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

  • Column: OPEC swamps crude-oil prices
    Crude-oil prices collapsed to a four-year low on Thanksgiving Day, dropping as low as $67.75 per barrel after the Organization of the Petroleum Exporting Countries decided to leave production targets unchanged at its most recent meeting.
  • Who's in charge of Black Friday?
    What about those store managers in charge of making sure merchandise is on the shelves? The Journal Gazette spent some time with a Meijer store director on Friday to get a glimpse into his Black Friday.
  • Oil plunge a panacea for crude-reliant Asia
    A renewed plunge in oil prices is a worrying sign of weakness in the global economy that could shake governments dependent on oil revenues. It is also a panacea as pump prices fall, giving individuals more disposable income and lowering costs for
Advertisement

Peoples Bancorp reports 32% quarterly earnings gain

Peoples Bancorp today reported second fiscal quarter earnings of $745,652, or 32 cents per diluted common share, a 32 percent hop from the $565,042, or 24 cents a share, posted for the prior year’s second fiscal quarter.

The Auburn-based parent of Peoples Federal Savings Bank follows a fiscal calendar that ends Sept. 30. The last day of its fiscal 2014 second quarter was March 31.

During the quarter, Peoples more than doubled the amount it set aside for bad loans to $130,000 from $60,000 in the prior year.

Steve Caryer, Peoples’ chief financial officer, said the value of some collateral backing troubled loans has decreased in value, prompting the bank to set aside more during the quarter to cover potential losses.

Comparing six-month periods, the company contributed about the same amount to its troubled loan fund -- $170,000 in this fiscal year compared with $150,000 in fiscal 2013.

sslater@jg.net

Advertisement