Auburn, Indiana - January 22, 2009 - Peoples Bancorp reported net income for the first quarter ended December 31, 2008, of $902,158 versus the same quarter last year income of $787,803. First Quarter earnings per share was $0.32 per share compared to $0.25 per share for the same period one year ago.
Maurice F. Winkler, President of Peoples Bancorp indicated, “The company continues to experience the positive impact of the merging of the two banks into one and also of “de-listing” from the Nasdaq stock exchange, as evidenced by the decrease in non-interest expenses for the quarter ended December 31, 2008 compared to the same quarter one year earlier. Net interest income before the provision for loan losses experienced a slight increase, contributing to an increase in net interest margin from 3.11% to 3.26%. The increase in gains on the sale of investment securities was effectively offset by an increase in the provision for loan losses.”
Peoples reported assets on December 31, 2008, of $457,205,622 an increase of $2.1 million from September 30, 2008. Peoples’ deposit balances increased during the quarter ended December 31, 2008 $895,543 to $320,141,256.
Peoples had 2,781,315 shares of stock outstanding as of December 31, 2008, and the closing price of Peoples Bancorp stock as of January 21, 2009, was $9.00 per share as listed on the Pink Sheets System under the symbol PBNI. At December 31, 2008, Peoples had stockholders equity of $58,720,873, a capital to assets ratio of 12.84%, and a book value of $21.11.
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.