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Peoples Federal Bancshares, Inc. Announces Fourth Quarter And Fiscal Year End Results

BRIGHTON, Mass., Nov. 19, 2010 (GLOBE NEWSWIRE) -- Peoples Federal Bancshares, Inc. (the "Company") (Nasdaq:PEOP), the holding company for Peoples Federal Savings Bank (the "Bank"), a federally chartered savings bank headquartered in Brighton, Massachusetts, announced earnings for the fourth fiscal quarter and the fiscal year ended September 30, 2010. For the three months ended September 30, 2010, the Company reported a net loss of $2.7 million, as compared to net income of $308,000 for the same period last year. For the fiscal year ended September 30, 2010, the Company reported a net loss of $164,000, as compared to net income of $2.7 million for the prior fiscal year. The loss was the result of a non-recurring charge of $5.3 million for the contribution made to the Peoples Federal Savings Bank Charitable Foundation recorded in the fourth quarter of 2010. Because shares had not been issued and outstanding during the entire period, earnings per share have not been reported for the twelve months ended September 30, 2010.

On July 6, 2010, the Bank completed its mutual-to-stock conversion and related stock offering with the issuance of 7,141,500 shares (including 529,000 shares issued to the Peoples Federal Savings Bank Charitable Foundation). The Company's stock began trading on July 7, 2010, on the Nasdaq Capital Market, under the symbol "PEOP".

Net interest income for the three months and year ended September 30, 2010 increased to $3.9 million and $14.9 million, respectively, from $3.3 million and $13.9 million, respectively, for the prior year periods.  Noninterest income for the three months ended September 30, 2010 increased to $487,000 from $419,000 for the year earlier period. For the year ended September 30, 2010, noninterest income increased to $1.9 million from $1.8 million for year ended September 30, 2009. Noninterest expense increased to $9.0 million, and included a $5.3 million contribution to the Peoples Federal Savings Bank Charitable Foundation for the three months ended September 30, 2010, as compared to $3.2 million for the year earlier period.  For the year ended September 30, 2010, noninterest expense increased to $17.1 million as compared to $11.3 million for year ended September 30, 2009. 

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