Peoples Bancorp Inc. (NASDAQ:PEBO) unwinded its second quarter earnings results on Tuesday 21st July 2020 before market open.
The financial products and services provider, reported $ 0.23 income per share for the quarter, beat the consensus estimate of $ 0.13 income per share by $ 0.10 or 76.92 percent.
The quarterly earnings dropped 50.00 percent compared with the same quarter last year.
The firm had revenue of $ 49.85 million for the quarter, compared to the consensus estimate of $ 51.34 million. The revenues fell short of analysts estimates by $ 1.49 million or 2.9 percent.
The financial report showed revenues lowered 4.06 percent versus second quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Chuck Sulerzyski, President and Chief Executive Officer, commented, Peoples continues to maintain a strong capital position, with ratios being higher than regulatory requirements. Despite results being negatively impacted by an abnormally high credit loss provision, credit quality continued to be stable, with net charge-off levels holding at 0.01% of average total loans for the first six months.
Because of our participation in the Small Business Administrations (SBA) Paycheck Protection Program (PPP), we have been able to help almost 3,700 businesses obtain nearly $500 million of funds since the program inception.
