AUBURN, Ind., April 17, 2009 (GLOBE NEWSWIRE) -- Peoples Bancorp (Pink Sheets:PBNI) is issuing this release to revise the amount of Non-performing Loans and REO as of March 31, 2009 contained in the Selected Financial Data below. All other information is the same as the original release dated April 13, 2009.
Peoples Bancorp reported net income for the second Quarter ending March 31, 2009, of $871,285 versus the same Quarter last year's income of $786,606. This represents an increase of 10% from the same period one year ago. Second Quarter earnings per share increased 23%, to $0.32 per share from $0.26 per share for the same period one year ago.
Maurice F. Winkler, President of Peoples Bancorp stated, "The second Quarter showed an increase in non-interest income, along with another decrease in non-interest expense compared to the same Quarter a year ago. Net gains on the sale of loans into the secondary market increased by 191%. The Company was also able to take some gains on the sale of investment securities. Those gains increased by 85% over the same Quarter last year. Non-interest expenses decreased 4% from the same quarter last year. These items helped to offset the margin compression that has taken place. The Company's margin decreased to 3.19% for the Quarter ending March 31, 2009 from 3.37% in the same Quarter in 2008."
Peoples Bancorp reported net income for the six months ending March 31, 2009, of $1,773,444 versus $1,574,409 during the same period last year, a 12% increase. For the six months ending March 31, 2009 earnings per share increased 25%, to $0.64 compared to $0.51 per share for the same period one year ago.
Peoples reported assets on March 31, 2009, of $469,484,571, an increase of $14.4 million from September 30, 2008. Peoples' deposit balances increased during the Quarter ending March 31, 2009 from $11.5 million to $330,700,986, while loan balances have decreased by $21.0 million during that time. Mr. Winkler stated, "The other side of increasing non-interest income by selling loans is the decrease in the balance in our loan portfolio, and the impact that has on our margin. Our challenge going forward will be to effectively and safely utilize the liquidity that we have built in our balance sheet."
Peoples had 2,716,175 shares of stock outstanding as of March 31, 2009, and the closing price of Peoples Bancorp stock as of April 9, 2009, was $8.85 per share as listed on the Pink Sheets System under the symbol PBNI. At March 31, 2009, Peoples had stockholders equity of $58,902,773, a capital to assets ratio of 12.55%, and a book value of $21.69.
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,
2009 2008 2008
------------ ------------ ------------
Balance Sheet Data:
Total assets $469,484,571 $455,101,931 $465,572,139
Loans receivable
including loans held for
sale, net 295,549,574 316,749,983 336,926,584
Investments and other
interest earning assets 145,820,423 110,623,106 102,866,822
Deposits 330,700,986 319,245,713 334,555,571
Stockholder's equity 58,902,773 57,531,241 59,173,950
Non-performing loans and
REO 4,820,000 5,992,000 2,703,000
Equity to assets ratio 12.55% 12.64% 12.71%
Book value per share $21.69 $20.54 $20.68
Three Months Ended Six Months Ended
March 31, March 31,
------------------------ ------------------------
2009 2008 2009 2008
----------- ----------- ----------- -----------
Operating Data:
Interest income $5,959,155 $6,805,190 $11,992,575 $13,625,729
Interest
expense 2,493,552 3,058,347 5,013,100 6,394,210
----------- ----------- ----------- -----------
Net interest
income $3,465,603 $3,746,843 $6,979,475 $7,231,519
Provision for
losses on
loans 100,000 151,102 256,095 159,960
----------- ----------- ----------- -----------
Net interest
income after
provision for
losses on
loans $3,365,603 $3,595,741 $6,723,380 $7,071,559
Non-Interest
income 852,616 740,673 1,554,221 1,365,670
Non-Interest
expenses 3,104,442 3,221,115 5,993,873 6,135,249
----------- ----------- ----------- -----------
Income before
income taxes 1,113,777 1,115,299 2,283,728 2,301,980
Income tax
expense 242,492 328,693 510,284 727,571
----------- ----------- ----------- -----------
Net income $871,285 $786,606 $1,773,444 $1,574,409
=========== =========== =========== ===========
Basic income per
common share $0.32 $0.26 $0.64 $0.51
Diluted income
per common
share $0.32 $0.26 $0.64 $0.51
Dividends per
common share $0.19 $0.19 $0.38 $0.38
Other Data:
Average yield on
all interest-
earning assets 5.48% 6.11% 5.54% 6.12%
Average cost of
all interest-
bearing
liabilities 2.60% 3.17% 2.62% 3.32%
----------- ----------- ----------- -----------
Interest rate
spread 2.88% 2.94% 2.92% 2.80%
Return on assets
(net income
divided by
average total
assets) 0.75% 0.67% 0.77% 0.64%
Return on equity
(net income
divided by
average total
equity) 5.81% 4.95% 6.01% 4.98%
Dividend payout
ratio (dividends
per common share
divided by net
income per
common share) 59.38% 73.08% 59.38% 74.51%