AUBURN, Ind., Jan. 16, 2013 (GLOBE NEWSWIRE) -- Peoples Bancorp (OTCQB:PBNI) 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% | |