AUBURN, Ind., April 9, 2010 (GLOBE NEWSWIRE) -- Peoples Bancorp (Pink Sheets:PBNI) reported net income for the second quarter ended March 31, 2010, of $760,745 versus the same quarter last year income of $871,285. First quarter earnings per share was $0.30 per share compared to $0.32 per share for the same period one year ago. Net income for the first half of fiscal year 2010 was $1,604,358 versus $1,773,444 during the first half of 2009. First half earnings per share was $0.62 compared to $0.64 per share for the same period one year ago.
Maurice F. Winkler, President of Peoples Bancorp, indicated, "Compared to the same quarter a year ago, we experienced significant compression in our net interest margin; however, compared to the previous quarter our net interest margin increased 13 basis points. Non-interest income decreased because of the decline in mortgage loan volumes leading to decreased sales gains compared to a year ago. We continued to build our loan loss provision. Our provision expense increased $210,723 or 311% from the same quarter one year earlier. Non-interest expenses declined 6.5% with salaries and benefits being reduced because of decreases in staffing that occurred in the last year. On a year over year basis, we have experienced increases in non-interest income in the way of gains on the sale of securities and have been able to partially offset the increase in provision for loan loss expense during that time."
Peoples reported assets on March 31, 2010, of $472,144,529 a decrease of $6.7 million from September 30, 2009. Peoples' reported deposit balances on March 31, 2010 of $337,800,331, an increase of $3.1 million from September 30, 2009. The Company's borrowings have decreased by $15.9 million to $72,593,047 since September 30, 2009.
Peoples had 2,559,747 shares of stock outstanding as of March 31, 2010, and the closing price of Peoples Bancorp stock as of April 8, 2010, was $13.60 per share as listed on the Pink Sheets System under the symbol PBNI. At March 31, 2010, Peoples had stockholders equity of $59,017,806, a capital to assets ratio of 12.50%, and a book value of $23.06.
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 | |||||||
|
March 31, 2010 |
September 30, 2009 |
March 31, 2009 |
|||||
| Balance Sheet Data: | |||||||
| Total assets | $472,144,529 | $487,841,727 | $469,484,571 | ||||
| Loans receivable including loans | |||||||
| held for sale, net | 265,084,292 | 278,882,213 | 295,549,574 | ||||
| Investments and other interest | |||||||
| earning assets | 178,565,616 | 181,137,188 | 145,820,423 | ||||
| Deposits | 337,800,331 | 334,713,820 | 330,700,986 | ||||
| Borrowed Funds | 72,593,047 | 88,505,599 | 77,224,251 | ||||
| Stockholder's equity | 59,017,806 | 60,870,740 | 58,902,773 | ||||
| Non-performing loans and REO | 2,999,000 | 3,843,000 | 4,820,000 | ||||
| Equity to assets ratio | 12.50% | 12.48% | 12.55% | ||||
| Book value per share | $23.06 | $22.82 | $21.69 | ||||
| Three Months Ended | Six Months Ended | |||||
| March 31, | March 31, | |||||
| 2010 | 2009 | 2010 | 2009 | |||
| Operating Data: | ||||||
| Interest income | $5,535,861 | $5,959,155 | $11,236,341 | $11,992,575 | ||
| Interest expense | 2,152,375 | 2,493,552 | 4,489,824 | 5,013,100 | ||
| Net interest income | $3,383,486 | $3,465,603 | $6,746,517 | $6,979,475 | ||
| Provision | ||||||
| for losses on loans | 310,723 | 100,000 | 738,680 | 256,095 | ||
| Net interest income after provision | ||||||
| for losses on loans | $3,072,763 | $3,365,603 | $6,007,837 | $6,723,380 | ||
| Non-Interest income | 711,125 | 852,616 | 1,731,056 | 1,554,221 | ||
| Non-Interest expenses | 2,902,396 | 3,104,442 | 5,852,606 | 5,993,873 | ||
| Income before income taxes | 881,492 | 1,113,777 | 1,886,287 | 2,283,728 | ||
| Income tax expense | 120,747 | 242,492 | 281,929 | 510,284 | ||
| Net income | $760,745 | $871,285 | $1,604,358 | $1,773,444 | ||
| Basic income per common share | $0.30 | $0.32 | $0.62 | $0.64 | ||
| Diluted income per common share | $0.30 | $0.32 | $0.62 | $0.64 | ||
| Dividends per common share | $0.19 | $0.19 | $0.38 | $0.38 | ||
| Other Data: | ||||||
| Average yield | ||||||
| on all interest-earning assets | 4.98% | 5.48% | 4.96% | 5.54% | ||
| Average cost | ||||||
| of all interest-bearing liabilities | 2.19% | 2.60% | 2.24% | 2.62% | ||
| Interest rate spread | 2.79% | 2.88% | 2.72% | 2.92% | ||
| Net interest margin | 3.05% | 3.19% | 2.98% | 3.22% | ||
| Return on assets (net income divided | ||||||
| by average total assets) | 0.64% | 0.75% | 0.67% | 0.77% | ||
| Return on equity (net income divided | ||||||
| by average total equity) | 5.12% | 5.81% | 5.34% | 6.01% | ||
| Dividend payout ratio (dividends per | ||||||
| common share divided by net | ||||||
| income per common share) | 63.33% | 59.38% | 61.29% | 59.38% | ||