This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

People’s Bank Reports Second Quarter Earnings Up 32%

Stocks in this article: PBCO

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

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,892.87 +88.07 0.49%
S&P 500 2,072.77 +2.12 0.10%
NASDAQ 4,775.4310 +10.0510 0.21%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs