UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 3, 2012
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| | |
| | PEOPLES BANCORP INC. | |
| | (Exact name of Registrant as specified in its charter) | |
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| | | | |
| Ohio | | 0-16772 | | 31-0987416 |
| (State or other jurisdiction | | (Commission File | | (I.R.S. Employer |
| of incorporation) | | Number) | | Identification Number) |
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| | | | |
| | 138 Putnam Street, PO Box 738 | | | |
| | Marietta, Ohio | | 45750-0738 | |
| | (Address of principal executive offices) | | (Zip Code) | |
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| | | | |
| | Registrant's telephone number, including area code: | | (740) 373-3155 | |
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| | |
| | Not applicable | |
| | (Former name or former address, if changed since last report) | |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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| | o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| | o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| | o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
| | | (17 CFR 240.14d-2(b)) |
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| | o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
| | | (17 CFR 240.13e-4(c)) |
Item 8.01 Other Events
As previously disclosed in "Note 1 - Summary of Significant Accounting Policies" of the Notes to the unaudited Consolidated Financial Statements contained in the Quarter Report on Form 10-Q for the quarterly period ended March 31, 2012, Peoples Bancorp Inc. ("Peoples") and its consolidated subsidiaries adopted new accounting guidance regarding the presentation of other comprehensive income (“OCI”) on January 1, 2012, as required by FASB Accounting Standard Update 2011-05, as amended by Accounting Standard Update 2011-12. This new guidance, among other things, requires companies to present, on a retrospective basis, the components of net income and OCI either in a single continuous statement of comprehensive income or in two separate but consecutive statements.
As a result of the adoption, the components of OCI are presented in a separate statement following the Consolidated Statements of Income. Peoples is filing this Current Report on Form 8-K to disclose the impact of the adoption of this new accounting guidance on its historical consolidated financial statements included in the most recent Annual Report on Form 10-K.
The following table presents selected components of the unaudited Consolidated Statements of Comprehensive Income for Peoples for each of the three years ended December 31, 2011, 2010 and 2009 and should be read in conjunction with the information in the Peoples' Annual Report on Form 10-K for the year ended December 31, 2011:
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| | | | | | | | | | |
| | | For the Year Ended |
| | | December 31, |
| (Dollars in thousands) | | 2011 | 2010 | 2009 |
| Net income | | $ | 12,555 |
| $ | 5,581 |
| $ | 4,190 |
|
| Other comprehensive income (loss): | | | | |
| Available-for-sale investment securities: | | | | |
| Gross unrealized holding gain (loss) arising in the period | | 15,053 |
| (18,174 | ) | 26,573 |
|
| Related tax (expense) benefit | | (5,269 | ) | 6,361 |
| (9,301 | ) |
| Non-credit losses arising on securities during the period | | — |
| — |
| (166 | ) |
| Related tax benefit | | — |
| — |
| 58 |
|
| Less: reclassification adjustment for net gain (loss) included in net income | | 473 |
| 5,066 |
| (6,261 | ) |
| Related tax (expense) benefit | | (166 | ) | (1,773 | ) | 2,190 |
|
| Net effect on other comprehensive income (loss) | | 9,477 |
| (15,106 | ) | 21,235 |
|
| Defined benefit plans: | | | | |
| Net (loss) gain arising during the period | | (6,448 | ) | 1,640 |
| 1,151 |
|
| Related tax benefit (expense) | | 2,257 |
| (574 | ) | (403 | ) |
| Amortization of unrecognized loss and service cost on pension plan | | 891 |
| 155 |
| 148 |
|
| Related tax expense | | (312 | ) | (55 | ) | (52 | ) |
| Net effect on other comprehensive (loss) income | | (3,612 | ) | 1,166 |
| 844 |
|
| Total other comprehensive income (loss), net of tax | | 5,865 |
| (13,940 | ) | 22,079 |
|
| Total comprehensive income (loss) | | $ | 18,420 |
| $ | (8,359 | ) | $ | 26,269 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | | | PEOPLES BANCORP INC. | |
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| Date: | August 3, 2012 | By:/s/ | EDWARD G. SLOANE | |
| | | | Edward G. Sloane | |
| | | | | |
| | | | Executive Vice President, Chief Financial Officer and Treasurer | |
