Profile: Peoples Bancorp Inc (PEBO.O)
22 May 2019
Peoples Bancorp Inc., incorporated on December 29, 1992, is a financial holding company. The Company operates principally through its subsidiary, Peoples Bank. Peoples Bank's operating subsidiaries include Peoples Insurance Agency, LLC (Peoples Insurance) and two asset management companies, PBNA, L.L.C. and Peoples Tax Credit Equity, LLC. Peoples Investment Company has one subsidiary, Peoples Capital Corporation. Peoples Bank is an Ohio state-chartered bank. The Company offers banking, insurance, investment and trust solutions. Its products and services include various demand deposit accounts, savings accounts, money market accounts and certificates of deposit; commercial, consumer and real estate mortgage loans (both commercial and residential) and lines of credit; debit and automated teller machine (ATM) cards; credit cards for individuals and businesses; merchant credit card transaction processing services; corporate and personal trust services; safe deposit rental facilities; money orders and cashier's checks; a full range of life, health and property and casualty insurance products; brokerage services, and custom-tailored fiduciary, employee benefit plans and asset management services.
The Company's financial products and services are offered through its financial service locations and ATMs in Ohio, West Virginia and Kentucky, as well as telephone and Internet-based banking through both personal computers and mobile devices. Brokerage services are offered through an unaffiliated registered broker-dealer located at the Company's offices. The Company's market area consists of rural, small urban and metropolitan markets, and consists of a group of industries and employers. Principal industries served in the Company's primary markets include manufacturing; distribution; real estate; healthcare; education; municipal; agricultural; petrochemical; oil; gas and coal production; wholesale and retail trade; tourism, and service-related industries.
Peoples Bank originates various types of loans, including commercial real estate loans, real estate construction loans, commercial and industrial loans, residential real estate loans, home equity lines of credit, and direct and indirect consumer loans. Peoples Bank's lending activities are focused principally on lending opportunities within its primary market areas, although Peoples Bank may occasionally originate loans outside its primary markets. Peoples Bank's loans consist of credit extensions to borrowers spread over a range of industrial classifications. Its loan portfolio includes commercial real estate and commercial and industrial loans, construction loans, residential real estate loans, home equity lines of credit and consumer loans. Peoples Bank originates construction loans to provide temporary financing during the construction phase for commercial and residential properties. Peoples Bank originates home equity lines of credit that provide consumers with flexibility in financing personal expenditures. Peoples Bank's consumer lending activities primarily involve loans secured by automobiles, motorcycles, recreational vehicles and other personal property, as well as unsecured loans and personal lines of credit. Peoples Bank grants Overdraft Privilege to qualified customers. As of December 31, 2016, the Company's net loans amounted to $2.2 billion.
The investment securities owned by Peoples Bank include obligations of the United States treasury, agencies and corporations of the United States Government, including mortgage-backed securities, bank eligible obligations of any state or political subdivision in the United States and bank eligible corporate obligations, including private-label mortgage-backed securities. The investments owned by the Company's non-banking subsidiaries consist of tax credit funds, corporate obligations, municipal obligations and privately issued mortgage-backed securities. As of December 31, 2016, the Company's total securities available-for-sale amounted to $777.94 million and total securities held-to-maturity amounted to $43.22 million.
Sources of Funds
The Company's primary sources of funds for lending and investing activities are interest-bearing and non-interest-bearing deposits. Cash flows from both the loan and investment portfolios, which include scheduled payments, as well as prepayments, calls and maturities, also provide a relatively stable source of funds. The Company also utilizes a range of short-term and long-term borrowings to fund asset growth and satisfy liquidity needs. Peoples Bank obtains deposits principally from individuals and businesses within its primary market area by offering a range of deposit products to clients. Peoples Bank also offers its customers the ability to receive multi-million dollar federal deposit insurance coverage for certificates of deposit (CDs) through the Certificate of Deposit Account Registry Service (CDARS) program and money market deposit accounts through the Insured Cash Sweep Services (ICS). The Company obtains funds through a range of short-term and long-term borrowings, which typically include advances from the Federal Home Loan Bank of Cincinnati (FHLB) and repurchase agreements. As of December 31, 2016, the Company's total deposits amounted to $2.5 billion.
Peoples Bancorp Inc
138 Putnam St
PO Box 738
MARIETTA OH 45750-0738