-----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, NcZs4BttFF/2zB/2kgdmHCCj53xzqeoIozwuxu41xTKB4d3BviGTMjbkqsQ18Vgm bVh5JKxJ2mJK6QLQN3PFoA== 0000318300-04-000175.txt : 20041021 0000318300-04-000175.hdr.sgml : 20041021 20041021105949 ACCESSION NUMBER: 0000318300-04-000175 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040930 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041021 DATE AS OF CHANGE: 20041021 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEOPLES BANCORP INC CENTRAL INDEX KEY: 0000318300 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] 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: 041088939 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 form8k3qearnings2004.txt FORM 8-K 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 Date of Report (Date of earliest event reported): October 21, 2004 ---------------- 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: [ ] 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)) Index to Exhibits on Page 4 Section 2 - Financial Information Item 2.02 Results of Operation and Financial Condition. On October 21, 2004 Peoples Bancorp Inc. issued a news release regarding its financial results for the third quarter and first nine months of 2004. A copy of the news release is attached as Exhibit 99 to this Current Report on Form 8-K. Section 9 - Financial Statements and Exhibits Item 9.01 Financial Statements and Exhibits a) Financial statements of businesses acquired No response required. b) Pro forma financial information No response required. c) Exhibits Exhibit Number Description - -------------------------- -------------------------------------------- 99 News Release issued by Peoples Bancorp Inc. on October 21, 2004 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 21, 2004 By:/s/ MARK F. BRADLEY ----------------------------------- Mark F. Bradley President and Chief Operating Officer Exhibit Number Description - -------------------------- -------------------------------------------- 99 News Release issued by Peoples Bancorp Inc. on October 21, 2004 EX-99 2 ex993qearnings04.txt EARNINGS RELEASE PEOPLES BANCORP INC. - P.O. BOX 738 - MARIETTA, OHIO - 45750 www.peoplesbancorp.com NEWS RELEASE FOR IMMEDIATE RELEASE Contact: John W. Conlon - --------------------- Chief Financial Officer October 21, 2004 (740) 373-3155 PEOPLES BANCORP INC. REPORTS THIRD QUARTER EARNINGS --------------------------------------------------------------------- MARIETTA, Ohio - Peoples Bancorp Inc. (NASDAQ: PEBO) announced third quarter net income of $5,138,000, or $0.48 per diluted share, in 2004 compared to $5,940,000, or $0.55 per diluted share, earned in 2003's third quarter. For the nine months ended September 30, 2004, net income totaled $15,557,000 compared to $16,394,000 through nine months of 2003, while earnings per diluted share were $1.45 versus $1.55 for the same periods, respectively. Peoples' earnings grew 2% in the third quarter, from $5,053,000, or $0.47 per diluted share, reported in the second quarter of 2004. "Our third quarter results, while lower than last year due primarily to net interest margin compression, reflect positive trends in key areas, especially when compared to the second quarter," commented Robert Evans, Chairman and CEO. "Non-interest revenues remain strong, as we integrate our new insurance agencies with our total financial services offering. Our already solid asset quality continues to improve and loans grew at a double digit annualized rate for the second consecutive quarter." Evans continued, "In addition to the challenges posed by the low interest rate environment, our third quarter earnings were negatively impacted by costs of approximately $100,000 incurred to cleanup and repair damage caused by the significant flooding in mid-September brought on by the remnants of Hurricane Ivan. We were fortunate to sustain only minor damage to a limited number of locations and quickly reopened the affected offices, which is a reflection of the efforts of many associates and volunteers. However, various communities we serve continue to recover from the financial and emotional impact of the flooding." In the third quarter of 2004, net interest income totaled $12,891,000, down 8% compared to $14,085,000 in 2003's third quarter, but up 2% from $12,697,000 for the second quarter of 2004. Net interest margin was 3.34% for the third quarter of 2004, compared to 3.39% for the prior quarter and 3.57% for the third quarter of 2003. For the nine months ended September 30, 2004, net interest income totaled $39,136,000 and net interest margin was 3.44%, versus $40,720,000 and 3.59%, respectively, for the same period in 2003. "While a modest expansion in our earning assets resulted in increased interest income compared to the prior quarter, net interest margin continues to compress due to declining asset yields as a result of intense competition for quality loans and the extended period of historically low rates," said Jack Conlon, Peoples' Chief Financial Officer. "While the recent actions by the Federal Reserve to increase interest rates have helped ease some of the margin pressures, we continue to shift to longer-term funding to lock in rates, which can offset some of the recent improvement in asset yields. We believe our efforts to position the balance sheet for future rate increases will benefit Peoples' net interest income and help stabilize net interest margin." In the third quarter of 2004, non-interest income totaled $7,248,000, up 44% compared to $5,041,000 a year ago and up 16% from $6,245,000 last quarter. These increases were due largely to the $1.9 million of combined revenue generated by the acquired insurance agencies, which was nearly double their second quarter's total and reflects the first full-quarter impact of the agencies. On a year-to-date basis through September 30, 2004, non-interest income grew 35% to $18,318,000, from $13,523,000 for the same period last year. Enhanced insurance commissions, coupled with increased deposit account services charges and revenues from business owned life insurance ("BOLI"), accounted for most of this improvement. "Growing non-interest revenues and reducing reliance on net interest income remains a key component of our long-term success," stated Mark Bradley, Peoples' President and Chief Operating Officer. "We are pleased revenues have grown through both the successful integration of recent acquisitions and the efforts of our associates to build long-term customer relationships. In addition, the planned expansion of our presence and customer base in the Ashland, Kentucky area during the fourth quarter should afford us opportunities to further increase revenues." During the third quarter of 2004, Peoples announced its subsidiary, Peoples Bank, had signed a definitive agreement to acquire two full-service banking offices from Advantage Bank, a subsidiary of Camco Financial Corporation, located at 1640 Carter Avenue in downtown Ashland (which Peoples Bank does not plan to operate following completion of the acquisition) and 6601 US Route 60 just outside Ashland. As part of the acquisition, Peoples expects to acquire approximately $65 million in deposits and $45 million of loans. In addition, Peoples Bank plans to close its banking offices located in Flatwoods, Kentucky, and at 1410 Eagle Drive outside Ashland, Kentucky, due to their proximity to existing and to-be-acquired offices and sales activity. Management expects the acquisition to be completed in early December 2004, subject to regulatory approval, and accretive to earnings in the first full year. In the third quarter of 2004, deposit account service charges totaled $2,510,000 versus $2,196,000 for the same period in 2003, a 14% increase resulting from a combination of higher volumes of overdraft and non-sufficient funds fees and an overall increase in the number of checking accounts, as well as an increase in the per item amount of certain cost recovery fees. Insurance and investment commissions were $2,272,000 for the three months ended September 30, 2004, compared to $1,428,000 last quarter and $338,000 for the third quarter of 2003. As a result of Peoples' $20 million BOLI purchase in early 2004, BOLI produced tax-advantaged income of $494,000 in the third quarter of 2004 versus $342,000 a year ago. E-banking revenues, primarily ATM and debit card fees, grew 14% from the same quarter a year ago, while Peoples' mortgage banking revenues continue to decline compared to last year, reflecting lower levels of real estate loan refinance activity. In addition to generating additional revenues, the insurance agency acquisitions also accounted for approximately $1.3 million of non-interest expense in the third quarter of 2004, principally salaries and benefits, occupancy costs and intangible amortization. Consequently, non-interest expense grew $2.5 million to $12.5 million for the quarter ended September 30, 2004, up from $10.0 million for the same period in 2003. Compared to the second quarter of 2004, non-interest expense was up 9% in the third quarter, with 64% of the increase attributable to a full-quarter's impact of the insurance agency acquisitions. Peoples' largest operating expense, salaries and benefits, totaled $6.7 million for the third quarter of 2004, an increase of 33% from a year ago, with $0.8 million, or nearly half of the increase, attributable to the approximately 50 associates added in conjunction with the insurance agency acquisitions. Occupancy and equipment costs increased 20% in the third quarter of 2004 from a year ago, as acquisitions and investments in technology produced additional depreciation expense in 2004. A significant portion of this increase is also the result of Peoples incurring costs to cleanup and repair damage to several of its locations due to flooding in mid-September 2004. Intangible amortization totaled $635,000 in the third quarter of 2004 versus $551,000 a year ago as a result of recent acquisitions. The non-interest leverage ratio serves as a measurement of efficiency and performance and is a key performance indicator for Peoples. The ratio, defined as non-interest income as a percentage of operating expenses, excludes gains and losses on securities transactions and asset disposals, as well as intangible asset amortization. For the nine months ended September 30, 2004, the non-interest leverage ratio was 55.2% compared to 49.2% a year ago, while in the third quarter of 2004, the non-interest leverage ratio improved to 60.9%, from 56.8% last quarter and 53.4% in 2003's third quarter. "The improvement in the non-interest leverage ratio reflects our ability to grow non-interest revenues without a proportional increase in operating expense," commented Bradley. "Our goal is to enhance Peoples' operating efficiency and grow revenues without jeopardizing customer service levels. However, several factors, including rising medical and health insurance costs and compliance with new Sarbanes-Oxley regulatory requirements, limit our ability to control future increases in operating expense." During the third quarter, loans grew $22.3 million, or 10% annualized, to $957.9 million at September 30, 2004, due primarily to commercial and real estate loan growth, which offset a decline in consumer loan balances. Peoples also had $1.4 million of fixed-rate real estate loans originated and held for sale into the secondary market. Peoples is also servicing $101 million of fixed-rate real estate loans previously sold into the secondary markets due to the associated interest rate risk. "One of our strategic objectives is to grow loans in a disciplined manner, which preserves asset quality," stated Bradley. "Although we do not expect loan growth in the fourth quarter to continue at the same rate as the third quarter due to expected payoffs, economic conditions are improving in our markets and commercial loan demand remains strong, which should provide our lenders with opportunities to generate additional loans in the fourth quarter." Peoples' provision for loan losses was down 34% in the third quarter of 2004 to $605,000, from $920,000 a year ago, and down slightly compared to the second quarter of 2004. The lower provision reflects the continued improvement in Peoples' asset quality and reduction in loan losses during the third quarter. Nonperforming loans comprised 0.53% of total loans at September 30, 2004, compared to 0.62% at June 30, 2004, and 0.73% at December 31, 2003, while nonperforming assets comprised 0.30%, 0.35% and 0.41% of total assets for the same periods, respectively. Net chargeoffs were down 24% in the third quarter of 2004 compared to a year ago and down 29% from the second quarter of 2004. Net chargeoffs relating to the Overdraft Privilege Program comprised the largest portion of the 2004 third quarter net chargeoffs, totaling $243,000 versus $222,000 a year ago, while commercial net chargeoffs comprised $475,000 in the second quarter of 2004 but only $42,000 in the third quarter of 2004. At September 30, 2004, the allowance for loan losses was $14.8 million, or 293.5% of nonperforming loans, compared to $14.6 million, or 216.1% of nonperforming loans, at year-end 2003. "Overall, our third quarter results reflect favorable earnings momentum which we expect to continue in the fourth quarter," summarized Bradley. "While the expected period of rising interest rates pose new challenges, our solid asset quality and active balance sheet management, coupled with continued loan growth and revenue diversification, should allow us to grow future earnings." Peoples Bancorp Inc., a diversified financial products and services company with $1.8 billion in assets, makes available a complete line of banking, investment, insurance, and trust solutions through 51 locations and 33 ATMs in Ohio, West Virginia and Kentucky. Peoples' financial service units include Peoples Bank, Peoples Financial Advisors (a division of Peoples Bank) and Peoples Insurance Agency, Inc. Peoples' common shares are traded on the NASDAQ national market under the symbol "PEBO", and Peoples is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples at www.peoplesbancorp.com. Conference Call to Discuss Earnings: - ------------------------------------ Peoples will conduct a facilitated conference call to discuss third quarter results of operations today at 11:00 a.m. eastern time, with members of Peoples' executive management participating. Analysts, media and individual investors are invited to participate in the conference call by calling (888) 424-5801. A simultaneous Webcast of the conference call audio will be available online via the home page and/or Investor Relations section of www.peoplesbancorp.com. Participants are encouraged to call or sign in at least 15 minutes prior to the scheduled conference call time to ensure participation or download and install the necessary software. A replay of the call will be available on Peoples' website for 30 days. Safe Harbor Statement: - ---------------------- This press release may contain certain forward-looking statements with respect to Peoples' financial condition, results of operations, plans, objectives, future performance and business. 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," "will," "would," "should," "could" and similar expressions are forward-looking statements within the meaning of Sections 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. These forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially. Factors that might cause such a difference include, but are not limited to: (1) competitive pressures among depository institutions increase significantly; (2) changes in the interest rate environment impact interest margins; (3) prepayment speeds, loan sale volumes, charge-offs and loan loss provisions; (4) general economic conditions are less favorable than expected; (5) political developments, wars or other hostilities may disrupt or increase volatility in securities markets or other economic conditions; (6) legislative or regulatory changes or actions adversely affect Peoples' business; (7) changes and trends in the securities markets; (8) a delayed or incomplete resolution of regulatory issues; (9) the impact of reputational risk created by these developments on such matters as business generation and retention, funding and liquidity; (10) the outcome of regulatory and legal proceedings and (11) other risk factors relating to the banking industry or Peoples as detailed from time to time in Peoples' reports filed with the Securities and Exchange Commission ("SEC"). Peoples undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release. Copies of documents filed with the SEC are available free of charge at the Commission's website at http://www.sec.gov and/or from Peoples' website. PEOPLES BANCORP INC. (NASDAQ: PEBO) Financial Highlights (Unaudited) PEOPLES BANCORP INC. Third Quarter 2004 Earnings Release
---------------------------------- ---------------------------------- Three Months Ended Nine Months Ended September 30, September 30, (in $000's, except per share data) 2004 2003 2004 2003 ---------------------------------- ---------------------------------- PER SHARE DATA Net income per share: Basic $ 0.49 $ 0.56 $ 1.47 $ 1.58 Diluted $ 0.48 $ 0.55 $ 1.45 $ 1.55 Cash dividends declared per share $ 0.18 $ 0.17 $ 0.54 $ 0.47 Book value per share $ 16.61 $ 16.42 $ 16.61 $ 16.42 Tangible book value per share (a) $ 10.41 $ 12.05 $ 10.41 $ 12.05 Closing stock price at end of period $ 26.32 $ 26.76 $ 26.32 $ 26.76 Dividend payout as a percentage of net income 36.75% 30.89% 36.80% 29.99% Actual shares outstanding (net of treasury shares) 10,426,380 10,632,858 10,426,380 10,632,858 Weighted average shares outstanding: Basic 10,524,304 10,653,999 10,562,547 10,372,617 Diluted 10,669,798 10,896,461 10,748,064 10,585,655 PERFORMANCE RATIOS (b) Return on average equity 11.95% 13.85% 12.10% 13.26% Return on average assets 1.15% 1.34% 1.19% 1.29% Non-interest leverage ratio (c) 60.86% 53.36% 55.20% 49.15% Efficiency ratio (d) 57.97% 48.35% 56.10% 49.59% Net interest margin (fully tax equivalent) 3.34% 3.57% 3.44% 3.59% Net loan chargeoffs as a percentage of average loans 0.21% 0.29% 0.26% 0.29% NET CHARGEOFFS Gross chargeoffs $ 712 $ 935 $ 2,921 $ 2,675 Recoveries $ 220 $ 287 $ 1,137 $ 753 --------------- --------------- --------------- --------------- Net chargeoffs $ 492 $ 648 $ 1,784 $ 1,922 ------------------------------------------------------------------------ (a) Excludes balance sheet impact of intangible assets acquired through use of purchase accounting for acquisitions. (b) Ratios presented on an annualized basis. (c) Non-interest income (less securities and asset disposal gains/losses) 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 Nine Months Ended September 30, September 30, (in $000's) 2004 2003 2004 2003 ----------------------------------- ----------------------------------- Interest income $ 21,850 $ 23,550 $ 64,581 $ 69,819 Interest expense 8,959 9,465 25,445 29,099 ---------------- ---------------- ---------------- ---------------- Net interest income 12,891 14,085 39,136 40,720 Provision for loan losses 605 920 2,015 2,686 ---------------- ---------------- ---------------- ---------------- Net interest income after provision for loan losses 12,286 13,165 37,121 38,034 Net (loss) gain on securities transactions (7) 2 30 (25) Net (loss) gain on asset disposals (25) 9 22 (229) Non-interest income: Service charges on deposits 2,510 2,196 7,222 5,973 Insurance and investment commissions 2,272 338 3,999 1,100 Fiduciary revenues 988 1,142 2,574 2,586 Electronic banking revenues 608 534 1,754 1,517 Business owned life insurance 494 342 1,416 1,060 Mortgage banking income 227 400 709 967 Other non-interest income 149 89 644 320 ---------------- ---------------- ---------------- ---------------- Total non-interest income 7,248 5,041 18,318 13,523 Non-interest expense: Salaries and benefits 6,688 5,031 17,896 14,582 Occupancy and equipment 1,350 1,127 3,860 3,333 Amortization of intangible assets 635 551 1,562 1,023 Professional fees 452 458 1,319 1,442 Data processing and software 431 385 1,344 1,035 Bankcard costs 404 305 1,106 886 Franchise taxes 374 284 1,086 813 Marketing 315 200 825 855 Other non-interest expense 1,895 1,658 5,367 4,606 ---------------- ---------------- ---------------- ---------------- Total non-interest expense 12,544 9,999 34,365 28,575 ---------------- ---------------- ---------------- ---------------- Income before income taxes 6,958 8,218 21,126 22,728 Income tax expense 1,820 2,278 5,569 6,334 ---------------- ---------------- ---------------- ---------------- Net income $ 5,138 $ 5,940 $ 15,557 $ 16,394 ---------------- ---------------- ----------------------------------- Fully tax equivalent net interest income $ 13,296 $ 14,498 $ 40,365 $ 41,959
PEOPLES BANCORP INC. CONSOLIDATED AVERAGE BALANCES
----------------------------------- ----------------------------------- Three Months Ended Nine Months Ended September 30, September 30, (in $000's) 2004 2003 2004 2003 ----------------------------------- ----------------------------------- Average gross loans $ 944,782 $ 909,334 $ 926,016 $ 885,493 Average investment securities 651,120 699,213 647,180 670,599 Average earning assets 1,591,511 1,625,721 1,572,406 1,563,048 Average intangible assets 64,981 47,163 57,134 38,886 Average total assets 1,783,313 1,776,494 1,748,799 1,696,986 Average non-interest-bearing deposits 146,478 131,456 141,647 121,983 Average interest-bearing deposits: Savings 172,686 183,508 174,184 170,000 Interest-bearing demand deposits 258,608 276,414 259,712 274,744 Time deposits 450,957 474,128 454,164 450,309 ---------------- ---------------- ---------------- ---------------- Total average interest bearing deposits 882,251 934,050 888,060 895,053 Average stockholders' equity $ 171,021 $ 171,550 $ 171,809 $ 164,817 ----------------------------------- -----------------------------------
PEOPLES BANCORP INC. SELECTED FINANCIAL INFORMATION
---------------- --------------- --------------- ---------------- (in $000's, end of period) September 30, June 30, December 31, September 30, LOAN PORTFOLIO 2004 2004 2003 2003 ---------------- --------------- --------------- ---------------- Commercial, mortgage $ 430,513 $ 428,580 $ 380,372 $ 357,304 Commercial, other 116,621 110,208 131,697 139,671 Real estate, construction 37,847 22,853 21,056 17,714 Real estate, mortgage 307,648 304,328 301,726 314,303 Consumer 65,235 69,587 79,926 86,108 Credit card (a) - - 221 6,302 ---------------- -------------------------------------------------- Total loans $ 957,864 $ 935,556 $ 914,998 $ 921,402 ASSET QUALITY Allowance for loan losses as a percent of total loans 1.55% 1.57% 1.59% 1.57% Allowance for loan losses as a percent of nonperforming loans (b) 293.5% 251.6% 216.1% 254.7% Nonperforming loans as a percent of total loans (b) 0.53% 0.62% 0.73% 0.61% Nonperforming assets as a percent of total assets 0.30% 0.35% 0.41% 0.39% Nonperforming assets as a percent of total loans and other real estate owned real estate owned 0.56% 0.67% 0.78% 0.75% Nonperforming assets (in $000's, end of period): Loans 90 days or more past due $ 298 $ 374 $ 188 $ 874 Renegotiated loans $ - $ - $ - $ 684 Nonaccrual loans $ 4,747 $ 5,465 $ 6,556 $ 4,105 Other real estate owned $ 301 $ 392 $ 392 $ 1,279 ---------------- --------------- --------------- ---------------- Total nonperforming assets $ 5,346 $ 6,231 $ 7,136 $ 6,942 REGULATORY CAPITAL (c) Tier 1 risk-based capital 11.97% 12.27% 14.08% 14.54% Total risk-based capital ratio (Tier 1 and Tier 2) 13.29% 13.58% 15.43% 15.88% Leverage ratio 7.85% 8.17% 8.68% 8.88% Tier 1 capital $ 134,630 $ 135,740 $ 147,591 $ 152,862 Total capital (Tier 1 and Tier 2) $ 149,526 $ 150,344 $ 161,780 $ 166,953 Total risk-weighted assets $ 1,124,683 $ 1,105,858 $ 1,048,295 $ 1,051,489 SUPPLEMENTAL DATA Trust assets under management $ 620,686 $ 618,376 $ 632,868 $ 578,958 Employees (full-time equivalent) 547 545 511 498 Full service offices 42 42 42 43 Supermarket offices 4 4 4 4 ATMs 33 33 32 33 Announced treasury share plans: (d) Total shares authorized for plan 625,000 425,000 315,000 315,000 Shares purchased 211,900 147,435 61,300 53,340 Average price $ 25.84 $ 24.93 $ 27.96 $ 25.54 ---------------- --------------- --------------- ---------------- (a) Balance at December 31, 2003, represents nonqualifying balances not included in preliminary settlement of the credit card portfolio sale subject to final settlement. (b) Nonperforming loans include loans 90 days past due and accruing, renegotiated loans and nonaccrual loans. (c) September 30, 2004, data based on preliminary analysis and is subject to revision. (d) 2004 data reflects 2004 Stock Repurchase Program of 425,000 shares announced December 17, 2003 and 200,000 shares announced August 13, 2004. 2003 data reflects 2003 Stock Repurchase Program of 315,000 shares. Reflects treasury shares purchased and average price paid for the three-month period ended on the date indicated. All share amounts have been adjusted for stock dividends.
PEOPLES BANCORP INC. CONSOLIDATED BALANCE SHEETS
------------------ ------------------ (in $000's) September 30, December 31, 2004 2003 ------------------ ------------------ ASSETS Cash and cash equivalents $ 41,487 $ 73,426 Available-for-sale investment securities, at estimated fair value (amortized cost of $638,518 at September 30, 2004, and $634,801 at December 31, 2003) 644,472 641,464 Loans held for sale 1,386 2,847 Loans, net of unearned interest 957,864 914,998 Allowance for loan losses (14,806) (14,575) ------------------ ------------------ Net loans 943,058 900,423 Bank premises and equipment, net of accumulated depreciation 22,133 22,155 Business owned life insurance 44,770 23,355 Goodwill 53,807 41,407 Other intangible assets 10,892 7,298 Other real estate owned 301 392 Other assets 21,343 23,337 ------------------ ------------------ TOTAL ASSETS $ 1,783,649 $ 1,736,104 ------------------ ------------------ LIABILITIES Non-interest-bearing deposits $ 143,147 $ 133,709 Interest-bearing deposits 884,595 894,821 ------------------ ------------------ Total deposits 1,027,742 1,028,530 Federal funds purchased, securities sold under repurchase agreements, and other short term borrowings 91,802 108,768 Long-term borrowings 447,088 388,647 Junior subordinated notes held by subsidiary trusts 29,242 29,177 Accrued expenses and other liabilities 14,543 10,102 ------------------ ------------------ TOTAL LIABILITIES 1,610,417 1,565,224 STOCKHOLDERS' EQUITY Common stock, no par value (24,000,000 shares authorized, 10,845,869 shares issued at September 30, 2004, and 10,704,938 shares issued at December 31, 2003) 162,240 161,005 Accumulated comprehensive income, net of deferred income taxes 3,721 4,255 Retained earnings 17,613 7,781 Treasury stock, at cost (419,489 shares at September 30, 2004, and 101,146 shares at December 31, 2004) (10,342) (2,161) ------------------ ------------------ TOTAL STOCKHOLDERS' EQUITY 173,232 170,880 ------------------ ------------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,783,649 $ 1,736,104 ------------------ ------------------
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