2007 Press Releases
- Peoples Bank Opens Second Full-Service Office in Huntington
- Peoples Bancorp Inc. Declares Fourth Quarter Dividend
- Peoples Bancorp Inc. Reports Third Quarter 2007 Results
- Peoples Bancorp Inc. to Add New Executive Vice President
- Peoples Bancorp Inc. Declares Third Quarter Dividend
- Peoples Bancorp Inc. Reports Second Quarter Results
- Charles R. Hunsaker to Retire as General Counsel of Peoples Bancorp Inc.
- Peoples Bancorp to Expand into Zanesville, Ohio
- Peoples Bancorp Inc. Declares Second Quarter Dividend
- Peoples Bancorp Inc. Reports First Quarter Results
- Peoples Bancorp Inc. Holds Annual Meeting of Shareholders
- Peoples Bancorp Inc. Accepts Resignation of Chief Financial Officer and Names Interim Chief Financial Officer
- Peoples Bank to Expand in Huntington
- Peoples Bank Expands Services for Business Customers with Remote Deposit Capture
- Peoples Bancorp Inc. Raises First Quarter Dividend
- Peoples Bancorp Inc. Reports Fourth Quarter and 2006 Results
- Peoples Bancorp Inc. Authorizes Repurchase of Common Shares
PEOPLES BANK OPENS SECOND FULL-SERVICE OFFICE IN HUNTINGTON
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Offering extended banking hours for added convenience
November 15, 2007
Contact: Mark F. Bradley
President and Chief Executive Officer
(740) 373-3155
HUNTINGTON, WV – Peoples Bank, a subsidiary of Peoples Bancorp Inc. (Nasdaq: PEBO), opened its second full-service financial services office in Huntington, West Virginia. The new office, located at the corner of First Street and Fifth Avenue, expands Peoples Bank’s presence to 51 offices in Ohio, West Virginia and Kentucky.
“Expansion in the Huntington area has been one of our strategies,” said Mark F. Bradley, Peoples Bank’s President and Chief Executive Officer. “We’ve had good growth in Huntington and believe the new office is the best way to continue growing our client relationships.”
Peoples Bank first entered the Huntington market in 1999, with the acquisition of a banking office on 20th Street. Peoples Bank also operates five full-service offices in the Kentucky communities of Ashland, Russell, Greenup, Summit, and Grayson.
“We will offer our full array of commercial and consumer banking services, along with a drive-up ATM and drive-thru facility for added customer convenience,” continued Bradley. “Our excellent staff members from Peoples Financial Advisors and Putnam Agency are also in the new office, so we can truly serve our clients investment, insurance and banking needs from a single location.”
The new building is located at 101 5th Avenue. Construction began in December 2006.
“The office provides increased visibility and reinforces our commitment to the continued growth and success of Huntington,” said Pat Arnold, Peoples Bank Vice President, Commercial Lending. “We can now offer clients the ability to satisfy all their financial needs in one place, plus the convenience of drive-through banking from 7:00 am to 7:00 pm.”
Clients interested in more information concerning Peoples’ products and services may contact Mark Webb, office manager, at (304) 522-3310.
Peoples Bancorp Inc., a diversified financial products and services company with $1.9 billion in assets, makes available a complete line of banking, investment, insurance, and trust solutions through 51 locations and 38 ATMs in Ohio, West Virginia, and Kentucky. Peoples Bancorp’s financial service units include Peoples Bank, Peoples Financial Advisors (a division of Peoples Bank) and Peoples Insurance Agency, Inc., which includes the Putnam and Barengo divisions. Peoples Bancorp’s common shares are traded on the NASDAQ national market under the symbol “PEBO” and Peoples Bancorp is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples at www.peoplesbancorp.com.
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PEOPLES BANCORP INC. DECLARES FOURTH QUARTER DIVIDEND
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Also authorizes plan to repurchase additional common shares
November 9, 2007
Contact: Mark F. Bradley
President and Chief Executive Officer
(740) 373-3155
MARIETTA, Ohio - The Board of Directors of Peoples Bancorp Inc. (“Peoples”) (NASDAQ: PEBO) yesterday declared a cash dividend of $0.22 per share payable on January 2, 2008, to shareholders of record at December 17, 2007.
“We are pleased to announce our 42nd consecutive year of dividend growth for our shareholders,” said Mark F. Bradley, President and Chief Executive Officer. “We will continue to look at raising dividends as an effective method of enhancing shareholder return.”
The fourth quarter dividend reflects a payout of approximately $2.3 million based on 10.4 million shares outstanding at November 8, 2007. With the fourth quarter dividend, Peoples has increased its dividends 6% to $0.88 in 2007, compared to $0.83 per share declared in 2006.
In other action, Peoples’ Board of Directors also adopted a stock repurchase plan authorizing the repurchase of up to 500,000 (or approximately 4.8%) of Peoples’ outstanding common shares from time to time in open market transactions following the completion of the previously authorized 2007 stock repurchase plan. Approximately 37,400 common shares remain authorized for repurchase by Peoples under the 2007 plan.
The repurchased common shares will be held as treasury shares and are anticipated to be used for future exercises of equity grants from Peoples’ equity plans, purchases of common shares for Peoples’ Dividend Reinvestment Plan, future issuances of common shares in connection with Peoples’ deferred compensation plans, potential acquisitions and other general corporate purposes.
The timing of the purchases and the actual number of common shares purchased will depend on market conditions and limitations imposed by applicable federal securities laws. The new stock repurchase plan will expire on December 31, 2008, and the common shares purchased will not exceed an aggregate purchase price of $14 million.
Peoples Bancorp Inc. is a diversified financial products and services company with $1.9 billion in assets, 50 locations and 37 ATMs in Ohio, West Virginia and Kentucky. Peoples makes available a complete line of banking, investment, insurance, and trust solutions through its financial service units – Peoples Bank, National Association; Peoples Financial Advisors (a division of Peoples Bank) and Peoples Insurance Agency, Inc. Peoples’ common shares are traded on the NASDAQ Global Select Market under the symbol “PEBO”, and Peoples is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples at www.peoplesbancorp.com.
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PEOPLES BANCORP INC. REPORTS THIRD QUARTER 2007 RESULTS _______________________________________________
October 24, 2007
Contact: Carol A. Schneeberger
Chief Financial Officer and Treasurer
(740) 373-3155
MARIETTA, Ohio – Peoples Bancorp Inc. (“Peoples”) (NASDAQ: PEBO) announced third quarter 2007 net income of $5.1 million, or $0.49 per diluted share. This compares to net income of $5.3 million and diluted earnings per share of $0.50 for the third quarter of 2006. On a year-to-date basis, net income totaled $16.1 million and diluted earnings per share were $1.52 through September 30, 2007, versus $16.8 million and $1.57 a year ago.
Peoples’ third quarter 2007 earnings were reduced by a $675,000 ($439,000 after-tax) other-than-temporary impairment charge related to a collateralized debt obligation investment security, which is comprised of bank-issued trust preferred securities and other debt obligations issued by financial services companies. This impairment charge was the result of a decline in the credit worthiness of a single underlying issuer during the third quarter of 2007. In comparison, third quarter 2006 earnings included a $232,000 ($151,000 after-tax) gain from the sale of a banking office.
“Overall, third quarter operating results were strong based upon increased insurance and investment revenues, reduced expenses and a decrease in non-performing loans,” commented Mark F. Bradley, President and Chief Executive Officer. “Unfortunately, these positive trends were offset by the one-time impairment charge and the impact of recent loan payoffs that limited net interest income growth.”
Third quarter net interest income was up 2% year-over-year, totaling $13.2 million versus $12.9 million, while net interest margin expanded 6 basis points to 3.26%. These improvements were the result of higher yields on earning assets, coupled with lower overall funding costs attributable to retail deposit growth that allowed Peoples to reduce the amount of higher-costing wholesale funds. Compared to the second quarter of 2007, average loan balances decreased $25.0 million in the third quarter, due primarily to the impact of second quarter commercial loan payoffs. The payoffs were the primary causes of the lower net interest income and margin during the same period. The impact of those payoffs was offset by purchases of investment securities, at lower yields compared to the loans they replaced, resulting in a $31.0 million increase in average investments over the second quarter of 2007. On a year-to-date basis, net interest income increased 1% and net interest margin was unchanged at 3.29%
“Our net interest income and margin levels were in line with our expectations, considering the increased volume of loan payoffs, competitive factors and the challenging interest rate environment,” said Carol A. Schneeberger, Chief Financial Officer and Treasurer. “While the slope of the yield curve has recently steepened due to the Federal Reserve’s actions to lower short-term interest rates, we believe our ability to grow net interest income and expand our margin in the near term will be limited by competitive pricing of new loans and deposits, as well as the repricing of some liabilities at potentially higher rates.”
Total non-interest income increased 5% in the third quarter to $7.7 million, compared to $7.3 million a year ago, and was up 3% through nine months of 2007 versus the same period in 2006. These increases were due to stronger revenue growth in several key areas, which outpaced a slight decline in deposit account service charges. Trust and investment income experienced a 23% gain over the third quarter of 2006 and grew 17% on a year-to-date basis. Over the last twelve months, assets under management grew 13% from the addition of seasoned sales personnel, coupled with an increase in cross sales from retail banking operations. In the third quarter of 2007, insurance commissions were up 9% from the prior year, as new production more than offset the impact of lower pricing margins within the insurance industry, although lower performance based insurance commissions earned in the first quarter of 2007 have tempered the overall increase in insurance commissions for 2007. Throughout 2007, the volume of debit card transactions has increased steadily, resulting in double-digit growth in both third quarter 2007 and year-to-date e-banking revenues of 11% and 14%, respectively, compared to the same periods last year. Deposit account service charges, although down year-over-year, were up 5% in the third quarter of 2007 versus the second quarter of 2007, from ongoing efforts to limit fee waivers.
Non-interest expense was $12.6 million for the third quarter of 2007, down slightly from the third quarter of 2006, due to reductions in various operating costs. Net occupancy and equipment costs decreased 10% due to lower depreciation, utilities and maintenance costs. Lower costs associated with Peoples’ deposit direct mail marketing and gift program accounted for most of the 12% decline in third quarter marketing expense. Partially offsetting these declines were increased salaries and benefit costs from higher sales-based compensation expense and bankcard costs reflecting increased customer activity, although these additional costs were more than offset than by the related growth in insurance and investment income and e-banking revenue. Compared to the second quarter of 2007, salaries and benefits were down 4%, with much of this decrease due to severance costs of approximately $100,000 incurred during the second quarter of 2007 and lower incentive compensation earned during the third quarter.
“We are pleased with our ability to increase revenues without a proportional increase in operating expenses,” added Schneeberger. “Although we experienced modest increases in both salaries and benefit costs and bankcard costs, we believe these additional costs are reasonable considering the strong increase in related revenues.”
For the nine months ended September 30, 2007, Peoples’ effective tax rate was 25.8%, down from 26.7% in the first half of 2007 and 26.6% through nine months of 2006. The reduction in the effective tax rate was attributable to utilization of additional tax credits in 2007. The effective tax rate of 25.8% through nine months of 2007 represents management’s current estimate for the full year 2007.
During the third quarter of 2007, gross portfolio loan balances decreased $1.8 million, to $1.11 billion at quarter-end, due to commercial loan payoffs exceeding new originations. Peoples’ consumer lending activities produced another strong quarter, with total loan balances, excluding overdrafts, up 4% for the third quarter to $80.7 million. At September 30, 2007, Peoples’ serviced loan portfolio had increased to $176.4 million, up 9% since year-end 2006.
“We continued to experience higher than normal commercial loan payoffs in the third quarter, even though new loan production remained steady,” said Schneeberger. “Our lenders are seeking to capitalize on lending opportunities in our more dynamic markets and grow loans without sacrificing quality. However, ongoing aggressive competition for new loans from the capital markets and other financial institutions may limit any near-term net loan growth.”
In the third quarter of 2007, Peoples’ provision for loan losses was $967,000, compared to $847,000 last quarter and $929,000 for the third quarter of 2006. Net loan charge-offs were $1,018,000 in the third quarter of 2007 versus $668,000 last quarter and $126,000 in the third quarter of 2006. Most of the linked quarter increase was the result of net real estate loan charge-offs, which totaled $232,000 in the third quarter versus net recoveries of $14,000 in the prior quarter. At September 30, 2007, nonperforming loans totaled $6.2 million, or 0.56% of total loans, compared to $7.4 million, or 0.67%, at June 30, 2007, and $10.0 million, or 0.88%, at year-end 2006. The allowance for loan losses was $14.6 million, or 237.3% of nonperforming loans, at quarter-end, versus 198.3% and 145.0% at June 30, 2007, and December 31, 2006, respectively.
“During the third quarter, we experienced higher volumes of checking overdraft protection that produced an increase in the related allowance and corresponding provision,” continued Schneeberger. “The remaining increase reflects a modest increase in overall losses estimated to be inherent in the loan portfolio. Still, we believe asset quality remained good at quarter-end, as loans past due 30 days or more were only 1.25% of total loans and non-performing asset comprised 0.34% of total assets.”
Compared to June 30, 2007, retail deposit balances, which exclude brokered deposits, declined $10.5 million, with interest-bearing and non-interest bearing deposits decreasing $8.2 million and $2.3 million, respectively. Since year-end 2006, retail deposits have grown $21.6 million, due to a 13% annualized growth in money market balances and 7% annualized growth in interest-bearing demand deposits. During this same period, Peoples used retail deposit growth and lower cost alternative funding sources to reduce brokered deposits by $71.6 million.
Through nine months of 2007, Peoples repurchased a total of 379,000 common shares at an average price of $26.64, representing 89% of the total amount authorized under the 2007 Stock Repurchase Plan. During the same period in 2006, Peoples repurchased 14,000 common shares at an average price of $28.00.
Earlier this year, Peoples announced plans to open a new financial services office in Huntington, West Virginia. This new office, scheduled to open in November, will provide customers with access to the complete array of Peoples’ investment, insurance and banking services.
“Overall, we are pleased with the third quarter results, which reflect our efforts to diversify our revenue streams and minimize expense growth to help lessen the impact of uncertain interest rate conditions,” summarized Bradley.
Peoples Bancorp Inc. is a diversified financial products and services company with $1.9 billion in assets, 50 locations and 37 ATMs in Ohio, West Virginia and Kentucky. Peoples makes available a complete line of banking, investment, insurance, and trust solutions through its financial service units – Peoples Bank, National Association; Peoples Financial Advisors (a division of Peoples Bank) and Peoples Insurance Agency, Inc. Peoples’ common shares are traded on the NASDAQ Global Select Market under the symbol “PEBO”, and Peoples is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples at www.peoplesbancorp.com.
Conference Call to Discuss Earnings:
Peoples will conduct a facilitated conference call to discuss second quarter results of operations today 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 (877) 407-8033. 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, download and install the necessary software. A replay of the call will be available on Peoples’ website in the “Investor Relations” section for one year.
Safe Harbor Statement:
This news release may contain certain forward-looking statements with respect to Peoples’ financial condition, results of operations, plans, objectives, future performance and business. Except for the historical and present factual information contained in this news release, the matters discussed in this news release, and other statements identified by words such as “feel,” “expect,” “believe,” “plan,” “will,” “would,” “should,” “could” and similar expressions are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. Factors that might cause such a difference include, but are not limited to: (1) competitive pressures among financial institutions or from non-financial institutions, which may increase significantly; (2) changes in the interest rate environment, which may adversely impact interest margins; (3) prepayment speeds, loan originations and sale volumes, charge-offs and loan loss provisions, which may be less favorable than expected; (4) general economic conditions, either national or in the states in which Peoples and its subsidiaries do business, which may be less favorable than expected; (5) political developments, wars or other hostilities, which may disrupt or increase volatility in securities markets or other economic conditions; (6) legislative or regulatory changes or actions, which may adversely affect the business of Peoples and its subsidiaries; (7) changes in the conditions and trends in the securities markets; (8) a delayed or incomplete resolution of regulatory issues that could arise; (9) the impact of reputational risk created by these developments on such matters as business generation and retention, funding and liquidity; (10) the costs and effects of regulatory and legal developments, including the outcome of regulatory or other governmental inquiries and legal proceedings and results of regulatory examinations; and (11) other risk factors relating to the banking industry or Peoples as detailed from time to time in Peoples’ reports filed with the Securities and Exchange Commission (“SEC”), including those risk factors included in the disclosures under the heading “ITEM 1A. RISK FACTORS” of Peoples’ Annual Report on Form 10-K for the fiscal year ended December 31, 2006 and under the heading “ITEM 1A: RISK FACTORS” of Part II of Peoples’ Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2007. 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.
Please click here to view the complete earnings release.
PEOPLES BANCORP INC. TO ADD NEW EXECUTIVE VICE PRESIDENT _______________________________________________
Deborah K. Hill named Executive Vice President, Consumer and Business Financial Services
August 10, 2007
Contact: Mark F. Bradley
President and Chief Executive Officer
(740) 373-3155
MARIETTA, Ohio – Peoples Bancorp Inc. announces the addition of an executive position to focus on sales and customer service at Peoples Bancorp Inc. and its banking subsidiary, Peoples Bank, National Association (“Peoples Bank”). Yesterday the Peoples Bancorp Inc. and Peoples Bank Boards of Directors approved the hiring of Deborah K. Hill in the newly created position of Executive Vice President, Consumer and Business Financial Services.
"The addition of Deb to our executive management team reflects our increased commitment to customer-focused delivery of financial services,” said Mark F. Bradley, President and Chief Executive Officer of Peoples Bancorp Inc. and Peoples Bank. “Deb’s role will be ‘chief of sales and service delivery’ for our banking centers, and she will also work with our commercial, investment and insurance leaders to implement integrated sales and service strategies that enhance the customer experience.”
Hill most recently served as Senior Vice President and Regional Manager of US Bank’s Wisconsin/Chicago region, where she was responsible for over 100 banking centers. An Ohio native, Hill’s financial services career began in Ohio and spans 23 years. She is also a graduate of the University of Virginia Graduate School of Retail Bank Management. Hill will officially join Peoples Bancorp Inc. on September 4, 2007.
"In recent months we updated our strategic plan and realized we needed a high performance sales and service leader that could focus on the integration of our product offerings and a service-based culture,” continued Bradley. “Deb’s experience and energy in consumer and small business financial services will drive us towards our strategic goals of revenue growth and diversification through great customer service.”
In addition to managing Peoples Bank’s banking centers, Hill will have responsibility for the company’s deposit offerings, delivery of mortgage banking products, and customer call center/internet banking client support group. She will also have an integral role in Customer Relationship Management (CRM) systems and process, including customer segmentation, relationship pricing, and strategies to grow revenues across the company’s banking, investment, and insurance operations.
Peoples Bancorp Inc. also announces that Executive Vice President Larry E. Holdren, who also currently serves as President, Retail and Banking Division of Peoples Bank, will undertake a new role as Executive Vice President, Business and Corporate Development. In his new position, which is effective September 4, 2007, Holdren will be responsible for corporate growth and banking center expansion, and also focus on client development and retention. Holdren joined Peoples Bank in 1982 and has over 30 years experience in the financial services industry.
"These changes to our executive management team prepare us for future growth,” said Bradley. “Larry has been and continues to be a valuable contributor to our success. His experience and contacts in the financial services industry are assets and he will be in a better position to leverage those strengths in his new role.”
Peoples Bancorp Inc., a diversified financial products and services company with $1.9 billion in assets, makes available a complete line of banking, investment, insurance, and trust solutions through 50 offices in Ohio, West Virginia, and Kentucky. Peoples Bancorp’s financial service units are Peoples Bank, Peoples Financial Advisors and Peoples Insurance Agency, Inc., which includes the Barengo and Putnam Insurance divisions. Peoples Bancorp’s common shares are traded on the NASDAQ Global Select Market under the symbol “PEBO” and Peoples Bancorp is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples Bancorp at www.peoplesbancorp.com.
PEOPLES BANCORP INC. DECLARES THIRD QUARTER DIVIDEND _______________________________________________
August 9, 2007
Contact: Mark F. Bradley
President and Chief Executive Officer
(740) 373-3155
MARIETTA, Ohio - The Board of Directors of Peoples Bancorp Inc. (NASDAQ: PEBO) today declared a cash dividend of $0.22 per share payable on October 1, 2007, to shareholders of record at September 17, 2007.
The third quarter dividend reflects a payout of approximately $2.3 million based on 10.5 million shares outstanding at August 8, 2007, and reflects a 5% increase over the $0.21 per share dividend paid in the third quarter of 2006. Dividends per share of $0.66 through nine months of 2007 also represent an 8% increase over the $0.62 per share declared through nine months of 2006.
"The third quarter dividend positions Peoples to continue its 41-year history of increased dividends,” said Mark F. Bradley, President and Chief Executive Officer. “We believe consistent dividend growth is an effective method to achieve our goal of enhancing shareholder return on their investment.”
Peoples Bancorp Inc. is a diversified financial products and services company with $1.9 billion in assets, 50 locations and 37 ATMs in Ohio, West Virginia and Kentucky. Peoples makes available a complete line of banking, investment, insurance, and trust solutions through its financial service units – Peoples Bank, National Association; Peoples Financial Advisors (a division of Peoples Bank) and Peoples Insurance Agency, Inc. Peoples’ common shares are traded on the NASDAQ Global Select Market under the symbol “PEBO”, and Peoples is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples at www.peoplesbancorp.com.
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PEOPLES BANCORP INC. REPORTS SECOND QUARTER RESULTS _______________________________________________
July 25, 2007
Contact: Carol A. Schneeberger
Chief Financial Officer and Treasurer
(740) 373-3155
MARIETTA, Ohio – Peoples Bancorp Inc. (“Peoples”) (NASDAQ: PEBO) announced today diluted earnings per share of $0.51 for the second quarter of 2007 on net income of $5.3 million. This compares to earnings of $0.52 per diluted share and net income of $5.5 million for the quarter ended June 30, 2006. On a year-to-date basis, net income totaled $11.0 million, and diluted earnings per share were $1.04, versus $11.5 million and $1.07 a year ago.
“Our second quarter results were the result of our continued progress in growing non-interest revenues and deepening client relationships,” commented Mark F. Bradley, President and Chief Executive Officer. “However, the competitive forces within the financial services industry and the challenging interest rate environment combined to limit earnings growth, although net interest margin remained basically level in the second quarter.”
For the three months ended June 30, 2007, net interest income was $13.3 million, unchanged from a year ago and down slightly compared to the first quarter of 2007. Net interest margin was 3.31% for the second quarter of 2007 versus 3.32% last quarter and 3.29% for 2006’s second quarter. Second quarter 2007 net interest income and margin were reduced by $211,000, or 5 basis points, from an adjustment to write off interest receivable. This difference was identified during an analysis of the investment portfolio and relates primarily to investment securities acquired in early 2003. Also in the second quarter, Peoples experienced commercial loan payoffs and prepayments of investment securities that lowered average earning assets. On a year-to-date basis compared to the first half of 2006, net interest income was flat, and net interest margin compressed two basis points to 3.32%.
“Second quarter net interest income and margin benefited from relatively stable funding costs and the temporary positive change in the slope of the yield curve late in the second quarter,” said Carol A. Schneeberger, Chief Financial Officer and Treasurer. “In addition, one of the anticipated large commercial loan payoffs identified last quarter paid off later than originally projected. We also took advantage of attractive investment opportunities after the shift in the yield curve by purchasing approximately $50 million of investment securities, which more than offset the calls and maturities experienced during the quarter. All of these factors helped mitigate the loss of interest income from the sizeable loan and securities prepayments. In the second half of 2007, our net interest income and margin is expected to be challenged by the flattening of the yield curve after quarter-end and ongoing competition for loans and deposits.”
In the second quarter of 2007, non-interest revenues totaled $7.9 million, up from $7.6 million a year ago. Key drivers of this growth were higher trust and investment income and increased e-banking revenues. Trust and investment income increased 15% from last year, due to growth in assets under management attributable in part to the addition of seasoned sales personnel. E-banking revenues experienced double-digit growth both for the second quarter and on a year-to-date basis, as a result of higher volume of debit card transactions. Another significant contributor to the year-over-year growth in non-interest income was higher insurance sales commission income. Increased production more than offset the impact of lower pricing margins; however, lower annual profit-sharing income in the first quarter compared to the same period a year ago resulted in an overall decrease in total insurance revenue through six months. Deposit account service charges were down 6% compared to the second quarter of 2006, but grew 3% compared to the first quarter, primarily as a result of a reduction in the amount of fees being waived.
Total non-interest expense was $13.2 million and $26.5 million for the three and six months ended June 30, 2007, versus $12.6 million and $25.6 million for the same periods a year ago. These increases were due mostly to higher salary and benefit costs and additional occupancy and equipment expenses, offset by lower intangible amortization expense, marketing costs and professional fees. Executive severance payment costs of approximately $100,000, higher levels of full-time equivalent employees, increases in the cost of employee medical benefits and increases in sales commission expense due to growth in the sales of insurance and investment products, resulted in higher salary expense and related payroll costs. Additional maintenance costs and utilities expenses were the primary factors in the increased occupancy and equipment expense. Peoples’ bankcard costs rose in 2007, reflecting increased customer activity, and are directly correlated with the higher related e-banking revenue. Compared to the first quarter of 2007, total non-interest expense was down slightly due to lower incentive compensation accrued for year-end payouts.
Gross portfolio loan balances decreased $27.2 million during the second quarter of 2007, to $1.11 billion at quarter-end, due to the anticipated commercial loan payoffs that exceeded new originations. Consumer loan balances, excluding overdrafts, experienced another strong quarter, growing 4% since March 31, 2007. At June 30, 2007, Peoples’ serviced loan portfolio exceeded $172 million, up $9.8 million since year-end 2006.
“Second quarter loan production was brisk, even though the $30 million of expected commercial loan payoffs caused contraction of portfolio balances,” added Schneeberger. “Our ability to grow loans in the second half of 2007 could be limited by aggressive competition for commercial loans from the capital markets and other institutions.”
Peoples’ provision for loan losses was $847,000 for the second quarter of 2007, compared to $623,000 last quarter and $573,000 for the second quarter of 2006. Net loan charge-offs were $668,000 in the second quarter of 2007 versus $619,000 last quarter and net recoveries of $86,000 in the second quarter of 2006. At June 30, 2007, nonperforming loans totaled $7.4 million, or 0.67% of total loans, compared to $6.0 million, or 0.53%, at March 31, 2007, and $10.0 million, or 0.80%, at year-end 2006. The allowance for loan losses was $14.7 million, or 198.3% of nonperforming loans, at quarter-end, versus 241.3% and 145.0% at March 31, 2007, and December 31, 2006, respectively.
“Compared to the first quarter of 2007, the higher loan loss provision was a result of increased checking overdrafts, plus a modest increase in overall losses estimated to be inherent in the loan portfolio,” said Schneeberger. “Loan delinquencies, including loans past due 30 days or more, remain low at 1.24% of total loans, and our allowance for loan losses was 1.33% of loans at June 30, 2007, compared to 1.28% at March 31, 2007.”
At June 30, 2007, retail deposit balances, which exclude brokered deposits, were down $10.6 million from March 31, 2007, due mostly to a decline in high-cost certificates of deposit balances. Non-interest-bearing deposits grew $1.6 million during the second quarter, attributable to higher business deposit balances. Since year-end 2006, retail deposits have increased $32.1 million, due mostly to higher money market balances and non-interest-bearing deposits, while at the same time Peoples has reduced total brokered deposits by $62.5 million by utilizing alternative funding sources.
Through six months of 2007, Peoples repurchased a total of 240,000 common shares at an average price of $28.15, or 56% of the total amount authorized under the previously announced 2007 Stock Repurchase Plan. This compares to total repurchases of 14,000 common shares at an average price of $28.00 in the first half of 2006.
“In the second half of 2007, our focus will be quality loan growth and continued diversification of our revenues,” summarized Bradley. “We will continue to work through the short-term challenges presented by the interest rate environment.”
Peoples Bancorp Inc. is a diversified financial products and services company with $1.9 billion in assets, 50 locations and 37 ATMs in Ohio, West Virginia and Kentucky. Peoples makes available a complete line of banking, investment, insurance, and trust solutions through its financial service units – Peoples Bank, National Association; Peoples Financial Advisors (a division of Peoples Bank) and Peoples Insurance Agency, Inc. Peoples’ common shares are traded on the NASDAQ Global Select Market under the symbol “PEBO”, and Peoples is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples at www.peoplesbancorp.com.
Conference Call to Discuss Earnings:
Peoples will conduct a facilitated conference call to discuss second quarter results of operations today 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 (877) 407-8033. 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, download and install the necessary software. A replay of the call will be available on Peoples’ website in the “Investor Relations” section for one year.
Safe Harbor Statement:
This news release may contain certain forward-looking statements with respect to Peoples’ financial condition, results of operations, plans, objectives, future performance and business. Except for the historical and present factual information contained in this news release, the matters discussed in this news release, and other statements identified by words such as “feel,” “expect,” “believe,” “plan,” “will,” “would,” “should,” “could” and similar expressions are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. Factors that might cause such a difference include, but are not limited to: (1) competitive pressures among financial institutions or from non-financial institutions, which may increase significantly; (2) changes in the interest rate environment, which may adversely impact interest margins; (3) prepayment speeds, loan originations and sale volumes, charge-offs and loan loss provisions, which may be less favorable than expected; (4) general economic conditions, either national or in the states in which Peoples and its subsidiaries do business, which may be less favorable than expected; (5) political developments, wars or other hostilities, which may disrupt or increase volatility in securities markets or other economic conditions; (6) legislative or regulatory changes or actions, which may adversely affect the business of Peoples and its subsidiaries; (7) changes in the conditions and trends in the securities markets; (8) a delayed or incomplete resolution of regulatory issues that could arise; (9) the impact of reputational risk created by these developments on such matters as business generation and retention, funding and liquidity; (10) the costs and effects of regulatory and legal developments, including the outcome of regulatory or other governmental inquiries and legal proceedings and results of regulatory examinations; and (11) other risk factors relating to the banking industry or Peoples as detailed from time to time in Peoples’ reports filed with the Securities and Exchange Commission (“SEC”), including those risk factors included in the disclosures under the heading “ITEM 1A. RISK FACTORS” of Peoples’ Annual Report on Form 10-K for the fiscal year ended December 31, 2006 and under the heading “Item 1A: RISK FACTORS” of Part II of Peoples’ Quarterly Report on Form 10-Q for the quarterly period ending March 31, 2007. 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.Please click here to view the complete earnings release.
CHARLES R. HUNSAKER TO RETIRE AS GENERAL COUNSEL OF PEOPLES BANCORP INC. _______________________________________________
Rhonda L. Mears to be promoted to General Counsel
June 8, 2007
Contact: Mark F. Bradley
President and Chief Executive Officer
(740) 373-3155
MARIETTA, Ohio – Peoples Bancorp Inc. announced today that on July 1, 2007, Charles R. Hunsaker will retire from the company in his role as Senior Vice President and General Counsel of Peoples Bancorp Inc. and its banking subsidiary, Peoples Bank.
"Charlie has been a valuable contributor to our success and we wish him well in retirement,” said Mark F. Bradley, President and Chief Executive Officer of Peoples Bancorp and Peoples Bank. “Not only has Charlie been the leader of our legal processes for the better part of two decades, he led the company in the mid-1990’s to enable Peoples Bank to be the first bank in Ohio to be licensed as an insurance agency.”
Hunsaker joined Peoples Bank in 1979 as a trust officer and soon thereafter was appointed General Counsel of the company. In his 28 years with Peoples Bancorp and affiliates, he handled the many legal responsibilities of a publicly traded company, including Peoples Bancorp’s initial listing on Nasdaq in 1993 and the company’s issuance of $37 million of common stock in 2002. Hunsaker also serves as a board member of Peoples Insurance Agency, Inc.
"We will miss his legal and financial experience,” continued Bradley. “In between his volunteer efforts in our community, Charlie plans to continue to work with us on a part-time basis in a consulting role to allow for a smooth transition in our legal area.”
Hunsaker has served in leadership roles of several community boards including EVE, Inc., the Mid-Ohio Valley Fellowship Home, the O’Neill Senior Center of Washington County and the Marietta Bantam League. Charlie has also been actively involved with The Good Shepherd Episcopal Church in Parkersburg, West Virginia, where he has served as member of the Vestry, Stewardship Chairperson and Treasurer. He is also the Treasurer of The Diocese of the Episcopal Church of West Virginia.
Effective July 1, 2007, Rhonda L. Mears will be promoted to Vice President and General Counsel of Peoples Bancorp Inc. and Peoples Bank. Mears joined Peoples Bancorp in 2003 and most recently has served as Associate Counsel and Corporate Secretary. She is a member of the American, Ohio, West Virginia, Columbus, and Washington County Bar. Mears is licensed to practice law in both West Virginia and Ohio, and in the US District Court for the Southern District of West Virginia. Rhonda is also a member of the Association of Corporate Counsel and the Society of Corporate Secretaries and Governance Professionals. Her community service includes being an Ohio Banking Commissioner and treasurer of EVE, Inc. Mears will also continue to serve Peoples Bancorp Inc. as Corporate Secretary.
Peoples Bancorp Inc., a diversified financial products and services company with $1.9 billion in assets, makes available a complete line of banking, investment, insurance, and trust solutions through 50 offices in Ohio, West Virginia, and Kentucky. Peoples Bancorp’s financial service units are Peoples Bank, Peoples Financial Advisors and Peoples Insurance Agency, Inc., which includes the Barengo and Putnam Insurance divisions. Peoples Bancorp’s common shares are traded on the NASDAQ Global Select Market under the symbol “PEBO” and Peoples Bancorp is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples Bancorp at www.peoplesbancorp.com.
PEOPLES BANCORP INC. DECLARES SECOND QUARTER DIVIDEND
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June 4 , 2007
Contact: Mark F. Bradley
President and Chief Executive Officer
(740) 373-3155
MARIETTA, Ohio - Peoples Bank, National Association (“Peoples Bank”), a subsidiary of Peoples Bancorp Inc. (Nasdaq: PEBO) today announced plans to open a full-service banking location in Zanesville, Ohio. Peoples Bank has also hired Carl R. Raines as Senior Vice President, Regional Manager, Muskingum County market.
"The Zanesville area is growing economically and we believe Peoples Bank can satisfy some of the demand for financial services,” said Mark F. Bradley, President and Chief Executive Officer of Peoples Bancorp Inc. and Peoples Bank. “Considering our current full-service offices in neighboring Guernsey and Morgan Counties, we believe it is the right time to expand into Zanesville with a new office and the addition of well-known banker Carl Raines.”
Raines will join Peoples Bank and manage the Zanesville operations, overseeing the sales and service process. He has 15 years of banking experience in the local market, specializing in commercial financial services. Most recently, Raines was the President and CEO of North Valley Bank, based in Zanesville with three offices and total assets of $134 million.
"One of our strategic goals is to grow Peoples Bank in more economically dynamic markets, and Muskingum County is one of the areas at the top of our list,” continued Bradley. “Carl’s entrepreneurial spirit, community presence and dedication to customer service are keys to our expansion plans. Pending regulatory approval, we anticipate opening our new Zanesville office late in the third quarter.”
Raines is a graduate of Muskingum College in New Concord, Ohio, and resides in the Zanesville area with his family. He serves in various civic organizations, including the Muskingum County Community Foundation, Zanesville Daybreak Rotary, and Zanesville Area Chamber of Commerce.
Peoples Bancorp Inc., a diversified financial products and services company with $1.9 billion in assets, makes available a complete line of banking, investment, insurance, and trust solutions through 50 locations and 37 ATMs in Ohio, West Virginia and Kentucky. Peoples’ financial service units include Peoples Bank, National Association; Peoples Financial Advisors (a division of Peoples Bank) and Peoples Insurance Agency, Inc. Peoples’ common shares are traded on the NASDAQ Global Select Market under the symbol “PEBO”, and Peoples is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples at www.peoplesbancorp.com.
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PEOPLES BANCORP TO EXPAND INTO ZANESVILLE, OHIO
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May 10, 2007
Contact: Mark F. Bradley
President and Chief Executive Officer
(740) 373-3155
MARIETTA, Ohio - The Board of Directors of Peoples Bancorp Inc. (NASDAQ: PEBO) today declared a cash dividend of $0.22 per share payable on July 2, 2007, to shareholders of record at June 15, 2007.
The second quarter dividend reflects a payout of approximately $2.3 million based on 10.6 million shares outstanding at May 10, 2007, and reflects a 5% increase over the $0.21 per share dividend paid in the second quarter of 2006. Dividends per share of $0.44 for the first half of 2007 also represent a 7% increase over the $0.41 per share declared through six months of 2006.
"Our goal is to reward shareholders for their support and enhance the return on their investment through increased dividends,” said Mark F. Bradley, President and Chief Executive Officer. “We are proud of Peoples Bancorp’s long history of dividend growth.”
Peoples Bancorp Inc. is a diversified financial products and services company with $1.9 billion in assets, 50 locations and 37 ATMs in Ohio, West Virginia and Kentucky. Peoples makes available a complete line of banking, investment, insurance, and trust solutions through its financial service units – Peoples Bank, National Association; Peoples Financial Advisors (a division of Peoples Bank) and Peoples Insurance Agency, Inc. Peoples’ common shares are traded on the NASDAQ Global Select Market under the symbol “PEBO”, and Peoples is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples at www.peoplesbancorp.com.
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PEOPLES BANCORP REPORTS FIRST QUARTER RESULTS
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April 26, 2007
Contact: Carol Schneeberger
Chief Financial Officer and Treasurer
(740) 373-3155
MARIETTA, Ohio - Peoples Bancorp Inc. (“Peoples”) (NASDAQ: PEBO) announced today diluted earnings per share of $0.53 for the first quarter of 2007 on net income of $5.6 million. This compares to $0.56 per diluted share and net income of $5.9 million for the same period a year ago. Peoples’ return on average equity was 11.59% for the quarter ended March 31, 2007, while return on average assets was 1.22%.
"Our first quarter results were in line with our expectations considering the interest rate environment and competitive pricing for financial services,” commented Mark F. Bradley, President and Chief Executive Officer. “Key operating highlights in the first quarter include improved asset quality ratios, core deposit growth and stable net interest margin.”
Net interest income totaled $13.5 million for the quarter ended March 31, 2007, unchanged from a year ago, as both interest income and expense increased by $2.6 million. Compared to the first quarter of 2006, Peoples’ funding costs increased faster than its yield on earning assets due to the combination of competitive loan pricing and maturing liabilities being replaced at higher current market interest rates. These factors compressed Peoples’ net interest margin to 3.32% in the first quarter of 2007 from 3.40% a year ago. Compared to the fourth quarter of 2006, both net interest income and margin were essentially unchanged.
"First quarter net interest income and margin were better than we anticipated,” said Carol A. Schneeberger, Chief Financial Officer and Treasurer. “We grew core deposits, which reduced our reliance on more expensive wholesale funding. We continue to explore opportunities and take steps to manage Peoples’ interest risk position and control funding costs. Consistent with this focus, on April 23, we redeemed our $7 million variable rate trust preferred securities, which had a current rate of 9.10%. We expect this redemption to have a minimal impact on our regulatory capital ratios and produce a modest improvement in future net interest income and margin, as these securities were replaced with lower cost borrowings.”
Non-interest income totaled $8.1 million in the first quarter of 2007, matching the amount generated a year ago. In the first quarter of 2007, Peoples’ earned performance based profit-sharing insurance commissions of $0.8 million versus $1.0 million a year ago. The lower profit-sharing insurance income was more than offset by growth in other non-interest revenues, such as fiduciary income, which increased 19% from a year ago due primarily to an increase in assets under management. Higher volume of customer activity, specifically debit card transactions, produced 19% year-over-year e-banking revenue growth. Mortgage banking income was up 22% in the first quarter of 2007 compared to the same period in 2006 due to increased loans sold in the secondary market.
"While profit-sharing insurance commissions were down from last year, the amount earned exceeded our expectations,” said Schneeberger. “Our other insurance commission income was essentially flat, as increased production offset the impact of lower market prices for property and casualty insurance, which decreases overall revenue growth opportunities. As we generate additional fee-based revenues, we continue to become less dependent on net interest income.”
In the first quarter of 2007, non-interest expense was $13.3 million, up 2% from $13.1 million in 2006’s first quarter due mostly to higher salary and benefit costs attributable to normal annual salary increases and related payroll costs. This increase was tempered by a reduction in marketing costs, specifically those costs associated with Peoples’ direct mail and free gift deposit campaign as well as the timing of charitable contributions. Bankcard costs increased from a year ago reflecting increased customer activity and additional debit cards issued to customers, tempering the revenue growth from our e-banking business.
In the first quarter of 2007, portfolio loan balances grew $3.2 million to $1.14 billion, as loan payoffs nearly equaled new loan originations. Despite the limited growth, commercial loan production remained strong, with balances increasing $11 million during the first quarter due to demand for commercial real estate loans. Peoples’ indirect consumer lending also produced another strong quarter of growth and accounted for the $1.6 million increase in consumer loan balances during the first quarter. During the first quarter of 2007, Peoples’ originated and sold approximately $9 million of long-term, fixed rate residential real estate loans in the secondary market, due to the associated interest rate risk, causing the decline in the real estate loan portfolio. At March 31, 2007, Peoples’ serviced loan portfolio exceeded $165 million, up $3.2 million since year-end 2006.
In the first quarter of 2007, Peoples’ provision for loan losses was $623,000 versus $268,000 a year ago and $1.9 million last quarter. The first quarter 2007 provision for loan losses was based on management’s in-depth quarterly analysis of the loan portfolio and is directionally consistent with changes in Peoples’ loan credit quality and loss trends since the fourth quarter of 2006. Net loan charge-offs were 0.05% of average loans in the first quarter of 2007 versus 0.03% in the first quarter of 2006. First quarter charge-offs increased significantly year-over-year due to losses from two unrelated loan relationships, which represented 60% of the total charge-offs. During the first quarter of 2007, Peoples charged-off $668,000 of commercial loans from a single customer relationship, as well as $327,000 of consumer credit lines to an unrelated single borrower. Peoples also experienced higher than normal recoveries, due largely to a recovery of $609,000 relating to a group of commercial loans charged-off in 2002. All of these items were appropriately considered in determining the allowance for loan losses at March 31, 2007.
At March 31, 2007, total nonperforming loans were $6.0 million, or 0.53% of total loans, down $4.0 million, from $10.0 million, or 0.88%, at year-end 2006. Nonaccrual loans decreased during the quarter from a combination of loan payments and charge-offs of amounts deemed uncollectible. The allowance for loan losses was $14.5 million, or 241.3% of nonperforming loans, at quarter-end, versus 145.0% and 242.7% of nonperforming loans at December 31, 2006 and March 31, 2006, respectively.
"Despite the higher provision and net charge-offs, our overall loan quality improved considerably during the quarter, as evidenced by fewer nonaccrual loans and lower delinquency levels,” added Schneeberger. “Our long-standing commitment to sound underwriting standards, coupled with a diligent loan review process, remains a source of strength and should allow us to maintain solid asset quality ratios that compare favorably to our peers.”
At March 31, 2007, retail deposit balances, which exclude brokered deposits, were up $42.7 million, or 4%, from year-end 2006, due mostly to higher interest-bearing deposits. Non-interest-bearing deposits also increased $1.2 million, as consumer deposit growth of $7.5 million driven by Peoples’ direct mail and gift campaigns was partially offset by a $4.5 decline in commercial deposit balances. During the first quarter of 2007, Peoples reduced total brokered deposits by $58.6 million, due to growth in retail deposit balances and utilization of other lower rate funding sources.
During the first quarter of 2007, Peoples repurchased a total of 170,000 common shares at an average price of $28.70, or 40% of the total amount authorized, under the previously announced 2007 Stock Repurchase Plan, while no common shares were repurchased a year ago.
"We believe the recent treasury stock purchases allows us to manage our capital position more effectively and helps improve shareholder return,” added Schneeberger. “Additional future purchases may occur since 255,000 common shares remain available under the 2007 Stock Repurchase Plan.”
In the first quarter of 2007, Peoples increased its dividend to $0.22 per share, up 10% from the $0.20 declared a year ago. Also during the first quarter, Peoples was recognized by Mergent, Inc. as one of its Dividend AchieversTM and was added to the NASDAQ Dividend AchieversTM Index for 2007. As such, Peoples is one of ninety-eight U.S. companies traded on NASDAQ to meet Mergent's criteria, which includes annual dividend increases to shareholders for at least the last 10 years.
"We are pleased with first quarter results considering the challenging operating environment,” summarized Bradley. “We were successful in expanding existing customer relationships through our relationship-based approach to serving customers, and our associates continue to be committed to generating long-term benefits for our shareholders.”
Peoples Bancorp Inc. is a diversified financial products and services company with $1.9 billion in assets, 50 locations and 37 ATMs in Ohio, West Virginia and Kentucky. Peoples makes available a complete line of banking, investment, insurance, and trust solutions through its financial service units – Peoples Bank, National Association; Peoples Financial Advisors (a division of Peoples Bank) and Peoples Insurance Agency, Inc. Peoples’ common shares are traded on the NASDAQ Global Select Market under the symbol “PEBO”, and Peoples is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples at www.peoplesbancorp.com.
Conference Call to Discuss Earnings:
Peoples will conduct a facilitated conference call to discuss first quarter results of operations today 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 (877) 407-8035. 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, download and install the necessary software. A replay of the call will be available on Peoples’ website in the “Investor Relations” section for one year.
Safe Harbor Statement:
This news release may contain certain forward-looking statements with respect to Peoples’ financial condition, results of operations, plans, objectives, future performance and business. Except for the historical and present factual information contained in this news release, the matters discussed in this news release, and other statements identified by words such as “feel,” “expect,” “believe,” “plan,” “will,” “would,” “should,” “could” and similar expressions are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. Factors that might cause such a difference include, but are not limited to: (1) competitive pressures among financial institutions or from non-financial institutions, which may increase significantly; (2) changes in the interest rate environment which may adversely impact interest margins; (3) prepayment speeds, loan originations and sale volumes, charge-offs and loan loss provisions, which may be less favorable than expected; (4) general economic conditions, either national or in the states in which Peoples and its subsidiaries do business, which may be less favorable than expected; (5) political developments, wars or other hostilities, which may disrupt or increase volatility in securities markets or other economic conditions; (6) legislative or regulatory changes or actions, which may adversely affect the business of Peoples’ and its subsidiaries; (7) changes in the conditions and trends in the securities markets; (8) a delayed or incomplete resolution of regulatory issues that could arise; (9) the impact of reputational risk created by these developments on such matters as business generation and retention, funding and liquidity; (10) the costs and effects of regulatory and legal developments, including the outcome of regulatory or other governmental inquiries and legal proceedings and results of regulatory examinations; and (11) other risk factors relating to the banking industry or Peoples as detailed from time to time in Peoples’ reports filed with the Securities and Exchange Commission (“SEC”), including those risk factors included in the disclosure under the heading “ITEM 1A. RISK FACTORS” of Peoples’ Annual Report on Form 10-K for the fiscal year ended December 31, 2006. 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.
Please click here to view the complete earnings release.
PEOPLES BANCORP INC. HOLDS ANNUAL MEETING OF SHAREHOLDERS
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April 16, 2007
Contact: Mark F BradleyPresident and Chief Executive Officer
(740) 373-3155
MARIETTA, Ohio –
The Annual Meeting of the Shareholders of Peoples Bancorp Inc. (“Peoples”) (Nasdaq: PEBO) was held April 12, 2007, in Marietta, Ohio.
The meeting was well attended and at the meeting, shareholders re-elected Board members David L. Mead, Robert W. Price, Paul T. Theisen, and Thomas J. Wolf to serve as directors of Peoples for three-year terms expiring in 2010.
President and Chief Executive Officer Mark F. Bradley reviewed Peoples’ 2006 results of operations and financial performance. Bradley commented during the meeting, “Despite a difficult interest rate environment and other economic challenges, we are pleased to have delivered earnings and dividend growth in 2006 for our shareholders.”
Peoples will release first quarter 2007 earnings before the market opens on April 26, 2007, and conduct a facilitated conference call to discuss first quarter results of operations at 11:00 a.m. Eastern Daylight Time on the same date. Analysts, media and individual investors are invited to participate in the conference call by calling 877-407-8035. A simultaneous webcast of the conference call audio can be accessed via the Investor Relations section on Peoples’ website, www.peoplesbancorp.com, where a replay will also be available.
Peoples Bancorp Inc., a diversified financial products and services company with $1.9 billion in assets, makes available a complete line of banking, investment, insurance, and trust solutions through 48 locations and 37 ATMs in Ohio, West Virginia and Kentucky. Peoples’ financial service units include Peoples Bank, National Association; Peoples Financial Advisors (a division of Peoples Bank) and Peoples Insurance Agency, Inc. Peoples’ common shares are traded on the NASDAQ Global Select Market under the symbol “PEBO”, and Peoples is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples at www.peoplesbancorp.com.
END OF RELEASE
PEOPLES BANCORP INC. ACCEPTS RESIGNATION OF CHIEF FINANCIAL OFFICER AND NAMES INTERIM CHIEF FINANCIAL OFFICER
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April 10, 2007
Contact: Mark F BradleyPresident and Chief Executive Officer
(740) 373-3155
MARIETTA, Ohio – Peoples Bancorp Inc. (NASDAQ: PEBO) today announced that Donald J. Landers resigned effective April 9, 2007 as Chief Financial Officer and Treasurer of Peoples Bancorp Inc. and subsidiary Peoples Bank, National Association (“Peoples Bank”).
"We thank Don for his hard work and contributions he made to our finance and accounting functions,” said Mark F. Bradley, Peoples Bancorp Inc.’s President and Chief Executive Officer. “We wish him success in his future endeavors.”
Landers joined the company in 2003 as Controller and Chief Accounting Officer of Peoples Bancorp Inc. and Peoples Bank, and was promoted to Chief Financial Officer and Treasurer of both entities on August 1, 2006. Landers plans to pursue other career opportunities.
Carol A. Schneeberger, Executive Vice President of Operations, has been named interim Chief Financial Officer and Treasurer, in addition to her duties as Executive Vice President of Operations.
Schneeberger, a CPA with nearly 30 years experience at Peoples Bancorp Inc., has served the company in a variety of capacities during her career and currently sits on Peoples Bancorp Inc.’s Asset/Liability Management Committee and Disclosure Committee. She also oversees the company’s compensation, risk management, and other financial and regulatory compliance programs. Schneeberger previously served as director of Peoples Bancorp Inc.’s internal audit function.
A search for a permanent Chief Financial Officer and Treasurer will begin in the near term. Peoples Bancorp Inc. will release its first quarter earnings on April 26, 2007.
Peoples Bancorp Inc., a diversified financial products and services company with $1.9 billion in assets, makes available a complete line of banking, investment, insurance, and trust solutions through 48 locations and 37 ATMs in Ohio, West Virginia and Kentucky. Peoples’ financial service units include Peoples Bank, National Association; Peoples Financial Advisors (a division of Peoples Bank) and Peoples Insurance Agency, Inc. Peoples’ common shares are traded on the NASDAQ Global Select Market under the symbol “PEBO”, and Peoples is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples at www.peoplesbancorp.com.
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PEOPLES BANK TO EXPAND IN HUNTINGTON
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Groundbreaking occurs at new location on corner of First Street and Fifth Avenue
April 5, 2007
Contact: Mark F BradleyPresident and Chief Executive Officer
(740) 373-3155
Huntington, WV – Peoples Bank, National Association (“Peoples Bank”), a subsidiary of Peoples Bancorp Inc., today broke ground at the corner of First Street and Fifth Avenue for its new financial services office in Huntington.
"We are pleased to be a part of the landscape of downtown Huntington and to be making an investment in such a vibrant community,” said Mark F. Bradley, President and CEO of Peoples Bank.
Once completed, the new construction will be a $2 million investment in Huntington. The new office at 101 Fifth Avenue will employ 10 to 13 people and also offer drive-through banking and a 24-hour ATM.
"We want to expand our offerings and support the city’s growth,” stated Pat Arnold, Vice President and Commercial Lender for Peoples Bank. “We have a lot to offer the people of Huntington.”
Peoples Bank has a strong commercial loan presence, and also employs experts in insurance, home loans, business banking, both personal and business financial investments, plus all areas of traditional consumer banking.
"Peoples Bank has been able to grow and prosper in Huntington over the past few years, especially in the commercial sector,” said Bradley. “We look forward to further expansion of our client base, and to providing our customers the ability to have all their financial needs taken care of in one place.”
The first full-service Peoples Bank office in Huntington was established in 1999 when the company acquired a banking office at 1126 20th Street. Peoples Bank also operates five full-service offices in Ashland, Russell, Greenup, Summit and Grayson, Kentucky.
Peoples Bank is expected to celebrate the Grand Opening of the new office in October. The building is being designed by Edward Tucker Architecture and will be constructed by Early Construction Company.
Peoples Bancorp Inc., a diversified financial products and services company with $1.9 billion in assets, makes available a complete line of banking, investment, insurance, and trust solutions through 48 locations and 37 ATMs in Ohio, West Virginia, and Kentucky. Peoples Bancorp’s financial service units include Peoples Bank, Peoples Financial Advisors (a division of Peoples Bank) and Peoples Insurance Agency, Inc. Peoples Bancorp’s common shares are traded on the NASDAQ national market under the symbol “PEBO” and Peoples Bancorp is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples at www.peoplesbancorp.com.
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PEOPLES BANK EXPANDS SERVICES FOR BUSINESS CUSTOMERS WITH REMOTE DEPOSIT CAPTURE
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April 4, 2007
Contact: Jeff WelchVice President, Business Services
(740) 374-6134
MARIETTA, Ohio - Peoples Bank, a subsidiary of Peoples Bancorp Inc. (Nasdaq: PEBO), announced today that it now offers new services for its business deposit customers. The innovative technology, called “Remote Deposit Capture”, offers business customers a new way to efficiently process their bank deposits of check payments by using computers and scanners to allow deposits to be made from the convenience of their own office location, eliminating the need for visits to the bank to make daily deposits.
"Peoples Bank is proud to offer new services that enhance the effectiveness of our business customers,” stated Mark F. Bradley, President and Chief Executive Officer of Peoples Bank. “Remote Deposit Capture allows us to better serve our existing customers, plus gives us opportunities to expand our business customer base, as we are no longer limited by the boundaries of driving distance to our locations.”
Remote Deposit Capture enables business clients to electronically transmit their deposits into their Peoples Bank account -- providing more convenience and quicker access to their funds. Business clients with several locations can take advantage of Remote Deposit Capture even if they have multiple accounts.
In addition, Remote Deposit Capture allows companies to consolidate deposits to one financial institution, allowing for greater cash management efficiency and possibly lowering bank maintenance fees. Business customers that would like to use Remote Deposit Capture will be required to have a computer, scanner, and Internet access.
"Our business clients are excited about our new capabilities that can assist them with daily bank deposits without leaving their offices,” said Jeffrey D. Welch, Vice President of Business Services. “Remote Deposit Capture has many advantages for our customers, such as improving operating efficiencies and gaining access to funds faster. It also allows tracking of deposits on-line and provides other tools to help streamline the deposit process, giving our customers more time to focus on growing and managing their businesses.”
Business clients interested in more information or a demonstration of Remote Deposit Capture or any business product or service, please contact Sandra Delong, Assistant Vice President – Business Services at (800) 374-6123 or (740) 376-7125.
Peoples Bancorp Inc., a diversified financial products and services company with $1.9 billion in assets, makes available a complete line of banking, investment, insurance, and trust solutions through 48 locations and 36 ATMs in Ohio, West Virginia, and Kentucky. Peoples Bancorp’s financial service units include Peoples Bank, Peoples Financial Advisors (a division of Peoples Bank) and Peoples Insurance Agency, Inc. Peoples Bancorp’s common shares are traded on the NASDAQ national market under the symbol “PEBO” and Peoples Bancorp is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples at www.peoplesbancorp.com.
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PEOPLES BANCORP INC. RAISES FIRST QUARTER DIVIDEND
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February 8, 2007
Contact: Mark F. BradleyPresident and Chief Executive Officer
(740) 373-3155
MARIETTA, Ohio - The Board of Directors of Peoples Bancorp Inc. (NASDAQ: PEBO) today declared a cash dividend of $0.22 per share payable on April 2, 2007, to shareholders of record at March 15, 2007.
The first quarter dividend reflects an increase of 4.8% from the $0.21 per share paid in the fourth quarter of 2006 and represents a payout of approximately $2.3 million based on 10.7 million shares outstanding at February 8, 2007.
"The increased dividend for the first quarter of 2007 continues our commitment to enhance total shareholder return through a greater emphasis on dividends,” said Mark F. Bradley, President and Chief Executive Officer of Peoples Bancorp Inc. “The increased dividend also positions Peoples to continue our history of dividend growth, as capital and market conditions allow."
In 2006, Peoples completed its 41st consecutive year of dividend growth. The first quarter of 2007 dividend of $0.22 per share represents a 10% increase over the $0.20 per share dividend paid in the first quarter of 2006.
Peoples Bancorp Inc., a diversified financial products and services company with $1.9 billion in assets, makes available a complete line of banking, investment, insurance, and trust solutions through 48 locations and 36 ATMs in Ohio, West Virginia and Kentucky. Peoples’ financial service units include Peoples Bank, National Association; Peoples Financial Advisors (a division of Peoples Bank) and Peoples Insurance Agency, Inc. Peoples’ common shares are traded on the NASDAQ Global Select Market under the symbol “PEBO”, and Peoples is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples at www.peoplesbancorp.com.
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PEOPLES BANCORP INC. REPORTS FOURTH QUARTER AND 2006 RESULTS
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January 25, 2007
Contact: Donald J. LandersChief Financial Officer
(740) 373-3155
MARIETTA, Ohio - Peoples Bancorp Inc. (“Peoples”) (NASDAQ: PEBO) today reported net income of $4.8 million and diluted earnings per share of $0.44 for the fourth quarter of 2006, compared to $5.7 million and $0.53 a year ago. For the year ended December 31, 2006, Peoples’ net income increased 5% to $21.6 million, from $20.5 million in 2005, while diluted earnings per share were $2.01 and $1.94, respectively, a 4% increase.
Return on average equity was 9.54% in the fourth quarter of 2006 and 11.33% for the year, while return on average assets was 1.01% and 1.15%, respectively. In 2006, Peoples declared dividends totaling $0.83 per share, up 6% from $0.78 in 2005 – marking Peoples’ 41st consecutive year of dividend increases to its shareholders.
"Despite a tough operating environment, we believe 2006 results reflect success in key areas, including non-interest income growth and diversification, strong loan production and improved operating efficiency,” commented Mark F. Bradley, President and Chief Executive Officer. “Higher provision for loan losses negatively impacted fourth quarter and annual results, while ongoing interest rate challenges to net interest margin limited earnings growth in 2006.”
Bradley continued, “In the fourth quarter, we also completed the acquisition of a banking office in Carroll, Ohio and concurrent sale of our Chesterhill, Ohio banking office, resulting in a pre-tax gain of $222,000. This transaction, along with the sale of our South Shore, Kentucky office at the end of the third quarter, was part of our strategic plan to redirect resources to markets we believe have greater growth potential.”
Total non-interest income grew 5% to $7.4 million for the fourth quarter of 2006 and 7% to $30.4 million for the full year, from $7.0 million and $28.5 million for the same periods a year ago, respectively. Insurance and investment revenues were 11% higher year over year and accounted for over half of the improvement in non-interest income. Other significant drivers of non-interest income growth included revenues generated by Peoples’ fiduciary and electronic banking activities. Deposit account service charges remain a significant component of Peoples’ non-interest income, totaling $2.5 million for both the fourth quarter of 2006 and 2005. For the year, deposit account service charges were up 4%, attributable to higher overdraft and non-sufficient funds fees.
In the fourth quarter of 2006, non-interest expense was $12.9 million versus $12.6 million in the fourth quarter of 2005. This 2% increase was largely attributable to normal salary adjustments and related payroll costs. Compared to the third quarter of 2006, total non-interest expense increased only 1%. For the year ended December 31, 2006, total non-interest expense was unchanged from the $51.3 million incurred in 2005, as decreased salaries and benefit costs and lower intangible amortization offset the increases in professional fees, marketing expenses and bankcard costs.
"We are pleased with the combination of improved non-interest revenues and flat expenses in 2006,” stated Bradley. “We remain optimistic about Peoples’ revenue growth opportunities through our relationship-based approach to serving customers. Additionally, we look for areas to control expenses and improve operating efficiencies.”
Net interest income of $13.5 million for the fourth quarter of 2006 was unchanged from the fourth quarter of 2005, as both interest income and expense increased by approximately $3 million. Throughout 2006, Peoples’ funding costs increased faster than its yield on earning assets as a result of competitive loan pricing and terms, coupled with maturing liabilities being replaced at current, higher market interest rates. As a result, Peoples’ net interest margin compressed to 3.31% in the fourth quarter of 2006, from 3.39% in the fourth quarter of 2005. Compared to the third quarter of 2006, both net interest income and margin improved, helped by loan prepayment fees of $280,000 from higher than normal commercial loan prepayments during the fourth quarter. For the full year of 2006, net interest income increased 2%, from the $52.3 million generated in 2005, while net interest margin compressed by three basis points for 2006 to 3.29%. The higher net interest income for 2006 reflects Peoples’ strategy to adjust its balance sheet mix by reinvesting cash flows from the investment portfolio into higher yielding loans.
"Our strategy to use cash flows from the investment securities to fund loans and reduce wholesale funding contributed to the improvement in net interest income over the third quarter,” said Don Landers, Chief Financial Officer. “However, intense competition for both loans and deposits and the slope of the yield curve limited our ability to fully realize the benefit of the series of interest rate increases by the Federal Reserve. We will continue our efforts to manage Peoples’ interest rate risk position to produce long-term benefits to our net interest income and margin, but expect further compression of net interest margin if rates remain unchanged in 2007.”
In the fourth quarter of 2006, Peoples recognized a gain of $249,000 from the sale of approximately $11 million of tax-exempt municipal securities. This sale was part of tax planning strategies designed to help Peoples manage its effective tax rate and overall tax burden by adjusting the ratio of tax-exempt and taxable income. The securities sold were selected because management expected the issuers to call the securities in the near future. The proceeds from the sale were used to reduce the amount of short-term borrowings.
At December 31, 2006, portfolio loan balances totaled $1.13 billion, down $7.5 million since the prior quarter-end, as loan payoffs and charge-offs more than offset new loan production. Although total loan balances decreased during the fourth quarter, loan production remained strong, with commercial loans accounting for most of the nearly $18 million increase in construction loan balances during the fourth quarter. Excluding overdrafts, the fourth quarter of 2006 also marked the seventh consecutive quarter of consumer loan growth, fueled by Peoples’ indirect lending activities. During the year, total loans grew $60.5 million, or 6%, from $1.07 billion at year-end 2005.
In the fourth quarter of 2006, Peoples’ provision for loan losses was $1.9 million versus $562,000 a year ago and $929,000 in the third quarter of 2006. The higher provision was based on management’s in-depth quarterly analysis of the loan portfolio and is directionally consistent with changes in Peoples’ loan credit quality and loss trends. At December 31, 2006, total nonperforming loans were $10.0 million, or 0.88% of total loans, compared to $6.5 million, or 0.61%, a year ago and $14.2 million, or 1.25%, at September 30, 2006. The allowance for loan losses was $14.5 million, or 145.0% of nonperforming loans, at December 31, 2006, versus 113.5% and 225.2% of nonperforming loans at September 30, 2006 and December 31, 2005, respectively.
As previously disclosed on November 27, 2006, Peoples charged-off $2.9 million of impaired loans related to a single commercial loan relationship and restored $3.6 million of other commercial loans to accruing status during the fourth quarter. While these events reduced the level of nonaccrual loans, net charge-offs increased to $3.5 million in the fourth quarter of 2006, from $550,000 in the fourth quarter of 2005 and $126,000 in the third quarter of 2006. For the full year 2006, net charge-offs were $3.8 million, or 0.35% of average loans, compared to $2.1 million, or 0.20%, in 2005.
"Fourth quarter charge-offs were significantly higher than prior periods due to the single impaired relationship,” added Bradley. “We believe Peoples’ asset quality remains good and loan delinquencies reasonable, which is a reflection of our commitment to sound underwriting practices that emphasize loan quality over growth.”
During the fourth quarter, deposit balances were up slightly since September 30, 2006, totaling $1.23 billion, as non-interest-bearing balances grew $4.4 million and interest-bearing balances increased $1.5 million. Excluding brokered deposits, Peoples increased total deposits by $56.9 million during 2006 with higher certificates of deposit accounting for much of this growth. During 2006, non-interest-bearing deposits also grew $8.2 million, which was primarily attributable to Peoples’ direct mail and gift campaigns. In 2006, Peoples added $87.3 million of brokered deposits to reduce its reliance on Federal Home Loan Bank borrowings and diversify wholesale funding sources.
"In 2006, we grew earnings despite facing several economic challenges,” summarized Bradley. “We expect the interest rate environment to continue to have a negative impact on earnings growth potential in 2007. We will continue to work to overcome these challenges and generate long-term benefits for our stakeholders.”
Peoples Bancorp Inc., a diversified financial products and services company with $1.9 billion in assets, makes available a complete line of banking, investment, insurance, and trust solutions through 48 locations and 36 ATMs in Ohio, West Virginia and Kentucky. Peoples’ financial service units include Peoples Bank, National Association; Peoples Financial Advisors (a division of Peoples Bank) and Peoples Insurance Agency, Inc. Peoples’ common shares are traded on the NASDAQ Global Select Market under the symbol “PEBO”, and Peoples is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples at www.peoplesbancorp.com.
Conference Call to Discuss Earnings:
Peoples will conduct a facilitated conference call to discuss fourth quarter and 2006 results of operations today at 11:00 a.m. eastern standard time, with members of Peoples’ executive management participating. Analysts, media and individual investors are invited to participate in the conference call by calling (877) 407-8033. 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 or download and install the necessary software. A replay of the call will be available on Peoples’ website in the “Investor Relations” section for one year.
Safe Harbor Statement:
This news release may contain certain forward-looking statements with respect to Peoples’ financial condition, results of operations, plans, objectives, future performance and business. Except for the historical and present factual information contained in this news release, the matters discussed in this news release, and other statements identified by words such as “feel,” “expect,” “believe,” “plan,” “will,” “would,” “should,” “could” and similar expressions are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. Factors that might cause such a difference include, but are not limited to: (1) competitive pressures among financial institutions or from non-financial institutions, which may increase significantly; (2) changes in the interest rate environment which may adversely impact interest margins; (3) prepayment speeds, loan originations and sale volumes, charge-offs and loan loss provisions may be less favorable than expected; (4) general economic conditions, either national or in the states in which Peoples and its subsidiaries do business, may be less favorable than expected; (5) political developments, wars or other hostilities may disrupt or increase volatility in securities markets or other economic conditions; (6) legislative or regulatory changes or actions may adversely affect the business of Peoples’ and its subsidiaries; (7) changes in the conditions and trends in the securities markets; (8) a delayed or incomplete resolution of regulatory issues that could arise; (9) the impact of reputational risk created by these developments on such matters as business generation and retention, funding and liquidity; (10) the costs and effects of regulatory and legal developments, including the outcome of regulatory or other governmental inquiries and legal proceedings and results of regulatory examinations; and (11) other risk factors relating to the banking industry or Peoples as detailed from time to time in Peoples’ reports filed with the Securities and Exchange Commission (“SEC”), including those risk factors included in the disclosure under the heading “ITEM 1A. RISK FACTORS” of Peoples’ Annual Report on Form 10-K for the fiscal year ended December 31, 2005 and Peoples’ Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2006. 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 law. 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.
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PEOPLES BANCORP INC AUTHORIZES REPURCHASE OF COMMON SHARES
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January 12, 2007
Contact: Mark F. BradleyPresident and Chief Executive Officer
(740) 373-3155
Four Board members nominated for re-election
MARIETTA, Ohio – At its regular meeting yesterday, the Board of Directors of Peoples Bancorp Inc. (“Peoples”) (NASDAQ: PEBO) adopted a stock repurchase plan authorizing the repurchase in 2007 of up to 425,000 (or approximately 4%) of Peoples’ outstanding common shares from time to time in open market transactions.
The repurchased common shares will be held as treasury shares and are anticipated to be used for future exercises of equity grants from Peoples’ equity plans, purchases of common shares for Peoples’ Dividend Reinvestment Plan, future issuances of common shares in connection with Peoples’ deferred compensation plans, potential acquisitions and other general corporate purposes.
The timing of the purchases and the actual number of common shares purchased will depend on market conditions and limitations imposed by applicable federal securities laws. The stock repurchase plan will expire on December 31, 2007, and the common shares purchased will not exceed an aggregate purchase price of $12,125,000.
In other action, Peoples’ Board members David L. Mead, Robert W. Price, Paul T. Theisen, and Thomas J. Wolf were nominated for re-election by the Shareholders at the Annual Meeting to be held on April 12, 2007. Each nominee stands for re-election as a director of Peoples for a three-year term expiring in 2010.
Peoples also announced it will release 2006 earnings before the market opens on January 25, 2007. Peoples’ executive management will conduct a facilitated conference call to discuss fourth quarter and 2006 results of operations at 11:00 a.m. Eastern Standard Time on the same date. Analysts, media and individual investors are invited to participate in the conference call by calling 877-407-8033. A simultaneous webcast of the conference call audio can be accessed via www.peoplesbancorp.com, and a replay will also be available.
Peoples Bancorp Inc., a diversified financial products and services company with $1.9 billion in assets, makes available a complete line of banking, investment, insurance, and trust solutions through 48 locations and 36 ATMs in Ohio, West Virginia and Kentucky. Peoples Bancorp’s financial service units include Peoples Bank, Peoples Financial Advisors (a division of Peoples Bank) and Peoples Insurance Agency, Inc. Peoples Bancorp’s common shares are traded on the NASDAQ Global Select Market under the symbol “PEBO” and Peoples Bancorp is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples Bancorp at www.peoplesbancorp.com.
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