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 $11.37 per share. Tier one capital to assets remains strong at 10.4%. The Bank’s stock trades on the over-the-counter market under the symbol PBCO.
Quarter ended September 30:
|Net interest income||$||1,951,000||$||1,623,000|
|Provision for Loan Losses||0||66,000|
Year to Date
Net interest income
|Provision for Loan Losses||(74,000||)||154,000|
At September 30:
|Total Portfolio Loans||$||140,030,000||$||122,331,000|
|Total Reserve for Loan Losses||1,725,000||2,010,000|
|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|