Peoples Bancorp Inc. (NASDAQ:PEBO) Q2 2022 Earnings Conference Call July 26, 2022 11:00 AM ET

Company Participants

Chuck Sulerzyski - President and Chief Executive Officer

Katie Bailey - Chief Financial Officer and Treasurer

Conference Call Participants

Scott Siefers - Piper Sandler

Tim Switzer - KBW

Gates Schwarzmann - B. Riley Securities

Terry McEvoy - Stephens

Operator

Good morning and welcome to the Peoples Bancorp’s Inc. Conference Call. My name is Gary and I will be your conference facilitator. Today’s call will cover a discussion of the results of operations for the quarterly and 6-month period ended June 30, 2022. [Operator Instructions] This call is also being recorded. If you object to the recording, please disconnect at this time.

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. These statements are based on management’s current expectations. The statements in this call which are not historical fact are forward-looking statements and involve a number of risks and uncertainties detailed in Peoples’ Securities and Exchange Commission filings. Management believes the forward-looking statements made during this call are based on reasonable assumptions within the bounds of their knowledge of Peoples’ business and operations. However, it is possible actual results may differ materially from these forward-looking statements. Peoples disclaims any responsibility to update these forward-looking statements after this call, except as maybe required by applicable legal requirements.

Peoples’ second quarter 2022 earnings release was issued this morning and is available at peoplesbancorp.com under Investor Relations. A reconciliation of the non-generally accepted accounting principles or GAAP financial measures discussed during this call to the most directly comparable GAAP financial measures is included at the end of this earnings release. This call will include about 20 to 25 minutes of prepared commentary, followed by a question-and-answer period, which I will facilitate. An archived webcast of this call will be available on peoplesbancorp.com in the Investor Relations section for 1 year.

Participants in today’s call will be Chuck Sulerzyski, President and Chief Executive Officer and Katie Bailey, Chief Financial Officer and Treasurer and each will be available for questions following opening statements. Mr. Sulerzyski, you may begin your conference.

Chuck Sulerzyski

Thank you, Gary. Good morning and thank you for joining our call today. Earlier this morning, we announced net income of $24.9 million and diluted earnings per share of $0.88 for the second quarter. This is an improvement over the linked quarter and the prior year quarter. Our net income nearly doubled during the first half of 2022 compared to 2021, and our net income for the first half of 2022 was more than our net income for the full year of 2021. We benefited from our recent acquisitions and organic growth. We had positive operating leverage compared to the linked quarter, prior year quarter and first 6 months of 2021.