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Peoples Bancorp Reports 17% Quarterly Earnings Increase

22-Jan-2014

For Immediate Release    

              

OTCQB Symbol:      PBNI
Contact:                      Maurice F. Winkler, III
Phone:                         260-925-2500

 

 

 

Peoples Bancorp Reports 17% Quarterly Earnings Increase

 

Auburn, Indiana (January 21, 2014)- Peoples Bancorp reported net income for the first quarter ended December 31, 2013, of $760,012 versus the same quarter last year income of $677,910. First quarter earnings were $0.33 per share compared to $0.28 per share for the same period one year ago, an increase of 17.9%.

 

Maurice F. Winkler, President of Peoples Bancorp, indicated “The recent increases in secondary market mortgage rates have reduced prepayment speeds on mortgage backed securities within the Company’s investment portfolio. This, along with the balance sheet restructuring completed in April of last year with the prepayment of FHLB advances, has had a positive impact on net interest margin leading to an increase of 33 basis points to 2.89% compared to the same quarter last year. Non-interest income has decreased due to lower fee income and fewer gains on the sale of real estate owned. Non-interest expenses have decreased due, mostly, to lower depreciation expenses. Tax expense has increased as the mix of taxable income compared to tax exempt income has shifted. Loan balances grew by $4.7 million during the quarter, while our delinquency ratios continue to be better than the average for our peer group. Also, during the quarter, Peoples Federal Savings Bank opened its 16th full service office in Woodburn, Indiana.”

 

Peoples reported assets on December 31, 2013, of $464,508,305, an increase of $13.7 million from September 30, 2013. Peoples’ deposit balances increased during the quarter ended December 31, 2013 by $4.3 million to $354,013,186. The Company’s borrowings increased during the quarter by $9.6 million to $49,612,617.

 

Peoples had 2,313,788 shares of stock outstanding as of December 31, 2013, and the closing price of Peoples Bancorp stock as of January 20, 2014, was $25.00 per share as listed on the OTCQB System under the symbol PBNI. At December 31, 2013, Peoples had stockholders equity of $58,339,818, a capital to assets ratio of 12.52%, and a book value of $25.21. 

 

Peoples Bancorp, through its subsidiary, Peoples Federal Savings Bank, operates sixteen full-service offices located in Auburn, Avilla, Garrett, Howe, Kendallville, Lagrange, Middlebury, Topeka, Waterloo, Woodburn, and two in Columbia City, Indiana; and Three Rivers (two offices), Schoolcraft, and Union in Michigan.

 

 

 

 

 

 

 

 

SELECTED CONSOLIDATED FINANCIAL DATA OF PEOPLES BANCORP

December 31,

September 30,

December 31,

2013

2013

2012

Balance Sheet Data:

Total assets

$464,508,305

$450,760,405

$477,821,728

Loans receivable including loans

held for sale, net

233,097,436

228,360,874

230,041,461

Investment securities

186,362,964

180,938,743

196,588,211

Other interest earning assets

13,428,901

11,614,650

15,027,184

Deposits

354,013,186

349,677,821

356,569,709

Borrowed Funds

49,612,617

40,061,234

54,628,449

Stockholder's equity

58,339,818

58,282,473

62,980,115

Non-performing loans and REO

1,061,000

1,066,000

1,572,000

Equity to assets ratio

12.52%

12.88%

13.18%

Book value per share

$25.21

$25.19

$26.30

Three Months Ended

December 31,

2013

2012

Operating Data:

Interest income

$3,893,597

$4,026,343

Interest expense

765,080

1,128,821

Net interest income

$3,128,517

$2,897,522

Provision

for losses on loans

40,000

90,000

Net interest income after provision

for losses on loans

$3,088,517

$2,807,522

Other income

690,698

864,811

Other expenses

2,919,691

2,964,994

Income before income taxes

859,524

707,339

Income tax expense

99,512

29,429

Net income

$760,012

$677,910

Basic income per common share

$0.33

$0.28

Diluted income per common share

$0.33

$0.28

Dividends per common share

$0.20

$0.20

Other Data:

Average yield

on all interest-earning assets

3.60%

3.56%

Average cost

of all interest-bearing liabilities

0.82%

1.16%

Interest rate spread

2.78%

2.40%

Net interest margin

2.89%

2.56%

Return on assets (net income divided

by average total assets)

0.66%

0.57%

Return on equity (net income divided

by average total equity)

5.13%

4.24%

Dividend payout ratio (dividends per

common share divided by net

income per common share)

60.61%

71.43%