People’s Bank of Commerce Shows Strong Growth Leading to 49% Increase in Earnings
October 21 2014 - 7:21PM
Business Wire
People’s Bank of Commerce (OTCBB: PBCO) today reported earnings
of $874,000 for the first nine months of 2014, up 49% compared to
$585,000 for the same period last year. This resulted in earnings
of $0.46 per share for the first nine months of 2014, compared to
$0.41 per share reported the prior year. Net interest income was up
by 16% year-to-date, the result of strong loan growth during 2014.
Portfolio loan and deposit growth in the past 12 months continues
in excess of 14% and 25%, respectively.
Earnings for the third quarter of 2014 were $367,000 compared to
$223,000 for the same period in 2013, an increase of 64%. The Bank
reported earnings of $0.19 per share for the three months ending
September 30, 2014, compared to $0.13 per share in 2013. Mortgage
lending income in the third quarter was up by 11%, compared to the
same period in the prior year. “While we continue to experience
fewer refinance transactions this year, we’ve seen a substantial
increase in home purchase loans throughout all of 2014,” said Steve
Erb, the Bank’s Chief Banking Officer.
“The Bank’s loan quality remains excellent with non-current
loans to total loans at 0.03%, as of September 30, 2014, down from
0.25% last year,” said Ken Trautman, President and CEO of People's
Bank. Non-performing assets to total assets compares loans past due
90 days and more, loans on non-accrual and other real estate owned
to total assets. This ratio was 0.78% as of September 30, 2014,
compared to 0.94% at the end of September 2013. Reserves totaled
1.23% of portfolio loans at the end of the third quarter 2014,
compared to 1.64% one year ago.
People's Bank reported total assets of $209.5 million at the end
of September 2014, up 23% from the prior year. The Bank has total
shareholders’ equity of $22.0 million, up 10% in the past year, and
a book value of $11.37 per share. Tier one capital to assets
remains strong at 10.4%. The Bank’s stock trades on the
over-the-counter market under the symbol PBCO.
2014
2013
Quarter ended
September 30:
Net interest income $ 1,951,000 $ 1,623,000 Provision for Loan
Losses 0 66,000 Noninterest income 523,000 606,000 Noninterest
expense 1,979,000 1,827,000 Net income 367,000 223,000 EPS 0.19
0.13 **
Year to
Date
Net interest income
$ 5,415,000 $ 4,674,000 Provision for Loan Losses (74,000 ) 154,000
Noninterest income 1,606,000 1,705,000 Noninterest expense
5,879,000 5,365,000 Net income 874,000 585,000 EPS 0.46 0.41 **
At September
30:
Total Portfolio Loans $ 140,030,000 $ 122,331,000 Total Reserve for
Loan Losses 1,725,000 2,010,000 Total Deposits 185,681,000
147,924,000 Total Assets 209,547,000 170,463,000 Total
Shareholders' Equity 22,020,000 20,064,000 No. of shares
outstanding 1,936,729 1,856,478 ** Book Value, per share 11.37
10.81 ** ** Retroactively adjusted for 2014 stock dividend
People’s Bank of CommerceKen Trautman, 541-774-7654President and
CEO
PBCO Financial (PK) (USOTC:PBCO)
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