AUBURN, Ind., Jan. 22, 2009 (GLOBE NEWSWIRE) -- Peoples Bancorp (Pink Sheets:PBNI) reported net income for the first quarter ended December 31, 2008, of $902,158 versus the same quarter last year income of $787,803. First Quarter earnings per share was $0.32 per share compared to $0.25 per share for the same period one year ago.
Maurice F. Winkler, President of Peoples Bancorp indicated, "The company continues to experience the positive impact of the merging of the two banks into one and also of 'de-listing' from the Nasdaq stock exchange, as evidenced by the decrease in non-interest expenses for the quarter ended December 31, 2008 compared to the same quarter one year earlier. Net interest income before the provision for loan losses experienced a slight increase, contributing to an increase in net interest margin from 3.11% to 3.26%. The increase in gains on the sale of investment securities was effectively offset by an increase in the provision for loan losses."
Peoples reported assets on December 31, 2008, of $457,205,622 an increase of $2.1 million from September 30, 2008. Peoples' deposit balances increased during the quarter ended December 31, 2008 $895,543 to $320,141,256.
Peoples had 2,781,315 shares of stock outstanding as of December 31, 2008, and the closing price of Peoples Bancorp stock as of January 21, 2009, was $9.00 per share as listed on the Pink Sheets System under the symbol PBNI. At December 31, 2008, Peoples had stockholders equity of $58,720,873, a capital to assets ratio of 12.84%, and a book value of $21.11.
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, 2008 2008 2007 ------------ ------------ ------------ Balance Sheet Data: Total assets $457,205,622 $455,101,931 $472,588,544 Loans receivable including loans held for sale, net 316,430,745 316,749,983 351,394,394 Investments and other interest earning assets 111,462,125 110,623,108 102,300,774 Deposits 320,141,256 319,245,713 339,425,627 Stockholder's equity 58,720,873 57,531,241 62,685,324 Non-performing loans and REO 6,522,000 5,992,000 2,489,000 Equity to assets ratio 12.84% 12.64% 13.26% Book value per share $21.11 $20.54 $20.19 Three Months Ended December 31, --------------------------- 2008 2007 ------------ ------------ Operating Data: Interest income $6,033,421 $6,820,538 Interest expense 2,519,549 3,335,863 ------------ ------------ Net interest income $3,513,872 $3,484,675 Provision for losses on loans 156,095 8,858 ------------ ------------ Net interest income after provision for losses on loans $3,357,777 $3,475,817 Other income 701,606 628,499 Other expenses 2,889,433 2,917,634 ------------ ------------ Income before income taxes 1,169,950 1,186,682 Income tax expense 267,792 398,879 ------------ ------------ Net income $902,158 $787,803 ============ ============ Basic income per common share $0.32 $0.25 Diluted income per common share $0.32 $0.25 Dividends per common share $0.19 $0.19 Other Data: Average yield on all interest-earning assets 5.59% 6.09% Average cost of all interest-bearing liabilities 2.64% 3.48% ------------ ------------ Interest rate spread 2.95% 2.61% Net interest margin 3.26% 3.11% Return on assets (net income divided by average total assets) 0.79% 0.68% Return on equity (net income divided by average total equity) 6.20% 5.00% Dividend payout ratio (dividends per common share divided by net income per common share) 59.38% 76.00%