"Your home town lender"
HomeContact Us
 

Peoples Bancorp Reports Earnings January 2013

16-Jan-2013

 

 

For Immediate Release                                                           

OTCQB Symbol:      PBNI

Contact:                     Maurice F. Winkler, III

Phone:                        260-925-2500

 

 

 

 

 

Peoples Bancorp Reports Earnings

 

Auburn, Indiana (January 16, 2013)- Peoples Bancorp reported net income for the first quarter ended December 31, 2012, of $677,910 versus the same quarter last year income of $835,593. First 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 “The amount of margin compression has decreased from previous quarters; however, it continues to negatively impact the Company’s earnings. Non-interest income was down because fewer gains were taken on the sale of investment securities compared to the quarter that ended December 31, 2011. We are encouraged by the growth in loan balances during the quarter. The increase of nearly $8 million in balances reflects a stark contrast to what has been happening over the last several years and will have a positive impact our net interest margin going forward.”

 

Peoples reported assets on December 31, 2012, of $477,821,728, a decrease of $6.5 million from September 30, 2012. Peoples’ deposit balances decreased during the quarter ended December 31, 2012 by $2.8 million to $356,569,709. The Company’s borrowings decreased during the quarter by $2.1 million to $54,628,449.

 

Peoples had 2,394,981 shares of stock outstanding as of December 31, 2012, and the closing price of Peoples Bancorp stock as of January 15, 2013, was $20.00 per share as listed on the OTCQB System under the symbol PBNI. At December 31, 2012, Peoples had stockholders equity of $62,980,115, a capital to assets ratio of 13.18%, and a book value of $26.30. 

 

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,

2012

2012

2011

Balance Sheet Data:

Total assets

$477,821,728

$484,309,302

$484,857,087

Loans receivable including loans

held for sale, net

230,041,461

222,302,227

224,820,017

Investment securities

196,588,211

210,805,882

219,666,850

Other interest earning assets

15,027,184

16,035,914

6,709,333

Deposits

356,569,709

359,359,011

357,384,115

Borrowed Funds

54,628,449

56,746,457

62,076,077

Stockholder's equity

62,980,115

63,253,783

61,726,024

Non-performing loans and REO

1,572,000

1,448,000

1,981,000

Equity to assets ratio

13.18%

13.06%

12.73%

Book value per share

$26.30

$26.37

$25.48

Three Months Ended

December 31,

2012

2011

Operating Data:

Interest income

$4,026,343

$4,618,557

Interest expense

1,128,821

1,446,916

Net interest income

$2,897,522

$3,171,641

Provision

for losses on loans

90,000

175,000

Net interest income after provision

for losses on loans

$2,807,522

$2,996,641

Other income

864,811

960,372

Other expenses

2,964,994

3,012,421

Income before income taxes

707,339

944,592

Income tax expense

29,429

108,999

Net income

$677,910

$835,593

Basic income per common share

$0.28

$0.34

Diluted income per common share

$0.28

$0.34

Dividends per common share

$0.20

$0.20

Other Data:

Average yield

on all interest-earning assets

3.56%

4.03%

Average cost

of all interest-bearing liabilities

1.16%

1.43%

Interest rate spread

2.40%

2.60%

Net interest margin

2.56%

2.77%

Return on assets (net income divided

by average total assets)

0.57%

0.69%

Return on equity (net income divided

by average total equity)

4.24%

5.41%

Dividend payout ratio (dividends per

common share divided by net

income per common share)

71.43%

58.82%