Peoplea??s Bank Reports First Quarter Earnings

Peoplea??s Bank of Commerce (OTCBB: PBCO) announced today its financial results for the first quarter of 2020. The bank reported net income of $1,111,000 or $0.33 per diluted share for the first quarter of 2020 compared to net income of $839,000 or $0.28 per diluted share in the same quarter of 2019. Earnings per share for the trailing 12 months were $1.36 per share up from $1.20 per share the previous period, a 13% increase.

Highlights for the quarter compared to the first quarter of 2019:

Net loans increased 5%

Deposits decreased 1%

The banka??s total assets increased 3%

Net interest income, before provision, increased 6%

Non-Interest income increased by 24%

Non-interest expenses held flat

Loan Loss Provision increased by $200 thousand as a buffer for the effects of COVID-19

Presidenta??s Comments

"If I had written this earninga??s release a month ago, I would have focused on a very successful first quarter, with pre-tax earnings up 52% before our special COVID-19 provision,a?? commented Ken Trautman, President and CEO. "I would have mentioned that our strategy of diversifying income by increasing non-interest income sources was progressing along nicely. This would have been supported by the numbers; our mortgage department reporting a 163% increase in gross income and total non-interest income up 24%. Now, these results all pale to what we have accomplished in our attempt to support our customers and community during this war on COVID-19. As a Preferred Lender with SBA, we are in a unique position to react immediately to the provisions of the CARES Act, specifically the Paycheck Protection Program (PPP) component. As of April 9th, we have received funding approval for over 250 loans, totaling just under $50 million dollars, with a large pipeline of qualified, pending applicants still to be processed. Bank personnel have worked around the clock to contact customers and process applications. We are also working with businesses in our communities that are not currently our customers, helping them obtain loans, because this will affect the health and well-being of all. The SBA PPP loans, the loan modifications on existing loans and the loan deferrals we are doing will make a significant difference in the success of our community and our businesses.a??

Provision for Credit Losses
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