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Peoples Bancorp Reports Earnings - January 15, 2010

15-Jan-2010

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

Phone:                                  260-925-2500 

 

 

Peoples Bancorp Reports Earnings

 

Auburn, Indiana - January 15, 2010 - Peoples Bancorp reported net income for the first quarter ended December 31, 2009, of $843,614 versus the same quarter last year income of $902,158. First quarter earnings per share was $0.32 per share compared to $0.32 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 and our non-interest expenses increased, mainly as a result of the increase in FDIC premiums. Those premiums increased 124% from a year ago. Additionally, we felt it was prudent, in what seems to be improving but still uncertain economic times, to continue to build our loan loss provision. Our provision expense increased $271,862 or 174% from the same quarter one year earlier. However, we were able to achieve significant increases in non-interest income, in the way of gains on the sale of loans and securities, to nearly cover those higher expenses. Our income tax expense decreased because of our investments in tax exempt assets made since the first  quarter a year ago. On a per share basis, we were able to equal the results from the same quarter one year ago.”

 

Peoples reported assets on December 31, 2009, of $485,311,975 a decrease of $2.5 million from September 30, 2009. Peoples’ deposit balances increased during the quarter ended December 31, 2009 $8.3 million to $343,037,036. The Company’s borrowings decreased during the quarter by $7.3 million to $81,163,552.

 

Peoples had 2,571,577 shares of stock outstanding as of December 31, 2009, and the closing price of Peoples Bancorp stock as of January 14, 2010, was $13.50 per share as listed on the Pink Sheets OTC Markets under the symbol PBNI. At December 31, 2009, Peoples had stockholders equity of $58,552,411, a capital to assets ratio of 12.06%, and a book value of $22.77. 

 

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,

 

 

 

2009

 

2009

 

2008

Balance Sheet Data:

 

 

 

 

 

 

Total assets

$485,311,975

 

$487,841,727

 

$457,205,622

 

Loans receivable including loans

 

 

 

 

 

 

 

held for sale, net

275,563,648

 

278,882,213

 

316,430,745

 

Investments and other interest

 

 

 

 

 

 

 

earning assets

180,326,859

 

181,137,188

 

111,462,125

 

Deposits

343,037,036

 

334,713,820

 

320,141,256

 

Borrowed Funds

81,163,552

 

88,505,599

 

76,063,012

 

Stockholder's equity

58,552,411

 

60,870,740

 

58,720,873

 

Non-performing loans and REO

4,269,000

 

3,843,000

 

6,522,000

 

Equity to assets ratio

12.06%

 

12.48%

 

12.84%

 

Book value per share

$22.77

 

$22.82

 

$21.11

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

December 31,

 

 

 

 

 

2009

 

2008

 

 

Operating Data:

 

 

 

 

 

 

Interest income

$5,700,481

 

$6,033,421

 

 

 

Interest expense

2,337,449

 

2,519,549

 

 

 

Net interest income

$3,363,032

 

$3,513,872

 

 

 

Provision

 

 

 

 

 

 

 

for losses on loans

427,957

 

156,095

 

 

 

Net interest income after provision

 

 

 

 

 

 

 

for losses on loans

$2,935,075

 

$3,357,777

 

 

 

Other income

1,019,931

 

701,606

 

 

 

Other expenses

2,950,210

 

2,889,433

 

 

 

Income before income taxes

1,004,796

 

1,169,950

 

 

 

Income tax expense

161,182

 

267,792

 

 

 

Net income

$843,614

 

$902,158

 

 

 

 

 

 

 

 

 

 

 

Basic income per common share

$0.32

 

$0.32

 

 

 

Diluted income per common share

$0.32

 

$0.32

 

 

 

Dividends per common share

$0.19

 

$0.19

 

 

 

 

 

 

 

 

 

 

Other Data:

 

 

 

 

 

 

Average yield

 

 

 

 

 

 

 

on all interest-earning assets

4.95%

 

5.59%

 

 

 

Average cost

 

 

 

 

 

 

 

of all interest-bearing liabilities

2.29%

 

2.64%

 

 

 

Interest rate spread

2.66%

 

2.95%

 

 

 

 

 

 

 

 

 

 

 

Net interest margin

2.92%

 

3.26%

 

 

 

 

 

 

 

 

 

 

 

Return on assets (net income divided

 

 

 

 

 

 

 

by average total assets)

0.70%

 

0.79%

 

 

 

Return on equity (net income divided

 

 

 

 

 

 

 

by average total equity)

5.54%

 

6.20%

 

 

 

Dividend payout ratio (dividends per

 

 

 

 

 

 

 

common share divided by net

 

 

 

 

 

 

 

income per common share)

59.38%

 

59.38%