updated 1/13/2011 5:17:07 PM ET 2011-01-13T22:17:07

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.

SELECTED CONSOLIDATED FINANCIAL DATA OF PEOPLES BANCORP
       
  December 31,

2010
September 30,

2010
December 31,

2009
Balance Sheet Data:      
Total assets $463,883,979 $472,522,994 $485,311,975
Loans receivable including loans held for sale, net 242,207,928 251,003,932 275,563,648
Investment securities 181,984,112 177,205,610 167,569,711
Other interest earning assets 8,649,377 16,509,900 12,757,147
Deposits 340,179,778 338,792,106 343,037,036
Borrowed Funds 63,935,698 69,743,961 81,163,552
Stockholder's equity 57,666,786 60,213,402 58,552,411
Non-performing loans and REO 2,627,000 2,406,000 4,269,000
Equity to assets ratio 12.43% 12.74% 12.06%
Book value per share $23.23 $24.23 $22.77
  Three Months Ended

December 31,
  2010 2009
Operating Data:    
Interest income $5,066,684 $5,700,481
Interest expense 1,748,860 2,337,449
Net interest income $3,317,824 $3,363,032
Provision for losses on loans 525,000 427,957
Net interest income after provision for losses on loans $2,792,824 $2,935,075
Other income 1,289,756 1,019,931
Other expenses 3,019,488 2,950,210
Income before income taxes 1,063,092 1,004,796
Income tax expense 169,977 161,182
Net income $893,115 $843,614
     
Basic income per common share $0.36 $0.32
Diluted income per common share $0.36 $0.32
Dividends per common share $0.19 $0.19
     
Other Data:    
Average yield on all interest-earning assets 4.55% 4.93%
Average cost of all interest-bearing liabilities 1.79% 2.29%
Interest rate spread 2.76% 2.64%
     
Net interest margin 2.98% 2.91%
     
Return on assets (net income divided by average total assets) 0.76% 0.70%
Return on equity (net income divided by average total equity) 6.05% 5.54%
Dividend payout ratio (dividends per common share divided by net income per common share) 52.78% 59.38%
CONTACT: Maurice F. Winkler, III
         Phone: 260-925-2500

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