AUBURN, Ind., Nov. 1, 2010 (GLOBE NEWSWIRE) -- Peoples Bancorp (Pink Sheets:PBNI) reported net income for the fiscal year ended September 30, 2010, increased to $3,290,544 versus the previous year's income of $3,121,083. Fiscal 2010 earnings per diluted share were $1.28 per share compared to $1.14 per share for the year ended September 30, 2009, a 12.3% increase.
Maurice F. Winkler, III, President of Peoples Bancorp, stated: "2010 marked the third consecutive year of an increase in earnings per share. We are very pleased with our performance during a very trying time for the national economy, local economy and for the banking industry as a whole."
The decrease in net interest margin and an increase in the allowance for loan losses were offset by both a decrease in non-operating expense and an increase in non-interest income. Non-interest expenses decreased in several categories, including a decline in the cost of deposit insurance premiums which decreased from $521,381 for fiscal year 2009 to $454,702 for fiscal year 2010, which is an increase of nearly $400,000 from 2008. Provision for loan losses increased $308,617 or 42% to $1,041,874. Non-interest income also increased in several categories and was aided by a bank owned life insurance claim during the year of $170,000. A large amount of the 28% decrease in income tax expense was achieved by an increase in tax exempt income.
On September 30, 2010, stockholders equity was $60,213,402 with a capital to assets ratio of 12.74% and a book value of $24.23. Peoples had 2,484,880 shares of stock outstanding as of September 30, 2010. The closing price of Peoples Bancorp stock as of October 29, 2010, was $14.10 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 | |||
| 2010 | 2009 | 2008 | |
| Balance Sheet Data: | |||
| Total assets | $472,518,068 | $487,841,727 | $455,097,025 |
| Loans receivable including loans held for sale, net | 251,003,675 | 278,882,213 | 316,749,980 |
| Investments and other interest earning assets | 193,715,511 | 181,137,188 | 110,623,106 |
| Deposits | 338,792,105 | 334,713,820 | 319,245,713 |
| Borrowed funds | 69,743,961 | 88,505,599 | 75,541,180 |
| Stockholder's equity | 60,213,402 | 60,870,740 | 57,531,233 |
| For Year Ended September 30 | |||
| 2010 | 2009 | 2008 | |
| Operating Data: | |||
| Interest income | $21,687,995 | $23,697,872 | $26,230,667 |
| Interest expense | 8,417,976 | 9,965,072 | 11,662,689 |
| Net interest income | $13,270,019 | $13,732,800 | $14,567,978 |
| Provision for losses on loans | 1,041,875 | 733,257 | 522,448 |
| Net interest income after provision for losses on loans | $12,228,144 | $12,999,543 | $14,045,530 |
| Other income | 3,399,918 | 3,282,754 | 2,684,455 |
| Other expenses | 11,830,541 | 12,456,748 | 12,081,723 |
| Income before income taxes | 3,797,521 | 3,825,549 | 4,648,262 |
| Income tax expense | 506,977 | 704,466 | 1,325,791 |
| Net income | $3,290,544 | $3,121,083 | $3,322,471 |
| Basic income per common share | $1.28 | $1.14 | $1.12 |
| Diluted income per common share | $1.28 | $1.14 | $1.12 |
| Dividends per common share | $0.76 | $0.76 | $0.76 |
| Other Data: | |||
| Average yield on all interest-earning assets | 4.81% | 5.33% | 5.96% |
| Average cost of all interest-bearing liabilities | 2.12% | 2.54% | 3.05% |
| Interest rate spread | 2.69% | 2.79% | 2.91% |
| Net interest margin | 2.94% | 3.09% | 3.31% |
| Number of full service banking offices | 15 | 15 | 15 |
| Return on assets (net income divided by average total assets) | 0.69% | 0.66% | 0.72% |
| Return on equity (net income divided by average total equity) | 5.47% | 5.24% | 5.50% |
| Dividend payout ratio (dividends per common share divided by net income per common share) | 59.38% | 66.67% | 67.86% |
| Equity to assets ratio (average total equity divided by average total assets) | 12.59% | 12.65% | 13.23% |