MEDFORD, Ore.--(BUSINESS WIRE)--The board of directors of People’s Bank of Commerce (OTCBB:PBCO) announced that it has declared a one-time five percent stock dividend. This special dividend will be paid on or about September 17, 2015 to shareholders of record August 17, 2015. This unique mid-year stock dividend rewards our shareholders for the strong earnings attained for the first six months of 2015. June 30, 2015 also marks the bank's 24th consecutive quarter of profitability since the recession began.
"This sustained profitability provides the capital to support growth and allows a well-earned special stock dividend to shareholders," says President and CEO Ken Trautman. “It is our privilege to provide this additional dividend and once again recognize and reward the loyalty of our shareholders. The success of the bank is due to the tremendous support of the many shareholders and customers who live and work in the Rogue Valley.”
The locally-owned community bank recently reported earnings of $709,000 for the first six months of 2015, compared to $507,000 for the same period last year, a 40 percent increase. It also reported earnings of $0.35 per share for the first six months of 2015, compared to $0.26 per share the prior year.
At June 30, 2015, the bank reported year over year growth of 10 percent in total assets to $223 million, an increase in total deposits of 10 percent to $197.7 million and growth in total loans of 10 percent to $152.8 million, while maintaining more than 10.4 percent capital with total shareholders’ equity of $23.2 million.
People’s Bank was organized in 1998 and operates from its main office on Barnett Rd. in Medford with branch offices in Medford, Ashland, Central Point and Grants Pass, Oregon.
People's Bank’s stock trades on the over-the-counter market under the symbol PBCO.