AUBURN, Ind., Nov. 5, 2009 (GLOBE NEWSWIRE) -- Peoples Bancorp (Pink Sheets:PBNI) reported net income for the fiscal year ended September 30, 2009, decreased to $3,121,083 versus the previous year's income of $3,322,471. Fiscal 2009 earnings per diluted share were $1.14 per share compared to $1.12 per share for the year ended September 30, 2008, a 1.8% increase.
Maurice F. Winkler, III, President of Peoples Bancorp, stated, "Although earnings per share increased slightly on a per share basis, fiscal 2009 will go down as a difficult, yet successful year. Difficult because of the economic and regulatory environment that we have had to operate in, yet successful when one compares our results to those of our peers. Decreases in net interest margin and increases in non-operating expense were overcome by increases in non-interest income. Our non-interest expenses increased primarily due to deposit insurance premiums which increased from $57,737 for fiscal year 2008 to $521,381 for fiscal year 2009, an increase of 803%. Had deposit insurance remained constant, non-interest expenses would have declined for a second consecutive year. However, the low interest rate environment created additional income from the sale of loans and securities. Gain on the sale of loans increased 254% to $686,723 and gains on the sale of securities increased 110% to $554,855 from 2008. A large amount of the 47% decrease in income tax expense was achieved by adding investments in tax exempt municipal securities to our holdings along with the bank owned life insurance that was purchased in 2008."
On September 30, 2009, stockholders equity was $60,871,932 with a capital to assets ratio of 12.48% and a book value of $22.82. Peoples had 2,667,725 shares of stock outstanding as of September 30, 2009. The closing price of Peoples Bancorp stock as of November 4, 2009, was $13.41 per share as quoted on the Pink Sheets System under the symbol PBNI.
Peoples Bancorp, through its subsidiary, Peoples Federal Savings Bank, operates fifteen full-service offices located in Auburn, Avilla, LaGrange, Garrett, Howe, Kendallville, Middlebury, Waterloo, Topeka, and Columbia City (two offices), in Indiana, and Three Rivers (two offices), Schoolcraft, and Union in Michigan.
SELECTED CONSOLIDATED FINANCIAL DATA OF PEOPLES BANCORP
September 30
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2009 2008 2007
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Balance Sheet Data:
Total assets $487,843,033 $455,097,025 $469,193,037
Loans receivable including
loans held for sale, net 278,882,214 316,749,980 348,485,297
Investments and other
interest earning assets 181,140,088 110,623,106 100,572,388
Deposits 334,713,821 319,245,713 349,291,182
Borrowed funds 88,505,599 75,541,180 54,480,511
Stockholder's equity 60,871,932 57,531,233 62,032,964
For Year Ended September 30
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2009 2008 2007
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Operating Data:
Interest income $ 23,697,872 $ 26,230,667 $ 28,659,990
Interest expense 9,965,072 11,662,689 14,559,298
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Net interest income $ 13,732,800 $ 14,567,978 $ 14,100,692
Provision for losses on
loans 733,257 522,448 76,972
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Net interest income after
provision for losses on
loans $ 12,999,543 $ 14,045,530 $ 14,023,720
Other income 3,282,754 2,684,455 2,104,783
Other expenses 12,456,748 12,081,723 12,099,627
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Income before income taxes 3,825,549 4,648,262 4,028,876
Income tax expense 704,466 1,325,791 1,227,460
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Net income $ 3,121,083 $ 3,322,471 $ 2,801,416
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Basic income per common
share $ 1.14 $ 1.12 $ 0.89
Diluted income per common
share $ 1.14 $ 1.12 $ 0.89
Dividends per common share $ 0.76 $ 0.76 $ 0.76
Other Data:
Average yield on all
interest-earning assets 5.33% 5.96% 6.10%
Average cost of all
interest-bearing
liabilities 2.54% 3.05% 3.58%
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Interest rate spread 2.79% 2.91% 2.52%
Number of full service
banking offices 15 15 15
Return on assets (net
income divided by average
total assets) 0.66% 0.72% 0.57%
Return on equity (net
income divided by average
total equity) 5.30% 5.50% 4.49%
Dividend payout ratio
(dividends per common
share divided by net
income per common share) 66.67% 67.86% 85.39%
Equity to assets ratio
(average total equity
divided by average total
assets) 12.65% 13.23% 12.93%