People’s Bank of Commerce (OTCBB: PBCO) reported earnings for
the year ended December 31, 2012, of $875,000 or $0.74 per share,
compared to earnings of $528,000 or $0.45 per share during 2011.
Net interest income for the year of $5.5 million was up 14 percent
from $4.8 million in 2011. At December 31, 2012, the bank reported
a 20 percent increase in portfolio loans to $112.1 million, a 14
percent increase in total assets to $144.5 million, and a 14
percent increase in deposits to $125.7 million, when compared to
the prior year.
Fourth quarter earnings for 2012 were $199,000 or $0.17 per
share, compared to $213,000 or $0.18 per share for the same quarter
in 2011. “Fourth quarter earnings were impacted by one-time
expenses associated with our new branch headquarters, including
costs related with moving the administrative offices to the Barnett
Road location,” said Ken Trautman, President and CEO of People’s
Bank. Net interest income for the fourth quarter of 2012 was up 11
percent, when compared to the same quarter in the prior year, due
to increased loan totals and lower deposit interest expense.
The net interest margin for 2012 showed a slight reduction to
4.83 percent, compared to 4.94 percent in 2011. “This reduction in
the net interest margin follows the bank’s strategic plan, which is
to grow commercial loans of the highest credit quality available,
in part, by implementing competitive pricing standards for strong
borrowers,” commented Trautman.
Non-interest income for the current year was up 40% over last
year, benefited greatly by a 103% increase in mortgage lending
income. The strong commercial loan growth in 2012 supported a 30%
increase in loan fees compared to 2011. “The improvement in the
local real estate market in both purchases and new construction,
coupled with strong refinance activity and bolstered by record low
home loan rates, account for most of the growth in non-interest
income,” Trautman said.
The provision for loan loss expense of $361,000 in 2012,
compared to $411,000 in 2011, resulted in reserves to total
portfolio loans of 1.63 percent, compared to 1.69 percent in
2011.
Non-current loans (past due 90 days or more or non-accruing) at
December 31, 2012, were 0.04 percent of total loans, compared to
0.15 percent in 2011. Non-performing assets to total loans, a ratio
that adds other real estate owned to non-performing loans, was 1.52
percent at December 31, 2012, compared to 2.81 percent in 2011.
“People’s Bank’s 20 percent growth in total commercial loans
this past year, along with the 16 percent growth in 2011 is
indicative of our commitment to supporting local business growth in
the Rogue Valley,” commented Trautman. “Capital continues to be
strong at 10 percent, which allowed us the opportunity to expand
our branch network to better serve the Southern Oregon community,”
Trautman added.
The newest branch on Barnett Road opened in November of 2012 and
is People’s Bank’s fourth Southern Oregon branch and second
location in Medford. The new bank building also houses its
commercial lending center, home lending division and administrative
offices, all of which were moved from the Biddle Road location.
People’s Bank of Commerce is locally headquartered at its
Barnett Road branch in Medford, Oregon. It has other branch
locations in Medford, Ashland and Central Point, Oregon.
People’s Bank has total shareholders’ equity of $14.7 million
and a book value of $12.13 per share. The stock trades in the
over-the-counter market under the symbol "PBCO."
At December
31:
2012 2011 Total Loans, excl.
loans held for sale $ 112,132,000 $ 93,774,000 Reserve for Loan
Losses 1,833,000 1,583,000 Total Deposits 125,721,000 110,547,000
Total Shareholder’s Equity 14,680,000 13,614,000 Total Assets
144,542,000 126,692,000 Shares outstanding 1,209,753 1,192,762 *
Year ended December
31:
Net interest income $ 5,536,000 $ 4,841,000 Provision
(credit) for loan losses 361,000 411,000 Mortgage revenue 1,376,000
678,000 Net income (loss) 875,000 528,000 Earnings (loss) per share
0.74 0.45 * Average shares outstanding 1,186,094 1,164,385 *
Quarter ended
December 31:
Net interest income $ 1,451,000 $ 1,308,000 Provision
(credit) for loan losses 120,000 152,000 Mortgage revenue 375,000
306,000 Net income 199,000 213,000 Earnings per share 0.17 0.18 *
Average shares outstanding 1,199,420 1,183,762 *
Quarter ended
September 30:
Net interest income $ 1,437,000 $ 1,245,000 Provision
(credit) for loan losses 114,000 163,000 Mortgage revenue 413,000
145,000 Net income 252,000 155,000 Earnings per share 0.21 0.13 *
Average shares outstanding 1,194,253 1,179,262 * *
Retroactively adjusted for 2012 stock dividend
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995:
This release includes forward-looking statements intended to
qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally can be identified by phrases
such as People’s Bank or its management "believes," "expects,"
"anticipates," "foresees," "forecasts," "estimates" or other words
or phrases of similar import. Similarly, statements herein that
describe People’s Bank’s business strategy, outlook, objectives,
plans, intentions or goals also are forward-looking statements. All
such forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those in forward-looking statements.
PBCO Financial (PK) (USOTC:PBCO)
Historical Stock Chart
From Jul 2024 to Jul 2024
PBCO Financial (PK) (USOTC:PBCO)
Historical Stock Chart
From Jul 2023 to Jul 2024