People’s Bank Restates Earnings Upward

MEDFORD, Ore.--()--People’s Bank of Commerce (OTCBB:PBCO) reported that earnings for the year ended December 31, 2013 were restated to correct accounting methodology. The result of the change is to increase 2013 earnings by $126,000 or 14 percent to $1,012,000, or $0.68 per share compared to the previously reported amount of $886,000 or $0.59 per share. For the year ended December 31, 2012, the bank had earnings of $875,000, or $0.71 per share, and for the three months ended March 31, 2013, the bank earned $103,000, or $0.08 per share. Additionally, earnings for the first quarter of 2014 were restated to $204,000 or $0.11 per share, compared to the previously reported amount of $168,000 or $0.09 per share.

“The accounting changes are non-recurring and primarily impact the reporting of Other Real Estate Owned,” said Ken Trautman, President and CEO.

People’s Bank has total shareholders’ equity of $21.1 million and a book value of $11.43 per share at December 31, 2013 and $21.3 million and a book value of $11.54 per share at March 31, 2014. The stock trades in the over-the-counter market under the symbol “PBCO.”

People’s Bank of Commerce is locally headquartered at its Barnett Road branch in Medford, Oregon. It has other branch locations in Medford, Ashland, Grants Pass, and Central Point, Oregon.

 

 

  As Restated  

At December 31:

2013

2012

Total Loans, excl. loans held for sale $ 125,674,000 $ 112,132,000
Reserve for Loan Losses 1,961,000 1,833,000
Total Deposits 158,267,000 125,721,000
Total Shareholder’s Equity 21,061,000 14,680,000
Total Assets 181,349,000 144,542,000
Shares outstanding 1,843,402 1,270,241 *
Other Real Estate Owned 1,688,000 1,707,000
 

Year ended December 31:

Net interest income $ 6,377,000 $ 5,536,000
Provision (credit) for loan losses 57,000 361,000
Mortgage revenue 910,000 1,376,000
Net income (loss) 1,012,000 875,000
Earnings (loss) per share 0.68 0.71 *
Average shares outstanding 1,495,629 1,230,943 *
 
As Restated

At March 31:

2014

2013

Total Loans, excl. loans held for sale $ 124,247,000 $ 116,466,000
Reserve for Loan Losses 1,912,000 1,924,000
Total Deposits 169,687,000 139,076,000
Total Shareholder’s Equity 21,278,000 15,116,000
Total Assets 192,352,000 156,055,000
Shares outstanding 1,843,402 1,309,260
Other Real Estate Owned 1,255,000 1,420,000
 

Quarter ended March 31:

Net interest income $ 1,671,000 $ 1,479,000
Provision (credit) for loan losses (65,000 ) 88,000
Mortgage revenue 132,000 228,000

Net income

204,000 103,000

Earnings per share

0.11 0.08
Average shares outstanding 1,843,402 1,244,642
 
* Retroactively adjusted for 2013 stock dividend
 

Contacts

People’s Bank of Commerce
Ken Trautman, 541-774-7654
President and CEO

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Contacts

People’s Bank of Commerce
Ken Trautman, 541-774-7654
President and CEO