AUBURN, Ind., Nov. 10, 2008 (GLOBE NEWSWIRE) -- Peoples Bancorp (Pink Sheets:PBNI) reported net income for the fiscal year ended September 30, 2008, increased 18.6%, to $3,322,471 versus the previous year's income of $2,801,416. Fiscal 2008 earnings per diluted share were $1.12 per share compared to $0.89 per share for the year ended September 30, 2007, a 25.8% increase.
Maurice F Winkler, III, President of Peoples Bancorp, stated, "As a result of rate decreases by the Federal Reserve and some positive changes in the mix of our liabilities we were able to increase net interest margin by 31 basis points to 3.31%, up from 3.00% last year. We did that despite a $7 million investment in bank owned life insurance, which has a negative effect on net interest margin but contributed to the gains in non-interest income. At the same time we were able to control non-interest expenses, which actually decreased slightly from the previous year. In March, the company completed a reverse/forward stock split transaction that resulted in the repurchasing of company stock enabling the company to decrease the costs associated with being listed on the NASDAQ stock exchange."
On September 30, 2008, stockholders equity was $57,531,233 with a capital to assets ratio of 12.64% and a book value of $20.54. Peoples had 2,801,007 shares of stock outstanding as of September 30, 2008. The closing price of Peoples Bancorp stock as of November 7, 2008, was $11.00 per share as quoted on the Pink Sheets System under the symbol PBNI.
Peoples Bancorp, through its subsidiary, Peoples Federal Savings Bank, operates fifteen full-service offices located in Auburn, Avilla, LaGrange, Garrett, Howe, Kendallville, Middlebury, Waterloo, Topeka, and Columbia City (two offices) in Indiana, and Three Rivers (two offices), Schoolcraft, and Union in Michigan.
SELECTED CONSOLIDATED FINANCIAL DATA OF PEOPLES BANCORP
September 30
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2008 2007 2006
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Balance Sheet Data:
Total assets $455,097,025 $469,193,037 $501,353,713
Loans receivable including
loans held for sale, net 316,749,980 348,485,297 371,662,679
Investments and other
interest earning assets 110,623,106 100,572,388 108,170,325
Deposits 319,245,713 349,291,182 375,848,729
Borrowed funds 75,541,180 54,480,511 59,672,791
Stockholder's equity 57,531,233 62,032,964 62,775,216
For Year Ended September 30
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2008 2007 2006
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Operating Data:
Interest income $26,230,667 $28,659,990 $28,310,432
Interest expense 11,662,689 14,559,298 12,927,583
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Net interest income $14,567,978 $14,100,692 $15,382,849
Provision
for losses on loans 522,448 76,972 56,065
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Net interest income after
provision for losses on
loans $14,045,530 $14,023,720 $15,326,784
Other income 2,684,455 2,104,783 2,285,030
Other expenses 12,081,723 12,099,627 12,822,056
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Income before income taxes 4,648,262 4,028,876 4,789,758
Income tax expense 1,325,791 1,227,460 1,537,352
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Net income $ 3,322,471 $ 2,801,416 $ 3,252,406
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Basic income per common
share $ 1.12 $ 0.89 $ 0.99
Diluted income per common
share $ 1.12 $ 0.89 $ 0.98
Dividends per common share $ 0.76 $ 0.76 $ 0.76
Other Data:
Average yield
on all interest-earning
assets 5.96% 6.10% 5.99%
Average cost
of all interest-bearing
liabilities 3.05% 3.58% 3.09%
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Interest rate spread 2.91% 2.52% 2.90%
Number of full service
banking offices 15 15 15
Return on assets (net income
divided by average total
assets) 0.72% 0.57% 0.65%
Return on equity (net income
divided by average total
equity) 5.50% 4.49% 5.06%
Dividend payout ratio
(dividends per common share
divided by net income per
common share) 67.86% 85.39% 76.77%
Equity to assets ratio
(average total equity
divided by average total
assets) 13.23% 12.93% 12.90%