0000318300FALSE00003183002023-07-282023-07-28

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): July 28, 2023 (July 25, 2023)

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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 July 25, 2023, 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 June 30, 2023. 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 EndedSix Months Ended
June 30,March 31,June 30,June 30,
(Dollars in thousands)20232023202220232022
Core non-interest expense:
Total non-interest expense$70,623 $56,479 $49,899 $127,102 $101,528 
Less: acquisition-related expenses10,709 551 602 11,260 1,975 
Less: COVID-19-related expenses— — 29 — 123 
Add: COVID -19 Employee Retention Credit548 — — 548 — 
Core non-interest expense$60,462 $55,928 $49,268 $116,390 $99,430 

NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued)
Three Months EndedSix Months Ended
June 30,March 31,June 30,June 30,
(Dollars in thousands)20232023202220232022
Efficiency ratio:
Total non-interest expense70,623 $56,479 49,899 127,102 101,528 
Less: amortization of other intangible assets2,800 1,871 2,034 4,671 3,742 
Adjusted non-interest expense$67,823 $54,608 $47,865 $122,431 $97,786 
Total non-interest income$21,015 $19,060 $19,386 $40,075 $39,436 
Less: net gain (loss) on investment securities(166)(1,935)(44)(2,101)86 
Add: net loss on asset disposals and other transactions(1,665)(246)(152)(1,911)(279)
Total non-interest income, excluding net gains and losses$22,846 $21,241 $19,582 $44,087 $39,629 
Net interest income$84,853 $72,878 $61,468 $157,731 $115,778 
Add: fully tax-equivalent adjustment (a)446 399 414 845 806 
Net interest income on a fully tax-equivalent basis$85,299 $73,277 $61,882 $158,576 $116,584 
Adjusted revenue$108,145 $94,518 $81,464 $202,663 $156,213 
Efficiency ratio62.71 %57.78 %58.76 %60.41 %62.60 %
Efficiency ratio adjusted for non-core items:
Core non-interest expense$60,462 $55,928 $49,268 $116,390 $99,430 
Less: amortization of other intangible assets2,800 1,871 2,034 4,671 3,742 
Adjusted core non-interest expense$57,662 $54,057 $47,234 $111,719 $95,688 
Adjusted revenue$108,145 $94,518 $81,464 $202,663 $156,213 
Efficiency ratio adjusted for non-core items53.32 %57.19 %57.98 %55.13 %61.25 %
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(a) Tax effect is calculated using a 23.6% blended corporate income tax rate at June 30, 2023 and a 23.3% blended corporate income tax rate at March 31, 2023 and June 30, 2022.

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

(Dollars in thousands, except per share data)June 30,March 31,December 31,September 30,June 30,
20232023202220222023
Tangible equity:
Total stockholders' equity$998,907 $819,543 $785,328 $760,511 $786,824 
Less: goodwill and other intangible assets413,172 324,562 326,329 328,428 328,132 
Tangible equity$585,735 $494,981 $458,999 $432,083 $458,692 
Tangible assets:
Total assets$8,786,635 $7,311,520 $7,207,304 $7,005,854 $7,278,292 
Less: goodwill and other intangible assets413,172 324,562 326,329 328,428 328,132 
Tangible assets$8,373,463 $6,986,958 $6,880,975 $6,677,426 $6,950,160 
Tangible book value per common share:
Tangible equity$585,735 $494,981 $458,999 $432,083 $458,692 
Common shares outstanding35,374,916 28,488,158 28,287,837 28,278,078 28,290,115 
Tangible book value per common share$16.56 $17.37 $16.23 $15.28 $16.21 
Tangible equity to tangible assets ratio:
Tangible equity$585,735 $494,981 $458,999 $432,083 $458,692 
Tangible assets$8,373,463 $6,986,958 $6,880,975 $6,677,426 $6,950,160 
Tangible equity to tangible assets7.00 %7.08 %6.67 %6.47 %6.60 %
Three Months EndedSix Months Ended
June 30,March 31,June 30,June 30,
(Dollars in thousands, except per share data)20232023202220232022
Pre-provision net revenue:
Income (loss) before income taxes$27,262 $33,606 $31,735 $60,868 $61,273 
Add: provision for credit losses7,983 1,853 — 9,836 — 
Add: loss on OREO1,612 10 32 1,622 33 
Add: loss on investment securities166 1,935 44 2,101 44 
Add: loss on other assets45 229 119 274 141 
Add: net loss on other transactions8 7 — 15 104 
Less: recovery of credit losses— — 780 — 7,587 
Less: gain on investment securities— — — — 130 
Pre-provision net revenue$37,076 $37,640 $31,150 $74,716 $53,878 
Total average assets$8,342,883 $7,222,464 $7,121,663 $7,792,579 $7,094,228 
Pre-provision net revenue to total average assets (annualized)1.78 %2.11 %1.75 %1.93 %1.53 %
Weighted-average common shares outstanding – diluted32,649,97628,021,87928,061,73630,314,50428,041,145
Pre-provision net revenue per common share – diluted$1.13$1.34$1.11$2.45$1.91


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

Three Months EndedSix Months Ended
June 30,March 31,June 30,June 30,
(Dollars in thousands)20232023202220232022
Annualized net income (loss) adjusted for non-core items:
Net income (loss)$21,096 $26,560 $24,888 $47,656 $48,465 
Add: loss on investment securities166 1,935 44 2,101 — 
Less: tax effect of loss on investment securities (a)35 406 9 441 — 
Less: gain on investment securities— — — — 86 
Add: tax effect of net gain on investment securities (a)— — — — 18 
Add: net loss on asset disposals and other transactions1,665 246 152 1,911 279 
Less: tax effect of net loss on asset disposals and other transactions (a)349 52 32 401 59 
Add: acquisition-related expenses10,709 551 602 11,260 1,975 
Less: tax effect of acquisition-related expenses (a)2,249 116 126 2,365 415 
Add: COVID-19-related expenses— — 29 — 123 
Less: tax effect of COVID-19-related expenses (a)— — 6 — 26 
Less: COVID -19 Employee Retention Credit548 — — 548 — 
Add: tax effect of COVID -19 Employee Retention Credit115 — — 115 — 
Net income adjusted for non-core items (after tax)$30,570 $28,718 $25,542 $59,288 $50,274 
Days in the period91 90 91 181 181 
Days in the year365 365 365 365 365 
Annualized net income (loss)$84,616 $107,716 $99,825 $96,102 $97,733 
Annualized net income adjusted for non-core items (after tax)$122,616 $116,467 $102,449 $119,559 $101,381 
Return on average assets:
Annualized net income (loss)$84,616 $107,716 $99,825 $96,102 $97,733 
Total average assets$8,342,883 $7,222,464 $7,121,663 $7,792,579 $7,094,228 
Return on average assets1.01 %1.49 %1.40 %1.23 %1.38 %
Return on average assets adjusted for non-core items:
Annualized net income adjusted for non-core items (after tax)$122,616 $116,467 $102,449 $119,559 $101,381 
Total average assets$8,342,883 $7,222,464 $7,121,663 $7,792,579 $7,094,228 
Return on average assets adjusted for non-core items1.47 %1.61 %1.44 %1.53 %1.43 %
(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.



NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued)
Three Months EndedAt or For the Six Months Ended
June 30,March 31,June 30,June 30,
(Dollars in thousands)20232023202220232022
Annualized net income (loss) excluding amortization of other intangible assets:
Net income (loss)$21,096 $26,560 $24,888 $47,656 $48,465 
Add: amortization of other intangible assets2,800 1,871 2,034 4,671 3,742 
Less: tax effect of amortization of other intangible assets (a)588 393 427 981 786 
Net income excluding amortization of other intangible assets (after tax)$23,308 $28,038 $26,495 $51,346 $51,421 
Days in the period91 90 91 181 181 
Days in the year365 365 365 365 365 
Annualized net income (loss)$84,616 $107,716 $99,825 $96,102 $97,733 
Annualized net income (loss) excluding amortization of other intangible assets (after tax)$93,488 $113,710 $106,271 $103,543 $103,694 
Average tangible equity:
Total average stockholders' equity$951,438 $801,465 $791,401 $876,866 $812,956 
Less: average goodwill and other intangible assets387,055 325,545 329,243 356,470 316,753 
Average tangible equity$564,383 $475,920 $462,158 $520,396 $496,203 
Return on average stockholders' equity ratio:
Annualized net income $84,616 $107,716 $99,825 $96,102 $97,733 
Average stockholders' equity$951,438 $801,465 $791,401 $876,866 $812,956 
Return on average stockholders' equity8.89 %13.44 %12.61 %10.96 %12.02 %
Return on average tangible equity ratio:
Annualized net income excluding amortization of other intangible assets (after tax)$93,488 $113,710 $106,271 $103,543 $103,694 
Average tangible equity$564,383 $475,920 $462,158 $520,396 $496,203 
Return on average tangible equity16.56 %23.89 %22.99 %19.90 %20.90 %
(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.
.


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 July 25, 2023 to discuss results of operations for the quarter ended June 30, 2023
104Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)




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:July 28, 2023By:/s/ 
Katie Bailey
Executive Vice President,
Chief Financial Officer and Treasurer