AUBURN, Ind., May 7, 2007 (PRIME NEWSWIRE) -- Peoples Bancorp (Nasdaq:PFDC) reported net income for the second quarter ended March 31, 2007, of $513,290 versus $711,450 during the same quarter last year. Second quarter earnings per share was $0.16 per share compared to $0.21 per share for the same period one year ago.
Peoples reported assets on March 31, 2007, of $492,568,907, a decrease of $8.8 million from September 30, 2006. Loans decreased during the quarter ended December 31, 2006 $7.2 million to $361,144,858.
Peoples had 3,145,388 shares of stock outstanding as of March 31, 2007, and the closing price of Peoples Bancorp stock as of May 4, 2007, was $18.86 per share as listed on the NASDAQ National Marketing System under the symbol PFDC. At March 31, 2007, stockholders equity was $61,953,909 with a capital to assets ratio of 12.58% and a book value of $19.70.
Peoples Bancorp, through its Indiana subsidiary, Peoples Federal Savings Bank, operates nine full-service offices located in Auburn, Avilla, LaGrange, Garrett, Kendallville, Topeka, Waterloo, and two in Columbia City, Indiana. Peoples Bancorp's Michigan subsidiary, First Savings Bank, operates six full service offices located in Three Rivers (two offices), Schoolcraft, and Union in Michigan, and Howe and Middlebury in Indiana.
SELECTED CONSOLIDATED FINANCIAL DATA OF PEOPLES BANCORP
March 31, September 30, March 31,
2007 2006 2006
------------ ------------ ------------
Balance Sheet Data:
Total assets $492,568,907 $501,353,713 $493,953,934
Loans receivable including
loans held for sale, net 361,144,858 371,662,679 365,184,845
Investments and other
interest earning assets 111,069,923 108,170,325 106,191,340
Deposits 370,278,600 375,848,729 364,195,878
Stockholder's equity 61,953,909 62,775,216 63,942,275
Non-performing loans and
REO 1,683,000 1,274,000 744,000
Equity to assets ratio 12.58% 12.52% 12.94%
Book value per share $ 19.70 $ 19.57 $ 19.38
Three Months Ended Six Months Ended
March 31, March 31,
----------------------- -------------------------
2007 2006 2007 2006
---------- ---------- ----------- -----------
Operating Data:
Interest income $7,192,184 $6,947,258 $14,559,839 $13,870,887
Interest expense 3,686,547 3,074,043 7,382,972 5,993,472
---------- ---------- ----------- -----------
Net interest
income $3,505,637 $3,873,215 $ 7,176,867 $ 7,877,415
Provision for
losses on loans 27,620 2,950 31,315 46,753
---------- ---------- ----------- -----------
Net interest
income after
provision for
losses on loans $3,478,017 $3,870,265 $ 7,145,552 $ 7,830,662
Other income 516,103 304,653 1,042,182 1,053,787
Other expenses 3,266,957 3,115,912 6,294,497 6,401,733
---------- ---------- ----------- -----------
Income before
income taxes 727,163 1,059,006 1,893,237 2,482,716
Income tax
expense 213,873 347,556 579,511 779,056
---------- ---------- ----------- -----------
Net income $ 513,290 $ 711,450 $ 1,313,726 $ 1,703,660
========== ========== =========== ===========
Basic income per
common share $ 0.16 $ 0.21 $ 0.41 $ 0.51
Diluted income
per common
share $ 0.16 $ 0.21 $ 0.41 $ 0.51
Dividends per
common share $ 0.19 $ 0.19 $ 0.38 $ 0.38
Other Data:
Average yield on
all interest-
earning assets 6.17% 5.98% 6.14% 5.87%
Average cost of
all interest-
bearing
liabilities 3.62% 2.99% 3.55% 2.90%
---------- ---------- ----------- -----------
Interest rate
spread 2.55% 2.99% 2.59% 2.97%
Return on assets
(net income
divided by average
total assets) 0.21% 0.58% 0.53% 0.69%
Return on equity
(net income
divided by average
total equity) 1.64% 4.40% 4.18% 5.23%
Dividend payout
ratio (dividends
per common share
divided by net
income per common
share) 118.75% 90.48% 92.68% 74.51%