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Peoples Bancorp Reports Third Quarter Earnings July, 2013

18-Jul-2013

Auburn, Indiana - July 18, 2013 - Peoples Bancorp reported net income for the third quarter ended June 30, 2013, of $752,708 versus the same quarter last year income of $785,812. Third quarter earnings were $0.32 per share compared to $0.33 per share for the same period one year ago. Year to date, earnings per share was $0.84 for fiscal 2013 compared to $0.95 for the nine month period ending June 30, 2012.  

 

 

Maurice F. Winkler, President of Peoples Bancorp, indicated “The Company experienced an increase in net interest margin compared to both the same quarter last year and the linked quarter. Net interest margin increased 18 basis points from the same quarter a year ago to 2.71%. During the quarter we did a balance sheet restructuring by selling some longer term investment securities and prepaying Federal Home Loan Bank borrowings. The prepayment penalties were responsible for the large increase in non-interest expenses.  However, we were able to see immediate benefits in net interest margin that should continue going forward. The gains recognized from selling the investment securities effectively offset the increased non-interest expenses. On a year to date basis, we have seen a 15% increase in the cost of providing health insurance benefits to our employees compared to last year. The bank’s balance of non-performing loans and real estate owned decreased to $1.1 million, a 24% decline since the end of the last fiscal year. This has helped in allowing us to record $115,000 less in provisions for loan losses compared to last year.”

 

 

Peoples reported assets on June 30, 2013, of $465,625,926, a decrease of $18.7 million from September 30, 2012. Peoples’ deposit balances decreased $2.2 million during the nine month period ending June 30, 2013 to $357,113,480. The Company’s borrowings decreased by $10.0 million, to $46,730,802, during the nine month period ending June 30, 2013.

 

 

Peoples had 2,320,837 shares of stock outstanding as of June 30, 2013, and the closing price of Peoples Bancorp stock as of July 17, 2013, was $21.11 per share as listed on the OTCQB System under the symbol PBNI. At June 30, 2013, Peoples had stockholders equity of $58,922,704, a capital to assets ratio of 12.65%, and a book value of $25.39. 

 

 

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,

2013

2012

2012

Balance Sheet Data:

Total assets

$465,625,926

$484,309,302

$488,124,076

Loans receivable including loans

held for sale, net

234,676,414

222,302,227

218,314,389

Investment securities

184,514,216

210,805,882

220,094,195

Other interest earning assets

13,964,692

16,035,914

10,154,361

Deposits

357,113,480

359,359,011

361,653,803

Borrowed Funds

46,730,802

56,746,457

57,722,877

Stockholder's equity

58,922,704

63,253,783

62,604,918

Non-performing loans and REO

1,099,010

1,448,000

1,568,000

Equity to assets ratio

12.65%

13.06%

12.83%

Book value per share

$25.39

$26.37

$26.03

Three Months Ended

Nine Months Ended

June 30,

June 30,

2013

2012

2013

2012

Operating Data:

Interest income

$3,756,204

$4,317,632

$11,574,563

$13,355,366

Interest expense

824,846

1,418,566

2,922,498

4,224,707

Net interest income

$2,931,358

$2,899,066

$8,652,065

$9,130,659

Provision

for losses on loans

60,000

75,000

210,000

325,000

Net interest income after provision

for losses on loans

$2,871,358

$2,824,066

$8,442,065

$8,805,659

Non-Interest income

1,856,451

1,014,308

3,493,052

2,786,079

Non-Interest expenses

3,872,160

2,967,228

9,832,211

9,075,329

Income before income taxes

855,649

871,146

2,102,906

2,516,409

Income tax expense

102,941

85,334

107,246

207,669

Net income

$752,708

$785,812

$1,995,660

$2,308,740

Basic income per common share

$0.32

$0.33

$0.84

$0.95

Diluted income per common share

$0.32

$0.33

$0.84

$0.95

Dividends per common share

$0.20

$0.20

$0.60

$0.60

Other Data:

Average yield

on all interest-earning assets

3.48%

3.77%

3.54%

3.91%

Average cost

of all interest-bearing liabilities

0.88%

1.43%

1.03%

1.42%

Interest rate spread

2.60%

2.34%

2.51%

2.49%

Net interest margin

2.71%

2.53%

2.64%

2.67%

Return on assets (net income divided

by average total assets)

0.64%

0.64%

0.56%

0.63%

Return on equity (net income divided

by average total equity)

4.86%

4.99%

4.22%

4.94%

Dividend payout ratio (dividends per

common share divided by net

income per common share)

62.50%

60.61%

71.43%

63.16%