Peoples Bancorp Q3 Earnings Miss Estimates

(RTTNews) - Peoples Bancorp Inc. (PEBO) Tuesday reported net income of $31.88 million or $0.90 per share for the third quarter, compared with $25.98 million or $0.92 per share in the same quarter a year ago.

Analysts, on average, polled by Thomson-Reuters were expecting earnings of $0.91 per share for the quarter. Analysts' estimates typically exclude special items.

The company said provision for credit losses negatively impacted earnings per share by $0.09 for the latest quarter compared to $0.05 for the year-ago quarter.

Provision for credit losses increased to $4.1 million from $1.8 million last year.

Net interest income grew to $93.27 million for the quarter from $67.05 million in the same quarter of the previous year.

Adjusted revenue was $117.22 million, up from $87.82 million last year. The consensus estimate for revenue stood at $112.12 million.

The board of directors of Peoples Bancorp declared a quarterly dividend of $0.39 per share payable on November 20, to shareholders of record on November 6.