AUBURN, Ind., Jan. 27, 2015 (GLOBE NEWSWIRE) -- Peoples Bancorp (OTCQB:PBNI) reported net income for the first quarter ended December 31, 2014, of $818,063 versus the same quarter last year income of $760,012. First quarter earnings were $0.35 per share compared to $0.33 per share for the same period one year ago.
Maurice F. Winkler, President of Peoples Bancorp, indicated "Gains taken from the sale of securities in the investment portfolio were the primary factor in this quarter's results. We have also seen significant growth in the balance of assets managed by our Trust department leading to growth of 30% in fiduciary income. The continuing low interest rate environment caused a significant decline in net interest margin during the quarter, which offset most of the increase in non-interest income. Loans and investment securities continue to re-price to lower rates faster than the deposits and borrowings used to fund them. Net interest margin declined by 28 basis points to 2.61% compared to the same quarter last year. The Company saw non-interest expense grow compared to last year, largely due to costs associated with the write-down and management of real estate owned. Recently, the Company decided to start offering investment advisory services to our current and potential customers. In December, Drew Baker was hired and has hit the ground running to get that new line of business going."
Peoples reported assets on December 31, 2014, of $486,555,175, an increase of $15.4 million from September 30, 2014. Peoples' deposit balances increased during the quarter ended December 31, 2014 by $14.8 million to $368,702,147. The Company's borrowings increased during the quarter by $191,000 to $52,676,407.
Peoples had 2,311,858 shares of stock outstanding as of December 31, 2014, and the closing price of Peoples Bancorp stock as of January 26, 2015, was $24.50 per share as listed on the OTCQB System under the symbol PBNI. At December 31, 2014, Peoples had stockholders equity of $61,324,510, a capital to assets ratio of 12.60%, and a book value of $26.53.
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, | September 30, | December 31, | |
| 2014 | 2014 | 2013 | |
| Balance Sheet Data: | |||
| Total assets | $486,555,175 | $471,184,008 | $464,508,305 |
| Loans receivable including loans | |||
| held for sale, net | 233,171,409 | 229,144,878 | 233,097,436 |
| Investment securities | 180,251,469 | 181,749,053 | 186,362,964 |
| Other interest earning assets | 35,797,659 | 30,443,184 | 13,428,901 |
| Deposits | 368,702,147 | 353,920,254 | 354,013,186 |
| Borrowed Funds | 52,676,407 | 52,867,522 | 49,612,617 |
| Stockholder's equity | 61,324,510 | 60,764,630 | 58,339,818 |
| Non-performing loans and REO | 732,000 | 788,000 | 1,061,000 |
| Equity to assets ratio | 12.60% | 12.90% | 12.52% |
| Book value per share | $26.53 | $26.28 | $25.21 |
| Three Months Ended | |||
| December 31, | |||
| 2014 | 2013 | ||
| Operating Data: | |||
| Interest income | $3,729,025 | $3,893,597 | |
| Interest expense | 753,526 | 765,080 | |
| Net interest income | $2,975,499 | $3,128,517 | |
| Provision | |||
| for losses on loans | 30,000 | 40,000 | |
| Net interest income after provision | |||
| for losses on loans | $2,945,499 | $3,088,517 | |
| Other income | 992,430 | 690,698 | |
| Other expenses | 2,980,323 | 2,919,691 | |
| Income before income taxes | 957,606 | 859,524 | |
| Income tax expense | 139,543 | 99,512 | |
| Net income | $818,063 | $760,012 | |
| Basic income per common share | $0.35 | $0.33 | |
| Diluted income per common share | $0.35 | $0.33 | |
| Dividends per common share | $0.20 | $0.20 | |
| Other Data: | |||
| Average yield | |||
| on all interest-earning assets | 3.28% | 3.60% | |
| Average cost | |||
| of all interest-bearing liabilities | 0.76% | 0.82% | |
| Interest rate spread | 2.52% | 2.78% | |
| Net interest margin | 2.61% | 2.89% | |
| Return on assets (net income divided | |||
| by average total assets) | 0.67% | 0.66% | |
| Return on equity (net income divided | |||
| by average total equity) | 5.29% | 5.13% | |
| Dividend payout ratio (dividends per | |||
| common share divided by net | |||
| income per common share) | 57.14% | 60.61% | |