Peoples Bancorp has reported a net income of $4.19m, or $0.37 per diluted share, for the first quarter ended March 31, 2009, compared to $5.65m, or $0.55 per diluted share, for the first quarter ended March 31, 2008. For the first quarter of 2009, net income available to common shareholders was $3.85m, compared to $5.65m for the same period of 2008.
Net interest income for the first quarter of 2009 was $15.53m, compared to $14.29m for the first quarter of 2008. Net interest margin was 3.52% for the first quarter of 2009 versus 3.51% for the first quarter of 2008.
At March 31, 2009, total assets were $2.05 billion, compared to $2 billion as of December 31, 2008. Total liabilities at March 31, 2009 were $1.82 billion, compared to $1.81 billion at December 31, 2008.
Mark Bradley, president and CEO, said: Like many financial institutions, first quarter provision for loan losses and charge-offs, although lower than recent quarters, remained at higher than historical levels, due to the continued adverse affects of a recessionary economy on real estate values and some of our commercial borrowers. We remain diligent in dealing with the credit issues within our loan portfolio and are encouraged by some stability in nonperforming asset levels during the first quarter.
