AUBURN, Ind., July 20, 2011 (GLOBE NEWSWIRE) -- Peoples Bancorp (Pink Sheets:PBNI) reported net income for the third quarter ended June 30, 2011, of $1,073,483 versus the same quarter last year income of $899,490. Third quarter earnings per share were $0.43 per share compared to $0.35 per share for the same period one year ago, an increase of 22.9%. Net income for the nine-month period ended June 30, 2011 was $2,813,584 versus $2,503,848 during the first nine months of 2010. Earnings per share for the first nine months of the fiscal year were $1.13 compared to $0.97 per share for the same period one year ago.
Maurice F. Winkler, President of Peoples Bancorp, indicated "Although much of the improvement in earnings this quarter came from gains on the sale of securities and a reduction in the provision for loan losses, we also saw substantial improvement in net interest income. Net interest income, before provision, was up $198,000 compared to the same quarter a year ago, and increased $202,000 over the linked quarter. Net interest margin increased 14 basis points to 3.04% compared to 2.90% in the same 3-month period a year ago, and has increased on a year over year basis as well. This is very important in an environment of rising regulatory costs and increasing pressures on our sources of non-interest income. We continue to be very pleased with our performance thus far for 2011 and certainly hope that the economy and the regulatory environment continue to improve."
Peoples Bancorp reported assets on June 30, 2011, of $476,155,020, an increase of $3.6 million from September 30, 2010. Deposit balances were $350,584,245 at June 30, 2011, an increase of 11.8 million from September 30, 2010. The Company's borrowings have decreased by $8.4 million to $61,328,040 since September 30, 2010.
Peoples had 2,472,985 shares of stock outstanding as of June 30, 2011, and the closing price of Peoples Bancorp stock as of July 19, 2011, was $16.50 per share as listed on the Pink Sheets System under the symbol PBNI. At June 30, 2011, Peoples had stockholders equity of $60,763,330, a capital to assets ratio of 12.76%, and a book value of $24.57.
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, 2011 |
September 30, 2010 |
June 30, 2010 |
|
| Balance Sheet Data: | |||
| Total assets | $476,155,020 | $472,522,994 | $475,917,101 |
| Loans receivable including loans held for sale, net | 227,249,385 | 251,003,932 | 257,067,477 |
| Investment securities | 207,356,033 | 177,205,610 | 175,038,339 |
| Other interest earning assets | 12,902,272 | 16,509,900 | 13,363,820 |
| Deposits | 350,584,245 | 338,792,106 | 339,813,676 |
| Borrowed Funds | 61,328,040 | 69,743,961 | 73,380,086 |
| Stockholder's equity | 60,763,330 | 60,213,402 | 59,454,540 |
| Non-performing loans and REO | 2,245,000 | 2,406,000 | 2,602,000 |
| Equity to assets ratio | 12.76% | 12.74% | 12.49% |
| Book value per share | $24.57 | $24.23 | $23.40 |
|
Three Months Ended June 30, |
Nine Months Ended June 30, |
|||
| 2011 | 2010 | 2011 | 2010 | |
| Operating Data: | ||||
| Interest income | $5,003,277 | $5,245,528 | $14,874,088 | $16,481,870 |
| Interest expense | 1,569,269 | 2,009,524 | 4,890,246 | 6,499,348 |
| Net interest income | $3,434,008 | $3,236,004 | $9,983,842 | $9,982,522 |
| Provision for losses on loans | 45,000 | 228,194 | 635,000 | 966,875 |
| Net interest income after provision for losses on loans | $3,389,008 | $3,007,810 | $9,348,842 | $9,015,647 |
| Non-Interest income | 939,972 | 895,066 | 3,072,170 | 2,626,122 |
| Non-Interest expenses | 3,001,626 | 2,901,326 | 9,047,333 | 8,753,932 |
| Income before income taxes | 1,327,354 | 1,001,550 | 3,373,679 | 2,887,837 |
| Income tax expense | 253,871 | 102,060 | 560,095 | 383,989 |
| Net income | $1,073,483 | $899,490 | $2,813,584 | $2,503,848 |
| Basic income per common share | $0.43 | $0.35 | $1.13 | $0.97 |
| Diluted income per common share | $0.43 | $0.35 | $1.13 | $0.97 |
| Dividends per common share | $0.19 | $0.19 | $0.57 | $0.57 |
| Other Data: | ||||
| Average yield on all interest-earning assets | 4.42% | 4.69% | 4.47% | 4.87% |
| Average cost of all interest-bearing liabilities | 1.57% | 2.03% | 1.67% | 2.17% |
| Interest rate spread | 2.85% | 2.66% | 2.80% | 2.70% |
| Net interest margin | 3.04% | 2.90% | 3.00% | 2.95% |
| Return on assets (net income divided by average total assets) | 0.89% | 0.76% | 0.79% | 0.70% |
| Return on equity (net income divided by average total equity) | 7.17% | 6.02% | 6.25% | 5.58% |
| Dividend payout ratio (dividends per common share divided by net income per common share) | 44.19% | 54.29% | 50.44% | 58.76% |