People’s Bank Reports a 64 Percent Increase in 1st Quarter Earnings
April 16 2014 - 7:55PM
Business Wire
People’s Bank of Commerce (OTCBB:PBCO) reported today that its
earnings for the first quarter of 2014 were $168,000, compared to
$103,000 during the first quarter of 2013. The Bank reported
earnings of $0.09 per share for the three months ending March 31,
2014, compared to $0.08 per share in 2013. People’s Bank had a 13
percent increase in net interest income in the first quarter of
2014 when compared to the same period last year. Non-interest
income was down 12 percent from the prior year during the first
quarter of 2014, primarily due to a reduction in mortgage loan
income.
People’s Bank increased portfolio loans by 7 percent and
deposits by 22 percent when compared to the prior year, resulting
in total portfolio loans of $124.2 million and total deposits of
$169.7 million. The Bank reported total assets of $192.0 million at
the end of March 2014, up 23 percent from a year ago. “The Bank
reported its 19th consecutive quarter of profitable operations,”
said Ken Trautman, President and Chief Executive Officer. “The Bank
opened its newest branch in Grants Pass in September of 2013, while
its other branches continue to grow as local businesses and
individuals look to Southern Oregon’s only locally owned commercial
bank for financial solutions.”
People’s Bank’s quarterly average net interest margin remains
higher than Oregon peer banks at 4.33 percent, down from 4.65
percent during the same period in 2013. Compared to $88,000 in
2013, the provision for loan loss expense of ($65,000) in the first
quarter of 2014 provided a reserve-to-total portfolio loan ratio of
1.58 percent. “The negative loan loss provision in the first
quarter of 2014 was primarily the result of a short-term reduction
in total loans and continued improvement in loan quality. Past due
and nonaccrual loans to total loans was 0.00 percent as of March
2014, compared to 0.04 percent one year ago. We continue to be
pleased with the trend of low non-current loans, which signifies
the continuing improvement in the loan portfolio and in the local
economy,” said Trautman.
“Although short- and long-term interest rates remain very low by
historical standards, the Bank has positioned itself to benefit
from rising rates,” said Trautman. “The strong Tier One Leverage
Capital ratio of 10.93 percent as of March 31, 2014, is the result
of a successful capital campaign that ended October 31, 2013. This
new capital supported asset growth of 25 percent in 2013 and 23
percent in the year ending March 31, 2014.”
At March 31, 2014, the bank had total shareholders’ equity of
more than $21.1 million and a book value of $11.46 per share. The
stock trades on the over-the-counter market under the symbol
PBCO.
2014
2013
Quarter Ended March
31:
Net interest income
$
1,671,000
$
1,479,000
Provision for Loan Losses (65,000 ) 88,000 Noninterest income
437,000 499,000 Noninterest expense 1,948,000 1,760,000 Net Income
168,000 103,000 EPS
$
0.09
$
0.08
At March
31:
Total Portfolio Loans
$
124,247,000
$
116,466,000 Total Reserve for Loan Losses 1,958,000 1,924,000 Total
Deposits 169,687,000 139,076,000 Total Assets 192,030,000
156,055,000
Total Shareholders’ Equity
21,117,000 15,116,000 Shares outstanding 1,843,402 1,309,260 Book
Value, per share
$
11.46
$ 11.55
“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.
People’s Bank of CommerceKen Trautman, 541-774-7654President and
CEO
PBCO Financial (PK) (USOTC:PBCO)
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