AUBURN, Ind., Jan. 17, 2012 (GLOBE NEWSWIRE) -- Peoples Bancorp reported net income for the first quarter ended December 31, 2011, of $835,593 versus the same quarter last year income of $893,115. First quarter earnings were $0.34 per share compared to $0.36 per share for the same period one year ago.
Maurice F. Winkler, President of Peoples Bancorp, indicated, "The effects of margin compression were partially offset by the reduction in the allowance for loan losses recorded during the quarter. Last year's expense of $525,000 decreased to $175,000 this year. The environment we continue to operate in will keep the pressure on the net interest margin and the growth of regulations will also continue to present challenges as we move forward. Non-interest income declined largely because of the decrease in gains recorded from selling investment securities and, to a lesser degree, loans. We experienced increases in all other phases of non-interest income compared to the same quarter one year ago. Although the Company experienced significant increases in both health insurance and pension costs, total non-interest expenses declined slightly when compared to the same quarter a year ago, as well as, the previous quarter."
Peoples reported assets on December 31, 2011, of $484,857,087, an increase of $4.3 million from September 30, 2011. Peoples' deposit balances increased during the quarter ended December 31, 2011 $3.6 million to $357,384,115. The Company's borrowings increased during the quarter by $1.1 million to $60,718,881.
Peoples had 2,422,531 shares of stock outstanding as of December 31, 2011, and the closing price of Peoples Bancorp stock as of January 16, 2012, was $16.25 per share as listed on the OTCQB System under the symbol PBNI. At December 31, 2011, Peoples had stockholders equity of $61,726,024, a capital to assets ratio of 12.73%, and a book value of $25.48.
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, | |||||
| 2011 | 2011 | 2010 | |||||
| Balance Sheet Data: | |||||||
| Total assets | $484,857,087 | $480,583,263 | $463,883,979 | ||||
| Loans receivable including loans | |||||||
| held for sale, net | 224,820,017 | 222,251,918 | 242,207,928 | ||||
| Investment securities | 219,666,850 | 215,244,151 | 181,984,112 | ||||
| Other interest earning assets | 6,709,333 | 11,510,214 | 8,649,377 | ||||
| Deposits | 357,384,115 | 353,810,967 | 340,179,778 | ||||
| Borrowed Funds | 62,076,077 | 61,022,847 | 63,935,698 | ||||
| Stockholder's equity | 61,726,024 | 61,618,201 | 57,666,786 | ||||
| Non-performing loans and REO | 1,981,000 | 1,921,000 | 2,627,000 | ||||
| Equity to assets ratio | 12.73% | 12.82% | 12.43% | ||||
| Book value per share | $25.48 | $25.12 | $23.23 | ||||
| Three Months Ended | |||||||
| December 31, | |||||||
| 2011 | 2010 | ||||||
| Operating Data: | |||||||
| Interest income | $4,618,557 | $5,066,684 | |||||
| Interest expense | 1,446,916 | 1,748,860 | |||||
| Net interest income | $3,171,641 | $3,317,824 | |||||
| Provision | |||||||
| for losses on loans | 175,000 | 525,000 | |||||
| Net interest income after provision | |||||||
| for losses on loans | $2,996,641 | $2,792,824 | |||||
| Other income | 960,372 | 1,289,756 | |||||
| Other expenses | 3,012,421 | 3,019,488 | |||||
| Income before income taxes | 944,592 | 1,063,092 | |||||
| Income tax expense | 108,999 | 169,977 | |||||
| Net income | $835,593 | $893,115 | |||||
| Basic income per common share | $0.34 | $0.36 | |||||
| Diluted income per common share | $0.34 | $0.36 | |||||
| Dividends per common share | $0.20 | $0.19 | |||||
| Other Data: | |||||||
| Average yield | |||||||
| on all interest-earning assets | 4.03% | 4.55% | |||||
| Average cost | |||||||
| of all interest-bearing liabilities | 1.43% | 1.79% | |||||
| Interest rate spread | 2.60% | 2.76% | |||||
| Net interest margin | 2.77% | 2.98% | |||||
| Return on assets (net income divided | |||||||
| by average total assets) | 0.69% | 0.76% | |||||
| Return on equity (net income divided | |||||||
| by average total equity) | 5.41% | 6.05% | |||||
| Dividend payout ratio (dividends per | |||||||
| common share divided by net | |||||||
| income per common share) | 58.82% | 52.78% | |||||