The Bank’s loan quality remains high with non-current loans to total loans at June 30, 2013 of 0.04%, compared to 0.01% last year. Non-performing assets to total assets at the end of June 2013 were 0.64%, compared to 1.94% one year ago. At the end of the second quarter 2013 and 2012, reserves totaled 1.61% and 1.59%, respectively, of portfolio loans. The loan loss provision for the first six months of 2013 totaled $88,000, compared to $127,000 for the first six months of last year, reflective of improving loan quality.People's Bank reported total assets, at the end of June 2013, of $161 million. With asset growth of 22% in the last 12 months, coupled with strong growth the prior two years, continued expansion will require additional capital. Peoples Bank is offering up to 500,000 new shares of common stock at $10.00 per share to support anticipated future growth. Those interested in participating in this stock offering are encouraged to review offering documents on the Bank’s website ( www.peoplesbankofcommerce.com / Investor Relations / Financial Documents / 2013 Capital Offering) or contact the Bank directly. The Bank has total shareholders’ equity of $15.4 million and a book value of $11.69 per share. Tier one leverage capital remains strong at 9.5%. The Bank stock trades on the over-the-counter market under the symbol PBCO.
|Quarter ended June 30:||2013||2012|
|Net interest income||$||1,572,000||$||1,356,000|
|Provision for Loan Losses||0||56,000|
|Year to Date|
|Net Interest income||$||3,051,000||$||2,648,000|
|Provision for Loan Losses||88,000||127,000|
|At June 30:|
|Total Portfolio Loans||$||117,987,000||$||101,734,000|
|Total Reserve for Loan Losses||1,904,000||1,621,000|
|Total Shareholders' Equity||15,408,000||14,102,000|
|No. of shares outstanding||1,318,250||1,253,966||*|
|Book Value, per share||11.69||11.25||*|
|* Retroactively adjusted for 2013 stock dividend|
This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as People’s Bank or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe People’s Bank’s business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.This release does not constitute an offer to sell securities or a solicitation for an offer to buy securities. The offering will be made solely by subscriptions and conducted exclusively under the terms contained in the Offering Circular. The securities being offered are not bank deposits and are not insured by the Federal Deposit Insurance Corporation.