0000318300FALSE00003183002023-04-282023-04-28

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): April 28, 2023 (April 25, 2023)

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PEOPLES BANCORP INC.
(Exact name of Registrant as specified in its charter)
Ohio000-1677231-0987416
(State or other jurisdiction(Commission File(I.R.S. Employer
of incorporation)Number)Identification Number)
138 Putnam Street, PO Box 738
Marietta,Ohio45750-0738
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code:(740)373-3155
Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common shares, without par valuePEBOThe Nasdaq Stock Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02     Results of Operations and Financial Condition
On April 25, 2023, management of Peoples Bancorp Inc. (“Peoples”) conducted a facilitated conference call at approximately 11:00 a.m., Eastern Daylight Time, to discuss results of operations for the quarter ended March 31, 2023. 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.

NON-US GAAP FINANCIAL MEASURES (Unaudited)
The following non-US 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. Peoples also uses the non-US GAAP financial measures for calculating incentive compensation. The following tables summarize the non-US GAAP financial measures derived from amounts reported in Peoples' consolidated financial statements:
Three Months Ended
March 31,December 31,March 31,
(Dollars in thousands)202320222022
Core non-interest expense:
Total non-interest expense$56,479 $53,366 $51,629 
Less: acquisition-related expenses551 702 1,373 
Less: pension settlement charges— 46 — 
Less: COVID-19-related expenses— 2 94 
Core non-interest expense$55,928 $52,616 $50,162 

NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued)
Three Months Ended
March 31,December 31,March 31,
(Dollars in thousands)202320222022
Efficiency ratio:
Total non-interest expense56,479 $53,366 51,629 
Less: amortization of other intangible assets1,871 1,998 1,708 
Adjusted non-interest expense$54,608 $51,368 $49,921 
Total non-interest income$19,060 $19,034 $20,050 
Less: net gain (loss) on investment securities(1,935)(168)130 
Add: net loss on asset disposals and other transactions(246)(302)(127)
Total non-interest income, excluding net gains and losses$21,241 $19,504 $20,047 
Net interest income$72,878 $70,613 $54,310 
Add: fully tax-equivalent adjustment (a)399 412 391 
Net interest income on a fully tax-equivalent basis$73,277 $71,025 $54,701 
Adjusted revenue$94,518 $90,529 $74,748 
Efficiency ratio57.78 %56.74 %66.79 %
Efficiency ratio adjusted for non-core items:
Core non-interest expense$55,928 $52,616 $50,162 
Less: amortization of other intangible assets1,871 1,998 1,708 
Adjusted core non-interest expense$54,057 $50,618 $48,454 
Adjusted revenue$94,518 $90,529 $74,748 
Efficiency ratio adjusted for non-core items57.19 %55.91 %64.82 %
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(a) Tax effect is calculated using a 23.3% blended corporate income tax rate for each of the three months ended March 31, 2023 and December 31, 2022, and a 22.9% blended corporate income tax rate for the three months ended March 31, 2022.

NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued)

(Dollars in thousands, except per share data)March 31,December 31,September 30,June 30,March 31,
20232022202220222022
Tangible equity:
Total stockholders' equity$819,543 $785,328 $760,511 $786,824 $808,340 
Less: goodwill and other intangible assets324,562 326,329 328,428 328,132 341,865 
Tangible equity$494,981 $458,999 $432,083 $458,692 $466,475 
Tangible assets:
Total assets$7,311,520 $7,207,304 $7,005,854 $7,278,292 $7,239,261 
Less: goodwill and other intangible assets324,562 326,329 328,428 328,132 341,865 
Tangible assets$6,986,958 $6,880,975 $6,677,426 $6,950,160 $6,897,396 
Tangible book value per common share:
Tangible equity$494,981 $458,999 $432,083 $458,692 $466,475 
Common shares outstanding28,488,158 28,287,837 28,278,078 28,290,115 28,453,175 
Tangible book value per common share$17.37 $16.23 $15.28 $16.21 $16.39 
Tangible equity to tangible assets ratio:
Tangible equity$494,981 $458,999 $432,083 $458,692 $466,475 
Tangible assets$6,986,958 $6,880,975 $6,677,426 $6,950,160 $6,897,396 
Tangible equity to tangible assets7.08 %6.67 %6.47 %6.60 %6.76 %
Three Months Ended
March 31,December 31,March 31,
(Dollars in thousands, except per share data)202320222022
Pre-provision net revenue:
Income (loss) before income taxes$33,606 $33,980 $29,538 
Add: provision for credit losses1,853 2,301 — 
Add: loss on OREO10 — 1 
Add: loss on investment securities1,935 168 — 
Add: loss on other assets229 278 22 
Add: net loss on other transactions7 23 104 
Less: recovery of credit losses— — 6,807 
Less: gain on investment securities— — 130 
Pre-provision net revenue$37,640 $36,750 $22,728 
Total average assets$7,222,464 $7,067,193 $7,067,816 
Pre-provision net revenue to total average assets (annualized)2.11 %2.06 %1.30 %
Weighted-average common shares outstanding – diluted28,021,87927,981,65628,129,131
Pre-provision net revenue per common share – diluted$1.34$1.31$0.81


NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued)

Three Months Ended
March 31,December 31,March 31,
(Dollars in thousands)202320222022
Annualized net income (loss) adjusted for non-core items:
Net income (loss)$26,560 $26,849 $23,577 
Add: loss on investment securities1,935 168 — 
Less: tax effect of loss on investment securities (a)406 35 — 
Less: gain on investment securities— — 130 
Add: tax effect of net gain on investment securities (a)— — 27 
Add: net loss on asset disposals and other transactions246 302 127 
Less: tax effect of net loss on asset disposals and other transactions (a)52 63 27 
Add: acquisition-related expenses551 702 1,373 
Less: tax effect of acquisition-related expenses (a)116 147 288 
Add: pension settlement charges— 46 — 
Less: tax effect of pension settlement charges (a)— 10 — 
Add: COVID-19-related expenses— 2 94 
Less: tax effect of COVID-19-related expenses (a)— — 20 
Net income adjusted for non-core items (after tax)$28,718 $27,814 $24,733 
Days in the period90 92 90 
Days in the year365 365 365 
Annualized net income (loss)$107,716 $106,520 $95,618 
Annualized net income adjusted for non-core items (after tax)$116,467 $110,349 $100,306 
Return on average assets:
Annualized net income (loss)$107,716 $106,520 $95,618 
Total average assets$7,222,464 $7,067,193 $7,067,816 
Return on average assets1.49 %1.51 %1.35 %
Return on average assets adjusted for non-core items:
Annualized net income adjusted for non-core items (after tax)$116,467 $110,349 $100,306 
Total average assets$7,222,464 $7,067,193 $7,067,816 
Return on average assets adjusted for non-core items1.61 %1.56 %1.42 %
(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.



NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued)
Three Months Ended
March 31,December 31,March 31,
(Dollars in thousands)202320222022
Annualized net income (loss) excluding amortization of other intangible assets:
Net income (loss)$26,560 $26,849 $23,577 
Add: amortization of other intangible assets1,871 1,998 1,708 
Less: tax effect of amortization of other intangible assets (a)393 420 359 
Net income excluding amortization of other intangible assets (after tax)$28,038 $28,427 $24,926 
Days in the period90 92 90 
Days in the year365 365 365 
Annualized net income (loss)$107,716 $106,520 $95,618 
Annualized net income (loss) excluding amortization of other intangible assets (after tax)$113,710 $112,781 $101,089 
Average tangible equity:
Total average stockholders' equity$801,465 $768,650 $834,752 
Less: average goodwill and other intangible assets325,545 327,377 304,124 
Average tangible equity$475,920 $441,273 $530,628 
Return on average stockholders' equity ratio:
Annualized net income $107,716 $106,520 $95,618 
Average stockholders' equity$801,465 $768,650 $834,752 
Return on average stockholders' equity13.44 %13.86 %11.45 %
Return on average tangible equity ratio:
Annualized net income excluding amortization of other intangible assets (after tax)$113,710 $112,781 $101,089 
Average tangible equity$475,920 $441,273 $530,628 
Return on average tangible equity23.89 %25.56 %19.05 %
(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 which follows:

INDEX TO EXHIBITS

Exhibit NumberDescription
Transcript of conference call conducted by management of Peoples Bancorp Inc. on April 25, 2023 to discuss results of operations for the quarter ended March 31, 2023
104Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PEOPLES BANCORP INC.
Date:April 28, 2023By:/s/ 
Katie Bailey
Executive Vice President,
Chief Financial Officer and Treasurer


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