People’s Bank of Commerce (OTCBB: PBCO) reported quarterly
earnings of $213,000 or $0.19 per share for the fourth quarter of
2011, compared to $110,000 or $0.11 per share for the same quarter
in 2010. At December 31, 2011, the Bank reported a 16 percent
increase in portfolio loans to $93.8 million, a 20 percent increase
in total assets to $126.7 million, and a 20 percent increase in
deposits to $110.5 million, when compared to the prior year.
Earnings for the year ended December 31, 2011, were $528,000 or
$0.47 per share, compared to earnings of $363,000 or $0.39 per
share during 2010. Net interest income for the year of $4.8 million
was up 16 percent from $4.2 million in 2010.
Net interest margin for the fourth quarter of 2011 improved to
4.83 percent, compared to 4.69 percent during the same period in
2010. Net interest income for the fourth quarter of 2011 was up 23
percent, when compared to the same quarter in the prior year, due
to increased loan totals and lower deposit interest expense.
Mortgage income in the fourth quarter of 2011 was up 119 percent
over the prior year, the result of record low home loan interest
rates and increased business development efforts.
The provision for loan loss expense of $411,000 in 2011,
compared to $251,000 in
2010, resulted in reserves to total portfolio loans of 1.69
percent, compared to 1.77 percent in 2010. “Provision expenses did
increase this year as the Bank grew its loan totals and carefully
reviewed its entire loan portfolio and increased reserves where
appropriate,” commented Ken Trautman, President and CEO of People’s
Bank.
Non-current loans (past due 90 days or more or non-accruing) at
December 31, 2011, were 0.15 percent of total loans, compared to
1.53 percent in 2010. Non-performing assets to total loans, a ratio
that adds other real estate owned to non-performing loans, was 2.81
percent at December 31, 2011, compared to 4.51 percent in 2010.
“The Bank completed a successful capital offering in 2011,
raising over $1.5 million in additional capital to support loan
growth,” commented Trautman. “This additional capital supported a
16 percent increase in portfolio loans or approximately $13 million
in new loans to the local community. Additionally, we are pleased
to report a $0.08 increase in earnings per share for the year, when
compared to the prior year, even though the stock offering
increased outstanding shares by over 75,000. Capital continues to
be strong at 10.65 percent, which allows us the opportunity to not
only lend money to local businesses and residents, but to expand
our branch network to better serve the Southern Oregon
community.”
People’s Bank of Commerce is locally headquartered at its main
branch in Medford, Oregon and has branches in Ashland and Central
Point, Oregon.
People’s Bank has total shareholders’ equity of $13.6 million
and a book value of $11.97 per share. The stock trades in the
over-the-counter market under the symbol "PBCO."
At December
31:
2011 2010
Total Loans, excl. loans held for sale
$ 93,774,000 $ 80,901,000 Reserve for Loan Losses 1,583,000
1,430,000 Total Deposits 110,547,000 91,847,000 Total Shareholder’s
Equity 13,614,000 12,427,000 Total Assets 126,692,000 105,745,000
Shares outstanding(1)
1,137,546 1,062,352
Year ended December
31:
Net interest income $ 4,841,000 $ 4,159,000 Provision
(credit) for loan losses 411,000 251,000 Mortgage revenue 678,000
752,000 Net income (loss) 528,000 363,000 Earnings (loss) per share
0.47 0.39
Average shares outstanding(1)
1,118,372 931,696
Quarter ended
December 31:
Net interest income $ 1,308,000 $ 1,066,000 Provision
(credit) for loan losses 152,000 (39,000 ) Mortgage revenue 306,000
140,000 Net income 213,000 110,000 Earnings per share 0.19 0.11
Average shares outstanding(1)
1,128,546 974,833
Quarter ended
September 30:
Net interest income $ 1,245,000 $ 1,075,000 Provision
(credit) for loan losses 163,000 66,000 Mortgage revenue 145,000
296,000 Net income 155,000 162,000 Earnings per share 0.14 0.18
Average shares outstanding 1,124,046 917,317
(1) non material adjustment of 13,500
shares outstanding related to incentive compensation. Originally
reported at 12/31/10 1,048,852; Year end average 12/31/10 930,584;
Quarter end average 12/31/10 970,385.
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