You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • Fort Wayne ranks No. 11 on Forbes list of Opportunity Cities
    Forbes has ranked Fort Wayne No. 11 on its list of Opportunity Cities. The 19-city list, published Thursday, put Columbus, Ohio, at the top.
  • Alibaba stock soars 40% in massive IPO
    NEW YORK – Alibaba debuted as a publicly traded company Friday and swiftly climbed more than 40 percent in a mammoth IPO that offered eager investors seemingly unlimited potential for growth and a way to tap into the burgeoning Chinese
  • China levies record fine
    BEIJING – Drug giant Glaxo­SmithKline was fined $492 million Friday for bribing doctors in China in the biggest such penalty ever imposed by a Chinese court.
Advertisement

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

Advertisement