Peoples Bancorp Reports Third Quarter Earnings

AUBURN, Ind., July 13, 2012 (GLOBE NEWSWIRE) -- Peoples Bancorp (OTCQB:PBNI) reported net income for the third quarter ended June 30, 2012, of $785,812 versus the same quarter last year income of $1,073,483. Third quarter earnings were $0.33 per share compared to $0.43 per share for the same period one year ago. Year to date, earnings per share was $0.95 for fiscal 2012 compared to $1.13 for the nine month period ending June 30, 2011.

Maurice F. Winkler, President of Peoples Bancorp, indicated: "The decline in net interest margin continues to be a significant factor in the decrease of our net income. Net interest margin decreased 51 basis points from the same quarter a year ago to 2.53%. We continue to see higher yielding loans and investment securities re-price at today's lower interest rates. On a year to date basis, the increase in non-interest expenses came mostly from a 17% increase in the cost of providing health insurance benefits to our employees compared to last year. The bank's balance of non-performing loans and real estate owned decreased to $1.6 million, an 18% decline since the end of the last fiscal year. This has helped in allowing us to record $310,000 less in provisions for loan losses compared to last year. We have also reduced our income tax expense by $352,000. However, those gains have been offset by a decrease of $662,000 in gains recorded from the sale of loans and securities."

Peoples reported assets on June 30, 2012, of $488,124,076, an increase of $7.5 million from September 30, 2011. Peoples' deposit balances increased $7.8 million during the nine month period ending June 30, 2012 to $361,653,803. The Company's borrowings decreased by $4.0 million, to $56,330,057, during the nine month period ending June 30, 2012.

Peoples had 2,405,545 shares of stock outstanding as of June 30, 2012, and the closing price of Peoples Bancorp stock as of July 12, 2012, was $18.74 per share as listed on the OTCQB System under the symbol PBNI. At June 30, 2012, Peoples had stockholders equity of $62,604,918, a capital to assets ratio of 12.83%, and a book value of $26.03.

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
June 30,
2012
September 30,
2011
June 30,
2011
Balance Sheet Data:
Total assets $488,124,076 $480,583,263 $476,155,020
Loans receivable including loans held for sale, net 218,314,389 222,251,918 227,249,385
Investment securities 220,094,195 215,244,151 207,356,033
Other interest earning assets 10,154,361 11,510,214 12,902,272
Deposits 361,653,803 353,810,967 350,584,245
Borrowed Funds 57,722,877 61,022,847 61,328,040
Stockholder's equity 62,604,918 61,618,201 60,763,330
Non-performing loans and REO 1,568,000 1,921,000 2,245,000
Equity to assets ratio 12.83% 12.82% 12.76%
Book value per share $26.03 $25.12 $24.57
Three Months Ended
March 31,
Nine Months Ended
June 30,
2012 2011 2012 2011
Operating Data:
Interest income $4,317,632 $5,003,277 $13,355,366 $14,874,088
Interest expense 1,418,566 1,569,269 4,224,707 4,890,246
Net interest income $2,899,066 $3,434,008 $9,130,659 $9,983,842
Provision for losses on loans 75,000 45,000 325,000 635,000
Net interest income after provision for losses on loans $2,824,066 $3,389,008 $8,805,659 $9,348,842
Non-Interest income 1,014,308 939,972 2,786,079 3,072,170
Non-Interest expenses 2,967,228 3,001,626 9,075,329 9,047,333
Income before income taxes 871,146 1,327,354 2,516,409 3,373,679
Income tax expense 85,334 253,871 207,669 560,095
Net income $785,812 $1,073,483 $2,308,740 $2,813,584
Basic income per common share $0.33 $0.43 $0.95 $1.13
Diluted income per common share $0.33 $0.43 $0.95 $1.13
Dividends per common share $0.20 $0.19 $0.60 $0.57
Other Data:
Average yield on all interest-earning assets 3.77% 4.42% 3.91% 4.47%
Average cost of all interest-bearing liabilities 1.43% 1.57% 1.42% 1.67%
Interest rate spread 2.34% 2.85% 2.49% 2.80%
Net interest margin 2.53% 3.04% 2.67% 3.00%
Return on assets (net income divided by average total assets) 0.64% 0.89% 0.63% 0.79%
Return on equity (net income divided by average total equity) 4.99% 7.17% 4.94% 6.29%
Dividend payout ratio (dividends per common share divided by net income per common share) 60.61% 44.19% 63.16% 50.44%
CONTACT: Maurice F. Winkler, III
         260-925-2500
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