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): January 27, 2023 (January 24, 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 January 24, 2023, management of Peoples Bancorp Inc. (“Peoples”) conducted a facilitated conference call at approximately 11:00 a.m., Eastern Standard Time, to discuss results of operations for the quarter and twelve months ended December 31, 2022. 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.

Three Months EndedYear Ended
December 31,September 30,December 31,December 31,
(Dollars in thousands)
20222022202120222021
Core non-interest expense:
Total non-interest expense$53,366 $52,253 $47,991 $207,147 $183,737 
Less: acquisition-related expenses702339903301621423
Less: pension settlement charges461390185143
Less: severance expenses0016079
Less: COVID-19-related expenses295651341248
Less: Peoples Bank Foundation, Inc. contribution0000500
Less: contract negotiation (refunds) expenses— — (603)— 1,248 
Core non-interest expense$52,616 $51,766 $47,110 $203,812 $159,096 




Three Months EndedYear Ended
December 31,September 30,December 31,December 31,
(Dollars in thousands)20222022202120222021
Efficiency ratio:
Total non-interest expense$53,366 $52,253 $47,991 $207,147 $183,737 
Less: amortization of other intangible assets1,998 2,023 1,508 7,763 4,775 
Adjusted total non-interest expense51,368 50,230 46,483 199,384 178,962 
Total non-interest income19,034 20,366 19,815 78,836 68,885 
Add: net (loss) gain on investment securities(168)21 (158)(61)(862)
Add: net (loss) gain on asset disposals and other transactions(302)(35)952 (616)493 
Total non-interest income, excluding net gains and losses19,504 20,380 19,021 79,513 69,254 
Net interest income70,613 67,051 54,737 253,442 172,553 
Add: fully tax-equivalent adjustment (a)412 387 379 1,644 1,349 
Net interest income on a fully tax-equivalent basis71,025 67,438 55,116 255,086 173,902 
Adjusted revenue$90,529 $87,818 $74,137 $334,599 $243,156 
Efficiency ratio56.74 %57.20 %62.70 %59.59 %73.60 %
Efficiency ratio adjusted for non-core items:
Core non-interest expense$52,616 $51,766 $47,110 $203,812 $159,096 
Less: amortization of other intangible assets1,998 2,023 1,508 7,763 4,775 
Adjusted core non-interest expense50,618 49,743 45,602 196,049 154,321 
Adjusted revenue$90,529 $87,818 $74,137 $334,599 $243,156 
Efficiency ratio adjusted for non-core items55.91 %56.64 %61.51 %58.59 %63.47 %
(a) Tax effect is calculated using a 23.3% blended corporate income tax rate for all periods in 2022 and 22.3% blended corporate income tax rate for the periods in 2021.





At or For the Three Months Ended
December 31,September 30,June 30,March 31,December 31,
(Dollars in thousands, except per share data)20222022202220222021
Tangible equity:
Total stockholders' equity$785,328 $760,511 $786,824 $808,340 $845,025 
Less: goodwill and other intangible assets326,329 328,428 328,132 341,865 291,009 
Tangible equity$458,999 $432,083 $458,692 $466,475 $554,016 
Tangible assets:
Total assets$7,207,304 $7,005,854 $7,278,292 $7,239,261 $7,063,521 
Less: goodwill and other intangible assets326,329 328,428 328,132 341,865 291,009 
Tangible assets$6,880,975 $6,677,426 $6,950,160 $6,897,396 $6,772,512 
Tangible book value per common share:
Tangible equity$458,999$432,083$458,692$466,475$554,016
Common shares outstanding28,287,837 28,278,078 28,290,115 28,453,175 28,297,771 
Tangible book value per common share$16.23 $15.28 $16.21 $16.39 $19.58 
Tangible equity to tangible assets ratio:
Tangible equity$458,999 $432,083 $458,692 $466,475 $554,016 
Tangible assets$6,880,975 $6,677,426 $6,950,160 $6,897,396 $6,772,512 
Tangible equity to tangible assets6.67 %6.47 %6.60 %6.76 %8.18 %


Three Months EndedYear Ended
December 31,September 30,December 31,December 31,
(Dollars in thousands)20222022202120222021
Pre-provision net revenue:
Income before income taxes$33,980 $33,388 $33,163 $128,641 $56,970 
Add: provision for credit losses2,301 1,776 — — 731 
Add: loss on OREO— 105 2 173 34 
Add: loss on investment securities321 — 556 375 2,046 
Add: loss on other assets530 — 27 975 714 
Add: loss on other transactions22 24 — 151 — 
Less: recovery of credit losses— — 6,602 3,510 — 
Less: gain on OREO— — 82 35 90 
Less: gain on investment securities153 — 398 314 1,184 
Less: gain on other transactions— 21 903 — 897 
Less: gain on other assets251 94 204 649 462 
Pre-provision net revenue$36,750 $35,178 $25,559 $125,807 $57,862 
Total average assets7,067,193 7,124,108 7,098,875 7,094,707 5,672,594 
Pre-provision net revenue to total average assets (annualized)2.06 %1.96 %1.43 %1.77 %1.02 %
Weighted-average common shares outstanding – diluted27,981,65627,973,25528,114,98027,999,60221,959,883
Pre-provision net revenue per common share – diluted$1.31 $1.25 $0.91 $4.48 $2.63 




Three Months EndedYear Ended
December 31,September 30,December 31,December 31,
(Dollars in thousands)20222022202120222021
Annualized net income adjusted for non-core items:
Net income$26,849 $25,978 $27,747 $101,292 $47,555 
Add: net loss on investment securities168 — 158 61 862 
Less: tax effect of net loss on investment securities (a)35 — 33 13 181 
Less: net gain on investment securities— 21 — — — 
Add: tax effect of net gain on investment securities (a)— 4 — — — 
Add: net loss on asset disposals and other transactions301 35 — 615 — 
Less: tax effect of net loss on asset disposals and other transactions (a)63 7 — 129 — 
Less: net gain on asset disposals and other transactions (a)— — 1,784 — 493 
Add: tax effect of net gain on asset disposals and other transactions (a)— — 375 — 104 
Add: acquisition-related expenses702 339 918 3,016 21,423 
Less: tax effect of acquisition-related expenses (a)147 71 193 633 4,499 
Add: severance expenses— — 16 — 79 
Less: tax effect of severance expenses (a)— — 3 — 17 
Add: pension settlement charges46 139 — 185 143 
Less: tax effect of pension settlement charges (a)10 29 — 39 30 
Add: COVID-19-related expenses2 9 565 134 1,248 
Less: tax effect of COVID-19-related expenses (a)— 2 119 28 262 
Add: Peoples Bank Foundation, Inc. contribution
— — — — 500 
Less: tax effect of Peoples Bank Foundation, Inc. contribution
— — — — 105 
Add: contract negotiation expenses
— — — — 1,851 
Less: tax effect of contract negotiation expenses
— — — — 389 
Less: refund of contract negotiation expense
— — 603 — 603 
Add: tax effect of refund of contract negotiation expense
— — 127 — 127 
Net income adjusted for non-core items
$27,813 $26,374 $27,171 $104,461 $67,313 
Days in the period92 92 92 365 365 
Days in the year365 365 365 365 365 
Annualized net income$106,520 $103,065 $110,083 $101,292 $47,555 
Annualized net income adjusted for non-core items$110,345 $104,636 $107,798 $104,461 $67,313 
Return on average assets:
Annualized net income$106,520 $103,065 $110,083 $101,292 $47,555 
Total average assets$7,067,193 $7,124,108 $7,098,875 $7,094,707 $5,672,594 
Return on average assets1.51 %1.45 %1.55 %1.43 %0.84 %
Return on average assets adjusted for non-core items:
Annualized net income adjusted for non-core items$110,345 $104,636 $107,798 $104,461 $67,313 
Total average assets$7,067,193 $7,124,108 $7,098,875 $7,094,707 $5,672,594 
Return on average assets adjusted for non-core items1.56 %1.47 %1.52 %1.47 %1.19 %
(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.




For the Three Months EndedFor the Year Ended
December 31,September 30,December 31,December 31,
(Dollars in thousands)20212021202020212020
Annualized net income excluding amortization of other intangible assets:
Net income$26,849 $25,978 $27,747 $101,292 $47,555 
Add: amortization of other intangible assets1,998 2,023 1,508 7,763 4,775 
Less: tax effect of amortization of other intangible assets (a)420 425 317 1,630 1,003 
Net income excluding amortization of other intangible assets$28,427 $27,576 $28,938 $107,425 $51,327 
Days in the period92 92 92 365 365 
Days in the year365 365 365 365 365 
Annualized net income$106,520 $103,065 $110,083 $101,292 $47,555 
Annualized net income excluding amortization of other intangible assets$112,781 $109,405 $114,808 $107,425 $51,327 
Average tangible equity:
Total average stockholders' equity$768,650 $797,859 $836,797 $797,984 $656,633 
Less: average goodwill and other intangible assets327,377 329,482 298,276 322,639 234,667 
Average tangible equity$441,273 $468,377 $538,521 $475,345 $421,966 
Return on average stockholders' equity ratio:
Annualized net income$106,520 $103,065 $110,083 $101,292 $47,555 
Average stockholders' equity$768,650 $797,859 $836,797 $797,984 $656,633 
Return on average stockholders' equity13.86 %12.92 %13.16 %12.69 %7.24 %
Return on average tangible equity ratio:
Annualized net income excluding amortization of other intangible assets$112,781 $109,405 $114,808 $107,425 $51,327 
Average tangible equity$441,273 $468,377 $538,521 $475,345 $421,966 
Return on average tangible equity25.56 %23.36 %21.32 %22.60 %12.16 %
(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 below.

INDEX TO EXHIBITS
Exhibit NumberDescription
Transcript of conference call conducted by management of Peoples Bancorp Inc. on January 24, 2023 to discuss results of operations for the quarter and twelve months ended December 31, 2022





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:January 27, 2023By:/s/KATHRYN BAILEY
Kathryn Bailey
Executive Vice President,
Chief Financial Officer and Treasurer


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