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.
CONTACT: Peoples Bancorp Maurice F. Winkler, III 260-925-2500