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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

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