Peoples Community Bancorp, Inc. Reports Net Earnings For The Twelve and Three Months Ended September 30, 2001.Business Editors WEST CHESTER West Chester, borough (1990 pop. 18,041), seat of Chester co., SE Pa., W of Philadelphia; inc. 1799. Primarily residential, West Chester was long the trade and processing center for an agricultural region that is now mainly suburbs. , Ohio--(BUSINESS WIRE)--Nov. 6, 2001 Peoples Community Bancorp, Inc. (Nasdaq:PCBI PCBI Penn Center for Bioinformatics (University of Pennsylvania) ) (the "Company"), the holding company of Peoples Community Bank, announced net earnings for the three and twelve months ended September September: see month. 30, 2001, of $636,000 and $2,324,000, respectively. This compares to net earnings of $296,000 and $550,000, respectively, for the same periods in 2000. The substantial increase in net earnings for the 2001 versus 2000 periods was primarily due to increased net interest income. This increase was primarily the result of strong loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. as lower yielding investment securities were sold. This increase was partially offset by an increase in the provision for loan losses reflecting the substantial increase in loan originations and a shift from single-family sin·gle-fam·i·ly adj. Relating to or being a dwelling designed for one family only: a single-family home; single-family occupancy. loans that were traditionally originated to an emphasis on multi-family, commercial, development and unsecured loans Unsecured Loan A loan that is issued and supported only by the borrower's creditworthiness, rather than by some sort of collateral. Notes: Generally, a borrower must have a high credit rating to receive an unsecured loan. which historically have shown a higher degree of risk. Increases in other income that were driven by gains on sales of investment securities, were offset by increased operating and other expenses. This increase in expenses was due to accelerated amortization of goodwill, increased costs of employee benefit plans and costs associated with the expansion of the Company's branch office network. Earnings per share were not reported for the twelve months ended September 30, 2000 since the Company did not complete its simultaneous stock offering, merger with the Oakley Oak·ley , Annie 1860-1926. American sharpshooter. She was the star attraction of Buffalo Bill's Wild West Show. Noun 1. Oakley - United States sharpshooter who was featured in Buffalo Bill's Wild West Show (1860-1926) Improved Building and Loan Company and acquisition of Harvest Home harvest home n. 1. The completion of a harvest. 2. a. The time of completing a harvest. b. A festival held at this time. c. A song sung at this time. Noun 1. Financial Corporation, parent of Harvest Home Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. until March 29, 2000. Peoples Community Bancorp, Inc. with $418 million in assets and equity in excess of $38 million operates eight full service offices in Southwestern south·west n. 1. Abbr. SW The direction or point on the mariner's compass halfway between due south and due west, or 135° west of due north. 2. An area or region lying in the southwest. 3. Ohio.
Peoples Community Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
September 30, September 30,
ASSETS 2001 2000
Cash and cash equivalents $ 15,962 $ 4,662
Investment securities 9,243 109,062
Loans receivable 379,610 196,615
Fixed assets 8,662 3,244
Goodwill 2,957 4,692
Other assets 1,611 2,635
-------- --------
Total assets $418,045 $320,910
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $233,476 $151,387
Borrowings 140,666 134,500
Other liabilities 5,125 3,406
-------- --------
Total liabilities 379,267 289,293
Shareholders' equity 38,778 31,617
-------- --------
Total liabilities and
shareholders' equity $418,045 $320,910
======== ========
Peoples Community Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
Three months ended Twelve months ended
September 30, September 30,
2001 2000 2001 2000
Total interest income $ 7,122 $ 5,808 $25,699 $15,533
Total interest expense 3,899 4,059 15,584 10,099
------- ------- ------- -------
Net interest income
before provision for
losses on loans 3,223 1,749 10,115 5,434
Provision for losses on loans 1,067 45 2,449 156
------- ------- ------- -------
Net interest income
after provision for
losses on loans 2,156 1,704 7,666 5,278
Other income 531 58 5,474 178
General, administrative
and other expense 1,665 1,251 8,513 4,445
------- ------- ------- -------
Earnings before
income taxes 1,022 511 4,627 1,011
Federal income taxes 386 215 2,303 461
------- ------- ------- -------
NET EARNINGS $ 636 $ 296 $ 2,324 $ 550
======= ======= ======= =======
EARNINGS PER SHARE
Basic $ .27 $ .16 $ 1.08 N/A
======= ======= ======= =======
Diluted $ .27 $ .16 $ 1.08 N/A
======= ======= ======= =======
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion