EXHIBIT 11


PEOPLES BANCORP INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE


                						     Three Months Ended        	   Nine Months Ended
              						          September 30, 	               September 30,
                        	 1995* 	      	 1994* 		        1995* 	 	    1994* 
                        ----------    ----------      ----------   ----------
PRIMARY EARNINGS PER SHARE 							
EARNINGS: 	 	 	 				
Net income              $1,610,000 	 	$1,472,000    		$4,630,000 		$4,090,000 

COMMON SHARES OUTSTANDING: 	 	 	 		 		 
Weighted average common 
 shares outstanding    	 3,161,181 	   3,188,242     		3,174,248 	 	3,190,003 
Add:  Adjustment for 
 outstanding stock 
 options                   	11,160     	 	11,601          11,463 	     	9,175 
                        ----------    ----------      ----------    ---------
   Subtotal             	3,172,341 	  	3,199,843  	   	3,185,711  		3,199,178 

PRIMARY EARNINGS 
   PER SHARE                	$0.51      	 	$0.46         		$1.45 	     	$1.28 
                        ==========    ==========      ==========    =========

FULLY DILUTED EARNINGS PER SHARE 							
EARNINGS: 	 	 	 		 		 
Net income 	            $1,610,000 	 	$1,472,000    		$4,630,000 		$4,090,000 

COMMON SHARES OUTSTANDING: 	 	 	 		 		 
Weighted average common 
 shares outstanding 	    3,161,181    	3,188,242     		3,174,248  		3,190,003 
Add:  Adjustment for 
 outstanding stock 
 options                   	13,453     	 	11,856          13,453     		11,841 
                        ----------    ----------      ----------    ---------
   Subtotal             	3,174,634    	3,200,098     		3,187,701 	 	3,201,844 

FULLY DILUTED 
 EARNINGS PER SHARE         	$0.51      	 	$0.46 	        	$1.45      		$1.28 
                        ==========    ==========      ==========    =========


* Adjusted for 10% stock dividend effective October 10, 1995 and
2 for 1 stock split effective April 29, 1994.