, respectively. Net chargeoffs relating to Overdraft Privilege totaled $705,000 in 2002, representing 19% of the total and nearly half of the total increase from the prior year. Net chargeoffs in 2002 were also impacted by Peoples charging down a group of troubled commercial loans in the first half of 2002 to amounts deemed collectible. In the fourth quarter of 2002, commercial and consumer loans comprised 44% and 27% of total net chargeoffs, while Overdraft Privilege represented 23%, or $196,000. In the fourth quarter of 2001, commercial and consumer loans comprised 37% and 42% of total net chargeoffs, respectively. "In the first half of 2002, our asset quality was impacted by a few troubled loan relationships, which resulted in a higher level of nonperforming assets and chargeoffs compared to last year," stated Conlon. "Based on our most recent loan review, we do not anticipate these relationships resulting in any additional losses. We realize future success in the financial services industry is contingent, in part, on the ability to maintain solid asset quality and believe the current allowance for loan losses is adequate for the overall quality, inherit risk and loan volume concentrations in the loan portfolio." At December 31, 2002, Peoples' effective tax rate was 27.4% on a year-to-date basis compared to 30.4% in 2001. The decrease in Peoples' effective tax rate is largely attributable to the adoption of new accounting rules for goodwill and growth in average balance of tax-advantaged investments, which accounted for 42% and 41% of the decrease, respectively. "Overall, we are pleased with our 2002 results," summarized Evans. "Our earnings momentum remained strong throughout the year and we look forward to the new opportunities we will have in 2003 to further improve Peoples' long-term shareholder value." Peoples Bancorp Inc., a diversified financial products and services company with $1.4 billion in assets, offers a complete line of banking, investment, insurance, and trust solutions through Peoples Bank's 45 sales offices and 30 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' award winning Internet banking product, at www.peoplesbancorp.com. Conference Call to Discuss Earnings: - ------------------------------------ Peoples will conduct a facilitated conference call to discuss the 2002 results of operations on January 22, 2003, 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 Year Ended (in $000's, except share data) December 31, December 31, 2002 2001 2002 2001 --------------------------------- --------------------------------- PER SHARE DATA (a) Basic earnings per share: Income before extraordinary gains $ 0.55 $ 0.45 $ 2.31 $ 1.56 Net income $ 0.55 $ 0.45 $ 2.36 $ 1.56 Diluted earnings per share: Income before extraordinary gains $ 0.54 $ 0.45 $ 2.25 $ 1.54 Net income $ 0.54 $ 0.45 $ 2.30 $ 1.54 Dividends declared per share $ 0.15 $ 0.14 $ 0.59 $ 0.51 Book value per share $ 15.72 $ 12.00 $ 15.72 $ 12.00 Tangible book value per share (b) $ 12.44 $ 9.82 $ 12.44 $ 9.82 Dividend payout as a percentage of net income 26.60% 30.36% 24.91% 33.08% Actual shares outstanding (net of treasury shares) 9,361,871 7,822,014 9,361,871 7,822,014 Weighted average shares outstanding: Basic 8,116,691 7,824,590 7,932,485 7,882,890 Diluted 8,344,996 7,944,450 8,150,087 8,003,593 PERFORMANCE RATIOS Return on average equity 15.25% 14.76% 17.69% 13.60% Return on average assets 1.32% 1.21% 1.46% 1.06% Non-interest income leverage ratio (c) 45.43% 43.73% 42.73% 34.53% Efficiency ratio (d) 54.13% 56.00% 52.95% 56.53% Net interest margin (fully tax equivalent) 4.05% 4.30% 4.37% 4.11% Net loan chargeoffs as a percentage of average loans 0.10% 0.07% 0.44% 0.29% NET CHARGEOFFS Gross chargeoffs $ 1,005 $ 653 $ 4,328 $ 2,638 Recoveries $ 162 $ 91 $ 686 $ 439 --------------- --------------- --------------- -------------- Net chargeoffs $ 843 $ 562 $ 3,642 $ 2,199 --------------- --------------- --------------- -------------- (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) plus gain on sale of loans 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 and gain on sale of loans.
PEOPLES BANCORP INC. CONSOLIDATED STATEMENTS OF INCOME ------------------------------- ------------------------------- Three Months Ended Year Ended December 31, December 31, (in $000's) 2002 2001 2002 2001 ------------------------------- ------------------------------- Interest income $ 20,658 $ 20,539 $ 82,968 $ 86,107 Interest expense 8,468 9,295 32,970 42,974 -------------- ------------- -------------- -------------- Net interest income 12,190 11,244 49,998 43,133 Provision for loan losses 1,044 634 4,067 2,659 -------------- ------------- -------------- -------------- Net interest income after provision for loan losses 11,146 10,610 45,931 40,474 Gain on sale of loans 135 - 157 - Net gain on securities transactions 114 2 216 29 Net (loss) gain on asset disposals (58) 11 (72) 24 Net mark-to-market adjustment on interest rate caps - - - (131) Non-interest income: Service charges on deposits 1,977 1,049 6,976 3,608 Fiduciary revenues 597 640 2,479 2,508 Insurance and investment commissions 448 427 1,966 1,504 Electronic banking revenues 483 390 1,729 1,422 Business owned life insurance 386 239 1,471 481 Demutualization income - 877 - 877 Other non-interest income 84 121 314 328 -------------- ------------- -------------- -------------- Total non-interest income 3,975 3,743 14,935 10,728 Non-interest expense: Salaries and benefits 4,499 4,573 18,100 15,590 Occupancy and equipment 1,061 903 3,915 3,695 Trust preferred 593 645 2,420 2,621 Professional fees 497 240 1,913 996 Data processing and software 340 350 1,208 1,107 Marketing 228 178 1,006 608 Amortization of other intangible assets 215 125 646 501 Amortization of goodwill - 492 - 1,846 Other non-interest expense 1,828 1,670 6,759 6,448 -------------- ------------- -------------- -------------- Total non-interest expense 9,261 9,176 35,967 33,412 -------------- ------------- -------------- -------------- Income before income taxes 6,051 5,190 25,200 17,712 Income taxes 1,551 1,653 6,858 5,377 -------------- ------------- -------------- -------------- Income before extraordinary gains 4,500 3,537 18,342 12,335 Extraordinary gain on early debt extinguishment, net of tax expense of $221 - - 410 - -------------- ------------- -------------- -------------- Net income $ 4,500 $ 3,537 $ 18,752 $ 12,335 ============== ============= ============== ============== Fully tax equivalent net interest income $ 12,603 $ 11,542 $ 51,610 $ 44,221
PEOPLES BANCORP INC. SELECTED FINANCIAL INFORMATION ------------------------------- ------------------------------- Three Months Ended Year Ended December 31, December 31, (in $000's) 2002 2001 2002 2001 ------------------------------- ------------------------------- CONSOLIDATED AVERAGE BALANCES Average gross loans $ 858,670 $ 765,112 $ 824,733 $ 753,777 Average earning assets 1,243,545 1,074,336 1,180,698 1,076,591 Average intangible assets 30,667 17,323 23,720 17,956 Average total assets 1,360,377 1,169,253 1,288,322 1,162,874 Average non-interest bearing deposits 105,618 90,725 100,740 87,503 Average interest bearing deposits: Savings 143,022 78,144 116,512 77,543 Interest-bearing demand deposits 279,845 282,153 279,407 275,331 Time deposits 421,035 374,199 393,677 370,704 -------------- ------------- -------------- -------------- Total average interest bearing deposits 843,902 734,496 789,596 723,578 Average stockholders' equity $ 118,021 $ 95,845 $ 106,025 $ 90,689 -------------- ------------- -------------- --------------
PEOPLES BANCORP INC. SELECTED FINANCIAL INFORMATION ----------------- ----------------- ----------------- December 31, September 30, December 31, 2002 2002 2001 ----------------- ----------------- ----------------- LOAN PORTFOLIO (in $000's, end of period) Commercial, financial, and agricultural $ 392,528 $ 386,413 $ 343,800 Real estate, construction 16,231 20,348 14,530 Real estate, mortgage 331,948 341,131 295,944 Consumer 103,635 113,533 111,912 Credit card 6,549 6,202 6,670 -------------------------------------------------------- Total loans $ 850,891 $ 867,627 $ 772,856 ASSET QUALITY Allowance for loan losses as a percent of total loans 1.54% 1.49% 1.60% Allowance for loan losses as a percent of nonperforming loans (a) 175.3% 171.2% 225.0% Nonperforming loans as a percent of total loans (a) 0.88% 0.87% 0.71% Nonperforming assets as a percent of total assets (b) 0.55% 0.56% 0.48% Nonperforming assets as a percent of total loans and other real estate owned real estate owned (b) 0.89% 0.88% 0.73% Nonperforming assets (in $000's, end of period): Loans 90 days or more past due $ 407 $ 635 $ 686 Renegotiated loans $ 2,439 $ 2,439 $ 425 Nonaccrual loans $ 4,617 $ 4,455 $ 4,380 Other real estate owned $ 148 $ 124 $ 181 ----------------- ----------------- ----------------- Total nonperforming assets $ 7,611 $ 7,653 $ 5,672 REGULATORY CAPITAL (in $000's, end of period) Tier 1 risk-based capital 15.43% 11.55% 12.86% Total risk-based capital ratio (Tier 1 and Tier 2) 16.79% 12.91% 14.21% Leverage ratio 10.56% 7.96% 9.18% Tier 1 capital $ 139,208 $ 104,028 $ 105,065 Total capital (Tier 1 and Tier 2) $ 151,404 $ 116,223 $ 116,114 Total risk-weighted assets $ 901,973 $ 900,363 $ 816,907 SUPPLEMENTAL DATA (in $000's, end of period) Trust assets under management $ 500,338 $ 485,074 $ 539,487 Employees (full-time equivalent) 462 458 403 Full service offices 39 39 34 Supermarket offices 4 4 4 ATMs 30 29 25 Announced treasury share plans: (c) Total shares in plan 192,500 192,500 151,250 Shares purchased (d) - - 12,383 Average price (d) $ - $ - $ 16.03 ----------------- ----------------- ----------------- (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) December 31, December 31, 2002 2001 ASSETS Cash and cash equivalents $ 55,550 $ 32,838 Available-for-sale investment securities, at estimated fair value (amortized cost of $402,048 at December 31, 2002, and $329,081 at December 31, 2001) 412,100 330,364 Loans, net of unearned interest 850,891 772,856 Allowance for loan losses (13,086) (12,357) ------------------ ------------------ Net loans 837,805 760,499 Bank premises and equipment, net of accumulated depreciation 18,058 16,369 Goodwill 25,504 15,388 Other intangible assets 5,234 1,622 Other real estate owned 148 181 Other assets 39,962 36,705 ------------------ ------------------ TOTAL ASSETS $ 1,394,361 $ 1,193,966 ================== ================== LIABILITIES Non-interest bearing deposits $ 115,907 $ 96,533 Interest bearing deposits 839,970 717,835 ------------------ ------------------ Total deposits 955,877 814,368 Federal funds purchased, securities sold under repurchase agreements, and other short term borrowings 48,183 56,052 Long-term borrowings 203,829 192,448 Accrued expenses and other liabilities 10,199 8,188 ================== ================== TOTAL LIABILITIES 1,218,088 1,071,056 Guaranteed preferred beneficial interests in junior subordinated debentures 29,090 29,056 STOCKHOLDERS' EQUITY Common stock, no par value (12,000,000 shares authorized, 9,421,222 shares issued at December 31, 2002, and 7,289,266 shares issued at December 31, 2001) 129,173 78,664 Accumulated comprehensive income, net of deferred income taxes 6,446 834 Retained earnings 12,650 17,735 Treasury stock, at cost (59,351 shares at December 31, 2002, and 178,344 shares at December 31, 2001) (1,086) (3,379) ------------------ ------------------ TOTAL STOCKHOLDERS' EQUITY 147,183 93,854 TOTAL LIABILITIES, BENEFICIAL INTERESTS, AND ------------------ ------------------ STOCKHOLDERS' EQUITY $ 1,394,361 $ 1,193,966 ------------------ ------------------
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