Peoples Bancorp Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Peoples Bancorp Inc. has submitted its 2023 10-K report, detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

PEOPLES BANCORP INC (PEBO) filed a Annual Report (10-K) with the SEC on February 28, 2024. Peoples Bancorp Inc. filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Ohio and operates under SIC code 6022 (Commercial Banks). Key financial data points and segment information are included in the filing. The report details financial activities including interest and fee income, and non-interest income.

Why It Matters

For investors and stakeholders tracking PEOPLES BANCORP INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Peoples Bancorp Inc.'s financial health, operational results, and strategic positioning for the fiscal year 2023. Investors and analysts can use this report to assess the company's performance, identify trends, and make informed investment decisions regarding PEBO.

Risk Assessment

Risk Level: medium — PEOPLES BANCORP INC shows moderate risk based on this filing. The company operates in the commercial banking sector, which is subject to significant regulatory oversight and economic fluctuations that could impact its financial stability and profitability.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Peoples Bancorp Inc.'s performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-28 — Filing Date (Date of submission)
• 169 — Public Document Count (Number of documents in the filing)
• 000-16772 — SEC File Number (SEC registration number)

Key Players & Entities

• PEOPLES BANCORP INC (company) — Filer name
• PEBO (company) — Ticker symbol
• 2024-02-28 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• OH (location) — State of incorporation
• 6022 (industry) — Standard Industrial Classification
• 138 PUTNAM ST (address) — Business street address
• 7403733155 (phone) — Business phone

FAQ

Industry Context

Peoples Bancorp Inc. operates within the commercial banking industry, a sector characterized by its sensitivity to interest rate changes, economic conditions, and regulatory policies.

Regulatory Implications

As a commercial bank, Peoples Bancorp Inc. is subject to extensive regulation by federal and state authorities, including oversight from the SEC and banking regulators, ensuring compliance with financial and operational standards.

What Investors Should Do

1. Analyze the company's revenue streams, including interest and non-interest income, for the fiscal year 2023.
2. Examine the balance sheet for changes in assets, liabilities, and equity compared to the previous year.
3. Review any disclosed risk factors to understand potential challenges and their impact on the company's operations.

Key Dates

• 2024-02-28: 10-K Filing — Submission of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date of the reporting period.

Year-Over-Year Comparison

This filing represents the company's annual report for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $177.9 million — Peoples, or aggregate consideration of $177.9 million. Peoples recorded goodwill in the amoun
• $68.8 million — ples recorded goodwill in the amount of $68.8 million and core deposit other intangible asset
• $27.7 million — ther intangible assets in the amount of $27.7 million related to this transaction. On Januar
• $30.0 million — oples to purchase up to an aggregate of $30.0 million of Peoples' outstanding common shares,
• $40.0 million — oples to purchase up to an aggregate of $40.0 million of Peoples' outstanding common shares.
• $3.0 million — f 107,219 of its common shares totaling $3.0 million during 2023 and an aggregate of 263,183
• $7.4 million — f 263,183 of its common shares totaling $7.4 million during 2022, but did not repurchase any
• $1.0 million — gregate credit exposure is greater than $1.0 million on an annual basis for possible credit
• $1.9 million — ld with the loan. Peoples Bank also had $1.9 million of residential real estate loans held f
• $356.8 million — e loans held for sale and was servicing $356.8 million of loans, consisting primarily of one-t
• $50.4 million — alances and available credit amounts of $50.4 million and $63.2 million, respectively, and a
• $63.2 m — ble credit amounts of $50.4 million and $63.2 million, respectively, and a weighted-ave

Filing Documents

• pebo-20231231.htm (10-K) — 5485KB
• exhibit41202310-k.htm (EX-4.1) — 5KB
• exhibit104202310-kupdated.htm (EX-10.4) — 16KB
• exhibit105202310-k.htm (EX-10.5) — 4KB
• exhibit106202310k.htm (EX-10.6) — 8KB
• exhibit107202310-k.htm (EX-10.7) — 6KB
• exhibit21202310-k.htm (EX-21) — 13KB
• exhibit23202310-k.htm (EX-23) — 12KB
• exhibit24202310-k.htm (EX-24) — 84KB
• exhibit311202310-k.htm (EX-31.1) — 12KB
• exhibit312202310-k.htm (EX-31.2) — 13KB
• exhibit32202310-k.htm (EX-32) — 13KB
• exhibit972023xclawbackpoli.htm (EX-97) — 47KB
• pebo-20231231_g1.jpg (GRAPHIC) — 78KB
• pebo-20231231_g2.jpg (GRAPHIC) — 122KB
• 0000318300-24-000140.txt (&nbsp;) — 27033KB
• pebo-20231231.xsd (EX-101.SCH) — 116KB
• pebo-20231231_cal.xml (EX-101.CAL) — 258KB
• pebo-20231231_def.xml (EX-101.DEF) — 828KB
• pebo-20231231_lab.xml (EX-101.LAB) — 1583KB
• pebo-20231231_pre.xml (EX-101.PRE) — 1216KB
• pebo-20231231_htm.xml (XML) — 5582KB

Business

Business 4 ITEM 1A

Risk Factors

Risk Factors 21 ITEM 1B Unresolved Staff Comments 33 ITEM 1C Cybersecurity 33 ITEM 2

Properties

Properties 35 ITEM 3

Legal Proceedings

Legal Proceedings 35 ITEM 4 Mine Safety Disclosures (not applicable) 35 PART II ITEM 5 Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36 ITEM 6 [RESERVED ] 38 ITEM 7 Management ' s Discussion and Analysis of Financial Condition and Results of Operations 38 ITEM 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 79 ITEM 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 79 ITEM 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 79 ITEM 9A

Controls and Procedures

Controls and Procedures 79 ITEM 9B Other Information 80 ITEM 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections (not applicable) 80 PART III ITEM 10 Directors, Executive Officers and Corporate Governance 131 ITEM 11

Executive Compensation

Executive Compensation 131 ITEM 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 132 ITEM 13 Certain Relationships and Related Transactions, and Director Independence 133 ITEM 14 Principal Accountant Fees and Services 133 PART IV ITEM 15 Exhibits and Financial Statement Schedules 134 ITEM 16 Form 10-K Summary (not applicable) 134

SIGNATURES

SIGNATURES 141 3 As used in this Annual Report on Form 10-K (this "Form 10-K"), "Peoples" refers to Peoples Bancorp Inc. and its consolidated subsidiaries collectively, except where the context indicates the reference relates solely to the registrant, Peoples Bancorp Inc. Unless otherwise indicated, all note references contained in this Form 10-K refer to the Notes to the Consolidated Financial Statements included immediately following "ITEM 9C DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS" of this Form 10-K. PART I

BUSINESS

ITEM 1 BUSINESS The disclosures set forth in this Item are qualified by "ITEM 1A RISK FACTORS" and the section captioned "Forward-Looking Statements" in "ITEM 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" of this Form 10-K and other cautionary statements set forth elsewhere in this Form 10-K. Corporate Overview Peoples Bancorp Inc. is a financial holding company, which was organized in 1980. Peoples operates principally through its wholly-owned subsidiary, Peoples Bank, an Ohio state-chartered bank that was first chartered in 1902. Peoples' other wholly-owned subsidiary is Peoples Investment Company ("PIC"). Peoples also holds all of the common securities of NB&T Statutory Trust III, FNB Capital Trust One, Ascencia Statutory Trust I, and Porter Statutory Trusts II-IV. Peoples Bank's operating subsidiaries include Peoples Insurance Agency, LLC ("Peoples Insurance") and Vantage Financial, LLC ("Vantage"), a nationwide provider of equipment financing. Business Overview Peoples makes available a complete line of commercial and consumer banking, trust and investment, insurance, premium financing solutions, equipment leases and equipment financing agreements through its financial subsidiaries – Peoples Bank, Peoples Insurance and Vantage. These products and services include the following: various demand deposit accounts, savings accounts, money market accounts, certificates of deposit and governmental deposits; commercial loans, residential real estate loans, home equity lines of credit, consumer loans and overdraft services; insurance premium financing; commercial equipment leasing; technology equipment leasing; debit and automated teller machine ("ATM") cards; credit cards for individuals and businesses; merchant credit card transaction processing services; person-to-person payment processing via Zelle; mobile banking features including check deposit, alert notifications, Apple Pay and Samsung Pay; interactive t

View Full Filing

View this 10-K filing on SEC EDGAR