Peoples Bancorp Inc. Reports Quarterly Net Income
MARIETTA, Ohio, Oct. 20, 2020 /PRNewswire/ -- Peoples Bancorp Inc. ("Peoples") (Nasdaq: PEBO) today announced results for the quarter and the nine months ended September 30, 2020. Peoples recorded net income of
Non-core items contained in net income, and the related tax effect of each, included gains and losses on securities and asset disposals and other transactions, acquisition-related expenses, pension settlement charges, severance expenses and COVID-19-related expenses. Non-core items negatively impacted earnings per diluted common share by
"We are pleased with the record volume of our consumer indirect loan and mortgage loan production during the quarter," said Chuck Sulerzyski, President and Chief Executive Officer. "We continue to make meaningful progress as it relates to cross-selling our products to both new and existing customers that we assisted with the PPP. We also successfully integrated the acquired premium finance business into our product offerings and have been able to grow that portfolio by
Current expected credit loss ("CECL"):
Effective January 1, 2020, Peoples adopted Accounting Standards Update ("ASU") 2016-13 "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" and the CECL model, which upon adoption, resulted in a reduction to the retained earnings balance of
First Prestonsburg Bancshares Inc. ("First Prestonsburg"):
The comparison of income statement and balance sheet results between the nine months ended September 30, 2020 and September 30, 2019 was affected by the First Prestonsburg acquisition, which closed April 12, 2019.
COVID-19:
The income statement and balance sheet results for the three and nine months ended September 30, 2020 compared to prior quarters and year to date periods continued to be affected by ongoing developments related to COVID-19 and the reactions of government authorities, individuals and businesses, and the impact on the economy, specifically in Peoples market area. Many of the limitations imposed by state and local governments were removed during the second quarter of 2020; however, the impact caused by the closures continued to significantly impact the economy in the third quarter of 2020. The Board of Governors of the Federal Reserve System maintained the Federal Funds interest rate effective target range at
The federal government's passage of the Coronavirus Aid, Relief, and Economic Security ("CARES") Act that resulted in the creation of the Paycheck Protection Program ("PPP") targeted to provide small businesses with financial support to cover payroll and certain other specific types of expenses for a specified period of time. Loans made under the PPP are fully guaranteed by the SBA and therefore, carry no related allowance for credit losses. These loans earn
Interest income continued to be negatively impacted by the swift reduction in interest rates by the Federal Reserve earlier in the year. Additionally, variable rate commercial loans that are subject to changes in the LIBOR and the prime rate reflected downward adjustments in these rates causing decreases in interest income and net interest margin. Also, the overall changes in interest rates led to higher prepayment speeds within Peoples' investment securities portfolio, which caused an increase of
Individuals, families and certain businesses benefited from the CARES Act, with many receiving an economic stimulus payment directly from the federal government. Congress has been unable to pass legislation establishing a second stimulus package, and considerable uncertainty exists as to if or when another package will be available. Unemployment benefits that were enhanced by a federal subsidy of
Peoples incurred non-core non-interest expenses as a result of COVID-19. COVID-19-related expenses recognized during the third quarter of 2020 were
Peoples Premium Finance:
Effective July 1, 2020, Peoples closed on the business combination under which Peoples Bank acquired the operations and assets of Triumph Premium Finance ("TPF"), a division of TBK Bank, SSB. Based in Kansas City, Missouri, the division operating as Peoples Premium Finance will continue to provide insurance premium financing loans for commercial customers to purchase property and casualty insurance products through its growing network of independent insurance agency partners nationwide. Peoples Bank acquired
Statement of Operations Highlights:
- Net interest income increased
$259,000 , or1% , compared to the linked quarter and decreased$635,000 , or2% , compared to the third quarter of 2019. - Net interest margin decreased 5 basis points to
3.14% for the third quarter of 2020, compared to3.19% for the linked quarter and3.66% for the third quarter of 2019. The decreases in net interest margin were driven by lower accretion associated with purchased loans and the impact of the overall interest rate environment. - The increase in net interest income for the third quarter of 2020, compared to the second quarter of 2020, was caused by the impact of the additional interest income from the PPP loans which added
$3.1 million in interest income in the third quarter of 2020 and$2.8 million in the second quarter of 2020, which more than offset the declines in interest income related to higher amortization of premiums on investment securities. - Peoples recorded a provision for credit losses of
$4.7 million for the third quarter of 2020, compared to$11.8 million for the second quarter of 2020, and a provision for loan losses of$1.0 million for the third quarter of 2019. - The decline in the provision for credit losses for the third quarter of 2020 compared to the linked quarter was due primarily to the improvement in Moody's most recently published economic outlook and the current outlook used by Peoples in estimating the allowance for credit losses.
- Net charge-offs were
$735,000 , or0.08% of average total loans annualized, for the third quarter of 2020. - Total non-interest income, excluding net gains and losses, increased
$2.1 million , or14% , compared to the linked quarter, and$422,000 , or3% , compared to the third quarter of 2019. - The increase in non-interest income was largely driven by higher mortgage banking income due to the low interest rate environment resulting in higher volume of refinancing activity.
- Total non-interest income, excluding net gains and losses, for the third quarter of 2020 was
32% of total revenue. - Total non-interest expense increased
$2.5 million , or8% , compared to the linked quarter and$1.3 million , or4% , compared to the third quarter of 2019. - The third quarter of 2020 included non-core expenses of
$2.2 million , which included$1.3 million of acquisition related expenses,$531,000 of pension settlement charges,$192,000 in severance expenses, and$148,000 of expenses related to COVID-19. The linked quarter had$1.2 million of non-core expenses and the third quarter of 2019 had$287,000 . - Compared to the linked quarter, salaries and employee benefit costs increased
8% , as the second quarter included a benefit recognized for deferred personnel costs of$921,000 associated with the origination of the PPP loans that did not recur in the third quarter of 2020. - For the third quarter of 2020, the efficiency ratio was
64.1% compared to62.3% for the second quarter of 2020. When adjusted for non-core items, the efficiency ratio was59.9% for both the second and third quarters of 2020.
Balance Sheet Highlights:
- Period-end total loan balances increased
$111.1 million compared to June 30, 2020, and$598.6 million compared to December 31, 2019. - Growth of period-end loan balances compared to June 30, 2020 was driven by loans acquired with the Peoples Premium Finance acquisition, which are included in commercial and industrial loans, and an increase in consumer indirect loans.
- Average loan balances increased for the quarter, compared to the linked quarter, and were driven by record consumer indirect loan originations, the Peoples Premium Finance acquisition and a full-quarter impact from the PPP loans.
- Asset quality metrics were generally stable during the quarter.
- The reduction in the provision for credit losses recorded during the quarter was driven by the impact of the recent developments related to COVID-19 on the economic assumptions utilized within the CECL model.
- Delinquency trends improved as loans considered current comprised
99.2% of the loan portfolio at September 30, 2020, compared to99.0% at June 30, 2020. - Nonperforming assets increased
$2.4 million compared to June 30, 2020. The increase was primarily related to one larger commercial loan and several smaller residential loans becoming more than 90 days past due and, therefore, moving to non-accrual status. The commercial loan was directly impacted by the pandemic. - Criticized loans increased
$17.7 million during the quarter. The majority of the increase in the third quarter was due to downgrades to four commercial relationships. - Classified loans increased
$9.4 million during the third quarter of 2020. The increase in classified loans compared to the linked quarter was driven by the downgrade of two commercial loan relationships totaling$8.6 million . - Annualized net charge-offs for the quarter remained low at
0.08% of average loans. - Period-end total deposit balances at September 30, 2020 decreased
$72.9 million , or2% , compared to June 30, 2020. - The decrease in total deposits compared to June 30, 2020 was driven primarily by a decrease in brokered deposits, offset partially by a seasonal increase in governmental deposits.
- Total demand deposit balances were
42% of total deposit balances at September 30, 2020 and June 30, 2020.
Net Interest Income:
Net interest income was
Net interest income for the third quarter of 2020 decreased
Accretion income, net of amortization expense, from acquisitions was
For the first nine months of 2020, net interest income declined
Accretion income, net of amortization expense from acquisitions was
Provision for Credit Losses:
The provision for credit losses was
Net Gains and Losses:
Net gains and losses include gains and losses on investment securities, asset disposals and other transactions, which are included in total non-interest income on the Consolidated Statements of Operations. Net losses realized during the third quarter of 2020 were
For the first nine months of 2020, net gains were
Total Non-interest Income, Excluding Net Gains and Losses:
Total non-interest income, excluding net gains and losses, for the third quarter of 2020 increased
Compared to the third quarter of 2019, non-interest income, excluding net gains and losses, was up
For the first nine months of 2020, total non-interest income, excluding net gains and losses, declined
Total Non-interest Expense:
Total non-interest expense was up
Compared to the third quarter of 2019, total non-interest expense increased
For the nine months ended September 30, 2020, total non-interest expense was
The efficiency ratio for the third quarter of 2020 was
Income Tax Expense:
Peoples recorded income tax expense of
Loans:
Period-end total loan balances at September 30, 2020, increased
Compared to December 31, 2019, period-end total loan balances grew
Quarterly average loan balances grew
Compared to the third quarter of 2019, quarterly average loan balances increased
For the first nine months of 2020, average loan balances grew
Asset Quality:
Although asset quality metrics fluctuated during the quarter, overall asset quality remained relatively stable. Total nonperforming assets increased
Criticized loans, which are those categorized as special mention, substandard or doubtful, increased
Annualized net charge-offs were
At September 30, 2020, the allowance for credit losses increased to
Deposits:
As of September 30, 2020, period-end deposit balances were down
Compared to December 31, 2019, period-end deposit balances grew
Average deposit balances during the third quarter of 2020 increased
Stockholders' Equity:
At September 30, 2020, the tier 1 risk-based capital ratio was
Total stockholders' equity at September 30, 2020 declined by
Book value per share and tangible book value per share, which excludes goodwill and other intangible assets, at September 30, 2020 were
Total stockholders' equity at September 30, 2020 declined
Total stockholders' equity at September 30, 2020 decreased
Peoples Bancorp Inc. ("Peoples", Nasdaq: PEBO) is a diversified financial services holding company and makes available a complete line of banking, trust and investment, insurance and premium financing solutions through its subsidiaries. Headquartered in Marietta, Ohio since 1902, Peoples has established a heritage of financial stability, growth and community impact. Peoples has
Conference Call to Discuss Earnings:
Peoples will conduct a facilitated conference call to discuss third quarter 2020 results of operations on October 20, 2020 at 11:00 a.m., Eastern Daylight Time, with members of Peoples' executive management participating. Analysts, media and individual investors are invited to participate in the conference call by calling (866) 890-9285. 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.
Use of Non-US GAAP Financial Measures:
This news release contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("US GAAP"). Management uses these "non-US GAAP" financial measures in its analysis of Peoples' performance and the efficiency of its operations. Management believes that these non-US GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods and peers. These disclosures should not be viewed as substitutes for financial measures determined in accordance with US GAAP, nor are they necessarily comparable to non-US GAAP performance measures that may be presented by other companies. Below is a listing of the non-US GAAP financial measures used in this news release:
- Core non-interest expense is non-US GAAP since it excludes the impact of acquisition-related expenses, pension settlement charges, severance expenses, and COVID-19-related expenses. COVID-19-related expenses recognized during the first nine months of 2020 included unrestricted stock awards aggregating
$396,000 made to employees under the level of Vice President and$350,000 in donations, mainly to community organizations. Other COVID-19-related expenses reflected payments to support employees and supplement needs for the temporary remote work environment. - Efficiency ratio is calculated as total non-interest expense (less amortization of other intangible assets) as a percentage of fully tax-equivalent net interest income plus total non-interest income, excluding net gains and losses. This measure is non-US GAAP since it excludes amortization of other intangible assets and all gains and losses included in earnings, and uses fully tax-equivalent net interest income.
- Efficiency ratio adjusted for non-core items is calculated as core non-interest expense (less amortization of other intangible assets) as a percentage of fully tax-equivalent net interest income plus total non-interest income, excluding net gains and losses. This measure is non-US GAAP since it excludes the impact of acquisition-related expenses, pension settlement charges, severance expenses, COVID-19-related expenses, the amortization of other intangible assets and all gains and losses included in earnings, and uses fully tax-equivalent net interest income.
- Tangible assets, tangible equity and tangible book value per common share measures are non-US GAAP since they exclude the impact of goodwill and other intangible assets acquired through acquisitions on both total stockholders' equity and total assets.
- Total non-interest income, excluding net gains and losses, is a non-US GAAP measure since it excludes all gains and losses included in earnings.
- Pre-provision net revenue is defined as net interest income plus total non-interest income, excluding net gains and losses, minus total non-interest expense. This measure is non-US GAAP since it excludes the provision for credit losses and all gains and losses included in earnings.
- Return on average assets adjusted for non-core items is calculated as annualized net income (less the after-tax impact of all gains and losses, acquisition-related expenses, pension settlement charges, severance expenses, and COVID-19-related expenses) divided by average assets. This measure is non-US GAAP since it excludes the after-tax impact of all gains and losses, acquisition-related expenses, pension settlement charges, severance expenses, and COVID-19-related expenses.
- Return on average tangible stockholders' equity is calculated as annualized net income (less after-tax impact of amortization of other intangible assets) divided by tangible stockholders' equity. This measure is non-US GAAP since it excludes the after-tax impact of amortization of other intangible assets from earnings and the impact of goodwill and other intangible assets acquired through acquisitions on total stockholders' equity.
A reconciliation of these non-US GAAP financial measures to the most directly comparable US GAAP financial measures is included at the end of this news release under the caption of "Non-US GAAP Financial Measures."
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," "estimate," "may," "feel," "expect," "believe," "plan," "will," "will likely," "would," "should," "could," "project," "goal," "target," "potential," "seek," "intend," 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) | the ever-changing effects of the COVID-19 pandemic - the duration, extent and severity of which are impossible to predict, including the possibility of further resurgence in the spread of COVID-19 - on economies (local, national and international) and markets, and on our customers, counterparties, employees and third-party service providers, as well as the effects of various responses of governmental and nongovernmental authorities to the COVID-19 pandemic, including public health actions directed toward the containment of the COVID-19 pandemic and the implementation of fiscal stimulus packages, which could decrease sales volumes, add volatility to the global stock markets, and increase loan delinquencies and defaults; |
(2) | changes in the interest rate environment due to economic conditions related to the COVID-19 pandemic or other factors and/or the fiscal and monetary policy measures undertaken by the U.S. government and the Board of Governors of the Federal Reserve System (the "Federal Reserve Board") in response to such economic conditions, which may adversely impact interest rates, the interest rate yield curve, interest margins, loan demand and interest rate sensitivity; |
(3) | the success, impact, and timing of the implementation of Peoples' business strategies and Peoples' ability to manage strategic initiatives, including the expansion of commercial and consumer lending activities, in light of the continuing impact of the COVID-19 pandemic on customers' operations and financial condition; |
(4) | competitive pressures among financial institutions, or from non-financial institutions, which may increase significantly, including product and pricing pressures, which can in turn impact Peoples' credit spreads, changes to third-party relationships and revenues, changes in the manner of providing services, customer acquisition and retention pressures, and Peoples' ability to attract, develop and retain qualified professionals; |
(5) | uncertainty regarding the nature, timing, cost, and effect of legislative or regulatory changes or actions, or deposit insurance premium levels, promulgated and to be promulgated by governmental and regulatory agencies in the State of Ohio, the Federal Deposit Insurance Corporation, the Federal Reserve Board and the Consumer Financial Protection Bureau, 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, including in particular the rules and regulations promulgated and to be promulgated under the CARES Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and the Basel III regulatory capital reform; |
(6) | the effects of easing restrictions on participants in the financial services industry; |
(7) | local, regional, national and international economic conditions (including the impact of potential or imposed tariffs, a U.S. withdrawal from or significant renegotiation of trade agreements, trade wars and other changes in trade regulations, and changes in the relationship of the U.S. and its global trading partners) and the impact these conditions may have on Peoples, its customers and its counterparties, and Peoples' assessment of the impact, which may be different than anticipated; |
(8) | Peoples may issue equity securities in connection with future acquisitions, which could cause ownership and economic dilution to Peoples' current stockholders; |
(9) | changes in prepayment speeds, loan originations, levels of nonperforming assets, delinquent loans, charge-offs, and customer and other counterparties performance and creditworthiness generally, which may be less favorable than expected in light of the COVID-19 pandemic and adversely impact the amount of interest income generated; |
(10) | Peoples may have more credit risk and higher credit losses to the extent there are loan concentrations by location or industry of borrowers or collateral; |
(11) | changes in accounting standards, policies, estimates or procedures may adversely affect Peoples' reported financial condition or results of operations; |
(12) | the impact of assumptions, estimates and inputs used within models, which may vary materially from actual outcomes, including under the CECL model; |
(13) | the discontinuation of the London Interbank Offered Rate ("LIBOR") and other reference rates which may result in increased expenses and litigation, and adversely impact the effectiveness of hedging strategies; |
(14) | adverse changes in the conditions and trends in the financial markets, including the impacts of the COVID-19 pandemic and the related responses by governmental and nongovernmental authorities to the pandemic, which may adversely affect the fair value of securities within Peoples' investment portfolio, the interest rate sensitivity of Peoples' consolidated balance sheet, and the income generated by Peoples' trust and investment activities; |
(15) | the volatility from quarter to quarter of mortgage banking income, whether due to interest rates, demand, the fair value of mortgage loans, or other factors; |
(16) | Peoples' ability to receive dividends from its subsidiaries; |
(17) | Peoples' ability to maintain required capital levels and adequate sources of funding and liquidity; |
(18) | the impact of larger or similar-sized financial institutions encountering problems, which may adversely affect the banking industry and/or Peoples' business generation and retention, funding and liquidity; |
(19) | Peoples' ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks, including those of Peoples' third-party vendors and other service providers, which may prove inadequate, and could adversely affect customer confidence in Peoples and/or result in Peoples incurring a financial loss; |
(20) | Peoples' ability to anticipate and respond to technological changes, and Peoples' reliance on, and the potential failure of, a number of third-party vendors to perform as expected, including Peoples' primary core banking system provider, which can impact Peoples' ability to respond to customer needs and meet competitive demands; |
(21) | operational issues stemming from and/or capital spending necessitated by the potential need to adapt to industry changes in information technology systems on which Peoples and its subsidiaries are highly dependent; |
(22) | changes in consumer spending, borrowing and saving habits, whether due to changes in retail distribution strategies, consumer preferences and behavior, changes in business and economic conditions (including as a result of the COVID-19 pandemic), legislative or regulatory initiatives (including those in response to the COVID-19 pandemic), or other factors, which may be different than anticipated; |
(23) | the adequacy of Peoples' internal controls and risk management program in the event of changes in strategic, reputational, market, economic, operational, cybersecurity, compliance, legal, asset/liability repricing, liquidity, credit and interest rate risks associated with Peoples' business; |
(24) | the impact on Peoples' businesses, personnel, facilities, or systems, of losses related to acts of fraud, theft, or violence; |
(25) | the impact on Peoples' businesses, as well as on the risks described above, of various domestic or international widespread natural or other disasters, pandemics (including COVID-19), cybersecurity attacks, system failures, civil unrest, military or terrorist activities or international conflicts; |
(26) | the impact on Peoples' businesses and operating results of any costs associated with obtaining rights in intellectual property claimed by others and adequately protecting Peoples' intellectual property; |
(27) | risks and uncertainties associated with Peoples' entry into new geographic markets and risks resulting from Peoples' inexperience in these new geographic markets; |
(28) | Peoples' ability to identify, acquire, or integrate suitable strategic acquisitions, which may be unsuccessful, or may be more difficult, time-consuming or costly than expected; |
(29) | Peoples' continued ability to grow deposits; |
(30) | the impact of future governmental and regulatory actions upon Peoples' participation in and execution of government programs related to the COVID-19 pandemic; |
(31) | uncertainty regarding changes to the U.S. presidential administration and Congress and the impact thereof on the regulatory landscape, capital markets and the response to and management of the COVID-19 pandemic; and, |
(32) | 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 (the "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, 2019 and under the heading "ITEM 1A. RISK FACTORS" in Part II of Peoples' Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020. 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 US GAAP, Peoples is required to evaluate the impact of subsequent events through the issuance date of its September 30, 2020 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 (Unaudited) | |||||||||||||||||||
At or For the Three Months Ended | At or For the Nine | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||
PER COMMON SHARE: | |||||||||||||||||||
Earnings per common share: | |||||||||||||||||||
Basic | $ | 0.52 | $ | 0.24 | $ | 0.72 | $ | 0.70 | $ | 1.93 | |||||||||
Diluted | 0.51 | 0.23 | 0.72 | 0.70 | 1.91 | ||||||||||||||
Cash dividends declared per common share | 0.34 | 0.34 | 0.34 | 1.02 | 0.98 | ||||||||||||||
Book value per common share | 28.74 | 28.57 | 28.43 | 28.74 | 28.43 | ||||||||||||||
Tangible book value per common share (a) | 19.34 | 19.70 | 19.78 | 19.34 | 19.78 | ||||||||||||||
Closing price of common shares at end of period | $ | 19.09 | $ | 21.28 | $ | 31.81 | $ | 19.09 | $ | 31.81 | |||||||||
SELECTED RATIOS: | |||||||||||||||||||
Return on average stockholders' equity (b) | 7.16 | % | 3.34 | % | 10.11 | % | 3.28 | % | 9.31 | % | |||||||||
Return on average tangible equity (b)(c) | 11.36 | % | 5.42 | % | 15.35 | % | 5.38 | % | 14.14 | % | |||||||||
Return on average assets (b) | 0.83 | % | 0.40 | % | 1.37 | % | 0.40 | % | 1.24 | % | |||||||||
Return on average assets adjusted for non-core items (b)(d) | 0.97 | % | 0.47 | % | 1.39 | % | 0.49 | % | 1.44 | % | |||||||||
Efficiency ratio (e) | 64.12 | % | 62.34 | % | 61.10 | % | 64.37 | % | 65.71 | % | |||||||||
Efficiency ratio adjusted for non-core items (f) | 59.90 | % | 59.94 | % | 60.55 | % | 61.78 | % | 60.94 | % | |||||||||
Pre-provision net revenue to total average assets (b)(g) | 1.43 | % | 1.48 | % | 1.76 | % | 1.45 | % | 1.59 | % | |||||||||
Net interest margin (b)(h) | 3.14 | % | 3.19 | % | 3.66 | % | 3.27 | % | 3.74 | % | |||||||||
Dividend payout ratio (i)(j) | 66.31 | % | NM | 47.35 | % | 145.29 | % | 51.35 | % | ||||||||||
(a) | Tangible book value per common share represents a non-US GAAP financial measure since it excludes the balance sheet impact of goodwill and other intangible assets acquired through acquisitions on stockholders' equity. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)." |
(b) | Ratios are presented on an annualized basis. |
(c) | Return on average tangible equity represents a non-US GAAP financial measure since it excludes the after-tax impact of amortization of other intangible assets from earnings and it excludes the balance sheet impact of goodwill and other intangible assets acquired through acquisitions on stockholders' equity. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)." |
(d) | Return on average assets adjusted for non-core items represents a non-US GAAP financial measure since it excludes the after-tax impact of all gains and losses, acquisition-related expenses, pension settlement charges, severance expenses, and COVID-19-related expenses. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)." |
(e) | The efficiency ratio is defined as total non-interest expense (less amortization of other intangible assets) as a percentage of fully tax-equivalent net interest income plus total non-interest income (excluding all gains and losses). This amount represents a non-US GAAP financial measure since it excludes amortization of other intangible assets, and all gains and losses included in earnings, and uses fully tax-equivalent net interest income. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)." |
(f) | The efficiency ratio adjusted for non-core items is defined as core non-interest expense (less amortization of other intangible assets) as a percentage of fully tax-equivalent net interest income plus total non-interest income (excluding all gains and losses). This amount represents a non-US GAAP financial measure since it excludes the impact of all gains and losses, acquisition-related expenses, pension settlement charges, severance expenses, and COVID-19-related expenses included in earnings, and uses fully tax-equivalent net interest income. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)." |
(g) | Pre-provision net revenue is defined as net interest income plus total non-interest income (excluding all gains and losses) minus total non-interest expense. This ratio represents a non-US GAAP financial measure since it excludes the provision for credit losses and all gains and losses included in earnings. 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 news release under the caption of "Non-US GAAP Financial Measures (Unaudited)." |
(h | Information presented on a fully tax-equivalent basis, using a |
(i) | This ratio is calculated based on dividends declared during the period divided by net income for the period. |
(j) | NM = not meaningful. |
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
(Dollars in thousands, except per share data) | 2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||
Total interest income | $ | 39,013 | $ | 39,306 | $ | 43,609 | $ | 119,181 | $ | 127,806 | |||||||||
Total interest expense | 3,894 | 4,446 | 7,855 | 14,566 | 22,089 | ||||||||||||||
Net interest income | 35,119 | 34,860 | 35,754 | 104,615 | 105,717 | ||||||||||||||
Provision for credit losses (a) | 4,728 | 11,834 | 1,005 | 33,531 | 1,368 | ||||||||||||||
Net interest income after provision for credit losses | 30,391 | 23,026 | 34,749 | 71,084 | 104,349 | ||||||||||||||
Non-interest income: | |||||||||||||||||||
Electronic banking income | 3,765 | 3,523 | 3,577 | 10,568 | 9,831 | ||||||||||||||
Insurance income | 3,608 | 3,191 | 3,386 | 10,929 | 11,493 | ||||||||||||||
Trust and investment income | 3,435 | 3,316 | 3,205 | 10,013 | 9,718 | ||||||||||||||
Mortgage banking income | 2,658 | 938 | 1,204 | 4,346 | 2,992 | ||||||||||||||
Deposit account service charges | 2,266 | 1,909 | 3,233 | 6,995 | 8,551 | ||||||||||||||
Bank owned life insurance income | 462 | 470 | 487 | 1,514 | 1,462 | ||||||||||||||
Commercial loan swap fees | 68 | 955 | 772 | 1,267 | 1,434 | ||||||||||||||
Net gain on investment securities | 2 | 62 | 97 | 383 | 70 | ||||||||||||||
Net loss on asset disposals and other transactions | (28) | (122) | (78) | (237) | (553) | ||||||||||||||
Other non-interest income | 534 | 422 | 510 | 1,393 | 2,113 | ||||||||||||||
Total non-interest income | 16,770 | 14,664 | 16,393 | 47,171 | 47,111 | ||||||||||||||
Non-interest expense: | |||||||||||||||||||
Salaries and employee benefit costs | 19,410 | 17,985 | 18,931 | 57,313 | 58,957 | ||||||||||||||
Net occupancy and equipment expense | 3,383 | 3,151 | 3,098 | 9,688 | 9,208 | ||||||||||||||
Electronic banking expense | 2,095 | 1,879 | 2,070 | 5,839 | 5,340 | ||||||||||||||
Data processing and software expense | 1,838 | 1,754 | 1,572 | 5,344 | 4,684 | ||||||||||||||
Professional fees | 1,720 | 1,834 | 1,544 | 5,247 | 5,164 | ||||||||||||||
Franchise tax expense | 882 | 881 | 797 | 2,645 | 2,274 | ||||||||||||||
Amortization of other intangible assets | 857 | 728 | 953 | 2,314 | 2,471 | ||||||||||||||
FDIC insurance premiums | 570 | 152 | — | 717 | 752 | ||||||||||||||
Marketing expense | 456 | 632 | 634 | 1,561 | 1,718 | ||||||||||||||
Foreclosed real estate and other loan expenses | 342 | 335 | 600 | 1,255 | 1,324 | ||||||||||||||
Communication expense | 283 | 294 | 268 | 857 | 863 | ||||||||||||||
Other non-interest expense | 2,479 | 2,180 | 2,526 | 7,665 | 10,974 | ||||||||||||||
Total non-interest expense | 34,315 | 31,805 | 32,993 | 100,445 | 103,729 | ||||||||||||||
Income before income taxes | 12,846 | 5,885 | 18,149 | 17,810 | 47,731 | ||||||||||||||
Income tax expense | 2,636 | 1,136 | 3,281 | 3,616 | 8,896 | ||||||||||||||
Net income | $ | 10,210 | $ | 4,749 | $ | 14,868 | $ | 14,194 | $ | 38,835 | |||||||||
PER COMMON SHARE DATA: | |||||||||||||||||||
Earnings per common share – basic | $ | 0.52 | $ | 0.24 | $ | 0.72 | $ | 0.70 | $ | 1.93 | |||||||||
Earnings per common share – diluted | $ | 0.51 | $ | 0.23 | $ | 0.72 | $ | 0.70 | $ | 1.91 | |||||||||
Cash dividends declared per common share | $ | 0.34 | $ | 0.34 | $ | 0.34 | $ | 1.02 | $ | 0.98 | |||||||||
Weighted-average common shares outstanding – basic | 19,504,503 | 19,720,315 | 20,415,245 | 19,862,409 | 20,023,271 | ||||||||||||||
Weighted-average common shares outstanding – diluted | 19,637,689 | 19,858,880 | 20,595,769 | 19,998,353 | 20,178,634 | ||||||||||||||
Common shares outstanding at end of period | 19,721,783 | 19,925,083 | 20,700,630 | 19,721,783 | 20,700,630 | ||||||||||||||
(a) | On January 1, 2020, Peoples adopted ASU 2016-13 and adopted the CECL model. Prior to the adoption of CECL, the provision for (recovery of) credit losses was the "provision for loan losses." The provision for credit losses includes changes related to the allowance for credit losses on loans, which includes purchased credit deteriorated loans, held-to-maturity investment securities, and the unfunded commitment liability. |
CONSOLIDATED BALANCE SHEETS | |||||||
September 30, | December 31, | ||||||
2020 | 2019 | ||||||
(Dollars in thousands) | (Unaudited) | ||||||
Assets | |||||||
Cash and cash equivalents: | |||||||
Cash and due from banks | $ | 57,953 | $ | 53,263 | |||
Interest-bearing deposits in other banks | 103,298 | 61,930 | |||||
Total cash and cash equivalents | 161,251 | 115,193 | |||||
Available-for-sale investment securities, at fair value (amortized cost of | 851,702 | 936,101 | |||||
Held-to-maturity investment securities, at amortized cost (fair value of | 36,143 | 31,747 | |||||
Other investment securities | 40,715 | 42,730 | |||||
Total investment securities (a)(b) | 928,560 | 1,010,578 | |||||
Loans, net of deferred fees and costs (b)(c) | 3,472,085 | 2,873,525 | |||||
Allowance for credit losses (b) | (58,128) | (21,556) | |||||
Net loans | 3,413,957 | 2,851,969 | |||||
Loans held for sale | 7,420 | 6,499 | |||||
Bank premises and equipment, net of accumulated depreciation | 61,468 | 61,846 | |||||
Bank owned life insurance | 71,127 | 69,722 | |||||
Goodwill | 171,255 | 165,701 | |||||
Other intangible assets | 14,142 | 11,802 | |||||
Other assets | 82,627 | 60,855 | |||||
Total assets | $ | 4,911,807 | $ | 4,354,165 | |||
Liabilities | |||||||
Deposits: | |||||||
Non-interest-bearing | $ | 982,912 | $ | 671,208 | |||
Interest-bearing | 2,969,093 | 2,620,204 | |||||
Total deposits | 3,952,005 | 3,291,412 | |||||
Short-term borrowings | 182,063 | 316,977 | |||||
Long-term borrowings | 111,386 | 83,123 | |||||
Accrued expenses and other liabilities (b) | 99,497 | 68,260 | |||||
Total liabilities | $ | 4,344,951 | $ | 3,759,772 | |||
Stockholders' equity | |||||||
Preferred shares, no par value, 50,000 shares authorized, no shares issued at September 30, 2020 and | — | — | |||||
Common shares, no par value, 24,000,000 shares authorized, 21,184,157 shares issued at September 30, 2020 | 421,715 | 420,876 | |||||
Retained earnings (b) | 177,012 | 187,149 | |||||
Accumulated other comprehensive income (loss), net of deferred income taxes | 2,942 | (1,425) | |||||
Treasury stock, at cost, 1,515,624 shares at September 30, 2020 and 504,182 shares at December 31, 2019 | (34,813) | (12,207) | |||||
Total stockholders' equity | $ | 566,856 | $ | 594,393 | |||
Total liabilities and stockholders' equity | $ | 4,911,807 | $ | 4,354,165 | |||
(a) | Available-for-sale investment securities and held-to-maturity investment securities are presented net of allowance for credit losses of |
(b) | On January 1, 2020, Peoples adopted ASU 2016-13 and adopted the CECL model, which resulted in the establishment of a |
(c) | Also referred to throughout this document as "total loans" and "loans held for investment." |
SELECTED FINANCIAL INFORMATION (Unaudited) | |||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||
(Dollars in thousands) | 2020 | 2020 | 2020 | 2019 | 2019 | ||||||||||
Loan Portfolio | |||||||||||||||
Construction | $ | 108,051 | $ | 109,953 | $ | 110,865 | $ | 88,518 | $ | 104,773 | |||||
Commercial real estate, other | 913,239 | 914,420 | 897,817 | 833,238 | 830,199 | ||||||||||
Commercial and industrial | 1,168,134 | 1,070,326 | 654,530 | 662,993 | 608,240 | ||||||||||
Residential real estate | 589,449 | 613,084 | 625,366 | 661,476 | 667,017 | ||||||||||
Home equity lines of credit | 121,935 | 123,384 | 128,011 | 132,704 | 134,852 | ||||||||||
Consumer, indirect | 491,699 | 450,334 | 418,066 | 417,185 | 423,284 | ||||||||||
Consumer, direct | 79,059 | 78,926 | 76,172 | 76,533 | 80,870 | ||||||||||
Deposit account overdrafts | 519 | 592 | 610 | 878 | 1,081 | ||||||||||
Total loans | $ | 3,472,085 | $ | 3,361,019 | $ | 2,911,437 | $ | 2,873,525 | $ | 2,850,316 | |||||
Total acquired loans (a) | $ | 642,409 | $ | 582,743 | $ | 611,608 | $ | 599,686 | $ | 627,725 | |||||
Total originated loans | $ | 2,829,676 | $ | 2,778,276 | $ | 2,299,829 | $ | 2,273,839 | $ | 2,222,591 | |||||
Deposit Balances | |||||||||||||||
Non-interest-bearing deposits (b) | $ | 982,912 | $ | 1,005,732 | $ | 727,266 | $ | 671,208 | $ | 677,232 | |||||
Interest-bearing deposits: | |||||||||||||||
Interest-bearing demand accounts (b) | 666,134 | 666,181 | 637,011 | 635,720 | 622,496 | ||||||||||
Retail certificates of deposit | 461,216 | 474,593 | 487,153 | 490,830 | 488,942 | ||||||||||
Money market deposit accounts | 581,398 | 598,641 | 485,999 | 469,893 | 441,989 | ||||||||||
Governmental deposit accounts | 409,967 | 377,787 | 400,184 | 293,908 | 337,941 | ||||||||||
Savings accounts | 589,625 | 580,703 | 527,295 | 521,914 | 526,372 | ||||||||||
Brokered deposits | 260,753 | 321,247 | 133,522 | 207,939 | 262,230 | ||||||||||
Total interest-bearing deposits | $ | 2,969,093 | $ | 3,019,152 | $ | 2,671,164 | $ | 2,620,204 | $ | 2,679,970 | |||||
Total deposits | $ | 3,952,005 | $ | 4,024,884 | $ | 3,398,430 | $ | 3,291,412 | $ | 3,357,202 | |||||
Total demand deposits (b) | $ | 1,649,046 | $ | 1,671,913 | $ | 1,364,277 | $ | 1,306,928 | $ | 1,299,728 | |||||
Asset Quality | |||||||||||||||
Nonperforming assets (NPAs): | |||||||||||||||
Loans 90+ days past due and accruing (c) | $ | 2,815 | $ | 1,880 | $ | 1,543 | $ | 3,932 | $ | 4,515 | |||||
Nonaccrual loans (c) | 26,436 | 25,029 | 25,482 | 17,781 | 16,200 | ||||||||||
Total nonperforming loans (NPLs) | 29,251 | 26,909 | 27,025 | 21,713 | 20,715 | ||||||||||
Other real estate owned (OREO) | 293 | 236 | 226 | 227 | 289 | ||||||||||
Total NPAs | $ | 29,544 | $ | 27,145 | $ | 27,251 | $ | 21,940 | $ | 21,004 | |||||
Criticized loans (d) | $ | 123,219 | $ | 105,499 | $ | 90,881 | $ | 96,830 | $ | 100,434 | |||||
Classified loans (e) | 76,009 | 66,567 | 68,787 | 66,154 | 58,938 | ||||||||||
Allowance for credit losses as a percent of NPLs (f)(g)(h) | 198.72 | % | 202.02 | % | 158.49 | % | 99.28 | % | 104.20 | % | |||||
NPLs as a percent of total loans (g)(h) | 0.84 | % | 0.80 | % | 0.93 | % | 0.75 | % | 0.73 | % | |||||
NPAs as a percent of total assets (g)(h) | 0.60 | % | 0.54 | % | 0.61 | % | 0.50 | % | 0.48 | % | |||||
NPAs as a percent of total loans and OREO (g)(h) | 0.85 | % | 0.80 | % | 0.94 | % | 0.76 | % | 0.74 | % | |||||
Criticized loans as a percent of total loans (g) | 3.55 | % | 3.14 | % | 3.12 | % | 3.37 | % | 3.52 | % | |||||
Classified loans as a percent of total loans (g) | 2.19 | % | 1.98 | % | 2.36 | % | 2.30 | % | 2.07 | % | |||||
Allowance for credit losses as a percent of total loans (f)(g) | 1.67 | % | 1.62 | % | 1.47 | % | 0.75 | % | 0.76 | % | |||||
Capital Information (i)(j)(k) | |||||||||||||||
Common equity tier 1 risk-based capital ratio | 12.83 | % | 13.30 | % | 13.91 | % | 14.59 | % | 14.23 | % | |||||
Tier 1 risk-based capital ratio | 13.08 | % | 13.55 | % | 14.16 | % | 14.84 | % | 14.48 | % | |||||
Total risk-based capital ratio (tier 1 and tier 2) | 14.33 | % | 14.80 | % | 15.38 | % | 15.58 | % | 15.22 | % | |||||
Tier 1 leverage ratio | 8.62 | % | 8.97 | % | 10.06 | % | 10.41 | % | 10.28 | % | |||||
Common equity tier 1 capital | $ | 398,553 | $ | 408,619 | $ | 415,768 | $ | 427,415 | $ | 417,468 | |||||
Tier 1 capital | 406,124 | 416,150 | 423,259 | 434,866 | 424,877 | ||||||||||
Total capital (tier 1 and tier 2) | 445,091 | 454,641 | 459,727 | 456,422 | 446,462 | ||||||||||
Total risk-weighted assets | $ | 3,106,071 | $ | 3,072,178 | $ | 2,988,263 | $ | 2,930,355 | $ | 2,933,848 | |||||
Total stockholders' equity to total assets | 11.54 | % | 11.42 | % | 13.06 | % | 13.65 | % | 13.39 | % | |||||
Tangible equity to tangible assets (l) | 8.07 | % | 8.16 | % | 9.47 | % | 9.98 | % | 9.71 | % | |||||
(a) | Includes all loans acquired in 2012 and thereafter. |
(b) | The sum of non-interest-bearing deposits and interest-bearing deposits is considered total demand deposits. |
(c) | The new accounting for purchased credit deteriorated loans under ASU 2016-13 resulted in the movement of |
(d) | Includes loans categorized as a special mention, substandard, or doubtful. |
(e) | Includes loans categorized as substandard or doubtful. |
(f) | On January 1, 2020, Peoples adopted ASU 2016-13 and adopted the CECL model, which resulted an increase to the allowance for credit losses (which was the "allowance for loan losses" prior to January 1, 2020) of |
(g) | Data presented as of the end of the period indicated. |
(h) | Nonperforming loans include loans 90+ days past due and accruing, renegotiated loans and nonaccrual loans. Nonperforming assets include nonperforming loans and OREO. |
(i) | September 30, 2020 data based on preliminary analysis and subject to revision. |
(j) | Peoples' capital conservation buffer was |
(k) | Peoples has adopted the five-year transition to phase in the impact of the adoption of CECL on regulatory capital ratios. |
(l) | This ratio represents a non-US GAAP financial measure since it excludes the balance sheet impact of intangible assets acquired through acquisitions on both total stockholders' equity and total assets. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)." |
PROVISION FOR CREDIT LOSSES INFORMATION (Unaudited) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
(Dollars in thousands) | 2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||
Provision for credit losses (a) | |||||||||||||||||||
Provision for other credit losses | $ | 4,574 | $ | 11,773 | $ | 731 | $ | 33,171 | $ | 846 | |||||||||
Provision for checking account overdraft credit losses | 154 | 61 | 274 | 360 | 522 | ||||||||||||||
Total provision for credit losses | $ | 4,728 | $ | 11,834 | $ | 1,005 | $ | 33,531 | $ | 1,368 | |||||||||
Net charge-offs (recoveries) | |||||||||||||||||||
Gross charge-offs | $ | 965 | $ | 681 | $ | 1,162 | $ | 3,721 | $ | 2,830 | |||||||||
Recoveries | 230 | 1,050 | 385 | 2,857 | 2,852 | ||||||||||||||
Net charge-offs (recoveries) | $ | 735 | $ | (369) | $ | 777 | $ | 864 | $ | (22) | |||||||||
Net charge-offs (recoveries) by type | |||||||||||||||||||
Commercial real estate, other | $ | 105 | $ | 129 | $ | (86) | $ | 128 | $ | 58 | |||||||||
Commercial and industrial | 148 | (790) | 180 | (909) | (1,769) | ||||||||||||||
Residential real estate | 21 | (84) | (6) | (2) | 37 | ||||||||||||||
Home equity lines of credit | (2) | 1 | 28 | 12 | 35 | ||||||||||||||
Consumer, indirect | 306 | 264 | 380 | 1,166 | 1,037 | ||||||||||||||
Consumer, direct | 2 | 41 | 49 | 91 | 105 | ||||||||||||||
Deposit account overdrafts | 155 | 70 | 232 | 378 | 475 | ||||||||||||||
Total net charge-offs (recoveries) | $ | 735 | $ | (369) | $ | 777 | $ | 864 | $ | (22) | |||||||||
Net charge-offs (recoveries) as a percent of average total loans (annualized) | 0.08 | % | (0.05) | % | 0.11 | % | 0.04 | % | — | % | |||||||||
(a) | On January 1, 2020, Peoples adopted ASU 2016-13 and adopted the CECL model. Prior to the adoption of CECL, the provision for (recovery of) credit losses was the "provision for (recovery of) loan losses." The provision for credit losses includes changes related to the allowance for credit losses on loans, which includes purchased credit deteriorated loans, held-to-maturity investment securities, and the unfunded commitment liability. |
SUPPLEMENTAL INFORMATION (Unaudited) | |||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
(Dollars in thousands) | 2020 | 2020 | 2020 | 2019 | 2019 | ||||||||||||||
Trust assets under administration and | $ | 1,609,270 | $ | 1,552,785 | $ | 1,385,161 | $ | 1,572,933 | $ | 1,504,036 | |||||||||
Brokerage assets under administration and | 921,688 | 885,138 | 816,260 | 944,002 | 904,191 | ||||||||||||||
Mortgage loans serviced for others | 490,170 | 491,545 | 503,158 | 496,802 | 488,724 | ||||||||||||||
Employees (full-time equivalent) | 886 | 894 | 898 | 900 | 910 | ||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS AND NET INTEREST INCOME (Unaudited) | ||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | September 30, 2019 | ||||||||||||||||||||||||
(Dollars in thousands) | Average | Income/ | Yield/ | Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||||||||
Assets | ||||||||||||||||||||||||||
Short-term investments | $ | 97,430 | $ | 33 | 0.13 | % | $ | 164,487 | $ | 48 | 0.12 | % | $ | 62,860 | $ | 506 | 3.19 | % | ||||||||
Investment securities (a)(b)(c) | 952,495 | 3,610 | 1.52 | % | 1,006,396 | 4,990 | 1.98 | % | 1,009,948 | 6,860 | 2.69 | % | ||||||||||||||
Loans (b)(c)(d): | ||||||||||||||||||||||||||
Construction | 105,488 | 1,179 | 4.37 | % | 121,982 | 1,226 | 3.98 | % | 103,758 | 1,313 | 4.95 | % | ||||||||||||||
Commercial real estate, other | 857,830 | 8,854 | 4.04 | % | 849,070 | 8,873 | 4.13 | % | 844,186 | 11,307 | 5.24 | % | ||||||||||||||
Commercial and industrial | 1,139,638 | 10,016 | 3.44 | % | 979,206 | 8,842 | 3.57 | % | 603,750 | 8,110 | 5.26 | % | ||||||||||||||
Residential real estate (e) | 661,694 | 7,870 | 4.76 | % | 682,216 | 8,257 | 4.84 | % | 648,481 | 7,903 | 4.87 | % | ||||||||||||||
Home equity lines of credit | 125,351 | 1,278 | 4.06 | % | 128,632 | 1,493 | 4.67 | % | 131,898 | 1,977 | 5.95 | % | ||||||||||||||
Consumer, indirect | 477,962 | 5,103 | 4.25 | % | 421,972 | 4,554 | 4.34 | % | 423,694 | 4,452 | 4.17 | % | ||||||||||||||
Consumer, direct | 82,139 | 1,332 | 6.45 | % | 77,830 | 1,292 | 6.68 | % | 82,067 | 1,495 | 7.23 | % | ||||||||||||||
Total loans | 3,450,102 | 35,632 | 4.08 | % | 3,260,908 | 34,537 | 4.22 | % | 2,837,834 | 36,557 | 5.08 | % | ||||||||||||||
Allowance for credit losses (c) | (56,519) | (48,768) | (21,620) | |||||||||||||||||||||||
Net loans | 3,393,583 | 3,212,140 | 2,816,214 | |||||||||||||||||||||||
Total earning assets | 4,443,508 | 39,275 | 3.49 | % | 4,383,023 | 39,575 | 3.60 | % | 3,889,022 | 43,923 | 4.47 | % | ||||||||||||||
Goodwill and other intangible assets | 185,816 | 177,012 | 179,487 | |||||||||||||||||||||||
Other assets | 277,290 | 267,981 | 242,880 | |||||||||||||||||||||||
Total assets | $ | 4,906,614 | $ | 4,828,016 | $ | 4,311,389 | ||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||
Savings accounts | $ | 589,100 | $ | 34 | 0.02 | % | $ | 563,213 | $ | 33 | 0.02 | % | $ | 524,025 | $ | 126 | 0.10 | % | ||||||||
Governmental deposit accounts | 398,653 | 511 | 0.51 | % | 370,999 | 445 | 0.48 | % | 347,625 | 991 | 1.13 | % | ||||||||||||||
Interest-bearing demand accounts | 671,987 | 66 | 0.04 | % | 655,711 | 71 | 0.04 | % | 617,770 | 378 | 0.24 | % | ||||||||||||||
Money market deposit accounts | 589,078 | 215 | 0.15 | % | 575,858 | 360 | 0.25 | % | 434,834 | 787 | 0.72 | % | ||||||||||||||
Retail certificates of deposit | 467,431 | 1,524 | 1.30 | % | 481,305 | 1,870 | 1.56 | % | 495,499 | 2,255 | 1.81 | % | ||||||||||||||
Brokered deposits | 258,875 | 319 | 0.49 | % | 192,230 | 505 | 1.06 | % | 261,145 | 1,622 | 2.46 | % | ||||||||||||||
Total interest-bearing deposits | 2,975,124 | 2,669 | 0.36 | % | 2,839,316 | 3,284 | 0.47 | % | 2,680,898 | 6,159 | 0.91 | % | ||||||||||||||
Short-term borrowings | 180,358 | 742 | 1.64 | % | 183,989 | 574 | 1.25 | % | 236,917 | 1,150 | 1.93 | % | ||||||||||||||
Long-term borrowings | 111,457 | 483 | 1.73 | % | 135,398 | 588 | 1.75 | % | 84,281 | 546 | 2.58 | % | ||||||||||||||
Total borrowed funds | 291,815 | 1,225 | 1.67 | % | 319,387 | 1,162 | 1.46 | % | 321,198 | 1,696 | 2.10 | % | ||||||||||||||
Total interest-bearing liabilities | 3,266,939 | 3,894 | 0.47 | % | 3,158,703 | 4,446 | 0.57 | % | 3,002,096 | 7,855 | 1.04 | % | ||||||||||||||
Non-interest-bearing deposits | 970,353 | 997,179 | 657,952 | |||||||||||||||||||||||
Accrued expenses and other liabilities | 102,267 | 99,993 | 68,072 | |||||||||||||||||||||||
Total liabilities | 4,339,559 | 4,255,875 | 3,728,120 | |||||||||||||||||||||||
Stockholders' equity | 567,055 | 572,141 | 583,269 | |||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 4,906,614 | $ | 4,828,016 | $ | 4,311,389 | ||||||||||||||||||||
Net interest income/spread (b) | $ | 35,381 | 3.02 | % | $ | 35,129 | 3.03 | % | $ | 36,068 | 3.43 | % | ||||||||||||||
Net interest margin (b) | 3.14 | % | 3.19 | % | 3.66 | % | ||||||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 30, 2020 | September 30, 2019 | ||||||||||||||||
(Dollars in thousands) | Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||
Assets | |||||||||||||||||
Short-term investments | $ | 111,852 | $ | 317 | 0.38 | % | $ | 35,867 | $ | 945 | 3.52 | % | |||||
Investment securities (a)(b)(c) | 997,835 | 14,857 | 1.99 | % | 956,085 | 20,316 | 2.83 | % | |||||||||
Loans (b)(c)(d): | |||||||||||||||||
Construction | 108,426 | 3,656 | 4.43 | % | 119,823 | 4,700 | 5.17 | % | |||||||||
Commercial real estate, other | 848,202 | 27,784 | 4.30 | % | 828,258 | 33,225 | 5.29 | % | |||||||||
Commercial and industrial | 923,552 | 26,282 | 3.74 | % | 594,136 | 23,872 | 5.30 | % | |||||||||
Residential real estate (e) | 669,852 | 24,498 | 4.88 | % | 633,070 | 22,748 | 4.79 | % | |||||||||
Home equity lines of credit | 128,540 | 4,546 | 4.72 | % | 131,797 | 5,843 | 5.93 | % | |||||||||
Consumer, indirect | 438,784 | 14,066 | 4.28 | % | 415,602 | 12,795 | 4.12 | % | |||||||||
Consumer, direct | 78,904 | 3,978 | 6.73 | % | 78,687 | 4,143 | 7.04 | % | |||||||||
Total loans | 3,196,260 | 104,810 | 4.34 | % | 2,801,373 | 107,326 | 5.07 | % | |||||||||
Allowance for credit losses (c) | (44,323) | (21,117) | |||||||||||||||
Net loans | 3,151,937 | 2,780,256 | |||||||||||||||
Total earning assets | 4,261,624 | 119,984 | 3.73 | % | 3,772,208 | 128,587 | 4.52 | % | |||||||||
Goodwill and other intangible assets | 180,291 | 172,175 | |||||||||||||||
Other assets | 264,238 | 235,280 | |||||||||||||||
Total assets | $ | 4,706,153 | $ | 4,179,663 | |||||||||||||
Liabilities and Equity | |||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||
Savings accounts | $ | 558,514 | $ | 140 | 0.03 | % | $ | 506,847 | $ | 326 | 0.09 | % | |||||
Governmental deposit accounts | 366,139 | 1,671 | 0.61 | % | 325,773 | 2,396 | 0.98 | % | |||||||||
Interest-bearing demand accounts | 652,198 | 385 | 0.08 | % | 597,089 | 857 | 0.19 | % | |||||||||
Money market deposit accounts | 547,291 | 1,248 | 0.30 | % | 414,966 | 1,972 | 0.64 | % | |||||||||
Retail certificates of deposit | 479,185 | 5,453 | 1.52 | % | 457,030 | 5,750 | 1.68 | % | |||||||||
Brokered deposits | 214,516 | 1,685 | 1.05 | % | 282,473 | 5,421 | 2.57 | % | |||||||||
Total interest-bearing deposits | 2,817,843 | 10,582 | 0.50 | % | 2,584,178 | 16,722 | 0.87 | % | |||||||||
Short-term borrowings | 205,900 | 2,355 | 1.54 | % | 240,726 | 3,556 | 1.97 | % | |||||||||
Long-term borrowings | 118,684 | 1,629 | 1.93 | % | 98,706 | 1,811 | 2.45 | % | |||||||||
Total borrowed funds | 324,584 | 3,984 | 1.64 | % | 339,432 | 5,367 | 2.11 | % | |||||||||
Total interest-bearing liabilities | 3,142,427 | 14,566 | 0.62 | % | 2,923,610 | 22,089 | 1.01 | % | |||||||||
Non-interest-bearing deposits | 892,301 | 642,276 | |||||||||||||||
Accrued expenses and other liabilities | 92,986 | 56,075 | |||||||||||||||
Total liabilities | 4,127,714 | 3,621,961 | |||||||||||||||
Stockholders' equity | 578,439 | 557,702 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 4,706,153 | $ | 4,179,663 | |||||||||||||
Net interest income/spread (b) | $ | 105,418 | 3.11 | % | $ | 106,498 | 3.51 | % | |||||||||
Net interest margin (b) | 3.27 | % | 3.74 | % | |||||||||||||
(a) | Average balances are based on carrying value. |
(b) | Interest income and yields are presented on a fully tax-equivalent basis, using a |
(c) | On January 1, 2020, Peoples adopted ASU 2016-13 and adopted the CECL model, which resulted in the establishment of an allowance for credit losses for held-to-maturity investment securities; an increase in loan balances of |
(d) | Average balances include nonaccrual and impaired loans. Interest income includes interest earned and received on nonaccrual loans prior to the loans being placed on nonaccrual status. Loan fees included in interest income were immaterial for all periods presented. |
(e) | Loans held for sale are included in the average loan balance listed. Related interest income on loans originated for sale prior to the loan being sold is included in loan interest income. |
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 | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
(Dollars in thousands) | 2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||
Core non-interest expense: | |||||||||||||||||||
Total non-interest expense | $ | 34,315 | $ | 31,805 | $ | 32,993 | $ | 100,445 | $ | 103,729 | |||||||||
Less: acquisition-related expenses | 1,335 | 47 | 199 | 1,412 | 7,222 | ||||||||||||||
Less: pension settlement charges | 531 | 151 | — | 1,050 | — | ||||||||||||||
Less: severance expenses | 192 | 79 | 88 | 284 | 130 | ||||||||||||||
Less: COVID-19-related expenses | 148 | 918 | — | 1,206 | — | ||||||||||||||
Core non-interest expense | $ | 32,109 | $ | 30,610 | $ | 32,706 | $ | 96,493 | $ | 96,377 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
(Dollars in thousands) | 2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||
Efficiency ratio: | |||||||||||||||||||
Total non-interest expense | 34,315 | $ | 31,805 | 32,993 | 100,445 | 103,729 | |||||||||||||
Less: amortization of other intangible assets | 857 | 728 | 953 | 2,314 | 2,471 | ||||||||||||||
Adjusted non-interest expense | $ | 33,458 | $ | 31,077 | $ | 32,040 | $ | 98,131 | $ | 101,258 | |||||||||
Total non-interest income | $ | 16,770 | $ | 14,664 | $ | 16,393 | $ | 47,171 | $ | 47,111 | |||||||||
Less: net gain on investment securities | 2 | 62 | 97 | 383 | 70 | ||||||||||||||
Less: net loss on asset disposals and other transactions | (28) | (122) | (78) | (237) | (553) | ||||||||||||||
Total non-interest income, excluding net gains and losses | $ | 16,796 | $ | 14,724 | $ | 16,374 | $ | 47,025 | $ | 47,594 | |||||||||
Net interest income | $ | 35,119 | $ | 34,860 | $ | 35,754 | $ | 104,615 | $ | 105,717 | |||||||||
Add: fully tax-equivalent adjustment (a) | 262 | 269 | 314 | 803 | 781 | ||||||||||||||
Net interest income on a fully tax-equivalent basis | $ | 35,381 | $ | 35,129 | $ | 36,068 | $ | 105,418 | $ | 106,498 | |||||||||
Adjusted revenue | $ | 52,177 | $ | 49,853 | $ | 52,442 | $ | 152,443 | $ | 154,092 | |||||||||
Efficiency ratio | 64.12 | % | 62.34 | % | 61.10 | % | 64.37 | % | 65.71 | % | |||||||||
Efficiency ratio adjusted for non-core items: | |||||||||||||||||||
Core non-interest expense | $ | 32,109 | $ | 30,610 | $ | 32,706 | $ | 96,493 | $ | 96,377 | |||||||||
Less: amortization of other intangible assets | 857 | 728 | 953 | 2,314 | 2,471 | ||||||||||||||
Adjusted core non-interest expense | $ | 31,252 | $ | 29,882 | $ | 31,753 | $ | 94,179 | $ | 93,906 | |||||||||
Adjusted revenue | $ | 52,177 | $ | 49,853 | $ | 52,442 | $ | 152,443 | $ | 154,092 | |||||||||
Efficiency ratio adjusted for non-core items | 59.90 | % | 59.94 | % | 60.55 | % | 61.78 | % | 60.94 | % | |||||||||
(a) | Tax effect is calculated using a |
NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued) | |||||||||||||||
(Dollars in thousands, except per share data) | September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||
2020 | 2020 | 2020 | 2019 | 2019 | |||||||||||
Tangible equity: | |||||||||||||||
Total stockholders' equity | $ | 566,856 | $ | 569,177 | $ | 583,721 | $ | 594,393 | $ | 588,533 | |||||
Less: goodwill and other intangible assets | 185,397 | 176,625 | 177,447 | 177,503 | 179,126 | ||||||||||
Tangible equity | $ | 381,459 | $ | 392,552 | $ | 406,274 | $ | 416,890 | $ | 409,407 | |||||
Tangible assets: | |||||||||||||||
Total assets | $ | 4,911,807 | $ | 4,985,819 | $ | 4,469,120 | $ | 4,354,165 | $ | 4,396,148 | |||||
Less: goodwill and other intangible assets | 185,397 | 176,625 | 177,447 | 177,503 | 179,126 | ||||||||||
Tangible assets | $ | 4,726,410 | $ | 4,809,194 | $ | 4,291,673 | $ | 4,176,662 | $ | 4,217,022 | |||||
Tangible book value per common share: | |||||||||||||||
Tangible equity | $ | 381,459 | $ | 392,552 | $ | 406,274 | $ | 416,890 | $ | 409,407 | |||||
Common shares outstanding | 19,721,783 | 19,925,083 | 20,346,843 | 20,698,941 | 20,700,630 | ||||||||||
Tangible book value per common share | $ | 19.34 | $ | 19.70 | $ | 19.97 | $ | 20.14 | $ | 19.78 | |||||
Tangible equity to tangible assets ratio: | |||||||||||||||
Tangible equity | $ | 381,459 | $ | 392,552 | $ | 406,274 | $ | 416,890 | $ | 409,407 | |||||
Tangible assets | $ | 4,726,410 | $ | 4,809,194 | $ | 4,291,673 | $ | 4,176,662 | $ | 4,217,022 | |||||
Tangible equity to tangible assets | 8.07 | % | 8.16 | % | 9.47 | % | 9.98 | % | 9.71 | % | |||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
(Dollars in thousands, except per share data) | 2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||
Pre-provision net revenue: | |||||||||||||||||||
Income before income taxes | $ | 12,846 | $ | 5,885 | $ | 18,149 | $ | 17,810 | $ | 47,731 | |||||||||
Add: provision for credit losses (a) | 4,728 | 11,834 | 1,005 | 33,531 | 1,368 | ||||||||||||||
Add: loss on OREO | — | — | 5 | 17 | 54 | ||||||||||||||
Add: loss on investment securities | — | — | — | — | 57 | ||||||||||||||
Add: loss on other assets | 43 | 145 | 73 | 258 | 504 | ||||||||||||||
Less: gain on OREO | 15 | 1 | — | 16 | — | ||||||||||||||
Less: gain on investment securities | 2 | 62 | 97 | 383 | 127 | ||||||||||||||
Less: gain on other transactions | — | 22 | — | 22 | 5 | ||||||||||||||
Pre-provision net revenue | $ | 17,600 | $ | 17,779 | $ | 19,135 | $ | 51,195 | $ | 49,582 | |||||||||
Total average assets | $ | 4,906,614 | $ | 4,828,016 | $ | 4,311,389 | $ | 4,706,153 | $ | 4,179,663 | |||||||||
Pre-provision net revenue to total average assets (annualized) | 1.43 | % | 1.48 | % | 1.76 | % | 1.45 | % | 1.59 | % | |||||||||
Weighted-average common shares outstanding – diluted | 19,637,689 | 19,858,880 | 20,595,769 | 19,998,353 | 20,178,634 | ||||||||||||||
Pre-provision net revenue per common share – diluted | |||||||||||||||||||
(a) | On January 1, 2020, Peoples adopted ASU 2016-13 and adopted the CECL model. Prior to the adoption of CECL, the provision for (recovery of) credit losses was the "provision for (recovery of) loan losses." The provision for credit losses includes changes related to the allowance for credit losses on loans, which includes purchased credit deteriorated loans, held-to-maturity investment securities, and the unfunded commitment liability. |
NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
(Dollars in thousands) | 2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||
Annualized net income adjusted for non-core items: | |||||||||||||||||||
Net income | $ | 10,210 | $ | 4,749 | $ | 14,868 | $ | 14,194 | $ | 38,835 | |||||||||
Less: net gain on investment securities | 2 | 62 | 97 | 383 | 70 | ||||||||||||||
Add: tax effect of net gain on investment securities (a) | — | 13 | 20 | 80 | 15 | ||||||||||||||
Add: net loss on asset disposals and other transactions | 28 | 28 | 78 | 237 | 553 | ||||||||||||||
Less: tax effect of net loss on asset disposals and other transactions (a) | 6 | 6 | 16 | 50 | 116 | ||||||||||||||
Add: acquisition-related expenses | 1,335 | 47 | 199 | 1,412 | 7,222 | ||||||||||||||
Less: tax effect of acquisition-related expenses (a) | 280 | 10 | 42 | 297 | 1,517 | ||||||||||||||
Add: pension settlement charges | 531 | 151 | — | 1,050 | — | ||||||||||||||
Less: tax effect of pension settlement charges (a) | 112 | 32 | — | 221 | — | ||||||||||||||
Add: severance expenses | 192 | 79 | 88 | 284 | 130 | ||||||||||||||
Less: tax effect of severance expenses (a) | 40 | 17 | 18 | 61 | 27 | ||||||||||||||
Add: COVID-19-related expenses | 148 | 918 | — | 1,206 | — | ||||||||||||||
Less: tax effect of COVID-19-related expenses (a) | 31 | 193 | — | 253 | — | ||||||||||||||
Net income adjusted for non-core items (after tax) | $ | 11,973 | $ | 5,665 | $ | 15,080 | $ | 17,198 | $ | 45,025 | |||||||||
Days in the period | 92 | 91 | 92 | 274 | 273 | ||||||||||||||
Days in the year | 366 | 366 | 365 | 366 | 365 | ||||||||||||||
Annualized net income | $ | 40,618 | $ | 19,100 | $ | 58,987 | $ | 18,960 | $ | 51,922 | |||||||||
Annualized net income adjusted for non-core items (after tax) | $ | 47,632 | $ | 22,785 | $ | 59,828 | $ | 22,973 | $ | 60,198 | |||||||||
Return on average assets: | |||||||||||||||||||
Annualized net income | $ | 40,618 | $ | 19,100 | $ | 58,987 | $ | 18,960 | $ | 51,922 | |||||||||
Total average assets | $ | 4,906,614 | $ | 4,828,016 | $ | 4,311,389 | $ | 4,706,153 | $ | 4,179,663 | |||||||||
Return on average assets | 0.83 | % | 0.40 | % | 1.37 | % | 0.40 | % | 1.24 | % | |||||||||
Return on average assets adjusted for non-core items: | |||||||||||||||||||
Annualized net income adjusted for non-core items (after tax) | $ | 47,632 | $ | 22,785 | $ | 59,828 | $ | 22,973 | $ | 60,198 | |||||||||
Total average assets | $ | 4,906,614 | $ | 4,828,016 | $ | 4,311,389 | $ | 4,706,153 | $ | 4,179,663 | |||||||||
Return on average assets adjusted for non-core items | 0.97 | % | 0.47 | % | 1.39 | % | 0.49 | % | 1.44 | % | |||||||||
(a) | Tax effect is calculated using a |
NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued) | |||||||||||||||||||
Three Months Ended | At or For the Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
(Dollars in thousands) | 2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||
Annualized net income excluding amortization of other intangible assets: | |||||||||||||||||||
Net income | $ | 10,210 | $ | 4,749 | $ | 14,868 | $ | 14,194 | $ | 38,835 | |||||||||
Add: amortization of other intangible assets | 857 | 728 | 953 | 2,314 | 2,471 | ||||||||||||||
Less: tax effect of amortization of other intangible assets (a) | 180 | 153 | 200 | 486 | 519 | ||||||||||||||
Net income excluding amortization of other intangible assets (after tax) | $ | 10,887 | $ | 5,324 | $ | 15,621 | $ | 16,022 | $ | 40,787 | |||||||||
Days in the period | 92 | 91 | 92 | 274 | 273 | ||||||||||||||
Days in the year | 366 | 366 | 365 | 366 | 365 | ||||||||||||||
Annualized net income | $ | 40,618 | $ | 19,100 | $ | 58,987 | $ | 18,960 | $ | 51,922 | |||||||||
Annualized net income excluding amortization of other intangible assets (after tax) | $ | 43,311 | $ | 21,413 | $ | 61,975 | $ | 21,402 | $ | 54,532 | |||||||||
Average tangible equity: | |||||||||||||||||||
Total average stockholders' equity | $ | 567,055 | $ | 572,141 | $ | 583,269 | $ | 578,439 | $ | 557,702 | |||||||||
Less: average goodwill and other intangible assets | 185,816 | 177,012 | 179,487 | 180,291 | 172,175 | ||||||||||||||
Average tangible equity | $ | 381,239 | $ | 395,129 | $ | 403,782 | $ | 398,148 | $ | 385,527 | |||||||||
Return on average stockholders' equity ratio: | |||||||||||||||||||
Annualized net income | $ | 40,618 | $ | 19,100 | $ | 58,987 | $ | 18,960 | $ | 51,922 | |||||||||
Average stockholders' equity | $ | 567,055 | $ | 572,141 | $ | 583,269 | $ | 578,439 | $ | 557,702 | |||||||||
Return on average stockholders' equity | 7.16 | % | 3.34 | % | 10.11 | % | 3.28 | % | 9.31 | % | |||||||||
Return on average tangible equity ratio: | |||||||||||||||||||
Annualized net income excluding amortization of other intangible assets (after tax) | $ | 43,311 | $ | 21,413 | $ | 61,975 | $ | 21,402 | $ | 54,532 | |||||||||
Average tangible equity | $ | 381,239 | $ | 395,129 | $ | 403,782 | $ | 398,148 | $ | 385,527 | |||||||||
Return on average tangible equity | 11.36 | % | 5.42 | % | 15.35 | % | 5.38 | % | 14.14 | % | |||||||||
(a) | Tax effect is calculated using a |
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SOURCE Peoples Bancorp Inc.
