Peoples Bancorp Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 27, 2017 at 12:45 pm
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Peoples Bancorp Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company's interest income was $29,350,000 compared to $28,430,000 a year ago. Net interest income was $26,667,000 compared to $25,864,000 a year ago. The increase compared to the prior periods in net interest income was due primarily to the growth in average loan balances and the related interest income. Net interest income after provision for loan losses was $25,956,000 compared to $18,626,000 a year ago. Income before income taxes was $10,744,000 compared to $3,008,000 a year ago. Net income was $7,408,000 compared to $2,583,000 a year ago. Earnings per share Diluted was $0.41 compared to $0.14 a year ago. Return on average equity was 6.72% compared to 2.42% a year ago. Return on average assets was 0.87% compared to 0.32% a year ago. Book value per share was $23.92 compared to $22.81 a year ago. Tangible book value per share was $15.89 compared to $14.68 a year ago. Revenues taken as the sum of net interest income and non-interest income was $38.8 million up from $38.0 million in the year-ago.
For the year, the company's interest income was $115,444,000 compared to $108,333,000 a year ago. Net interest income was $104,865,000 compared to $97,612,000 a year ago. The loan growth and NB&T acquisition were the drivers of the increase in net interest income. Net interest income after provision for loan losses was $101,326,000 compared to $83,515,000 a year ago. Income before income taxes was $45,282,000 compared to $14,816,000 a year ago. Net income was $31,157,000 compared to $10,941,000 a year ago. Earnings per share Diluted was $1.71 compared to $0.61 a year ago. Return on average equity was 7.20% compared to 2.69% a year ago. Return on average assets was $0.94% compared to 0.35% a year ago. Book value per share was $23.92 compared to $22.81 a year ago. Tangible book value per share was $15.89 compared to $14.68 a year ago.
The company also announced net charge-offs of $501,000 for the fourth quarter ended December 31, 2016 compared to $13,639,000 a year ago.
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. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2016