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Peoples Bancorp reports on 3Q

Oct. 25, 2012 @ 12:00 AM

MARIETTA, Ohio -- Peoples Bancorp Inc. this week reported third quarter net income of $4.8 million, representing earnings per diluted common share of $0.45, compared to $0.35 for the same period in 2011.

Year to date, earnings per diluted common share were $1.56 versus $0.73 during the same period in 2011. The higher earnings in 2012 reflected positive results within Peoples' core businesses, coupled with the impact of improving asset quality trends, according to a news release.

"We are generating positive operating leverage in 2012 due to our revenue diversity and disciplined expense management," said Chuck Sulerzyski, president and chief executive officer. "Our credit metrics reflected further progress in restoring asset quality. We also maintained a solid deposit base and strong capital levels which give us capacity to grow through increased lending activity and acquisitions in each line of business."

Sulerzyski also noted that in the third quarter the company expanded in West Virginia with the acquisition of Sistersville Bancorp, adding $31 million in loans and $39 million in deposits. Peoples also introduced a new branding campaign.

Peoples is a diversified financial services holding company with $1.9 billion in total assets, 46 locations and 43 ATMs in Ohio, West Virginia and Kentucky.