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Peoples Federal Bancshares, Inc. Announces Third Quarter And Year To Date Results For Fiscal Year 2013

Stocks in this article: PEOP

BRIGHTON, Mass., July 26, 2013 (GLOBE NEWSWIRE) -- Peoples Federal Bancshares, Inc. (the "Company") (Nasdaq:PEOP), the holding company for Peoples Federal Savings Bank (the "Bank"), announced third quarter and year to date earnings for the fiscal year ending September 30, 2013. For the quarter ended June 30, 2013, the Company reported net income of $598,000 or $0.10 per share, basic and diluted, as compared to net income of $567,000 or $0.09 per share, basic and diluted, for the same period last year and net income of $545,000, or $0.09 per share, basic and diluted, for the quarter ended March 31, 2013. For the nine months ended June 30, 2013, the Company reported net income of $1.8 million or $0.30 per share, basic and diluted, as compared to net income of $2.0 million or $0.31 per share, basic and diluted, for the same period last year.

For both the quarters ended June 30, 2013 and 2012, net interest and dividend income totaled $4.2 million. Low market interest rates have continued to pressure net interest income as recently originated loans reflect current market conditions. Of note during the June 2013 quarter, a non-accruing commercial real estate loan, previously categorized as impaired and classified as substandard paid off. As a result, the Bank recognized $79,000 in interest and fees on loans and a total of $46,000 in other income and recovered expenses. Non-interest income totaled $472,000 for the quarter ended June 30, 2013, as compared to $443,000 for the quarter ended June 30, 2012. Non-interest expense totaled $3.6 million for the quarter ended June 30, 2013 as well as the quarter ended June 30, 2012.

For the nine month periods ended June 30, 2013 and 2012, net interest and dividend income totaled $12.5 million and $12.7 million, respectively. Low market interest rates have continued to pressure net interest income as recently originated loans reflect current market conditions. Non-interest income totaled $1.5 million for the nine months ended June 30, 2013, as compared to $1.3 million for the nine months ended June 30, 2012. Non-interest expense totaled $10.6 million for the nine months ended June 30, 2013, as compared to $10.5 million for the nine months ended June 30, 2012, reflecting higher salaries and employee benefits offset mainly by a decrease in advertising expense and other expense.

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