0000318300FALSE00003183002024-10-282024-10-28

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): October 28, 2024 (October 22, 2024)

pebonewlogoa22.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 October 22, 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 nine months ended September 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 EndedNine Months Ended
September 30,June 30,September 30,September 30,
(Dollars in thousands)20242024202320242023
Core non-interest expense:
Total non-interest expense$66,090 $68,758 $71,696 $203,313 $198,798 
Less: acquisition-related expenses(662)— 4,434 (746)15,694 
Less: pension settlement charges— — 2,424 — 2,424 
Add: COVID -19 Employee Retention Credit— — — — 548 
Core non-interest expense$66,752 $68,758 $64,838 $204,059 $181,228 



Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,
(Dollars in thousands)20242024202320242023
Efficiency ratio:
Total non-interest expense$66,090 $68,758 $71,696 $203,313 $198,798 
Less: amortization of other intangible assets2,786 2,787 3,280 8,361 7,951 
Adjusted total non-interest expense63,304 65,971 68,416 194,952 190,847 
Total non-interest income24,794 23,704 23,204 74,277 63,279 
Less: net loss on investment securities(74)(353)(7)(428)(2,108)
Less: net loss on asset disposals and other transactions(795)(428)(307)(1,564)(2,218)
Total non-interest income, excluding net gains and losses25,663 24,485 23,518 76,269 67,605 
Net interest income88,912 86,613 93,274 262,165 251,005 
Add: fully tax-equivalent adjustment (a)318 352 391 1,022 1,140 
Net interest income on a fully tax-equivalent basis89,230 86,965 93,665 263,187 252,145 
Adjusted revenue$114,893 $111,450 $117,183 $339,456 $319,750 
Efficiency ratio55.10 %59.19 %58.38 %57.43 %59.69 %
Efficiency ratio adjusted for non-core items:
Core non-interest expense$66,752 $68,758 $64,838 $204,059 $181,228 
Less: amortization of other intangible assets2,786 2,787 3,280 8,361 7,951 
Adjusted core non-interest expense63,966 65,971 61,558 195,698 173,277 
Adjusted revenue$114,893 $111,450 $117,183 $339,456 $319,750 
Efficiency ratio adjusted for non-core items55.67 %59.19 %52.53 %57.65 %54.19 %
(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.




At or For the Three Months Ended
September 30,June 30,March 31,December 31,September 30,
(Dollars in thousands, except per share data)20242024202420232023
Tangible equity:
Total stockholders' equity$1,124,972 $1,077,833 $1,062,002 $1,053,534 $993,219 
Less: goodwill and other intangible assets403,922 406,417 409,285 412,172 408,494 
Tangible equity$721,050 $671,416 $652,717 $641,362 $584,725 
Tangible assets:
Total assets$9,140,471 $9,226,461 $9,270,774 $9,157,382 $8,942,534 
Less: goodwill and other intangible assets403,922 406,417 409,285 412,172 408,494 
Tangible assets$8,736,549 $8,820,044 $8,861,489 $8,745,210 $8,534,040 
Tangible book value per common share:
Tangible equity$721,050 $671,416 $652,717 $641,362 $584,725 
Common shares outstanding35,538,607 35,498,977 35,486,234 35,314,745 35,395,990 
Tangible book value per common share$20.29 $18.91 $18.39 $18.16 $16.52 
Tangible equity to tangible assets ratio:
Tangible equity$721,050 $671,416 $652,717 $641,362 $584,725 
Tangible assets$8,736,549 $8,820,044 $8,861,489 $8,745,210 $8,534,040 
Tangible equity to tangible assets8.25 %7.61 %7.37 %7.33 %6.85 %

Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,
(Dollars in thousands)20242024202320242023
Pre-provision net revenue:
Income before income taxes$40,881 $35,876 $40,729 $114,609 $101,597 
Add: provision for credit losses6,735 5,683 4,053 18,520 13,889 
Add: loss on OREO2 — 1 2 1,623 
Add: loss on investment securities74 353 7 428 2,108 
Add: loss on other assets764 397 283 1,470 557 
Add: loss on other transactions28 31 23 92 38 
Pre-provision net revenue$48,484 $42,340 $45,096 $135,121 $119,812 




Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,
(Dollars in thousands)20242024202320242023
Annualized net income adjusted for non-core items:
Net income$31,684 $29,007 $31,882 $90,275 $79,538 
Add: net loss on investment securities74 353 7 428 2,108 
Less: tax effect of net loss on investment securities (a)16 74 2 90 443 
Add: net loss on asset disposals and other transactions795 428 307 1,564 2,218 
Less: tax effect of net loss on asset disposals and other transactions (a)167 90 65 328 466 
Add: acquisition-related expenses(662)— 4,434 (746)15,694 
Less: tax effect of acquisition-related expenses (a)(139)— 931 (157)3,296 
Less: COVID -19 Employee Retention Credit— — — — 548 
Add: tax effect of COVID -19 Employee Retention Credit— — — — 115 
Net income adjusted for non-core items$31,847 $29,624 $37,547 $91,260 $96,835 
Days in the period92 91 92 274 273 
Days in the year366 366 365 366 365 
Annualized net income$126,047 $116,666 $126,488 $120,586 $106,342 
Annualized net income adjusted for non-core items$126,696 $119,147 $148,964 $121,902 $129,468 
Return on average assets:
Annualized net income$126,047 $116,666 $126,488 $120,586 $106,342 
Total average assets$9,142,752 $9,180,454 $8,806,409 $9,115,054 $8,120,885 
Return on average assets1.38 %1.27 %1.44 %1.32 %1.31 %
Return on average assets adjusted for non-core items:
Annualized net income adjusted for non-core items$126,696 $119,147 $148,964 $121,902 $129,468 
Total average assets$9,142,752 $9,180,454 $8,806,409 $9,115,054 $8,120,885 
Return on average assets adjusted for non-core items1.39 %1.30 %1.69 %1.34 %1.59 %

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




For the Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,
(Dollars in thousands)20242024202320242023
Annualized net income excluding amortization of other intangible assets:
Net income $31,684 $29,007 $31,882 $90,275 $79,538 
Add: amortization of other intangible assets2,786 2,787 3,280 8,361 7,951 
Less: tax effect of amortization of other intangible assets (a)585 585 689 1,756 1,670 
Net income excluding amortization of other intangible assets$33,885 $31,209 $34,473 $96,880 $85,819 
Days in the period92 91 92 274 273 
Days in the year366 366 365 366 365 
Annualized net income$126,047 $116,666 $126,488 $120,586 $106,342 
Annualized net income excluding amortization of other intangible assets$134,803 $125,522 $136,768 $129,409 $114,740 
Average tangible equity:
Total average stockholders' equity$1,099,758 $1,061,454 $1,004,858 $1,071,434 $919,998 
Less: average goodwill and other intangible assets405,022 407,864 411,229 407,858 374,924 
Average tangible equity$694,736 $653,590 $593,629 $663,576 $545,074 
Return on average stockholders' equity ratio:
Annualized net income$126,047 $116,666 $126,488 $120,586 $106,342 
Average stockholders' equity$1,099,758 $1,061,454 $1,004,858 $1,071,434 $919,998 
Return on average stockholders' equity11.46 %10.99 %12.59 %11.25 %11.56 %
Return on average tangible equity ratio:
Annualized net income excluding amortization of other intangible assets$134,803 $125,522 $136,768 $129,409 $114,740 
Average tangible equity$694,736 $653,590 $593,629 $663,576 $545,074 
Return on average tangible equity19.40 %19.21 %23.04 %19.50 %21.05 %
(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 October 22, 2024 to discuss results of operations for the quarter and nine months ended September 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:October 28, 2024By:/s/KATHRYN BAILEY
Kathryn Bailey
Executive Vice President,
Chief Financial Officer and Treasurer