Peoples Bancorp Inc. Announces Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Announces Impairment Charges for the Third Quarter Ended September 30, 2017; Provides Effective Tax Rate Guidance for 2017
October 24, 2017 at 04:40 pm IST
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Peoples Bancorp Inc. announced consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the third quarter, the company's net interest income was $29,220,000 against $26,123,000 a year ago. Net interest income after provision for loan losses was $28,134,000 against $24,977,000 a year ago. Income before income taxes was $16,022,000 against $11,448,000 a year ago. Net income was $10,895,000 against $7,792,000 a year ago. Earnings per common share, basic and diluted, were $0.60 per share against $0.43 per share a year ago. Return on average assets was 1.22% against 0.93% a year ago. Return on average stockholders' equity was 9.47% against 7.07% a year ago. Book value per common share was $25.02 per share as on September 30, 2017 against $25.02 per share as on September 30, 2016. Total interest income was $32,728,000 against $28,730,000 a year ago. Adjusted revenue was $42,290,000 against $40,158,000 a year ago. Tangible book value per common share was $17.15 per share as on September 30, 2017 against $15.89 per share as on September 30, 2016. Net income excluding amortization of other intangible asset was $11,460,000 against $8,447,000 a year ago.
For the nine months, the company's net interest income was $84,255,000 against $78,198,000 a year ago. Net interest income after provision for loan losses was $81,598,000 against $75,370,000 a year ago. Income before income taxes was $42,863,000 against $34,538,000 a year ago. Net income was $29,470,000 against $23,749,000 a year ago. Earnings per diluted common share, were $1.61 per share against $1.31 per share a year ago. Return on average assets was 1.13% against 0.96% a year ago. Return on average stockholders' equity was 8.80% against 7.36% a year ago. Book value per common share was $25.02 per share against $24.22 per share a year ago. Total interest income was $93,753,000 against $86,094,000 a year ago. Adjusted revenue was $125,260,000 against $118,665,000 a year ago. Net income excluding amortization of other intangible asset was $31,162,000 against $25,714,000 a year ago. For the first nine months of 2017, net interest income grew 8% compared to 2016, and net interest margin improved 6 basis points to 3.61%. The increase in net interest income compared to all prior periods has largely been attributable to loan growth, and increasing interest rates.
For the third quarter, the company's total net charge-offs was $909,000 against $765,000 a year ago.
For 2017, the company expects effective tax rate to be approximately 31.5%.
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 Third Quarter and Nine Months Ended September 30, 2017; Announces Impairment Charges for the Third Quarter Ended September 30, 2017; Provides Effective Tax Rate Guidance for 2017