PEBO - Earnings call transcript Q3 2017

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Operator

Good morning and welcome to the Peoples Bancorp Incorporated Conference Call. My name is Chad and I will be your conference facilitator today. Today's call will cover a discussion of the results of operations for the quarter and nine months ended September 30, 2017. [Operator Instructions]. Please be advised that the commentary in this call will contain projections or other forward-looking statements regarding Peoples' future financial performance or future events. on expectations. based are statements management's current These Exchange The fact, a are this call Securities number not historical which are and Peoples' forward-looking in risks uncertainties statements filings. and in of detailed Commission statements and involve regarding the nature the industry, expansion These timing rate timing, impact activity; in banking, of changes interest and of business speculation nature, conditions including economic and changes cost consumer of limited the or federal of and changes integration competitive enactment Peoples' and the of changes regulatory and/or lending success, insurance successful in by include, and/or activities. of effects implementation the state acquisitions uncertainty not legal other regulations, services uncertainty the of but strategies, developments, are current in including the and to, financial the and presidential tax environment, about and the the policy administration, made reasonable Peoples' bounds call the this are forward-looking believes and operations. on business their statements of based Management the during knowledge within assumptions of

differ be your Executive requirements. earnings prepared update may year. and possible directly Investor statements. for responsibility will the a on will any However, available end GAAP was period of Rogers, it in commentary, after may Treasurer; include disclaims non-GAAP Peoples the begin quarter third applicable peoplesbancorp.com A results to opening Sulerzyski, An most forward-looking John these materially this Financial forward-looking by reconciliation available Officer; will about legal Chief Sulerzyski, the will required financial call, call by call financial this which and actual conference. call at and in at except archived issued from be this to of call release question-and-answer Officer measures statements each as Peoples' for XXXX facilitate. included XX minutes of This measures the section release. statements. and of comparable these webcast Chuck this XX is Relations Mr. earnings available Investor morning questions may is you and the to one Chief the be I be under President is peoplesbancorp.com Relations following will tab. Participants today's discussed followed during

Chuck Sulerzyski

you, Chad. Thank Good morning.

earlier loan we has signed our as Southern with Ohio production Kentucky, double will announced morning, we and have well ASB as branches definitive footprint current ASB two complement we agreement that As full Northern this a offices Corp. service six our Financial believe production. and mortgage in

filings all towards we quarter work are are and a in initially close regulatory required to We of beginning projecting the second completing XXXX. the

relates straight As quarter. income months reported of per we quarter was XX% XXXX, diluted $XX.X share share, was over was net the XX% than third or net of the third first record the the second and XX% it for million over per quarterly $X.XX nine diluted increase million income Net $XX.X income quarter XXXX. of to an and Through XXXX. or higher earnings, $X.XX

investment securities During minutes. gain from discuss John of on few equity which million sale a third $X.X the the benefited certain will we a in on quarter,

expenses, on focused income improving metrics. This and quality positives improved quarter including the several credit We are evaluating keenly reduced resulted net has our our in existing growth, operations. for non-interest and loan business interest growth steady

nine quarters amounts prior same year. to positive when a quarter the comparing eight quarterly in the enjoyed of have operating We leverage, last the

quarters For five comparative these purposes, impacted of the not acquisitions. by last were

basis. in the to were quarterly same that year time flat X% our During compared revenue percentage on growth quarter and prior was average average quarterly expenses the our on a

last it June lowest XXXX. compared balances XX, XXXX December efficiency to has Our seven been Loan the and the both annualized XX, in years. grew quarterly ratio is X%

loan million for first quarter with was of during grew XX, XX% XXXX The annualized XX% loan $XX September during or $XXX X%, loan mostly million for grew $XX indirect improvements during the charge-off to asset of Commercial $XXX driven Compared balances. by X% loans consumer basis the increase Provision million period. loan months grew to lending XXXX. this XX consumer grew points industrial losses outpacing in and commercial points and indirect net balances. rate higher quarter while nearly or and loan loans loans balances Our basis were million XX the quality. quarter commercial growth adding grew the was nine

assets our Although quarter, Classified $XX.X our while to during the down this see low loans or or criticized rates rates. quarter. million slightly were was Non-performing down were compared we continue to XX%. $XX.X declined XX% rate the historical to slightly relatively second million charge-off compared quarter higher net loans

During non-performing the relationship XXXX, and of the third to XXXX. improvement loans December criticized was loan and In loans total, assets classified mostly due commercial upgraded. from a have declined was quarter XX% XX, in that large classified

stable compared XX.X% were the XX% XXXX. XX% at June third as compared the total our current June to Fee-based XXXX. of considered XX, decreased nine of months XX% first XXXX decreased during was Delinquency in to XX, for XX, and balances at XX, XXXX portfolio OREO Our revenue compared to XXXX XXXX. XX.X% December approximately of trends September revenues at to quarter XX%

income X% focus successive fee-based net revenues our interest in on and continue and the Total quarter loan compared a the up was of to of income, declined the growing for nine first expense reduction fee-based growth during non-interest and revenue. third total slightly drove caused XXXX. during XXXX as higher months While we percent to

professional offset expense. by third banking the Additional fees marketing expenses incurred reductions in were during electronic and quarter

of categories in Year-to-date, and higher for the benefit to primarily corporate second increased XXXX. fees, compared salaried intangible tied to employee offset compensation cost was due assets. communication XXXX. quarter mostly flat by amortization to which of X% increase the was relatively reductions were our professional incentive This expense of most other performance While

X%. compared has to Revenue XXXX. rate operating During positive X% of leverage of the nine expense of months generated growth XXXX first growth we outpaced

the upgrade of recognized months third we system nine XXXX, the quarter first cost. During and

Excluding of growth X%. X% we leverage revenue year-to-date compared these XXXX still growth as positive outpaced costs expense generated operating to of

growing revenues We while expenditures. continue focus to thoughtful about our being on

Our efficiency third and to declined XX.X% in third quarter XX.X% of in compared ratio the to the XXXX. quarter prior the quarter in XX.X%

the and details income ratio sheet the interest first of nine to XX.X% to I improved to margin, turn John capital the activities. and XX.X% months over efficiency securities, XXXX fee-based additional call now investment compared During in on to XXXX. income, balance provide net around and gains will

John Rogers

Chuck. Thanks,

sales During third resulted quarter are our result amount securities. $X.X high and in million and of the investment during of reduced bank taken certain in securities we for business. action of in completed gains was the position a XXXX normal occurrence quarter, the on our the The This investment securities. not equity of appreciation

to continue having on impact growth see income. We is net our positive loan the interest

during asset income there higher the XXXX. as increased quarter increases Although interest growth income the during third yields earning interest costs. X% rise was of rates federal XX% interest reserve the prior to have Net the outpaced no rate announced third first and of by compared quarter, interest funding provided compared up quarter and to XXXX was in increase has half the the net in

income increased for nine XXXX, net compared X% first the During of interest XXXX. to months

other quarter from proceeds that added $XXX,XXX prior X.XX% third net X.XX% interest to the and recorded X interest the partially the we were due and and quarter than on in to additional approximately of impairment. improved basis no security margin to indication Net which be there we margin to security. unexpected the investment of proceeds revenue an net These in received third temporary for proceeds have Our interest of and compared points during could margin 'XX. XXXX. These the quarter income expanded X.XX% previously

some compared. investment the margin which positive last second in impact net on a interest our X.XX% margin X.X% On year-to-date had During quarter basis, prepayments we net we XXXX, call, mentioned interest during XXXX. increased of to to securities a and had

Our the slightly coupled quarter mainly to during due borrowing higher with and deposit overnight cost funding increases increased rates. our modest cost

that quarter amortization which in from increases certain of the Accretion is recall from you made second startling third late quarter. income, call, the we XX% [ph] expense during increased say in net the deposit we acquisitions rates was If basis from XX and quarter compared quarter the basis income quarter, interest from last during margin up XX Accretion quarter third XXXX. prior and the net and of prior to to points added year. quarter third points X% second the

annual for expecting flows During of loans we cash adjustment our completed an estimate a accretion purchase, credit positive impaired the which income and to third the quarter. quarter, for resulted in had impact

net added basis XX months the the compared to XX% margin points first to For but interest XXXX. declined XXXX, of accretion nine

see continue as to income overtime. accretion reduce We portfolios the acquired decrease will

the from $XXX,XXX guaranteed second the swap second gain declined with quarter, X% charges due deposit largely portion driven fees mostly charges lower lower income deposit in during lower slightly accounts to a Our Trust loan associated of quarter, that during declined in and mostly fee-based investment Service income fees and the fiduciary government on quarter. occur the increased on the income lower during commercial quarter. loan tax and income quarter income, I reductions the X%, due accounts. income, swap deposit fee-based service owned income X% billings the by loan grew to the bank outpaced increases were and third and trust on on as 'XX, mortgage overdraft Compared fee-based declined investment quarter fees. of and accounts. service insurance fees to commercial life charges banking during Year-to-date,

XX, compared XXXX grown XXXX X% compared the administration $XXX first investment XXXX XX, the has At deposits management to team total The which million to has securities that core assets with coupled to been of to increased income XXXX investment with and and CDs million higher September comprise and business. and trust was professionals continue the relatively of season under June of months of excludes within compared during June attributable nine flat -- under $XX our XXXX. management and to portfolio XX% Our production, XX, assets.

of compared deposits XX, flat deposits total Our end or compared XXXX. were relatively million X% XXXX. the to increased quarter total period Average $XXX.X June third to

products We have migration account third these quarter. consumers we'll and began the developed the the and new to customers conclude offerings new during in first quarter checking for migrating early product

based customer evaluated and bearing that were account. lower certain our converted bearing on non-interest deposit demand accounts During to characteristics being accounts rate were this traditionally are some migration, interest

maintenance XX% deposits These occurred at our result, certain between fee-based December fee we grow has been Stockholders to increased non-interest June bearing As balances compared earnings. at mainly equity and future increased Total that third periods. by of products during demand also requirements driven the expect and XX, in deposits XXXX shifts XX, will to in and XX% XX, balances XXXX higher and of have income strong continues demand these September to XXXX. XXXX. and interest result bearing help have quarter of new channels a

non-intangible our book ratio Our points the increased basis well healthy tangible also our tangible compared to it X% capitalized XX status. and to over value make equities while We grew priority exceeding and XX, December period. ratios asset improved same maintain capital XXXX

our $X.XX back stockholders at remained the was This to was announced we I due final equity The morning Tier-X of XXXX XXXX XX.X% earnings, XX, ratio risk-weighted Our Tier-X was for common to call we which ratio to continue which outpaced was comments. our turn equity dividends increase his our in largely our periods. in capital our compared while now paid capital increased ratio XX, and net our ratio XX.X% in will assets. ratios per dividend total September payout XX.X%. in future risk-based share, capital capital the June reevaluate Chuck at net increase to quarterly will dividend

Chuck Sulerzyski

John. Thanks,

develop banks have a to plan insurance, than value fewer our offering. banks even We retirement proposition. continue in proprietary of unique XX% engage Less

of our to are deliver solutions clients. to ability We our proud these

the professionals to in to delivery clients interest. we best great in we our experienced create take only products client, not Our sell clients what is do in a just relationship but due with their care

from our mentioned single in John this introduced every This in bearing consumers, checking taking earlier, interest clients to and as were making indicator one the to of strides new only resulted shift account optimal. non-interest we commitment bearing this to we experience serves offering demand balances accounts. day As our a our

well as the over of expense last force Our increased disciplined earnings management the is clients, part quarters. behind our as when it approach comes several to driving

We most have that investments and made to continue country. banks assure are the meaningful in our will the ability compete with make sophisticated to to

our house the in per of for ratio, assets, to on both return All led metrics. return efforts, in I'm perseverance in that average the credit share, and equity, the reductions the our stockholder our and of average back increases front driven of performance. earnings quality on efficiency improvements associates our dedication in have have thankful

through of XXXX. Moving on the to fourth our quarter expectations

year. full We and growth will fourth loan point to be margin for anticipate loan We losses quarter X% point the quarter. will to similar between the achieve the of be third to believe quarter. net expect X% to in that We the X.XX% for interest for provision fourth X.XX%

increase quarter year checking that slightly and begin offerings related the benefit XXXX. to anticipate Our some fee-based consumer generate to to revenue We in expect fourth of for during increases is expected fee-based operating account as the full seasonal are fees positive we new the will we likely leverage revenue.

fourth We expect our an XX% for the quarterly of during to are believe year be for effective XX% near XX.X% full expenses million. be quarter we tax to approximately the will non-interest rate of targeting and $XX XXXX efficiency ratio We XXXX.

excludes of are around XXXX In the acquisition. some early thoughts which announced here addition, benefit our

be be we in of X.X%, to will net loan point expect expect and We for XX%. expected revenue X% our margin target X%, fee-based to to we growth XXXX, be expense XXXX, X% between X% and at and between cost is efficiency increase we ratio X%, approximately non-interest expected X% interest growth to an credit for between XX% in believe growth point XXXX

it cost $X.XX $X.XX to of XXXX. cost. believe of We acquisition, this will ASB currently majority deal in earnings acquisition excluding XXXX to recognized are quarter to approximately As we projecting during accretive one-time the a be one-time be $X.XX mid-April the to and in by second The closing the XXXX. of will $X.XX in XXXX relates

the we of $XXX,XXX acquisition include XXXX However, of to one-time approximately anticipate fourth quarter that cost. will $XXX,XXX

minimal. turn John open commentary questions. of agency area October. the The acquisition This facilitator. more I in and will back to insurance call a Once Cleveland, Northern is Ohio and our bottom-line the Officer. Ohio in Financial joining at hands will in small will the XXXX Rogers, and provide will Q&A beginning to robust be this for impact Thank a session the Sulerzyski clients completed The region with current call service Chief also concludes of We you. the for now our offering. me is again, the call acquisition the we our Chuck XXXX

Operator

[Operator question will go ahead. - & Instructions] Sandler Scott The first O'Neill Partners. Siefers Please come from

Scott Siefers

morning. Good

little you quarter's maybe first the core margin? quarter you in just do direction appreciate in X.XX% core sensitivity, X.XX% your the that margin, bearing guys some then see, rate question talk what started thoughts of then, the interest deposit about where in into you, see on a the this XXXX a and but you the just kind this does Chuck non-interest -- the vis-à-vis other trending I reported to on can what Let's for fourth XXX the of and just the was And X.XX%. gave deposits, of moving that change your words, John; guidance from bearing? complexion; margin more shift in just

John Rogers

on gave mid-year going gross that's there the core we that margin; as the forward 'XX; see December, some think Sure. one mean at is look the right, and on rate increase out going number be another so to we positive Chuck positive. in we anticipate think a would Scott, I I it we so definitely is

Some next that should and so did last of swaps year will year, the stuff those we be positive. the kick-in

we the So an income some throughout somewhat increase we there would the to there go still will offset, year. decline quarter expect accretion with as be

throughout be get as an pretty completely anything To interest everything account interest The rate product, see down a lowest shakes that It's margin all so into impact. kind much it going any forward. XXXX we I our sensitivity of greater, get have that account the a number, large move bearing rate then into we we still not bearing discretionary. say new index mean, the smaller think out; bearing the I impact -- rate, a not not or is I accounts that's of majority tied the we might non-interest should to large lower so on nature, as of it did XXXX. or in interest -- will product think interest uptake be world net-net, interest we to you're our -- should So core your to the how X.XX% and in proceed it's when

Scott Siefers

your fee kind on Perfect, thank decline guys you. some alluded then, that are some into on a even now the from offerings just service so of year, you looking from X% growth fee is thoughts kind growth; but based maybe newer guys, I X% fee really generator. than that historical next as lower fees would little deposit accelerated to given the have Chuck, just thought charges should you And and to year-on-year is strength of come

to etcetera? well, thoughts you your carries sort need reinvigorate doing of where where momentum, on a just it might So little you're

Chuck Sulerzyski

Sure.

I business business trust the continue and the think insurance to well. that do you see

issues investment years, bit off but and market still will a for but single-digits has in we a change single-digits obviously of number we terms next will that been has cats probably business of high 'XX, a we year. net of facing premiums, not have just until trust Our backing large number [indiscernible] high Insurance that I think of little see see [ph]. those that changes double-digit, been probably

on more of think that -- banking are we've fees, trend in Moving too. others insurance. rate the consumer side investments than indicated most the the swaps I that's maybe for consumer by a slightly fees activities erode environment as I the that performs but traditional continue the say offset towards commercial think to our interest optimistic better being people I'm and issues experiencing more and would

Scott Siefers

good. color. sounds I that Okay, the appreciate

Operator

Please Michael will question go from KBW. be Perito of The next ahead.

Michael Perito

curious also just press one, will I'm curious it your onboard? that's into I the sights, year; if operation the mentioned higher -- kind some you of in just that ASB thoughts brought -- any on rest once like how for know, guess and want isolated seems from release. to excited you fairly guys it efficiency you your going decent this, how has commentary of effect kind mortgage have kind ratio deal to that a you're of was number fit income but only next on the about start of mentioned fee certain on on maybe it's I you the strategy drift of the --

Chuck Sulerzyski

don't think as efficiency the drift of No, ratio result with a that. fine think I if -- I higher will -- be we'll the

think cost. I of the have take out XX% we to

this year will. mortgages I think produce you will probably that the business, they mortgage we know, than in more

leverage if can so fifteen for terms we franchise two a eastern in that less our standpoint. markets, fill us comfortable earnings, on think mean in that. and Ashland of part do an couple and of I think and Ohio, I'm capabilities, more deal, We had southern of I add, of earn franchise in can the terms all than from is had the around terms compelling pretty the I is minute distribution this to of think very it of in two; perspective; with and than for Huntington, metrics can between for of beneficial us so it of I what year times makes know, I from deal branches where optimistic broadly, gives in distribution, you back. the capability less of in our I'm some terms helps western logical help would the a that I earnings also this shareholders. our more some a south it we acquired of kind we've us so geography

Michael Perito

the I the corrected bit from know, and but reasonable. for second I've state From for where mentioned, about the of seemingly some topic forward? had seems a space; like little areas going in what right a sellers And M&A your you pricing back the sticking it still more but waiting a It's very been one seems mean price involved as participating has your Ohio, this outlook on as obviously acquisition guys you're then, are team in gathered, have deal maybe in in is to additional you competitors, bit wise curious they bank buyers. see you shot, looking getting M&A that gap for what today between of vocal north what in and you market

Chuck Sulerzyski

markets, and would We pricing and some to pressure of of last say we make that and deals activity is us we than I that; have probably we I conversations, we've deal Central mean get see complementary. so okay there shied think another on have what seen but books let's there do growth than happen the that more really we that's sense probably I we in we to those you are too; premiums don't years, XX previous soon, stay the will continue months signs focusing have six before say months the do the with are. can't the strategically some the on somewhat We the from great, saw just the we continuous are do pricier organic comfortable away deal know, increasing. is operating -- for of of for financially. another on couple disciplined generally Ohio, Columbus and deals that deals focus is if in leverage

So for opportunities we'll we've ones we're see the we're we'll get optimistic had what grateful and brings. that future that and the more

Michael Perito

looking point you that's consumer helpful, driven last indirect then, months is will Chuck. to one growth point just expectation? be next maybe Okay, some curious year for first teams to the drive by the least, this at mostly just point if X%, nine and around to kind of that's year to construction what know, in the point to as X% other you year, me; similar that whether loan expectations balances -- expansion And next growth consumer loan expect one there the total, to at or thanks

Chuck Sulerzyski

help very erosion. for might that balance that include but the to but had able mortgage been I -- we they and deal of on that the we've mortgage indirect think the think good us one-off and sheet, stats had balanced we've good that the I between consumer prevent commercial, be growth, has us gave some

previously years, in also great there. will have be good is I and floor opportunities made for that continue there many not think investment think we we'll growth that past. enjoyed now mentioned I growth, in enjoyed as plan C&I and expect We've the we've growth in see the there C&I some the fourth quarter the see have we up running to systems to that

the X% keep focused we've very do months to credit credit today. we're get and XX and X% blend much again, performing the and from can great have growth quality, focus much So this credit on leverage our a this and than on we now improvements quality and year keep seen deal we'll bank stronger we operating

Michael Perito

Got it. Thanks guys, I appreciate the color.

Operator

The next question will be D.A. go ahead. from Kevin Davidson. Reevey Please with

Kevin Reevey

Good has you in morning. entity sheet high opportunities their XXX%? is Chuck the or of ratio, John, [ph] ratio deposit spread it deposit below XXX%; combined looks over additional really any income get to a serial-only from from loan like ASB it's see balance to do terms reoptimizing

Chuck Sulerzyski

I can there is think portfolio. there there, opportunities think that I we their opportunities think with -- is investment Yes, I

that us, it it's hopefully out but compared small think points move we of I should help. to greatly to going it's the be get so it, able should not few to relatively basis needle a

John Rogers

is more deals; opportunity we that that that's perspective. overtime also capability sheet see that higher a the There we more do to in should from so think some marketplace, of capacity balance we and have very believe beneficial we the

Kevin Reevey

with gain on that how ASB portion should modeling think as that And then of kind from in we like of ASB Peoples? of comes a non-interest ASB, has we're their looks loans; income model sales as we it significant about

Chuck Sulerzyski

sell mortgage gain going and that is business, so on produce -- you they've see to know, we the you're the them, loans sale That we continue.

John Rogers

that we model as to beat had they've and a that's to continue some to have the moves over They our the see in to growth from release would continue and that there last that see gain advantage few business growth forward. a steady servicing years and and

Kevin Reevey

then portfolio there? securities your pretty still is at some bank And [indiscernible], exposure lastly, you much have

John Rogers

moment opportunities that good No, are believe and the have that have there. the there any gains exposure is that arise, we that do still plans at so current amount no in far. of but some associated might take I as of to we we

about So disclose the I additional you that. that in -- gains will that there is are $X of million believe We sitting, see portfolio. in that Q

Kevin Reevey

Great, thank you.

Operator

James. from Our Cardenas Daniel ahead. with next question Raymond comes Please go

Daniel Cardenas

Good morning.

quick couple here. questions a Just of

mean, deposit of but of to loan side growth, terms coming the I kind expect loan we deposit In color growth on year? should the growth you mimic growth thank in the for

Chuck Sulerzyski

it No, loan a be growth. than the would little less

John Rogers

pretty especially some in we good and growth we've had expect Yes, run and side, a the of had we've pretty retail. continue think to a we it loan commercial there good in

had over last years, conversations the sales that loans the we've to We reduce think you maintenance continue having new I'm respect from the the expect -- of positive and asset. and you be think portfolio And benefit XXXX into growth the are to with in couple with a be opportunity us, the percent size relationship the the of as early beneficial perspective, of is of the will as force the having. we that products fee more we us and waive a some some, there investment we to also -- might new we if can that know, look products our loan deposit returns the so outward

that we like loan and anticipate think. would and -- doing some plays out of and growth So else I that if exists possibility everything

Daniel Cardenas

Right.

around so And investment percentage a would roughly I portfolio ultimately of -- of for like low that you as said or XX%, mean that water assets? to total see mark is kind you you what's

John Rogers

XXXX. be but wouldn't I road, in not that a not little if XXXX lower after low XX% think down in that mark, probably but the approaching the

Daniel Cardenas

the that for be $XXX,XXX a that you for just me; to non-interest does expense mentioned QX, mentioned? to merger-related $XXX,XXX looking clarification Okay. number approximately had And then that question in you're include $XX you million

John Rogers

not. does it No,

Daniel Cardenas

QX on of to kind driver the of So the what's expense on increase side? QX the

John Rogers

close linear is for but million $XX to know, -- not you it's there. I bank We've been quarters, guess, just several been it's around pretty

guidance in is the quarter. while for that million $XX giving a think I the been we've

Daniel Cardenas

alright, Okay, guys, thanks enough. quarter. good fair Alright,

Operator

Instructions] from be The [Operator next question will go ahead. [indiscernible]. Please

Unidentified Analyst

in Good projecting had provide you for it with deal; couple possible the just rate us questions of for you on the morning. housekeeping assumed to mark I a is one? this that

Chuck Sulerzyski

mark rate credit? or the The

John Rogers

mark credit rate mark. The about [ph] -- the was -- the mark X.X% wall

Unidentified Analyst

though? the closes, don't change the when And estimate rate mean, Okay. I deal mark, I [indiscernible] you right? obviously have for

John Rogers

It points. was around basis XX

Unidentified Analyst

just there. deposit is the get ballpark And there that trying out to you intangible? similarly, Yes, worked a Okay. kind for a of number core

John Rogers

Around X.X%.

Unidentified Analyst

you of some this this is to just there [ph] know, in fee guess in the -- opportunity fee, of I'm going adding Okay, what an perfect. and give down it's idea kind here backfill I the at you incremental franchise? southwest strategically nice looking some curious, growth the to be the markets is of going And to

Chuck Sulerzyski

the think for Columbus us marketplace that have. that Cincinnati capability to export the or opportunity we that we that and is that I acquisition in the a capability potentially or mortgage there. there think opportunity Cleveland with Louisville this we focuses team Well, have think They and can they is

filling than their have lending but a more don't terms market you from it provides because they options they fire they just we much power clients In clients of limit do. the our an investment offering, don't -- offering, have obviously have better an for know, insurance

and all it to So we will in business help us be we clients, be good so able to around. it will will much their more the bring mortgage think that

Unidentified Analyst

side a follow-up commercial of they as their And I book, in a to participations? have lot guess of their that,

Chuck Sulerzyski

No, significant. nothing

Unidentified Analyst

the had. I all that's deal, the think I Alright, appreciate I on Okay. Congrats and color.

Chuck Sulerzyski

You're welcome.

John Rogers

you. Thank

Operator

closing further remarks? At this no you questions. Mr. are time, have do Sulerzyski, there any

Chuck Sulerzyski

webcast earnings and time great for this the archived your of thank day. to that participating. under Thanks section. a remember release on Investor Relations Yes. and call for Please a I will peoplesbancorp.com want everyone have be our

Operator

The Thank now conference presentation. attending today's has for you concluded.

You now disconnect. may

Peoples Bancorp (PEBO) 24 Oct 172017 Q3 Earnings call transcript