-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, M7cZKaMqqU7ptppgwY+cGPKVWficWiIr8iI12OVrH+F1gMid9+l9CS1G2Ch8vBlV fR5qjH1EiUrVGGuQ4Q3ytw== 0000318300-99-000017.txt : 19990722 0000318300-99-000017.hdr.sgml : 19990722 ACCESSION NUMBER: 0000318300-99-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990721 ITEM INFORMATION: FILED AS OF DATE: 19990721 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEOPLES BANCORP INC CENTRAL INDEX KEY: 0000318300 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 310987416 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-16772 FILM NUMBER: 99667786 BUSINESS ADDRESS: STREET 1: 138 PUTNAM ST STREET 2: P O BOX 738 CITY: MARIETTA STATE: OH ZIP: 45750 BUSINESS PHONE: 6143733155 8-K 1 FORM 8-K EARNINGS RELEASE ENDED JUNE 30, 1999 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 July 19, 1999 ------------------------------------------------ Date of Report (Date of earliest event reported) PEOPLES BANCORP INC. ----------------------------------------------------- (Exact name of Registrant as specified in its charter) 0-16772 ---------------------- Commission File Number Ohio 31-0987416 - ---------------------------------------------- --------------------- (State or other jurisdiction of incorporation) (I.R.S. Employer Identification Number) 138 Putnam Street P.O. Box 738, Marietta, Ohio 45750 - ---------------------------------------- --------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (614) 373-3155 Not applicable ------------------------------------------------------------- (Former name or former address, if changed since last report) Index to Exhibits on page 3 Item 1. Changes in Control of Registrant Not applicable. Item 2. Acquisition or Disposition of Assets Not applicable. Item 3. Bankruptcy or Receivership Not applicable. Item 4. Changes in Registrant's Certifying Accountant Not applicable. Item 5. Other Events On July 19 1999, Peoples Bancorp Inc. announced earnings for the second quarter ended June 30, 1999. The release is included herewith as Exhibit 99. Item 6. Resignations of Registrant's Directors Not applicable. Item 7. Financial Statements and Exhibits (a) Non required (b) Non required (c) Exhibits. EXHIBIT NUMBER DESCRIPTION 99 News Release issued July 19, 1999 Item 8. Change in Fiscal Year Not applicable. Item 9. Sales of Equity Securities Pursuant to Regulation S Not applicable. 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. DATE: July 19, 1999 PEOPLES BANCORP INC. -------------------- Registrant By: /s/ ROBERT E. EVANS Robert E. Evans President and Chief Executive Officer INDEX TO EXHIBITS Exhibit Number Description Page - --------------- ----------------------------- ------------------ 99 News Release issued July 19, 1999 4 - 6 EX-99 2 FORM 8-K EARNINGS RELEASE ENDED JUNE 30, 1999 EXHIBIT 99 NEWS RELEASE - ------------ FOR IMMEDIATE RELEASE Contact: John W. Conlon, Chief Financial Officer - --------------------- (740) 373-3155 July 19, 1999 PEOPLES BANCORP INC. REPORTS SECOND QUARTER RESULTS ---------------------------------------------------------------------------- Quarterly operating earnings per share increase 5.3% MARIETTA, Ohio - Peoples Bancorp Inc.'s (Nasdaq: PEBO) operating income was $2,549,000 for the second quarter of 1999, up 1.1%, and $5,179,000 for the first six months of 1999, up 5.7%, compared to the same periods a year earlier. Operating earnings per diluted share were $0.40 for the second quarter of 1999, an increase of 5.3%, and $0.80 for the first half of 1999, an increase of 6.7%, compared to $0.38 and $0.75 during the same periods in 1998. Operating earnings exclude nonrecurring pretax gains of $427,000 reported in the second quarter of 1998, resulting from gains on securities transactions. The effect of the nonrecurring gain was to increase net income by $278,000, or $0.04 per share. Including the gains on securities transactions, earnings per diluted share were $0.43 for the second quarter of 1998 with net income totaling $2,800,000. Cash basis operating earnings per share were $0.47 for the second quarter of 1999, up 9.3% from $0.43 in 1998's second quarter. For the first six months of 1999, cash basis operating earnings per share reached $0.94, an increase of 13.3% compared to the same period a year earlier. Cash basis earnings provide investors with a comparison of the Company's financial results with competitors that make acquisitions using pooling of interest accounting. In April, 1999, the Company issued $30 million of 8.62% Capital Securities ("Capital Securities") through PEBO Capital Trust I, a newly formed subsidiary. The Capital Securities, due May 1, 2029, are considered equity under regulatory guidelines and allowed the Company to leverage its financial position, which led to an increase in earning assets of $174.7 million to $970.1 million at June 30, 1999, up 22.0% compared to March 31, 1999. In addition, the Company announced intentions to repurchase up to 5% (or 315,000 shares) of its outstanding common shares. The combination of asset growth and continued improvement in the quality of the Company's earning asset base contributed to increased operating earnings. Compared to the same period a year earlier, net interest income grew $1,256,000 (or 15.3%) to $9,460,000 for the second quarter of 1999. For the first half of 1999, net interest income increased $1,955,000 (or 12.0%) to $18,203,000. The Company's ratio of allowance for loan losses improved to 1.68% at June 30, 1999, compared to 1.67% at year-end 1998. The Company reported second quarter non-interest income of $1,820,000, an increase of 14.5% compared to the same period a year earlier. For the six months ended June 30, 1999, the Company reported non-interest income of $3,664,000, up 14.2% compared to 1998. In the second quarter of 1999, non-interest expense increased $1,640,000 (or 30.1%) to $7,084,000. For the six months ended June 30, 1999, non-interest expense totaled $13,320,000, up 22.7% compared to the same period a year earlier. Non-interest income and non-interest expense increased due primarily to an acquisition of multiple banking centers in mid-1998. This acquisition resulted in additional revenues from deposit account service fees as well as increased costs for salaries and benefits, and increased intangible amortization expense related to purchase accounting. In addition, non-interest expense increased due to debt service costs on the Capital Securities. Robert E. Evans, Peoples Bancorp's President and Chief Executive Officer, commented, "We are pleased with results of operations. We expected the second quarter to be a period of transition, considering we issued the Capital Securities and leveraged our balance sheet. Since most of our asset growth occurred late in the second quarter, we should really see the benefit of the second quarter leverage strategy in the third quarter of 1999 and beyond." Peoples Bancorp Inc. is a diversified financial services holding company headquartered in Marietta, Ohio, with over $1 billion in assets. Peoples Bancorp, which is Y2K ready, operates 36 financial service locations in the states of Ohio, West Virginia, and Kentucky. Peoples Bancorp's banking subsidiaries include The Peoples Banking and Trust Company with offices in Ohio and West Virginia; The First National Bank of Southeastern Ohio with three Ohio offices; and Peoples Bank FSB, with four Kentucky offices. Through its subsidiaries, Peoples Bancorp offers complete banking services and makes available other financial services, such as trust services, and investment and insurance products. Peoples Bancorp's common stock is traded through the Nasdaq National Market System under the symbol "PEBO". Learn more about Peoples Bancorp at www.peoplesbancorp.com.
PEOPLES BANCORP INC. (Nasdaq: PEBO) Financial Highlights ------------------------ ------------------------ Three Months Ended Six Months Ended ------------------------ ------------------------ 1999 1998 1999 1998 ---------- ---------- ---------- ---------- Operating earnings (a) $2,549,000 $2,522,000 $5,179,000 $4,898,000 Net income $2,549,000 $2,800,000 $5,179,000 $5,176,000 Cash basis earnings (b) $3,005,000 $3,073,000 $6,092,000 $5,720,000 Per share: Basic operating earnings (a) $0.41 $0.40 $0.82 $0.77 Diluted operating earnings (a) $0.40 $0.38 $0.80 $0.75 Basic net income $0.41 $0.44 $0.82 $0.82 Diluted net income $0.40 $0.43 $0.80 $0.79 Basic cash basis operating earnings (a) (b) $0.48 $0.44 $0.97 $0.86 Diluted cash basis operating earnings (a) $0.47 $0.43 $0.94 $0.83 (b) Basic cash basis net income (b) $0.48 $0.49 $0.97 $0.90 Diluted cash basis net income (a) (b) $0.47 $0.47 $0.94 $0.87 Basic weighted average shares outstanding 6,281,877 6,329,995 6,298,652 6,325,825 Diluted weighted average shares outstanding 6,443,357 6,551,252 6,452,820 6,540,332 Return on average equity (a) 11.90% 13.82% 12.01% 12.89% Cash basis return on average equity (a) (b) 18.63% 17.94% 18.81% 16.90% Return on average assets (a) 1.04% 1.39% 1.12% 1.31% Cash basis return on average assets (a) (b) 1.26% 1.55% 1.35% 1.47% Net interest margin (fully tax equivalent) 4.36% 4.55% 4.45% 4.58% ---------- ---------- ---------- ---------- - ------------------------------------------------------------------------------------------------------------ (a) For comparability, certain 1998 ratios and statistics exclude gains on securities transactions of $427,000 pretax ($278,000 or $0.04 per share). (b) Excludes after-tax impact of intangible amortization expense and removes balance sheet effect of intangible assets acquired through use of purchase accounting for acquisitions. - --------------------------------------------------------------------------------
PEOPLES BANCORP INC. CONDENSED CONSOLIDATED BALANCE SHEETS ----------- ------------- (in thousands) June 30, December 31, ASSETS 1999 1998 ----------- ------------- Cash and cash equivalents $ 27,208 $ 40,121 Available-for-sale investment securities, at estimated fair value 350,936 235,569 Loans, net of unearned interest 600,586 567,917 Allowance for loan losses (10,119) (9,509) ----------- ---------- Net loans 590,467 558,408 Bank premises and equipment 14,886 14,826 Other assets 37,516 31,360 ----------- ---------- TOTAL ASSETS $1,021,013 $ 880,284 =========== ========== LIABILITIES Non-interest bearing deposits $ 76,300 $ 80,884 Interest bearing deposits 616,869 633,284 ----------- ---------- Total deposits 693,169 714,168 Short-term borrowings (includes securities sold under repurchase agreements) 61,640 32,514 Long-term borrowings 150,501 40,664 Accrued expenses and other liabilities 7,303 6,924 ----------- ---------- TOTAL LIABILITIES 912,613 794,270 Guaranteed preferred beneficial interests in junior subordinated debentures 29,001 --- STOCKHOLDERS' EQUITY Common stock, no par value (6,380,718 shares issued and 6,246,041 outstanding at June 30, 1999) 64,984 50,807 Accumulated comprehensive (loss) income, net of deferred income taxes (4,303) 3,588 Retained earnings 22,406 33,441 Treasury stock, at cost (134,677 shares at June 30, 1999) (3,688) (1,822) ----------- ---------- TOTAL STOCKHOLDERS' EQUITY 79,399 86,014 TOTAL LIABILITIES, MINORITY INTERESTS AND ----------- ---------- STOCKHOLDERS' EQUITY $1,021,013 $ 880,284 =========== ==========
PEOPLES BANCORP INC. CONDENSED STATEMENTS OF INCOME ----------------------- --------------------- Three Months Ended Six Months Ended (in thousands) 6/30/99 6/30/98 6/30/99 6/30/98 ---------------------- --------------------- Interest income $ 17,622 $ 15,735 $ 33,607 $ 31,099 Interest expense 8,162 7,531 15,404 14,851 --------- --------- --------- --------- Net interest income 9,460 8,204 18,203 16,248 Provision for loan losses 447 546 984 1,242 --------- --------- --------- --------- Net interest income after provision for loan losses 9,013 7,658 17,219 15,006 Other income 1,820 1,590 3,664 3,208 Gain on securities transactions 1 427 1 431 Other expense 7,084 5,444 13,320 10,858 --------- --------- --------- --------- Income before federal income taxes 3,750 4,231 7,564 7,787 Federal income taxes 1,201 1,431 2,385 2,611 --------- --------- --------- --------- NET INCOME $ 2,549 $ 2,800 $ 5,179 $ 5,176 --------- --------- --------- --------- END OF RELEASE
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