Peoples Bancorp Inc (PEBO) has reported a 10.18 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $8.81 million, or $0.48 a share in the quarter, compared with $8 million, or $0.44 a share for the same period last year. Revenue during the quarter grew 4.55 percent to $39.66 million from $37.93 million in the previous year period. Non-interest income for the quarter rose 1.64 percent over the last year period to $13.33 million.
Peoples Bancorp Inc has made provision of $0.62 million for loan losses during the quarter, down 34.66 percent from $0.96 million in the same period last year.
Net interest margin was at 3.55 percent in the quarter. Efficiency ratio was at 64.89 percent in the quarter.
"The first quarter of 2017 was a good start to the year. We generated record quarterly net income and had a return on average assets of 1.04%. We also reported a return on average stockholders' equity of 8.14% and a return on average tangible stockholders' equity of 12.95%, up from 6.72% and 10.99% in the fourth quarter of 2016, and 7.59% and 12.70% in the first quarter of 2016, respectively," said Chuck Sulerzyski, president and chief executive officer. "We had another strong quarter of loan growth and our commercial credit metrics showed improvement from December 31, 2016."
Liabilities outpace assets growth
Total assets stood at $3,459.28 million as on Mar. 31, 2017, up 4.99 percent compared with $3,294.93 million on Mar. 31, 2016. On the other hand, total liabilities stood at $3,016.27 million as on Mar. 31, 2017, up 5.23 percent from $2,866.44 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $2,231.03 million as on Mar. 31, 2017, up 6.86 percent compared with $2,087.85 million on Mar. 31, 2016. Deposits stood at $2,702.16 million as on Mar. 31, 2017, up 4.45 percent compared with $2,587.08 million on Mar. 31, 2016. Investments stood at $869.35 million as on Mar. 31, 2017, down 1.82 percent or $16.11 million from year-ago. Shareholders equity stood at $443.01 million as on Mar. 31, 2017, up 3.39 percent or $14.52 million from year-ago.
Return on average assets was at 1.04 percent in the quarter. At the same time, return on average equity was at 8.14 percent in the quarter.
Nonperforming assets stood at $21.98 million as on Mar. 31, 2017. Meanwhile, nonperforming assets to total assets was 0.64 percent in the quarter.
Book value per share was $24.25 for the quarter.
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