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Peoples Bancorp Reports Earnings Jan 17, 2012

17-Jan-2012

 

 

For Immediate Release                                                        

OTCQB Symbol:         PBNI

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

  

 Peoples Bancorp Reports Earnings

 

Auburn, Indiana - January 17, 2012 - Peoples Bancorp reported net income for the first quarter ended December 31, 2011, of $835,593 versus the same quarter last year income of $893,115. First quarter earnings were $0.34 per share compared to $0.36 per share for the same period one year ago.

 

Maurice F. Winkler, President of Peoples Bancorp, indicated “The effects of margin compression were partially offset by the reduction in the allowance for loan losses recorded during the quarter. Last year’s expense of $525,000 decreased to $175,000 this year. The environment we continue to operate in will keep the pressure on the net interest margin and the growth of regulations will also continue to present challenges as we move forward. Non-interest income declined largely because of the decrease in gains recorded from selling investment securities and, to a lesser degree, loans. We experienced increases in all other phases of non-interest income compared to the same quarter one year ago. Although the Company experienced significant increases in both health insurance and pension costs, total non-interest expenses declined slightly when compared to the same quarter a year ago, as well as, the previous quarter.”

 

Peoples reported assets on December 31, 2011, of $484,857,087, an increase of $4.3 million from September 30, 2011. Peoples’ deposit balances increased during the quarter ended December 31, 2011 $3.6 million to $357,384,115. The Company’s borrowings increased during the quarter by $1.1 million to $60,718,881.

 

Peoples had 2,422,531 shares of stock outstanding as of December 31, 2011, and the closing price of Peoples Bancorp stock as of January 16, 2012, was $16.25 per share as listed on the OTCQB System under the symbol PBNI. At December 31, 2011, Peoples had stockholders equity of $61,726,024, a capital to assets ratio of 12.73%, and a book value of $25.48. 

 

Peoples Bancorp, through its subsidiary, Peoples Federal Savings Bank, operates fifteen full-service offices located in Auburn, Avilla, LaGrange, Garrett, Kendallville, Topeka, Waterloo, Howe, Middlebury, 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,

2011

2011

2010

Balance Sheet Data:

Total assets

$484,857,087

$480,583,263

$463,883,979

Loans receivable including loans

held for sale, net

224,820,017

222,251,918

242,207,928

Investment securities

219,666,850

215,244,151

181,984,112

Other interest earning assets

6,709,333

11,510,214

8,649,377

Deposits

357,384,115

353,810,967

340,179,778

Borrowed Funds

62,076,077

61,022,847

63,935,698

Stockholder's equity

61,726,024

61,618,201

57,666,786

Non-performing loans and REO

1,981,000

1,921,000

2,627,000

Equity to assets ratio

12.73%

12.82%

12.43%

Book value per share

$25.48

$25.12

$23.23

Three Months Ended

December 31,

2011

2010

Operating Data:

Interest income

$4,618,557

$5,066,684

Interest expense

1,446,916

1,748,860

Net interest income

$3,171,641

$3,317,824

Provision

for losses on loans

175,000

525,000

Net interest income after provision

for losses on loans

$2,996,641

$2,792,824

Other income

960,372

1,289,756

Other expenses

3,012,421

3,019,488

Income before income taxes

944,592

1,063,092

Income tax expense

108,999

169,977

Net income

$835,593

$893,115

Basic income per common share

$0.34

$0.36

Diluted income per common share

$0.34

$0.36

Dividends per common share

$0.20

$0.19

Other Data:

Average yield

on all interest-earning assets

4.03%

4.55%

Average cost

of all interest-bearing liabilities

1.43%

1.79%

Interest rate spread

2.60%

2.76%

Net interest margin

2.77%

2.98%

Return on assets (net income divided

by average total assets)

0.69%

0.76%

Return on equity (net income divided

by average total equity)

5.41%

6.05%

Dividend payout ratio (dividends per

common share divided by net

income per common share)

58.82%

52.78%