0000318300FALSE00003183002024-04-292024-04-29

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): April 29, 2024 (April 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 April 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 March 31, 2024. 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 Ended
March 31,December 31,March 31,
(Dollars in thousands)202420232023
Core non-interest expense:
Total non-interest expense$68,465 $67,689 $56,479 
Less: acquisition-related expenses(84)1,276 551 
Core non-interest expense$68,549 $66,413 $55,928 




Three Months Ended
March 31,December 31,March 31,
(Dollars in thousands)202420232023
Efficiency ratio:
Total non-interest expense$68,465 $67,689 $56,479 
Less: amortization of other intangible assets2,788 3,271 1,871 
Adjusted total non-interest expense65,677 64,418 54,608 
Total non-interest income25,779 24,134 19,060 
Less: net loss on investment securities(1)(1,592)(1,935)
Less: net loss on asset disposals and other transactions(341)(619)(246)
Total non-interest income, excluding net gains and losses26,121 26,345 21,241 
Net interest income86,640 88,369 72,878 
Add: fully tax-equivalent adjustment (a)400 414 399 
Net interest income on a fully tax-equivalent basis87,040 88,783 73,277 
Adjusted revenue$113,161 $115,128 $94,518 
Efficiency ratio58.04 %55.95 %57.78 %
Efficiency ratio adjusted for non-core items:
Core non-interest expense$68,549 $66,413 $55,928 
Less: amortization of other intangible assets2,788 3,271 1,871 
Adjusted core non-interest expense65,761 63,142 54,057 
Adjusted revenue$113,161 $115,128 $94,518 
Efficiency ratio adjusted for non-core items58.11 %54.85 %57.19 %
(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
March 31,December 31,September 30,June 30,March 31,
(Dollars in thousands, except per share data)20242023202320232023
Tangible equity:
Total stockholders' equity$1,062,002 $1,053,534 $993,219 $998,907 $819,543 
Less: goodwill and other intangible assets409,285 412,172 408,494 413,172 324,562 
Tangible equity$652,717 $641,362 $584,725 $585,735 $494,981 
Tangible assets:
Total assets$9,270,774 $9,157,382 $8,942,534 $8,786,635 $7,311,520 
Less: goodwill and other intangible assets409,285 412,172 408,494 413,172 324,562 
Tangible assets$8,861,489 $8,745,210 $8,534,040 $8,373,463 $6,986,958 
Tangible book value per common share:
Tangible equity$652,717 $641,362 $584,725 $585,735 $494,981 
Common shares outstanding35,486,234 35,314,745 35,395,990 35,374,916 28,488,158 
Tangible book value per common share$18.39 $18.16 $16.52 $16.56 $17.37 
Tangible equity to tangible assets ratio:
Tangible equity$652,717 $641,362 $584,725 $585,735 $494,981 
Tangible assets$8,861,489 $8,745,210 $8,534,040 $8,373,463 $6,986,958 
Tangible equity to tangible assets7.37 %7.33 %6.85 %7.00 %7.08 %


Three Months Ended
March 31,December 31,March 31,
(Dollars in thousands)202420232023
Pre-provision net revenue:
Income before income taxes$37,852 $43,529 $33,606 
Add: provision for credit losses6,102 1,285 1,853 
Add: loss on OREO— — 10 
Add: loss on investment securities1 1,592 1,935 
Add: loss on other assets309 586 229 
Add: loss on other transactions32 33 7 
Pre-provision net revenue$44,296 $47,025 $37,640 
Total average assets9,021,651 8,826,655 7,222,464 
Pre-provision net revenue to total average assets (annualized)1.97 %2.11 %2.11 %
Weighted-average common shares outstanding – diluted35,051,81035,089,82528,021,879
Pre-provision net revenue per common share – diluted$1.24 $1.34 $1.34 




Three Months Ended
March 31,December 31,March 31,
(Dollars in thousands)202420242023
Annualized net income adjusted for non-core items:
Net income$29,584 $33,825 $26,560 
Add: net loss on investment securities1 1,592 1,935 
Less: tax effect of net loss on investment securities (a)— 334 406 
Add: net loss on asset disposals and other transactions341 619 246 
Less: tax effect of net loss on asset disposals and other transactions (a)72 130 52 
Add: acquisition-related expenses(84)1,276 551 
Less: tax effect of acquisition-related expenses (a)(18)268 116 
Net income adjusted for non-core items$29,788 $36,580 $28,718 
Days in the period91 92 90 
Days in the year366 365 365 
Annualized net income$118,986 $134,197 $107,716 
Annualized net income adjusted for non-core items$119,807 $145,127 $116,467 
Return on average assets:
Annualized net income$118,986 $134,197 $107,716 
Total average assets$9,021,651 $8,826,655 $7,222,464 
Return on average assets1.32 %1.52 %1.49 %
Return on average assets adjusted for non-core items:
Annualized net income adjusted for non-core items$119,807 $145,127 $116,467 
Total average assets$9,021,651 $8,826,655 $7,222,464 
Return on average assets adjusted for non-core items1.33 %1.64 %1.61 %
(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.




For the Three Months Ended
March 31,December 31,March 31,
(Dollars in thousands)202420232023
Annualized net income excluding amortization of other intangible assets:
Net income $29,584 $33,825 $26,560 
Add: amortization of other intangible assets2,788 3,271 1,871 
Less: tax effect of amortization of other intangible assets (a)585 687 393 
Net income excluding amortization of other intangible assets$31,787 $36,409 $28,038 
Days in the period91 92 90 
Days in the year366 365 365 
Annualized net income$118,986 $134,197 $107,716 
Annualized net income excluding amortization of other intangible assets$127,847 $144,449 $113,710 
Average tangible equity:
Total average stockholders' equity$1,052,781 $1,002,515 $801,465 
Less: average goodwill and other intangible assets410,719 411,616 325,545 
Average tangible equity$642,062 $590,899 $475,920 
Return on average stockholders' equity ratio:
Annualized net income$118,986 $134,197 $107,716 
Average stockholders' equity$1,052,781 $1,002,515 $801,465 
Return on average stockholders' equity11.30 %13.39 %13.44 %
Return on average tangible equity ratio:
Annualized net income excluding amortization of other intangible assets$127,847 $144,449 $113,710 
Average tangible equity$642,062 $590,899 $475,920 
Return on average tangible equity19.91 %24.45 %23.89 %
(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:April 29, 2024By:/s/KATHRYN BAILEY
Kathryn Bailey
Executive Vice President,
Chief Financial Officer and Treasurer