Exhibit 99.1
PEOPLE’S COMMUNITY CAPITAL CORPORATION
FOR MORE INFORMATION, CALL
TOMMY B. WESSINGER, CEO or
THOMAS H. LYLES, PRESIDENT
AT (803) 641-0142
PEOPLE’S COMMUNITY CAPITAL CORPORATION REPORTS YEAR END EARNINGS
AIKEN, SOUTH CAROLINA, January 20, 2004 – – PEOPLE’S COMMUNITY CAPITAL CORPORATION (OTCBB:PPLM), holding company for PEOPLE’S COMMUNITY BANK, announced that for the three months ended December 31, 2003, net income increased to $307,558, or $0.27 per common share, compared to $300,095, or $0.26 per common share, for 2002. For the year ended December 31, 2003, net income was $1,128,924, or $0.98 per common share, compared to $1,022,563, or $0.89 per common share, for the same period in 2002, an increase of 10%. All per share amounts reflect an increase in outstanding shares resulting from a 5% stock dividend to be paid January 29, 2004, the fourth consecutive stock dividend.
Total assets for the company were $109.1 million at December 31, 2003, a 7% increase over the balance of $102.0 million at December 31, 2002. Net loans were $65.3 million, representing a 9% increase over last year-end’s balance of $59.9 million. Deposits were $93.2 million, an 8% increase over the December 31, 2002 balance of $86.7 million.
The company’s allowance for credit losses was increased by $34,000 for the quarter ending December 31, 2003, bringing the total annual provision to $112,000 and the ending reserve to $940,000, or 1.42% of loans. Total net charge-offs for the year were $11,921 compared to net charge-offs of $50,942 for 2002. There were no non-performing loans at December 31, 2003 or December 31, 2002.
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 atwww.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, hanges 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 December 31, | Years ended December 31, |
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| Condensed Results of Operations | 2003 | 2002 | 2003 | 2002 |
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| Interest income | | | $ | 1,295 | | $ | 1,288 | | $ | 4,980 | | $ | 5,219 | |
| Interest expense | | | | 267 | | | 396 | | | 1,286 | | | 1,684 | |
| Net interest income | | | | 1,028 | | | 892 | | | 3,694 | | | 3,535 | |
| Provision for possible loan losses | | | | 34 | | | 61 | | | 112 | | | 254 | |
| Non-interest income | | | | 226 | | | 353 | | | 1,062 | | | 1,164 | |
| Salaries and employee benefits expense | | | | 438 | | | 445 | | | 1,694 | | | 1,753 | |
| Occupancy and equipment expense | | | | 90 | | | 87 | | | 354 | | | 334 | |
| Other non-interest expense | | | | 231 | | | 227 | | | 906 | | | 845 | |
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| Operating income before provision for taxes | | | | 461 | | | 425 | | | 1,690 | | | 1,513 | |
| Provision for income taxes | | | | 153 | | | 124 | | | 561 | | | 490 | |
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| Net income | | | $ | 308 | | $ | 301 | | $ | 1,129 | | $ | 1,023 | |
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| Income per share of common stock: (See note) | | |
| Basic | | | $ | 0.27 | | $ | 0.26 | | $ | 0.98 | | $ | 0.89 | |
| Diluted | | | $ | 0.25 | | $ | 0.24 | | $ | 0.90 | | $ | 0.83 | |
| Weighted average shares outstanding | | |
| Basic | | | | 1,142,310 | | | 1,153,428 | | | 1,146,683 | | | 1,151,332 | |
| Diluted | | | | 1,253,461 | | | 1,227,973 | | | 1,256,731 | | | 1,225,444 | |
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| Other Data | | |
| Average interest-earning assets | | | $ | 102,255 | | $ | 95,665 | | $ | 100,384 | | $ | 88,880 | |
| Average interest-bearing liabilities | | | $ | 80,444 | | $ | 77,293 | | $ | 79,817 | | $ | 71,858 | |
| Net interest margin | | | | 4.02 | % | | 3.73 | % | | 3.68 | % | | 3.98 | % |
| Return on average equity - annualized | | | | 10.02 | % | | 10.46 | % | | 9.36 | % | | 9.29 | % |
| Return on average assets - annualized | | | | 1.14 | % | | 1.18 | % | | 1.06 | % | | 1.08 | % |
| December 31, | December 31, | | |
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| Selected Balance Sheet Data | 2003 | 2002 | | |
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| Total Assets | | | $ | 109,128 | | $ | 102,015 | | | | | | | |
| Loans receivable, net | | | | 65,301 | | | 59,949 | | | | | | | |
| Federal funds sold | | | | 659 | | | 7,209 | | | | | | | |
| Short-term investments | | | | 1,721 | | | 1,989 | | | | | | | |
| Investment securities | | | | 35,257 | | | 25,404 | | | | | | | |
| Deposits | | | | 93,238 | | | 86,651 | | | | | | | |
| Shareholder's equity | | | | 12,366 | | | 11,645 | | | | | | | |
| Shareholder's equity per common share (See Note) | | | $ | 10.86 | | $ | 10.10 | | | | | | | |
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| Loan allowance to loans and leases | | | | 1.42 | % | | 1.38 | % | | | | | | |
| Net loans to deposits | | | | 70.04 | % | | 69.18 | % | | | | | | |
NOTE: Per share data has been adjusted to reflect the 5% stock dividends paid on 1/29/03 and payable on 1/29/04.
