SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 29, 2000
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PEOPLES BANCORP
(Exact name of Registrant as Specified in its Charter)
Indiana 000-18991 35-1811284
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
212 West 7th Street, Auburn, Indiana 46706
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (219) 925-2500
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Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
Item 2. Acquisition or Disposition of Assets
On February 29, 2000, the Registrant completed the merger of Three
Rivers Financial Corporation with and into Registrant. Information as to this
transaction was previously reported in the Registrant's Registration Statement
on Form S-4, Registration Number 333-92335, which is incorporated herein by
reference (the "Proxy/Prospectus"). For a discussion of the terms and conditions
of the transaction, reference is made to the Proxy/Prospectus.
Upon consummation of the merger, each outstanding share of common
stock, $0.01 par value per share, of Three Rivers Financial Corporation was
converted into the right to receive 1.08 shares of Peoples Bancorp common stock,
$1.00 par value per share, in an exchange intended to be tax free to the
shareholders, except to the extent of any cash received in exchange for
fractional shares. Cash will be paid for fractional shares in an amount
determined by multiplying the fractional interest by $13.75, the average of the
closing prices per share of the Registrants common stock for the five full
trading days immediately preceding February 29, 2000, the closing date. On the
closing date, Three Rivers' former wholly-owned subsidiary, First Savings Bank,
A Federal Savings Bank, became a wholly-owned subsidiary of the Registrant and
will be operated under its current name.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of Business Acquired.
1. The financial statements of Three Rivers Financial
Corporation are hereby incorporated by reference from the Registrant's
Registration Statement on Form S-4 (Registration Number 333-92335)
filed with the Commission on December 8, 1999.
(b) Pro Forma Financial Statements
(1) The Unaudited Pro Forma Combined Financial Information as of September 30,
1999 is hereby incorporated by reference from the Registrant's Registration
Statement on Form S-4 (Registration Number 333-92335) filed with the
Commission on December 8, 1999.
(2) The Unaudited Pro Forma Combined Financial Information as of December 31,
1999 is included under exhibit 99.
(c) Exhibits
2 Plan of Reorganization and Agreement and Plan of Merger
dated September 21, 1999 (incorporated by reference from the
Registrant's Registration Statement on Form S-4 (Registration Number
333-92335) filed with the Commission on December 8, 1999).
20 Proxy Statement/Prospectus dated December 27, 1999
(incorporated by reference from the Registrant's Registration Statement
on Form S-4 (Registration Number 333-92335) filed with the Commission
on December 8, 1999).
<PAGE>
99. Unaudited Pro Forma Combined Financial information as
of December 31, 1999.
<TABLE>
UNAUDITED PRO FORMA
COMBINED BALANCE SHEET
December 31, 1999 Peoples Bancorp
Peoples Three Pro Forma and Three Rivers
Assets: Bancorp Rivers Adjustments Combined
<S> <C> <C> <C> <C>
------------- ------------- ----------- ----------------
Cash and due from other financial institutions $ 5,619,680 $ 3,453,817 $ - $ 9,073,497
Short-term interest-bearing deposits 3,322,712 1,555,932 - 4,878,644
------------- ------------- ----------- ----------------
Total cash and cash equivalents 8,942,392 5,009,749 - 13,952,141
Interest-bearing deposits - 3,957,945 - 3,957,945
Securities available for sale 16,183,670 1,878,069 (19,529)(f) 18,042,210
Securities held to maturity 847,926 11,953,001 (128,377)(f) 12,672,550
Loans:
Loans 303,849,237 73,342,438 (1,194,000)(f) 375,997,675
Less: Allowance for loan losses 1,024,626 552,361 - 1,576,987
------------- ------------- ----------- ----------------
Net loans 302,824,611 72,790,077 (1,194,000) 374,420,688
Premises and equipment 2,418,305 2,611,470 467,240 (d) 5,497,015
Federal Home Loan Bank of Indianapolis
stock, at cost 2,473,500 1,479,200 - 3,952,700
Intangible assets - - 3,672,156 (c) 3,672,156
Other assets 2,274,960 1,835,949 4,110,909
------------- ------------- ----------- ----------------
Total assets $335,965,364 $101,515,460 $2,797,490 $440,278,314
============= ============= =========== ================
LIABILITIES:
NOW and savings deposits $ 97,838,304 $ 27,948,726 $ - $125,787,030
Certificates of deposit 178,239,265 36,065,730 (22,754)(f) 214,282,241
Reverse Repurchase Agreements 3,567,447 - - 3,567,447
Federal Home Loan Bank advances 10,450,000 25,582,205 (23,775)(f) 36,008,430
Advances by borrowers for taxes and insurance - 117,124 - 117,124
Other liabilities 1,109,205 843,987 129,074 (e) 2,082,266
------------- ------------- ----------- ----------------
Total liabilities 291,204,221 90,557,772 82,545 381,844,538
------------- ------------- ----------- ----------------
STOCKHOLDERS' EQUITY:
Preferred stock, par value $1 - - - -
Common stock, par value $1 3,105,962 7,027 751,831 (b) 3,864,820
Additional paid-in capital 36,133 5,580,967 7,921,692 (b) 13,538,792
Unearned ESOP shares - (421,538) - (421,538)
Unearned recognition and retention plan shares - (167,346) - (167,346)
Retained earnings--substantially restricted 42,038,607 5,967,777 (5,967,777)(b) 42,038,607
Accumulated other comprehensive income (419,559) (9,199) 9,199 (b) (419,559)
Total stockholders' equity 44,761,143 10,957,688 2,714,945 58,433,776
------------- ------------- ----------- ----------------
Total liabilities and stockholders' equity $335,965,364 $101,515,460 $2,797,490 $440,278,314
============= ============= =========== ================
</TABLE>
<PAGE>
<TABLE>
UNAUDITED PRO FORMA CONDENSED
COMBINED STATEMENTS OF EARNINGS
For the Twelve Months Ended
September 30, 1999 June 30, 1999 Pro Forma Peoples Bancorp
Peoples Three Purchase Accounting and Three Rivers
Bancorp Rivers Adjustments Combined
Interest Income: ----------- ---------- ------------------- -----------------
<S> <C> <C> <C> <C>
Loans $22,028,006 $5,577,294 $ 169,447 (i) $27,774,747
Securities 843,675 896,437 10,101 (i) 1,750,213
Other interest and dividend income 955,702 740,511 - 1,696,213
----------- ---------- ------------------- -----------------
23,827,383 7,214,242 179,548 31,221,173
Interest Expense:
Deposits 11,644,831 2,772,871 17,081 (i) 14,434,783
Borrowed Funds 416,367 1,152,633 10,577 (i) 1,579,577
----------- ---------- ------------------- -----------------
12,061,198 3,925,504 27,658 16,014,360
----------- ---------- ------------------- -----------------
Net Interest Income 11,766,185 3,288,738 151,890 15,206,813
Provision for losses on loans 88,969 60,000 - 148,969
----------- ---------- ------------------- -----------------
Net Interest Income After Provision
for Losses on Loans 11,677,216 3,228,738 151,890 15,057,844
----------- ---------- ------------------- -----------------
Other Income:
Trust income 125,255 - - 125,255
Loan servicing - 118,721 - 118,721
Net gains on sale of loans - 227,794 - 227,794
Fees and service charges 547,455 266,736 - 814,191
Other income 181,009 138,305 - 319,314
----------- ---------- ------------------- -----------------
853,719 751,556 - 1,605,275
----------- ---------- ------------------- -----------------
Other Expense:
Salaries and employee benefits 2,771,597 1,530,171 - 4,301,768
Net occupancy and equipment expenses 850,372 574,355 4,518 (h) 1,429,245
Data processing expense 461,310 263,611 - 724,921
Deposit insurance expense 149,564 37,811 - 187,375
Amortization of intangibles - - 299,373 (g) 299,373
Other expenses 1,226,450 778,726 - 2,005,176
----------- ---------- ------------------- -----------------
5,459,293 3,184,674 303,891 8,947,858
----------- ---------- ------------------- -----------------
Income Before Income Tax 7,071,642 795,620 (152,001) 7,715,261
Income tax expense 2,484,876 197,812 (51,680)(j) 2,631,008
----------- ---------- ------------------- -----------------
Net Income $ 4,586,766 $ 597,808 $(100,321) $ 5,084,253
=========== ========== =================== =================
Basic Income Per Common Share $ 1.42 $ 0.84 $ 1.28
Diluted Income Per Common Share $ 1.42 $ 0.83 $ 1.27
Weighted Average Shares Outstanding
Basic 3,226,894 712,469 3,974,306
Diluted 3,226,894 721,180 4,001,391
</TABLE>
<PAGE>
<TABLE>
UNAUDITED PRO FORMA CONDENSED
COMBINED STATEMENTS OF EARNINGS
For the Three Months Ended December 31, 1999
Pro Forma Peoples Bancorp
Peoples Three Purchase Accounting and Three Rivers
Bancorp Rivers Adjustments Combined
------------ ------------ ------------------- ----------------
Interest Income:
<S> <C> <C> <C> <C>
Loans $5,814,674 $1,515,979 $ 42,362 (i) $7,373,015
Securities 201,664 227,393 2,525 (i) 431,582
Other interest and dividend income 190,131 123,510 - 313,641
------------ ------------ ------------------- ----------------
6,206,469 1,866,882 44,887 8,118,238
Interest Expense:
Deposits 3,001,223 666,256 4,270 (i) 3,671,749
Borrowings 178,225 337,423 2,644 (i) 518,292
------------ ------------ ------------------- ----------------
3,179,448 1,003,679 6,914 4,190,041
------------ ------------ ------------------- ----------------
Net Interest Income 3,027,021 863,203 37,973 3,928,197
Provision for losses on loans 28,789 15,000 - 43,789
------------ ------------ ------------------- ----------------
Net Interest Income After Provision
for Losses on Loans 2,998,232 848,203 37,973 3,884,408
------------ ------------ ------------------- ----------------
Other Income:
Trust income 49,256 - - 49,256
Loan servicing - 33,893 - 33,893
Net gain on sale of loans - 14,745 - 14,745
Fees and service charges 140,240 72,931 - 213,171
Other income 16,828 26,869 - 43,697
------------ ------------ ------------------- ----------------
206,324 148,438 - 354,762
------------ ------------ ------------------- ----------------
Other Expense:
Salaries and employee benefits 706,512 417,894 - 1,124,406
Net occupancy and equipment expenses 173,762 149,425 4,270 (h) 327,457
Data processing expense 128,462 58,696 - 187,158
Deposit insurance expense 39,319 9,910 - 49,229
Amortization of intangibles - - 76,555 (g) 76,555
Other expenses 274,715 190,326 - 465,041
------------ ------------ ------------------- ----------------
1,322,770 826,251 80,825 2,229,846
------------ ------------ ------------------- ----------------
Income Before Income Tax 1,881,786 170,390 (42,852) 2,009,324
Income tax expense 722,100 51,800 (14,570)(j) 759,330
------------ ------------ ------------------- ----------------
Net Income $1,159,686 $ 118,590 $ (28,282) $1,249,994
============ ============ =================== ================
Basic Income Per Common Share $ 0.37 $ 0.18 $ 0.33
Diluted Income Per Common Share $ 0.37 $ 0.18 $ 0.32
Weighted Average Shares Outstanding
Basic 3,141,106 641,613 3,839,227
Diluted 3,141,106 656,235 3,865,376
</TABLE>
<PAGE>
Footnotes from prior three pages:
(a) The merger with Three Rivers is being accounted for as a purchase.
(b) To reflect the issuance of 758,858 shares of Peoples Bancorp common stock
to holders of Three Rivers common stock.
(c) To record the excess cost of acquisition over the estimated market value of
the net assets acquired (goodwill).
(d) To adjust premises and equipment of Three Rivers to estimated market value.
(e) To record the deferred tax liabilities as a result of the purchase
accounting adjustments using Peoples Bancorp's statutory rate of 39.61%.
(f) To adjust interest-earning assets and interest-bearing liabilities of Three
Rivers to approximate market value.
(g) To record amortization of intangible assets using the straight line method
over 15 years for goodwill, and the 125% declining balance method over 8
years for core deposit intangibles.
(h) To increase depreciation expense from mark up of Three Rivers premises and
equipment to estimated market value.
(i) Record amortization of mark to market of interest-earning assets and
interest-bearing liabilities using the level yield method over the
remaining life of the corresponding asset/liability.
(j) To show the impact of taxes at 39.61%.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized.
PEOPLES BANCORP
Date: April 25, 2000 By: Maurice F. Winkler, III
President and Chief Executive Officer
