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Peoples Bancorp Inc. Reports Improved 2nd Quarter 2012 Earnings of $0.47 Per Share


News provided by

Peoples Bancorp Inc.

Jul 24, 2012, 08:14 ET

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MARIETTA, Ohio, July 24, 2012 /PRNewswire/ -- Peoples Bancorp Inc. ("Peoples") (NASDAQ: PEBO) today announced results for the quarter ended June 30, 2012.  Net income totaled $5.0 million for the second quarter of 2012, representing earnings per diluted common share of $0.47.  In comparison, earnings per diluted common share were $0.26 for the second quarter of 2011 and $0.63 for the first quarter of 2012.  On a year-to-date basis, earnings per diluted common share were $1.10 through six months of 2012 versus $0.38 during the same period in 2011.

Summary points regarding second quarter 2012 results:

  • Peoples incurred pre-tax costs of $660,000 (or $429,000 after-tax) during the quarter related to pension settlement charges, acquisition activities and a private foundation contribution.
  • Total revenue, which is net interest income plus non-interest income, was 4% higher than the prior year, driven mostly by stronger fee-based revenues.  Net interest income also benefited from modestly higher average loan balances.  On a linked quarter basis, total revenue was 2% lower reflecting the normal seasonal decline corresponding with the recognition of annual performance-based insurance revenue in the first quarter. 
  • Total criticized loans, which are those classified as watch, substandard or doubtful, decreased $16 million, or 14%, during the quarter, and $40 million, or 29%, since year-end 2011.  These reductions were primarily the result of paydowns and upgrades.  Total nonperforming loans as a percentage of gross loans and OREO also improved to 1.85%, compared to 2.25% at March 31, 2012 and 3.71% a year ago. 
  • Net charge-offs remained minimal for a second consecutive quarter.  Through six months, net charge-offs were 0.11% of average loans on annualized basis in 2012 versus 1.94% in 2011.  Peoples realized a $3.3 million recovery of loan losses in the first half of 2012 compared to a provision of $7.6 million a year ago.
  • The sustained improvement in asset quality led to a further reduction in the allowance for loan losses to 2.09% of total loans, from 2.25% at the linked quarter-end and 2.53% at year-end 2011. 
  • Second quarter 2012 total non-interest expense was up moderately compared to both the linked and year-ago quarters.  The previously mentioned acquisition and pension related costs were the key drivers, while $355,000 of additional incentive and sales-based compensation, plus a $100,000 contribution to Peoples' private charitable foundation were other significant contributing factors to the year-over-year increase.  Compensation expenses are benefiting from the 8% reduction in employee count since June 30, 2011.
  • Both period-end and average loan balances were higher in the second quarter due to commercial loan growth.  Actual period-end balances increased $11 million during the quarter and $17 million since year-end, while average loan balances were up $13 million on a linked quarter basis and $12 million year-over-year.  
  • Retail deposit balances experienced continued growth during the quarter, increasing $19 million since the prior quarter-end and $77 million compared to year-end 2011. Non-interest-bearing deposits comprised 20.0% of total retail deposits versus 18.6% at year-end 2011.

"We are pleased to report another quarter of solid earnings driven by improvements in several key areas," said Chuck Sulerzyski, President and Chief Executive Officer.  "Revenue growth is occurring with modest loan growth, reflecting the value of our revenue diversity.  Operating expenses are being managed effectively.  Credit quality trends remained favorable and led to us releasing additional reserves."

Sulerzyski continued, "Other major accomplishments during the second quarter included the announcement of our first banking acquisition since 2006 and the completed acquisition of a small financial advisory book of business in Wood County, West Virginia.  We are excited by this expansion of our franchise and customer base within our existing footprint.  As the pending bank transaction progresses, our management team is working diligently to capitalize on potential opportunities to acquire banks, insurance agencies and wealth management providers in or around our existing markets."

On June 5, 2012, Peoples announced plans to acquire Sistersville Bancorp, Inc. and its wholly-owned subsidiary, First Federal Savings Bank, in a merger transaction for total cash consideration of $9.8 million, or $30.74 for each share of Sistersville common stock.  The merger transactions are expected to be completed late in the third quarter of 2012, subject to customary closing conditions, including regulatory approvals and Sistersville shareholder approval.  At that time, First Federal Savings' full service offices in Sistersville and Parkersburg, West Virginia, will become branches of Peoples Bank.  Given the expected completion date, this transaction should have minimal impact on 2012 earnings but is expected to be accretive to earnings beginning in 2013.

Net interest income increased modestly in the second quarter of 2012, to $13.6 million compared to $13.4 million for both the linked and year-ago quarters.  This improvement occurred as Peoples reduced funding costs, which caused a greater decrease in interest expense than the decline experienced in interest income due to lower reinvestment rates.  On a year-to-date basis, net interest income of $27.0 million was comparable with the prior year period.  Peoples has maintained a relatively stable net interest margin of 3.42% through six months of 2012 despite lower long-term interest rates.

"The flatter yield curve experienced in the second quarter placed additional downward pressure on asset yields," said Edward Sloane, Chief Financial Officer and Treasurer.  "However, recent actions taken to reduce our funding costs successfully mitigated the impact on our net interest margin.  Second quarter funding costs reflected a full quarter's impact of the debt restructuring completed last quarter, plus the benefit of our remaining high-cost special CDs maturing.  In addition, asset yields, while lower than recent periods, benefited from the modest loan growth that has occurred thus far in 2012.  Our ability to maintain and improve net interest margin continues to depend upon meaningful loan growth, coupled with disciplined balance sheet management and pricing."

Second quarter 2012 non-interest income was 8% higher than the prior year second quarter, as strong revenue generation occurred in several major sources.  Non-interest income was down 6% on a linked quarter basis, due entirely to the recognition of $919,000 in annual performance-based insurance revenue during the first quarter.  Mortgage banking income was more than double the amount generated in last year's second quarter and up 24% from the linked quarter.  These increases reflect significantly higher production volumes attributable to refinancing activity.  Peoples' insurance commission revenue has benefited from increases in premiums occurring within the industry.  Increased debit card usage by Peoples' customers continued to produce double-digit year-over-year increases in electronic banking income.  

Non-interest expenses totaled $15.7 million for the second quarter of 2012, up 4% from the linked quarter and 7% year-over-year.  These increases were driven primarily by $353,000 in pension settlement charges associated with lump sum distributions, plus $207,000 of legal and other professional services costs associated with acquisitions either completed or evaluated by Peoples.  In the second quarter of 2012, Peoples made an additional $100,000 contribution to its private foundation, resulting in year-to-date contributions of $200,000, while no contributions were made in the first half of 2011.  Second quarter sales and incentive-based compensation also was $355,000 higher than the prior year quarter corresponding with insurance and mortgage loan production volumes, plus the stronger operating results through six months of 2012.  Total salary and employee benefit costs, although higher than prior quarters, continued to benefit from the planned reduction in full-time equivalent employees initiated in the second half of 2011.  At June 30, 2012, Peoples had 494 full-time equivalent employees, down 4% versus year-end 2011 and 8% fewer than at June 30, 2011.

"We remain committed to generating positive operating leverage through disciplined expense management," said Sloane.  "Through six months of 2012, our revenue has grown at a faster pace than we previously anticipated, due to the significantly higher mortgage banking activity.  In contrast, operating expenses were generally in line with our expectations considering the acquisition costs incurred during the second quarter.  In addition, we began incurring pension settlement charges one quarter earlier this year than in 2011.  In the second half of 2012, we will strive to continue to manage operating expenses to maintain our efficiency ratio in the range of 66% to 68%."

Peoples' portfolio loan balances experienced modest growth during the second quarter of 2012, driven primarily by commercial lending opportunities within Peoples' market area as most of the residential mortgage loan production continues to be sold on the secondary market.  Year-to-date loan growth has been tempered by the first quarter payoff of two nonperforming commercial real estate loan relationships totaling $8.1 million.

"New loan production was stronger in the second quarter, which produced higher loan balances," said Sulerzyski.  "We also experienced continued improvement in our asset quality during the quarter, with a further decline in criticized assets and net charge-offs remaining at a very low level. In the second half of 2012, loan growth will be challenged by some expected payoffs.  We also will continue to take a cautious approach with our allowance for loan losses.  Any additional reserve releases will depend on our credit metrics and the factors affecting loan losses."

During the second quarter of 2012, total nonperforming assets decreased 17% to $17.8 million, or 1.85% of total loans plus OREO, at June 30, 2012, compared to $21.4 million and 2.25% at March 31, 2012.  This reduction was due mostly to $2.6 million in nonaccrual loans being restored to accrual status.  Total criticized loans have decreased $40.5 million, or 28.7%, since year-end 2011, reflecting $26.2 million in principal paydowns.  Peoples also upgraded $17.5 million in loans during the first half of 2012 based upon the financial condition of the borrowers.  These positive trends in asset quality drove the significant decrease in Peoples' allowance for loan losses during the second quarter, which stood at 2.09% of total loans and 119.9% of nonperforming loans at June 30, 2012, compared to 2.53% and 79.0%, respectively, at year-end 2011.

"Overall, our second quarter results reflect positive progress towards sustaining the earnings momentum that has been building in recent quarters," summarized Sulerzyski.  "We have maintained a growing, diversified revenue stream, which will be a source of strength if interest rates remain near their current low levels.  Operating expenses are being managed to enhance overall efficiency.  Continued asset quality improvement is freeing up capital that we intend to redeploy through prudent growth.  We are committed to building shareholder value through disciplined execution of our strategies."

Peoples Bancorp Inc. is a diversified financial products and services company with $1.8 billion in total assets, 44 locations and 42 ATMs in Ohio, West Virginia and Kentucky.  Peoples makes available a complete line of banking, investment, insurance, and trust solutions through its financial service units - Peoples Bank, National Association; Peoples Financial Advisors (a division of 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 US 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 second quarter 2012 results of operations today at 11:00 a.m., Eastern Daylight Saving Time, with members of Peoples' executive management participating.  Analysts, media and individual investors are invited to participate in the conference call by calling (800) 860-2442.  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.

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", "could", "may", "feel", "expect", "believe", "plan", 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) deterioration in the credit quality of Peoples' loan portfolio, which may adversely impact the provision for loan losses; (2) competitive pressures among financial institutions or from non-financial institutions may increase significantly, including product and pricing pressures and Peoples' ability to attract, develop and retain qualified professionals; (3) changes in the interest rate environment, which may adversely impact interest margins; (4) changes in prepayment speeds, loan originations, sale volumes, charge-offs and loan loss provisions, which may be less favorable than expected and adversely impact the amount of interest income generated; (5) economic conditions, either nationally or in areas where Peoples, its subsidiaries and one or more acquired companies do business, may be less favorable than expected, which could decrease the demand for loans, deposits and other financial services and increase loan delinquencies and defaults; (6) legislative or regulatory changes or actions, including in particular the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the regulations promulgated and to be promulgated thereunder, 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; (7) changes in accounting standards, policies, estimates or procedures may adversely affect Peoples' reported financial condition or results of operations; (8) adverse changes in the conditions and trends in the financial markets, which may adversely affect the fair value of securities within Peoples' investment portfolio and interest rate sensitivity of Peoples' consolidated balance sheet; (9) Peoples' ability to receive dividends from its subsidiaries; (10) Peoples' ability to maintain required capital levels and adequate sources of funding and liquidity; (11) the impact of larger or similar financial institutions encountering problems, which may adversely affect the banking industry and/or Peoples' business generation and retention, funding and liquidity; (12) 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; (13) Peoples' ability to secure confidential information through the use of computer systems and telecommunications networks, including those of our 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; (14) the overall adequacy of our risk management program; (15) Peoples' ability to complete and, if completed, successfully integrate acquisitions, including the pending merger of Sistersville Bancorp, Inc. with and into Peoples; and (16) 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 ("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, 2011.

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 June 30, 2012 consolidated financial statements as part of its Quarterly Report on Form 10-Q 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

Six Months Ended


June 30,

March 31,

June 30,

June 30,


2012

2012

2011

2012

2011

PER COMMON SHARE:
















Earnings per share:
















  Basic

$

0.47


$

0.63


$

 

0.26


$

 

1.10


$

 

0.38


  Diluted


0.47



0.63



0.26



1.10



0.38


Cash dividends declared per share


0.11



0.11



—



0.22



0.10


Book value per share


20.39



19.83



19.15



20.39



19.15


Tangible book value per share (a)


14.18



13.71



12.99



14.18



12.99


Closing stock price at end of period

$

21.98


$

 

17.54


$

 

11.27


$

 

21.98


$

 

11.27


SELECTED RATIOS:













Return on average equity (b)


9.57

%


12.90

%


5.48

%


11.22

%


4.47

%

Return on average common equity (b)


9.57

%


12.90

%


5.49

%


11.22

%


4.18

%

Return on average assets  (b)


1.11

%


1.48

%


0.65

%


1.30

%


0.53

%

Efficiency ratio (c)


69.61

%


65.47

%


67.43

%


67.52

%


66.30

%

Pre-provision net revenue to average assets (b)(d)


1.41

%


1.68

%


1.34

%


1.54

%


1.48

%

Net interest margin (b)(e)


3.43

%


3.41

%


3.43

%


3.42

%


3.43

%

Dividend payout ratio (f)


23.36

%


17.61

%


—

%


20.08

%


26.26

%



(a)

This amount represents a non-GAAP measure since it excludes the balance sheet impact of intangible assets acquired through acquisitions on stockholders' equity.  Additional information regarding the calculation of this ratio is included at the end of this release.

(b)

Ratios are presented on an annualized basis.

(c)

Non-interest expense (less intangible amortization) as a percentage of fully tax-equivalent net interest income plus non-interest income (less securities and asset disposal gains/losses).

(d)

This amount represents a non-GAAP measure since it excludes the recovery of or provision for loan loss and net gains or losses on security transactions.  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 release.

(e)

Information presented on a fully tax-equivalent basis.

(f)

Dividends declared on common shares as a percentage of net income available to common shareholders.

CONSOLIDATED STATEMENTS OF INCOME

















Three Months Ended


Six Months Ended


June 30,


March 31,


June 30,


June 30,

(in $000's)

2012


2012


2011


2012


2011

Interest income

$

17,341


$

17,612


$

18,941


$

34,953


$

38,258

Interest expense


3,729



4,180



5,510



7,909



11,332

Net interest income


13,612



13,432



13,431



27,044



26,926

(Recovery of) provision for loan losses

 


(1,120)



(2,137)



2,295



(3,257)



7,606

Net interest income after (recovery of) provision for loan losses


14,732



15,569



11,136



30,301



19,320













Net gain on securities transactions


—



3,163



56



3,163



416

Loss on debt extinguishment


—



(3,111)



—



(3,111)



—

(Loss) gain on loans held-for-sale and other real estate owned


(48)



56



(533)



8



(476)

Net gain (loss) on other assets


5



(7)



(23)



(2)



(20)













Non-interest income:












Deposit account service charges


2,230



2,237



2,454



4,467



4,628

Insurance income


2,438



2,951



2,165



5,389



4,997

Trust and investment income


1,449



1,496



1,409



2,945



2,734

Electronic banking income


1,464



1,488



1,284



2,952



2,505

Mortgage banking income


682



549



286



1,231



660

Bank owned life insurance


(4)



8



92



4



179

Other non-interest income


239



353



201



592



562

  Total non-interest income


8,498



9,082



7,891



17,580



16,265













Non-interest expense:












Salaries and employee benefits costs


8,415



8,245



7,953



16,660



15,580

Net occupancy and equipment


1,503



1,432



1,472



2,935



2,973

Professional fees


1,204



813



1,013



2,017



1,808

Electronic banking expense


870



694



685



1,564



1,303

Data processing and software


485



487



453



972



916

Franchise taxes


414



412



358



826



759

Communication expense


288



348



294



636



608

FDIC insurance


223



309



450



532



1,112

Foreclosed real estate and other loan expenses


255



221



224



476



574

Amortization of intangible assets


109



107



152



216



314

Other non-interest expense


1,920



1,948



1,665



3,868



3,390

  Total non-interest expense


15,686



15,016



14,719



30,702



29,337

  Income before income taxes


7,501



9,736



3,808



17,237



6,168

Income tax expense


2,471



3,079



887



5,550



1,378

  Net income

$

5,030


$

6,657


$

2,921


$

11,687


$

4,790

Preferred dividends

—




—



238



—



761

Net income available to common shareholders

$

5,030


$

6,657


$

2,683


$

11,687


$

4,029















PER COMMON SHARE DATA:














Earnings per share – Basic

$

0.47


$

 

0.63


$


0.26


$

 

1.10


$

 

0.38

Earnings per share – Diluted

$

0.47


$

 

0.63


$

0.26


$

 

1.10


$

 

0.38

Cash dividends declared per share

$

0.11


$

0.11


$

 

—


$

 

0.22


$

 

0.10











Weighted-average shares outstanding – Basic


10,524,429



10,513,388



10,478,362



10,518,909



10,475,109

Weighted-average shares outstanding – Diluted


10,524,429



10,513,388



10,507,895



10,518,929



10,492,712

Actual shares outstanding  (end of period)


10,526,954



10,521,548



10,478,149



10,526,954



10,478,149

CONSOLIDATED BALANCE SHEETS



June 30,


December 31,

(in $000's)

2012


2011





Assets




Cash and cash equivalents:




Cash and due from banks

$

30,175



$

32,346

Interest-bearing deposits in other banks

3,508



6,604

  Total cash and cash equivalents

33,683



38,950

Available-for-sale investment securities, at fair value (amortized cost of $614,131 at June 30, 2012 and $617,128 at December 31, 2011)

623,986



628,571

Held-to-maturity investment securities, at amortized cost (fair value of $38,327 at June 30, 2012 and $16,705 at December 31, 2011)

37,172



16,301

Other investment securities, at cost

24,356



24,356

  Total investment securities

685,514



669,228





Loans, net of deferred fees and costs

955,278



938,506

Allowance for loan losses

(19,925)



(23,717)

  Net loans

935,353



914,789





Loans held-for-sale

5,173



3,271

Bank premises and equipment, net of accumulated depreciation

23,754



23,905

Bank owned life insurance

49,388



49,384

Goodwill

62,852



62,520

Other intangible assets

2,531



1,955

Other assets

33,111



30,159

  Total assets

$

1,831,359



$

1,794,161





Liabilities




Deposits:




Non-interest-bearing deposits

$

272,627



$

239,837

Interest-bearing deposits

1,145,669



1,111,243

  Total deposits

1,418,296



1,351,080





Short-term borrowings

43,347



51,643

Long-term borrowings

106,471



142,312

Junior subordinated notes held by subsidiary trust

22,618



22,600

Accrued expenses and other liabilities

26,004



19,869

  Total liabilities

1,616,736



1,587,504





Stockholders' Equity




Preferred stock, no par value (50,000 shares authorized, no shares issued at June 30, 2012 and December 31, 2011)

—



—

Common stock, no par value (24,000,000 shares authorized, 11,134,025 shares issued at June 30, 2012 and 11,122,247 shares issued at December 31, 2011), including shares in treasury

166,401



166,969

Retained earnings

62,920



53,580

Accumulated comprehensive income, net of deferred income taxes

430



1,412

Treasury stock, at cost (607,071 shares at June 30, 2012 and

 615,123 shares at December 31, 2011)

(15,128)



(15,304)

   Total stockholders' equity

214,623



206,657

   Total liabilities and stockholders' equity

$

1,831,359



$

1,794,161

SELECTED FINANCIAL INFORMATION







(in $000's, end of period)

June 30,

2012

March 31,

2012

December 31,

2011

September 30,

2011

June 30,

2011

Loan Portfolio






Commercial real estate

$

394,323


$

394,034


$

410,352


$

424,741


$

411,355


Commercial and industrial

161,893


150,431


140,857


140,058


145,625


Real estate construction

43,775


43,510


30,577


26,751


29,259


Residential real estate

212,813


218,745


219,619


222,374


215,242


Home equity lines of credit

48,414


48,067


47,790


48,085


48,148


Consumer

92,334


86,965


87,531


87,072


88,345


Deposit account overdrafts

1,726


2,351


1,780


1,712


2,145


  Total loans

$

955,278


$

944,103


$

938,506


$

950,793


$

940,119


Deposit Balances








Interest-bearing deposits:







 Retail certificates of deposit

$

411,401


$

392,503


$

411,247


$

415,190


$

421,167


 Money market deposit accounts

249,608


255,907


268,410


254,012


264,677


 Governmental deposit accounts

155,881


161,798


122,916


140,357


150,319


 Savings accounts

161,664


155,097


138,383


132,182


133,352


 Interest-bearing demand accounts

112,476


110,731


106,233


100,770


99,324


  Total retail interest-bearing deposits

1,091,030


1,076,036


1,047,189


1,042,511


1,068,839


Brokered certificates of deposits

54,639


54,069


64,054


64,470


67,912


  Total interest-bearing deposits

1,145,669


1,130,105


1,111,243


1,106,981


1,136,751


Non-interest-bearing deposits

272,627


268,444


239,837


235,585


222,075


  Total deposits

$

1,418,296


$

1,398,549


$

1,351,080


$

1,342,566


$

1,358,826


Asset Quality







Nonperforming assets:







Loans 90+ days past due and accruing

$

51


$

—


$

—


$

146


124


Nonaccrual loans

16,567


20,492


30,022


32,957


31,421


  Total nonperforming loans

16,618


20,492


30,022


33,103


31,545


Other real estate owned

1,140


869


2,194


3,667


3,546


Total nonperforming assets

$

17,758


$

21,361


$

32,216


$

36,770


$

35,091









Allowance for loan losses as a percent of







nonperforming loans

119.90

%

103.69

%

79.00

%

76.16

%

79.78

%

Nonperforming loans as a percent of total loans

1.73

%

2.16

%

3.19

%

3.47

%

3.35

%

Nonperforming assets as a percent of total assets

0.97

%

1.18

%

1.80

%

2.04

%

1.95

%

Nonperforming assets as a percent of total loans







and other real estate owned

1.85

%

2.25

%

3.41

%

3.84

%

3.71

%

Allowance for loan losses as a percent of total loans

2.09

%

2.25

%

2.53

%

2.65

%

2.68

%

Capital Information(a)







Tier 1 common ratio

13.92

%

13.82

%

12.82

%

12.40

%

12.05

%

Tier 1 risk-based capital ratio

15.93

%

15.86

%

14.86

%

15.98

%

15.62

%

Total risk-based capital ratio (Tier 1 and Tier 2)

17.27

%

17.20

%

16.20

%

17.33

%

16.97

%

Leverage ratio

10.18

%

10.05

%

9.45

%

10.37

%

10.10

%

Tier 1 common capital

$

156,565


$

153,180


$

142,521


$

139,828


$

136,842


Tier 1 capital

179,183


175,789


165,121


180,294


177,287


Total capital (Tier 1 and Tier 2)

194,307


190,694


180,053


195,485


192,663


Total risk-weighted assets

$

1,124,982


$

1,108,633


$

1,111,443


$

1,127,976


$

1,135,234


Tangible equity to tangible assets (b)

8.45

%

8.28

%

8.22

%

9.19

%

8.86

%

Tangible common equity to tangible assets (b)

8.45

%

8.28

%

8.22

%

8.16

%

7.83

%



(a)

June 30, 2012 data based on preliminary analysis and subject to revision.

(b)

These ratios represent non-GAAP measures since they exclude the balance sheet impact of intangible assets acquired through acquisitions on both total stockholders' equity and total assets.  Additional information regarding the calculation of these ratios is included at the end of this release.

PROVISION FOR LOAN LOSSES INFORMATION












Three Months Ended


Six Months Ended


June 30,


March 31,


June 30,


June 30,

(in $000's)

2012


2012


2011


2012


2011


(Recovery of) Provision for Loan Losses











(Recovery of) Provision for checking account overdrafts

$

80



$

(12)



$

95



$

68



$

106


(Recovery of) Provision for other loan losses

(1,200)



(2,125)



2,200



(3,325)



7,500


  Total (recovery of) provision for loan losses

$

(1,120)



$

(2,137)



$

2,295



$

(3,257)



$

7,606












Net Charge-Offs










Gross charge-offs

$

1,545



$

2,571



$

3,470



$

4,116



$

12,250


Recoveries

1,341



2,240



1,892



3,581



3,044


  Net charge-offs

$

204



$

331



$

1,578



$

535



$

9,206












Net Charge-Offs (Recoveries) by Type










Commercial real estate

$

84



$

351



$

1,152



$

435



$

7,915


Commercial and industrial

(67)



(48)



(385)



(115)



391


Residential real estate

126



(97)



630



29



388


Real estate, construction

—



—



—



—



—


Home equity lines of credit

(1)



64



67



63



304


Consumer

(33)



26



7



(7)



68


Deposit account overdrafts

95



35



107



130



140


  Total net charge-offs

$

204



$

331



$

1,578



$

535



$

9,206












Net charge-offs as a percent of loans (annualized)

0.09

%


0.14

%


0.67

%


0.11

%


1.94

%

SUPPLEMENTAL INFORMATION











(in $000's, end of period)

June 30,

2012


March 31,

2012


December 31,

2011


September 30,

2011


June 30,

2011











Trust assets under management

$

847,962



$

853,444



$

821,659



$

776,165



$

846,052


Brokerage assets under management

309,852



284,453



262,196



249,550



265,384


Mortgage loans serviced for others

296,025



281,015



275,715



262,992



259,352


Employees (full-time equivalent)

494



499



513



540



537


CONSOLIDATED AVERAGE BALANCE SHEETS AND NET INTEREST INCOME














Three Months Ended


June 30, 2012


March 31, 2012


June 30, 2011

(in $000's)

Balance

Income/

Expense

Yield/

Cost


Balance

Income/

Expense

Yield/

Cost


Balance

Income/

Expense

Yield/

Cost

Assets












Short-term investments

$

9,336


$

4


0.19

%


$

6,280


$

4


0.25

%


$

9,200


$

5


0.20

%

Investment securities (a)(b)

677,538


5,530


3.27

%


682,904


6,078


3.56

%


670,707


6,800


4.06

%

Gross loans (a)

959,599


12,072


5.05

%


946,230


11,789


5.00

%


947,620


12,417


5.25

%

Allowance for loan losses

(21,650)





(24,429)





(27,835)




Total earning assets

1,624,823


17,606


4.35

%


1,610,985


17,871


4.45

%


1,599,692


19,222


4.81

%













Intangible assets

64,737





64,425





64,682




Other assets

133,991





131,331





144,357




Total assets

$

1,823,551





$

1,806,741





$

1,808,731
















Liabilities and Equity












Interest-bearing deposits:












Savings accounts

$

159,242


$

23


0.06

%


$

147,420


$

21


0.06

%


$

137,518


$

62


0.18

%

Interest-bearing demand accounts

263,303


286


0.44

%


247,557


269


0.44

%


248,258


440


0.71

%

Money market deposit accounts

253,458


113


0.18

%


264,808


126


0.19

%


264,195


225


0.34

%

Brokered certificates of deposits

53,843


487


3.64

%


61,443


528


3.46

%


69,747


570


3.28

%

Retail certificates of deposit

407,413


1,380


1.36

%


400,444


1,603


1.61

%


420,497


2,377


2.27

%

Total interest-bearing deposits

1,137,259


2,289


0.81

%


1,121,672


2,547


0.91

%


1,140,215


3,674


1.29

%













Short-term borrowings

52,172


19


0.14

%


57,509


19


0.13

%


42,536


26


0.25

%

Long-term borrowings

129,145


1,421


4.38

%


153,106


1,614


4.20

%


174,350


1,810


4.13

%

Total borrowed funds

181,317


1,440


3.16

%


210,615


1,633


3.09

%


216,886


1,836


3.37

%

Total interest-bearing liabilities

1,318,576


3,729


1.14

%


1,332,287


4,180


1.26

%


1,357,101


5,510


1.63

%













Non-interest-bearing deposits

269,316





247,487





226,669




Other liabilities

24,191





19,350





11,257




Total liabilities

1,612,083





1,599,124





1,595,027
















Preferred equity

—





—





17,856




Common equity

211,468





207,617





195,848




Stockholders' equity

211,468





207,617





213,704




Total liabilities and equity

$

1,823,551





$

1,806,741





$

1,808,731
















Net interest income/spread (a)


$

13,877


3.21

%



$

13,691


3.19

%



$

13,712


3.18

%

Net interest margin (a)



3.43

%




3.41

%




3.43

%













(a) Information presented on a fully tax-equivalent basis.

(b) Average balances are based on carrying value.


Six Months Ended


June 30, 2012


June 30, 2011

(in $000's)

Balance

Income/

Expense

Yield/

Cost


Balance

Income/

Expense

Yield/

Cost

Assets


















Short-term investments

$

7,808


$

8


0.21

%


$

14,672


$

16


0.22

%

Investment securities (a)(b)

680,221


11,608


3.41

%


665,004


13,702


4.12

%

Gross loans (a)

952,915


23,861


5.03

%


955,478


25,121


5.29

%

Allowance for loan losses

(23,039)





(28,085)




Total earning assets

1,617,905


35,477


4.40

%


1,607,069


38,839


4.85

%









Intangible assets

64,581





64,751




Other assets

132,348





144,864




Total assets

$

1,814,834





$

1,816,684












Liabilities and Equity








Interest-bearing deposits:








Savings accounts

$

153,331


$

44


0.06

%


$

133,175


$

117


0.18

%

Interest-bearing demand accounts

255,430


555


0.44

%


240,637


1,062


0.89

%

Money market deposit accounts

259,133


240


0.19

%


271,390


470


0.35

%

Brokered certificates of deposits

57,643


1,014


3.54

%


75,685


1,202


3.20

%

Retail certificates of deposit

403,929


2,983


1.49

%


423,689


4,808


2.29

%

Total interest-bearing deposits

1,129,466


4,836


0.86

%


1,144,576


7,659


1.35

%









Short-term borrowings

54,841


38


0.14

%


44,420


61


0.27

%

Long-term borrowings

141,126


3,035


4.28

%


175,404


3,612


4.12

%

Total borrowed funds

195,967


3,073


3.12

%


219,824


3,673


3.34

%

Total interest-bearing liabilities

1,325,433


7,909


1.20

%


1,364,400


11,332


1.67

%









Non-interest-bearing deposits

258,401





224,674




Other liabilities

21,458





11,626




Total liabilities

1,605,292





1,600,700












Preferred equity

—





21,530




Common equity

209,542





194,454




Stockholders' equity

209,542





215,984




Total liabilities and equity

$

1,814,834





$

1,816,684












Net interest income/spread (a)


$

27,568


3.20

%



$

27,507


3.18

%

Net interest margin (a)



3.42

%




3.43

%









(a) Information presented on a fully tax-equivalent basis.

(b) Average balances are based on carrying value.

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:


At or For the Three Months Ended


June 30,


March 31,


December 31,


September 30,


June 30,

(in $000's)

2012


2012


2011


2011


2011











Tangible Equity:










Total stockholders' equity, as reported

$

214,623



$

208,666



$

206,657



$

224,530



$

218,527


Less: goodwill and other intangible assets

65,383



64,429



64,475



64,489



64,602


Tangible equity

$

149,240



$

144,237



$

142,182



$

160,041



$

153,925












Tangible Common Equity:










Tangible equity

$

149,240



$

144,237



$

142,182



$

160,041



$

153,925


Less: preferred stockholders' equity

—



—



—



17,875



17,862


Tangible common equity

$

149,240



$

144,237



$

142,182



$

142,166



$

136,063












Tangible Assets:










Total assets, as reported

$

1,831,359



$

1,805,923



$

1,794,161



$

1,805,743



$

1,802,703


Less: goodwill and other intangible assets

65,383



64,429



64,475



64,489



64,602


Tangible assets

$

1,765,976



$

1,741,494



$

1,729,686



$

1,741,254



$

1,738,101












Tangible Book Value per Common Share:






Tangible common equity

$

149,240



$

144,237



$

142,182



$

142,166



$

136,063


Common shares outstanding

10,526,954



10,521,548



10,507,124



10,489,400



10,478,149












Tangible book value per common share

$

14.18



$

13.71



$

13.53



$

13.55



$

12.99












Tangible Equity to Tangible Assets Ratio:





Tangible equity

$

149,240



$

144,237



$

142,182



$

160,041



$

153,925


Total tangible assets

$

1,765,976



$

1,741,494



$

1,729,686



$

1,741,254



$

1,738,101












Tangible equity to tangible assets

8.45

%


8.28

%


8.22

%


9.19

%


8.86

%











Tangible Common Equity to Tangible Assets Ratio:





Tangible common equity

$

149,240



$

144,237



$

142,182



$

142,166



$

136,063


Tangible assets

$

1,765,976



$

1,741,494



$

1,729,686



$

1,741,254



$

1,738,101












Tangible common equity to tangible assets

8.45

%


8.28

%


8.22

%


8.16

%


7.83

%


 


Three Months Ended


Six Months Ended


June 30,


March 31,


June 30,


June 30,

(in $000's)

2012


2012


2011


2012

2011

Pre-Provision Net Revenue:









Income before income taxes

$

7,501



$

9,736



$

3,808



$

17,237


$

6,168


Add: provision for loan losses

—



—



2,295



—


7,606


Add: loss on debt extinguishment

—



(3,111)



—



(3,111)


—


Less: recovery of loan losses

(1,120)



(2,137)



—



(3,257)


—


Less: net gain on securities transactions

—



3,163



56



3,163


416


Pre-provision net revenue

$

6,381



$

7,547



$

6,047



$

13,928


$

13,358











Pre-provision net revenue

6,381



7,547



6,047



13,928


13,358


Total average assets

1,823,551



1,806,741



1,808,731



1,814,834


1,816,684











Pre-provision net revenue to average assets (annualized)

1.41

%


1.68

%


1.34

%


1.54

%

1.48

%










SOURCE Peoples Bancorp Inc.

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