-----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, RU2TTldssbm5WfTA74rMab6qKPw8xvY32lpPD/vX++RT3YWlY1WzhD8ftj0LzWZX XlRT1XV376rcJwZKmZCkcw== 0000318300-06-000164.txt : 20061024 0000318300-06-000164.hdr.sgml : 20061024 20061024095301 ACCESSION NUMBER: 0000318300-06-000164 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060930 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20061024 DATE AS OF CHANGE: 20061024 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: 1206 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16772 FILM NUMBER: 061159099 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 form8k3q2006earnings.txt FORM 8K 3Q 2006 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 24, 2006 ----------------- 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 3 Section 2 - Financial Information Item 2.02 Results of Operation and Financial Condition. On October 24, 2006 Peoples Bancorp Inc. issued a news release regarding its financial results for the third quarter of 2006. 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 24, 2006 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 24, 2006 By:/s/ MARK F. BRADLEY ------------------------------------ Mark F. Bradley President and Chief Executive Officer INDEX TO EXHIBITS Exhibit Number Description - --------------------- ---------------------------------------------------- 99 News Release issued by Peoples Bancorp Inc. on October 24, 2006 EX-99 2 ex993qearnings.txt EARNINGS NEWS RELEASE PEOPLES BANCORP INC. - P.O. BOX 738 - MARIETTA, OHIO - 45750 www.peoplesbancorp.com NEWS RELEASE FOR IMMEDIATE RELEASE Contact:Donald J. Landers - --------------------- Chief Financial Officer October 24, 2006 (740) 373-3155 PEOPLES BANCORP INC. REPORTS THIRD QUARTER RESULTS --------------------------------------------------------------------------- MARIETTA, Ohio - Peoples Bancorp Inc. ("Peoples") (NASDAQ: PEBO) today reported net income of $5.3 million and diluted earnings per share of $0.50 for the third quarter of 2006, which matched the amounts reported for the third quarter of 2005. For the third quarter of 2006, Peoples achieved a return on average equity of 11.05% and return on average assets of 1.13%, versus 11.61% and 1.14%, respectively, a year ago. "Our third quarter results were highlighted by higher non-interest income, strong loan growth, lower effective tax rate and a gain on the sale of a branch," commented Mark F. Bradley, President and Chief Executive Officer. "Third quarter results also reflect the interest rate challenges affecting the financial services industry due to intense competition for loans and deposits, coupled with higher loan loss provision associated with recent trends in loan quality." For the nine months ended September 30, 2006, Peoples' net income totaled $16.8 million, up 13% from $14.8 million through nine months of 2005, while diluted earnings per share were $1.57 and $1.40, respectively, a 12% increase. This improvement in net income and earnings per share from a year ago was the result of higher net interest income and non-interest revenues, coupled with lower non-interest expenses. Return on average equity and return on average assets improved to 11.97% and 1.20%, respectively, from 11.19% and 1.09%, respectively, for the same period a year ago. Bradley continued, "In the third quarter, we completed the previously announced sale of our South Shore, Kentucky banking office and its approximately $5 million in deposits and $645,000 in loans, resulting in a pre-tax gain of $232,000. We continue to serve customers in northern Kentucky through our remaining five Kentucky offices." Non-interest income totaled $7.3 million for the third quarter of 2006 versus $7.1 million a year ago, due to increased deposit account service charges and electronic banking revenues. On a year-to-date basis, non-interest income grew 7%, or $1.5 million, from a year ago, to $23.0 million, due to higher insurance revenues, deposit account service charges and electronic banking income. The improvements in non-interest income for the third quarter and first nine months of 2006 were partially offset by lower mortgage banking income and business owned life insurance, both of which have been negatively impacted by the current interest rate environment. Total non-interest expense increased by 2% in the third quarter of 2006 to $12.8 million compared to 2005's third quarter. Additional maintenance and utility costs, along with marketing costs associated with Peoples' deposit direct mail and gift program comprised the majority of the increase for the third quarter. Tempering this increase were lower salaries and benefit costs as a result of salaries included in direct loan origination costs. Through nine months of 2006, non-interest expense was down slightly compared to the same period in 2005, due primarily to declines in salaries and benefit costs and intangible amortization. "While still not at targeted levels, we believe the overall expense growth in the third quarter was reasonable," stated Bradley. "Our efforts to diversify revenues also have helped to mitigate the effect of interest rate challenges on earnings. We will continue to seek opportunities to improve operating efficiency and allocate resources to markets we believe have greater potential to increase long-term shareholder value." In the third quarter of 2006, net interest income was $12.9 million, down 2% from the $13.2 million generated in the third quarter of 2005. While a higher volume of earning assets generated additional interest income, competitive loan pricing, combined with maturing deposits and debt being replaced at higher, current market interest rates, caused Peoples' funding costs to rise faster than yields on earning assets. Peoples' net interest margin was 3.20% for the third quarter of 2006, compared to 3.32% a year ago and 3.29% for the prior quarter. Both net interest income and net interest margin for the third quarter of 2006 were also negatively impacted by Peoples placing $4.5 million of loans from a single commercial relationship on nonaccrual status, resulting in the reversal of $97,000 of interest income in the third quarter of 2006. On a year-to-date basis, net interest income totaled $39.8 million versus $38.8 million a year ago, while Peoples' net interest margin dropped one basis point to 3.29%. "Our third quarter net interest income and margin levels reflect the competitive interest rate environment in our markets and were in line with our expectations," said Don Landers, Chief Financial Officer. "We feel that the recent pauses by the Federal Reserve could ease some of the interest rate pressure and provide limited spread improvement in some segments of the yield curve. Still, improving net interest income and margin will depend in part on our ability to grow lower cost core deposits and reduce our reliance on wholesale funding, while continuing to fund higher yielding loans with cash flows from our investment portfolio." For the nine months ended September 30, 2006, Peoples' effective tax rate was 26.6% compared to 27.2% for the same period a year ago. The reduction in the effective tax rate produced an effective tax rate of 21.7% for the third quarter of 2006. The change in the estimated effective tax rate was attributable to additional alternative minimum tax credits expected to be realized in 2006. The effective tax rate of 26.6% for the first nine months of 2006 is management's current estimate of Peoples' effective rate for full year 2006. During the third quarter of 2006, portfolio loans grew $25.6 million, or 9% annualized, to $1.14 billion at September 30, 2006. Commercial real estate originations continue to represent the main driver of loan growth, while consumer loan balances, excluding overdrafts, grew for the sixth consecutive quarter, with indirect lending providing the majority of the $2.4 million of growth in the third quarter. Since year-end 2005, total portfolio loans have increased $68.0 million, from $1.07 billion. "Third quarter loan growth was the result of the successful efforts of our lenders to capitalize on lending opportunities in our more dynamic markets," said Bradley. "Additionally, loan payoffs have been below our expectations through the first nine months of 2006. However, during October, we have already experienced significant commercial loan payoffs that will challenge fourth quarter loan growth." At September 30, 2006, nonperforming loans totaled $14.2 million, or 1.25% of total loans, up from $10.4 million, or 0.93% at June 30, 2006 and $6.5 million, or 0.61% at year-end 2005. The third quarter increase in nonperforming loans was the result of the previously mentioned $4.5 million of commercial loans being placed on nonaccrual status, partially offset by reductions in other nonaccrual loans due to payments and charge-offs. At September 30, 2006, the allowance for loan losses was $16.1 million, or 113.5% of nonperforming loans, versus 148.0% and 225.2% of nonperforming loans at June 30, 2006 and December 31, 2005, respectively. In the third quarter of 2006, the provision for loan losses was $929,000 compared to $573,000 last quarter and $485,000 in the third quarter of 2005, with provisions relating to overdrafts accounting for $254,000, $250,000 and $175,000 for the same periods, respectively. The higher provision for loan losses for the third quarter of 2006 was based on management's in-depth quarterly analysis of the loan portfolio and loss trends and is directionally consistent with changes in Peoples' loan credit quality. Net charge-offs were $126,000 in the third quarter of 2006 compared to $505,000 for last year's third quarter and net recoveries of $86,000 in the second quarter of 2006. "The higher level of nonperforming loans since year end is attributed to two commercial loan relationships," added Bradley. "We have considered these relationships in our evaluation of the adequacy of the allowance for loan losses at quarter-end. We expect net charge-offs will be higher in the fourth quarter of 2006, which will reduce a portion of one of the groups of nonaccrual loans. The other group of loans totaling $3.6 million are well collateralized and we do not expect to incur any losses on that commercial loan relationship." Deposit balances were up 7% to $1.23 billion at September 30, 2006, compared to $1.15 billion at June 30, 2006. During the third quarter, Peoples increased brokered deposits by $68.6 million to reduce its reliance on Federal Home Loan Bank borrowings and diversify wholesale funding sources. Interest-bearing deposits, excluding brokered deposits, grew $10.3 million with most of the growth occurring in money market deposits. Non-interest-bearing deposits were $166.5 million at September 30, 2006, versus $169.9 million at June 30, 2006, attributable to a decline in commercial deposit balances that offset higher consumer balances from Peoples' deposit growth campaign initiated in late 2005. Since year-end 2005, total deposits, excluding brokered deposits, have increased $53.5 million due primarily to increases in certificates of deposits and money market accounts. "In the fourth quarter, we will continue to work through the interest rate challenges affecting our ability to grow earnings," said Bradley. "We believe our strategies will be successful in creating long-term value for our shareholders." Peoples Bancorp Inc., a diversified financial products and services company with $1.9 billion in assets, makes available a complete line of banking, investment, insurance, and trust solutions through 48 locations and 35 ATMs in Ohio, West Virginia and Kentucky. Peoples' financial service units include Peoples Bank, National Association; Peoples Financial Advisors (a division of Peoples Bank) and Peoples Insurance Agency, Inc. Peoples' common shares are traded on the NASDAQ Global Select 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 of 2006 results of operations today at 11:00 a.m. eastern daylight time, with members of Peoples' executive management participating. Analysts, media and individual investors are invited to participate in the conference call by calling (877) 407-8033. A simultaneous Webcast of the conference call audio will be available online via the Investor Relations section of Peoples' website, 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 in the "Investor Relations" section for one year. Safe Harbor Statement: - --------------------- This news 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 news release, the matters discussed in this news release, and other statements identified by words such as "feel," "expect," "believe," "plan," "will," "would," "should," "could" and similar expressions are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 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 financial institutions or from non-financial institutions, which may increase significantly; (2) changes in the interest rate environment which may adversely impact interest margins; (3) prepayment speeds, loan originations and sale volumes, charge-offs and loan loss provisions may be less favorable than expected; (4) general economic conditions may be 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 may adversely affect Peoples' business; (7) changes in the conditions and trends in the securities markets; (8) a delayed or incomplete resolution of regulatory issues that could arise; (9) the impact of reputational risk created by these developments on such matters as business generation and retention, funding and liquidity; (10) the costs and effects of regulatory and legal developments, including the outcome of regulatory or other governmental inquiries and legal proceedings and results of regulatory examinations; 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"), including those risk factors included in the disclosure under the heading "ITEM 1A. RISK FACTORS" of Peoples' Annual Report on Form 10-K for the fiscal year ended December 31, 2005. Peoples undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events, except as required by applicable law. Copies of documents filed with the SEC are available free of charge at the SEC's website at http://www.sec.gov and/or from Peoples' website.
PEOPLES BANCORP INC. (NASDAQ: PEBO) Financial Highlights (Unaudited) ------------------------------------------------------------------------------- Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, (in $000's, except per share data) 2006 2006 2005 2006 2005 ----------------------------------------------- ----------------------------- PER SHARE DATA Net income per share: Basic $ 0.50 $ 0.52 $ 0.50 $ 1.59 $ 1.42 Diluted $ 0.50 $ 0.52 $ 0.50 $ 1.57 $ 1.40 Cash dividends declared per share $ 0.21 $ 0.21 $ 0.20 $ 0.62 $ 0.58 Book value per share $ 18.46 $ 17.60 $ 17.17 $ 18.46 $ 17.17 Tangible book value per share (a) $ 11.99 $ 11.03 $ 10.50 $ 11.99 $ 10.50 Closing stock price at end of period $ 29.23 $ 29.84 $ 27.63 $ 29.23 $ 27.63 Dividend payout as a percentage of net income 42.31% 40.44% 40.02% 39.38% 41.02% Actual shares outstanding 10,664,603 10,600,413 10,487,752 10,664,603 10,487,752 Weighted average shares outstanding: Basic 10,638,824 10,591,926 10,451,578 10,587,462 10,425,704 Diluted 10,748,996 10,714,030 10,591,470 10,709,312 10,563,753 PERFORMANCE RATIOS (b) Return on average equity 11.05% 11.88% 11.61% 11.97% 11.19% Return on average assets 1.13% 1.18% 1.14% 1.20% 1.09% Efficiency ratio (c) 59.04% 56.25% 57.37% 57.30% 59.72% Net interest margin (fully-tax equivalent) 3.20% 3.29% 3.32% 3.29% 3.30% Net loan charge-offs (recoveries) as a percentage of average loans 0.04% (0.03%) 0.19% 0.04% 0.20% --------------- ------------- ----------------------------------------------- (a) Excludes the balance sheet impact of intangible assets acquired through acquisitions. (b) Ratios are presented on an annualized basis. (c) Non-interest expense (less intangible amortization) as a percentage of fully tax-equivalent net interest income plus non-interest income (less securities and asset disposal gains/losses).
PEOPLES BANCORP INC. CONSOLIDATED STATEMENTS OF INCOME ----------------------------- ---------------------------- Three Months Ended Nine Months Ended September 30, September 30, (in $000's) 2006 2005 2006 2005 ----------------------------- ---------------------------- Interest income $ 27,649 $ 24,355 $ 80,403 $ 70,395 Interest expense 14,706 11,205 40,652 31,617 -------------- -------------- ------------- ------------- Net interest income 12,943 13,150 39,751 38,778 Provision for loan losses 929 485 1,770 1,466 -------------- -------------- ------------- ------------- Net interest income after provision for loan losses 12,014 12,665 37,981 37,312 Net gain on securities transactions 2 - 6 236 Net (loss) gain on asset disposals (6) (9) 34 112 Gain on sale of banking office 232 - 232 - Non-interest income: Service charges on deposits 2,682 2,533 7,747 7,279 Insurance and investment commissions 2,177 2,266 8,028 7,186 Fiduciary revenues 829 794 2,524 2,466 Electronic banking revenues 792 706 2,288 2,087 Business owned life insurance 404 423 1,209 1,314 Mortgage banking income 165 275 578 656 Other 273 130 627 468 -------------- -------------- ------------- ------------- Total non-interest income 7,322 7,127 23,001 21,456 Non-interest expense: Salaries and benefits 6,445 6,608 19,789 20,530 Net occupancy and equipment 1,377 1,215 3,829 3,842 Professional fees 547 454 1,822 1,669 Amortization of intangible assets 556 661 1,705 2,023 Data processing and software 457 487 1,401 1,411 Franchise taxes 445 425 1,336 1,254 Marketing 398 299 1,286 1,088 Bankcard costs 333 284 940 871 Other 2,208 2,103 6,281 6,035 -------------- -------------- ------------- ------------- Total non-interest expense 12,766 12,536 38,389 38,723 -------------- -------------- ------------- ------------- Income before income taxes 6,798 7,247 22,865 20,393 Income tax expense 1,476 1,979 6,076 5,555 -------------- -------------- ------------- ------------- Net income $ 5,322 $ 5,268 $ 16,789 $ 14,838 ============== ============== ============= =============
PEOPLES BANCORP INC. SELECTED FINANCIAL INFORMATION ------------------------------------------------------------------------------ Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, (in $000's) 2006 2006 2005 2006 2005 ------------------------------------------------ -------------------------- PROVISION FOR LOAN LOSSES Provision for Overdraft Privilege losses $ 254 $ 250 $ 175 $ 560 $ 387 Provision for other loan losses 675 323 310 1,210 1,079 ---------------- ------------ ---------------- ------------ ------------ Total provision for loan losses $ 929 $ 573 $ 485 $ 1,770 $ 1,466 NET CHARGE-OFFS Gross charge-offs $ 628 $ 521 $ 918 $ 1,802 $ 3,090 Recoveries 502 607 413 1,446 1,572 ---------------- ------------ ---------------- ------------ ------------ Net charge-offs (recoveries) $ 126 $ (86) $ 505 $ 356 $ 1,518 Overdrafts $ 234 $ 173 $ 195 $ 511 $ 439 Consumer 77 42 60 106 166 Real estate (29) (202) 49 (141) 490 Commercial (155) (98) 203 (116) 447 Credit card (1) (2) (4) (24) (1) ---------------- ------------ ---------------- ------------ ------------ Total net charge-offs (recoveries) $ 126 $ (86) $ 505 $ 356 $ 1,518 ---------------- ------------ ---------------- ------------ ------------
PEOPLES BANCORP INC. CONSOLIDATED BALANCE SHEETS ------------------ ------------------ (in $000's) September 30, December 31, 2006 2005 ------------------ ------------------ ASSETS Cash and cash equivalents: Cash and due from banks $ 32,477 $ 35,564 Interest-bearing deposits in other banks 1,036 1,084 Federal funds sold 1,300 3,000 ------------------ ------------------ Total cash and cash equivalents 34,813 39,648 Available-for-sale investment securities, at estimated fair value (amortized cost of $558,886 at September 30, 2006 and $591,022 at December 31, 2005) 557,137 589,313 Loans, net of unearned interest 1,139,852 1,071,876 Allowance for loan losses (16,134) (14,720) ------------------ ------------------ Net loans 1,123,718 1,057,156 Loans held for sale 980 1,103 Bank premises and equipment, net of accumulated depreciation 22,848 23,486 Business owned life insurance 48,203 46,993 Goodwill 61,260 59,767 Other intangible assets 7,793 9,513 Other assets 29,782 28,298 ------------------ ------------------ TOTAL ASSETS $ 1,886,534 $ 1,855,277 ================== ================== LIABILITIES Non-interest-bearing deposits $ 166,505 $ 162,729 Interest-bearing deposits 1,061,099 926,557 ------------------ ------------------ Total deposits 1,227,604 1,089,286 Federal funds purchased, securities sold under repurchase agreements, and other short-term borrowings 226,281 173,696 Long-term borrowings 188,107 362,466 Junior subordinated notes held by subsidiary trusts 29,391 29,350 Accrued expenses and other liabilities 18,270 17,402 ------------------ ------------------ TOTAL LIABILITIES 1,689,653 1,672,200 STOCKHOLDERS' EQUITY Common stock, no par value (24,000,000 shares authorized, 10,884,241 shares issued at September 30, 2006, and 10,869,655 shares issued at December 31, 2005) 162,506 162,231 Retained earnings 40,918 30,740 Accumulated comprehensive loss, net of deferred income taxes (1,141) (1,116) Treasury stock, at cost (219,638 shares at September 30, 2006, and 350,675 shares at December 31, 2005) (5,402) (8,778) ------------------ ------------------ TOTAL STOCKHOLDERS' EQUITY 196,881 183,077 ------------------ ------------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,886,534 $ 1,855,277 ================== ==================
PEOPLES BANCORP INC. SELECTED FINANCIAL INFORMATION ---------------- ---------------- ---------------- ---------------- (in $000's, end of period) September 30, June 30, December 31, September 30, 2006 2006 2005 2005 ---------------- ---------------- ---------------- ---------------- LOAN PORTFOLIO Commercial, mortgage $ 488,278 $ 484,486 $ 504,923 $ 493,954 Commercial, other 194,227 187,296 136,331 135,568 Real estate, construction 81,572 66,627 50,745 45,299 Real estate, mortgage 299,444 305,199 316,081 322,975 Consumer 76,331 70,605 63,796 62,760 ---------------- ---------------- ---------------- ---------------- Total loans $ 1,139,852 $ 1,114,213 $ 1,071,876 $ 1,060,556 DEPOSIT BALANCES Interest-bearing deposits: Retail certificates of deposit $ 498,564 $ 499,448 $ 465,148 $ 446,308 Interest-bearing transaction accounts 180,124 177,905 178,030 195,503 Money market deposit accounts 136,344 123,513 110,372 114,366 Brokered certificates of deposits 126,605 57,969 41,786 44,854 Savings accounts 119,462 123,293 131,221 136,979 ---------------- ---------------- ---------------- ---------------- Total interest-bearing deposits 1,061,099 982,128 926,557 938,010 Non-interest-bearing deposits 166,505 169,903 162,729 158,892 ---------------- ---------------- ---------------- ---------------- Total deposits $ 1,227,604 $ 1,152,031 $ 1,089,286 $ 1,096,902 ASSET QUALITY Nonperforming assets: Loans 90 days or more past due $ 177 $ 808 $ 251 $ 137 55555 Renegotiated loans 810 - - - Nonaccrual loans 13,227 9,548 6,284 5,791 ---------------- ---------------- ---------------- ---------------- Total nonperforming loans 14,214 10,356 6,535 5,928 Other real estate owned 34 130 308 2,259 ---------------- ---------------- ---------------- ---------------- Total nonperforming assets $ 14,248 $ 10,486 $ 6,843 $ 8,187 Allowance for loan losses as a percent of nonperforming loans 113.5% 148.0% 225.2% 248.1% Nonperforming loans as a percent of total loans 1.25% 0.93% 0.61% 0.56% Nonperforming assets as a percent of total assets 0.76% 0.56% 0.37% 0.44% Nonperforming assets as a percent of total loans and other real estate owned 1.25% 0.94% 0.64% 0.77% Allowance for loan losses as a percent of total loans 1.42% 1.38% 1.37% 1.39% REGULATORY CAPITAL (a) Tier 1 risk-based capital 12.00% 11.95% 11.60% 11.34% Total risk-based capital ratio (Tier 1 and Tier 2) 13.33% 13.26% 12.91% 12.65% Leverage ratio 8.78% 8.46% 8.10% 7.92% Tier 1 capital $ 159,077 $ 153,806 $ 144,994 $ 140,295 Total capital (Tier 1 and Tier 2) $ 176,724 $ 170,650 $ 161,226 $ 156,612 Total risk-weighted assets $ 1,325,303 $ 1,286,754 $ 1,249,378 $ 1,237,658 ---------------- ---------------- ---------------- ---------------- (a) September 30, 2006, data based on preliminary analysis and is subject to revision.
PEOPLES BANCORP INC. SUPPLEMENTAL INFORMATION ---------------- ---------------- ---------------- ---------------- (in $000's, except per share data) September 30, June 30, December 31, September 30, 2006 2006 2005 2005 ---------------- ---------------- ---------------- ---------------- Trust assets under management $ 724,925 $ 711,135 $ 658,708 $ 655,991 Mortgage loans serviced for others $ 157,944 $ 154,447 $ 144,339 $ 140,639 Employees (full-time equivalent) 552 537 531 537 Announced treasury share plans: (a) Total shares authorized for plan 425,000 425,000 525,000 525,000 Shares purchased - 14,000 - - Average price $ - $ 28.00 $ - $ - ---------------- ---------------- ---------------- ---------------- (a) 2006 data reflects the 2006 Stock Repurchase Program authorizing the repurchase of up to 425,000 common shares. 2005 data reflects the 2005 Stock Repurchase Program authorizing the repurchase of up to 525,000 common shares. The number of common shares purchased for treasury and average price paid are presented for the three-month period ended on the date indicated.
PEOPLES BANCORP INC. CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST INCOME ---------------------------------------------------------------------------------------------- Three Months Ended ---------------------------------------------------------------------------------------------- September 30, 2006 June 30, 2006 September 30, 2005 -------------------------------- ------------------------------- --------------------------- (in $000's) Balance Income/ Yield/ Balance Income/ Yield/ Balance Income/ Yield/ Expense Cost Expense Cost Expense Cost -------------------------------- ------------------------------- --------------------------- Short-term investments $ 4,291 $ 53 4.96 % $ 3,747 $ 38 4.06 % $ 2,741 $ 21 2.91 % Investment securities (a) 562,382 7,151 5.09 581,924 7,381 5.07 606,497 7,121 4.70 Gross loans (a) 1,123,290 20,858 7.38 1,104,839 20,012 7.26 1,044,668 17,635 6.75 Allowance for loan losses (15,507) (15,008) (14,717) -------------------------------- ------------------------------- ---------------------------- Total earning assets 1,674,456 28,062 6.67 % 1,675,502 27,431 6.56 % 1,639,189 24,777 6.02 % Intangible assets 69,332 68,557 70,215 Other assets 129,434 132,094 131,792 ------------ ------------ ------------ Total assets 1,873,222 1,876,153 1,841,196 Interest-bearing deposits: Savings 120,595 201 0.66 % 125,597 203 0.65 % 140,133 235 0.67 % Interest-bearing demand deposits 311,405 2,150 2.74 290,323 1,755 2.42 308,782 1,472 1.89 Time deposits 596,006 6,444 4.29 556,319 5,476 3.95 490,213 4,063 3.29 -------------------------------- ------------------------------- --------------------------- Total interest-bearing deposits 1,028,006 8,795 3.39 972,239 7,434 3.07 939,128 5,770 2.44 Short-term borrowings 236,967 3,120 5.27 227,983 2,756 4.84 148,142 1,301 3.48 Long-term borrowings 234,078 2,791 4.77 305,717 3,510 4.59 398,622 4,134 4.15 -------------------------------- ------------------------------- --------------------------- Total borrowed funds 471,045 5,911 4.92 533,700 6,266 4.66 546,764 5,435 3.91 -------------------------------- ------------------------------- --------------------------- Total interest-bearing 1,499,051 14,706 3.88 % 1,505,939 13,700 3.64 % 1,485,892 11,205 2.98 % liabilities Non-interest-bearing deposits 167,103 167,918 158,028 Other liabilities 16,071 15,411 17,317 ------------ ------------ ------------ Total liabilities 1,682,225 1,689,268 1,661,237 Stockholders' equity 190,997 186,885 179,959 ------------ ------------ ------------ Total liabilities and equity $1,873,222 $ 1,876,153 $ 1,841,196 Net interest income/spread (a) $ 13,356 2.79 % $ 13,731 2.92 % $13,572 3.04 % Net interest margin (a) 3.20 % 3.29 % 3.32 % ---------------------------------------------------------------------------------------------- (a) Information presented on a fully tax-equivalent basis.
----------------------------------------------------------------- Nine Months Ended ----------------------------------------------------------------- September 30, 2006 September 30, 2005 -------------------------------- ------------------------------- (in $000's) Balance Income/ Yield/ Balance Income/ Yield/ Expense Cost Expense Cost ----------------------------------------------------------------- Short-term investments $ 4,005 $ 132 4.38 % $ 2,785 $ 51 2.42 % Investment securities (a) 577,198 21,672 5.01 601,222 20,893 4.63 Gross loans (a) 1,100,416 59,868 7.27 1,031,172 50,668 6.55 Allowance for loan losses (15,119) (15,004) -------------------------------- ------------------------------- Total earning assets 1,666,500 81,672 6.54 % 1,620,175 71,612 5.90 % Intangible assets 68,957 70,298 Other assets 130,292 129,933 ------------ ------------- Total assets 1,865,749 1,820,406 Interest-bearing deposits: Savings 124,571 602 0.65 % 147,535 790 0.72 % Interest-bearing demand deposits 297,060 5,502 2.48 296,942 3,844 1.73 Time deposits 563,962 16,768 3.98 494,010 11,830 3.20 -------------------------------- ------------------------------- Total interest-bearing deposits 985,593 22,872 3.10 938,487 16,464 2.35 Short-term borrowings 210,357 7,643 4.84 114,030 2,573 3.02 Long-term borrowings 299,926 10,137 4.51 416,416 12,580 4.04 -------------------------------- ------------------------------- Total borrowed funds 510,283 17,780 4.61 530,446 15,153 3.79 -------------------------------- ------------------------------- Total interest-bearing liabilities 1,495,876 40,652 3.62 % 1,468,933 31,617 2.87 % Non-interest-bearing deposits 166,590 157,473 Other liabilities 15,731 16,667 ------------ ------------- Total liabilities 1,678,197 1,643,072 Stockholders' equity 187,552 177,334 ------------ ------------- Total liabilities and equity $ 1,865,749 $ 1,820,406 Net interest income/spread (a) $ 41,020 2.92 % 39,995 3.03 % Net interest margin (a) 3.29 % 3.30 % ----------------------------------------------------------------- (a) Information presented on a fully tax-equivalent basis.
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