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Peoples Bancorp Reports Earnings

AUBURN, Ind., April 16, 2013 (GLOBE NEWSWIRE) -- Peoples Bancorp (OTCQB:PBNI) reported net income for the second quarter ended March 31, 2013, of $565,042 versus the same quarter last year income of $687,335. Second quarter earnings were $0.24 per share compared to $0.28 per share for the same period one year ago.

Maurice F. Winkler, President of Peoples Bancorp, indicated: "Although net interest margin was down from the same quarter a year ago, we did see a small increase from the previous quarter. Obviously, we hope that is the beginning of a new trend. Non-interest income was down because of fewer gains being taken on the sale of investment securities and mortgage loans compared to the quarter that ended March 31, 2012. Loan balances were down from the previous quarter end, but are still up significantly from our previous fiscal year end. Non-interest expenses decreased largely due to lower expenses associated with real estate owned and lower compensation costs."

Peoples reported assets on March 31, 2013, of $470,991,440, a decrease of $13.3 million from September 30, 2012. Peoples' deposit balances increased $2.1 million during the six month period ending March 31, 2013 to $361,441,818. The Company's borrowings decreased by $14.1 million to $42,632,200 million during the six months ending March 31, 2013.

Peoples had 2,371,025 shares of stock outstanding as of March 31, 2013, and the closing price of Peoples Bancorp stock as of April 15, 2013, was $20.50 per share as listed on the OTCQB System under the symbol PBNI. At March 31, 2013, Peoples had stockholders equity of $62,403,319, a capital to assets ratio of 13.25%, and a book value of $26.32.

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
March 31,
2013
September 30,
2012
March 31,
2012
Balance Sheet Data:
Total assets $ 470,991,440 $ 484,309,302 $ 490,983,771
Loans receivable including loans held for sale, net 228,378,311 222,302,227 214,838,678
Investment securities 193,608,116 210,805,882 225,958,144
Other interest earning assets 17,138,844 16,035,914 16,412,893
Deposits 361,441,818 359,359,011 366,827,858
Borrowed Funds 42,632,200 56,746,457 58,102,783
Stockholder's equity 62,403,319 63,253,783 61,920,640
Non-performing loans and REO 1,238,000 1,448,000 1,896,000
Equity to assets ratio 13.25% 13.06% 12.61%
Book value per share $ 26.32 $ 26.37 $ 25.66
Three Months Ended
March 31,
Six Months Ended
March 31,
2013 2012 2013 2012
Operating Data:
Interest income $ 3,792,016 $ 4,419,177 $ 7,818,359 $ 9,037,734
Interest expense 968,831 1,359,225 2,097,652 2,806,141
Net interest income $ 2,823,185 $ 3,059,952 $ 5,720,707 $ 6,231,593
Provision for losses on loans 60,000 75,000 150,000 250,000
Net interest income after provision for losses on loans $ 2,763,185 $ 2,984,952 $ 5,570,707 $ 5,981,593
Non-Interest income 771,789 811,399 1,636,600 1,771,772
Non-Interest expenses 2,995,057 3,095,680 5,960,051 6,108,101
Income before income taxes 539,917 700,671 1,247,256 1,645,264
Income tax expense (25,125) 13,336 4,304 122,336
Net income $ 565,042 $ 687,335 $ 1,242,952 $ 1,522,928
Basic income per common share $0.24 $0.28 $0.52 $0.63
Diluted income per common share $0.24 $0.28 $0.52 $0.63
Dividends per common share $0.20 $0.20 $0.40 $0.40
Other Data:
Average yield on all interest-earning assets 3.51% 3.92% 3.53% 3.98%
Average cost of all interest-bearing liabilities 1.04% 1.38% 1.10% 1.41%
Interest rate spread 2.47% 2.54% 2.43% 2.57%
Net interest margin 2.61% 2.71% 2.59% 2.74%
Return on assets (net income divided by average total assets) 0.48% 0.57% 0.52% 0.63%
Return on equity (net income divided by average total equity) 3.57% 4.37% 3.91% 4.89%
Dividend payout ratio (dividends per common share divided by net income per common share) 83.33% 71.43% 76.92% 63.49%

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