AUBURN, Ind., Jan. 21, 2014 (GLOBE NEWSWIRE) -- Peoples Bancorp (OTCQB:PBNI) reported net income for the first quarter ended December 31, 2013, of $760,012 versus the same quarter last year income of $677,910. First quarter earnings were $0.33 per share compared to $0.28 per share for the same period one year ago, an increase of 17.9%.
Maurice F. Winkler, President of Peoples Bancorp, indicated, "The recent increases in secondary market mortgage rates have reduced prepayment speeds on mortgage backed securities within the Company's investment portfolio. This, along with the balance sheet restructuring completed in April of last year with the prepayment of FHLB advances, has had a positive impact on net interest margin leading to an increase of 33 basis points to 2.89% compared to the same quarter last year. Non-interest income has decreased due to lower fee income and fewer gains on the sale of real estate owned. Non-interest expenses have decreased due, mostly, to lower depreciation expenses. Tax expense has increased as the mix of taxable income compared to tax exempt income has shifted. Loan balances grew by $4.7 million during the quarter, while our delinquency ratios continue to be better than the average for our peer group. Also, during the quarter, Peoples Federal Savings Bank opened its 16th full service office in Woodburn, Indiana."
Peoples reported assets on December 31, 2013, of $464,508,305, an increase of $13.7 million from September 30, 2013. Peoples' deposit balances increased during the quarter ended December 31, 2013 by $4.3 million to $354,013,186. The Company's borrowings increased during the quarter by $9.6 million to $49,612,617.
Peoples had 2,313,788 shares of stock outstanding as of December 31, 2013, and the closing price of Peoples Bancorp stock as of January 20, 2014, was $25.00 per share as listed on the OTCQB System under the symbol PBNI. At December 31, 2013, Peoples had stockholders equity of $58,339,818, a capital to assets ratio of 12.52%, and a book value of $25.21.
Peoples Bancorp, through its subsidiary, Peoples Federal Savings Bank, operates sixteen full-service offices located in Auburn, Avilla, Garrett, Howe, Kendallville, Lagrange, Middlebury, Topeka, Waterloo, Woodburn, and two in Columbia City, Indiana; and Three Rivers (two offices), Schoolcraft, and Union in Michigan.
| SELECTED CONSOLIDATED FINANCIAL DATA OF PEOPLES BANCORP | |||
|
December 31, 2013 |
September 30, 2013 |
December 31, 2012 |
|
| Balance Sheet Data: | |||
| Total assets | $464,508,305 | $450,760,405 | $477,821,728 |
| Loans receivable including loans held for sale, net | 233,097,436 | 228,360,874 | 230,041,461 |
| Investment securities | 186,362,964 | 180,938,743 | 196,588,211 |
| Other interest earning assets | 13,428,901 | 11,614,650 | 15,027,184 |
| Deposits | 354,013,186 | 349,677,821 | 356,569,709 |
| Borrowed Funds | 49,612,617 | 40,061,234 | 54,628,449 |
| Stockholder's equity | 58,339,818 | 58,282,473 | 62,980,115 |
| Non-performing loans and REO | 1,061,000 | 1,066,000 | 1,572,000 |
| Equity to assets ratio | 12.52% | 12.88% | 13.18% |
| Book value per share | $25.21 | $25.19 | $26.30 |
|
Three Months Ended December 31, |
|||
| 2013 | 2012 | ||
| Operating Data: | |||
| Interest income | $3,893,597 | $4,026,343 | |
| Interest expense | 765,080 | 1,128,821 | |
| Net interest income | $3,128,517 | $2,897,522 | |
| Provision for losses on loans | 40,000 | 90,000 | |
| Net interest income after provision for losses on loans | $3,088,517 | $2,807,522 | |
| Other income | 690,698 | 864,811 | |
| Other expenses | 2,919,691 | 2,964,994 | |
| Income before income taxes | 859,524 | 707,339 | |
| Income tax expense | 99,512 | 29,429 | |
| Net income | $760,012 | $677,910 | |
| Basic income per common share | $0.33 | $0.28 | |
| Diluted income per common share | $0.33 | $0.28 | |
| Dividends per common share | $0.20 | $0.20 | |
| Other Data: | |||
| Average yield on all interest-earning assets | 3.60% | 3.56% | |
| Average cost of all interest-bearing liabilities | 0.82% | 1.16% | |
| Interest rate spread | 2.78% | 2.40% | |
| Net interest margin | 2.89% | 2.56% | |
| Return on assets (net income divided by average total assets) | 0.66% | 0.57% | |
| Return on equity (net income divided by average total equity) | 5.13% | 4.24% | |
| Dividend payout ratio (dividends per common share divided by net income per common share) | 60.61% | 71.43% | |