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Peoples Bancorp Reports Increased Earnings Jan 13th, 2011

13-Jan-2011


For Immediate Release
     
      
NASDAQ Symbol:
    PBNI

Contact:                     Maurice F. Winkler, III

Phone:                         260-925-2500

 

 Peoples Bancorp Reports Increased Earnings

 

Auburn, Indiana - January 13, 2011 - Peoples Bancorp reported net income for the first quarter ended December 31, 2010, of $893,115 versus the same quarter last year income of $843,614. First quarter earnings was $0.36 per share compared to $0.32 per share for the same period one year ago, an increase of 12.5%.

 

Maurice F. Winkler, President of Peoples Bancorp, indicated “Fiscal 2011 is off to a good start despite the challenging economic environment.  Compared to the same quarter a year ago, our cost of funds decreased more than the decrease in our asset yields allowing us to increase our net interest margin by 7 basis points to 2.98%. The increase in net interest margin is important because of the pressures being put on growing, or even maintaining non-interest income.  The increase in our non-interest income resulted from increases in gains on both the sale of loans and investment securities. Those gains were partially offset by an increase in the provision for loan losses, as well as write downs in the value of other real estate owned.”

 

Peoples reported assets on December 31, 2010, of $463,883,979, a decrease of $8.6 million from September 30, 2010. Peoples’ deposit balances increased during the quarter ended December 31, 2010 $1.4 million to $340,179,778. The Company’s borrowings decreased during the quarter by $5.8 million to $63,935,698.

 

Peoples had 2,482,580 shares of stock outstanding as of December 31, 2010, and the closing price of Peoples Bancorp stock as of January 13, 2011, was $15.00 per share as listed on the Pink Sheets System under the symbol PBNI. At December 31, 2010, Peoples had stockholders equity of $57,666,786, a capital to assets ratio of 12.43%, and a book value of $23.23. 

 

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,

 

 

 

2010

 

2010

 

2009

Balance Sheet Data:

 

 

 

 

 

 

Total assets

$463,883,979

 

$472,522,994

 

$485,311,975

 

Loans receivable including loans

 

 

 

 

 

 

 

held for sale, net

242,207,928

 

251,003,932

 

275,563,648

 

Investment securities

181,984,112

 

177,205,610

 

167,569,711

 

Other interest earning assets

8,649,377

 

16,509,900

 

12,757,147

 

Deposits

340,179,778

 

338,792,106

 

343,037,036

 

Borrowed Funds

63,935,698

 

69,743,961

 

81,163,552

 

Stockholder's equity

57,666,786

 

60,213,402

 

58,552,411

 

Non-performing loans and REO

2,627,000

 

2,406,000

 

4,269,000

 

Equity to assets ratio

12.43%

 

12.74%

 

12.06%

 

Book value per share

$23.23

 

$24.23

 

$22.77

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

December 31,

 

 

 

 

 

2010

 

2009

 

 

Operating Data:

 

 

 

 

 

 

Interest income

$5,066,684

 

$5,700,481

 

 

 

Interest expense

1,748,860

 

2,337,449

 

 

 

Net interest income

$3,317,824

 

$3,363,032

 

 

 

Provision

 

 

 

 

 

 

 

for losses on loans

525,000

 

427,957

 

 

 

Net interest income after provision

 

 

 

 

 

 

 

for losses on loans

$2,792,824

 

$2,935,075

 

 

 

Other income

1,289,756

 

1,019,931

 

 

 

Other expenses

3,019,488

 

2,950,210

 

 

 

Income before income taxes

1,063,092

 

1,004,796

 

 

 

Income tax expense

169,977

 

161,182

 

 

 

Net income

$893,115

 

$843,614

 

 

 

 

 

 

 

 

 

 

 

Basic income per common share

$0.36

 

$0.32

 

 

 

Diluted income per common share

$0.36

 

$0.32

 

 

 

Dividends per common share

$0.19

 

$0.19

 

 

 

 

 

 

 

 

 

 

Other Data:

 

 

 

 

 

 

Average yield

 

 

 

 

 

 

 

on all interest-earning assets

4.55%

 

4.93%

 

 

 

Average cost

 

 

 

 

 

 

 

of all interest-bearing liabilities

1.79%

 

2.29%

 

 

 

Interest rate spread

2.76%

 

2.64%

 

 

 

 

 

 

 

 

 

 

 

Net interest margin

2.98%

 

2.91%

 

 

 

 

 

 

 

 

 

 

 

Return on assets (net income divided

 

 

 

 

 

 

 

by average total assets)

0.76%

 

0.70%

 

 

 

Return on equity (net income divided

 

 

 

 

 

 

 

by average total equity)

6.05%

 

5.54%

 

 

 

Dividend payout ratio (dividends per

 

 

 

 

 

 

 

common share divided by net

 

 

 

 

 

 

 

income per common share)

52.78%

 

59.38%