Marietta, OH-based, $2 billion-asset Peoples Bancorp reported third-quarter lower property and casualty insurance commissions impacted third quarter insurance brokerage fee income, which decreased 8.6% to $2.23 million, down from $2.44 million in third quarter 2008, but remained the second highest contributor to noninterest income behind deposit and account service charges, comprising 28.3% of noninterest income. Trust and investment income declined 6.3% to $1.19 million, down from $1.27 million to comprise 15.1% of noninterest income, and income from bank-owned life insurance (BOLI) fell 35.0% to $254,000, down from $391,000, to comprise 3.2% of noninterest earnings. Noninterest income, reflecting declines in all sources of noninterest earnings except mortgage banking, slid 3.3% to $7.89 million, down from $8.16 million a year ago. Net interest income on a 3.45% net interest margin fell 38.4% to $5.3 million, down from $8.61 million, as loan loss provisions climbed by $4.17 million to $10.17 million. With an additional $5.93 million in other than temporary impairment losses on investment securities, Peoples reported a third quarter net loss of $4.6 million compared to net income of $3 million a year ago. Peoples Bancorp President and CEO Mark Bradley said, “Our third quarter results were impacted by losses caused by combined weakness in commercial real estate values and the general economy.” In 2008, Peoples Bancorp reported $9.9 million in insurance brokerage income, which comprised 30.1% of its noninterest income. The company ranked 18th in insurance brokerage earnings among U.S. bank holding companies with assets between $1 billion and $10 billion, according to the Michael White-Prudential Bank Insurance Fee Income Report.
Tuesday, December 15, 2009
INSURANCE AT PEOPLES BANCORP (OH) COMPRISES OVER 28% OF NONINTEREST INCOME
Marietta, OH-based, $2 billion-asset Peoples Bancorp reported third-quarter lower property and casualty insurance commissions impacted third quarter insurance brokerage fee income, which decreased 8.6% to $2.23 million, down from $2.44 million in third quarter 2008, but remained the second highest contributor to noninterest income behind deposit and account service charges, comprising 28.3% of noninterest income. Trust and investment income declined 6.3% to $1.19 million, down from $1.27 million to comprise 15.1% of noninterest income, and income from bank-owned life insurance (BOLI) fell 35.0% to $254,000, down from $391,000, to comprise 3.2% of noninterest earnings. Noninterest income, reflecting declines in all sources of noninterest earnings except mortgage banking, slid 3.3% to $7.89 million, down from $8.16 million a year ago. Net interest income on a 3.45% net interest margin fell 38.4% to $5.3 million, down from $8.61 million, as loan loss provisions climbed by $4.17 million to $10.17 million. With an additional $5.93 million in other than temporary impairment losses on investment securities, Peoples reported a third quarter net loss of $4.6 million compared to net income of $3 million a year ago. Peoples Bancorp President and CEO Mark Bradley said, “Our third quarter results were impacted by losses caused by combined weakness in commercial real estate values and the general economy.” In 2008, Peoples Bancorp reported $9.9 million in insurance brokerage income, which comprised 30.1% of its noninterest income. The company ranked 18th in insurance brokerage earnings among U.S. bank holding companies with assets between $1 billion and $10 billion, according to the Michael White-Prudential Bank Insurance Fee Income Report.
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