Stocks & Investing
Stocks and Investing
Stocks and Investing
Tue, July 20, 2010
Mon, July 19, 2010 People's Bank of Commerce : People's Bank Reports Strong Loan Growth and Earnings
MEDFORD, OR--(Marketwire - July 19, 2010) - People's Bank of Commerce (
Earnings of $91,000 for the first six months of 2010 were up considerably when compared to the loss of $461,000 last year. Non-interest income was down 31%, during the first two quarters of 2010 compared to last year, primarily due to a 52% reduction in mortgage lending income, reflective of the continued softness in local home sales.
"I am pleased to report our fourth consecutive quarter of profitability, which is noteworthy considering Oregon's current economic condition," said Ken Trautman, President and CEO of People's Bank. "During this challenging time for banks and the economy, our positive net earnings reflect the underlying strength and fundamentally sound operating model of People's Bank. Improvement in our net interest income, careful management of expenses, and our moderate need to increase loan loss reserves has benefited the bank greatly during the last year."
The bank increased portfolio loans $8.4 million or 12% during the past 12 months and deposits increased $6.9 million or 8% during the same period. "These increases in loans reaffirm People's Bank's commitment to providing needed lending to local businesses," commented Trautman. "The increased regulatory environment that we face has pleasantly provided the bank new opportunities. As our competition works to improve their capital and non-performing asset levels, we have been actively looking for and making good loans to local businesses."
The quality of the bank's loan portfolio has improved over the prior year with the current level of non-current loans to total loans of 3.77%, down from 4.80% last year. At the end of the second quarter 2010, reserves totaled 1.79% of total loans, compared to 1.66% one year ago. The loan loss provision for the first six months of 2010 totaled $224,000 compared to the $1,039,000 credited last year.
People's Bank reported total assets, at the end of June 2010, of $104,063,000, up 7% from the prior year. The bank has total shareholders' equity of $11 million and a book value of $12.00 per share. The stock trades on the over-the-counter market under the symbol PBCO.
| People's Bank of Commerce | |||||
| Q2 2010 Earnings Release | |||||
| July 19, 2010 | |||||
| 2010 | 2009 | ||||
| Quarter ended June 30: | |||||
| Net interest income | 1,033,000 | 902,000 | |||
| Provision for Loan Losses | 139,000 | 994,000 | |||
| Noninterest income | 390,000 | 583,000 | |||
| Noninterest expense | 1,222,000 | 1,348,000 | |||
| Net income | 59,000 | (513,000 | ) | ||
| EPS | $0.07 | ($0.56 | ) | ||
| Year to Date | |||||
| Net Interest income | 2,018,000 | 1,785,000 | |||
| Provision for Loan Losses | 224,000 | 1,039,000 | |||
| Noninterest income | 728,000 | 1,048,000 | |||
| Noninterest expense | 2,442,000 | 2,597,000 | |||
| Net income | 91,000 | (461,000 | ) | ||
| EPS | $0.10 | ($0.51 | ) | ||
| At June 30: | |||||
| Total Portfolio Loans | 81,463,000 | 73,021,000 | |||
| Total Reserve for Loan Losses | 1,487,000 | 1,209,000 | |||
| Total Deposits | 91,858,000 | 84,966,000 | |||
| Total Assets | 104,063,000 | 96,909,000 | |||
| Total Shareholders' Equity | 11,004,000 | 10,736,000 | |||
| No. of shares outstanding | 917,317 | 910,176 | |||
| Book Value, per share | $12.00 | $11.80 | |||
