AUBURN, Ind., Jan. 29, 2008 (PRIME NEWSWIRE) -- Peoples Bancorp (Nasdaq:PFDC) reported net income for the first quarter ended December 31, 2007, of $787,803 versus the same quarter last year income of $800,436. First Quarter earnings per share was $0.25 per share compared to $0.25 per share for the same period one year ago.
Maurice F. Winkler, President of Peoples Bancorp, indicated, "Other expenses decreased over $100,000 from the quarter ended December 31, 2006 compared to the quarter ended December 31, 2007. The merger of our two banks into one is having a positive impact on the Company's other expenses."
Peoples reported assets on December 31, 2007, of $472,588,544 an increase of $3.4 million from September 30, 2007. Loans increased during the quarter ended December 31, 2007, $2.9 million to $351,394,394.
Peoples had 3,104,990 shares of stock outstanding as of December 31, 2007, and the closing price of Peoples Bancorp stock as of January 28, 2008, was $14.840 per share as listed on the NASDAQ National Marketing System under the symbol PFDC. At December 31, 2007, stockholders equity was $62,685,324, capital to assets ratio of 13.26%, and a book value of $20.19.
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,
2007 2007 2006
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Balance Sheet Data:
Total assets $472,588,544 $469,193,037 $500,137,477
Loans receivable
including loans
held for sale, net 351,394,394 348,485,297 368,303,998
Investments and other
interest earning
assets 102,300,774 100,572,388 109,417,659
Deposits 339,425,627 349,291,182 366,670,894
Stockholder's equity 62,685,324 62,032,964 62,757,555
Non-performing loans
and REO 2,489,000 1,989,000 1,176,000
Equity to assets ratio 13.26% 12.93% 12.55%
Book value per share $20.19 $19.97 $19.70
Three Months Ended
December 31,
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2007 2006
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Operating Data:
Interest income $6,820,538 $7,367,655
Interest expense 3,335,863 3,696,425
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Net interest income $3,484,675 $3,671,230
Provision for losses
on loans 8,858 3,695
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Net interest income after
provision for losses
on loans $3,475,817 $3,667,535
Other income 628,499 526,079
Other expenses 2,917,634 3,027,540
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Income before income taxes 1,186,682 1,166,074
Income tax expense 398,879 365,638
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Net income $787,803 $800,436
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Basic income per common share $0.25 $0.25
Diluted income per common share $0.25 $0.25
Dividends per common share $0.19 $0.19
Other Data:
Average yield on all
interest-earning assets 6.07% 6.09%
Average cost of all
interest-bearing liabilities 3.48% 3.48%
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Interest rate spread 2.59% 2.61%
Return on assets (net income
divided by average total
assets) 0.68% 0.64%
Return on equity (net income
divided by average total equity) 5.00% 5.03%
Dividend payout ratio (dividends
per common share divided by net
income per common share) 76.00% 76.00%