Peoples Bancorp Inc. (NASDAQ:PEBO) Q3 2019 Earnings Conference Call - Final Transcript
Oct 22, 2019 • 11:00 am ET
Good morning and welcome to Peoples Bancorp Corp Inc's Conference Call. My name is Chris, and today, I will be your conference facilitator. Today's call will cover a discussion of the results of operations for the quarterly period and nine months, ending September 30th, 2019. [Operator Instructions] 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. These include, but are not limited to the success impact and timing of the implementation of Peoples' business strategies, including the ability to identify, acquire or integrate acquisitions, which may be unsuccessful or may be more difficult, time consuming or costly than expected. The success, impact and timing of the expansion of consumer-lending activity; the competitive nature of the financial services industry; changes in the interest rate environment and the effect of the current yield curve slowing; reversal of the current US economic expansion; uncertainty regarding the nature, timing, costs and effect of federal and/or state banking, insurance and tax legislative or regulatory changes or actions; the effect of easing restrictions on participants in the financial services industry; changes in policy and other regulatory and legal developments; adverse changes in economic conditions and/or activities; adverse changes in the conditions and trends in the financial markets; and changes in accounting standards, policies, estimates or procedures including the impact of new, current, expected credit loss or CECL rule.
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 may be required by applicable legal requirements. Peoples third quarter 2019 earnings release was issued this morning and is available at peoplesbancorp.com under Investor Relations.
A reconciliation of non-GAAP financial measures discussed during this call to the most directly comparable GAAP financial measures is included at the end of the 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 of the webcast of this call will be available on peoplesbancorp.com in the Investor Relations section for one year. Participants in today's call will be Chuck Sulerzyski, President and Chief Executive Officer; and John Rogers, Chief Financial Officer and Treasurer. And each will be available for questions following opening statements. Mr.Sulerzyski, you may begin your conference.
Charles W. Sulerzyski
Thank you, Chris. Good morning. Thank you for joining us for a review of our third quarter and year-to-date results. Our performance this quarter was highlighted by several positives in key areas, which included a 17% increase in net income compared to the third