EXHIBIT 12

                 PEOPLES BANCORP INC. ANNUAL REPORT ON FORM 10-K
                     FOR FISCAL YEAR ENDED DECEMBER 31, 2004




                              COMPUTATION OF RATIOS

                                                  
RETURN ON AVERAGE ASSETS                             Net income/Average assets

RETURN ON AVERAGE STOCKHOLDERS' EQUITY               Net income/Average stockholders' equity

NET INTEREST MARGIN                                  Fully tax equivalent net interest income/Average earning assets

NON-INTEREST INCOME LEVERAGE RATIO                   (Other Income less gains on securities transactions and asset
                                                     disposals)/(Other expense less intangible amortization)

EFFICIENCY RATIO                                     (Other expense less intangible amortization)/(Fully tax equivalent net
                                                     interest income plus non-interest income)

AVERAGE STOCKHOLDERS' EQUITY TO AVERAGE ASSETS       Average stockholders' equity/Average assets

AVERAGE LOANS TO AVERAGE DEPOSITS                    Average gross loans/Average deposits

TIER 1 CAPITAL RATIO                                 Stockholders' equity less intangible assets and securities
                                                     mark-to-market capital reserve ("Tier 1 Capital")/Risk adjusted assets

TOTAL RISK-BASED CAPITAL RATIO                       Tier 1 Capital plus allowance for loan losses/Risk adjusted assets

TIER 1 LEVERAGE RATIO                                Tier 1 Capital /Quarterly average assets

DIVIDEND PAYOUT RATIO                                Dividends declared/Net income

BOOK VALUE PER SHARE                                 Total stockholders' equity/Common shares outstanding at year-end

TANGIBLE BOOK VALUE PER SHARE                        (Total stockholders' equity less goodwill and other intangible
                                                     assets)/Common shares outstanding at fiscal year-end