People’s Bancorp Inc., the parent company of People’s Bank, reported that fourth quarter earnings declined and missed analyst’s estimates.

Fourth quarter net income decreased to $1.3 million from $2.2 million for the same period one year ago.

The decline in net income can be attributed to an increase in non-interest expenses and a decrease in the credit to the provision for loan losses.

Non-interest expense increased to $11.8 million from $10.0 million in the same period a year ago due to a $1.4 million increase in other non-interest expense and an increase of $548,000 in salaries and benefits.

The allowance for loan losses is currently $7.6 million, or 1.0 percent of total loans, which decreased from $9.6 million, or 1.6 percent of total loans last year.

The bank also announced Monday that Daniel K. McGill, who has served as executive vice president and chief commercial banking officer since 2009, will retire. Douglas V. Wyatt has been appointed to replace him.

Chuck Sulerzyski, Peoples’ chief executive officer, stated, “I am delighted that Doug will be joining our executive team. He will bring a tremendous amount of knowledge and experience to the position, and he has proven himself to be an excellent leader and manager in his prior commercial banking roles.”

The stock of People’s Bancorp closed at $26.50, up 50 cents, or 1.92 percent, on Monday.