Peoples Bancorp (PBNI) Reports 12% Gain in Fiscal 2010 Earnings
01-Nov-2010
For Immediate Release
Pink Sheets Symbol: PBNI
Contact: Maurice F. Winkler, III
Phone: 260-925-2500
Peoples Bancorp (PBNI) Reports 12% Gain in Fiscal 2010 Earnings
AUBURN, INDIANA (November 1, 2010)-Peoples Bancorp reported net income for the fiscal year ended September 30, 2010, increased to $3,290,544 versus the previous year’s income of $3,121,083. Fiscal 2010 earnings per diluted share were $1.28 per share compared to $1.14 per share for the year ended September 30, 2009, a 12.3% increase.
Maurice F. Winkler, III, President of Peoples Bancorp, stated “2010 marked the third consecutive year of an increase in earnings per share. We are very pleased with our performance during a very trying time for the national economy, local economy and for the banking industry as a whole.”
The decrease in net interest margin and an increase in the allowance for loan losses were offset by both a decrease in non-operating expense and an increase in non-interest income. Non-interest expenses decreased in several categories, including a decline in the cost of deposit insurance premiums which decreased from $521,381 for fiscal year 2009 to $454,702 for fiscal year 2010, which is an increase of nearly $400,000 from 2008. Provision for loan losses increased $308,617 or 42% to $1,041,874. Non-interest income also increased in several categories and was aided by a bank owned life insurance claim during the year of $170,000. A large amount of the 28% decrease in income tax expense was achieved by an increase in tax exempt income.
On September 30, 2010, stockholders equity was $60,213,402 with a capital to assets ratio of 12.74% and a book value of $24.23. Peoples had 2,484,880 shares of stock outstanding as of September 30, 2010. The closing price of Peoples Bancorp stock as of October 29, 2010, was $14.10 per share as quoted on the Pink Sheets System under the symbol PBNI.
Peoples Bancorp, through its subsidiary, Peoples Federal Savings Bank, operates fifteen full-service offices located in Auburn, Avilla, LaGrange, Garrett, Howe, Kendallville, Middlebury, Waterloo, Topeka, and Columbia City (two offices), in Indiana, and Three Rivers (two offices), Schoolcraft, and Union in Michigan.
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SELECTED CONSOLIDATED FINANCIAL DATA OF PEOPLES BANCORP |
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September 30 |
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2010 |
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2009 |
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2008 |
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Balance Sheet Data: |
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Total assets |
$472,518,068 |
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$487,841,727 |
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$455,097,025 |
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Loans receivable including loans |
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held for sale, net |
251,003,675 |
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278,882,213 |
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316,749,980 |
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Investments and other interest |
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earning assets |
193,715,511 |
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181,137,188 |
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110,623,106 |
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Deposits |
338,792,105 |
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334,713,820 |
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319,245,713 |
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Borrowed funds |
69,743,961 |
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88,505,599 |
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75,541,180 |
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Stockholder's equity |
60,213,402 |
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60,870,740 |
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57,531,233 |
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For Year Ended September 30 |
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2010 |
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2009 |
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2008 |
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Operating Data: |
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Interest income |
$21,687,995 |
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$23,697,872 |
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$26,230,667 |
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Interest expense |
8,417,976 |
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9,965,072 |
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11,662,689 |
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Net interest income |
$13,270,019 |
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$13,732,800 |
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$14,567,978 |
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Provision |
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for losses on loans |
1,041,875 |
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733,257 |
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522,448 |
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Net interest income after provision |
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for losses on loans |
$12,228,144 |
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$12,999,543 |
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$14,045,530 |
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Other income |
3,399,918 |
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3,282,754 |
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2,684,455 |
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Other expenses |
11,830,541 |
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12,456,748 |
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12,081,723 |
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Income before income taxes |
3,797,521 |
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3,825,549 |
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4,648,262 |
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Income tax expense |
506,977 |
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704,466 |
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1,325,791 |
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Net income |
$3,290,544 |
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$3,121,083 |
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$3,322,471 |
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Basic income per common share |
$1.28 |
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$1.14 |
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$1.12 |
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Diluted income per common share |
$1.28 |
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$1.14 |
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$1.12 |
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Dividends per common share |
$0.76 |
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$0.76 |
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$0.76 |
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Other Data: |
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Average yield |
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on all interest-earning assets |
4.81% |
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5.33% |
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5.96% |
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Average cost |
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of all interest-bearing liabilities |
2.12% |
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2.54% |
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3.05% |
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Interest rate spread |
2.69% |
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2.79% |
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2.91% |
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Net interest margin |
2.94% |
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3.09% |
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3.31% |
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Number of full service banking offices |
15 |
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15 |
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15 |
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Return on assets (net income divided |
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by average total assets) |
0.69% |
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0.66% |
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0.72% |
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Return on equity (net income divided |
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by average total equity) |
5.47% |
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5.24% |
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5.50% |
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Dividend payout ratio (dividends per |
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common share divided by net |
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income per common share) |
59.38% |
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66.67% |
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67.86% |
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Equity to assets ratio (average total equity |
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divided by average total assets) |
12.59% |
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12.65% |
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13.23% |
Regulated by the OCC
