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EX - 99.1 2 exhibit991q22021er.htm EX - 99.1 Peoples BANCORPⓇ P.O. BOX 738 - MARIETTA , OHIO - 45750 Ⓡ www.peoplesbancorp.com FOR IMMEDIATE RELEASE July 20 , 2021 NEWS RELEASE Contact : Katie Bailey Chief Financial Officer and Treasurer ( 740 ) 376-7138 PEOPLES BANCORP INC . ANNOUNCES SECOND QUARTER 2021 RESULTS MARIETTA , Ohio - Peoples Bancorp Inc. ( " Peoples " ) ( Nasdaq : PEBO ) today announced results for the quarter and six months ended June 30 , 2021. Peoples reported net income of $ 10.1 million for the second quarter of 2021 , representing earnings per diluted common share of $ 0.51 . In comparison , Peoples recognized earnings per diluted common share of $ 0.79 for the first quarter of 2021 and earnings per diluted common share of $ 0.23 for the second quarter of 2020. For the six months ended June 30 , 2021 , Peoples recorded net income of $ 25.6 million , or $ 1.31 per diluted common share , compared to $ 4.0 million , or $ 0.19 per diluted common share , for the six months ended June 30 , 2020 . Non - core items , and the related tax effect of each , contained in net income included gains and losses on investment securities , and asset disposals and other transactions , acquisition - related costs , pension settlement charges , severance expenses , COVID - 19 - related expenses and a contribution to Peoples Bank Foundation , Inc. Non - core items negatively impacted earnings per diluted common share by $ 0.30 for the second quarter of 2021 , $ 0.11 for the first quarter of 2021 , and $ 0.06 for the second quarter of 2020. Non - core items negatively impacted earnings per diluted common share by $ 0.32 and $ 0.08 for the six months ended June 30 , 2021 , and 2020 , respectively . " During the quarter we have several accomplishments that we are proud of . We integrated North Star Leasing into our operations , " said Chuck Sulerzyski , President and Chief Executive Officer . " This additional line of business is growing as we anticipated , which is reflected in our results for the quarter . We completed the acquisition of Justice and Stamper Insurance Agency in Pikeville , Kentucky in May . We also were very honored to be recognized by Forbes magazine as the second Best - in - State Bank both in Ohio and West Virginia , one of only sixteen banks across the country to be recognized in two or more states , along with earning the top workplace designation from Cleveland.com and Cincinnati.com in Ohio . We have spent a considerable amount of time planning with our partners at Premier Financial Bancorp , Inc. and still anticipate on closing later in the third quarter . " Acquisition Announcements : On March 29 , 2021 , Peoples and Premier Financial Bancorp , Inc. ( " Premier ” ) jointly announced the signing of a definitive Agreement and Plan of Merger dated March 26 , 2021 ( the " Merger Agreement " ) pursuant to which Peoples will acquire , in an all - stock merger , Premier , a bank holding company headquartered in Huntington , West Virginia , and the parent company of Premier Bank , Inc. ( “ Premier Bank ” ) and Citizens Deposit Bank and Trust , Inc. ( " Citizens ” ) . Under the terms and subject to the conditions of the Merger Agreement , Premier will merge with and into Peoples ( the " Merger ” ) , and Premier Bank and Citizens will subsequently merge with and into Peoples ' wholly - owned subsidiary , Peoples Bank , in a transaction valued at approximately $ 292.3 million . The Merger is expected to close during the third quarter of 2021 , subject to the satisfaction of customary closing conditions , including regulatory approvals and the approval of the shareholders of Peoples . Premier shareholders approved the Merger at a special shareholder meeting held on July 1 , 2021. Peoples ' special meeting of shareholders is on July 22 , 2021. Peoples has received approval of the proposed Merger from the Federal Reserve Bank of Cleveland and continues to await approval from the Ohio Division of Financial Institutions . At the time of closing , the financial services offices of Premier Bank and Citizens will become branches of Peoples Bank . 1