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Peoples Bancrop Reports Earnings April 2012

18-Apr-2012

For Immediate Release                  

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

 

 

 

 

 

Peoples Bancorp Reports Earnings

 

Auburn, Indiana - April 18, 2012 - Peoples Bancorp reported net income for the second quarter ended March 31, 2012, of $687,335 versus the same quarter last year income of $846,986. Second quarter earnings were $0.28 per share compared to $0.34 per share for the same period one year ago.

 

Maurice F. Winkler, President of Peoples Bancorp, indicated “Margin compression continues to have an impact on the company’s results. Net interest margin decreased 28 basis points from the same quarter a year ago to 2.71%. The extremely low interest rate environment that we have been, and are currently still in, will likely continue that trend. The increase in non-interest expenses came mostly from the increase in compensation and benefit costs. The bank’s balance of non-performing loans and real estate owned has been trending in a positive direction. At $1.9 million the balance is $721,000 less than at this time last year. The company’s tax exempt investments in municipal securities and bank owned life insurance have minimized the bank’s tax expense.”

 

Peoples reported assets on March 31, 2012, of $490,983,771, an increase of $10.4 million from September 30, 2011. Peoples’ deposit balances increased $13.0 million during the six month period ending March 31, 2012 to $366,827,858. The Company’s borrowings decreased by $2.9 million to $58,102,783 during that same period.

 

Peoples had 2,413,051 shares of stock outstanding as of March 31, 2012, and the closing price of Peoples Bancorp stock as of April 17, 2012, was $17.85 per share as listed on the OTCQB System under the symbol PBNI. At March 31, 2012, Peoples had stockholders equity of $61,920,640, a capital to assets ratio of 12.61%, and a book value of $25.66. 

 

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,

2012

2011

2011

Balance Sheet Data:

Total assets

$490,983,771

$480,583,263

$475,628,156

Loans receivable including loans

held for sale, net

214,838,678

222,251,918

227,237,660

Investment securities

225,958,144

215,244,151

212,151,749

Other interest earning assets

16,412,893

11,510,214

7,288,324

Deposits

366,827,858

353,810,967

350,728,837

Borrowed Funds

58,102,783

61,022,847

63,728,569

Stockholder's equity

61,920,640

61,618,201

58,716,446

Non-performing loans and REO

1,896,000

1,921,000

2,617,000

Equity to assets ratio

12.61%

12.82%

12.35%

Book value per share

$25.66

$25.12

$23.66

Three Months Ended

Six Months Ended

March 31,

March 31,

2012

2011

2012

2011

Operating Data:

Interest income

$4,419,177

$4,804,125

$9,037,734

$9,870,810

Interest expense

1,359,225

1,572,116

2,806,141

3,320,977

Net interest income

$3,059,952

$3,232,009

$6,231,593

$6,549,833

Provision

for losses on loans

75,000

65,000

250,000

590,000

Net interest income after provision

for losses on loans

$2,984,952

$3,167,009

$5,981,593

$5,959,833

Non-Interest income

811,399

842,443

1,771,772

2,132,199

Non-Interest expenses

3,095,680

3,026,219

6,108,101

6,045,707

Income before income taxes

700,671

983,233

1,645,264

2,046,325

Income tax expense

13,336

136,247

122,336

306,224

Net income

$687,335

$846,986

$1,522,928

$1,740,101

Basic income per common share

$0.28

$0.34

$0.63

$0.70

Diluted income per common share

$0.28

$0.34

$0.63

$0.70

Dividends per common share

$0.20

$0.19

$0.40

$0.38

Other Data:

Average yield

on all interest-earning assets

3.92%

4.44%

3.98%

4.50%

Average cost

of all interest-bearing liabilities

1.38%

1.64%

1.41%

1.71%

Interest rate spread

2.54%

2.80%

2.57%

2.79%

Net interest margin

2.71%

2.99%

2.74%

2.98%

Return on assets (net income divided

by average total assets)

0.57%

0.72%

0.63%

0.74%

Return on equity (net income divided

by average total equity)

4.37%

5.80%

4.89%

5.85%

Dividend payout ratio (dividends per

common share divided by net

income per common share)

71.43%

55.88%

63.49%

54.29%