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Peoples Bancorp Reports Third Quarter Earnings July 16, 2012

16-Jul-2012

 For Immediate Release                                                                      

OTCQB Symbol:      PBNI

Contact:                     Maurice F. Winkler, III

Phone:                        260-925-2500

 

 

 

Peoples Bancorp Reports Third Quarter Earnings

 

Auburn, Indiana - July 13, 2012 - Peoples Bancorp reported net income for the third quarter ended June 30, 2012, of $785,812 versus the same quarter last year income of $1,073,483. Third quarter earnings were $0.33 per share compared to $0.43 per share for the same period one year ago. Year to date, earnings per share was $0.95 for fiscal 2012 compared to $1.13 for the nine month period ending June 30, 2011.  

 

Maurice F. Winkler, President of Peoples Bancorp, indicated “The decline in net interest margin continues to be a significant factor in the decrease of our net income.  Net interest margin decreased 51 basis points from the same quarter a year ago to 2.53%. We continue to see higher yielding loans and investment securities re-price at today’s lower interest rates. On a year to date basis, the increase in non-interest expenses came mostly from a 17% 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 $1.6 million, an 18% decline since the end of the last fiscal year. This has helped in allowing us to record $310,000 less in provisions for loan losses compared to last year. We have also reduced our income tax expense by $352,000. However, those gains have been offset by a decrease of $662,000 in gains recorded from the sale of loans and securities.”

 

Peoples reported assets on June 30, 2012, of $488,124,076, an increase of $7.5 million from September 30, 2011. Peoples’ deposit balances increased $7.8 million during the nine month period ending June 30, 2012 to $361,653,803. The Company’s borrowings decreased by $4.0 million, to $56,330,057, during the nine month period ending June 30, 2012.

 

Peoples had 2,405,545 shares of stock outstanding as of June 30, 2012, and the closing price of Peoples Bancorp stock as of July 12, 2012, was $18.74 per share as listed on the OTCQB System under the symbol PBNI. At June 30, 2012, Peoples had stockholders equity of $62,604,918, a capital to assets ratio of 12.83%, and a book value of $26.03. 

 

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,

2012

2011

2011

Balance Sheet Data:

Total assets

$488,124,076

$480,583,263

$476,155,020

Loans receivable including loans

held for sale, net

218,314,389

222,251,918

227,249,385

Investment securities

220,094,195

215,244,151

207,356,033

Other interest earning assets

10,154,361

11,510,214

12,902,272

Deposits

361,653,803

353,810,967

350,584,245

Borrowed Funds

57,722,877

61,022,847

61,328,040

Stockholder's equity

62,604,918

61,618,201

60,763,330

Non-performing loans and REO

1,568,000

1,921,000

2,245,000

Equity to assets ratio

12.83%

12.82%

12.76%

Book value per share

$26.03

$25.12

$24.57

Three Months Ended

Nine Months Ended

March 31,

June 30,

2012

2011

2012

2011

Operating Data:

Interest income

$4,317,632

$5,003,277

$13,355,366

$14,874,088

Interest expense

1,418,566

1,569,269

4,224,707

4,890,246

Net interest income

$2,899,066

$3,434,008

$9,130,659

$9,983,842

Provision

for losses on loans

75,000

45,000

325,000

635,000

Net interest income after provision

for losses on loans

$2,824,066

$3,389,008

$8,805,659

$9,348,842

Non-Interest income

1,014,308

939,972

2,786,079

3,072,170

Non-Interest expenses

2,967,228

3,001,626

9,075,329

9,047,333

Income before income taxes

871,146

1,327,354

2,516,409

3,373,679

Income tax expense

85,334

253,871

207,669

560,095

Net income

$785,812

$1,073,483

$2,308,740

$2,813,584

Basic income per common share

$0.33

$0.43

$0.95

$1.13

Diluted income per common share

$0.33

$0.43

$0.95

$1.13

Dividends per common share

$0.20

$0.19

$0.60

$0.57

Other Data:

Average yield

on all interest-earning assets

3.77%

4.42%

3.91%

4.47%

Average cost

of all interest-bearing liabilities

1.43%

1.57%

1.42%

1.67%

Interest rate spread

2.34%

2.85%

2.49%

2.80%

Net interest margin

2.53%

3.04%

2.67%

3.00%

Return on assets (net income divided

by average total assets)

0.64%

0.89%

0.63%

0.79%

Return on equity (net income divided

by average total equity)

4.99%

7.17%

4.94%

6.29%

Dividend payout ratio (dividends per

common share divided by net

income per common share)

60.61%

44.19%

63.16%

50.44%