PEOPLES B 
By People’s Bank of Commerce (OTCBB:PBCO) reported that earnings for the year ended December 31, 2013 were restated to correct accounting methodology. The result of the change is to increase 2013 earnings by $126,000 or 14 percent to $1,012,000, or $0.68 per share compared to the previously reported amount of $886,000 or $0.59 per share. For the year ended December 31, 2012, the bank had earnings of $875,000, or $0.71 per share, and for the three months ended March 31, 2013, the bank earned $103,000, or $0.08 per share. Additionally, earnings for the first quarter of 2014 were restated to $204,000 or $0.11 per share, compared to the previously reported amount of $168,000 or $0.09 per share.
“The accounting changes are non-recurring and primarily impact the reporting of Other Real Estate Owned,” said Ken Trautman, President and CEO.
People’s Bank has total shareholders’ equity of $21.1 million and a book value of $11.43 per share at December 31, 2013 and $21.3 million and a book value of $11.54 per share at March 31, 2014. The stock trades in the over-the-counter market under the symbol “PBCO.”
People’s Bank of Commerce is locally headquartered at its Barnett Road branch in Medford, Oregon. It has other branch locations in Medford, Ashland, Grants Pass, and Central Point, Oregon.
| As Restated | |||||||
At December 31: | 2013 | 2012 | ||||||
| Total Loans, excl. loans held for sale | $ | 125,674,000 | $ | 112,132,000 | ||||
| Reserve for Loan Losses | 1,961,000 | 1,833,000 | ||||||
| Total Deposits | 158,267,000 | 125,721,000 | ||||||
| Total Shareholder’s Equity | 21,061,000 | 14,680,000 | ||||||
| Total Assets | 181,349,000 | 144,542,000 | ||||||
| Shares outstanding | 1,843,402 | 1,270,241 | * | |||||
| Other Real Estate Owned | 1,688,000 | 1,707,000 | ||||||
Year ended December 31: | ||||||||
| Net interest income | $ | 6,377,000 | $ | 5,536,000 | ||||
| Provision (credit) for loan losses | 57,000 | 361,000 | ||||||
| Mortgage revenue | 910,000 | 1,376,000 | ||||||
| Net income (loss) | 1,012,000 | 875,000 | ||||||
| Earnings (loss) per share | 0.68 | 0.71 | * | |||||
| Average shares outstanding | 1,495,629 | 1,230,943 | * | |||||
| As Restated | ||||||||
At March 31: | 2014 | 2013 | ||||||
| Total Loans, excl. loans held for sale | $ | 124,247,000 | $ | 116,466,000 | ||||
| Reserve for Loan Losses | 1,912,000 | 1,924,000 | ||||||
| Total Deposits | 169,687,000 | 139,076,000 | ||||||
| Total Shareholder’s Equity | 21,278,000 | 15,116,000 | ||||||
| Total Assets | 192,352,000 | 156,055,000 | ||||||
| Shares outstanding | 1,843,402 | 1,309,260 | ||||||
| Other Real Estate Owned | 1,255,000 | 1,420,000 | ||||||
Quarter ended March 31: | ||||||||
| Net interest income | $ | 1,671,000 | $ | 1,479,000 | ||||
| Provision (credit) for loan losses | (65,000 | ) | 88,000 | |||||
| Mortgage revenue | 132,000 | 228,000 | ||||||
Net income | 204,000 | 103,000 | ||||||
Earnings per share | 0.11 | 0.08 | ||||||
| Average shares outstanding | 1,843,402 | 1,244,642 | ||||||
| * Retroactively adjusted for 2013 stock dividend | ||||||||
