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 |
Contacts:
Ken Trautman, 541-774-7654
President
and CEO