AUBURN, Ind., July 22, 2010 (GLOBE NEWSWIRE) -- Peoples Bancorp (Pink Sheets:PBNI) reported net income for the third quarter ended June 30, 2010, of $899,490 versus the same quarter last year income of $854,356. Third quarter earnings per share was $0.35 compared to $0.32 per share for the same period one year ago. Net income for the first nine months of fiscal year 2010 was $2,503,848 versus $2,627,800 during the first nine months of 2009. Earnings per share for the first nine months of the fiscal year was $0.97 compared to $0.96 per share for the same period one year ago.
Maurice F. Winkler, President of Peoples Bancorp, indicated, "This past quarter, net interest margin continued to decline and provision expense continued to increase. However, we were able offset those elements with an increase in non-interest income, as well as a decrease in non-interest expenses. The decrease in gains from the sale of loans was mostly offset by income earned from a bank owned life insurance claim and the gain on sale of securities leading to the increase in non-interest income. The decrease in non-interest expenses came about because of the special FDIC premium assessment that was recorded last year during the third quarter. Our income tax expense continues to be lower because of investments that have been made in tax exempt assets."
Peoples reported assets on June 30, 2010, of $475,917,101 a decrease of $11.9 million from September 30, 2009. Peoples' reported deposit balances on June 30, 2010 of $339,813,676 an increase of $5.1 million from September 30, 2009. The Company's borrowings have decreased by $15.1 million to $73,380,086 since September 30, 2009.
Peoples had 2,540,691 shares of stock outstanding as of June 30, 2010, and the closing price of Peoples Bancorp stock as of July 20, 2010, was $14.05 per share as listed on the Pink Sheets System under the symbol PBNI. At June 30, 2010, Peoples had stockholders equity of $59,454,540, a capital to assets ratio of 12.49%, and a book value of $23.40 per share.
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 | |||||||||
| June 30, | September 30, | June 30, | |||||||
| 2010 | 2009 | 2009 | |||||||
| Balance Sheet Data: | |||||||||
| Total assets | $475,917,101 | $487,841,727 | $483,751,920 | ||||||
| Loans receivable including loans | |||||||||
| held for sale, net | 257,067,477 | 278,882,213 | 278,947,812 | ||||||
| Investments and other interest | |||||||||
| earning assets | 188,402,159 | 181,137,188 | 176,186,058 | ||||||
| Deposits | 339,813,676 | 334,713,820 | 337,056,428 | ||||||
| Borrowed Funds | 73,380,086 | 88,505,599 | 84,724,437 | ||||||
| Stockholder's equity | 59,454,540 | 60,870,740 | 58,827,575 | ||||||
| Non-performing loans and REO | 2,602,000 | 3,843,000 | 4,098,000 | ||||||
| Equity to assets ratio | 12.49% | 12.48% | 12.16% | ||||||
| Book value per share | $23.40 | $22.82 | $21.86 | ||||||
| Three Months Ended | Nine Months Ended | ||||||||
| June 30, | June 30, | ||||||||
| 2010 | 2009 | 2010 | 2009 | ||||||
| Operating Data: | |||||||||
| Interest income | $5,245,528 | $5,922,498 | $16,481,870 | $17,915,073 | |||||
| Interest expense | 2,009,524 | 2,508,521 | 6,499,348 | 7,521,621 | |||||
| Net interest income | $3,236,004 | $3,413,977 | $9,982,522 | $10,393,452 | |||||
| Provision | |||||||||
| for losses on loans | 228,194 | 177,129 | 966,875 | 433,224 | |||||
| Net interest income after provision | |||||||||
| for losses on loans | $3,007,810 | $3,236,848 | $9,015,647 | $9,960,228 | |||||
| Non-Interest income | 895,066 | 855,901 | 2,626,122 | 2,410,122 | |||||
| Non-Interest expenses | 2,901,326 | 3,034,323 | 8,753,932 | 9,028,197 | |||||
| Income before income taxes | 1,001,550 | 1,058,426 | 2,887,837 | 3,342,153 | |||||
| Income tax expense | 102,060 | 204,070 | 383,989 | 714,353 | |||||
| Net income | $899,490 | $854,356 | $2,503,848 | $2,627,800 | |||||
| Basic income per common share | $0.35 | $0.32 | $0.97 | $0.96 | |||||
| Diluted income per common share | $0.35 | $0.32 | $0.97 | $0.96 | |||||
| Dividends per common share | $0.19 | $0.19 | $0.57 | $0.57 | |||||
| Other Data: | |||||||||
| Average yield | |||||||||
| on all interest-earning assets | 4.69% | 5.23% | 4.87% | 5.43% | |||||
| Average cost | |||||||||
| of all interest-bearing liabilities | 2.04% | 2.51% | 2.17% | 2.58% | |||||
| Interest rate spread | 2.65% | 2.72% | 2.70% | 2.85% | |||||
| Net interest margin | 2.90% | 3.01% | 2.95% | 3.15% | |||||
| Return on assets (net income divided | |||||||||
| by average total assets) | 0.76% | 0.71% | 0.70% | 0.75% | |||||
| Return on equity (net income divided | |||||||||
| by average total equity) | 6.02% | 5.68% | 5.56% | 5.89% | |||||
| Dividend payout ratio (dividends per | |||||||||
| common share divided by net | |||||||||
| income per common share) | 54.29% | 59.38% | 58.76% | 59.38% | |||||