Peoples Bancorp Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Announces Net Charge-Offs for the Fourth Quarter of 2015; Provides Earnings Guidance for 2016
January 29, 2016 at 01:30 pm
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Peoples Bancorp Inc. announced consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported interest income of $28,430,000 compared with $22,868,000 for the same period a year ago. Net interest income was $25,864,000 compared with $20,124,000 for the same period a year ago. Income before income taxes was $3,008,000 compared with $6,285,000 for the same period a year ago. Net income was $2,583,000 or $0.14 per diluted share compared with $4,245,000 or $0.28 per diluted share for the same period a year ago. Tangible book value per common share was $14.68 compared with $15.57 for the same period a year ago. Return on average equity was 2.42% compared with 5.03% for the same period a year ago. Return on average assets was 0.32% compared with 0.66% for the same period a year ago. Book value per common share was $22.81 compared with $22.92 for the same period a year ago. Adjusted revenue $38.480 million, compared to $30.653 million reported for the same period last year. Revenues were $38 million, up from $30.3 million reported for the same period last year.
For the full year, the company reported interest income of $108,333,000 compared with $80,200,000 for the same period a year ago. Net interest income was $97,612,000 compared with $69,506,000 for the same period a year ago. Income before income taxes was $14,816,000 compared with $24,178,000 for the same period a year ago. Net income was $10,941,000 or $0.61 per diluted share compared with $16,684,000 or $1.35 per diluted share for the same period a year ago. Return on average equity was 2.69% compared with 6.16% for the same period a year ago. Return on average assets was 0.35% compared with 0.74% for the same period a year ago. Adjusted revenue $147.031 million, compared to $110.894 million reported for the same period last year.
For the quarter, the company announced net charge offs of $13,639,000.
The company provided earnings guidance for 2016. On the revenue side, the company anticipates between 4% and 6% revenue growth after normalizing 2015 for a full year impact of NB&T, driven largely by the loan growth and growth in the fee-based businesses. Within noninterest income, the company anticipates revenue growth in the mid-single digits when normalizing 2015 for the full year impact of NB&T. On the expense side, after normalizing 2015 and adjusting for acquisition-related charges, the company expects expense growth in the low single digits in 2016, which will result in positive operating leverage for 2016.
Peoples Bancorp Inc. is a diversified financial services holding company. The Company provides a complete line of commercial and consumer banking, trust and investment, insurance, premium financing solutions, equipment leases and equipment financing agreements through its financial subsidiaries - Peoples Bank, Peoples Insurance and Vantage. These products and services include various demand deposit accounts, savings accounts, money market accounts, certificates of deposit and governmental deposits; home equity lines of credit, insurance premium financing; commercial equipment leasing; technology equipment leasing, and debit and automated teller machine (ATM) cards. Its financial products and services are offered through its financial service offices, ATMs, and interactive teller machines as well as through online resources that are Web-based and mobile-based. It has approximately 133 full-service bank branches in Ohio, Kentucky, West Virginia, Virginia, Washington D.C. and Maryland.
Peoples Bancorp Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Announces Net Charge-Offs for the Fourth Quarter of 2015; Provides Earnings Guidance for 2016