This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

People’s Bank Reports Second Quarter Earnings Up 32%

People’s Bank of Commerce (OTCBB:PBCO) today reported earnings of $362,000 for the first six months of 2013 compared to $424,000 for the same period last year. The Bank reported earnings of $0.28 per share for the first six months of 2013, compared to $0.35 per share for the prior year. Net interest income was up 15% year-to-date over the prior year. “The Bank has experienced strong loan and deposit growth for the past 10 quarters and the continued growth in net interest income has followed,” said Ken Trautman, President and CEO of People's Bank.

Earnings for the second quarter of 2013 were $259,000, up 32% over the second quarter 2012. The Bank reported earnings of $0.20 per share for the three months ending June 30, 2013, compared to $0.16 per share in 2012. Non-interest income in the second quarter was up 16% over the same period last year primarily the result of increases in mortgage lending income and loan fees.

“Favorable interest rates in 2012 allowed for significant residential refinance activity that year. During the first quarter of 2013 activity slowed, but refinance as well as purchase activity rebounded in the second quarter,” continued Trautman. Non-interest expenses for the six month period ending June 30, 2013 were up 18% over the prior year. The increase was driven by the Bank moving into its new headquarters building in the fourth quarter of 2012 and increasing staff to accommodate deposit and loan growth.

The Bank increased its loans outstanding 16% during the past 12 months and deposits increased 24% during the same period. “Commercial loans outstanding have continued to increase as the Bank has been able to provide funding at extremely favorable rates to qualified borrowers,” commented Russ Milburn, Chief Financial Officer. “The southern Oregon economy is improving as we see the unemployment rate go down and local commercial building projects continue. As this improvement continues, the Bank is positioned to provide needed financing to local businesses.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs