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Peoples Bancorp Reports Earnings - July 2010

22-Jul-2010

 

For Immediate Release  

NASDAQ Symbol:
   PBNI
Contact:   Maurice F. Winkler, III

Phone:      260-925-2500

 

 

 

 

 

Peoples Bancorp Reports Earnings

 

Auburn, Indiana - July 22, 2010 - Peoples Bancorp reported net income for the third quarter ended June 30, 2010, of $899,490 versus the same quarter last year income of $854,356. Third quarter earnings per share was $0.35 compared to $0.32 per share for the same period one year ago. Net income for the first nine months of fiscal year 2010 was $2,503,848 versus $2,627,800 during the first nine months of 2009. Earnings per share for the first nine months of the fiscal year was $0.97 compared to $0.96 per share for the same period one year ago.

 

Maurice F. Winkler, President of Peoples Bancorp indicated, “This past quarter, net interest margin continued to decline and provision expense continued to increase. However, we were able offset those elements with an increase in non-interest income, as well as, a decrease in non-interest expenses. The decrease in gains from the sale of loans was mostly offset by income earned from a bank owned life insurance claim and the gain on sale of securities leading to the increase in non-interest income. The decrease in non-interest expenses came about because of the special FDIC premium assessment that was recorded last year during the third quarter. Our income tax expense continues to be lower because of investments that have been made in tax exempt assets.”

 

Peoples reported assets on June 30, 2010, of $475,917,101 a decrease of $11.9 million from September 30, 2009. Peoples’ reported deposit balances on June 30, 2010 of $339,813,676 an increase of $5.1 million from September 30, 2009. The Company’s borrowings have decreased by $15.1 million to $73,380,086 since September 30, 2009.

 

Peoples had 2,540,691 shares of stock outstanding as of June 30, 2010, and the closing price of Peoples Bancorp stock as of July 20, 2010, was $14.05 per share as listed on the Pink Sheets System under the symbol PBNI.  At June 30, 2010, Peoples had stockholders equity of $59,454,540, a capital to assets ratio of 12.49%, and a book value of $23.40 per share. 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

September 30,

 

June 30,

 

 

 

 

 

2010

 

2009

 

2009

 

 

Balance Sheet Data:

 

 

 

 

 

 

 

 

Total assets

$475,917,101

 

$487,841,727

 

$483,751,920

 

 

 

Loans receivable including loans

 

 

 

 

 

 

 

 

 

held for sale, net

257,067,477

 

278,882,213

 

278,947,812

 

 

 

Investments and other interest

 

 

 

 

 

 

 

 

 

earning assets

188,402,159

 

181,137,188

 

176,186,058

 

 

 

Deposits

339,813,676

 

334,713,820

 

337,056,428

 

 

 

Borrowed Funds

73,380,086

 

88,505,599

 

84,724,437

 

 

 

Stockholder's equity

59,454,540

 

60,870,740

 

58,827,575

 

 

 

Non-performing loans and REO

2,602,000

 

3,843,000

 

4,098,000

 

 

 

Equity to assets ratio

12.49%

 

12.48%

 

12.16%

 

 

 

Book value per share

$23.40

 

$22.82

 

$21.86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2010

 

2009

 

2010

 

2009

Operating Data:

 

 

 

 

 

 

 

 

Interest income

$5,245,528

 

$5,922,498

 

$16,481,870

 

$17,915,073

 

Interest expense

2,009,524

 

2,508,521

 

6,499,348

 

7,521,621

 

Net interest income

$3,236,004

 

$3,413,977

 

$9,982,522

 

$10,393,452

 

Provision

 

 

 

 

 

 

 

 

 

for losses on loans

228,194

 

177,129

 

966,875

 

433,224

 

Net interest income after provision

 

 

 

 

 

 

 

 

 

for losses on loans

$3,007,810

 

$3,236,848

 

$9,015,647

 

$9,960,228

 

Non-Interest income

895,066

 

855,901

 

2,626,122

 

2,410,122

 

Non-Interest expenses

2,901,326

 

3,034,323

 

8,753,932

 

9,028,197

 

Income before income taxes

1,001,550

 

1,058,426

 

2,887,837

 

3,342,153

 

Income tax expense

102,060

 

204,070

 

383,989

 

714,353

 

Net income

$899,490

 

$854,356

 

$2,503,848

 

$2,627,800

 

 

 

 

 

 

 

 

 

 

 

Basic income per common share

$0.35

 

$0.32

 

$0.97

 

$0.96

 

Diluted income per common share

$0.35

 

$0.32

 

$0.97

 

$0.96

 

Dividends per common share

$0.19

 

$0.19

 

$0.57

 

$0.57

 

 

 

 

 

 

 

 

 

 

Other Data:

 

 

 

 

 

 

 

 

Average yield

 

 

 

 

 

 

 

 

 

on all interest-earning assets

4.69%

 

5.23%

 

4.87%

 

5.43%

 

Average cost

 

 

 

 

 

 

 

 

 

of all interest-bearing liabilities

2.04%

 

2.51%

 

2.17%

 

2.58%

 

Interest rate spread

2.65%

 

2.72%

 

2.70%

 

2.85%

 

 

 

 

 

 

 

 

 

 

 

Net interest margin

2.90%

 

3.01%

 

2.95%

 

3.15%

 

 

 

 

 

 

 

 

 

 

 

Return on assets (net income divided

 

 

 

 

 

 

 

 

 

by average total assets)

0.76%

 

0.71%

 

0.70%

 

0.75%

 

Return on equity (net income divided

 

 

 

 

 

 

 

 

 

by average total equity)

6.02%

 

5.68%

 

5.56%

 

5.89%

 

Dividend payout ratio (dividends per

 

 

 

 

 

 

 

 

 

common share divided by net

 

 

 

 

 

 

 

 

 

income per common share)

54.29%

 

59.38%

 

58.76%

 

59.38%