0000318300FALSE00003183002024-07-262024-07-26

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): July 26, 2024 (July 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 July 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 June 30, 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 EndedSix Months Ended
June 30,March 31,June 30,June 30,
(Dollars in thousands)20242024202320242023
Core non-interest expense:
Total non-interest expense$68,758 $68,465 $70,623 $137,223 $127,102 
Less: acquisition-related expenses— (84)10,709 (84)11,260 
Add: COVID -19 Employee Retention Credit— — 548 — 548 
Core non-interest expense$68,758 $68,549 $60,462 $137,307 $116,390 



Three Months EndedSix Months Ended
June 30,March 31,June 30,June 30,
(Dollars in thousands)20242024202320242023
Efficiency ratio:
Total non-interest expense$68,758 $68,465 $70,623 $137,223 $127,102 
Less: amortization of other intangible assets2,787 2,788 2,800 5,575 4,671 
Adjusted total non-interest expense65,971 65,677 67,823 131,648 122,431 
Total non-interest income23,704 25,779 21,015 49,483 40,075 
Less: net loss on investment securities(353)(1)(166)(354)(2,101)
Less: net loss on asset disposals and other transactions(428)(341)(1,665)(769)(1,911)
Total non-interest income, excluding net gains and losses24,485 26,121 22,846 50,606 44,087 
Net interest income86,613 86,640 84,853 173,253 157,731 
Add: fully tax-equivalent adjustment (a)352 352 386 705 738 
Net interest income on a fully tax-equivalent basis86,965 86,992 85,239 173,958 158,469 
Adjusted revenue$111,450 $113,113 $108,085 $224,564 $202,556 
Efficiency ratio59.19 %58.06 %62.75 %58.62 %60.44 %
Efficiency ratio adjusted for non-core items:
Core non-interest expense$68,758 $68,549 $60,462 $137,307 $116,390 
Less: amortization of other intangible assets2,787 2,788 2,800 5,575 4,671 
Adjusted core non-interest expense65,971 65,761 57,662 131,732 111,719 
Adjusted revenue$111,450 $113,113 $108,085 $224,564 $202,556 
Efficiency ratio adjusted for non-core items59.19 %58.14 %53.35 %58.66 %55.15 %
(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.




At or For the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
(Dollars in thousands, except per share data)20242024202320232023
Tangible equity:
Total stockholders' equity$1,077,833 $1,062,002 $1,053,534 $993,219 $998,907 
Less: goodwill and other intangible assets406,417 409,285 412,172 408,494 413,172 
Tangible equity$671,416 $652,717 $641,362 $584,725 $585,735 
Tangible assets:
Total assets$9,226,461 $9,270,774 $9,157,382 $8,942,534 $8,786,635 
Less: goodwill and other intangible assets406,417 409,285 412,172 408,494 413,172 
Tangible assets$8,820,044 $8,861,489 $8,745,210 $8,534,040 $8,373,463 
Tangible book value per common share:
Tangible equity$671,416 $652,717 $641,362 $584,725 $585,735 
Common shares outstanding35,498,977 35,486,234 35,314,745 35,395,990 35,374,916 
Tangible book value per common share$18.91 $18.39 $18.16 $16.52 $16.56 
Tangible equity to tangible assets ratio:
Tangible equity$671,416 $652,717 $641,362 $584,725 $585,735 
Tangible assets$8,820,044 $8,861,489 $8,745,210 $8,534,040 $8,373,463 
Tangible equity to tangible assets7.61 %7.37 %7.33 %6.85 %7.00 %

Three Months EndedSix Months Ended
June 30,March 31,June 30,June 30,
(Dollars in thousands)20242024202320242023
Pre-provision net revenue:
Income before income taxes$35,876 $37,852 $27,262 $73,728 $60,868 
Add: provision for credit losses5,683 6,102 7,983 11,785 9,836 
Add: loss on OREO— — 1,612 — 1,622 
Add: loss on investment securities353 1 166 354 2,101 
Add: loss on other assets397 309 45 706 274 
Add: loss on other transactions31 32 8 63 15 
Pre-provision net revenue$42,340 $44,296 $37,076 $86,636 $74,716 
Total average assets9,180,454 9,021,651 8,342,883 9,101,052 7,792,579 
Pre-provision net revenue to total average assets (annualized)1.85 %1.97 %1.78 %1.91 %1.93 %
Weighted-average common shares outstanding – diluted35,117,64835,051,81032,649,97635,071,55030,314,504
Pre-provision net revenue per common share – diluted$1.21 $1.26 $1.13 $2.45 $2.45 




Three Months EndedSix Months Ended
June 30,March 31,June 30,June 30,
(Dollars in thousands)20242024202320242023
Annualized net income adjusted for non-core items:
Net income$29,007 $29,584 $21,096 $58,591 $47,656 
Add: net loss on investment securities353 1 166 354 2,101 
Less: tax effect of net loss on investment securities (a)74 — 35 74 441 
Add: net loss on asset disposals and other transactions428 341 1,665 769 1,911 
Less: tax effect of net loss on asset disposals and other transactions (a)90 72 349 161 401 
Add: acquisition-related expenses— (84)10,709 (84)11,260 
Less: tax effect of acquisition-related expenses (a)— (18)2,249 (18)2,365 
Less: COVID -19 Employee Retention Credit— — 548 — 548 
Add: tax effect of COVID -19 Employee Retention Credit— — 115 — 115 
Net income adjusted for non-core items$29,624 $29,788 $30,570 $59,413 $59,288 
Days in the period91 91 91 182 181 
Days in the year366 366 365 366 365 
Annualized net income$116,666 $118,986 $84,616 $117,826 $96,102 
Annualized net income adjusted for non-core items$119,147 $119,807 $122,616 $119,479 $119,559 
Return on average assets:
Annualized net income$116,666 $118,986 $84,616 $117,826 $96,102 
Total average assets$9,180,454 $9,021,651 $8,342,883 $9,101,052 $7,792,579 
Return on average assets1.27 %1.32 %1.01 %1.29 %1.23 %
Return on average assets adjusted for non-core items:
Annualized net income adjusted for non-core items$119,147 $119,807 $122,616 $119,479 $119,559 
Total average assets$9,180,454 $9,021,651 $8,342,883 $9,101,052 $7,792,579 
Return on average assets adjusted for non-core items1.30 %1.33 %1.47 %1.31 %1.53 %

(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.




For the Three Months EndedSix Months Ended
June 30,March 31,June 30,June 30,
(Dollars in thousands)20242024202320242023
Annualized net income excluding amortization of other intangible assets:
Net income $29,007 $29,584 $21,096 $58,591 $47,656 
Add: amortization of other intangible assets2,787 2,788 2,800 5,575 4,671 
Less: tax effect of amortization of other intangible assets (a)585 585 588 1,171 981 
Net income excluding amortization of other intangible assets$31,209 $31,787 $23,308 $62,995 $51,346 
Days in the period91 91 91 182 181 
Days in the year366 366 365 366 365 
Annualized net income$116,666 $118,986 $84,616 $117,826 $96,102 
Annualized net income excluding amortization of other intangible assets$125,522 $127,847 $93,488 $126,682 $103,543 
Average tangible equity:
Total average stockholders' equity$1,061,454 $1,052,781 $951,438 $1,057,117 $876,866 
Less: average goodwill and other intangible assets407,864 410,719 387,055 409,292 356,470 
Average tangible equity$653,590 $642,062 $564,383 $647,825 $520,396 
Return on average stockholders' equity ratio:
Annualized net income$116,666 $118,986 $84,616 $117,826 $96,102 
Average stockholders' equity$1,061,454 $1,052,781 $951,438 $1,057,117 $876,866 
Return on average stockholders' equity10.99 %11.30 %8.89 %11.15 %10.96 %
Return on average tangible equity ratio:
Annualized net income excluding amortization of other intangible assets$125,522 $127,847 $93,488 $126,682 $103,543 
Average tangible equity$653,590 $642,062 $564,383 $647,825 $520,396 
Return on average tangible equity19.21 %19.91 %16.56 %19.55 %19.90 %
(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 below.

INDEX TO EXHIBITS


Exhibit NumberDescription
Transcript of conference call conducted by management of Peoples Bancorp Inc. on July 23, 2024 to discuss results of operations for the quarter and six months ended June 30, 2024
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 26, 2024By:/s/KATHRYN BAILEY
Kathryn Bailey
Executive Vice President,
Chief Financial Officer and Treasurer