PFDC Peoples Bancorp (MM)

Peoples Bancorp (NASDAQ:PFDC), the holding company for Peoples Federal Savings Bank and First Savings Bank, reported quarterly earnings of $1,167,772 or 35 cents per share for the quarter ending June 30, 2005 compared to $1,135,804 or 33 cents per share for the same period a year earlier. Return on average assets (ROAA) for the quarter was .94% and, return on average equity (ROAE) was 7.17% according to Maurice F. Winkler III, Chief Executive Officer. For the nine-month period ended June 30, 2005, net income was $3,295,115 or 97 cents per share compared to $3,521,076 or $1.04 per share last year. During the nine months, total assets increased slightly from $491,445,300 to $493,666,952. Asset quality remained high with loan delinquencies at .65% of total loans at the end of June, a figure that is well below the industry norm. Although the Banks have consistently reported high asset quality, they maintain allowances for loan losses, which at March 31, 2005 was .55% of total loans or 84% of nonperforming loans. At the end of June, shareholders equity stood at $65.7 million or 13.3% of total assets. The book value of the Peoples Bancorp's stock stood at $19.64, and the closing price of Peoples Bancorp stock was $19.75 as of August 1, 2005. Peoples Bancorp stock is traded on the NASDAQ National Market System as PFDC. Peoples Bancorp's subsidiaries are Peoples Federal Savings Bank and First Savings Bank. Peoples Federal Savings Bank has offices in Auburn, Columbia City (2), LaGrange, Kendallville, Garrett, Avilla, Topeka, and Waterloo, Indiana. First Savings Bank has offices in Three Rivers (2), Union, and Schoolcraft, Michigan, and in Howe and Middlebury, Indiana. -0- *T SELECTED CONSOLIDATED FINANCIAL DATA OF PEOPLES BANCORP June 30, September 30, June 30, 2005 2004 2004 ------------- ------------- ------------- Balance Sheet Data: Total assets $493,666,952 $491,445,300 $493,495,649 Loans receivable, net 357,648,286 360,161,158 361,839,803 Investments and other interest earning assets 111,867,393 109,254,698 107,807,063 Deposits 367,639,207 370,824,854 372,333,459 Stockholders' equity 65,680,828 64,991,560 63,434,060 Non-performing loans and REO 2,330,000 2,381,000 2,887,000 Equity to assets ratio 13.30% 13.22% 12.85% Book value per share $19.64 $19.30 $18.82 Three Months Ended Nine Months Ended June 30, June 30, ----------------------- ------------------------- Operating Data: 2005 2004 2005 2004 ----------- ----------- ------------ ------------ Interest income $6,761,392 $6,592,868 $20,144,386 $20,150,992 Interest expense 2,632,747 2,542,286 7,699,058 7,783,207 ----------- ----------- ------------ ------------ Net interest income 4,128,645 4,050,582 12,445,328 12,367,785 Provision for losses on loans 15,157 21,121 47,610 104,118 ----------- ----------- ------------ ------------ Net interest income after provision for losses on loans 4,113,488 4,029,461 12,397,718 12,263,667 Other income 524,544 558,481 1,510,757 1,626,270 Other expenses 2,847,735 2,865,453 8,855,897 8,508,576 ----------- ----------- ------------ ------------ Income before income taxes 1,790,297 1,722,489 5,052,578 5,381,361 Income tax expense 622,525 586,685 1,757,463 1,860,285 ----------- ----------- ------------ ------------ Net income $1,167,772 $1,135,804 $3,295,115 $3,521,076 =========== =========== ============ ============ Basic income per common share $0.35 $0.34 $0.98 $1.04 Diluted income per common share $0.35 $0.33 $0.97 $1.03 Dividends per common share $0.18 $0.17 $0.54 $0.51 Other Data: Average yield on all interest- earning assets 5.73% 5.60% 5.71% 5.67% Average cost of all interest-bearing liabilities 2.46% 2.36% 2.41% 2.39% ----------- ----------- ------------ ------------ Interest rate spread 3.27% 3.24% 3.30% 3.28% Return on assets (net income divided by average total assets) 0.94% 0.91% 0.89% 0.94% Return on equity (net income divided by average total equity) 7.17% 7.06% 10.10% 11.01% Dividend payout ratio (dividends per common share divided by net income per common share) 51.43% 50.00% 55.10% 49.04% *T