EXHIBIT 99
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NEWS RELEASE
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FOR IMMEDIATE RELEASE Contact: John W. Conlon
- --------------------- Chief Financial Officer
April 12, 1999 (740) 373-3155
PEOPLES BANCORP ANNOUNCES INCREASED NET INCOME
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Earnings per share up 12.5% to $0.45
MARIETTA, Ohio - Fueled by improved net interest income and growth in
non-interest income, net of increases in non-interest expense, Peoples
Bancorp Inc. (Nasdaq: PEBO) today announced record net income for the
quarter ended March 31, 1999. Diluted earnings per share reached $0.45
in the first quarter of 1999, up $0.05 (or 12.5%) compared to the same
period last year. Cash basis earnings per share, which facilitates
comparison of the Company's financial results with competitors that make
acquisitions using pooling of interest accounting, were $0.53 for the first
quarter of 1999, up 17.8% from $0.45 in 1998's first quarter. Net income
totaled $2,630,000 in the first quarter of 1999, an increase of $254,000 or
10.7% compared to 1998's first quarter net income of $2,376,000.
Net interest income grew $699,000 (or 8.7%) to $8,743,000 in the first
quarter of 1999 compared to the same period a year earlier. As a result of
continued strong asset quality, the Company's ratio of allowance for loan
losses to total loans improved to 1.72% at March 31, 1999, compared to 1.67%
at year-end 1998 while the provision for loan losses was reduced by $159,000
compared to the first quarter of 1998.
All major categories of non-interest income showed strong growth in the
first quarter. Non-interest revenues increased 14.0% to $1,844,000 in the
first quarter of 1999 compared to 1998's first quarter. Non-interest
expense totaled $6,236,000 in the first quarter of 1999, up 15.2% from the
same period a year earlier. Non-interest income and non-interest expense
increased due primarily to an acquisition of multiple banking centers in
mid-1998. This acquisition resulted in additional revenues from deposit
account service fees as well as increased costs for salaries and benefits,
and increased intangible amortization expense related to purchase accounting
Robert E. Evans, President and CEO, commented, "Peoples Bancorp's first
quarter performance reflects our commitment to increasing shareholder value
through enhanced earnings. First quarter results indicate that our
diversified, integrated products and services are growing to meet the needs
of our expanding customer base."
Peoples Bancorp Inc. is a bank holding company headquartered in Marietta,
Ohio, with over $870 million in assets. Peoples Bancorp operates 35
financial service locations in the states of Ohio, West Virginia, and
Kentucky. Peoples Bancorp's banking subsidiaries include The Peoples
Banking and Trust Company with offices in Ohio and West Virginia; The First
National Bank of Southeastern Ohio with three Ohio offices; and Peoples Bank
FSB, with four Kentucky offices. Through its subsidiaries, Peoples Bancorp
offers complete banking services and makes available other financial
services, such as trust services, and investment and insurance products.
Learn more about Peoples Bancorp at www.peoplesbancorp.com.
Three Months Ended March 31,
SELECTED FINANCIAL DATA 1999 1998
Net income $2,630,000 $2,376,000
Basic earnings per share $ 0.46 $ 0.41
Diluted earnings per share $ 0.45 $ 0.40
Cash basis diluted earnings per share $ 0.53 $ 0.45
Basic weighted average shares outstanding 5,741,466 5,746,684
Diluted weighted average shares outstanding 5,876,299 5,935,553
Return on average equity 12.11% 11.94%
Cash basis return on average equity 18.99% 15.84%
Return on average assets 1.21% 1.22%
Cash basis return on average assets 1.45% 1.39%
Net interest margin (fully tax equivalent) 4.54% 4.60%
PEOPLES BANCORP INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands) March 31, December 31,
1999 1998
ASSETS
Cash and cash equivalents $ 38,789 $ 40,121
Available-for-sale investment securities,
at estimated fair value 223,118 235,569
Loans, net of unearned interest 574,560 567,917
Allowance for loan losses (9,855) (9,509)
Net loans 564,705 558,408
Bank premises and equipment 14,783 14,826
Other assets 30,515 31,360
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TOTAL ASSETS $ 871,910 $ 880,284
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LIABILITIES
Non-interest bearing deposits $ 75,894 $ 80,884
Interest bearing deposits 631,100 633,284
Total deposits 706,994 714,168
Federal funds purchased, securities
sold under repurchase agreements,
and other short term borrowings 31,296 32,514
Long-term borrowings 40,507 40,664
Accrued expenses and other liabilities 6,353 6,924
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TOTAL LIABILITIES 785,150 794,270
STOCKHOLDERS' EQUITY
Common stock, no par value (5,795,604
shares issued and 5,733,980
outstanding at March 31, 1999) 50,814 50,807
Accumulated comprehensive income,
net of deferred income taxes 2,732 3,588
Retained earnings 35,262 33,441
Treasury stock, at cost (61,624
shares at March 31, 1999) (2,048) (1,822)
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TOTAL STOCKHOLDERS' EQUITY 86,760 86,014
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TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 871,910 $ 880,284
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PEOPLES BANCORP INC. CONDENSED STATEMENTS OF INCOME
(in thousands) Three Months Ended March 31,
1999 1998
Interest income $ 15,985 $ 15,364
Interest expense 7,242 7,320
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Net interest income 8,743 8,044
Provision for loan losses 537 696
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Net interest income after provision
for loan losses 8,206 7,348
Other income 1,844 1,618
Gain (loss) on securities transactions --- 4
Other expense 6,236 5,414
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Income before income taxes 3,814 3,556
Income taxes 1,184 1,180
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Net income $ 2,630 $ 2,376
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END OF RELEASE