MARIETTA, Ohio, Jan. 27, 2017 /PRNewswire/ -- Peoples
Bancorp Inc. ("Peoples") (NASDAQ: PEBO) today announced results for
the quarter and year ended December 31, 2016. Net income
totaled $7.4 million for the fourth
quarter of 2016, representing earnings per diluted common share of
$0.41. In comparison, earnings
per diluted common share were $0.43
and $0.14 for the third quarter of
2016 and fourth quarter of 2015, respectively. For the year,
net income was $31.2 million in 2016
versus $10.9 million in 2015,
representing earnings per diluted common share of $1.71 and $0.61,
respectively.
"During 2016, we delivered on many of the
objectives that had been communicated throughout the year,
including loan growth of 7%, positive operating leverage, an
efficiency ratio of 65% and control of credit quality and
associated credit costs. These objectives were achieved while
upgrading our core banking systems, which will provide us with the
capacity and capabilities to continue to grow," said Chuck Sulerzyski, President and Chief Executive
Officer. "While the system upgrade resulted in a pre-tax
combined revenue and expense impact of $1.3
million, or $0.05 earnings per
diluted share for the full year, the feedback from customers has
been positive. We are pleased with our accomplishments for
the year, and remain committed to continual improvement throughout
2017."
Statement of Operations Highlights:
- Total revenue grew 8% for the full year, 2% compared to
the fourth quarter of 2015, and was down 2% compared to the linked
quarter.
- Net interest income was the main contributor to the growth
compared to the prior year periods as it grew 3% compared to the
fourth quarter of 2015 and 7% compared to the full year of
2015.
- A decrease in non-interest income was the main cause of the
decline compared to the linked quarter, which was largely the
result of a decrease in commercial loan swap fee income.
- Provision for loan losses was $0.7
million for the fourth quarter and $3.5 million for the full year of 2016, due
primarily to loan growth and stable asset quality
trends.
- Total non-interest expense was $27.3 million for the fourth quarter of 2016, up
slightly compared to the linked quarter, flat compared to the
fourth quarter of 2015, and down 7% for the full year.
- Peoples executed an upgrade of its core banking systems on
November 7, 2016 which negatively
impacted expenses for the fourth quarter of 2016 by $0.7 million and $1.3
million for the full year of 2016.
- The efficiency ratio was 66.9% for the fourth quarter of 2016,
compared to 64.3% for the third quarter of 2016 and 67.9% for the
fourth quarter of 2015. For the full year, the efficiency ratio was
65.1% in 2016 compared to 75.5% in 2015.
- The efficiency ratio, when adjusted for non-core items, was
64.8% for the fourth quarter of 2016, compared to 63.3% for the
third quarter of 2016 and 64.7% in the fourth quarter of 2015. For
the full year, the efficiency ratio, when adjusted for non-core
items, was 64.3% in 2016 compared to 67.5% in 2015.
- Operating leverage was positive for the fourth quarter of
2016 compared to the fourth quarter of 2015, and for the full year
of 2016.
Balance Sheet Highlights:
- Period-end total loan balances reflected annualized
growth of 10% for the fourth quarter, and 7% for the full
year.
- Commercial loan balances grew at an annualized rate of 14% for
the fourth quarter, or $43.1 million,
and 8% for the full year, or $89.2
million.
- Consumer loan balances grew at an annualized rate of 5% for the
fourth quarter, or $12.6 million, and
7% for the full year, or $63.3
million.
- Asset quality remained relatively stable for the
quarter.
- Net charge-offs as a percent of average gross loans
(annualized) were 0.09% for the fourth quarter and full year of
2016.
- Criticized loans were relatively flat compared to the linked
quarter.
- Nonperforming assets increased $1.5
million during the fourth quarter driven by an increase in
nonaccrual loans.
- Allowance for loan losses at December
31, 2016 increased $1.7
million, or 10%, compared to December
31, 2015.
- Allowance for loan losses as a percent of originated loans, net
of deferred fees and costs, was 1.08% at December 31, 2016, compared to 1.13% at
September 30, 2016 and 1.19% at
December 31, 2015.
- Average deposit balances increased 1% compared to the
fourth quarter of 2015 and 5% compared to the full year of 2015,
while period-end deposit balances decreased 1% compared to
December 31, 2015.
- Retail certificates of deposit declined compared to the linked
quarter, the prior year fourth quarter and the full year of 2015,
both for period end and average balances.
- Period-end governmental deposits declined compared to the
linked quarter, the prior year fourth quarter and the full year of
2015.
- Interest-bearing demand accounts increased compared to the
linked quarter, the prior year fourth quarter and the full year of
2015, both for period end and average balances.
- Cost of interest-bearing deposit balances was flat compared to
the linked quarter and 2 basis points less than the fourth quarter
of 2015.
Note: The comparison of the income statement and average
balance sheet results between the full year of 2015 and the full
year of 2016 was affected by the NB&T Financial Group, Inc.
("NB&T") acquisition, which closed March
6, 2015.
Net Interest Income:
Net interest income for the fourth quarter of 2016
was $26.7 million, up 2% compared to
the linked quarter and 3% higher than the fourth quarter of 2015,
while the net interest margin for these periods was 3.54%, 3.54%
and 3.56%, respectively. The increase compared to the prior
periods in net interest income was due primarily to the growth in
average loan balances and the related interest income.
For the full year 2016, net interest income was
$104.9 million, up 7% compared to
2015, while the net interest margin for those periods was 3.54% and
3.53%, respectively. The loan growth and NB&T acquisition
were the drivers of the increase in net interest income.
The accretion income, net of amortization expense,
from acquisitions was $0.9 million
for the fourth quarter of 2016, compared to $0.8 million in the third quarter of 2016 and
$1.2 million for the fourth quarter
of 2015, which added 11 basis points, 10 basis points and 16 basis
points, respectively, to net interest margin. For the full
year of 2016, accretion income, net of amortization expense, from
acquisitions was $3.5 million,
compared to $4.8 million in 2015, or
11 basis points and 17 basis points, respectively.
Net interest margin, excluding the net accretion
income, described above, declined 1 basis point compared to the
linked quarter, and improved 3 basis points compared to the fourth
quarter of 2015. For the full year of 2016, net interest
margin, excluding net accretion income, improved 7 basis points
compared to 2015. The changes in net interest margin were the
result of the sustained shift in the mix of the balance sheet, for
both assets and liabilities, coupled with the restructuring of
certain borrowings during the second quarter of 2016.
Provision for Loan Losses:
For the fourth quarter of 2016, provision for loan
losses was $0.7 million, compared to
$1.1 million for the third quarter of
2016 and $7.2 million for the fourth
quarter of 2015. Recent loan growth was the main driver of
the provision for loan losses recorded during the fourth quarter
and the full year of 2016. Provision for loan losses was
$3.5 million for the full year of
2016, compared to $14.1 million for
2015. The provision recorded in the fourth quarter of 2015,
and most of the amount recorded for the full year of 2015, was the
result of a charge-off associated with one large commercial loan
relationship.
Non-interest Income:
Total non-interest income for the fourth quarter
of 2016 decreased $1.4 million, or
11%, compared to the linked quarter, and was flat compared to the
fourth quarter of 2015. The decrease compared to the third
quarter of 2016 was due primarily to decreases in commercial loan
swap fee income, electronic banking income, insurance income and
deposit account service charges. Commercial loan swap fee
income is dependent upon customers preference for fixed versus
variable interest rate loans, and the ability of the customers
seeking the swap product to satisfy the financially sophisticated
criteria to be eligible, which leads to variability in this income
stream. Electronic banking income was impacted by third party
annual volume incentive revenue that was received in the third
quarter. Insurance income is typically lower in the fourth
quarter. Deposit account service charges were impacted by the
system upgrade as Peoples granted waivers of $85,000 related to account services charges in
the month of the upgrade.
For the full year of 2016, total non-interest
income increased $3.6 million, or 8%,
compared to 2015. The increase compared to 2015 was due to
increases in electronic banking income, trust and investment
income, bank owned life insurance income and commercial loan swap
fee income, with a portion of the growth attributable to the
NB&T acquisition. The increase in electronic banking
income was the result of the increased usage of debit cards by more
customers. The increase in trust and investment income was
due largely to growth in assets under management and the full year
effect of NB&T operations. The increase in bank owned
life insurance income was the result of the additional $35 million of bank owned life insurance policies
that were purchased late in the second quarter of 2016.
Non-interest Expenses:
Non-interest expenses were up 2% for the fourth
quarter of 2016 compared to the linked quarter and relatively flat
compared to the fourth quarter of 2015. The increase compared
to the linked quarter was due primarily to an increase in costs
associated with the upgrade of Peoples' core banking systems, which
was executed on November 7,
2016. Non-interest expenses, adjusted for non-core charges,
were relatively flat compared to the linked quarter and up 2%
compared to the fourth quarter of 2015. The increase compared
to the fourth quarter of 2015 was largely the result of increased
sales-based and incentive compensation expense, partially offset by
a reduction in Federal Deposit Insurance Corporation ("FDIC")
insurance expense. In the fourth quarter of 2016, Peoples
incurred $746,000 of costs associated
with the system upgrade, compared to $423,000 in the third quarter of 2016. In
the fourth quarter of 2015, Peoples incurred $1.3 million of non-core charges, primarily
acquisition-related costs.
For the full year of 2016, non-interest expenses
were down $8.2 million, or 7%,
compared to 2015. Non-interest expenses, adjusted for
non-core charges, were up 2% compared to the full year of
2015. The increase compared to 2015 was primarily due to the
full year effect of operating expenses associated with the NB&T
acquisition, and increased sales-based and incentive compensation
earned under the corporate incentive plan. Peoples' number of
full-time equivalent employees declined to 782 at December 31, 2016, compared to 799 September 30,
2016 and 817 at December 30,
2015.
The efficiency ratio for the fourth quarter of
2016 was 66.9%, compared to 64.3% for the linked quarter and 67.9%
for the fourth quarter of 2015. The increase in the
efficiency ratio for the quarter was largely the result of the
increase of $323,000 in non-core,
system upgrade costs. The efficiency ratio, when adjusted for
non-core items, was 64.8% for the fourth quarter of 2016, 63.3% for
the linked quarter and 64.7% for the fourth quarter of 2015.
The higher adjusted efficiency ratio in the fourth quarter of 2016
compared to the linked quarter was primarily due to lower
non-interest income.
For the full year of 2016, the efficiency ratio
was 65.1% compared to 75.5% in 2015. The decrease in the
efficiency ratio in 2016 compared to 2015 was the result of
non-core charges, which were $10.5
million higher in 2015 primarily due to the acquisition
costs associated with the NB&T acquisition. For the full
year of 2016, the efficiency ratio, when adjusted for non-core
items, was 64.3% compared to 67.5% in 2015. The decrease in the
adjusted efficiency ratio in 2016 compared to 2015 was due
primarily to 8% revenue growth between the full year of 2016 and
the full year of 2015.
Loans:
Period-end total loan balances at December 31, 2016 increased $55.7 million, or 10% annualized, compared to the
September 30, 2016 balances,
primarily driven by growth in commercial loan balances.
Commercial loans grew $43.1 million,
or 14% annualized, with commercial and industrial loan growth of
$22.3 million, or 22% annualized, and
commercial real estate loan growth of $20.8
million, or 10% annualized, during the fourth quarter of
2016. Consumer loans grew $12.6
million, or 5% annualized, during the fourth quarter, due
mainly to indirect loan growth of $22.5
million, or 39% annualized, which was partially offset by a
decline of $9.2 million, or 7%
annualized, in residential real estate loan balances.
For the year, period-end loan balances increased
7%, with growth of 8% in commercial loan balances and 7% in
consumer loan balances. Indirect lending experienced the
largest growth across all loan categories for the year, increasing
by $85.7 million, or 51%.
Commercial and industrial loan growth was $70.6 million, or 20%, for the year.
The average loan balances for the fourth quarter
of 2016 increased $50.4 million, or
9% annualized, compared to the linked quarter, $124.1 million, or 6%, compared to the fourth
quarter of 2015, and $180.9 million,
or 9%, for the year. The increase compared to the linked
quarter was due to a $32.1 million
increase in commercial loan balances and a $18.3 million increase in consumer loan
balances. Compared to the fourth quarter of 2015, consumer
loan balances increased $63.5 million
while commercial loan balances increased $60.6 million. For the year, commercial
loan balances increased $100.7
million and consumer loan balances increased $80.2 million. The growth in commercial
loan balances for all periods was driven by commercial and
industrial loan balances, while the growth in consumer loan
balances was driven by indirect loan balances.
Asset Quality:
Asset quality metrics remained relatively stable
during the fourth quarter of 2016. Annualized net charge-offs
were 0.09% of average gross loans during the fourth quarter of
2016, compared to 0.14% in the third quarter of 2016 and 2.63% in
the fourth quarter of 2015. For the full year of 2016, net
charge-offs were 0.09% of average gross loans compared to 0.78% in
2015.
Criticized loans, which are those categorized as
watch, substandard or doubtful, decreased $0.1 million compared to September 30, 2016 and $23.0 million compared to December 31, 2015. Classified loans, which
are those categorized as substandard or doubtful, increased
$4.0 million compared to September 30, 2016 and declined $2.6 million compared to December 31, 2015. The increase in
classified loans during the fourth quarter of 2016 was primarily
related to one commercial loan relationship. Criticized loans
as a percentage of total loans was 4.46% at December 31, 2016, compared to 4.58% at
September 30, 2016 and 5.89% at
December 31, 2015. Classified
loans as a percentage of total loans was 2.59% at December 31, 2016, compared to 2.48% at
September 30, 2016 and 2.91% at
December 31, 2015.
Period-end nonperforming assets increased
$1.5 million compared to September 30, 2016, due primarily to an increase
of $2.0 million in nonaccrual loans,
which was partially offset by a decrease of $0.4 million in loans 90+ days past due and
accruing. The increase in nonaccrual loans was related to a
few small loans, not one specific credit. Compared to
December 31, 2015, nonperforming
assets increased $5.5 million, due
primarily to an increase in nonaccrual loans of $7.8 million, which was partially offset by a
decrease in loans 90+ days past due and accruing of $2.2 million. As a percent of total assets,
nonperforming assets were 0.75% at December
31, 2016, compared to 0.72% at September 30, 2016 and 0.62% at December 31, 2015.
At December 31,
2016, the allowance for loan losses increased to
$18.4 million, compared to
$18.2 million at September 30, 2016, and $16.8 million at December
31, 2015. The ratio of the allowance for loan losses
as a percent of originated loans (which does not include acquired
loan balances), net of deferred fees and costs, was 1.08% at
December 31, 2016, compared to 1.13%
at September 30, 2016 and 1.19% at
December 31, 2015. The decline
in this ratio compared to September 30,
2016 and December 31, 2015 was
primarily due to the continued stabilization of the asset quality
metrics.
Deposits:
Period-end deposits decreased $65.7 million, or 3%, during the quarter, with
much of the decrease attributable to interest-bearing deposits,
specifically governmental deposits and retail certificates of
deposit. Compared to December 31,
2015, period-end deposits decreased $26.2 million due primarily to a $64.1 million, or 14%, decrease in retail
certificates of deposit. Governmental deposits declined
$25.0 million compared to
December 31, 2016, and brokered
certificates of deposits decreased $18.2
million, all of which was partially offset by increases in
interest-bearing demand accounts of $29.0
million, savings accounts of $22.0
million, non-interests-bearing accounts of $16.5 million and money market accounts of
$13.6 million. The continued
decline in retail certificates of deposit was mainly the result of
the continued focus on growing low-cost deposits.
Non-interest-bearing deposits comprised 29% of total deposits at
both December 31, 2016 and
September 30, 2016, compared to 28%
at December 31, 2015.
Average deposits for the fourth quarter of
2016 compared to the linked quarter decreased $6.4 million, as average interest-bearing
deposits decreased $40.3 million,
which was partially offset by an increase in average
non-interest-bearing deposits of $33.9
million. The decrease in interest-bearing deposits was
due to a decrease in governmental deposits and certificates of
deposit. Average deposits for the fourth quarter of 2016
increased $16.0 million, or 1%,
compared to the fourth quarter of 2015, and for the full year of
2016 increased $125.6 million, or 5%,
compared to the full year of 2015. The increase compared to
the fourth quarter of 2015 was driven by a $27.1 million, or 4%, increase in
non-interest-bearing deposits. For the year, 53% of the
growth in average deposits was due to interest-bearing deposits,
while 47% was due to non-interest-bearing deposits.
Stockholders' Equity:
At December 31,
2016, the tier 1 risk-based capital ratio was 13.21%,
compared to 13.34% at September 30,
2016 and 13.67% at December
31, 2015. The total risk-based capital ratio was
14.11% at December 31, 2016, compared
to 14.24% at September 30, 2016 and
14.54% at December 31, 2015.
These regulatory capital ratios were impacted by loan growth,
partially offset by growth in retained earnings during the fourth
quarter of 2016. During the second, third and fourth quarters
of 2016, no common shares were repurchased under the share
repurchase program, compared to 279,770 shares repurchased in the
first quarter of 2016.
Peoples' capital position remained strong at
December 31, 2016, despite the slight
decline from the third quarter. The decline was mostly due to
decreases in the market value of investment securities. Book
value per share was $23.92 at
December 31, 2016, compared to
$24.22 at September 30, 2016 and $22.81 at December
31, 2015. Tangible book value per share was
$15.89 at December 31, 2016, compared to $16.14 at September 30,
2016 and $14.68 at
December 31, 2015. The tangible
equity to tangible assets ratio was 8.80% at December 31, 2016, compared to 9.13% at
September 30, 2016 and 8.69% at
December 31, 2015.
Peoples Bancorp Inc. is a diversified financial
services holding company with $3.4
billion in total assets, 79 locations, including 71
full-service bank branches, and 78 ATMs in Ohio, West
Virginia and Kentucky. Peoples makes available a
complete line of banking, investment, insurance and trust solutions
through its subsidiaries - Peoples Bank and Peoples Insurance
Agency, LLC. Peoples' common shares are traded on the NASDAQ
Global Select Market® under the symbol "PEBO", and Peoples is a
member of the Russell 3000 index of U.S. publicly-traded
companies. Learn more about Peoples at
www.peoplesbancorp.com.
Conference Call to Discuss Earnings:
Peoples will conduct a facilitated conference call
to discuss fourth quarter and full year 2016 results of operations
today at 10:00 a.m., Eastern Standard
Time, with members of Peoples' executive management
participating. Analysts, media and individual investors are
invited to participate in the conference call by calling (866)
890-9285. A simultaneous webcast of the conference call audio
will be available online via the "Investor Relations" section of
Peoples' website, www.peoplesbancorp.com. Participants are
encouraged to call or sign in at least 15 minutes prior to the
scheduled conference call time to ensure participation and, if
required, to download and install the necessary software. A
replay of the call will be available on Peoples' website in the
"Investor Relations" section for one year.
Use of Non-GAAP Financial Measures
This news release contains financial information
and performance measures determined by methods other than in
accordance with accounting principles generally accepted in
the United States of America
("GAAP"). Management uses these "non-GAAP" financial measures
in its analysis of Peoples' performance and the efficiency of its
operations. Management believes that these non-GAAP measures
provide a greater understanding of ongoing operations and enhance
comparability of results with prior periods and peers. These
disclosures should not be viewed as substitutes for financial
measures determined in accordance with GAAP, nor are they
necessarily comparable to non-GAAP performance measures that may be
presented by other companies. Below is a listing of the non-GAAP
measures used in this news release:
- Core non-interest income is non-GAAP since it excludes the
impact of revenue waived related to the system upgrade.
- Core non-interest expenses are non-GAAP since they exclude the
impact of costs associated with the system upgrade,
acquisition-related costs, pension settlement charges, severance
charges and legal settlement charges.
- Efficiency ratio is calculated as total non-interest expense
(less amortization of other intangible assets) as a percentage of
fully tax-equivalent net interest income plus total non-interest
income. This measure is non-GAAP since it excludes amortization of
other intangible assets and all gains and/or losses included in
earnings, and uses fully tax-equivalent net interest income.
- Tangible assets, tangible equity and tangible book value per
common share measures are non-GAAP since they exclude the impact of
goodwill and other intangible assets acquired through acquisitions
on both total stockholders' equity and total assets and the related
amortization from earnings.
- Pre-provision net revenue is defined as net interest income
plus total non-interest income minus total non-interest expense.
This measure is non-GAAP since it excludes provision for loan
losses and all gains and/or losses included in earnings.
A reconciliation of these non-GAAP financial
measures to the most directly comparable GAAP financial measures is
included at the end of this news release under the caption of
"Non-GAAP Financial Measures".
Safe Harbor Statement:
Certain statements made in this news release
regarding Peoples' financial condition, results of operations,
plans, objectives, future performance and business, are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, Section 21E of the
Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995. These
forward-looking statements are identified by the fact they are not
historical facts and include words such as "anticipate",
"estimate", "may", "feel", "expect", "believe", "plan", "will",
"would", "should", "could" and similar expressions.
These forward-looking statements reflect
management's current expectations based on all information
available to management and its knowledge of Peoples' business and
operations. Additionally, Peoples' financial condition,
results of operations, plans, objectives, future performance and
business are subject to risks and uncertainties that may cause
actual results to differ materially. These factors include,
but are not limited to:
(1)
|
Peoples' ability to
leverage the system upgrade (include the related core operating
systems, data systems and products) without complications or
difficulties that may otherwise result in the loss of customers,
operational problems or one-time costs currently not anticipated to
arise in connection with such upgrade;
|
(2)
|
the success, impact,
and timing of the implementation of Peoples' business strategies,
including the successful integration of acquisitions and the
expansion of consumer lending activity;
|
(3)
|
Peoples' ability to
integrate any future acquisitions which may be unsuccessful, or may
be more difficult, time-consuming or costly than
expected;
|
(4)
|
Peoples may issue
equity securities in connection with future acquisitions, which
could cause ownership and economic dilution to Peoples' current
shareholders;
|
(5)
|
local, regional,
national and international economic conditions and the impact these
conditions may have on Peoples, its customers and its
counterparties, and Peoples' assessment of the impact, which may be
different than anticipated;
|
(6)
|
competitive pressures
among financial institutions or from non-financial institutions
which may increase significantly, including product and pricing
pressures, changes to third-party relationships and revenues, and
Peoples' ability to attract, develop and retain qualified
professionals;
|
(7)
|
changes in the
interest rate environment due to economic conditions and/or the
fiscal policies of the United States ("U.S.") government and the
Board of Governors of the Federal Reserve System (the "Federal
Reserve Board"), which may adversely impact interest rates,
interest margins, loan demand and interest rate
sensitivity;
|
(8)
|
changes in prepayment
speeds, loan originations, levels of nonperforming assets,
delinquent loans and charge-offs, which may be less favorable than
expected and adversely impact the amount of interest income
generated;
|
(9)
|
adverse changes in
the economic conditions and/or activities, including, but not
limited to, continued economic uncertainty in the U.S., the
European Union (including the uncertainty created by the June 23,
2016 referendum by British voters to exit the European Union),
Asia, and other areas, which could decrease sales volumes, add
volatility to the global stock markets, and increase loan
delinquencies and defaults;
|
(10)
|
uncertainty regarding
the nature, timing and effect of legislative or regulatory changes
or actions, promulgated and to be promulgated by governmental and
regulatory agencies in the State of Ohio, the Federal Deposit
Insurance Corporation, the Office of the Comptroller of the
Currency, the Federal Reserve Board and the Consumer Financial
Protection Bureau, which may subject Peoples, its subsidiaries, or
one or more acquired companies to a variety of new and more
stringent legal and regulatory requirements which adversely affect
their respective businesses, including in particular the rules and
regulations promulgated and to be promulgated under the Dodd-Frank
Wall Street Reform and Consumer Protection Act of 2010, and the
Basel III regulatory capital reform;
|
(11)
|
deterioration in the
credit quality of Peoples' loan portfolio, which may adversely
impact the provision for loan losses;
|
(12)
|
changes in accounting
standards, policies, estimates or procedures which may adversely
affect Peoples' reported financial condition or results of
operations;
|
(13)
|
Peoples' assumptions
and estimates used in applying critical accounting policies, which
may prove unreliable, inaccurate or not predictive of actual
results;
|
(14)
|
adverse changes in
the conditions and trends in the financial markets, including
political developments, which may adversely affect the fair value
of securities within Peoples' investment portfolio, the interest
rate sensitivity of Peoples' consolidated balance sheet, and the
income generated by Peoples' trust and investment
activities;
|
(15)
|
Peoples' ability to
receive dividends from its subsidiaries;
|
(16)
|
Peoples' ability to
maintain required capital levels and adequate sources of funding
and liquidity;
|
(17)
|
the impact of minimum
capital thresholds established as a part of the implementation of
Basel III;
|
(18)
|
the impact of larger
or similar sized financial institutions encountering problems,
which may adversely affect the banking industry and/or Peoples'
business generation and retention, funding and
liquidity;
|
(19)
|
the costs and effects
of regulatory and legal developments, including the outcome of
potential regulatory or other governmental inquiries and legal
proceedings and results of regulatory examinations;
|
(20)
|
Peoples' ability to
secure confidential information through the use of computer systems
and telecommunications networks, including those of Peoples'
third-party vendors and other service providers, may prove
inadequate, which could adversely affect customer confidence in
Peoples and/or result in Peoples incurring a financial
loss;
|
(21)
|
changes in consumer
spending, borrowing and saving habits, whether due to changes in
business and economic conditions, legislative or regulatory
initiatives, or other factors, which may be different than
anticipated;
|
(22)
|
the overall adequacy
of Peoples' risk management program;
|
(23)
|
the impact on
Peoples' businesses, as well as on the risks described above, of
various domestic or international widespread natural or other
disasters, pandemics, cyberattacks, military or terrorist
activities or conflicts;
|
(24)
|
significant changes
in the tax laws, which may adversely affect the fair values of
deferred tax assets and obligations of states and political
subdivisions held in Peoples' investment securities portfolio;
and
|
(25)
|
other risk factors
relating to the banking industry or Peoples as detailed from time
to time in Peoples' reports filed with the Securities and Exchange
Commission (the "SEC"), including those risk factors included in
the disclosures under the heading "ITEM 1A. RISK FACTORS" of
Peoples' Annual Report on Form 10-K for the fiscal year ended
December 31, 2015.
|
Peoples encourages readers of this news release to
understand forward-looking statements to be strategic objectives
rather than absolute targets of future performance. Peoples
undertakes no obligation to update these forward-looking statements
to reflect events or circumstances after the date of this news
release or to reflect the occurrence of unanticipated events,
except as required by applicable legal requirements. Copies
of documents filed with the SEC are available free of charge at the
SEC's website at http://www.sec.gov and/or from Peoples'
website.
As required by U.S. GAAP, Peoples is required to
evaluate the impact of subsequent events through the issuance date
of its December 31, 2016 consolidated financial statements as
part of its Annual Report on Form 10-K to be filed with the
SEC. Accordingly, subsequent events could occur that may
cause Peoples to update its critical accounting estimates and to
revise its financial information from that which is contained in
this news release.
PER COMMON SHARE
DATA AND SELECTED RATIOS
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.41
|
|
|
$
|
0.43
|
|
|
$
|
0.14
|
|
|
$
|
1.72
|
|
|
$
|
0.62
|
|
Diluted
|
0.41
|
|
|
0.43
|
|
|
0.14
|
|
|
1.71
|
|
|
0.61
|
|
Cash dividends
declared per share
|
0.17
|
|
|
0.16
|
|
|
0.15
|
|
|
0.64
|
|
|
0.60
|
|
Book value per
share
|
23.92
|
|
|
24.22
|
|
|
22.81
|
|
|
23.92
|
|
|
22.81
|
|
Tangible book value
per share (a)
|
15.89
|
|
|
16.14
|
|
|
14.68
|
|
|
15.89
|
|
|
14.68
|
|
Closing stock price
at end of period
|
$
|
32.46
|
|
|
$
|
24.59
|
|
|
$
|
18.84
|
|
|
$
|
32.46
|
|
|
$
|
18.84
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
RATIOS:
|
|
|
|
|
|
|
|
|
|
Return on average
equity (b)
|
6.72
|
%
|
|
7.07
|
%
|
|
2.42
|
%
|
|
7.20
|
%
|
|
2.69
|
%
|
Return on average
assets (b)
|
0.87
|
%
|
|
0.93
|
%
|
|
0.32
|
%
|
|
0.94
|
%
|
|
0.35
|
%
|
Efficiency ratio
(c)
|
66.87
|
%
|
|
64.33
|
%
|
|
67.94
|
%
|
|
65.13
|
%
|
|
75.50
|
%
|
Pre-provision net
revenue to average assets (b)(d)
|
1.35
|
%
|
|
1.53
|
%
|
|
1.31
|
%
|
|
1.48
|
%
|
|
0.96
|
%
|
Net interest margin
(b)(e)
|
3.54
|
%
|
|
3.54
|
%
|
|
3.56
|
%
|
|
3.54
|
%
|
|
3.53
|
%
|
Dividend payout
ratio
|
41.70
|
%
|
|
37.37
|
%
|
|
106.58
|
%
|
|
37.40
|
%
|
|
96.35
|
%
|
|
(a) This amount represents a
non-GAAP financial measure since it excludes the balance sheet
impact of goodwill and other intangible assets acquired
through
acquisitions on stockholders' equity. Additional information
regarding the calculation of this ratio is included at the end of
this news release.
|
(b) Ratios are presented on an
annualized basis.
|
(c) Total non-interest expense (less
amortization of other intangible assets) as a percentage of fully
tax-equivalent net interest income plus total
non-interest
income. This amount represents a non-GAAP financial measure
since it excludes amortization of other intangible assets, and
all
gains and/or losses
included in earnings, and uses fully tax-equivalent net interest
income. Additional information regarding the calculation of
this
ratio is included
at the end of this news release.
|
(d) This ratio
represents a non-GAAP financial measure since it excludes the
provision for (recovery of) loan losses and all gains and/or losses
included
in earnings.
This measure is a key metric used by federal bank regulatory
agencies in their evaluation of capital adequacy for financial
institutions.
Additional
information regarding the calculation of this ratio is included at
the end of this news release.
|
(e) Information presented on a fully
tax-equivalent basis.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
(in
$000's)
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Interest
income
|
$
|
29,350
|
|
|
$
|
28,730
|
|
|
$
|
28,430
|
|
|
$
|
115,444
|
|
|
$
|
108,333
|
|
Interest
expense
|
2,683
|
|
|
2,607
|
|
|
2,566
|
|
|
10,579
|
|
|
10,721
|
|
Net interest
income
|
26,667
|
|
|
26,123
|
|
|
25,864
|
|
|
104,865
|
|
|
97,612
|
|
Provision for loan
losses
|
711
|
|
|
1,146
|
|
|
7,238
|
|
|
3,539
|
|
|
14,097
|
|
Net interest income
after provision for loan losses
|
25,956
|
|
|
24,977
|
|
|
18,626
|
|
|
101,326
|
|
|
83,515
|
|
|
|
|
|
|
|
|
|
|
|
Net gain on
securities transactions
|
68
|
|
|
(1)
|
|
|
56
|
|
|
930
|
|
|
729
|
|
Loss on debt
extinguishment
|
—
|
|
|
—
|
|
|
—
|
|
|
(707)
|
|
|
(520)
|
|
Net loss on loans
held-for-sale and other real estate owned
|
(33)
|
|
|
—
|
|
|
(398)
|
|
|
(34)
|
|
|
(529)
|
|
Net loss on other
assets
|
(76)
|
|
|
(224)
|
|
|
(100)
|
|
|
(392)
|
|
|
(739)
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
Insurance
income
|
2,912
|
|
|
3,137
|
|
|
2,913
|
|
|
13,846
|
|
|
13,783
|
|
Trust and investment
income
|
2,739
|
|
|
2,692
|
|
|
2,489
|
|
|
10,589
|
|
|
9,577
|
|
Deposit account
service charges
|
2,663
|
|
|
2,833
|
|
|
2,780
|
|
|
10,662
|
|
|
10,845
|
|
Electronic banking
income
|
2,486
|
|
|
2,765
|
|
|
2,425
|
|
|
10,353
|
|
|
8,958
|
|
Bank owned life
insurance income
|
503
|
|
|
491
|
|
|
170
|
|
|
1,414
|
|
|
598
|
|
Mortgage banking
income
|
452
|
|
|
427
|
|
|
390
|
|
|
1,304
|
|
|
1,317
|
|
Commercial loan swap
fee income
|
79
|
|
|
569
|
|
|
281
|
|
|
1,076
|
|
|
565
|
|
Other non-interest
income
|
277
|
|
|
624
|
|
|
653
|
|
|
1,826
|
|
|
1,798
|
|
Total
non-interest income
|
12,111
|
|
|
13,538
|
|
|
12,101
|
|
|
51,070
|
|
|
47,441
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits costs
|
14,552
|
|
|
14,584
|
|
|
13,723
|
|
|
57,433
|
|
|
59,216
|
|
Net occupancy and
equipment expense
|
2,580
|
|
|
2,768
|
|
|
2,934
|
|
|
10,735
|
|
|
11,207
|
|
Professional
fees
|
2,193
|
|
|
1,661
|
|
|
1,753
|
|
|
7,436
|
|
|
7,295
|
|
Electronic banking
expense
|
1,424
|
|
|
1,650
|
|
|
1,448
|
|
|
5,992
|
|
|
5,300
|
|
Data processing and
software expense
|
1,260
|
|
|
741
|
|
|
1,001
|
|
|
3,763
|
|
|
3,671
|
|
Amortization of other
intangible assets
|
1,007
|
|
|
1,008
|
|
|
1,133
|
|
|
4,030
|
|
|
4,077
|
|
Franchise
taxes
|
642
|
|
|
529
|
|
|
416
|
|
|
2,192
|
|
|
1,968
|
|
Communication
expense
|
531
|
|
|
518
|
|
|
564
|
|
|
2,261
|
|
|
2,286
|
|
Marketing
expense
|
402
|
|
|
380
|
|
|
663
|
|
|
1,594
|
|
|
2,838
|
|
Foreclosed real
estate and other loan expenses
|
319
|
|
|
189
|
|
|
245
|
|
|
859
|
|
|
1,276
|
|
FDIC insurance
expense
|
193
|
|
|
549
|
|
|
568
|
|
|
1,899
|
|
|
2,084
|
|
Other non-interest
expense
|
2,179
|
|
|
2,265
|
|
|
2,829
|
|
|
8,717
|
|
|
13,863
|
|
Total
non-interest expense
|
27,282
|
|
|
26,842
|
|
|
27,277
|
|
|
106,911
|
|
|
115,081
|
|
Income before
income taxes
|
10,744
|
|
|
11,448
|
|
|
3,008
|
|
|
45,282
|
|
|
14,816
|
|
Income tax
expense
|
3,336
|
|
|
3,656
|
|
|
425
|
|
|
14,125
|
|
|
3,875
|
|
Net income
|
$
|
7,408
|
|
|
$
|
7,792
|
|
|
$
|
2,583
|
|
|
$
|
31,157
|
|
|
$
|
10,941
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
Earnings per share –
Basic
|
$
|
0.41
|
|
|
$
|
0.43
|
|
|
$
|
0.14
|
|
|
$
|
1.72
|
|
|
$
|
0.62
|
|
Earnings per share –
Diluted
|
$
|
0.41
|
|
|
$
|
0.43
|
|
|
$
|
0.14
|
|
|
$
|
1.71
|
|
|
$
|
0.61
|
|
Cash dividends
declared per share
|
$
|
0.17
|
|
|
$
|
0.16
|
|
|
$
|
0.15
|
|
|
$
|
0.64
|
|
|
$
|
0.60
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding – Basic
|
18,009,056
|
|
|
17,993,443
|
|
|
18,142,997
|
|
|
18,013,693
|
|
|
17,555,140
|
|
Weighted-average
shares outstanding – Diluted
|
18,172,030
|
|
|
18,110,710
|
|
|
18,278,272
|
|
|
18,155,463
|
|
|
17,687,795
|
|
Actual shares
outstanding (end of period)
|
18,200,067
|
|
|
18,195,986
|
|
|
18,404,864
|
|
|
18,200,067
|
|
|
18,404,864
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
December
31,
|
(in
$000's)
|
2016
|
|
2015
|
|
|
|
|
Assets
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
Cash and due
from banks
|
$
|
58,129
|
|
|
$
|
53,663
|
|
Interest-bearing deposits in other banks
|
8,017
|
|
|
17,452
|
|
Total cash and cash equivalents
|
66,146
|
|
|
71,115
|
|
|
|
|
|
Available-for-sale
investment securities, at fair value (amortized cost of
|
|
|
|
$777,017 at
December 31, 2016 and $780,304 at December 31, 2015)
|
777,940
|
|
|
784,701
|
|
Held-to-maturity
investment securities, at amortized cost (fair value of
|
|
|
|
$43,227 at
December 31, 2016 and $45,853 at December 31, 2015)
|
43,144
|
|
|
45,728
|
|
Other investment
securities, at cost
|
38,371
|
|
|
38,401
|
|
Total investment securities
|
859,455
|
|
|
868,830
|
|
|
|
|
|
Loans, net of
deferred fees and costs
|
2,224,936
|
|
|
2,072,440
|
|
Allowance for loan
losses
|
(18,429)
|
|
|
(16,779)
|
|
Net loans
|
2,206,507
|
|
|
2,055,661
|
|
|
|
|
|
Loans
held-for-sale
|
4,022
|
|
|
1,953
|
|
Bank premises and
equipment, net of accumulated depreciation
|
53,616
|
|
|
53,487
|
|
Goodwill
|
132,631
|
|
|
132,631
|
|
Other intangible
assets
|
13,387
|
|
|
16,986
|
|
Other
assets
|
96,584
|
|
|
58,307
|
|
Total assets
|
$
|
3,432,348
|
|
|
$
|
3,258,970
|
|
|
|
|
|
Liabilities
|
|
|
|
Deposits:
|
|
|
|
Non-interest-bearing
deposits
|
$
|
734,421
|
|
|
$
|
717,939
|
|
Interest-bearing
deposits
|
1,775,301
|
|
|
1,818,005
|
|
Total deposits
|
2,509,722
|
|
|
2,535,944
|
|
|
|
|
|
Short-term
borrowings
|
305,607
|
|
|
160,386
|
|
Long-term
borrowings
|
145,155
|
|
|
113,670
|
|
Accrued expenses and
other liabilities
|
36,603
|
|
|
29,181
|
|
Total liabilities
|
2,997,087
|
|
|
2,839,181
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
Preferred stock, no
par value (50,000 shares authorized, no shares issued
|
|
|
|
at December
31, 2016 and December 31, 2015)
|
—
|
|
|
—
|
|
Common stock, no par
value, 24,000,000 shares authorized, 18,939,091 shares
issued at December 31, 2016 and
18,931,200 shares issued at December 31,
2015, including shares in
treasury
|
344,404
|
|
|
343,948
|
|
Retained
earnings
|
110,294
|
|
|
90,790
|
|
Accumulated
comprehensive loss, net of deferred income taxes
|
(1,554)
|
|
|
(359)
|
|
Treasury stock, at
cost, 795,758 shares at December 31, 2016 and 586,686
shares at December 31,
2015
|
(17,883)
|
|
|
(14,590)
|
|
Total stockholders' equity
|
435,261
|
|
|
419,789
|
|
Total liabilities and stockholders' equity
|
$
|
3,432,348
|
|
|
$
|
3,258,970
|
|
|
|
|
|
SELECTED FINANCIAL
INFORMATION
|
|
|
December
31,
|
September
30,
|
June
30,
|
March
31,
|
December
31,
|
(in $000's, end of
period)
|
2016
|
2016
|
2016
|
2016
|
2015
|
Loan
Portfolio
|
|
|
|
|
|
Commercial real
estate, construction
|
$
|
94,726
|
|
$
|
81,080
|
|
$
|
98,993
|
|
$
|
81,381
|
|
$
|
75,899
|
|
Commercial real
estate, other
|
736,023
|
|
728,878
|
|
708,910
|
|
728,199
|
|
736,276
|
|
Commercial and
industrial
|
422,339
|
|
400,042
|
|
378,352
|
|
367,810
|
|
351,719
|
|
Residential real
estate
|
535,925
|
|
545,161
|
|
555,123
|
|
565,749
|
|
565,555
|
|
Home equity lines of
credit
|
111,492
|
|
111,196
|
|
109,017
|
|
107,701
|
|
106,429
|
|
Consumer,
indirect
|
252,832
|
|
230,286
|
|
207,116
|
|
183,797
|
|
167,096
|
|
Consumer,
other
|
70,519
|
|
71,491
|
|
70,065
|
|
68,395
|
|
68,018
|
|
Deposit account
overdrafts
|
1,080
|
|
1,074
|
|
1,214
|
|
2,083
|
|
1,448
|
|
Total loans
|
$
|
2,224,936
|
|
$
|
2,169,208
|
|
$
|
2,128,790
|
|
$
|
2,105,115
|
|
$
|
2,072,440
|
|
Total acquired loans
(a)
|
$
|
516,832
|
|
$
|
551,021
|
|
$
|
591,967
|
|
$
|
627,819
|
|
$
|
657,801
|
|
Total originated loans
|
$
|
1,708,104
|
|
$
|
1,618,187
|
|
$
|
1,536,823
|
|
$
|
1,477,296
|
|
$
|
1,414,639
|
|
Deposit
Balances
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
|
734,421
|
|
745,468
|
|
699,695
|
|
716,202
|
|
$
|
717,939
|
|
Interest-bearing
deposits:
|
|
|
|
|
|
Interest-bearing demand accounts
|
$
|
278,975
|
|
$
|
270,490
|
|
$
|
252,119
|
|
$
|
254,241
|
|
$
|
250,023
|
|
Retail
certificates of deposit
|
384,861
|
|
406,866
|
|
418,748
|
|
439,460
|
|
448,992
|
|
Money market
deposit accounts
|
407,754
|
|
411,111
|
|
401,828
|
|
395,022
|
|
394,119
|
|
Governmental
deposit accounts
|
251,671
|
|
286,716
|
|
300,639
|
|
313,904
|
|
276,639
|
|
Savings
accounts
|
436,344
|
|
438,087
|
|
438,952
|
|
434,381
|
|
414,375
|
|
Brokered
certificates of deposits
|
15,696
|
|
16,719
|
|
20,990
|
|
33,873
|
|
33,857
|
|
Total interest-bearing deposits
|
1,775,301
|
|
1,829,989
|
|
1,833,276
|
|
1,870,881
|
|
1,818,005
|
|
Total deposits
|
$
|
2,509,722
|
|
$
|
2,575,457
|
|
$
|
2,532,971
|
|
$
|
2,587,083
|
|
$
|
2,535,944
|
|
Asset
Quality
|
|
|
|
|
|
Nonperforming assets
(NPAs):
|
|
|
|
|
|
Loans 90+ days
past due and accruing
|
$
|
3,771
|
|
$
|
4,161
|
|
$
|
5,869
|
|
$
|
6,746
|
|
$
|
5,969
|
|
Nonaccrual
loans
|
21,325
|
|
19,346
|
|
15,582
|
|
13,579
|
|
13,531
|
|
Total nonperforming loans (NPLs)
|
25,096
|
|
23,507
|
|
21,451
|
|
20,325
|
|
19,500
|
|
Other real
estate owned (OREO)
|
661
|
|
719
|
|
679
|
|
679
|
|
733
|
|
Total NPAs
|
$
|
25,757
|
|
$
|
24,226
|
|
$
|
22,130
|
|
$
|
21,004
|
|
$
|
20,233
|
|
Criticized loans
(b)
|
$
|
99,182
|
|
$
|
99,294
|
|
$
|
106,616
|
|
$
|
119,368
|
|
$
|
122,147
|
|
Classified loans
(c)
|
$
|
57,736
|
|
$
|
53,755
|
|
$
|
51,762
|
|
$
|
57,409
|
|
$
|
60,315
|
|
Allowance for loan
losses as a percent of NPLs (d)(e)
|
73.43
|
%
|
77.50
|
%
|
83.16
|
%
|
84.92
|
%
|
86.05
|
%
|
NPLs as a percent of
total loans (d)(e)
|
1.13
|
%
|
1.08
|
%
|
1.01
|
%
|
0.97
|
%
|
0.94
|
%
|
NPAs as a percent of
total assets (d)(e)
|
0.75
|
%
|
0.72
|
%
|
0.66
|
%
|
0.64
|
%
|
0.62
|
%
|
NPAs as a percent of
total loans and OREO (d)(e)
|
1.16
|
%
|
1.11
|
%
|
1.04
|
%
|
1.00
|
%
|
0.98
|
%
|
Criticized loans as a
percent of total loans (b)(d)
|
4.46
|
%
|
4.58
|
%
|
5.01
|
%
|
5.67
|
%
|
5.89
|
%
|
Classified loans as a
percent of total loans (c)(d)
|
2.59
|
%
|
2.48
|
%
|
2.43
|
%
|
2.73
|
%
|
2.91
|
%
|
Allowance for loan
losses as a percent of originated
|
|
|
|
|
|
loans, net of
deferred fees and costs (d)
|
1.08
|
%
|
1.13
|
%
|
1.16
|
%
|
1.17
|
%
|
1.19
|
%
|
Capital
Information (f)
|
|
|
|
|
|
Common Equity Tier 1
capital ratio
|
12.91
|
%
|
13.04
|
%
|
13.03
|
%
|
13.10
|
%
|
13.36
|
%
|
Tier 1 risk-based
capital ratio
|
13.21
|
%
|
13.34
|
%
|
13.33
|
%
|
13.41
|
%
|
13.67
|
%
|
Total risk-based
capital ratio (Tier 1 and Tier 2)
|
14.11
|
%
|
14.24
|
%
|
14.23
|
%
|
14.29
|
%
|
14.54
|
%
|
Leverage
ratio
|
9.66
|
%
|
9.71
|
%
|
9.56
|
%
|
9.45
|
%
|
9.52
|
%
|
Common Equity Tier 1
capital
|
$
|
306,506
|
|
$
|
301,222
|
|
$
|
295,148
|
|
$
|
288,787
|
|
$
|
288,416
|
|
Tier 1
capital
|
313,430
|
|
308,099
|
|
301,977
|
|
295,569
|
|
295,151
|
|
Total capital (Tier 1
and Tier 2)
|
334,957
|
|
328,948
|
|
322,413
|
|
314,896
|
|
313,974
|
|
Total risk-weighted
assets
|
$
|
2,373,359
|
|
$
|
2,309,951
|
|
$
|
2,265,022
|
|
$
|
2,203,776
|
|
$
|
2,158,713
|
|
Tangible equity to
tangible assets (g)
|
8.80
|
%
|
9.13
|
%
|
9.10
|
%
|
8.88
|
%
|
8.69
|
%
|
|
(a)
Includes all loans acquired in 2012 and thereafter.
|
(b)
Includes loans categorized as watch, substandard or
doubtful.
|
(c)
Includes loans categorized as substandard or doubtful.
|
(d) Data
presented as of the end of the period indicated.
|
(e)
Nonperforming loans include loans 90+ days past due and accruing,
renegotiated loans and nonaccrual loans. Nonperforming assets
include nonperforming
loans and other
real estate owned.
|
(f)
December 31, 2016 data based on preliminary analysis and
subject to revision.
|
(g) These
ratios represent non-GAAP financial measures since they exclude the
balance sheet impact of goodwill and other intangible assets
acquired through
acquisitions on
both total stockholders' equity and total assets. Additional
information regarding the calculation of this ratio is included at
the end of this news release.
|
PROVISION FOR LOAN
LOSSES INFORMATION
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
(in
$000's)
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Provision for Loan
Losses
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
$
|
480
|
|
|
$
|
978
|
|
|
$
|
7,100
|
|
|
$
|
2,890
|
|
|
$
|
13,485
|
|
Provision for
checking account overdrafts
|
231
|
|
|
168
|
|
|
138
|
|
|
649
|
|
|
612
|
|
Total
provision for loan losses
|
$
|
711
|
|
|
$
|
1,146
|
|
|
$
|
7,238
|
|
|
$
|
3,539
|
|
|
$
|
14,097
|
|
|
|
|
|
|
|
|
|
|
|
Net Charge-Offs
(Recoveries)
|
|
|
|
|
|
|
|
|
|
Gross
charge-offs
|
$
|
1,076
|
|
|
$
|
1,263
|
|
|
$
|
14,003
|
|
|
5,197
|
|
|
$
|
16,761
|
|
Recoveries
|
575
|
|
|
498
|
|
|
364
|
|
|
3,308
|
|
|
1,562
|
|
Net
charge-offs
|
$
|
501
|
|
|
$
|
765
|
|
|
$
|
13,639
|
|
|
$
|
1,889
|
|
|
$
|
15,199
|
|
|
|
|
|
|
|
|
|
|
|
Net Charge-Offs
(Recoveries) by Type
|
|
|
|
|
|
|
|
|
|
Commercial real
estate, other
|
$
|
3
|
|
|
$
|
10
|
|
|
$
|
46
|
|
|
$
|
(1,141)
|
|
|
$
|
198
|
|
Commercial and
industrial
|
(56)
|
|
|
—
|
|
|
13,145
|
|
|
711
|
|
|
13,478
|
|
Residential real
estate
|
(22)
|
|
|
23
|
|
|
(16)
|
|
|
333
|
|
|
316
|
|
Home equity lines of
credit
|
(7)
|
|
|
21
|
|
|
(3)
|
|
|
17
|
|
|
6
|
|
Consumer
|
381
|
|
|
542
|
|
|
295
|
|
|
1,370
|
|
|
598
|
|
Deposit account
overdrafts
|
202
|
|
|
169
|
|
|
172
|
|
|
599
|
|
|
603
|
|
Total net
charge-offs
|
$
|
501
|
|
|
$
|
765
|
|
|
$
|
13,639
|
|
|
$
|
1,889
|
|
|
$
|
15,199
|
|
|
|
|
|
|
|
|
|
|
|
As a percent of
average gross loans (annualized)
|
0.09
|
%
|
|
0.14
|
%
|
|
2.63
|
%
|
|
0.09
|
%
|
|
0.78
|
%
|
SUPPLEMENTAL
INFORMATION
|
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
(in $000's, end of
period)
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Trust assets under
management
|
$
|
1,301,509
|
|
|
$
|
1,292,044
|
|
|
$
|
1,280,004
|
|
|
$
|
1,254,824
|
|
|
$
|
1,275,253
|
|
Brokerage assets
under management
|
777,771
|
|
|
754,168
|
|
|
729,519
|
|
|
706,314
|
|
|
664,153
|
|
Mortgage loans
serviced for others
|
$
|
395,981
|
|
|
$
|
389,090
|
|
|
$
|
380,741
|
|
|
$
|
383,531
|
|
|
$
|
390,398
|
|
Employees (full-time
equivalent)
|
782
|
|
|
799
|
|
|
803
|
|
|
821
|
|
|
817
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
AVERAGE BALANCE SHEETS AND NET INTEREST INCOME
|
|
|
Three Months
Ended
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2015
|
(in
$000's)
|
Balance
|
Income/
Expense
|
Yield/
Cost
|
|
Balance
|
Income/
Expense
|
Yield/
Cost
|
|
Balance
|
Income/
Expense
|
Yield/
Cost
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
investments
|
$
|
8,520
|
|
$
|
13
|
|
0.61
|
%
|
|
$
|
8,663
|
|
$
|
10
|
|
0.46
|
%
|
|
$
|
12,840
|
|
$
|
8
|
|
0.25
|
%
|
Other long-term
investments
|
—
|
|
—
|
|
—
|
%
|
|
—
|
|
—
|
|
—
|
%
|
|
1,096
|
|
2
|
|
0.72
|
%
|
Investment securities
(a)(b)
|
862,355
|
|
5,816
|
|
2.70
|
%
|
|
849,266
|
|
5,686
|
|
2.68
|
%
|
|
880,938
|
|
5,911
|
|
2.68
|
%
|
Gross loans
(b)(c)
|
2,184,398
|
|
24,037
|
|
4.34
|
%
|
|
2,133,993
|
|
23,531
|
|
4.35
|
%
|
|
2,060,268
|
|
23,024
|
|
4.41
|
%
|
Allowance for loan
losses
|
(18,254)
|
|
|
|
|
(17,787)
|
|
|
|
|
(22,867)
|
|
|
|
Total earning
assets
|
3,037,019
|
|
29,866
|
|
3.89
|
%
|
|
2,974,135
|
|
29,227
|
|
3.89
|
%
|
|
2,932,275
|
|
28,945
|
|
3.91
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible
assets
|
146,489
|
|
|
|
|
147,466
|
|
|
|
|
150,717
|
|
|
|
Other
assets
|
203,011
|
|
|
|
|
203,035
|
|
|
|
|
157,612
|
|
|
|
Total
assets
|
$
|
3,386,519
|
|
|
|
|
$
|
3,324,636
|
|
|
|
|
$
|
3,240,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Savings
accounts
|
$
|
436,733
|
|
$
|
58
|
|
0.05
|
%
|
|
$
|
439,464
|
|
$
|
59
|
|
0.05
|
%
|
|
$
|
409,827
|
|
$
|
55
|
|
0.05
|
%
|
Government deposit
accounts
|
273,263
|
|
126
|
|
0.18
|
%
|
|
311,650
|
|
152
|
|
0.19
|
%
|
|
284,079
|
|
147
|
|
0.21
|
%
|
Interest-bearing
demand accounts
|
275,653
|
|
65
|
|
0.09
|
%
|
|
264,182
|
|
61
|
|
0.09
|
%
|
|
239,627
|
|
43
|
|
0.07
|
%
|
Money market deposit
accounts
|
407,171
|
|
202
|
|
0.20
|
%
|
|
400,749
|
|
175
|
|
0.17
|
%
|
|
393,219
|
|
158
|
|
0.16
|
%
|
Brokered certificates
of deposits
|
15,838
|
|
95
|
|
2.39
|
%
|
|
17,832
|
|
163
|
|
3.64
|
%
|
|
33,849
|
|
318
|
|
3.73
|
%
|
Retail certificates
of deposit
|
397,368
|
|
863
|
|
0.86
|
%
|
|
412,466
|
|
817
|
|
0.79
|
%
|
|
456,516
|
|
769
|
|
0.67
|
%
|
Total
interest-bearing deposits
|
1,806,026
|
|
1,409
|
|
0.31
|
%
|
|
1,846,343
|
|
1,427
|
|
0.31
|
%
|
|
1,817,117
|
|
1,490
|
|
0.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
213,852
|
|
207
|
|
0.39
|
%
|
|
143,814
|
|
109
|
|
0.30
|
%
|
|
141,081
|
|
74
|
|
0.21
|
%
|
Long-term
borrowings
|
145,677
|
|
1,066
|
|
2.92
|
%
|
|
147,732
|
|
1,071
|
|
2.89
|
%
|
|
114,148
|
|
1,002
|
|
3.50
|
%
|
Total borrowed
funds
|
359,529
|
|
1,273
|
|
1.41
|
%
|
|
291,546
|
|
1,180
|
|
1.61
|
%
|
|
255,229
|
|
1,076
|
|
1.68
|
%
|
Total
interest-bearing liabilities
|
2,165,555
|
|
2,682
|
|
0.49
|
%
|
|
2,137,889
|
|
2,607
|
|
0.49
|
%
|
|
2,072,346
|
|
2,566
|
|
0.49
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
743,389
|
|
|
|
|
709,432
|
|
|
|
|
716,339
|
|
|
|
Other
liabilities
|
39,337
|
|
|
|
|
38,709
|
|
|
|
|
29,218
|
|
|
|
Total
liabilities
|
2,948,281
|
|
|
|
|
2,886,030
|
|
|
|
|
2,817,903
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
438,238
|
|
|
|
|
438,606
|
|
|
|
|
422,701
|
|
|
|
Total liabilities and
equity
|
$
|
3,386,519
|
|
|
|
|
$
|
3,324,636
|
|
|
|
|
$
|
3,240,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/spread (b)
|
|
$
|
27,184
|
|
3.40
|
%
|
|
|
$
|
26,620
|
|
3.40
|
%
|
|
|
$
|
26,379
|
|
3.42
|
%
|
Net interest margin
(b)
|
|
|
3.54
|
%
|
|
|
|
3.54
|
%
|
|
|
|
3.56
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Average balances
are based on carrying value.
|
(b) Interest income
and yields are presented on a fully tax-equivalent basis using a
35% federal statutory tax rate.
|
(c) Average balances
include nonaccrual, impaired loans and loans held-for-sale.
Interest income includes interest earned and received on nonaccrual
loans prior to the loans being placed on nonaccrual status and
related interest income on loans originated for sale prior to the
loan being sold. Loan fees included in interest income were
immaterial for all periods presented.
|
|
Year
Ended
|
|
December 31,
2016
|
|
December 31,
2015
|
(in
$000's)
|
Balance
|
Income/
Expense
|
Yield/
Cost
|
|
Balance
|
Income/
Expense
|
Yield/
Cost
|
Assets
|
|
|
|
|
|
|
|
Short-term
investments
|
$
|
9,667
|
|
$
|
50
|
|
0.52
|
%
|
|
$
|
50,858
|
|
$
|
123
|
|
0.24
|
%
|
Other long-term
investments
|
—
|
|
—
|
|
—
|
%
|
|
1,261
|
|
12
|
|
0.95
|
%
|
Investment securities
(a)(b)
|
866,021
|
|
23,416
|
|
2.70
|
%
|
|
833,757
|
|
22,838
|
|
2.74
|
%
|
Gross loans
(b)(c)
|
2,133,175
|
|
94,005
|
|
4.41
|
%
|
|
1,952,241
|
|
87,338
|
|
4.47
|
%
|
Allowance for loan
losses
|
(17,564)
|
|
|
|
|
(19,174)
|
|
|
|
Total earning
assets
|
2,991,299
|
|
117,471
|
|
3.90
|
%
|
|
2,818,943
|
|
110,311
|
|
3.91
|
%
|
|
|
|
|
|
|
|
|
Intangible
assets
|
147,981
|
|
|
|
|
144,013
|
|
|
|
Other
assets
|
181,167
|
|
|
|
|
148,897
|
|
|
|
Total
assets
|
$
|
3,320,447
|
|
|
|
|
$
|
3,111,853
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
Interest-bearing
deposits:
|
|
|
|
|
|
|
|
Savings
accounts
|
$
|
434,140
|
|
$
|
231
|
|
0.05
|
%
|
|
$
|
388,802
|
|
$
|
209
|
|
0.05
|
%
|
Government deposit
accounts
|
296,590
|
|
570
|
|
0.19
|
%
|
|
276,367
|
|
597
|
|
0.22
|
%
|
Interest-bearing
demand accounts
|
260,788
|
|
217
|
|
0.08
|
%
|
|
222,868
|
|
178
|
|
0.08
|
%
|
Money market deposit
accounts
|
401,693
|
|
702
|
|
0.17
|
%
|
|
384,258
|
|
614
|
|
0.16
|
%
|
Brokered certificates
of deposits
|
24,231
|
|
846
|
|
3.49
|
%
|
|
36,303
|
|
1,352
|
|
3.72
|
%
|
Retail certificates
of deposit
|
423,680
|
|
3,376
|
|
0.80
|
%
|
|
465,861
|
|
3,256
|
|
0.70
|
%
|
Total
interest-bearing deposits
|
1,841,122
|
|
5,942
|
|
0.32
|
%
|
|
1,774,459
|
|
6,206
|
|
0.35
|
%
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
159,169
|
|
508
|
|
0.32
|
%
|
|
100,437
|
|
182
|
|
0.18
|
%
|
Long-term
borrowings
|
131,386
|
|
4,129
|
|
3.14
|
%
|
|
135,248
|
|
4,333
|
|
3.20
|
%
|
Total borrowed
funds
|
290,555
|
|
4,637
|
|
1.60
|
%
|
|
235,685
|
|
4,515
|
|
1.92
|
%
|
Total
interest-bearing liabilities
|
2,131,677
|
|
10,579
|
|
0.50
|
%
|
|
2,010,144
|
|
10,721
|
|
0.53
|
%
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
722,291
|
|
|
|
|
663,395
|
|
|
|
Other
liabilities
|
33,813
|
|
|
|
|
31,018
|
|
|
|
Total
liabilities
|
2,887,781
|
|
|
|
|
2,704,557
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
432,666
|
|
|
|
|
407,296
|
|
|
|
Total liabilities and
equity
|
$
|
3,320,447
|
|
|
|
|
$
|
3,111,853
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/spread (b)
|
|
$
|
106,892
|
|
3.40
|
%
|
|
|
$
|
99,590
|
|
3.38
|
%
|
Net interest margin
(b)
|
|
|
3.54
|
%
|
|
|
|
3.53
|
%
|
|
|
|
|
|
|
|
|
(a) Average balances
are based on carrying value.
|
(b) Interest income
and yields are presented on a fully tax-equivalent basis using a
35% federal statutory tax rate.
|
(c) Average balances
include nonaccrual, impaired loans and loans held-for-sale.
Interest income includes interest earned and received on nonaccrual
loans prior to the loans being placed on nonaccrual status and
related interest income on loans originated for sale prior to the
loan being sold. Loan fees included in interest income were
immaterial for all periods presented.
|
NON-GAAP FINANCIAL
MEASURES
|
|
The following
non-GAAP financial measures used by Peoples provide information
useful to investors in understanding Peoples' operating performance
and trends, and facilitate comparisons with the performance of
Peoples' peers. The following tables summarize the non-GAAP
financial measures derived from amounts reported in Peoples'
consolidated financial statements:
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
(in
$000's)
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Core non-interest
income:
|
|
|
|
|
|
|
|
|
|
Total non-interest
income
|
$
|
12,111
|
|
|
$
|
13,538
|
|
|
$
|
12,101
|
|
|
$
|
51,070
|
|
|
$
|
47,441
|
|
Plus: System upgrade
revenue waived
|
85
|
|
|
—
|
|
|
—
|
|
|
85
|
|
|
—
|
|
Core non-interest
income
|
$
|
12,196
|
|
|
$
|
13,538
|
|
|
$
|
12,101
|
|
|
$
|
51,155
|
|
|
$
|
47,441
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
(in
$000's)
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Core non-interest
expenses:
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense
|
$
|
27,282
|
|
|
$
|
26,842
|
|
|
$
|
27,277
|
|
|
$
|
106,911
|
|
|
$
|
115,081
|
|
Less: System upgrade
costs
|
746
|
|
|
423
|
|
|
—
|
|
|
1,259
|
|
|
—
|
|
Less:
acquisition-related costs
|
—
|
|
|
—
|
|
|
838
|
|
|
—
|
|
|
10,722
|
|
Less: pension
settlement charges
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
459
|
|
Less: other non-core
charges
|
—
|
|
|
—
|
|
|
407
|
|
|
—
|
|
|
592
|
|
Core non-interest
expenses
|
$
|
26,536
|
|
|
$
|
26,419
|
|
|
$
|
26,027
|
|
|
$
|
105,652
|
|
|
$
|
103,308
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
(in
$000's)
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio:
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense
|
$
|
27,282
|
|
|
$
|
26,842
|
|
|
$
|
27,277
|
|
|
$
|
106,911
|
|
|
$
|
115,081
|
|
Less: Amortization of
other intangible assets
|
1,007
|
|
|
1,008
|
|
|
1,133
|
|
|
4,030
|
|
|
4,077
|
|
Adjusted non-interest
expense
|
26,275
|
|
|
25,834
|
|
|
26,144
|
|
|
102,881
|
|
|
111,004
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
income
|
12,111
|
|
|
13,538
|
|
|
12,101
|
|
|
51,070
|
|
|
47,441
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
26,667
|
|
|
26,123
|
|
|
25,864
|
|
|
104,865
|
|
|
97,612
|
|
Add: Fully
tax-equivalent adjustment
|
517
|
|
|
497
|
|
|
515
|
|
|
2,027
|
|
|
1,978
|
|
Net interest income
on a fully taxable-equivalent basis
|
27,184
|
|
|
26,620
|
|
|
26,379
|
|
|
106,892
|
|
|
99,590
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
revenue
|
$
|
39,295
|
|
|
$
|
40,158
|
|
|
$
|
38,480
|
|
|
$
|
157,962
|
|
|
$
|
147,031
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
66.87
|
%
|
|
64.33
|
%
|
|
67.94
|
%
|
|
65.13
|
%
|
|
75.50
|
%
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
adjusted for non-core items:
|
|
|
|
|
|
|
|
|
Core non-interest
expenses
|
$
|
26,536
|
|
|
$
|
26,419
|
|
|
$
|
26,027
|
|
|
$
|
105,652
|
|
|
$
|
103,308
|
|
Less: Amortization of
other intangible assets
|
1,007
|
|
|
1,008
|
|
|
1,133
|
|
|
4,030
|
|
|
4,077
|
|
Adjusted non-interest
expense
|
25,529
|
|
|
25,411
|
|
|
24,894
|
|
|
101,622
|
|
|
99,231
|
|
|
|
|
|
|
|
|
|
|
|
Core non-interest
income
|
$
|
12,196
|
|
|
$
|
13,538
|
|
|
$
|
12,101
|
|
|
$
|
51,155
|
|
|
$
|
47,441
|
|
Net interest income
on a fully taxable-equivalent basis
|
27,184
|
|
|
26,620
|
|
|
26,379
|
|
|
106,892
|
|
|
99,590
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted core
revenue
|
$
|
39,380
|
|
|
$
|
40,158
|
|
|
$
|
38,480
|
|
|
$
|
158,047
|
|
|
$
|
147,031
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
adjusted for non-core items
|
64.83
|
%
|
|
63.28
|
%
|
|
64.69
|
%
|
|
64.30
|
%
|
|
67.49
|
%
|
|
|
|
At or For the
Three Months Ended
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
(in
$000's)
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Tangible
Equity:
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity, as reported
|
$
|
435,261
|
|
|
$
|
440,637
|
|
|
$
|
437,753
|
|
|
$
|
428,486
|
|
|
$
|
419,789
|
|
Less: goodwill and
other intangible assets
|
146,018
|
|
|
147,005
|
|
|
147,971
|
|
|
148,997
|
|
|
149,617
|
|
Tangible
equity
|
$
|
289,243
|
|
|
$
|
293,632
|
|
|
$
|
289,782
|
|
|
$
|
279,489
|
|
|
$
|
270,172
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
Assets:
|
|
|
|
|
|
|
|
|
|
Total assets, as
reported
|
$
|
3,432,348
|
|
|
$
|
3,363,585
|
|
|
$
|
3,333,455
|
|
|
$
|
3,294,929
|
|
|
$
|
3,258,970
|
|
Less: goodwill and
other intangible assets
|
146,018
|
|
|
147,005
|
|
|
147,971
|
|
|
148,997
|
|
|
149,617
|
|
Tangible
assets
|
$
|
3,286,330
|
|
|
$
|
3,216,580
|
|
|
$
|
3,185,484
|
|
|
$
|
3,145,932
|
|
|
$
|
3,109,353
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book
Value per Common Share:
|
|
|
|
|
|
|
|
|
|
Tangible
equity
|
$
|
289,243
|
|
|
$
|
293,632
|
|
|
$
|
289,782
|
|
|
$
|
279,489
|
|
|
$
|
270,172
|
|
Common shares
outstanding
|
18,200,067
|
|
|
18,195,986
|
|
|
18,185,708
|
|
|
18,157,932
|
|
|
18,404,864
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
per common share
|
$
|
15.89
|
|
|
$
|
16.14
|
|
|
$
|
15.93
|
|
|
$
|
15.39
|
|
|
$
|
14.68
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Equity to
Tangible Assets Ratio:
|
|
|
|
|
Tangible
equity
|
$
|
289,243
|
|
|
$
|
293,632
|
|
|
$
|
289,782
|
|
|
$
|
279,489
|
|
|
$
|
270,172
|
|
Tangible
assets
|
$
|
3,286,330
|
|
|
$
|
3,216,580
|
|
|
$
|
3,185,484
|
|
|
$
|
3,145,932
|
|
|
$
|
3,109,353
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity to
tangible assets
|
8.80
|
%
|
|
9.13
|
%
|
|
9.10
|
%
|
|
8.88
|
%
|
|
8.69
|
%
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
(in
$000's)
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Pre-Provision Net
Revenue:
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
$
|
10,744
|
|
|
$
|
11,448
|
|
|
$
|
3,008
|
|
|
$
|
45,282
|
|
|
$
|
14,816
|
|
Add: provision for
loan losses
|
711
|
|
|
1,146
|
|
|
7,238
|
|
|
3,539
|
|
|
14,097
|
|
Add: net loss on debt
extinguishment
|
—
|
|
|
—
|
|
|
—
|
|
|
707
|
|
|
520
|
|
Add: net loss on
loans held-for-sale and OREO
|
33
|
|
|
—
|
|
|
397
|
|
|
34
|
|
|
529
|
|
Add: net loss on
securities transactions
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Add: net loss on
other assets
|
76
|
|
|
224
|
|
|
100
|
|
|
427
|
|
|
739
|
|
Less: net gain on
securities transactions
|
68
|
|
|
—
|
|
|
56
|
|
|
931
|
|
|
729
|
|
Less: net gain on
other assets
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
—
|
|
Pre-provision net
revenue
|
$
|
11,496
|
|
|
$
|
12,819
|
|
|
$
|
10,687
|
|
|
$
|
49,024
|
|
|
$
|
29,972
|
|
|
|
|
|
|
|
|
|
|
|
Pre-provision net
revenue
|
$
|
11,496
|
|
|
$
|
12,819
|
|
|
$
|
10,687
|
|
|
$
|
49,024
|
|
|
$
|
29,972
|
|
Total average
assets
|
3,386,519
|
|
|
3,324,636
|
|
|
3,240,604
|
|
|
3,320,447
|
|
|
3,111,853
|
|
|
|
|
|
|
|
|
|
|
|
Pre-provision net
revenue to total average assets (annualized)
|
1.35
|
%
|
|
1.53
|
%
|
|
1.31
|
%
|
|
1.48
|
%
|
|
0.96
|
%
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/peoples-bancorp-inc-announces-4th-quarter-earnings-and-record-full-year-net-income-for-2016-300398037.html
SOURCE Peoples Bancorp Inc.