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Business

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Peoples Bancorp quarterly earnings up 12%

Peoples Bancorp today reported first fiscal quarter earnings of $760,012, or 33 cents per diluted common share, a 12 percent increase from the $677,910, or 28 cents a share, posted for the prior year’s first fiscal quarter.

The Auburn-based holding company for Peoples Federal Savings Bank follows a fiscal calendar that ends Sept. 30.

Peoples Bancorp set aside less than half as much money to cover bad loans in the quarter ended Dec. 31 as compared to the previous year. The amount dropped to $40,000 from $90,000. The amount of non-performing loans and real estate seized for unpaid loans also fell by one-third, to $1,061,000 from $1,572,000.

The company also opened a new branch in Woodburn during the quarter, bringing its total to 16.

sslater@jg.net

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