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Peoples Bancorp Reports Earnings - April 9, 2010

09-Apr-2010

Pink Sheets Symbol:  PBNI
Contact:                               Maurice F. Winkler, III

Phone:                                   260-925-2500

  

 

 

Peoples Bancorp Reports Earnings

 

Auburn, Indiana - April 9, 2010 - Peoples Bancorp reported net income for the second quarter ended March 31, 2010, of $760,745 versus the same quarter last year income of $871,285.  First quarter earnings per share was $0.30 per share compared to $0.32 per share for the same period one year ago.  Net income for the first half of fiscal year 2010 was $1,604,358 versus $1,773,444 during the first half of 2009.  First half earnings per share was $0.62 compared to $0.64 per share for the same period one year ago.

 

Maurice F. Winkler, President of Peoples Bancorp indicated, “Compared to the same quarter a year ago, we experienced significant compression in our net interest margin; however, compared to the previous quarter our net interest margin increased 13 basis points. Non-interest income decreased because of the decline in mortgage loan volumes leading to decreased sales gains compared to a year ago.  We continued to build our loan loss provision.  Our provision expense increased $210,723 or 311% from the same quarter one year earlier.  Non-interest expenses declined 6.5% with salaries and benefits being reduced because of decreases in staffing that occurred in the last year.  On a year over year basis, we have experienced increases in non-interest income in the way of gains on the sale of securities and have been able to partially offset the increase in provision for loan loss expense during that time.”

 

Peoples reported assets on March 31, 2010, of $472,144,529 a decrease of $6.7 million from September 30, 2009.  Peoples’ reported deposit balances on March 31, 2010 of $337,800,331, an increase of $3.1 million from September 30, 2009.  The Company’s borrowings have decreased by $15.9 million to $72,593,047 since September 30, 2009.

 

Peoples had 2,559,747 shares of stock outstanding as of March 31, 2010, and the closing price of Peoples Bancorp stock as of April 8, 2010, was $13.60 per share as listed on the Pink Sheets System under the symbol PBNI. At March 31, 2010, Peoples had stockholders equity of $59,017,806, a capital to assets ratio of 12.50%, and a book value of $23.06. 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

September 30,

 

March 31,

 

 

 

 

 

2010

 

2009

 

2009

 

 

Balance Sheet Data:

 

 

 

 

 

 

 

 

Total assets

$472,144,529

 

$487,841,727

 

$469,484,571

 

 

 

Loans receivable including loans

 

 

 

 

 

 

 

 

 

held for sale, net

265,084,292

 

278,882,213

 

295,549,574

 

 

 

Investments and other interest

 

 

 

 

 

 

 

 

 

earning assets

178,565,616

 

181,137,188

 

145,820,423

 

 

 

Deposits

337,800,331

 

334,713,820

 

330,700,986

 

 

 

Borrowed Funds

72,593,047

 

88,505,599

 

77,224,251

 

 

 

Stockholder's equity

59,017,806

 

60,870,740

 

58,902,773

 

 

 

Non-performing loans and REO

2,999,000

 

3,843,000

 

4,820,000

 

 

 

Equity to assets ratio

12.50%

 

12.48%

 

12.55%

 

 

 

Book value per share

$23.06

 

$22.82

 

$21.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

2010

 

2009

 

2010

 

2009

Operating Data:

 

 

 

 

 

 

 

 

Interest income

$5,535,861

 

$5,959,155

 

$11,236,341

 

$11,992,575

 

Interest expense

2,152,375

 

2,493,552

 

4,489,824

 

5,013,100

 

Net interest income

$3,383,486

 

$3,465,603

 

$6,746,517

 

$6,979,475

 

Provision

 

 

 

 

 

 

 

 

 

for losses on loans

310,723

 

100,000

 

738,680

 

256,095

 

Net interest income after provision

 

 

 

 

 

 

 

 

 

for losses on loans

$3,072,763

 

$3,365,603

 

$6,007,837

 

$6,723,380

 

Non-Interest income

711,125

 

852,616

 

1,731,056

 

1,554,221

 

Non-Interest expenses

2,902,396

 

3,104,442

 

5,852,606

 

5,993,873

 

Income before income taxes

881,492

 

1,113,777

 

1,886,287

 

2,283,728

 

Income tax expense

120,747

 

242,492

 

281,929

 

510,284

 

Net income

$760,745

 

$871,285

 

$1,604,358

 

$1,773,444

 

 

 

 

 

 

 

 

 

 

 

Basic income per common share

$0.30

 

$0.32

 

$0.62

 

$0.64

 

Diluted income per common share

$0.30

 

$0.32

 

$0.62

 

$0.64

 

Dividends per common share

$0.19

 

$0.19

 

$0.38

 

$0.38

 

 

 

 

 

 

 

 

 

 

Other Data:

 

 

 

 

 

 

 

 

Average yield

 

 

 

 

 

 

 

 

 

on all interest-earning assets

4.98%

 

5.48%

 

4.96%

 

5.54%

 

Average cost

 

 

 

 

 

 

 

 

 

of all interest-bearing liabilities

2.19%

 

2.60%

 

2.24%

 

2.62%

 

Interest rate spread

2.79%

 

2.88%

 

2.72%

 

2.92%

 

 

 

 

 

 

 

 

 

 

 

Net interest margin

3.05%

 

3.19%

 

2.98%

 

3.22%

 

 

 

 

 

 

 

 

 

 

 

Return on assets (net income divided

 

 

 

 

 

 

 

 

 

by average total assets)

0.64%

 

0.75%

 

0.67%

 

0.77%

 

Return on equity (net income divided

 

 

 

 

 

 

 

 

 

by average total equity)

5.12%

 

5.81%

 

5.34%

 

6.01%

 

Dividend payout ratio (dividends per

 

 

 

 

 

 

 

 

 

common share divided by net

 

 

 

 

 

 

 

 

 

income per common share)

63.33%

 

59.38%

 

61.29%

 

59.38%