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Peoples Bancorp Reports Increased Earnings Apr 15, 2011

15-Apr-2011

 

 

 

 

 

 

For Immediate Release   

NASDAQ Symbol:
    PBNI


Contact:
                      Maurice F. Winkler, III

Phone:                         260-925-2500


 

 

 

 

 

Peoples Bancorp Reports Increased Earnings

 

Auburn, Indiana - April 15, 2011 - Peoples Bancorp reported net income for the second quarter ended March 31, 2011, of $846,986 versus the same quarter last year income of $760,745. Second quarter earnings were $0.34 per share compared to $0.30 per share for the same period one year ago, an increase of 13.3%. Net income for the first half of fiscal year 2011 was $1,740,101 versus $1,604,358 during the first half of 2010. First half earnings per share was $0.70 compared to $0.62 per share for the same period one year ago.

 

Maurice F. Winkler, President of Peoples Bancorp, indicated “Although we support a strong and well regulated community banking system, we are concerned that some regulations being written now are counterproductive and these regulations are significantly increasing costs.  We are very pleased with our performance thus far for 2011 and certainly hope the economy and the regulatory environment continue to improve.”

 

Peoples Bancorp reported assets on March 31, 2011, of $475,628,156, an increase of $3.1 million from September 30, 2010. Deposit balances were $350,728,837 at March 31, 2011, an increase of 11.9 million from September 30, 2010.   The Company’s borrowings have decreased by $6.0 million to $63,728,569 since September 30, 2010.

 

Peoples had 2,481,425 shares of stock outstanding as of March 31, 2011, and the closing price of Peoples Bancorp stock as of April 14, 2011, was $17.00 per share as listed on the Pink Sheets System under the symbol PBNI. At March 31, 2011, Peoples had stockholders equity of $58,716,446, a capital to assets ratio of 12.35%, and a book value of $23.66. 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

September 30,

 

March 31,

 

 

 

 

 

2011

 

2010

 

2010

 

 

Balance Sheet Data:

 

 

 

 

 

 

 

 

Total assets

$475,628,156

 

$472,522,994

 

$472,144,529

 

 

 

Loans receivable including loans

 

 

 

 

 

 

 

 

 

held for sale, net

227,237,660

 

251,003,932

 

265,084,292

 

 

 

Investment securities

212,151,749

 

177,205,610

 

171,791,445

 

 

 

Other interest earning assets

7,288,324

 

16,509,900

 

6,774,171

 

 

 

Deposits

350,728,837

 

338,792,106

 

337,800,331

 

 

 

Borrowed Funds

63,728,569

 

69,743,961

 

72,593,047

 

 

 

Stockholder's equity

58,716,446

 

60,213,402

 

59,017,806

 

 

 

Non-performing loans and REO

2,617,000

 

2,406,000

 

2,999,000

 

 

 

Equity to assets ratio

12.35%

 

12.74%

 

12.50%

 

 

 

Book value per share

$23.66

 

$24.23

 

$23.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

2011

 

2010

 

2011

 

2010

Operating Data:

 

 

 

 

 

 

 

 

Interest income

$4,804,125

 

$5,535,861

 

$9,870,810

 

$11,236,341

 

Interest expense

1,572,116

 

2,152,375

 

3,320,977

 

4,489,824

 

Net interest income

$3,232,009

 

$3,383,486

 

$6,549,833

 

$6,746,517

 

Provision

 

 

 

 

 

 

 

 

 

for losses on loans

65,000

 

310,723

 

590,000

 

738,680

 

Net interest income after provision

 

 

 

 

 

 

 

 

 

for losses on loans

$3,167,009

 

$3,072,763

 

$5,959,833

 

$6,007,837

 

Non-Interest income

842,443

 

711,125

 

2,132,199

 

1,731,056

 

Non-Interest expenses

3,026,219

 

2,902,396

 

6,045,707

 

5,852,606

 

Income before income taxes

983,233

 

881,492

 

2,046,325

 

1,886,287

 

Income tax expense

136,247

 

120,747

 

306,224

 

281,929

 

Net income

$846,986

 

$760,745

 

$1,740,101

 

$1,604,358

 

 

 

 

 

 

 

 

 

 

 

Basic income per common share

$0.34

 

$0.30

 

$0.70

 

$0.62

 

Diluted income per common share

$0.34

 

$0.30

 

$0.70

 

$0.62

 

Dividends per common share

$0.19

 

$0.19

 

$0.38

 

$0.38

 

 

 

 

 

 

 

 

 

 

Other Data:

 

 

 

 

 

 

 

 

Average yield

 

 

 

 

 

 

 

 

 

on all interest-earning assets

4.44%

 

4.98%

 

4.96%

 

4.96%

 

Average cost

 

 

 

 

 

 

 

 

 

of all interest-bearing liabilities

1.64%

 

2.19%

 

2.24%

 

2.24%

 

Interest rate spread

2.80%

 

2.79%

 

2.72%

 

2.72%

 

 

 

 

 

 

 

 

 

 

 

Net interest margin

2.99%

 

3.05%

 

2.98%

 

2.98%

 

 

 

 

 

 

 

 

 

 

 

Return on assets (net income divided

 

 

 

 

 

 

 

 

 

by average total assets)

0.72%

 

0.64%

 

0.74%

 

0.67%

 

Return on equity (net income divided

 

 

 

 

 

 

 

 

 

by average total equity)

5.80%

 

5.12%

 

5.85%

 

5.34%

 

Dividend payout ratio (dividends per

 

 

 

 

 

 

 

 

 

common share divided by net

 

 

 

 

 

 

 

 

 

income per common share)

55.88%

 

63.33%

 

54.29%

 

61.29%