Exhibit 99.1
PEOPLE'S COMMUNITY CAPITAL CORPORATION (PPLM)FOR MORE INFORMATION, CALLTOMMY B. WESSINGER, CEO or
THOMAS H. LYLES, PRESIDENT
AT (803) 641-0142
PEOPLE'S COMMUNITY CAPITAL CORPORATION REPORTS SECOND QUARTER EARNINGSAIKEN, SOUTH CAROLINA, July 15, 2003 - - PEOPLE'S COMMUNITY CAPITAL CORPORATION, holding company for PEOPLE'S COMMUNITY BANK - - For the three months ended June 30, 2003, net income increased to $296,494, or $0.27 per common share, compared to $249,150, or $0.23 per common share for 2002, an increase of 19%. For the six month period ended June 30, 2003, net income was $528,672, or $0.48 per common share, compared to $442,443, or $0.40 per common share for the same period in 2002, an increase of 20%. All per share amounts have been adjusted for stock dividends paid.
Total assets for the company reached $109 million at June 30, 2003, a 7% increase since December 31, 2002 and a 15% increase since June 30, 2002. Net loans grew to $62 million, representing a 4% increase since last year-end and an increase of 12% since June 30, 2002. Deposits were at $94 million, an 8% increase since December 31, 2002 and a 17% increase over the same quarter last year.
The company's allowance for credit losses was increased by $29,000 for the quarter ending June 30, 2003, bringing the ending reserve to $900,000, or 1.42% of loans. There were $521 of loans charged off in the second quarter of 2003 and $1,323 of recoveries compared to $2,249 of net charge offs in the second quarter of 2002. Activity in the second quarter represents all charge-off activity for 2003 (net recoveries of $802) compared to net charge-offs of $2,497 for the first half of 2002. There were $1,861 of non-performing loans at June 30, 2003 compared to $511,707 at June 30, 2002, representing 0.00% and 0.91% of total loans, respectively.
People's Community Capital Corporation is a bank holding company for People's Community Bank of South Carolina in Aiken with three principal banking offices at 1715 Whiskey Road and 125 Park Avenue in Aiken and 518 Georgia Avenue in North Augusta. The Company's stock is traded on the OTC Bulletin Board under the symbol PPLM. Internet banking is offered through the bank's web site at www.pcbOnline.net.
Statements contained in this press release that are not historical facts are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. Other factors that may cause actual results to differ from the forward-looking statements contained in this release and that may affect the company's prospects in general include, but are not limited to, changes in general economic conditions and such other factors as are described in the company's filings with the Securities and Exchange Commission.
PEOPLE'S COMMUNITY CAPITAL CORPORATION
Selected Financial Information
(In thousands, except per share data)
Three Months Ended Six Months Ended
June 30 June 30
Condensed Results of Operations 2003 2002 2003 2002
- ------------------------------------------------------------------ --------- --------- --------- ----------
Interest $1,258 $1,328 $2,470 $2,595
Interest expense 352 420 712 887
Net interest income 906 908 1,758 1,708
Provision for possible loan losses 29 72 59 120
Non-interest income 277 259 563 486
Salaries and employee benefits expense 396 443 846 840
Occupancy and equipment expense 92 83 174 156
Other non-interest expense 212 191 452 418
--------- --------- --------- ----------
Operating income before provision for taxes 454 378 790 660
Provision for income taxes 157 129 261 218
--------- --------- --------- ----------
Net income $297 $249 $529 $442
========= ========= ========= ==========
Income per share of common stock : (See note)
Basic $0.27 $0.23 $0.48 $0.40
Diluted $0.25 $0.22 $0.45 $0.38
Weighted average shares outstanding :
Basic 1,098,283 1,095,137 1,090,225 1,094,738
Diluted 1,194,449 1,153,028 1,175,627 1,154,333
Other Data
- ------------------------------------------------------------------
Average interest-earning assets $101,395 $87,358 $98,863 $84,409
Average interest-bearing liabilities $80,829 $70,587 $79,171 $68,515
Net interest margin 3.59% 4.17% 3.59% 4.08%
Return on average equity 10.02% 9.27% 9.00% 8.30%
Return on average assets 1.10% 1.07% 1.01% 0.98%
Jun 30 Dec 31 Jun 30
Selected Balance Sheet Data 2003 2002 2002
- ------------------------------------------------------------------ --------------- -------------- --------------
Total assets $109,485 $102,015 $95,173
Loans receivable, net 62,288 59,949 55,646
Federal funds sold 6,414 7,209 6,600
Short-term investments 2,925 1,989 1,487
Investment securities 29,812 25,404 25,140
Deposits 93,890 86,651 80,556
Shareholders' equity 12,191 11,645 11,021
Shareholders' equity per common share (See note) $11.10 $10.60 $10.06
Loan allowance to loans and leases 1.42% 1.38% 1.34%
Net loans to 66.34% 69.18% 69.08%
NOTE: Per share data has been adjusted to reflect all stock dividends paid
