AUBURN, Ind., July 21, 2008 (PRIME NEWSWIRE) -- Peoples Bancorp (Pink Sheets:PBNI) reported net income for the third quarter ended June 30, 2008, of $945,221 versus $717,464 during the same quarter last year. Third quarter earnings per share was $0.33 per share compared to $0.23 per share for the same period one year ago.
Peoples Bancorp reported net income for the nine months ending June 30, 2008, of $2,519,631 versus $2,031,190 during the same quarter last year. For the nine months ending June 30, 2008 earnings per share was $0.84 compared to $0.64 per share for the same period one year ago.
Peoples reported total assets on June 30, 2008, of $451,380,530 a decrease of $17.8 million from September 30, 2007. Loans decreased during the nine months ended June 30, 2008 $20.6 million from September 30, 2007 to $327,591,934. Maurice F. Winkler III, President of Peoples Bancorp, stated, "although we have seen some increase in our nonperforming loans, we continue to be below our peer ratios. In addition, we have increased our reserves to help offset the risk of the nonperforming loans."
Peoples had 2,840,215 shares of stock outstanding as of June 30, 2008, and the closing price of Peoples Bancorp stock as of July 18, 2008, was $12.25 per share as quoted on the Pink Sheets System under the symbol PBNI. At June 30, 2008, stockholders equity was $57,545,036 with a capital to assets ratio of 12.75% and a book value of $20.26. Maurice F. Winkler III stated, "with a capital to asset ratio of 12.75%, Peoples remains as one of the best capitalized institutions in the country."
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, September 30, June 30,
2008 2007 2007
------------ ------------- ------------
Balance Sheet Data:
Total assets $451,380,530 $469,193,037 $483,613,466
Loans receivable
including loans held
for sale, net 327,701,534 348,485,297 354,737,919
Investments and other
interest earning assets 94,513,737 100,572,388 107,813,419
Deposits 327,352,701 349,291,182 356,180,754
Stockholder's equity 57,545,036 62,032,964 61,757,969
Non-performing loans
and REO 2,667,000 1,989,000 1,737,000
Equity to assets ratio 12.75% 12.93% 12.77%
Book value per share $ 20.26 $ 19.97 $ 19.63
Three Months Ended Nine Months Ended
June 30, June 30,
------------------------- -------------------------
2008 2007 2008 2007
----------- ----------- ----------- -----------
Operating Data:
Interest
income $ 6,348,158 $ 7,113,100 $19,973,887 $21,672,939
Interest
expense 2,625,714 3,618,560 9,019,924 11,001,531
----------- ----------- ----------- -----------
Net interest
income $ 3,722,444 $ 3,494,540 $10,953,963 $10,671,408
Provision
for losses
on loans 200,000 5,116 359,960 36,431
----------- ----------- ----------- -----------
Net interest
income after
provision
for losses
on loans $ 3,522,444 $ 3,489,424 $10,594,003 $10,634,977
Non-Interest
income 733,723 505,941 2,099,394 1,515,787
Non-Interest
expenses 2,953,806 2,952,652 9,089,055 9,214,814
----------- ----------- ----------- -----------
Income before
income taxes 1,302,361 1,042,713 3,604,342 2,935,950
Income tax
expense 357,140 325,249 1,084,711 904,760
----------- ----------- ----------- -----------
Net income $ 945,221 $ 717,464 $ 2,519,631 $ 2,031,190
=========== =========== =========== ===========
Basic income
per common
share $ 0.33 $ 0.23 $ 0.84 $ 0.64
Diluted
income per
common share $ 0.33 $ 0.23 $ 0.84 $ 0.64
Dividends per
common share $ 0.19 $ 0.19 $ 0.57 $ 0.57
Other Data:
Average yield
on all
interest-
earning
assets 5.92% 6.13% 6.04% 6.13%
Average cost
of all
interest-
bearing
liabilities 2.80% 3.60% 3.15% 3.57%
----------- ----------- ----------- -----------
Interest rate
spread 3.12% 2.53% 2.89% 2.56%
Return on
assets (net
income
divided by
average
total assets) 0.83% 0.59% 0.73% 0.55%
Return on
equity (net
income
divided by
average total
equity) 6.41% 4.62% 5.47% 4.33%
Dividend
payout ratio
(dividends
per common
share divided
by net income
per common
share) 57.58% 82.61% 67.86% 89.06%