Exhibit 99.1
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| April 21, 2004 | | | FOR MORE INFORMATION, | | | | | |
| FOR IMMEDIATE RELEASE | | | CALL TOMMY B. WESSINGER, | | | | | |
| | | CEO OR THOMAS H. LYLES, | | | | | |
| | | PRESIDENT AT (803) 641-0142 | | | | | |
PEOPLE’S COMMUNITY CAPITAL CORPORATION REPORTS 37% INCREASE IN NET INCOME
AIKEN, SOUTH CAROLINA, APRIL 21, 2004 – – PEOPLE’S COMMUNITY CAPITAL CORPORATION (OTCBB:PPLM), holding company for PEOPLE’S COMMUNITY BANK, announced that for the three months ended March 31, 2004, net income was $318,495 ($0.28 per common share), compared to $232,178 ($0.20 per common share) for 2003, an increase of 37%. All per share amounts reflect an increase in outstanding shares resulting from a 5% stock dividend issued on January 29, 2004, the fourth consecutive annual stock dividend issued.
Total assets for the company were $122 million at March 31, 2004, a 12% increase since December 31, 2003 and a 15% increase since March 31, 2003. Net loans grew to $70 million, representing a 7% increase since year end and an increase of 14% since March 31, 2003. Deposits were $105 million at quarter end, a 13% increase since December 31, 2003 and a 16% increase over the same quarter last year.
The company’s allowance for credit losses was increased by $56,000 for the quarter ended March 31, 2004, bringing the ending reserve to $1,025,000, or 1.45% of loans. There were net recoveries during the first quarter of 2004 amounting to $29,000 and no net charge-offs during the first quarter of 2003. Non-performing loans were $58,000 at March 31, 2004 compared to none at March 31, 2003.
People’s Community Capital Corporation is a bank holding company for People’s Community Bank of South Carolina 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.
Certain statements in this news release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future growth and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as a downturn in the economy, greater than expected non interest expenses or excessive loan losses which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.
PEOPLE’S COMMUNITY CAPITAL CORPORATION
Selected Financial Information
(In thousands, except per share data)
| Three Months Ended |
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| March 31 |
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| (unaudited) |
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Condensed Results of Operations
| 2004
| 2003
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| Interest income | | | $ | 1,351 | | $ | 1,212 | |
| Interest expense | | | | 259 | | | 360 | |
| Net interest income | | | | 1,092 | | | 852 | |
| Provision for possible loan losses | | | | 56 | | | 30 | |
| Non-interest income | | | | 208 | | | 286 | |
| Salaries and employee benefits expense | | | | 429 | | | 450 | |
| Occupancy and equipment expense | | | | 77 | | | 82 | |
| Other non-interest expense | | | | 255 | | | 240 | |
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| Operating income before provision for taxes | | | | 483 | | | 336 | |
| Provision for income taxes | | | | 165 | | | 104 | |
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| Net income | | | $ | 318 | | $ | 232 | |
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| Income per share of common stock : (See note) | | |
| Basic | | | $ | 0.28 | | $ | 0.20 | |
| Diluted | | | $ | 0.26 | | $ | 0.19 | |
| Weighted average shares outstanding : | | |
| Basic | | | | 1,132,834 | | | 1,136,181 | |
| Diluted | | | | 1,242,859 | | | 1,214,498 | |
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| Other Data | | |
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| Average interest-earning assets | | | $ | 106,445 | | $ | 96,302 | |
| Average interest-bearing liabilities | | | $ | 84,506 | | $ | 77,495 | |
| Net interest margin | | | | 4.11 | % | | 3.59 | % |
| Return on average equity | | | | 9.94 | % | | 7.97 | % |
| Return on average assets | | | | 1.13 | % | | 0.91 | % |
| Mar 31 | Dec 31 | Mar 31 |
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Selected Balance Sheet Data
| 2004
| 2003
| 2003
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| (unaudited) | (audited) | (unaudited) |
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| Total assets | | | $ | 121,817 | | $ | 109,128 | | $ | 105,978 | |
| Loans receivable, net | | | | 69,619 | | | 65,301 | | | 60,835 | |
| Federal funds sold | | | | 7,117 | | | 659 | | | 8,456 | |
| Short-term investments | | | | 1,755 | | | 1,721 | | | 2,936 | |
| Investment securities | | | | 36,512 | | | 35,257 | | | 26,600 | |
| Deposits | | | | 105,206 | | | 93,238 | | | 91,013 | |
| Shareholders' equity | | | | 12,948 | | | 12,366 | | | 11,875 | |
| Shareholders' equity per common share (See note) | | | $ | 11.18 | | $ | 10.86 | | $ | 10.30 | |
| Loan allowance to loans and leases | | | | 1.45 | % | | 1.42 | % | | 1.41 | % |
| Net loans to deposits | | | | 66.17 | % | | 70.04 | % | | 66.84 | % |
| Net charge-offs to average loans | | | | (0.04 | %) | | 0.02 | % | | 0.00 | % |
NOTE: Per share data has been adjusted to reflect all stock dividends paid
