updated 4/14/2011 5:46:45 PM ET 2011-04-14T21:46:45

AUBURN, Ind., April 14, 2011 (GLOBE NEWSWIRE) -- Peoples Bancorp (Pink Sheets:PBNI) reported net income for the second quarter ended March 31, 2011, of $846,986 versus the same quarter last year income of $760,745. Second quarter earnings were $0.34 per share compared to $0.30 per share for the same period one year ago, an increase of 13.3%. Net income for the first half of fiscal year 2011 was $1,740,101 versus $1,604,358 during the first half of 2010. First half earnings per share was $0.70 compared to $0.62 per share for the same period one year ago.

Maurice F. Winkler, President of Peoples Bancorp, indicated: "Although we support a strong and well regulated community banking system, we are concerned that some regulations being written now are counterproductive and these regulations are significantly increasing costs. We are very pleased with our performance thus far for 2011 and certainly hope the economy and the regulatory environment continue to improve."

Peoples Bancorp reported assets on March 31, 2011, of $475,628,156, an increase of $3.1 million from September 30, 2010. Deposit balances were $350,728,837 at March 31, 2011, an increase of 11.9 million from September 30, 2010. The Company's borrowings have decreased by $6.0 million to $63,728,569 since September 30, 2010.

Peoples had 2,481,425 shares of stock outstanding as of March 31, 2011, and the closing price of Peoples Bancorp stock as of April 14, 2011, was $17.00 per share as listed on the Pink Sheets System under the symbol PBNI. At March 31, 2011, Peoples had stockholders equity of $58,716,446, a capital to assets ratio of 12.35%, and a book value of $23.66. 

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,

2011
September 30,

2010
March 31,

2010
 
Balance Sheet Data:        
Total assets $475,628,156 $472,522,994 $472,144,529  
Loans receivable including loans

held for sale, net
227,237,660 251,003,932 265,084,292  
Investment securities 212,151,749 177,205,610 171,791,445  
Other interest earning assets 7,288,324 16,509,900 6,774,171  
Deposits 350,728,837 338,792,106 337,800,331  
Borrowed Funds 63,728,569 69,743,961 72,593,047  
Stockholder's equity 58,716,446 60,213,402 59,017,806  
Non-performing loans and REO 2,617,000 2,406,000 2,999,000  
Equity to assets ratio 12.35% 12.74% 12.50%  
Book value per share $23.66 $24.23 $23.06  
         
     
  Three Months Ended

March 31,
Six Months Ended

March 31,
  2011 2010 2011 2010
Operating Data:        
Interest income $4,804,125 $5,535,861 $9,870,810 $11,236,341
Interest expense 1,572,116 2,152,375 3,320,977 4,489,824
Net interest income $3,232,009 $3,383,486 $6,549,833 $6,746,517
Provision

for losses on loans
65,000 310,723 590,000 738,680
Net interest income after provision

for losses on loans
$3,167,009 $3,072,763 $5,959,833 $6,007,837
Non-Interest income 842,443 711,125 2,132,199 1,731,056
Non-Interest expenses 3,026,219 2,902,396 6,045,707 5,852,606
Income before income taxes 983,233 881,492 2,046,325 1,886,287
Income tax expense 136,247 120,747 306,224 281,929
Net income $846,986 $760,745 $1,740,101 $1,604,358
         
Basic income per common share $0.34 $0.30 $0.70 $0.62
Diluted income per common share $0.34 $0.30 $0.70 $0.62
Dividends per common share $0.19 $0.19 $0.38 $0.38
         
Other Data:        
Average yield

on all interest-earning assets
4.44% 4.98% 4.96% 4.96%
Average cost

of all interest-bearing liabilities
1.64% 2.19% 2.24% 2.24%
Interest rate spread 2.80% 2.79% 2.72% 2.72%
         
Net interest margin 2.99% 3.05% 2.98% 2.98%
         
Return on assets (net income divided

by average total assets)
0.72% 0.64% 0.74% 0.67%
Return on equity (net income divided

by average total equity)
5.80% 5.12% 5.85% 5.34%
Dividend payout ratio (dividends per

common share divided by net

income per common share)
55.88% 63.33% 54.29% 61.29%
CONTACT: Maurice F. Winkler, III
         260-925-2500

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