Peoples Bancorp Inc. (PEBO) Tuesday reported an increase in profit for the second quarter, due mainly to recovery of loan losses.
The Marietta, Ohio-based company's second-quarter net profit available to common shareholders was $5.03 million or $0.47 per share, compared to $2.68 million or $0.26 per share last year. On average, three analysts polled by Thomson Reuters expected earnings of $0.41 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income for the quarter grew to $13.61 million from $13.43 million in the year-ago quarter. Total non-interest income rose to $8.50 million from $7.89 million in the prior-year quarter.
Three analysts had a consensus revenue estimate of $22.13 million for the quarter.
For the quarter, the company posted a $1.12 million recovery of loan losses compared to a provision for loan losses of $2.30 million last year.
Non-interest expense for the quarter advanced to $15.69 million from $14.72 million in the prior-year quarter.
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