×

Peoples Bancorp Reports Earnings

AUBURN, Ind., Jan. 16, 2013 (GLOBE NEWSWIRE) -- Peoples Bancorp (OTCQB:PBNI) reported net income for the first quarter ended December 31, 2012, of $677,910 versus the same quarter last year income of $835,593. First quarter earnings were $0.28 per share compared to $0.34 per share for the same period one year ago.

Maurice F. Winkler, President of Peoples Bancorp, indicated, "The amount of margin compression has decreased from previous quarters; however, it continues to negatively impact the Company's earnings. Non-interest income was down because fewer gains were taken on the sale of investment securities compared to the quarter that ended December 31, 2011. We are encouraged by the growth in loan balances during the quarter. The increase of nearly $8 million in balances reflects a stark contrast to what has been happening over the last several years and will have a positive impact our net interest margin going forward."

Peoples reported assets on December 31, 2012, of $477,821,728, a decrease of $6.5 million from September 30, 2012. Peoples' deposit balances decreased during the quarter ended December 31, 2012 by $2.8 million to $356,569,709. The Company's borrowings decreased during the quarter by $2.1 million to $54,628,449.

Peoples had 2,394,981 shares of stock outstanding as of December 31, 2012, and the closing price of Peoples Bancorp stock as of January 15, 2013, was $20.00 per share as listed on the OTCQB System under the symbol PBNI. At December 31, 2012, Peoples had stockholders equity of $62,980,115, a capital to assets ratio of 13.18%, and a book value of $26.30.

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
December 31, September 30, December 31,
2012 2012 2011
Balance Sheet Data:
Total assets $477,821,728 $484,309,302 $484,857,087
Loans receivable including loans held for sale, net 230,041,461 222,302,227 224,820,017
Investment securities 196,588,211 210,805,882 219,666,850
Other interest earning assets 15,027,184 16,035,914 6,709,333
Deposits 356,569,709 359,359,011 357,384,115
Borrowed Funds 54,628,449 56,746,457 62,076,077
Stockholder's equity 62,980,115 63,253,783 61,726,024
Non-performing loans and REO 1,572,000 1,448,000 1,981,000
Equity to assets ratio 13.18% 13.06% 12.73%
Book value per share $26.30 $26.37 $25.48
Three Months Ended
December 31,
2012 2011
Operating Data:
Interest income $4,026,343 $4,618,557
Interest expense 1,128,821 1,446,916
Net interest income $2,897,522 $3,171,641
Provision for losses on loans 90,000 175,000
Net interest income after provision for losses on loans $2,807,522 $2,996,641
Other income 864,811 960,372
Other expenses 2,964,994 3,012,421
Income before income taxes 707,339 944,592
Income tax expense 29,429 108,999
Net income $677,910 $835,593
Basic income per common share $0.28 $0.34
Diluted income per common share $0.28 $0.34
Dividends per common share $0.20 $0.20
Other Data:
Average yield on all interest-earning assets 3.56% 4.03%
Average cost of all interest-bearing liabilities 1.16% 1.43%
Interest rate spread 2.40% 2.60%
Net interest margin 2.56% 2.77%
Return on assets (net income divided by average total assets) 0.57% 0.69%
Return on equity (net income divided by average total equity) 4.24% 5.41%
Dividend payout ratio (dividends per common share divided by net income per common share) 71.43% 58.82%

CONTACT: Maurice F. Winkler, III Phone: 260-925-2500Source:Peoples Bancorp