EASLEY, S.C., Oct. 20 /PRNewswire-FirstCall/ -- Peoples Bancorporation, Inc., (BULLETIN BOARD: PBCE) the parent company for The Peoples National Bank, Easley, South Carolina, Bank of Anderson, N.A., Anderson, South Carolina and Seneca National Bank, Seneca, South Carolina, reported total consolidated earnings of $3,648,000 for the nine months ended September 30, 2006, a 22.2% increase over earnings of $2,985,000 reported for the nine months ended September 30, 2005. Total consolidated earnings for the third quarter of 2006 were $1,321,000, a 23.1% increase over earnings of $1,073,000 reported for the third quarter of 2005. Return on average equity for the first nine months of 2006 was 11.18% compared to 9.98% for the first nine months of 2005, while return on average equity for the third quarter of 2006 was 11.73% compared to 10.42% for the third quarter of 2005. Diluted earnings per share for the first nine months of 2006 were $0.55 compared to $0.45 for the first nine months of 2005, while diluted earnings per share were $0.20 for the third quarter of 2006 compared to $0.16 for the third quarter of 2005.
Total assets at September 30, 2006 were $509,217,000, a $26,589,000 increase over the $482,628,000 in total assets at September 30, 2005. At September 30, 2006 total gross loans were $361,040,000 compared to $364,497,000 at September 30, 2005, a decrease of $3,457,000. Total deposits at September 30, 2006 were $387,364,000, a $10,745,000 decrease from the $398,109,000 in total deposits at September 30, 2005.
Commenting on the Company's performance, Company President R. Riggie Ridgeway stated, "We are proud to report the Company reached a milestone in its history at September 30, 2006 as total assets increased to over one-half billion dollars. For the nine months ending September 30, 2006, we are pleased to report that each of our three subsidiary banks produced double- digit income growth that resulted in the Company's consolidated income increasing 22.2% over the first nine months of 2005. The third quarter of 2006 marks our sixth consecutive quarter with net earnings in excess of $1 million." Ridgeway added, "We continue to be excited about the future prospects of our company as we expand our presence in the Upstate and improve our performance in our core banking activities."
In other business, the Company announced that its Board of Directors had approved a 5% common stock dividend in addition to its regular quarterly cash dividend. The 5% stock dividend will be issued on January 5, 2007 to shareholders of record as of December 22, 2006. The Company's quarterly cash dividend of $0.05 per share will be paid on January 4, 2007 to shareholders of record as of December 21, 2006.
Currently, The Peoples National Bank maintains four (4) full-service locations: two (2) in Easley, one (1) in Pickens and one (1) in Powdersville, South Carolina; The Peoples National Bank maintains one (1) loan-production office in Greenville, South Carolina; Bank of Anderson, N.A. maintains two (2) locations in Anderson, South Carolina; and Seneca National Bank maintains one (1) location in Seneca, South Carolina.
To the extent that the foregoing information refers to matters that may occur in the future, please be aware that such forward-looking statements may differ materially from actual results. Additional information concerning some of the factors that could cause materially different results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2005, and in Forms 10-Q for the quarters ended March 31, 2006, June 30, 2006, and September 30, 2006, which are or will be available from the Securities and Exchange Commission's public reference facilities and from its website at http://www.sec.gov/, or from the Company's shareholders' relations department.
PEOPLES BANCORPORATION, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
(Amounts in thousands except share information)
Three Months Ended
September 30,
Income Statement 2006 2005 Change
Net interest income $4,941 $4,450 11.03%
Provision for loan losses 225 165 36.36%
Other income 895 899 -0.44%
Other expenses 3,682 3,583 2.76%
Income before income taxes 1,929 1,601 20.49%
Provision for income taxes 608 528 15.15%
Net Income $1,321 $1,073 23.11%
Return on average assets* 1.06% 0.89%
Return on average equity* 11.73% 10.42%
Net income per common share**
Basic $0.20 $0.16
Diluted $0.20 $0.16
Nine Months Ended
September 30,
Income Statement 2006 2005 Change
Net interest income $14,565 $12,644 15.19%
Provision for loan losses 718 521 37.81%
Other income 2,856 2,678 6.65%
Other expenses 11,348 10,367 9.46%
Income before income taxes 5,355 4,434 20.77%
Provision for income taxes 1,707 1,449 17.81%
Net Income $3,648 $2,985 22.21%
Return on average assets* 1.00% 0.87%
Return on average equity* 11.18% 9.98%
Net income per common share**
Basic $0.55 $0.46
Diluted $0.55 $0.45
As of September 30,
Balance Sheet 2006 2005 Change
Total assets $509,217 $482,628 5.51%
Gross loans 361,040 364,497 -0.95%
Allowance for loan losses 4,081 3,979 2.56%
Loans, net 356,959 360,518 -0.99%
Securities 112,069 76,836 45.85%
Total earning assets 477,737 446,087 7.10%
Total deposits 387,364 398,109 -2.70%
Shareholders' equity 44,825 40,469 10.76%
Book value per share** 6.77 6.18 9.55%
* Annualized
** 2005 per share data has been restated to reflect the 5% stock dividend
to be effected in January 2007.
