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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: April 29, 2022

pebo-20220429_g1.jpg
PEOPLES BANCORP INC.
(Exact name of Registrant as specified in its charter)
Ohio000-1677231-0987416
(State or other jurisdiction(Commission File(I.R.S. Employer
of incorporation)Number)Identification Number)
138 Putnam Street, PO Box 738
Marietta,Ohio45750-0738
(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))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common shares, without par valuePEBOThe Nasdaq Stock Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02     Results of Operations and Financial Condition

On April 26, 2022, management of Peoples Bancorp Inc. (“Peoples”) conducted a facilitated conference call at approximately 11:00 a.m., Eastern Daylight Time, to discuss results of operations for the quarter ended March 31, 2022. A replay of the conference call audio will be available on Peoples’ website, www.peoplesbancorp.com, in the “Investor Relations” section for one year. A copy of the transcript of the conference call is included as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this Item 2.02 and Exhibit 99.1 included with this Current Report on Form 8-K, is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall such information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.
During the conference call, management referred to non-Generally Accepted Accounting Principles ("US GAAP") financial measures that are used by management to provide information useful to investors in understanding Peoples' operating performance and trends, and to facilitate comparisons with the performance of Peoples' peers. The following tables show the differences between the non-US GAAP financial measures referred to during the conference call and the most directly comparable US GAAP-based financial measures.

NON-US GAAP FINANCIAL MEASURES (Unaudited)
The following non-US GAAP financial measures used by Peoples provide information useful to investors in understanding Peoples' operating performance and trends, and facilitate comparisons with the performance of Peoples' peers. Peoples also uses the non-US GAAP financial measures for calculating incentive compensation. The following tables summarize the non-US GAAP financial measures derived from amounts reported in Peoples' consolidated financial statements:
Three Months Ended
March 31,December 31,March 31,
(Dollars in thousands)202220212021
Core non-interest expense:
Total non-interest expense$51,629 $47,991 $37,987 
Less: acquisition-related expenses1,373 903 1,911 
Less: pension settlement charges— — — 
Less: severance expenses— 16 49 
Less: COVID-19-related expenses94 565 292 
Less: Peoples Bank Foundation, Inc. contribution— — 500 
Less: contract negotiation benefits— (603)— 
Core non-interest expense$50,162 $47,110 $35,235 













NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued)

Three Months Ended
March 31,December 31,March 31,
(Dollars in thousands)202220212021
Efficiency ratio:
Total non-interest expense51,629 $47,991 37,987 
Less: amortization of other intangible assets1,708 1,508 620 
Adjusted non-interest expense$49,921 $46,483 $37,367 
Total non-interest income$20,050 $19,815 $16,903 
Less: net gain on investment securities130 — — 
Add: net loss on investment securities— (158)(336)
Less: net gain on asset disposals and other transactions— 952 — 
Add: net loss on asset disposals and other transactions(127)— (27)
Total non-interest income, excluding net gains and losses$20,047 $19,021 $17,266 
Net interest income$54,310 $54,737 $35,578 
Add: fully tax-equivalent adjustment (a)391 383 257 
Net interest income on a fully tax-equivalent basis$54,701 $55,120 $35,835 
Adjusted revenue$74,748 $74,141 $53,101 
Efficiency ratio66.79 %62.70 %70.37 %
Efficiency ratio adjusted for non-core items:
Core non-interest expense$50,162 $47,110 $35,235 
Less: amortization of other intangible assets1,708 1,508 620 
Adjusted core non-interest expense$48,454 $45,602 $34,615 
Adjusted revenue$74,748 $74,141 $53,101 
Efficiency ratio adjusted for non-core items64.82 %61.51 %65.19 %
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(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.




NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued)

(Dollars in thousands, except per share data)March 31,December 31,September 30,June 30,March 31,
20222021202120212021
Tangible equity:
Total stockholders' equity$808,340 $845,025 $831,882 $585,505 $578,893 
Less: goodwill and other intangible assets341,865 291,009 295,415 221,576 184,007 
Tangible equity$466,475 $554,016 $536,467 $363,929 $394,886 
Tangible assets:
Total assets$7,239,261 $7,063,521 $7,059,752 $5,067,634 $5,143,052 
Less: goodwill and other intangible assets341,865 291,009 295,415 221,576 184,007 
Tangible assets$6,897,396 $6,772,512 $6,764,337 $4,846,058 $4,959,045 
Tangible book value per common share:
Tangible equity$466,475 $554,016 $536,467 $363,929 $394,886 
Common shares outstanding28,453,175 28,297,771 28,265,791 19,660,877 19,629,633 
Tangible book value per common share$16.39 $19.58 $18.98 $18.51 $20.12 
Tangible equity to tangible assets ratio:
Tangible equity$466,475 $554,016 $536,467 $363,929 $394,886 
Tangible assets$6,897,396 $6,772,512 $6,764,337 $4,846,058 $4,959,045 
Tangible equity to tangible assets6.76 %8.18 %7.93 %7.51 %7.96 %


Three Months Ended
March 31,December 31,March 31,
(Dollars in thousands, except per share data)202220212021
Pre-provision net revenue:
Income before income taxes$29,538 $33,163 $19,243 
Add: loss on OREO1 — — 
Add: loss on investment securities— 158 336 
Add: loss on other assets22 31 27 
Add: net loss on other transactions104 — — 
Less: recovery of credit losses6,807 6,602 4,749 
Less: gain on OREO— 80 — 
Less: gain on investment securities130 — — 
Less: gain on other transactions— 903 — 
Less: gain on other assets— — — 
Pre-provision net revenue$22,728 $25,767 $14,857 
Total average assets$7,067,816 $7,098,875 $4,912,076 
Pre-provision net revenue to total average assets (annualized)1.30 %1.44 %1.23 %
Weighted-average common shares outstanding – diluted28,129,12528,114,98019,436,311
Pre-provision net revenue per common share – diluted$0.81$0.91$0.76




NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued)

Three Months Ended
March 31,December 31,March 31,
(Dollars in thousands)202220212021
Annualized net income adjusted for non-core items:
Net income $23,577 $27,747 $15,463 
Add: net loss on investment securities— 158 336 
Less: tax effect of loss on investment securities (a)— 33 71 
Less: net gain on investment securities130 — — 
Add: tax effect of net gain on investment securities (a)27 — — 
Add: net loss on asset disposals and other transactions127 — 27 
Less: tax effect of net loss on asset disposals and other transactions (a)27 — 6 
Less: net gain on asset disposals and other transactions (a)— 953 — 
Add: tax effect of net gain on asset disposals and other transactions (a)— 200 — 
Add: acquisition-related expenses1,373 903 1,911 
Less: tax effect of acquisition-related expenses (a)288 190 401 
Add: severance expenses— 16 49 
Less: tax effect of severance expenses (a)— 3 10 
Add: COVID-19-related expenses94 565 292 
Less: tax effect of COVID-19-related expenses (a)20 119 61 
Add: Peoples Bank Foundation, Inc. contribution
— — 500 
Less: tax effect of Peoples Bank Foundation, Inc. contribution
— — 105 
Less: contract negotiation benefits
— 603 — 
Add: tax effect of contract negotiation benefits
— 127 $— 
Net income adjusted for non-core items (after tax)$24,733 $27,815 $17,924 
Days in the period90 92 90 
Days in the year365 365 365 
Annualized net income$95,618 $110,083 $62,711 
Annualized net income adjusted for non-core items (after tax)$100,306 $110,353 $72,692 
Return on average assets:
Annualized net income$95,618 $110,083 $62,711 
Total average assets$7,067,816 $7,098,875 $4,912,076 
Return on average assets1.35 %1.55 %1.28 %
Return on average assets adjusted for non-core items:
Annualized net income adjusted for non-core items (after tax)$100,306 $110,353 $72,692 
Total average assets$7,067,816 $7,098,875 $4,912,076 
Return on average assets adjusted for non-core items1.42 %1.55 %1.48 %
(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.




NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued)
Three Months Ended
March 31,December 31,March 31,
(Dollars in thousands)202220212021
Annualized net income excluding amortization of other intangible assets:
Net income $23,577 $27,747 $15,463 
Add: amortization of other intangible assets1,708 1,508 620 
Less: tax effect of amortization of other intangible assets (a)359 317 130 
Net income excluding amortization of other intangible assets (after tax)$24,926 $28,938 $15,953 
Days in the period90 92 90 
Days in the year365 365 365 
Annualized net income $95,618 $110,083 $62,711 
Annualized net income excluding amortization of other intangible assets (after tax)$101,089 $114,808 $64,698 
Average tangible equity:
Total average stockholders' equity$834,752 $836,797 $577,588 
Less: average goodwill and other intangible assets304,124 298,276 184,253 
Average tangible equity$530,628 $538,521 $393,335 
Return on average stockholders' equity ratio:
Annualized net income $95,618 $110,083 $62,711 
Average stockholders' equity$834,752 $836,797 $577,588 
Return on average stockholders' equity11.45 %13.16 %10.86 %
Return on average tangible equity ratio:
Annualized net income excluding amortization of other intangible assets (after tax)$101,089 $114,808 $64,698 
Average tangible equity$530,628 $538,521 $393,335 
Return on average tangible equity19.05 %21.32 %16.45 %
(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.



















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Item 9.01.     Financial Statements and Exhibits
a) - c)
Not applicable.
d) Exhibits
See Index to Exhibits which follows:

INDEX TO EXHIBITS

Exhibit NumberDescription
Transcript of conference call conducted by management of Peoples Bancorp Inc. on April 26, 2022 to discuss results of operations for the quarter ended March 31, 2022
104Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)
* Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedules or exhibits will be furnished supplementally to the SEC upon its request.




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:April 29, 2022By:/s/ 
Katie Bailey
Executive Vice President,
Chief Financial Officer and Treasurer