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Peoples Bancorp Reports Fiscal 2013 Earnings

07-Nov-2013

 

For Immediate Release                  

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

 

 

 

Peoples Bancorp Reports Fiscal 2013 Earnings

 

 

AUBURN, INDIANA, November 7, 2013-Peoples Bancorp (OTCQB:PBNI) reported net income for the fiscal year ended September 30, 2013, was $2,626,794 versus the previous year’s income of $3,043,656. Fiscal 2013 earnings per diluted share were $1.11 per share compared to $1.26 per share for the year ended September 30, 2012.

 

Maurice F Winkler, III, President of Peoples Bancorp, stated “The ongoing low interest rate period has continued to present challenges for the company. Although 2013 earnings are lower than 2012, we are encouraged by our loan portfolio growth. Net interest margin was flat for the year compared to last year, however, net interest margin increased by 21 basis points in the last quarter of the year. The balances of non-performing loans and real estate owned have continued to decline and the delinquency rates on loans at the bank are much lower than the average for the peer group.”

 

“During the year, the bank prepaid several Federal Home Loan Bank advances resulting in $872,000 in prepayment penalties. The Company also had a $474,000 or 47% increase in the cost of providing health insurance to our employees due to an increase in claims activity. Non-interest expenses would have declined without those items. Non-interest income increased $567,000 led by gains on the sale of investment securities of $1.1 million which was an increase of $538,000 from the year before. Continued improvement in asset quality resulted in a lower provision for loan losses compared to the previous year. Provision expense declined by $173,000.”  

 

On September 30, 2013, stockholders equity was $58,292,472 with a capital to assets ratio of 12.88% and a book value of $25.19.  Peoples had 2,314,288 shares of stock outstanding as of September 30, 2013.  The closing price of Peoples Bancorp stock as of November 6, 2013, was $23.50 per share as quoted on the OTCQB System under the symbol PBNI.

 

Peoples Bancorp, through its subsidiary, Peoples Federal Savings Bank, operates fifteen full-service offices located in Auburn, Avilla, LaGrange, Garrett, Howe, Kendallville, Middlebury, Waterloo, Topeka, and Columbia City (two offices), in Indiana, and Three Rivers (two offices), Schoolcraft, and Union in Michigan.

 

 

 

 

 

SELECTED CONSOLIDATED FINANCIAL DATA OF PEOPLES BANCORP

September 30

2013

2012

2011

Balance Sheet Data:

Total assets

$452,518,512

$484,309,302

$480,583,263

Loans receivable including loans

held for sale, net

228,363,176

222,302,227

222,251,918

Investments and other interest

earning assets

192,544,393

226,841,796

226,754,365

Deposits

349,795,781

359,359,011

353,810,967

Borrowed funds

41,677,493

56,746,457

61,022,847

Stockholder's equity

58,292,472

63,253,783

61,618,201

Non-performing loans and REO

1,066,000

1,448,000

1,921,000

For Year Ended September 30

2013

2012

2011

Operating Data:

Interest income

$15,369,548

$17,514,489

$19,703,047

Interest expense

3,708,772

5,446,755

6,468,946

Net interest income

$11,660,776

$12,067,734

$13,234,101

Provision

for losses on loans

250,000

423,000

768,501

Net interest income after provision

for losses on loans

$11,410,776

$11,644,734

$12,465,600

Other income

4,202,039

3,634,995

4,131,312

Other expenses

12,834,745

11,967,527

12,097,194

Income before income taxes

2,778,070

3,312,202

4,499,718

Income tax expense

151,276

268,546

729,423

Net income

$2,626,794

$3,043,656

$3,770,295

Basic income per common share

$1.11

$1.26

$1.52

Diluted income per common share

$1.11

$1.26

$1.52

Dividends per common share

$0.80

$0.80

$0.76

Other Data:

Average yield

on all interest-earning assets

3.50%

3.85%

4.41%

Average cost

of all interest-bearing liabilities

0.98%

1.37%

1.64%

Interest rate spread

2.52%

2.48%

2.77%

Net interest margin

2.66%

2.65%

2.96%

Number of full service banking offices

15

15

15

Return on assets (net income divided

by average total assets)

0.56%

0.63%

0.79%

Return on equity (net income divided

by average total equity)

4.24%

4.85%

6.27%

Dividend payout ratio (dividends per

common share divided by net

income per common share)

72.07%

63.49%

50.00%

Equity to assets ratio (average total equity

divided by average total assets)

13.21%

12.92%

12.65%