AUBURN, Ind., April 14, 2011 (GLOBE NEWSWIRE) -- Peoples Bancorp (Pink Sheets:PBNI) reported net income for the second quarter ended March 31, 2011, of $846,986 versus the same quarter last year income of $760,745. Second quarter earnings were $0.34 per share compared to $0.30 per share for the same period one year ago, an increase of 13.3%. Net income for the first half of fiscal year 2011 was $1,740,101 versus $1,604,358 during the first half of 2010. First half earnings per share was $0.70 compared to $0.62 per share for the same period one year ago.
Maurice F. Winkler, President of Peoples Bancorp, indicated: "Although we support a strong and well regulated community banking system, we are concerned that some regulations being written now are counterproductive and these regulations are significantly increasing costs. We are very pleased with our performance thus far for 2011 and certainly hope the economy and the regulatory environment continue to improve."
Peoples Bancorp reported assets on March 31, 2011, of $475,628,156, an increase of $3.1 million from September 30, 2010. Deposit balances were $350,728,837 at March 31, 2011, an increase of 11.9 million from September 30, 2010. The Company's borrowings have decreased by $6.0 million to $63,728,569 since September 30, 2010.
Peoples had 2,481,425 shares of stock outstanding as of March 31, 2011, and the closing price of Peoples Bancorp stock as of April 14, 2011, was $17.00 per share as listed on the Pink Sheets System under the symbol PBNI. At March 31, 2011, Peoples had stockholders equity of $58,716,446, a capital to assets ratio of 12.35%, and a book value of $23.66.
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, 2011 |
September 30, 2010 |
March 31, 2010 |
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| Balance Sheet Data: | ||||
| Total assets | $475,628,156 | $472,522,994 | $472,144,529 | |
|
Loans receivable including loans held for sale, net |
227,237,660 | 251,003,932 | 265,084,292 | |
| Investment securities | 212,151,749 | 177,205,610 | 171,791,445 | |
| Other interest earning assets | 7,288,324 | 16,509,900 | 6,774,171 | |
| Deposits | 350,728,837 | 338,792,106 | 337,800,331 | |
| Borrowed Funds | 63,728,569 | 69,743,961 | 72,593,047 | |
| Stockholder's equity | 58,716,446 | 60,213,402 | 59,017,806 | |
| Non-performing loans and REO | 2,617,000 | 2,406,000 | 2,999,000 | |
| Equity to assets ratio | 12.35% | 12.74% | 12.50% | |
| Book value per share | $23.66 | $24.23 | $23.06 | |
|
Three Months Ended March 31, |
Six Months Ended March 31, |
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| 2011 | 2010 | 2011 | 2010 | |
| Operating Data: | ||||
| Interest income | $4,804,125 | $5,535,861 | $9,870,810 | $11,236,341 |
| Interest expense | 1,572,116 | 2,152,375 | 3,320,977 | 4,489,824 |
| Net interest income | $3,232,009 | $3,383,486 | $6,549,833 | $6,746,517 |
|
Provision for losses on loans |
65,000 | 310,723 | 590,000 | 738,680 |
|
Net interest income after provision for losses on loans |
$3,167,009 | $3,072,763 | $5,959,833 | $6,007,837 |
| Non-Interest income | 842,443 | 711,125 | 2,132,199 | 1,731,056 |
| Non-Interest expenses | 3,026,219 | 2,902,396 | 6,045,707 | 5,852,606 |
| Income before income taxes | 983,233 | 881,492 | 2,046,325 | 1,886,287 |
| Income tax expense | 136,247 | 120,747 | 306,224 | 281,929 |
| Net income | $846,986 | $760,745 | $1,740,101 | $1,604,358 |
| Basic income per common share | $0.34 | $0.30 | $0.70 | $0.62 |
| Diluted income per common share | $0.34 | $0.30 | $0.70 | $0.62 |
| Dividends per common share | $0.19 | $0.19 | $0.38 | $0.38 |
| Other Data: | ||||
|
Average yield on all interest-earning assets |
4.44% | 4.98% | 4.96% | 4.96% |
|
Average cost of all interest-bearing liabilities |
1.64% | 2.19% | 2.24% | 2.24% |
| Interest rate spread | 2.80% | 2.79% | 2.72% | 2.72% |
| Net interest margin | 2.99% | 3.05% | 2.98% | 2.98% |
|
Return on assets (net income divided by average total assets) |
0.72% | 0.64% | 0.74% | 0.67% |
|
Return on equity (net income divided by average total equity) |
5.80% | 5.12% | 5.85% | 5.34% |
|
Dividend payout ratio (dividends per common share divided by net income per common share) |
55.88% | 63.33% | 54.29% | 61.29% |