MEDFORD, Ore. -- (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.
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| | | | 2014 | | | | 2013 | | |
Quarter ended September 30: | | | | | | | | | | |
|
Net interest income
| | | |
$
|
1,951,000
| | | | |
$
|
1,623,000
| | |
|
Provision for Loan Losses
| | | | |
0
| | | | | |
66,000
| | |
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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
| | |
Contacts:
People’s Bank of Commerce
Ken Trautman, 541-774-7654
President
and CEO
Source: People’s Bank of Commerce
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