Peoples Bancorp to acquire Limestone Bancorp in stock merger; Q3 net income $26M

PEOPLES BANCORP INC

Agreed to acquire Limestone Bancorp in all-stock merger; exchange ratio 0.90x, expected close Q2 2023.
Termination fee of $8.3M payable by Limestone under certain conditions; support agreements from key shareholders.
Q3 2022 net income $26.0M ($0.93 diluted EPS) vs. net loss of $5.8M in Q3 2021; net interest income $67.1M (+57% YoY).
Efficiency ratio improved to 57.2% from 94.7% a year ago, driven by expense discipline and revenue growth.
Tangible book value per share $15.28 at Sept 30, 2022, down from $18.98 a year earlier due to acquisition-related goodwill.

item 1.01 item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PEOPLES BANCORP INC reported financial results for quarter ended September 30, 2022.

Period: quarter ended September 30, 2022
Result: reported results

Exact text from the filing

On October 25, 2022, management of Peoples Bancorp Inc. (“Peoples”) conducted a facilitated conference call at approximately 11:00 a.m., Eastern Daylight Time, to discuss results of operations for the quarter ended September 30, 2022.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PEOPLES BANCORP INC entered into Agreement and Plan of Merger with Limestone Bancorp, Inc. (effective 2022-10-24).

Action: entry
Agreement: merger
Counterparty: Limestone Bancorp, Inc.
Effective: 2022-10-24

Exact text from the filing

On October 24, 2022, Peoples Bancorp Inc., an Ohio corporation (“Peoples”), and Limestone Bancorp, Inc., a Kentucky corporation, (“Limestone”), entered into an Agreement and Plan of Merger (the “Merger Agreement”).

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PEOPLES BANCORP INC filing history →

Source: SEC EDGAR

accession 0000318300-22-000290

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