PEOPLES BANCORP INC. RETIREMENT SAVINGS PLAN
REPORT ON AUDITS OF FINANCIAL STATEMENTS
for the years ended December 31, 1994 and 1993
PEOPLES BANCORP INC. RETIREMENT SAVINGS PLAN
Index
PAGES
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Report of Independent Accountants 1
Financial Statements:
Statement of Net Assets Available for Benefits
With Fund Information, December 31, 1994
and December 31, 1993 2-3
Statement of Changes in Net Assets Available
for Benefits With Fund Information, for the
years ended December 31, 1994 and December 31, 1993 4-5
Notes to the Financial Statements 6-9
Supplemental Schedules:
Assets Held for Investment Purposes, December 31, 1994 10
Reportable Transactions, December 31, 1994 11
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trust Administrative Committee
Peoples Bancorp Inc. Retirement Savings Plan
Marietta, Ohio
We have audited the statements of net assets available for
benefits with fund information of Peoples Bancorp Inc.
Retirement Savings Plan (the Plan) as of December 31, 1994 and
1993, and the related statements of changes in net assets
available for benefits with fund information for the years then
ended. These financial statements are the responsibility of the
Plan Administrator, Peoples Bancorp Inc. Retirement Savings Plan
Administration Committee. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets
available for benefits with fund information of the Plan as of
December 31, 1994 and 1993, and the changes in net assets
available for benefits with fund information for the years then
ended in conformity with generally accepted accounting
principles.
Our audits were performed for the purpose of forming an opinion
on the basic financial statements taken as a whole. The
supplemental schedules listed in the accompanying index are
presented for the purposes of additional analysis and are not a
required part of the basic financial statements but are
supplementary information required by the "Department of Labor's
Rules and Regulations for Reporting and Disclosure" under the
Employee Retirement Income Security Act of 1974 (ERISA). The
Fund Information in the statement of net assets available for
benefits with fund information and the statement of changes in
net assets available for benefits with fund information is
presented for purposes of additional analysis rather than to
present the net assets available for plan benefits and changes
in net assets available for plan benefits of each fund. The
supplemental schedules and fund information have been subjected
to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in
all material respects in relation to the basic financial
statements taken as a whole.
/s/ COOPERS & LYBRAND L.L.P.
Coopers & Lybrand L.L.P.
Columbus, Ohio
March 29, 1995
<TABLE>
PEOPLES BANCORP INC. RETIREMENT SAVINGS PLAN
Statement of Net Assets Available for Benefits With Fund Information
December 31, 1994
<CAPTION>
Peoples
Bancorp
Peoples Peoples Inc. Special
Stock Certificates Common Stock
ASSETS Fund ED of Deposit Stock Fund EB Other Total
<S> <C> <C> <C> <C> <C> <C>
Investments, at fair value:
Peoples Stock Fund EB $532,703 $532,703
Peoples certificates of deposit $343,704 343,704
Peoples Bancorp Inc. common stock $2,364,552 2,364,552
Peoples Special Stock Fund EB $107,796 107,796
Participant loans receivable $36,582 36,582
-------- -------- ---------- -------- ------- ---------
532,703 343,704 2,364,552 107,796 36,582 3,385,337
-------- -------- ---------- -------- ------- ---------
Cash, non-interest-bearing 73 53 19 30 175
Cash, interest-bearing 7,700 7,700 15,000 5,000 600 36,000
Employer's contribution receivable 512 218 1,711 319 2,760
Participants' contribution receivable 2,597 1,108 8,682 1,614 (630) 13,371
Interest and dividends receivable 3,505 2,139 14,693 547 20,884
-------- ------- --------- ------- ------ ---------
Total assets 547,090 354,869 2,404,691 115,295 36,582 3,458,527
-------- ------- --------- ------- ------ ---------
LIABILITIES
Excess contributions payable 4,407 175 5,125 351 10,058
-------- ------- --------- ------- ------ ---------
Total liabilities 4,407 175 5,125 351 10,058
-------- ------- --------- ------- ------ ---------
Net assets available for benefits $542,683 $354,694 $2,399,566 $114,944 $36,582 $3,448,469
======== ======== ========== ======== ======= ==========
</TABLE>
<TABLE>
PEOPLES BANCORP INC. RETIREMENT SAVINGS PLAN
Statement of Net Assets Available for Benefits With Fund
Information, Continued
December 31, 1993
<CAPTION>
Peoples
Bancorp Peoples
Peoples Peoples Inc. Special
Stock Certificates Common Stock
ASSETS Fund EB of Deposit Stock Fund EB Other Total
<S> <C> <C> <C> <C> <C> <C>
Investments, at fair value:
Peoples Stock Fund EB $448,589 $448,589
Peoples certificates of deposit $333,300 333,300
Peoples Bancorp Inc. common stock $1,800,678 1,800,678
Peoples Special Stock Fund EB $44,523 44,523
Participant loans receivable $59,346 59,346
-------- -------- ---------- ------- ------- ---------
448,589 333,300 1,800,678 44,523 59,346 2,686,436
-------- -------- ---------- ------- ------- ---------
Cash, non-interest-bearing 22 59 77 79 14,548 14,785
Cash, interest-bearing 16,300 3,500 300 3,000 200 23,300
Participants' contribution receivable 3,480 1,355 9,326 1,347 (14,748) 760
Interest and dividends receivable 1,852 2,950 11,891 16,693
-------- -------- ---------- ------- ------- ---------
Total assets 470,243 341,164 1,822,272 48,949 59,346 2,741,974
LIABILITIES
Excess contributions payable 612 144 2,478 937 4,171
-------- ------- ---------- ------- ------- ---------
Total liabilities 612 144 2,478 937 4,171
-------- ------- ---------- ------- ------- ---------
Net assets available for benefits $469,631 $341,020 $1,819,794 $48,012 $59,346 $2,737,803
======== ======== ========== ======= ======= ==========
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
PEOPLES BANCORP INC. RETIREMENT SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits With
Fund Information
for the year ended December 31, 1994
<CAPTION>
Peoples
Bancorp Peoples
Peoples Peoples Inc. Special
Stock Certificates Common Stock
Fund EB of Deposit Stock Fund EB Other Total
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Dividend $12,812 $54,437 $2,405 $69,654
Interest 258 $21,074 595 144 $3,981 26,052
Net appreciation (depreciation)
in fair value of investments (24,337) 284,806 (6,022) 254,447
------- ------- ------- ------ ------ -------
(11,267) 21,074 339,838 (3,473) 3,981 350,153
------- ------- ------- ------ ------ -------
Contributions and deposits:
Participating employees 66,095 25,478 192,150 34,348 318,071
Participating employer 15,438 6,985 53,024 7,248 82,695
------- ------- ------- ------ ------ -------
81,533 32,463 245,174 41,596 400,766
------- ------- ------- ------ ------ -------
Benefits paid to participants (4,573) (18,174) (13,771) (1,328) (2,407) (40,253)
------- ------- ------- ------ ------ -------
Transfers 7,359 (21,689) 8,531 30,137 (24,338)
------- ------- ------- ------ ------ -------
Net increase (decrease) 73,052 13,674 579,772 66,932 (22,764) 710,666
------- ------- ------- ------ ------ -------
Net assets available for benefits:
Beginning of year 469,631 341,020 1,819,794 48,012 59,346 2,737,803
------- ------- --------- ------ ------ ---------
End of Year $542,683 $354,694 $2,399,566 $114,944 $36,582 $3,448,469
======== ======== ========== ======== ======= ==========
</TABLE>
<TABLE>
PEOPLES BANCORP INC. RETIREMENT SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits With
Fund Information, Continued
for the year ended December 31, 1993
<CAPTION>
Peoples
Bancorp Peoples
Peoples Peoples Inc. Special
Stock Certificates Common Stock
Fund EB of Deposit Stock Fund EB Other Total
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Dividend $8,627 $42,914 $282 $51,823
Interest 1,113 $22,052 211 269 $4,489 28,134
Net appreciation in fair
value of investments 38,931 234,300 5,242 278,473
------ ------- ------- ----- ------ -------
48,671 22,052 277,425 5,793 4,489 358,430
Contributions and deposits:
Participating employees 59,236 26,410 167,978 24,107 277,731
Participating employer 14,037 6,924 47,557 4,940 73,458
------ ------ ------- ------ -------
73,273 33,334 215,535 29,047 351,189
------ ------ ------- ------ -------
Benefits paid to participants (18,616) (20,527) (49,153) (7,112) (1,369) (96,507)
-------- -------- -------- ------- ------- --------
Transfers 12,840 (58,914) 7,227 20,284 18,563
-------- -------- -------- ------- -------
Net increase (decrease) 116,168 (23,785) 451,034 48,012 21,683 613,112
-------- -------- -------- ------- ------- --------
Net assets available for benefits:
Beginning of year 353,463 364,805 1,368,760 37,663 2,124,691
------- ------- --------- ------ ---------
End of year $469,631 $341,020 $1,819,794 $48,012 $59,346 $2,737,803
======== ======== ========== ======= ======= ==========
The accompanying notes are an integral part of the financial statements.
</TABLE>
PEOPLES BANCORP INC. RETIREMENT SAVINGS PLAN
Notes to the Financial Statements
1. DESCRIPTION OF PLAN:
a. GENERAL: Peoples Bancorp Inc. Retirement Savings Plan (the
Plan) is a defined contribution plan covering substantially all
employees of Peoples Bancorp Inc. and its subsidiaries (The
Peoples Banking and Trust Company and The First National Bank of
Southeastern Ohio) who have reached age 21. The Plan is a
qualified trust under Sections 401(a) and 401(k) of the Internal
Revenue Code. The Plan is subject to the provisions of ERISA.
The Trustee of the Plan is The Peoples Banking and Trust
Company. (See the Summary Plan Description for a more complete
description of the Plan.)
b. CONTRIBUTIONS: Participants may elect to contribute up to 15%
of their base pay as a pretax contribution and an additional 10%
of their base pay as an after tax contribution. Base pay
includes bonuses, overtime, commission and incentive pay.
Peoples Bancorp Inc. or its subsidiary (the Corporation) will
match 50% of an employee's contribution, up to a maximum of 3%
of the employee's base pay.
Employer contributions were as follows for the years ended
December 31:
1994 1993
-------- --------
The Peoples Banking and Trust Company $75,203 $66,306
The First National Bank of Southeastern Ohio 7,492 7,152
-------- --------
$82,695 $73,458
======== ========
c. ALLOCATION PROVISIONS: Each participant may designate, in 5%
increments, the investment of contributions into the following
funds:
--- A large company domestic common stock fund, The Peoples Stock
Fund EB of the Special Investment Funds of The Peoples Banking
and Trust Company.
--- A fixed income fund which consists of investments in deposit
instruments of The Peoples Banking and Trust Company.
--- A fund of common stock of the Corporation as purchased in the
open market.
--- A diversified common special stock fund, The Peoples Special
Stock Fund of the Special Investment Funds of The Peoples
Banking and Trust Company.
The Plan also allows participants to borrow specified amounts
from their vested balances.
d. VESTING: Participants are immediately fully vested in their
voluntary contributions, the employer's matching contributions,
and actual earnings thereon.
e. PAYMENT OF ACCOUNT BALANCES: Upon retirement, benefits are
generally paid in the form of a qualified joint and survivorship
annuity for a married participant. If a married employee dies
while a participant of the Plan, the employee's spouse would
receive a qualified preretirement annuity equal to one-half of
the deceased participant's vested balance; the remaining
one-half will be distributed in a lump-sum payment. If a
participant effectively waives the above distribution
requirements, the participant may elect to receive either a
lump-sum amount equal to the value of his or her account, or a
series of substantially equal payments over a period not to
exceed the greater of (a) the participant's life expectancy or
(b) the joint and last survivor life expectancy of the
participant and his designated beneficiary.
2. SUMMARY OF ACCOUNTING POLICIES:
Investment in Peoples Bancorp Inc. common stock is carried at
quoted market prices.
The investment in the common stock fund is an investment in The
Peoples Stock Fund EB of the Special Investment Funds of The
Peoples Banking and Trust Company. The assets of the fund are
primarily composed of stocks that are traded on national
exchanges. The investment in the fund is valued at the Plan's
proportionate share of net assets of the fund as of the most
recent valuation date.
The investment in the Special Stock Fund is an investment in The
Peoples Special Stock Fund of the Special Investment Funds of
The Peoples Banking and Trust Company. The assets of the fund
are primarily composed of small company stocks and common stock
mutual funds. The investment in the fund is valued at the Plan's
proportionate share of net assets of the fund as of the most
recent valuation date.
The investment in The Peoples Banking and Trust Company
certificates of deposit and the participant loans are recorded
at cost which approximates fair market value.
Dividends and interest received from investments are recorded as
earned on an accrual basis.
The Plan presents in the statement of changes in net assets
available for benefits the net appreciation (depreciation) in
the fair value of its investments, which consists of the
realized gains or losses and the unrealized appreciation
(depreciation) on those investments.
3. INVESTMENTS:
Investments held by the Plan at December 31, 1994 and 1993 are
summarized as follows:
1994 1993
--------------------- ---------------------
Units Fair Value Units Fair Value
------- ------------ ------- ------------
Peoples Stock Fund EB,
The Peoples Banking
and Trust Company 11,341 $532,703 9,083 $448,589
Peoples Certificates
of Deposit, The Peoples
Banking and Trust
Company, various
maturities and
interest rates 343,704 343,704 333,300 333,300
Peoples Bancorp Inc.
common stock 98,523 2,364,552 43,130 1,800,678
Peoples Special Stock
Fund EB, The Peoples
Banking and Trust Company 3,986 107,796 1,535 44,523
Participant Loans
Receivable, various
maturities and
interest rates 36,582 36,582 59,346 59,346
----------- -----------
$3,385,337 $2,686,436
=========== ===========
On April 26, 1994, the Plan received 45,226 shares of Peoples Bancorp Inc.
common stock from a 2-for-1 stock split.
4. PLAN TERMINATION:
Although it has not expressed any intent to do so, Peoples
Bancorp Inc. has the right under the Plan to discontinue its
contributions at any time and to terminate the Plan subject to
the provisions of ERISA. In the event of plan termination,
participants will become 100% vested in their accounts.
5. TAX STATUS:
The Internal Revenue Service issued a determination letter July
20, 1987, stating that the Plan constitutes a qualified trust
under Sections 401(a) and 401(k) of the Internal Revenue Code
and is, therefore, exempt from federal income taxes under the
provisions of Section 501(a). The Plan has been amended since
receiving the determination letter. However, the plan
administrator and the Plan's tax counsel believe that the Plan
is currently designed and being operated in compliance with the
applicable requirements of the Internal Revenue Code. Therefore,
no provision for income taxes has been included in the Plan's
financial statements.
6. PAYMENT OF EXPENSES:
The Corporation elected to pay all the administrative expenses
and investment costs of the Plan. Should the Corporation elect
not to pay all or part of such expenses, the Trustee then pays
these expenses from the Plan.
PEOPLES BANCORP INC. RETIREMENT SAVINGS PLAN
Item 27(a) - Schedule of Assets Held for Investment Purposes
December 31, 1994
Cost Fair Value
-------- ----------
Certificates of Deposit, The Peoples
Banking and Trust Company:
7.00% due 10/02/96 $16,100 $16,100
7.15% due 11/04/96 11,900 11,900
6.75% due 12/12/96 34,700 34,700
6.00% due 02/26/97 47,500 47,500
6.85% due 05/05/97 20,000 20,000
6.85% due 06/05/97 10,000 10,000
6.85% due 07/18/97 15,900 15,900
5.60% due 06/14/98 14,804 14,804
5.35% due 10/19/98 1,800 1,800
5.60% due 12/14/98 13,000 13,000
4.85% due 03/29/99 27,900 27,900
5.05% due 04/19/99 10,000 10,000
6.27% due 05/19/99 23,000 23,000
6.10% due 06/29/99 26,000 26,000
6.10% due 07/05/99 17,000 17,000
5.60% due 07/27/99 15,400 15,400
6.10% due 08/31/99 16,700 16,700
6.10% due 09/14/99 22,000 22,000
----------- -----------
343,704 343,704
----------- -----------
Peoples Bancorp Inc. common stock 1,347,070 2,364,552
Peoples Stock Fund EB 448,371 532,703
Peoples Special Stock Fund 108,694 107,796
Loans to participants, varied terms
through 1999, varied interest rates
from 8.0%-10.5% 36,582 36,582
------------ ------------
$2,284,421 $3,385,337
============ ============
<TABLE>
PEOPLES BANCORP INC. RETIREMENT SAVINGS PLAN
Item 27(d) - Schedule of Reportable Transactions
December 31, 1994
<CAPTION>
Number of Amount of Number of Proceeds Gain (loss)
Description of Assets Purchases Purchases Sales from Sales on Sale
--------------------- --------- --------- --------- ---------- -----------
<S> <C> <C> <C> <C> <C>
The Peoples Banking and
Trust Company,
certificates of deposit 9 $164,100 10 $153,696
Peoples Bancorp Inc.
common stock 26 279,068
Fidelity U.S. Treasury
Income Portfolio Fund 205 1,058,700 100 1,046,000
</TABLE>
