AUBURN, Ind., Jan. 13, 2011 (GLOBE NEWSWIRE) -- Peoples Bancorp (Pink Sheets:PBNI) reported net income for the first quarter ended December 31, 2010, of $893,115 versus the same quarter last year income of $843,614. First quarter earnings was $0.36 per share compared to $0.32 per share for the same period one year ago, an increase of 12.5%.
Maurice F. Winkler, President of Peoples Bancorp, indicated, "Fiscal 2011 is off to a good start despite the challenging economic environment. Compared to the same quarter a year ago, our cost of funds decreased more than the decrease in our asset yields allowing us to increase our net interest margin by 7 basis points to 2.98%. The increase in net interest margin is important because of the pressures being put on growing, or even maintaining non-interest income. The increase in our non-interest income resulted from increases in gains on both the sale of loans and investment securities. Those gains were partially offset by an increase in the provision for loan losses, as well as write downs in the value of other real estate owned."
Peoples reported assets on December 31, 2010, of $463,883,979, a decrease of $8.6 million from September 30, 2010. Peoples' deposit balances increased during the quarter ended December 31, 2010 $1.4 million to $340,179,778. The Company's borrowings decreased during the quarter by $5.8 million to $63,935,698.
Peoples had 2,482,580 shares of stock outstanding as of December 31, 2010, and the closing price of Peoples Bancorp stock as of January 13, 2011, was $15.00 per share as listed on the Pink Sheets System under the symbol PBNI. At December 31, 2010, Peoples had stockholders equity of $57,666,786, a capital to assets ratio of 12.43%, and a book value of $23.23.
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.
CONTACT: Maurice F. Winkler, III Phone: 260-925-2500
