AUBURN, Ind., April 18, 2008 (PRIME NEWSWIRE) -- Peoples Bancorp (Pink Sheets:PBNI) reported net income for the second quarter ended March 31, 2008, of $786,606 versus $513,290 during the same quarter last year. Second quarter earnings per share was $0.26 per share compared to $0.16 per share for the same period one year ago. Maurice F. Winkler III, President of Peoples Bancorp stated, "we are very encouraged by the progress we have made with our expense reductions and the recent cuts made by the Federal Reserve."
Peoples Bancorp reported net income for the six months ended March 31, 2008, of $1,574,409 versus $1,313,726 during the same quarter last year. For the six months ended March 31, 2008, earnings per share was $0.51 compared to $0.41 per share for the same period one year ago.
Peoples reported assets on March 31, 2008, of $465,572,139, a decrease of $3.6 million from September 30, 2007. Loans decreased during the quarter ended March 31, 2007, by $11.5 million from September 30, 2007, to $336,761,584.
Peoples had 2,862,022 shares of stock outstanding as of March 31, 2008, and the closing price of Peoples Bancorp stock as of April 17, 2008, was $13.00 per share as quoted on the Pink Sheets System under the symbol PBNI. At March 31, 2008, stockholders equity was $59,173,950 with a capital to assets ratio of 12.71% and a book value of $20.68.
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, September 30, March 31,
2008 2007 2007
------------ ------------ ------------
Balance Sheet Data:
Total assets $465,572,139 $469,193,037 $492,568,907
Loans receivable
including loans held for
sale, net 336,926,584 348,485,297 361,144,858
Investments and other
interest earning assets 102,866,822 100,572,388 111,069,923
Deposits 334,555,571 349,291,182 370,278,600
Stockholder's equity 59,173,950 62,032,964 61,953,909
Non-performing loans
and REO 2,703,000 1,989,000 1,683,000
Equity to assets ratio 12.71% 12.93% 12.58%
Book value per share $ 20.68 $ 19.97 $ 19.70
Three Months Ended Six Months Ended
March 31, March 31,
----------------------- -------------------------
2008 2007 2008 2007
---------- ---------- ----------- -----------
Operating Data:
Interest income $6,805,190 $7,192,184 $13,625,729 $14,559,839
Interest expense 3,058,347 3,686,547 6,394,210 7,382,972
---------- ---------- ----------- -----------
Net interest
income $3,746,843 $3,505,637 $ 7,231,519 $ 7,176,867
Provision for
losses on loans 151,102 27,620 159,960 31,315
---------- ---------- ----------- -----------
Net interest
income after
provision for
losses on
loans $3,595,741 $3,478,017 $ 7,071,559 $ 7,145,552
Non-Interest
income 740,673 516,103 1,365,670 1,042,182
Non-Interest
expenses 3,221,115 3,266,957 6,135,249 6,294,497
---------- ---------- ----------- -----------
Income before
income taxes 1,115,299 727,163 2,301,980 1,893,237
Income tax
expense 328,693 213,873 727,571 579,511
---------- ---------- ----------- -----------
Net income $ 786,606 $ 513,290 $ 1,574,409 $ 1,313,726
========== ========== =========== ===========
Basic income per
common share $ 0.26 $ 0.16 $ 0.51 $ 0.41
Diluted income
per common
share $ 0.26 $ 0.16 $ 0.51 $ 0.41
Dividends per
common share $ 0.19 $ 0.19 $ 0.38 $ 0.38
Other Data:
Average yield on
all interest-
earning assets 6.11% 6.17% 6.12% 6.14%
Average cost of all
interest-bearing
liabilities 3.17% 3.62% 3.32% 3.55%
---------- ---------- ----------- -----------
Interest rate
spread 2.94% 2.55% 2.80% 2.59%
Return on assets
(net income
divided by
average total
assets) 0.67% 0.42% 0.64% 0.53%
Return on equity
(net income
divided by
average total
equity) 4.95% 3.28% 4.98% 4.18%
Dividend payout
ratio (dividends
per common share
divided by net
income per common
share) 73.08% 118.75% 74.51% 92.68%