FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended Commission File
September 30, 1994 Number 0-16772
PEOPLES BANCORP INC.
Incorporated - Ohio I.R.S. Identification
No. 31-0987416
235 Second Street
P. O. Box 738
Marietta, Ohio 45750
Telephone: (614) 373-3155
Indicate by check mark whether the registrant (1) has filed all
reports required by Section 13 or 15 (d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes X No
--------- ----------
Indicate the number of shares outstanding of each of the
issuer's class of Common Stock, as of November 1, 1994: 2,908,425.
PART I - FINANCIAL INFORMATION
ITEM 1
The following Condensed Consolidated Balance Sheet, Consolidated
Income Statement, and Consolidated Statement of Cash Flow of
Peoples Bancorp Inc., reflect all adjustments (which include
only normal recurring accruals) necessary to present fairly such
information for the periods and dates indicated. Since the
following condensed unaudited financial statements have been
prepared in accordance with instructions to Form 10-Q, they do
not contain all information and footnotes necessary for a fair
presentation of financial position in conformity with generally
accepted accounting principles. Changes in accounting are
presented in a footnote following the financial information for
the first quarter of 1994. Complete audited statements with
footnotes are included in the Corporation's Annual Report on
Form 10-K for the year ended December 31, 1993.
PEOPLES BANCORP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED
BALANCE SHEET
ASSETS
September 30, 1994 December 31, 1993
Cash and cash equivalents:
Cash and due from banks $18,791,000 $15,275,000
Interest-bearing deposits
in other banks 693,000 5,998,000
Federal funds sold 7,800,000 7,050,000
Total cash and cash equivalents 27,284,000 28,323,000
Investment securities:
Securities available-for-sale,
at fair value (amortized cost
of $95,987,000 at September 30,
1994) 95,544,000
Securities held-to-maturity, at
amortized cost (fair value
approximates $8,264,000
and $108,105,000 at September 30,
1994 and December 31, 1993,
respectively) 8,322,000 103,349,000
Total investment securities 103,866,000 103,349,000
Loans, net of unearned interest 348,452,000 321,675,000
Reserve for possible loan losses (6,775,000) (6,370,000)
Net loans 341,677,000 315,305,000
Bank premises and equipment, net of
accumulated depreciation 10,215,000 10,767,000
Other assets 8,495,000 7,629,000
Total assets $491,537,000 $465,373,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing $45,479,000 $45,105,000
Interest bearing 357,953,000 340,534,000
Total deposits 403,432,000 385,639,000
Short-term borrowings 13,674,000 12,260,000
Federal Home Loan Bank term advances 22,663,000 18,251,000
Term debt 1,950,000 2,080,000
Accrued expenses and other liabilities 4,698,000 4,365,000
Total liabilities 446,417,000 422,595,000
Stockholders' Equity
Common Stock, no par value,
6,000,000 shares authorized.
3,019,350 shares issued and
2,898,380 shares outstanding as of
September 30, 1994; and
3,019,080 shares issued and
2,908,598 shares outstanding as of
December 31, 1993 24,295,000 24,290,000
Unrealized holding gain (loss) on
available-for-sale securities (291,000)
Retained earnings 22,855,000 20,012,000
46,859,000 44,302,000
Treasury stock, 120,970 shares as of
September 30, 1994 and 110,482 shares
as of December 31, 1993, respectively (1,739,000) (1,524,000)
Total stockholders' equity 45,120,000 42,778,000
Total liabilities and stockholders'
equity $491,537,000 $465,373,000
PEOPLES BANCORP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENT
OF INCOME FOR PERIOD ENDED SEPTEMBER 30, 1994
Three Months Ended Nine Months Ended
September 30, September 30,
1994 1993 1994 1993
Interest income $9,146,000 $8,767,000 $26,288,000 $26,692,000
Interest expense 3,930,000 3,794,000 11,204,000 11,572,000
Net interest income 5,216,000 4,973,000 15,084,000 15,120,000
Provision for loan losses 167,000 375,000 607,000 1,275,000
Net interest income after
provision for loan loss 5,049,000 4,598,000 14,477,000 13,845,000
Other income 970,000 972,000 2,950,000 3,031,000
Gain (Loss) on sale
of securities 43,000 126,000 44,000
Other expenses 3,919,000 3,657,000 11,701,000 11,316,000
Income before income
taxes and cumulative
effect of
accounting changes* 2,100,000 1,956,000 5,852,000 5,604,000
Federal income taxes 628,000 539,000 1,762,000 1,549,000
Income before cumulative
effect of accounting
changes* 1,472,000 1,417,000 4,090,000 4,055,000
Cumulative effect of
accounting changes,
net of applicable taxes* (314,000)
Net Income $1,472,000 $1,417,000 $4,090,000 $3,741,000
Income Before Cumulative Effect of Accounting Changes Per Share
Primary $0.51 $0.48 $1.41 $1.42
Fully Diluted $0.51 $0.48 $1.41 $1.39
Cumulative Effect of Accounting Changes (net of applicable taxes) Per Share
Primary $0.11
Fully Diluted $0.11
Net Income Per Share
Primary $0.51 $0.48 $1.41 $1.31
Fully Diluted $0.51 $0.48 $1.41 $1.28
Weighted Average Shares Outstanding
Primary 2,908,948 2,926,324 2,908,344 2,865,012
Fully Diluted 2,909,180 2,926,324 2,910,767 2,923,094
Cash Dividends Declared $435,000 $380,000 $1,247,000 $1,102,000
Cash Dividend Per Share $0.15 $0.13 $0.43 $0.38
Please note: Previous periods per share information and
weighted average shares outstanding adjusted due to 2 for 1
stock split issued April 15, 1994.
* Adoption of SFAS Statement No. 106 (Employers' Accounting
for Postretirement Benefits Other Than Pensions) and SFAS
Statement No. 109 (Accounting for Income Taxes) during the first
quarter of 1993.
CONSOLIDATED STATEMENT OF CASH FLOWS
Quarter ending September 30, 1994
Nine Months Nine Months
Ending Ending
September 30, 1994 September 30, 1993
Cash flows from operating activities:
Net Income $4,090,000 $3,741,000
Adjustments to reconcile net income to
net cash provided by operating activities:
Provision for loan losses 607,000 1,275,000
Depreciation and amortization 1,261,000 1,982,000
Gain on sale of investment securities (126,000) (44,000)
(Increase) decrease in interest receivable (310,000) 141,000
Increase (decrease) in interest payable 69,000 (215,000)
Deferred income taxes (32,000)
Deferral of loan origination fees and costs 47,000 142,000
Accrual for postretirement benefits (pretax) 844,000
Other, net (1,167,000) 1,918,000
Net cash provided by
operating activities 4,471,000 9,752,000
Cash flows from investing activities:
Purchases of held-to-maturity securities (3,113,000) (22,839,000)
Purchases of available-for-sale
securities (19,686,000)
Proceeds from sales of
available-for-sale securities 8,274,000 4,558,000
Proceeds from maturities of
held-to-maturity securities 506,000 24,688,000
Proceeds from maturities of
available-for-sale securities 13,502,000
Net (increase) decrease in credit
card receivables (194,000) 244,000
Net (increase) decrease in loans (26,643,000) (23,653,000)
Expenditures for premises and equipment (322,000) (3,025,000)
Proceeds from sales of other real
estate owned 142,000 84,000
Net cash applied to
investing activities (27,534,000) (19,943,000)
Cash flows from financing activities:
Net increase (decrease) in demand
and savings deposits 12,592,000 8,242,000
Net increase (decrease) in
certificates of deposits 5,201,000 (17,955,000)
Net increase (decrease) in
short-term borrowings 1,414,000 (914,000)
Proceeds from long-term debt 7,500,000 5,176,000
Principal repayments of long-term debt (3,221,000) (130,000)
Cash dividends paid (1,247,000) (1,102,000)
Purchase of treasury stock (215,000) (203,000)
Net cash provided by
financing activities 22,024,000 (6,886,000)
Net increase in cash and
cash equivalents (1,039,000) (17,077,000)
Cash and cash equivalents at
January 1 28,323,000 48,444,000
Cash and cash equivalents at
September 30 $27,284,000 $31,367,000
MANAGEMENT DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION
Selected Financial Data
The following data should be read in conjunction with the
unaudited consolidated financial statements and the management
discussion and analysis that follows.
Three Months Nine Months
Ended Ended
September 30, September 30,
1994 1993 1994 1993
SIGNIFICANT RATIOS
Net income before cumulative effect of accounting changes to:
Total assets (end of period)* 1.21% 1.16%
Shareholders' equity (end of period)* 13.44% 12.82%
Net income to:
Total assets (end of period)* 1.20% 1.21% 1.11% 1.07%
Shareholders' equity (end of period)*13.05% 13.44% 12.09% 11.83%
Net Interest Margin* 4.32% 4.31% 4.21% 4.44%
Shareholders' equity to total
assets (end of period) 9.18% 9.02% 9.18% 9.02%
Loans net of unearned interest
to deposits 86.37% 80.61% 86.37% 80.61%
Reserve for loan losses to loans
net of unearned
interest (end of period) 1.94% 1.99% 1.94% 1.99%
Capital ratios:
Tier 1 capital 13.07% 13.39% 13.07% 13.39%
Risk-based capital 14.32% 14.64% 14.32% 14.64%
Leverage ratio 8.93% 8.73% 8.93% 8.73%
Cash dividends to income before the
cumulative effect of
accounting changes 27.18%
Cash dividends to net income 29.55% 26.82% 30.49% 29.46%
PER SHARE DATA
Book value per share $15.57 $14.43 $15.57 $14.43
Income before cumulative effect of accounting changes
Primary $1.42
Fully diluted $1.39
Net income per share
Primary $0.51 $0.48 $1.41 $1.31
Fully diluted $0.51 $0.48 $1.41 $1.28
Cash dividends per share $0.15 $0.13 $0.43 $0.38
* Net Income to Total Assets, Net Income to Shareholders'
Equity, and Net Interest Margin are presented on an annualized
basis.
Please note: Previous periods per share information has been
adjusted due to a 2 for 1 stock split issued April 15, 1994.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
AND FINANCIAL CONDITION
The following should be read in conjunction with the attached
condensed consolidated financial statements, and with the
company's audited financial statements and notes for the fiscal
year ended December 31, 1993. Changes in accounting adopted
during the first quarter of 1994 are presented in a note
following the financial statements presented in the Form 10-Q
filed on behalf of Peoples Bancorp Inc. (the "Corporation") for
the period ended March 31, 1994.
RESULTS OF OPERATIONS
Peoples Bancorp reports net income for the third quarter 1994
of $1,472,000 compared to $1,417,000 for the same period last
year. For the first three quarters of 1994, the Corporation
earned net income of $4,090,000, a 9.3% increase over the
$3,741,000 in net income earned during this period in 1993.
Both primary and fully diluted third quarter earnings per share
increased from $0.48 in 1993 to $0.51 in 1994, an increase of
6.3%. Primary and fully diluted earnings per share for the
first nine months of 1994 reached $1.41, a 7.6% increase from
$1.31 in primary earnings per share and a 10.2% rise from $1.28
in fully diluted earnings per share from the first three
quarters of 1993. Per share information has been adjusted to
reflect a 2 for 1 stock split issued to shareholders of record
as of April 15, 1994, and a 10% stock dividend issued to
shareholders of record as of April 15, 1993. All references to
1993 net income incorporate the effect of accounting changes
adopted during the first quarter of 1993.
Several factors contributed to the increase in net income for
the Corporation. Third quarter net interest income reflects an
increase from 1993, up $243,000 or 4.9% to $5,216,000. Net
interest margin increased from 4.20% in the second quarter of
1994 to 4.32% and compares favorably to the strong 4.31% showing
in third quarter 1993. An increase in loan balances contributed
to the increased net interest income, as the Corporation
expanded efforts to grow higher yielding assets.
While Peoples Bancorp's third quarter net interest income
performance is reflecting the increase in net income, overall
performance was also improved as a result of a lower provision
for possible loan loss. For the three months ended September
30, 1994 and 1993, the provision for loan loss was $167,000 and
$375,000, respectively. The third quarter of 1994 contributed
to the year-to-date reduction of loan loss provision, from
$1,275,000 for the first three quarters of 1993 to $607,000 in
1994.
The Corporation was able to reduce its provision for loan loss
while maintaining an adequate loan loss reserve. Loan
chargeoffs were $903,000 for the first nine months of 1994 and
loan recoveries totaled $701,000, providing a net chargeoff of
$202,000. For the nine month period ended September 30, 1993,
loan chargeoffs were $924,000 for the first nine months of 1994
while loan recoveries totaled $255,000, which provided a net
chargeoff of $669,000. Included in 1994's recoveries are
several charged-off loans which were previously considered
uncollectible. The increased recoveries in 1994 allowed the
Corporation to lower the allocation of expense to loan loss
provision while maintaining a reserve for possible loan loss of
1.94% of total loans (net of unearned interest).
Peoples Bancorp continued to decrease its loan loss provision
through the reduction of reserves established in 1992 as a
direct result of a subsidiary's purchase of approximately $8
million in loans and $3 million in cash and assumption of $11
million in liabilities from the Resolution Trust Corporation.
As a result of these loans performing more favorably than
anticipated, the Corporation lowered its provision expense by
$52,000 in the third quarter, and $237,000 for the first three
quarters of 1994. Management will continue to monitor the loan
portfolio to maintain appropriate reserves for all potential
loan losses.
Due to the volatility and uncertainty of the interest rate
environment, Peoples Bancorp continues to focus on areas other
than net interest margin, as a method of increasing net income.
Non-interest income (excluding gains on sales of investment
securities) totaled $970,000 for the third quarter and
$2,950,000 for the first three quarters of 1994. Modest
increases in trust revenue and service charges on deposit
accounts provides the foundation for the Corporation's
non-interest income. In addition to these areas of income, an
agreement with an unaffiliated annuities and life insurance
company has provided other income through their lease rental
payments.
Maintaining acceptable levels of non-interest expense is
important to the success of the Corporation. For the nine
months ended September 30, 1994, non-interest expense totaled
$11,701,000, a 3.4% increase compared to the same period last
year. Costs for employee wages and benefits have increased
primarily due to rising insurance costs. Total salaries and
employee benefits amounted to $6,238,000 for the three quarters
ended September 30, 1994, compared to $5,914,000 in 1993, an
increase of 5.4%.
As expected, the first full year of depreciation related to the
$5 million addition to the downtown Marietta banking center has
also contributed to the rise in non-interest expense.
Depreciation expense totaled $1,607,000 for the nine months
ended September 30, 1994, compared to $1,421,000 for the same
period in 1993, an increase of 13.1%. Peoples Bancorp will
continue its efforts to control non-interest expense as a method
of enhancing performance.
Income tax expense for the first three quarters of 1994 totaled
$1,762,000, compared to $1,549,000 for the same period last
year. This increase can be attributed to higher pre-tax income
and the Corporation's decrease in tax-exempt income.
Year-to date net income of $4,090,000 provided a return on
assets of 1.11%, compared to 1.07% in 1993. Return on
stockholder's equity modestly increased, rising to 12.09% from
11.83%. The mandatory adoption of Statement on Financial
Accounting Standards No. 115, "Accounting for Certain
Investments in Debt and Equity Securities" (SFAS No. 115),
resulted in a decrease in total stockholder's equity of $291,000
which represents the unrealized holding loss, net of deferred
tax asset, at September 30, 1994.
On November 1, 1994, the Corporation authorized the purchase of
up to 10,000 additional shares of treasury stock at prices not
to exceed $23.25. In the first three quarters of 1994, Peoples
Bancorp has purchased 10,488 treasury shares for $215,000.
On October 1, 1994, Peoples Bancorp paid a quarterly dividend
of $0.15 per share, an increase of 7.1% compared to the previous
quarter's dividend per share of $0.14. For 1994, dividends paid
per share are $0.43 compared to $0.38 last year. All per share
information has been adjusted for the 2 for 1 stock split issued
to shareholders of record as of April 15, 1994, and a 10% stock
dividend issued to shareholders of record as of April 15, 1993.
Total cash dividends paid are $1,247,000 through September 30,
1994, a 13.2% increase compared to last year's amount of
$1,102,000.
The performance of the Corporation through the first three
quarters of 1994 has slightly exceeded expectations. Management
believes the Corporation is positioned to maintain performance
though the remainder of 1994 and into next year.
FINANCIAL CONDITION
Total assets increased from $465,373,000 at December 31, 1993
to $491,537,000 at September 30, 1994, a growth rate of 5.6%.
The current year has provided steady growth for the Corporation,
as assets grew from $469,795,000 at March 31 to $474,704,000 at
June 30, before reaching its September 30 level of over $491
million.
The majority of asset growth has occurred in the area of loans,
where gross loans have increased 8.3% to $348,452,000 at
September 30, 1994. Cash and cash equivalents have decreased
$1,039,000 to $27,284,000 since December 31, 1993, due mostly to
the maturity of interest-bearing deposits in other banks, which
have been invested in higher yielding assets. The combination
of cash and cash equivalents along with the availability of the
portion of the loan portfolio that matures within one year
should enable the Corporation to meet cash obligations and
off-balance sheet commitments as they come due.
Continuing a trend that occurred during the first six months of
1994, asset balances continued expanding in higher yielding
assets such as loans. During the third quarter, the Corporation
also increased investments in securities, from an amortized cost
of $98,777,000 at June 30, 1994, to a total amortized cost of
$104,309,000 at the end of this reporting period. September 30
available-for-sale securities totaled $95,544,000, an increase
of 3.3% from $92,474,000 at June 30, 1994. Securities
classified as held-to-maturity totaled $8,322,000 at September
30, up 24.8% compared to the June 30 balance of $6,666,000. The
reported balance of investment securities at September 30, 1994
is $103,866,000, as a result of the $443,000 decreasing
adjustment related to SFAS No. 115 adopted January 1, 1994.
At September 30, the loan portfolio of Peoples Bancorp reached
its highest level in the Corporation's history. Total loans net
of unearned interest as of September 30 are $348,452,000, up
3.3% compared to June 30, 1994's balance of $337,474,000. The
strong loan growth in the third quarter reflects the impact of
Peoples Bancorp's firm position and commitment to reinvesting in
the communities we serve. The Corporation's loan officers
consistently monitor the well-diversified portfolio while
maintaining high underwriting standards. For example,
non-performing assets as a percentage of total assets was 0.48%
at September 30, 1994, compared to 0.61% at September 30, 1993.
Management considers the allowance for loan loss of 1.94% of
total loans net of unearned interest to be adequate.
Several funding sources were used to fund asset growth during
the third quarter. Since June 30, 1994, Peoples Bancorp's
deposit base has grown 3.9% to $403,432,000, with the majority
of growth occurring in interest-bearing deposits. Non-interest
bearing deposits remain at the year-end 1993 balance of
approximately $45 million, fluctuating to $40,468,000 at March
31, returning to $45,145,000 at June 30, and ultimately reaching
the September 30, 1994 balance of $45,479,000. Interest-bearing
deposits at September 30 total $357,953,000, an increase of 4.3%
since June 30, 1994. During the third quarter, Peoples Bancorp
began using brokered deposits as an alternative funding source,
selling $5 million of certificates of deposits through a
brokerage firm. This transaction allowed Peoples Bancorp to
access a new source of funding without incurring overhead
expenses typically associated with more traditional deposit
products.
Since June 30, 1994, regular certificates of deposits and IRA's
(Individual Retirement Accounts) have increased approximately $4
million to $186 million at September 30, 1994. The largest
quarterly increase in interest-bearing deposits for the
Corporation has occurred in Super NOW accounts, increasing over
$6.6 million to $38,000,000 at September 30, 1994. The most
significant decrease occurred in savings balances, which dropped
$1.9 million to $75,727,000. Management expects to continue to
evaluate cost-effective alternatives to traditional funding
sources while continuing to emphasize our current offering of
deposit products.
At September 30, 1994, Peoples Bancorp's loan to deposit ratio
was 86.39%, virtually the same level reported June 30, 1994.
Loan demand continues to be strong in the markets served by the
Corporation. In addition to using deposit sources to fund these
additional loans, Peoples Bancorp continues to utilize
borrowings from the Federal Home Loan Bank (FHLB). These
borrowings allow the Corporation to obtain funds at a fixed rate
for longer periods of time, providing Peoples Bancorp with the
ability to match longer term fixed rate mortgages against a long
term funding source. Advances from the FHLB were $25,163,000 at
September 30, 1994, compared to $25,850,000 at June 30 and
$21,463,000 at March 31. Management plans to maintain access to
FHLB borrowings as an appropriate funding source.
The Peoples Bancorp Asset/Liability Management Committee meets
monthly to address liquidity issues facing the Corporation,
including the management of the investment securities portfolio.
The group also monitors net interest income and sets pricing
policy for the Corporation. The management of Peoples Bancorp
maintains sufficient liquidity for the Corporation to satisfy
depositor requirements and the various credit needs of its
customers.
Peoples Bancorp's capital continues to provide a strong base
for profitable growth. Stockholders' equity reached $45,120,000
at September 30, 1994, a 5.5% increase from year-end 1993's
amount of $42,778,000. Retention of net income from operations
was the major factor in increasing capital. The equity
adjustment as a result of SFAS No. 115 has resulted in
fluctuations in total equity throughout 1994. Due to recent
market conditions, at September 30, 1994 the market value of the
Corporation's available-for-sale investment securities was
$443,000 lower than the securities' amortized cost (book value).
The result is the decrease in stockholder's equity of $291,000
found in the equity section of the Corporation's balance sheet.
The market fluctuations occurring in 1994 can be attributed to
the equity adjustments associated with SFAS No. 115 of
$(291,000), $240,000, and $1,627,000, at September 30, June 30,
and March 31, 1994, respectively.
Since the large majority of investment securities in Peoples
Bancorp's portfolio are classified as "available-for-sale", both
the investment and equity sections of the Corporation's balance
sheet are more sensitive to the changing market values of
investments than compared to an entity with most investment
securities classified as "held-to-maturity". Based upon the
Corporation's history and current market situations, management
believes the classifications of the individual investment
securities held within the portfolio are reasonable. The state
of the investment markets do not substantially affect the
Corporation's stockholders' equity, as it continues to provide a
strong base for diversity of operations as well as potential for
growth in both new and existing markets.
Peoples Bancorp has complied with standards of capital adequacy
mandated by the banking industry. Bank regulators have
established "risk-based" capital requirements designed to
measure capital adequacy. Risk-based capital ratios reflect the
relative investment (credit) risks of various assets banks hold
in their portfolios. A weight category of either 0% (lowest
risk assets), 20%, 50%, or 100% (highest risk assets) is
assigned to each asset on the balance sheet. The Corporation's
risk-based capital ratio of 14.32% at September 30, 1994 was
well above the minimum standard of 8%. Peoples Bancorp's Tier 1
capital ratio of 13.07% also exceeded the regulatory minimum of
4%. The Leverage ratio at June 30, 1994 was 8.93%, well above
the minimum standard of 3%. These ratios provide quantitative
data concerning the strength of Peoples Bancorp's capital base.
Management continues to monitor risk-based capital ratios to
maintain a strong capital position.
OTHER ISSUES OF IMPORTANCE
Peoples Bancorp is traded on the NASDAQ market system and can
be found under the symbol PEBO. Market makers for the
Corporation's stock include McDonald and Company Securities,
Inc.; Legg Mason Wood Walker Inc.; Sweney Cartwright and
Company; Barron Chase Securities, Inc.; the Ohio Company; and
Herzog, Heine, Geduld, Inc. Since early 1994, the transfer
agent for Peoples Bancorp Inc. has been The Registrar and
Transfer Company of Cranford, New Jersey.
PART II
ITEM 1
Legal Proceedings
None
ITEM 2
Changes in Securities
None
ITEM 3
Defaults Upon Senior Securities
None
ITEM 4
Submission of Matters to a Vote of Security Holders
None
ITEM 5
Other Information
None
ITEM 6
Exhibits and Reports of Form 8-K
Exhibit 11 - Statement regarding computation of Earnings Per Share
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 thereunder duly authorized.
PEOPLES BANCORP INC.
Date: November 10, 1994 By: /s/ ROBERT E. EVANS
Robert E. Evans
President and Chief Executive Officer
Date: November 10, 1994 By: /s/ JEFFREY D. WELCH
Jeffrey D. Welch
Treasurer