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BUSINESS
Peoples Bancorp Inc. reports 4th quarter earnings growth
MARIETTA, Ohio — Peoples Bancorp Inc. Tuesday reported financial results showing earnings per share up 9 percent for the fourth quarter and 79 percent for the year.
Net income for the fourth quarter was $3.9 million, according to a news release, representing earnings per diluted common share of $0.36, up from $0.33 for the same period last year. For the year, earnings per share were $1.92 in 2012 compared to $1.07 in 2011.
"We are pleased with the significant improvement in both earnings and overall shareholder value in 2012," said Chuck Sulerzyski, president and chief executive officer. "Most notably, revenue growth outpaced the increase in operating expenses, reversing recent negative trends. We also made good progress towards restoring our asset quality metrics to pre-2008 levels, which led to sizable reserve releases during 2012."
Looking ahead, Sulerzyski said Peoples is working to expand consumer lending activities, complete acquisitions in each business line, refresh of the company image with a new brand and repay high-cost trust preferred securities.
Peoples Bancorp Inc. has $1.9 billion in total assets, 47 locations and and 43 ATMs in Ohio, West Virginia and Kentucky.
