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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.

 

 

 

 

 

 

 

 

SELECTED CONSOLIDATED FINANCIAL DATA OF PEOPLES BANCORP

 

 

 

 

 

 

 

 

 

 

 

September 30

 

 

 

2010

 

2009

 

2008

Balance Sheet Data:

 

 

 

 

 

 

Total assets

$472,518,068

 

$487,841,727

 

$455,097,025

 

Loans receivable including loans

 

 

 

 

 

 

 

held for sale, net

251,003,675

 

278,882,213

 

316,749,980

 

Investments and other interest

 

 

 

 

 

 

 

earning assets

193,715,511

 

181,137,188

 

110,623,106

 

Deposits

338,792,105

 

334,713,820

 

319,245,713

 

Borrowed funds

69,743,961

 

88,505,599

 

75,541,180

 

Stockholder's equity

60,213,402

 

60,870,740

 

57,531,233

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For Year Ended September 30

 

 

 

2010

 

2009

 

2008

Operating Data:

 

 

 

 

 

 

Interest income

$21,687,995

 

$23,697,872

 

$26,230,667

 

Interest expense

8,417,976

 

9,965,072

 

11,662,689

 

Net interest income

$13,270,019

 

$13,732,800

 

$14,567,978

 

Provision

 

 

 

 

 

 

 

for losses on loans

1,041,875

 

733,257

 

522,448

 

Net interest income after provision

 

 

 

 

 

 

 

for losses on loans

$12,228,144

 

$12,999,543

 

$14,045,530

 

Other income

3,399,918

 

3,282,754

 

2,684,455

 

Other expenses

11,830,541

 

12,456,748

 

12,081,723

 

Income before income taxes

3,797,521

 

3,825,549

 

4,648,262

 

Income tax expense

506,977

 

704,466

 

1,325,791

 

Net income

$3,290,544

 

$3,121,083

 

$3,322,471

 

 

 

 

 

 

 

 

 

Basic income per common share

$1.28

 

$1.14

 

$1.12

 

Diluted income per common share

$1.28

 

$1.14

 

$1.12

 

Dividends per common share

$0.76

 

$0.76

 

$0.76

 

 

 

 

 

 

 

 

Other Data:

 

 

 

 

 

 

Average yield

 

 

 

 

 

 

 

on all interest-earning assets

4.81%

 

5.33%

 

5.96%

 

Average cost

 

 

 

 

 

 

 

of all interest-bearing liabilities

2.12%

 

2.54%

 

3.05%

 

Interest rate spread

2.69%

 

2.79%

 

2.91%

 

 

 

 

 

 

 

 

 

Net interest margin

2.94%

 

3.09%

 

3.31%

 

 

 

 

 

 

 

 

 

Number of full service banking offices

15

 

15

 

15

 

Return on assets (net income divided

 

 

 

 

 

 

 

by average total assets)

0.69%

 

0.66%

 

0.72%

 

Return on equity (net income divided

 

 

 

 

 

 

 

by average total equity)

5.47%

 

5.24%

 

5.50%

 

Dividend payout ratio (dividends per

 

 

 

 

 

 

 

common share divided by net

 

 

 

 

 

 

 

income per common share)

59.38%

 

66.67%

 

67.86%

 

Equity to assets ratio (average total equity

 

 

 

 

 

 

 

divided by average total assets)

12.59%

 

12.65%

 

13.23%