PEBO - Earnings call transcript Q3 2018

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Operator

Good morning, and welcome to Peoples Bancorp Incorporated Conference Call. My name is Brian and I will be the conference facilitator today. Today's call will cover discussion of the results of operations for the quarterly and nine month period ended September 30, 2018. Please be advised that all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer period. is recorded. call This Instructions] also being [Operator

timing, statements If this the time. to the future statements on current and other uncertainties commentary Peoples' expected, are the Securities number or implementation success, of and financial made disconnect the call of timing business consumer industry and economic the the Act include, or legal Peoples' and at risks acquisitions, preliminary of additional statements recording, the and knowledge developments forward-looking and are the involve and and/or based expectations. and reasonable expansion enactment the Exchange not uncertainty changes rate speculation operations. including historical the detailed their bounds based impact during which and Management such please of forward-looking effects Jobs Jobs environment, changes Commission the or nature, and may current this Please U.S. of changes the Tax a activity. the believes call, service regulatory on projections to of slowing ability changes; effect this will filings. impact, analysis the and you not interest and timing tax are lending Peoples' These changes call or statements but uncertainties future insurance in participants conditions any activities. and of performance economic success legislative acquisitions, expansion; Act Cuts in object within state of facts, and time events. actions; strategies, in assumptions presidential and including more or Cuts other The regarding contain the regulatory limited regarding future These the accompanying including which business easing Peoples' than reversal in be integrate be impact banking of and this and of Peoples' of are Tax review advised management's in and/or of are statements forward-looking competitive of federal uncertainty pending a administration, the unsuccessful, to financial on costly the nature restrictions The the financial and of current policy difficult, service industry; consuming or that the cost

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

Chuck Sulerzyski

year-to-date quarter Brian. we third you, Good announced for joining our income. you morning. and record net morning results. another review us Thank Thank a of of for This quarter

$X.XX increased to share. rate also per We our dividend

shareholders. providing to progress make positive reliable results our continue for on We

loan per diluted impact recent of of earnings were we quarter, the company of third full We X%; see history. our additional losses the which a acquisition growth During share linked over increased to to ASB noninterest recent Corp; quarter; commercial Financial generate compared benefit yields quarter's best an quarterly expenses, in income, to quarterly our able the the included net excluding control considerable a in gains and generate our to XX%, maintain or increased and share total related pension XX, deposit rate. book XX, of compared and XX% to of net million the acquisition loan $XXX,XXX classified to assets reduced our billion expenses $X decreased charges per to during charge-off by third mark September ratio pass of XXXX, $X quarter. XXXX, $XXX,XXX the a tangible value settlement our $XX.XX, September To low as in relatively assets total

included results quarter In per diluted income linked and or $X.XX income net $XX.X comparison, or of million we quarter per diluted third of share. third of or reported the million quarter for per $X.X share the share $X.XX million $XX.X Our $X.XX for net diluted XXXX.

per During share per $X.XX or in diluted XXXX, diluted the $XX.X to nine net first months income million XXXX. our compared $X.XX $XX.X was or million share of

the by $XXX,XXX, third diluted recorded related of $X.XX. earnings share we During additional acquisition per reduced quarter, costs which

settlement $X.XX. $XXX,XXX, negatively diluted impacted pension which per charges recognized also We earnings of share by

our commercial footprint. the footprint. we Ohio, $XX opportunities area million Central our other share relationships worked nine the acquisition during in additional quarter have per two enforcement South the relationships committed acquisition reduced ASB, adding market middle quarter within cultivate related $X.XX diluted the to first of of costs in hard acquired earnings of of of commercial ASB The has credit. we see earnings $X.XX. share during XXXX, acquisition totaling XXXX. ASB benefited in For per third per banking ASB addition Since the and by months in diluted share third new industrial We Leveraging significant the

in of continue an portion effort bring our to target area. our market of this more to and will banking exposure gain the We to brand

industrial compared loan Commercial and or real to growth balances, balances commercial XX, a were We the June million loan and XX% payoffs had business, during XXXX. The which and XX, million growth were in compared in ebbs loan June X% has June was XX, or it quarter the a payments indirect Organic impacted $XX slightly estate late by $XXX third Our within XXXX. organic the during was XXXX, $XX slowed as to our lending typically balances annualized. X% of flows. of in growth commercial $XX million million resulting loans quarter. normal or estate [ph] since Consumer the number occurrence real in annualized strong experienced quarter, decline third

XX% portfolio diversify of at continues commercial loans June Our XX, to loans XX, commercial compared total real to loan XXXX, estate September as XXXX. comprising with XX%

XXXX. average to million XX% loan commercial million. XX% compared increased noninterest which June loan to the in commercial September consumer at growth ago. $XX loans or average Quarterly and XX, and the average portfolio $XX XX% XXXX, XX% growth to while compared million, commercial of of these grew and grew loan As balances. industrial quarter five the average to $XXX a balances our relatively between loan loan $XXX and On a included represent quarter. million third XX, XXXX compared recent consumer basis, year-to-date of of million result Commercial quarter portfolios, Total was evenly annualized commercial growth linked and of the expense grew compared This our or loans linked declined growth. XX% increased spread million XX% consumer years XX%, loan $XXX $XX balances loan balances loan of

XXXX. quarter related pension higher with third running noninterest additional Compared acquisition an charges. to in the costs reduction compared the largely of expenses quarter, third XXXX, due $XXX,XXX for related increase of franchise. increase to of acquisition due resulting and third and linked the to salaries employee benefits related expenses, year, we to settlement During quarter the noninterest the to million The quarter additional ASB from cost also acquired total expense the to in in the the encouraged the prior $X.X was mostly $XXX,XXX the total the of acquisition, was over expense ASB contributing decline

XXXX, nine noninterest $X.X first expense grew by driven and For XX%, the we've acquisition of expenses total of related million. months

benefit to corporate operating quarter higher the we leverage higher expense We of and third related performance. and XXXX. the to XXXX, stock-based employee quarter positive sales compensation costs compared due volume overall settlement to higher third partially which for in also were acquisition of pension linked adjusting charges, costs, With increased due and quarter compensation experienced after and generated incentive salaries

in costs, one-time positive XX than have periods. we enjoyed leverage quarters operating more when Excluding comparing year-over-year

improved For XXXX, ratio our for the to quarter, and to efficiency compared quarter XX.X% linked third the for of XXXX. third quarter the XX% of XX.X%

lower For related acquisition was increase ratio year-to-date to quarter the the the compared the The ratio. key the the improvement cost first efficiency XXXX, for in nine months in was the and driver XX.X% XXXX. XX.X% in efficiency linked ratio of to compared

the for XX.X% was settlement quarter Excluding to our third third the XX% pension compared for ratio of quarter expenses acquisition quarter charges, the of related and the and XX.X% XXXX for efficiency linked XXXX.

the months nine period in ratio XXXX, of was adjusted XX.X% XX.X% first the compared for efficiency same the For XXXX. to

was quarter. Asset quality during stable the third

Our were compared assets XX, XX, at XXXX. declined compared September nonperforming to September X% June to flat and relatively XXXX, XXXX, XX,

the offset quarter million asset loan metrics. has XX, million Our at total was provision growth, to $X.X by loans the in XX, of has in increased to been at ratio and nine driven was X.XX% September improvements September percent nonperforming OREO loan and compared for XXXX, The for been partially for assets a losses XXXX first as increase and which months by third quality of XXXX. XX, $X.X June X.XX% Provision XXXX.

loans current to the charge-off September improved basis in million upgraded XX at our sheet due during up XX% around of at points XX, XX XX, single June balance September increase from and categories. and mostly XX, to September million the relatively to for were stable result were improvement and of acquisition. quarter, trends over as points compared quarter was from The compared XXXX. Delinquency up other XXXX. XXXX. declined loans turn XXXX, third net $XX $X rates $X compared at Criticized during income XX% were ASB call basis the loans compared in relationship or to of for the and June X% points to portfolio additional acquired XXXX, quarterly $X was XX% loans XX, was XX, details a provide the June Classified quarter. XX.X% commercial XX.X% to that the XX.X% basis XX million compared Our million and June XXXX, XXXX, compared XX, September to to or I loans XX, criticized linked XXXX, or or statement now XX, considered will June the XX, The XXXX. to decreased was classified XXXX, John

John Rogers

Chuck. Thanks,

and quarter, was offset due mostly income net to XXXX. and X% up increased to to The partially was quarter Our compare the growth, third improve loan to XX% compared quarter higher was of continues the the during interest linked deposit improvement by costs. which

third the for third was the only X.XX% of rates compared it quarter and X.XX% for margin X.XX% slightly was negatively the impacted rise loan deposit a interest net to the quarter during third while quarter anticipated given but XXXX. for flat Our by linked higher relatively yield the the for had slightly the We quarter. quarter, rose LIBOR in costs margin

also offset recognized and to other-than-temporary quarter basis the by We point security costs. which the the for yields, borrowing of benefited have on proceeds the we quarter loan and of investment costs were margin impairment. had from rise higher deposit Compared partially to third a previously for benefit which the and $XXX,XXX XXXX, second higher we from X slight have

other-than-temporary and which we in points XXXX, increase respectively. net quarter months we in period. grown period of compared the XXXX interest for X.XX% the first For margin net XXXX, the that has margin to which net had primarily proceeds added of and XX% X.XX% impairment, interest recognized was the organic also X and basis interest due to security for growth. while interest to ASB during during Net of has on income acquisition $XXX,XXX income previously The loan same recorded third nine XXXX the been

included nine the $XXX,XXX compared when controlled XXXX. have which Our acquisitions, of fair income interest the points by seven partially for net driven Accretion interest in the increased which rise costs, third minimal higher net loan to increase adjustment Accretion the during yields, first in the from to declined XXXX. deposit offset borrowing deposits were our of income of but third of margin and rates $XXX,XXX. income $XX,XXX quarter, quarter added of value Accretion XXXX. from basis of was to for points time compared amortization months was XXXX XXXX. third is for basis XXXX, the during margin the quarter Accretion linked overall compared for quarter points down was quarter, third net and to $XXX,XXX the the of acquired ASB the second to the increased amortization of expense, $XXX,XXX loan and the XX income six basis quarter the XXXX,

accretion than first basis of basis seven months of the nine during XXXX, interest the points For net the same lower which period added XX provided income the were XXXX. margin, to points

total pleased excluding are our net income, We with gains noninterest growth in losses. and

grew compared quarter XX% quarter, fees, compared X% to charges the higher the to Most linked ASB. service mortgage acquired XXXX. quarter demand account the loan the in was banking of to to doubled, well quarter, mainly higher During third the XXXX, this from overdraft due income resulted which as to deposit third and compared increased linked income. Compared nearly increase our origination operation of third for swaps, income the as fee increased due commercial mortgage quarter to of

excluding and swap All income service experienced growth while total and growth double-digit Contributing swap banking electronic and in than addition, at compared banking fee to followed trust XX%l, at tripled. investment categories increased XX%, income, these of at income fee months more on to XX%, of insurance nine XXXX, by X%. noninterest gains to experienced In Compared trust the net losses, and last increase income, electronic investment income first accounts. banking income year, income with higher charges X%. mortgage growth and deposit income we was income; the

with coupled the Cuts the tax Jobs to of third declined and expense quarter that higher to the in income was lower $X quarter result up linked quarter income tax pretax valuation XXXX. for of that linked Compared Act the due XXXX, the tax quarter the was to rate the linked to was to expense in was income the expense during as released late quarter $X million increase third third quarter. and compared XXXX. Our a of the than Tax was income allowance million due tax The compared corporate enacted nearly reduction

was XX, balance was the onto consistent which flat total continued September June essentially portfolio the to XX% represent at investment compared Moving our sheet, June XXXX. XX, XXXX, It of September of as to XXXX, XX, with assets XXXX. at percentage XX,

XXXX. XX, million growth Our CDs, core September the XXX deposits, an X% excludes XXXX, to portion compared XX, XX, A and compared to to compared was grew XXXX X% of which large increase due June to June $XX of of at in deposits coupled September XXXX. with deposit increase of an $XX compared non-interest-bearing demand XX% total XX% deposits. at XX, XX% XXXX, June governmental in and Total balances, of at million XX, XX, million account comprised September XXXX, deposits to

compared total deposits X% million million June $XX Our period grew ended -- $XX XXXX. or XX, to

quarterly were Our of compared linked XXXX. X% quarter to deposits XX% over third average increased and up quarter

due to first Our balances deposit X% of acquisition. ASB deposits XXXX. total average The XXXX the nine grew average period months in XXXX compared to mainly the compared during was to increases

ratio the our ratio compared basis and points capital XX.X%, X to able capital Tier increased During as were grew declared to X.X%, our Tier XXXX, by improved increase position our third we June common our dividends to quarter, our capital X earnings paid. XXXX. while risk-based to to capital June to XX.X% XX, XX, exceeded Compared equity our XX

basis tangible improved Our ratio tangible XX, XX September compared to equity XX, was over points XXXX. points asset XXXX, and down June with basis seven

Our XX, compared XXXX. and to tangible to June at book XXXX, $XX.XX $XX.XX common per $XX.XX share value September XX, increased at

per $X.XX third share. quarterly share. already share, quarter to represents This stated, increased a per dividend Chuck per of we diluted XX% payout of rate the earnings As dividend quarter's

evaluating for rate. our the we turn comments. his As performance our position call will have final I back quarterly to to our continue we and increases of Chuck by demonstrated recent dividend monitor capital dividends, and now

Chuck Sulerzyski

Thanks, John.

ASB services focus to the within to From we to how embarking We maintain retail and news providing the our frontline services our customers, quality are advisors, the bankers, bring daily high providing specialists our mortgage clients. appealing lenders, service. continue financial to our spreading our and We are to to insurance on to reputation on consultants strive footprint. committed

one within area. that I'm grow next, geographic continue business As our confident referrals the share we we from can to line make new the to market of

of the third positives rate million income, compared acquisition losses. basis flat net quarter. X% our controlled at We noninterest a points. experienced the As we We or and reduced growth We June expenses. relatively far XXXX. of X% in to XX, low related XX, we excluding classified June quarter deposit by $XX.X or during And growth XXXX. our a charge-off $X million We compared net generated total to considerable our expenses, relatively from maintained XX which excluding several results, experienced as were assets XX% linked gains

million loan X%, following approximately fourth of and to growth excluding the expense quarterly we margin to third of to interest early costs results. $XX ratio income organic noninterest some efficiency of the during We noninterest XXXX. losses into like XX% would XX%, costs total a minimal related provide tax anticipate between a quarter gains total those the and ASB. similar federal As acquisition move and quarter, income net rate Annualized $XX around effective recognized million, third we and the credit XX% between net also quarter, similar quarterly to of guidance X.X%, to XXXX, X%

loan point-to-point expect to of X%. X% We growth

full $XXX growth XXXX. three This low belief in expectation -- reflects We about be and in X% XXXX between expect it charge specific X%. for rate reflect rather is year, increase $XXX anticipates revenue between rate our does based that which portfolio of offs. to to an Fee industry believe during the increase any increases concern remainder not margin We enjoying unusually and in net costs be credit the XXXX. expected interest one and will the is

growth upper-single-digits. be revenue in to total expect We the

will mid-single-digits, the impact ASB. expense including be expect the in of We noninterest to

for and ratio between efficiency XX%. XXXX is target XX% Our

in have while the to quarters appetite shareholders We dividends. our results along recent provide our having in an improving call session been Sulerzyski, believe to commentary. Chief in are the our results We call hands our This the for reliable Q&A like acquisitions. open with joining business, questions. Rogers, we the we and the the able our pleased for increase still core Financial will with for Brian. delivering is Once turn the of to Officer. would facilitator, and Chuck me again, call John back And is now to this concludes I

Operator

Siefers the question We’ll you. from Scott Instructions] now Sandler with go first Please will begin Thank session. And O'Neill. come ahead. question-and-answer [Operator today's

Unidentified Analyst

Thanks. on Scott. Good morning. for is This Gene actually

you on thank margin. for color So, the

a in third presumably become But and abates. was an LIBOR quarter the issue. headwind of So that cost more funding

see what So takes as main and them, you the margin going are forward? for the puts core

Chuck Sulerzyski

that of August company. So I in late think be Most sensitive to do more the deposit day quarter. the around that improvement was has mean, continued loan we’re third end the into September not of where October perceive And three you’re increase in is the in risk. during definitely LIBOR, to continue we think, the evaluations will quarter, that franchise did of We Xst. drive good. months, We the the deposit those has the at one is right. is shown in -- the I second especially went going some which course of effect rates still into book, take believe the I -- our to to

We’re trying costs. to easy deposit be too on

pricing this the in to a deposit competitors side. us do have People fourth on we consumer don’t been do So in on time. side, the need relatively that costs. in rise point at to We decent decided quarter deposit our see consistent

that clients, with relationships been will customers, but continue in probably to maybe managing from we've commercial a right the pressure conversation from considering have loan having We aggressive pricing public and solid adjusting funds, them. business our like the been see more and some relationship, corporate and some

right doing there we’re think I well. the as So thing

benefit summing overall, So, we on a some think, LIBOR. I get up,

managing We’re deposit our costs.

going betas I last will appropriately And of deposit a quarter. be low was been over and think our two to up bit manage forward. able a think this competitors This relatively years. we we our little year half have compared to the catch years, just

Unidentified Analyst

guidance? that And hold second light then still to million previously half. in Does expenses, in on $XX true the guided you quarter had updated of per

Chuck Sulerzyski

Yes.

I we said consistent. by be generally consensus think, would

for we’re pension you costs $XX at once think around I adjust the and number. the acquisition settlement, right million

Operator

Our go Michael Perito today’s be KBW. Please next ahead. question with from will

Michael Perito

year. what X% a growth relative kind in Obviously, both a to around making of outlier, I'm guess, are couple on I the some an least bank from firstly this get non-bank from loan know that more Kind credits what say, in especially you more acceleration -- the of the questions to you the I X% and to got loan gives X%, But for of commentary for balance raise year-over-year there's point? kind pipeline I covered lenders sheet. conservative outlook at growth it balance some for some to competition, challenging of on commentary guys -- -- would just cover, this kind guys. I curious the seeing. at just year of to companies that which next for seeing mean, quality you sounds X% confidence the I XXXX good. you bit the are guys is

Chuck Sulerzyski

I the number to X% X% quarter. think fourth was the for the

will for the year that think, be around X%. I it

for I been to X% years. X think the we've last XX%

not million, competitors believe $XX ignored because million, liberate we the banks really based and from based against. large at primarily prospects fact borrower the that is X the that is proposition we clients compete $X $XX we economic growth. on can on It's million Our

quality as the think, credit for as I comments, So far the credit themselves. statistics speak

$XX billion universe. peer certainly are to statistics $X billion above credit the Our

also to the in have And commercial think of dependent be expansion. not business our we of be but we're go opportunities to out opportunities And from bankers XX% it insurance professionals not XX% investment stealing We're professionals. in is by to growth going developments our So being that people. proposition. in those there's that can long large cases, things institutions needs $X care in million do, million, And them. got customer $XX of third take love, we want that living of rate a us as the we institution. came three we've the getting percent do by in lot at million, sizable a came with getting large client, loan a faith retail on I quarter as tired businesses find of market us, they there's our and the we the not only as area, at were were the that realization $XX new client to that what higher a going markets, our little to with and tandem a interest they a to again can in And competition. some working new they half because

have do have So confidence things X% will all X% to I the that confidence any to I because those of consistently. don't great competitors

companies, are two away where them the from of competing best. We're All them not against at they're great where in but located. are, fortunately, their markets we hours

Michael Perito

And decent revenue margin least favorable, secondly, initial growth, pretty good then obviously, levels. growth, for from at outlook just, year next the recent the seems expanding

are the aggressively grow some M&A? point. still look options as post-tax capital the I has all something as and being for of couple have into year have mostly remaining reform. you of in guys earnings dividends that repurchases the pretty seemingly continue powder for the ratio, of you increased towards the used guys are saved now, the improved As Or which broader to the dividend this around XX% weakness deployment the of to think at about I will mean is at growth the kind tool deployment the kind recently try of Peoples', anticipating I bag? discussions M&A. throwing obviously, you the with But and outside stocks broaden in next TC this almost Board's and that you at creep bank capital years right kind mean, any profitability, you share up mean,

Chuck Sulerzyski

deals. the into the coming that I a them to of much if that play. see share M&A, don't continue goes would $XX, don't down to I play. market the can more think, into do further, and we M&A repurchases I dividend increase will some think But bucks, that to the know XX come I at little bit into I and cash think, if see get

Operator

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

Kevin Reevey

X% So Chuck, give that from about outlook gain you that on fee could also from? to you see And you the some growth? what that growth volume expect to XXXX, is you impact grows the to talk clarity items us that X% could synergies the then any share for line ASB income deal could

Chuck Sulerzyski

a in Yes, continued see in I think, we’ll lift SBA. a SBA, lift

some we’ll that think of former will Mac terms doing programs that see been lift incremental a I the in be ASB. we've in of

see income will what in and for insurance more we historically do some with We enjoyed all positive. than is we’ve fee business. investments, combination mortgage those And in mortgage what the

John Rogers

think we'll That is that to some that, the I as on expenses mortgage, heavy just come strong Yes, mentioned commission to investments a add from on ASB, of the purchased which single the covers high still there. still growth and growth with both we franchise world, leverage think will good but your considered double we’ve growth digit which in I respectable not see questions. And we we allow we perhaps side. and trust digits, had, that close Chuck does number.

still still of expenses income we'll think could So more And good see there's still at bit. the our electronic banking. People cards all drive I little in time. use and more loss someone the a there, debit

it go. So that’s to where we're seeing

Kevin Reevey

And then remain any competitive? in your make additional also your speaking technology outlook to order need of noninterest electronic to Does may you that banking, does digital and investments XXXX number? in expense for include

Chuck Sulerzyski

have And with practice, Yes. consistent our ongoing. investments making been we

system, flow new deal a have system. of new mortgage system, we have core a new plan a have we We

to We next months. investments XX all all businesses XX get competitive and of the of format are over necessary making our to the in digital a mobile

Operator

James. Please Cardenas Instructions] Raymond Daniel be next And [Operator with our ahead. question from will go

Daniel Cardenas

some paydowns and bit of So And of in level into maybe you color as and like? QX, coming maybe of does -- see the normal are given that a again, beginning on to payoffs color kind level what slow? look paydowns that to of little could the any quarter

John Rogers

and I’d paydowns. just make see banks the you paydowns. reporting comment And of about a complaining general lot about a

less being able complement I think on the growth less put a and of portfolio dependent we’re it’s seeing loan some up. our to CRE to concern that construct

fourth paydowns of more to do be a to quarter part quarter, It's going do have We’re any business. like really. every it less. Not the or we the in expect

So want I remain guys an optimistic comment that editorial make we can probably that to growth. have decent I loan don't you hear. will

a of a get missing I says can sure quarter. later, loan been but I to growth am But do. avoid We’ve flat I for too five reactions for to what fortunate over that wouldn't think the we’ll depressed bank years, quarter have bank some It sooner overdone. now it. or a consistently about little

Daniel Cardenas

Got Got trend you. One quarter make the you. doesn't right.

kind and the then growth for loan of is project some to Are as be that side growth to color percentage a a you that challenge? more that keep your growth. on mid-single-digit bit Or expectations little a maybe going kind of pace of of kind on deposit basis? So deposit

Chuck Sulerzyski

I we've that rate the loans be a little would think challenge. been bit that growing deposits growing a of at

it the in not that and think of we different funding to also see marketing a ratio acquisitions can to in look specials be we're the We're to that pricing, of ahead more in And selectively markets different function clients I doing come that's prospects. see do the as years cost to that But to of may testing so way we're penetrate side. if down. deposit help happy and aggressive overall deposits. some able optimistic we'll the loan do we with damning

Daniel Cardenas

the deposit not some I growth, takeaway bigger assuming share smaller brethren? maybe It your so as going kind kind you mean, seeing from I'm -- to of competitors, but are And market competition think you about well. increased as that's Okay. be then, of from much

Chuck Sulerzyski

than the I doing causes look know something particularly mean, small been the the has or been not regional's little it's has larger a hurt three. think any compete do. may problems bank -- that -- has something problematic. You aggressive. I it's around That's we I bank branch or When against, market, one been at us two of a not across But doing really But factor. yet may we footprint, don't really more why

Daniel Cardenas

they or discussions now quieting little our maybe question, last then of color here? up environment. like kind And right the What's Good. M&A a that -- down on perking

Chuck Sulerzyski

the We're interested discussions. the We remain having insurance may remain business, We business. in banking the leasing interested business. in

had probably I X than I prior the don't X XX or in have last, more conversations think that probably the you months, had I in months. know,

buying that And remain we out a done think diligent good price. hopefully, are I there's more to And I'm that not optimistic things deal. last stuff at So our can have there. we

Operator

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

Chuck Sulerzyski

And have our be this good Yes. call for Relations of Thank participating. on webcast day. release for peoplesbankcorp.com Investor Please your will that the a and under Thanks section. remember time. archived earnings you

Operator

is time, thank conference attending this concluded. you And The Everyone, for presentation. today's may you now at now disconnect.

Peoples Bancorp (PEBO) 23 Oct 182018 Q3 Earnings call transcript