0000318300FALSE00003183002024-01-262024-01-26

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): January 26, 2024 (January 23, 2024)

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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 January 23, 2024, management of Peoples Bancorp Inc. (“Peoples”) conducted a facilitated conference call at approximately 11:00 a.m., Eastern Standard Time, to discuss results of operations for the quarter and twelve months ended December 31, 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.

Three Months EndedYear Ended
December 31,September 30,December 31,December 31,
(Dollars in thousands)20232023202220232022
Core non-interest expense:
Total non-interest expense$67,689 $71,696 $53,366 $266,487 $207,147 
Less: acquisition-related expenses1,276 4,434 702 16,970 3,016 
Less: pension settlement charges— 2,424 46 2,424 185 
Less: COVID-19-related expenses— — 2 — 134 
Add: COVID -19 Employee Retention Credit— — — 548 — 
Core non-interest expense$66,413 $64,838 $52,616 $247,641 $203,812 




Three Months EndedYear Ended
December 31,September 30,December 31,December 31,
(Dollars in thousands)20232023202220232022
Efficiency ratio:
Total non-interest expense$67,689 $71,696 $53,366 $266,487 $207,147 
Less: amortization of other intangible assets3,271 3,280 1,998 11,222 7,763 
Adjusted total non-interest expense64,418 68,416 51,368 255,265 199,384 
Total non-interest income24,134 23,204 19,034 87,413 78,836 
Less: net gain on investment securities— — — — — 
Less: net loss on investment securities(1,592)(7)(168)(3,700)(61)
Less: net loss on asset disposals and other transactions(619)(307)(302)(2,837)(616)
Total non-interest income, excluding net gains and losses26,345 23,518 19,504 93,950 79,513 
Net interest income88,369 93,274 70,613 339,374 253,442 
Add: fully tax-equivalent adjustment (a)414 445 412 1,703 1,644 
Net interest income on a fully tax-equivalent basis88,783 93,719 71,025 341,077 255,086 
Adjusted revenue$115,128 $117,237 $90,529 $435,027 $334,599 
Efficiency ratio55.95 %58.36 %56.74 %58.68 %59.59 %
Efficiency ratio adjusted for non-core items:
Core non-interest expense$66,413 $64,838 $52,616 $247,641 $203,812 
Less: amortization of other intangible assets3,271 3,280 1,998 11,222 7,763 
Adjusted core non-interest expense63,142 61,558 50,618 236,419 196,049 
Adjusted revenue$115,128 $117,237 $90,529 $435,027 $334,599 
Efficiency ratio adjusted for non-core items54.85 %52.51 %55.91 %54.35 %58.59 %
(a) Tax effect is calculated using a 23.3% blended corporate income tax rate for all periods presented.




At or For the Three Months Ended
December 31,September 30,June 30,March 31,December 31,
(Dollars in thousands, except per share data)20232023202320232022
Tangible equity:
Total stockholders' equity$1,053,534 $993,219 $998,907 $819,543 $785,328 
Less: goodwill and other intangible assets412,172 408,494 413,172 324,562 326,329 
Tangible equity$641,362 $584,725 $585,735 $494,981 $458,999 
Tangible assets:
Total assets$9,157,382 $8,942,534 $8,786,635 $7,311,520 $7,207,304 
Less: goodwill and other intangible assets412,172 408,494 413,172 324,562 326,329 
Tangible assets$8,745,210 $8,534,040 $8,373,463 $6,986,958 $6,880,975 
Tangible book value per common share:
Tangible equity$641,362 $584,725 $585,735 $494,981 $458,999 
Common shares outstanding35,314,745 35,395,990 35,374,916 28,488,158 28,287,837 
Tangible book value per common share$18.16 $16.52 $16.56 $17.37 $16.23 
Tangible equity to tangible assets ratio:
Tangible equity$641,362 $584,725 $585,735 $494,981 $458,999 
Tangible assets$8,745,210 $8,534,040 $8,373,463 $6,986,958 $6,880,975 
Tangible equity to tangible assets7.33 %6.85 %7.00 %7.08 %6.67 %


Three Months EndedYear Ended
December 31,September 30,December 31,December 31,
(Dollars in thousands)20232023202220232022
Pre-provision net revenue:
Income before income taxes$43,529 $40,729 $33,980 $145,126 $128,641 
Add: provision for credit losses1,285 4,053 2,301 15,174 — 
Add: loss on OREO— 1 — 1,623 138 
Add: loss on investment securities1,592 7 168 3,700 61 
Add: loss on other assets586 283 279 1,143 326 
Add: loss on other transactions33 23 22 71 151 
Less: recovery of credit losses— — — — 3,510 
Pre-provision net revenue$47,025 $45,096 $36,750 $166,837 $125,807 
Total average assets8,826,655 8,806,409 7,067,193 8,298,777 7,094,707 
Pre-provision net revenue to total average assets (annualized)2.11 %2.03 %2.06 %2.01 %1.77 %
Weighted-average common shares outstanding – diluted35,089,82535,061,89727,981,65632,760,80827,999,602
Pre-provision net revenue per common share – diluted$1.33 $1.28 $1.31 $5.06 $4.48 




Three Months EndedYear Ended
December 31,September 30,December 31,December 31,
(Dollars in thousands)20232023202220232022
Annualized net income adjusted for non-core items:
Net income$33,825 $31,882 $26,849 $113,363 $101,292 
Add: net loss on investment securities1,592 7 168 3,700 61 
Less: tax effect of net loss on investment securities (a)334 2 35 777 13 
Add: net loss on asset disposals and other transactions619 307 301 2,837 616 
Less: tax effect of net loss on asset disposals and other transactions (a)130 65 63 596 129 
Add: acquisition-related expenses1,276 4,434 702 16,970 3,016 
Less: tax effect of acquisition-related expenses (a)268 931 147 3,564 633 
Add: pension settlement charges— 2,424 46 2,424 185 
Less: tax effect of pension settlement charges (a)— 509 10 509 39 
Add: COVID-19-related expenses— — 2 — 134 
Less: tax effect of COVID-19-related expenses (a)— — — — 28 
Less: COVID -19 Employee Retention Credit— — — 548 — 
Add: tax effect of COVID -19 Employee Retention Credit— — — 115 — 
Net income adjusted for non-core items$36,580 $37,547 $27,813 $133,415 $104,462 
Days in the period92 92 92 365 365 
Days in the year365 365 365 365 365 
Annualized net income$134,197 $126,488 $106,520 $113,363 $101,292 
Annualized net income adjusted for non-core items$145,127 $148,964 $110,345 $133,415 $104,462 
Return on average assets:
Annualized net income$134,197 $126,488 $106,520 $113,363 $101,292 
Total average assets$8,826,655 $8,806,409 $7,067,193 $8,298,777 $7,094,707 
Return on average assets1.52 %1.44 %1.51 %1.37 %1.43 %
Return on average assets adjusted for non-core items:
Annualized net income adjusted for non-core items$145,127 $148,964 $110,345 $133,415 $104,462 
Total average assets$8,826,655 $8,806,409 $7,067,193 $8,298,777 $7,094,707 
Return on average assets adjusted for non-core items1.64 %1.69 %1.56 %1.61 %1.47 %
(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.




For the Three Months EndedFor the Year Ended
December 31,September 30,December 31,December 31,
(Dollars in thousands)20232023202220232022
Annualized net income excluding amortization of other intangible assets:
Net income $33,825 $31,882 $26,849 $113,363 $101,292 
Add: amortization of other intangible assets3,271 3,280 1,998 11,222 7,763 
Less: tax effect of amortization of other intangible assets (a)687 689 420 2,357 1,630 
Net income excluding amortization of other intangible assets$36,409 $34,473 $28,427 $122,228 $107,425 
Days in the period92 92 92 365 365 
Days in the year365 365 365 365 365 
Annualized net income$134,197 $126,488 $106,520 $113,363 $101,292 
Annualized net income excluding amortization of other intangible assets$144,449 $136,768 $112,781 $122,228 $107,425 
Average tangible equity:
Total average stockholders' equity$1,002,515 $1,004,858 $768,650 $940,797 $797,984 
Less: average goodwill and other intangible assets411,616 411,229 327,377 384,172 322,639 
Average tangible equity$590,899 $593,629 $441,273 $556,625 $475,345 
Return on average stockholders' equity ratio:
Annualized net income$134,197 $126,488 $106,520 $113,363 $101,292 
Average stockholders' equity$1,002,515 $1,004,858 $768,650 $940,797 $797,984 
Return on average stockholders' equity13.39 %12.59 %13.86 %12.05 %12.69 %
Return on average tangible equity ratio:
Annualized net income excluding amortization of other intangible assets$144,449 $136,768 $112,781 $122,228 $107,425 
Average tangible equity$590,899 $593,629 $441,273 $556,625 $475,345 
Return on average tangible equity24.45 %23.04 %25.56 %21.96 %22.60 %
(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 below.

INDEX TO EXHIBITS


Exhibit NumberDescription
Transcript of conference call conducted by management of Peoples Bancorp Inc. on January 23, 2024 to discuss results of operations for the quarter and twelve months ended December 31, 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:January 26, 2024By:/s/KATHRYN BAILEY
Kathryn Bailey
Executive Vice President,
Chief Financial Officer and Treasurer