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Business

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Peoples Bancorp quarterly earnings fall 4%

Peoples Bancorp today reported third fiscal quarter earnings of $752,708, or 32 cents per share, a 4 percent decline from the $785,812, or 33 cents a share, posted for the same three months of 2012.

Maurice Winkler, president, said the Auburn-based company prepaid some loans from the Federal Home Loan Bank, which resulted in penalties. That contributed to a $900,000 increase in the company’s non-interest expenses for the quarter, compared with last year’s fiscal third quarter.

“However, we were able to see immediate benefits in net interest margin that should continue going forward,” Winkler said in a statement.

A strengthening economy also has helped the bank’s performance. Peoples’ balance of non-performing loans and real estate owned decreased 24 percent, to $1.1 million, during the quarter, allowing the company to put aside less money in its fund to cover loan losses.

The parent of Peoples Federal Savings Bank reported assets of almost $466 million as of June 30.

sslater@jg.net

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