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24.04.2019 02:52
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People’s Bank of Commerce 12-Month Earnings Per Share Increases 40%

DRUCKEN

People’s Bank of Commerce (OTCBB: PBCO) announced today its financial results for the first quarter of 2019. The bank reported net income of $839,000 or $0.28 per diluted share for the first quarter of 2019, compared to net income of $724,000 or $0.26 per diluted share in the same quarter of 2018. Earnings in the fourth quarter of 2018 totaled $882,000 or $0.30 per diluted share. Earnings per share for the trailing 12 months was $1.20 per share up from $0.86 per share the previous period, a 40% increase.

Highlights for the quarter compared to the first quarter of 2018:

  • Net loans increased 17%
  • Deposits increased 12%
  • The bank’s total assets increased 13%
  • Net interest income increased 21%
  • Non-Interest income increased by less than 1%
  • Non-interest expenses increased 15%

President’s Comments

"The strong loan and deposit growth we saw in 2018 continued through the first quarter of 2019. The flat yield curve has caused loan yields to remain stable while the cost of funds has been increasing. This condition is not expected to change significantly through the balance of 2019. The local economies we serve in Southern Oregon remain strong, and the bank is well positioned with our branch network to serve the needs of our communities. The net interest margin for the first quarter of 2019 was 4.33% compared to 4.35% for the same quarter of 2018,” said Ken Trautman, President and CEO.

Provision for Credit Losses

"Loan quality continues to be strong with no loans past due over 30 days or on Non-Accrual at the end of the first quarter of 2019. Total loans outstanding are growing at a year-to-date annualized rate of over 10%. This loan growth resulted in an increase to the allowance for loan losses of $59,000, compared to an increase in the allowance of $122,000 in the same quarter last year. The bank anticipates continued additions to the allowance for loan and lease losses during 2019 due to anticipated loan growth,” commented Mr. Trautman.

Non-Interest Income

Non-interest income for the first quarter of 2019 was $1,555,000 compared to $1,547,000 for the same quarter of 2018. The majority of this income was generated by the Bank’s Steelhead Finance Division, which provided $1,051,000 in revenue. Mortgage income for the first quarter of 2019 was up $34,000 when compared to the first quarter of 2018 on increased volume.

Non-Interest Expense

Non-interest expense for the first quarter of 2019 was $3,767,000 compared to $3,286,000 for the same quarter of 2018. Salary expense associated with the addition of a 3 person commercial loan team and other personnel that joined the bank in mid-2018 accounted for part of the increase. Occupancy and FF&E expenses increased with the completion of the new Biddle Road branch and administrative headquarters. The bank also completed a core processing conversion during the first quarter of 2019.

Capital

At March 31, 2019, shareholder equity totaled $36.5 million, compared to $32.0 million at March 31, 2018. The bank’s Tier 1 Capital ratio was 9.21% at the end of the first quarter 2019, compared to 9.18% one year ago. Tangible book value per share was $11.15 on March 31, 2019, compared to $10.48 on March 31, 2018, when adjusted for the 5% stock dividend received in May of 2018.

About People’s Bank of Commerce

People’s Bank of Commerce’s stock trades on the over-the-counter market under the symbol PBCO. Additional information about the Bank is available in the investor section of the bank’s website at: www.peoplesbank.bank.

Founded in 1998, People’s Bank of Commerce is the only locally owned and managed community bank in Southern Oregon. People’s Bank of Commerce is a full service bank headquartered in Medford, Oregon with branches in Medford, Ashland, Central Point, Grants Pass and Klamath Falls.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

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.

People's Bank of Commerce
Income Statement (unaudited)                    
Three Months Ended Twelve Months Ended
(dollars in thousands) 3/31/2019     12/31/2018     3/31/2018   3/31/2019     3/31/2018  
Interest Income      
Loans 3,475 3,343 2,741 12,927 10,625
Investments 156 162 173 640 700
Federal funds sold and due from banks 108   161   97   559   261  
Total interest income 3,739 3,666 3,011 14,127 11,586
 
Interest Expense
Deposits 347 278 143 1,054 484
Other 5   75   60   240   60  
Total interest expense 352 353 203 1,294 545
 
Net interest income 3,387 3,313 2,808 12,832 11,041
Provision for credit losses 59   112   122   343   211  

Net Interest Income after provision for credit losses

3,328 3,201 2,686 12,489 10,830
 
Non-Interest Income
Service charges on deposit accounts 67 78 75 300 287
Mortgage lending income 210 150 176 649 742
Steelhead Finance income 1,051 1,179 1,085 4,881 2,485
Gain (loss) on other real estate - -
Other non-interest income 227   118   211   833   764  
Total non-interest income 1,555 1,525 1,547 6,662 4,278
 
Non-Interest Expense
Salary and Benefits 2,380 2,346 2,096 9,239 6,900
Premises and fixed assets 549 554 389 2,038 1,530
Other 838   825   801   3,385   2,825  
Total non-interest expense 3,767 3,725 3,286 14,661 11,254
 
Net income before taxes 1,116 1,001 947 4,490 3,854
Income taxes 277   119   223   978   1,639  
Net income 839   882   724   3,513   2,215  
 
Basic earnings per share * 0.28 0.30 0.26 1.20 0.86
Diluted earnings per share * 0.28 0.30 0.26 1.20 0.86
Average common shares outstanding * 2,955,964 2,926,964 2,746,227 2,922,655 2,590,307
 
Performance Measures
Return on average assets 0.94 % 1.03 % 0.91 % 1.03 % 0.75 %
Return on average equity 9.29 % 10.25 % 8.94 % 10.30 % 7.32 %
Net interest margin 4.33 % 4.11 % 4.35 % 4.17 % 4.18 %
Efficiency ratio 76.22 %   76.99 %   75.45 % 75.21 %   73.46 %
* adjusted for 5% stock dividend May 2017, May 2018
 
People's Bank of Commerce          
Balance Sheet (unaudited)
(dollars in thousands) 3/31/2019 12/31/2018 9/30/2018 6/30/2018 3/31/2018
Assets
Cash and due from banks 4,736 9,382 3,928 2,431 11,918
Federal funds sold
Interest-bearing deposits 30,152 17,127 21,381 15,713 13,948
Investment securities 20,031 25,878 24,462 26,198 26,871
Loans held for sale 1,157 2,084 215 1,381 1,862

Loans held for investment, net of unearned income

256,389 249,949 240,093 233,600 219,359
Allowance for loan and lease losses (2,880 ) (2,812 ) (2,701 ) (2,631 ) (2,523 )
Loans, net 254,666 247,137 237,392 230,969 216,836
Premises and equipment, net 21,086 16,807 16,387 16,165 14,806
Other assets 30,894   31,110   32,730   34,064   32,581  
Total assets 361,565   349,525   336,495   326,921   318,822  
 
 
Liabilities
Deposits
Demand noninterest-bearing 128,937 124,866 120,679 131,743 126,424
Demand interest-bearing 56,175 48,813 44,661 29,300 27,188
Money market and savings 110,237 117,714 112,728 107,634 108,666
Time deposits of less than $250,000 16,750 15,300 15,017 16,136 16,483
Time deposits of more than $250,000 1,873   1,317   2,081   2,074   2,067  
Total deposits 313,972 308,010 295,166 286,887 280,828
Other liabilities 11,137   6,062   7,290   7,022   5,983  
Total liabilities 325,109 314,072 302,456 293,909 286,811
 
Capital
Common stock, surplus, retained earnings 36,863 36,011 34,920 33,891 32,901

Accumulated other comprehensive income (loss)

(2 ) (113 ) (319 ) (278 ) (249 )
Unearned ESOP Shares (405 ) (445 ) (562 ) (601 ) (641 )
Total shareholders' equity 36,456 35,453 34,039 33,012 32,011
 
Total Liabilities and Equity 361,565   349,525   336,495   326,921   318,822  
 
memo:
Total intangible assets and goodwill 3,486 3,486 3,468 3,468 3,468
 
Current shares outstanding 2,955,964 2,953,464 2,915,752 2,902,164 2,747,164

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