Peoples Bancorp Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Peoples Bancorp Inc. has filed its Q1 2024 10-Q report, detailing financial performance and operational status.</b>

AI Summary

PEOPLES BANCORP INC (PEBO) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Peoples Bancorp Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. Peoples Bancorp Inc. is incorporated in Ohio. The company's SIC code is 6022 (State Commercial Banks).

Why It Matters

For investors and stakeholders tracking PEOPLES BANCORP INC, this filing contains several important signals. This 10-Q filing provides crucial insights into Peoples Bancorp's financial health and operational performance during the first quarter of 2024, enabling investors to assess recent trends and make informed decisions. Understanding the details within this report is essential for stakeholders to evaluate the bank's strategic direction, risk exposure, and overall market position in the current economic environment.

Risk Assessment

Risk Level: medium — PEOPLES BANCORP INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) for a commercial bank, which inherently carries market and regulatory risks, but no immediate red flags are apparent from the header information alone.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to understand Peoples Bancorp's performance and outlook for the remainder of 2024.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-02 — Filing Date (Filed as of Date)
• 1231 — Fiscal Year End (Fiscal Year End)

Key Players & Entities

• PEOPLES BANCORP INC (company) — Filer name
• 0000318300 (company) — Central Index Key
• OH (location) — State of incorporation and business address
• 6022 (industry) — Standard Industrial Classification
• 310987416 (organization) — IRS Number
• MARIETTA (location) — City in business address

FAQ

Industry Context

Peoples Bancorp Inc. operates within the commercial banking sector, providing a range of financial services to individuals and businesses.

Regulatory Implications

As a commercial bank, Peoples Bancorp Inc. is subject to regulations from various financial authorities, including the SEC, and must adhere to banking laws and reporting requirements.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Examine any disclosed risk factors or management discussion and analysis.
3. Compare Q1 2024 performance to prior periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Report Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted for the 10-Q report ending March 31, 2024. Comparative data from previous filings would be needed for a full analysis.

Filing Documents

• pebo-20240331.htm (10-Q) — 4308KB
• exhibit311202410-q.htm (EX-31.1) — 12KB
• exhibit312202410-q.htm (EX-31.2) — 13KB
• exhibit32202410-q.htm (EX-32) — 13KB
• pebo-20240331_g1.jpg (GRAPHIC) — 227KB
• 0000318300-24-000195.txt (&nbsp;) — 19941KB
• pebo-20240331.xsd (EX-101.SCH) — 72KB
• pebo-20240331_cal.xml (EX-101.CAL) — 177KB
• pebo-20240331_def.xml (EX-101.DEF) — 582KB
• pebo-20240331_lab.xml (EX-101.LAB) — 1017KB
• pebo-20240331_pre.xml (EX-101.PRE) — 838KB
• pebo-20240331_htm.xml (XML) — 4267KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 3

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 3 CONSOLIDATED BALANCE SHEETS (Unaudited) 3 CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) 4 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) 5 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) 6 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 7 NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 8

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 39 EXECUTIVE SUMMARY 42 RESULTS OF OPERATIONS 45 FINANCIAL CONDITION 58

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 69

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 69

– OTHER INFORMATION

PART II – OTHER INFORMATION 70

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 70

RISK FACTORS

ITEM 1A. RISK FACTORS 70

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 70

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 70

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 71

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 71

EXHIBITS

ITEM 6. EXHIBITS 72

SIGNATURES

SIGNATURES 74 2 Table of Co n tents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS PEOPLES BANCORP INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (Dollars in thousands) (Unaudited) Assets Cash and cash equivalents: Cash and balances due from banks $ 103,784 $ 111,680 Interest-bearing deposits in other banks 325,936 315,042 Total cash and cash equivalents 429,720 426,722 Available-for-sale investment securities, at fair value (amortized cost of $ 1,262,319 at March 31, 2024 and $ 1,184,288 at December 31, 2023) (a) 1,116,466 1,048,322 Held-to-maturity investment securities, at amortized cost (fair value of $ 602,112 at March 31, 2024 and $ 612,022 at December 31, 2023) (a) 679,506 683,657 Other investment securities 62,939 63,421 Total investment securities (a) 1,858,911 1,795,400 Loans and leases, net of deferred fees and costs (b) 6,202,827 6,159,196 Allowance for credit losses ( 64,822 ) ( 62,011 ) Net loans and leases (c) 6,138,005 6,097,185 Loans held for sale 3,030 1,866 Bank premises and equipment, net of accumulated depreciation 107,258 103,856 Bank owned life insurance 141,568 140,554 Goodwill 362,169 362,169 Other intangible assets 47,116 50,003 Other assets 182,997 179,627 Total assets $ 9,270,774 $ 9,157,382 Liabilities Deposits: Non-interest-bearing $ 1,468,363 $ 1,567,649 Interest-bearing 5,858,193 5,584,648 Total deposits 7,326,556 7,152,297 Short-term borrowings 513,496 601,121 Long-term borrowings 236,283 216,241 Accrued expenses and other liabilities 132,437 134,189 Total liabilities 8,208,772 8,103,848 Stockholders' equity Preferred shares, no par value, 50,000 shares authorized, no shares issued at March 31, 2024 or at December 31, 2023 — — Common shares, no par value, 50,000,000 shares authorized, 36,747,787 shares issued at March 31, 2024 and 36,736,041 shares issued at December 31, 2023, including at each date shares held in treasury 861,925 865,227 Retained earnings 343,076 327,237 Accumulated other comprehensive los

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