Exhibit 99.1
PEOPLE'S COMMUNITY CAPITAL CORPORATION (PPLM)
FOR MORE INFORMATION, CALL
TOMMY B. WESSINGER, CEO or
THOMAS H. LYLES, PRESIDENT
AT (803) 641-0142
PEOPLE'S COMMUNITY CAPITAL CORPORATION REPORTS 20% INCREASE IN NET INCOME
AIKEN, SOUTH CAROLINA, April 24, 2003 -- PEOPLE'S COMMUNITY CAPITAL
CORPORATION, holding company for PEOPLE'S COMMUNITY BANK -- For the three
months ended March 31, 2003, net income was $232,178 ($0.21 per common share),
compared to $193,293 ($0.18 per common share) for 2002, an increase of 20%. All
per share amounts reflect an increase in outstanding shares resulting from a 5%
stock dividend issued on January 29, 2003, the third consecutive annual stock
dividend issued.
Total assets for the company were at $106 million at March 31, 2003, a 4%
increase since December 31, 2002 and a 15% increase since March 31, 2002. Net
loans grew to $61 million, representing a 2% increase since last year-end and an
increase of 12% since March 31, 2002. Deposits reached $91 million, a 5%
increase since December 31, 2002 and a 13% increase over the same quarter last
year.
The company's allowance for credit losses was increased by $30,000 for the
quarter ending March 31, 2003, bringing the ending reserve to $870,000, or 1.41%
of loans. There were no loans charged off in the first quarter of 2003 compared
to $248 of net charge offs in the first quarter of 2002. There were no
non-performing loans at quarter end.
People's Community Capital Corporation, a South Carolina corporation, is a bank
holding company established in 1997 in Aiken, 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 banking centers offer complete banking
and related financial services to commercial and consumer customers located in
the CSRA. The Bank makes brokerage and insurance services available at its
subsidiary, People's Financial Services, Inc. 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.
PEOPLE'S COMMUNITY CAPITAL CORPORATION
Selected Financial Information
(In thousands, except per share data)
Three Months Ended
March 31
Condensed Results of Operations 2003 2002
- ------------------------------------------------------------------------------- -------- --------
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,212 $ 1,267
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360 467
Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 852 800
Provision for possible loan losses . . . . . . . . . . . . . . . . . . . . . . 30 48
Non-interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 286 227
Salaries and employee benefits expense . . . . . . . . . . . . . . . . . . . . 450 398
Occupancy and equipment expense . . . . . . . . . . . . . . . . . . . . . . . . 82 73
Other non-interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . 240 226
-------- --------
Operating income before provision for taxes . . . . . . . . . . . . . . . . . 336 282
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . 104 89
-------- --------
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 232 $ 193
======== ========
Income per share of common stock : (See note)
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.21 $ 0.18
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.20 $ 0.17
Weighted average shares outstanding :
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,082,077 1,094,932
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,156,665 1,159,663
Other Data
- -------------------------------------------------------------------------------
Average interest-earning assets . . . . . . . . . . . . . . . . . . . . . . . . $ 96,302 $ 81,493
Average interest-bearing liabilities . . . . . . . . . . . . . . . . . . . . . $ 77,495 $ 66,420
Net interest margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.59% 3.98%
Return on average equity . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.97% 7.32%
Return on average assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.91% 0.88%
Mar 31 Dec 31 Mar 31
Selected Balance Sheet Data 2003 2002 2002
- ------------------------------------------------------------------------------- -------- -------- --------
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $105,978 $102,015 $ 92,057
Loans receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,835 59,949 54,090
Federal funds sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,456 7,209 7,859
Short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,936 1,989 1,487
Investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,600 25,404 22,602
Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,013 86,651 80,305
Shareholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,875 11,645 10,616
Shareholders' equity per common share (See note) $ 10.81 $ 10.60 $ 9.69
Loan allowance to loans and leases . . . . . . . . . . . . . . . . . . . . . . 1.41% 1.38% 1.25%
Net loans to deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66.84% 69.18% 67.36%
Net charge-offs to average loans 0.00% 0.09% 0.00%
NOTE: Per share data has been adjusted to reflect all stock dividends paid