"Your home town lender"
HomeContact Us
 

Peoples Bancorp Reports 32% Quarterly Net Income Increase

18-Apr-2014

For Immediate Release                  

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

 

 

 

Peoples Bancorp Reports 32% Quarterly Net Income Increase

 

Auburn, Indiana (April 15, 2014)- Peoples Bancorp reported net income for the second quarter ended March 31, 2014, of $745,652 versus the same quarter last year income of $565,042. Second quarter earnings per share were $0.32 compared to $0.24 per share for the same period one year ago, an increase of 33%.

 

Maurice F. Winkler, President of Peoples Bancorp, indicated “Strong growth in net interest margin has had a positive impact on earnings results for both the just completed quarter and on a year to date basis. Net interest margin is up 33% on a quarter over quarter basis, as well as year to date. Reduced prepayment speeds on mortgage backed securities within the Company’s investment portfolio have been the primary factor in contributing to the positive performance. The Company is also still seeing a reduction in its cost of funds. Non-interest income increased 12.4%, mostly because of gains taken on the sale of investment securities along with an increase in fiduciary trust income. This helped to offset an increase in the provision for loan losses, as well as, a 2.4% increase in non-interest expenses compared to the same quarter a year ago. 

 

On a year over year basis, we have been able to keep non-interest expenses relatively flat. Year to date, net interest income has grown 10%. Loan balances have now grown by $5.3 million during the first six months of the fiscal year, while our delinquency ratios continue to decrease. We feel like the Company is positioned to benefit from improvements in the local economy.”

 

Peoples reported assets on March 31, 2014, of $468,434,171, an increase of $17.7 million from September 30, 2013. Peoples’ deposit balances increased during the quarter ended March 31, 2014 by $746,419 to $354,759,605.

 

Peoples had 2,313,788 shares of stock outstanding as of March 31, 2014, and the closing price of Peoples Bancorp stock as of April 15, 2014, was $24.00 per share as listed on the OTCQB System under the symbol PBNI. At March 31, 2014, Peoples had stockholders equity of $59,423,579, a capital to assets ratio of 12.64%, and a book value of $25.68. 

 

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

March 31,

September 30,

March 31,

2014

2013

2013

Balance Sheet Data:

Total assets

$468,434,171

$450,760,405

$470,991,440

Loans receivable including loans

held for sale, net

234,114,629

228,360,874

228,378,311

Investment securities

184,236,308

180,938,743

193,608,116

Other interest earning assets

19,512,556

11,614,650

17,138,844

Deposits

354,759,605

349,677,821

361,441,818

Borrowed Funds

50,992,239

40,061,234

42,632,200

Stockholder's equity

59,423,579

58,282,473

62,403,319

Non-performing loans and REO

830,000

1,066,000

1,238,000

Equity to assets ratio

12.64%

12.88%

13.25%

Book value per share

$25.68

$25.19

$26.32

Three Months Ended

Six Months Ended

March 31,

March 31,

2014

2013

2014

2013

Operating Data:

Interest income

$3,932,761

$3,792,016

$7,826,358

$7,818,359

Interest expense

761,547

968,831

1,526,627

2,097,652

Net interest income

$3,171,214

$2,823,185

$6,299,731

$5,720,707

Provision

for losses on loans

130,000

60,000

170,000

150,000

Net interest income after provision

for losses on loans

$3,041,214

$2,763,185

$6,129,731

$5,570,707

Non-Interest income

867,633

771,789

1,558,331

1,636,600

Non-Interest expenses

3,067,002

2,995,057

5,986,693

5,960,051

Income before income taxes

841,845

539,917

1,701,369

1,247,256

Income tax expense

96,193

(25,125)

195,705

4,304

Net income

$745,652

$565,042

$1,505,664

$1,242,952

Basic income per common share

$0.32

$0.24

$0.65

$0.52

Diluted income per common share

$0.32

$0.24

$0.65

$0.52

Dividends per common share

$0.20

$0.20

$0.40

$0.40

Other Data:

Average yield

on all interest-earning assets

3.64%

3.51%

3.62%

3.53%

Average cost

of all interest-bearing liabilities

0.81%

1.04%

0.81%

1.10%

Interest rate spread

2.83%

2.47%

2.81%

2.43%

Net interest margin

2.94%

2.61%

2.92%

2.59%

Return on assets (net income divided

by average total assets)

0.64%

0.48%

0.65%

0.52%

Return on equity (net income divided

by average total equity)

5.02%

3.57%

5.08%

3.91%

Dividend payout ratio (dividends per

common share divided by net

income per common share)

62.50%

83.33%

61.54%

76.92%