Peoples Bancorp 2Q Profit Jumps 62.5%

Peoples Bancorp Inc.

announced 62.5 percent jump in profit for the second quarter driven by 6 percent grow in net interest income and 3.7 percent increase in non-interest income. The company's earnings also topped the Street expectations. Peoples Bancorp reported net income of $7.96 million, up from $4.9 million while earnings advanced to $0.44 a share from $0.27 a share in the year-ago quarter. Street estimated the company to deliver earnings of $0.41 a share. While net interest income grew 6.1 percent to $25.58 million from $24.12 million, non-interest income increased 3.7 percent to $12.37 million from $11.93 million in the previous year quarter. Analysts expected the company to generate $38.84 million revenue. Its president and CEO, Chuck Sulerzyski, said, "Compared to the first quarter of 2016 and the second quarter of 2015, we have been able to grow loans, expand net interest margin, improve asset quality and control expenses. We are optimistic about our ability to further improve our business." The stock shed 0.27 percent on Monday.