PBTC Peoples Banctrust (MM)

SELMA, Ala., April 18 /PRNewswire-FirstCall/ -- The Peoples BancTrust Co., Inc. (NASDAQ:PBTC) today reported higher net income for the first quarter ended March 31, 2006. Net income for the first quarter of 2006 (the "2006 quarter") totaled $2.5 million compared to $1.4 million for the same period in 2005 (the "2005 quarter"). Earnings per share totaled $0.42 on both a basic and diluted basis in the 2006 quarter and $0.26 both basic and diluted in the 2005 quarter. "The first quarter was a solid one for our company in terms of earnings," stated Walter A. Parrent, President and Chief Executive Officer. "While we continued to benefit from credits in our loan loss provision account, more importantly we realized significant improvements in our core earnings. "Compared to the first quarter of 2005, net interest income increased on enhanced yields and higher loan demand. Deposit fee income posted a solid increase and operating expenses declined. We are especially encouraged by these results, as we believe core earnings enhancements are vitally important to our long term success." First Quarter 2006 Results Net interest income increased in the 2006 quarter to $6.9 million from $6.4 million in the 2005 quarter. Net interest margin in the 2006 quarter was 3.76% on average earning assets of $742.6 million, compared to 3.58% on average earning assets of $728.7 million in the 2005 quarter. Provision for loan losses in the 2006 quarter was a negative $541,000 compared to a negative $313,000 in the 2005 quarter. Noninterest income, net of securities gains, totaled $2.4 million in the 2006 quarter compared to $2.0 million in the 2005 quarter. An increase in activity based deposit service charges was the primary reason for this increase. Noninterest expense decreased to $6.1 million in the 2006 quarter from $6.8 million in the 2005 quarter. Staff reductions and the inclusion of an operational charge off in the 2005 quarter contributed to this decline in noninterest expense between the two periods. Outlook "Going forward, we intend to maintain our focus on the core elements of this business while continuing to evaluate growth opportunities," continued Mr. Parrent. "We believe that through both internal growth and strategic acquisitions, we can further leverage our operational efficiencies and increase shareholder value," Mr. Parrent concluded. About Peoples BancTrust Co., Inc. The Peoples BancTrust Co., Inc. is the parent company of The Peoples Bank and Trust Company, which has 23 offices located in ten Alabama counties (Autauga, Bibb, Butler, Dallas, Elmore, Jefferson, Lee, Montgomery, Shelby and Tuscaloosa). Information contained in this press release, other than historical information, may be considered forward-looking in nature and is subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on Peoples BancTrust's operating results, performance or financial condition are competition, the demand for its products and services, the ability to expand, and numerous other factors as set forth in filings with the Securities and Exchange Commission. THE PEOPLES BANCTRUST COMPANY, INC. CONSOLIDATED BALANCE SHEETS (000's) Assets March 31, 2006 December 31, 2005 (unaudited) Cash and due from banks $ 27,888 $ 34,585 Federal funds sold and resell agreements - 14,000 Cash and cash equivalents 27,888 48,585 Available-for-sale securities 215,906 226,043 Loans, net of unearned income 535,818 495,509 Allowance for loan losses (6,209) (6,654) Loans, net 529,609 488,855 Bank premises and equipment 38,787 37,960 Less accumulated depreciation (19,457) (19,014) Bank premises and equipment, net 19,330 18,946 Other real estate, net 1,620 2,746 Interest receivable 4,059 3,921 Intangible assets acquired, net 6,578 6,634 Deferred income taxes 2,513 2,283 Other assets 14,489 13,759 Total assets $ 821,993 $ 811,773 Liabilities and Stockholders' Equity Liabilities: Deposits: Demand-noninterest bearing $ 92,454 $ 85,538 Demand-interest bearing 228,622 238,010 Savings 37,802 36,965 Time 325,813 327,536 Total deposits 684,691 688,049 Other borrowed funds 37,492 37,732 Interest payable 2,388 2,176 Income taxes payable 1,210 223 Other liabilities 13,145 2,042 Total liabilities 738,925 730,222 Stockholder's equity: Common stock 590 590 Treasury stock (91) (91) Additional paid-in capital 16,708 16,586 Accumulated other comprehensive loss, net of tax (3,841) (3,449) Deferred stock based compensation (92) (92) Retained earnings 69,793 68,007 Total stockholders' equity 83,067 81,551 Total liabilities and stockholders' equity $821,993 $811,773 THE PEOPLES BANCTRUST COMPANY, INC. CONSOLIDATED STATEMENTS OF INCOME (In thousands except share and per share data) Three Months Ended March 31, 2006 2005 (unaudited) Interest income: Interest and fees on loans and bankers acceptances $ 9,398 $ 7,227 Interest and dividends on investment securities: U.S. Government securities 1,101 1,072 Other securities and interest-bearing deposits 1,025 1,177 Interest on federal funds sold and resell agreements 174 232 Total interest income 11,698 9,708 Interest expense: Interest on deposits 4,313 2,655 Interest on federal funds purchased and other borrowed funds 501 614 Total interest expense 4,814 3,269 Net interest income 6,884 6,439 (Credit) provision for loan losses (541) (313) Net interest income after (credit) provision for loan loss 7,426 6,752 Noninterest income: Trust department income 319 222 Service charges on deposit accounts 1,386 1,011 Net securities gains 1 14 Other noninterest income 696 816 Total noninterest income 2,403 2,063 Noninterest expense: Salaries and wages 2,760 3,147 Pensions and other employee benefits 585 492 Occupancy and equipment expenses 1,136 1,262 Other noninterest expenses 1,643 1,914 Total noninterest expense 6,124 6,816 Income before provision for income taxes 3,704 2,000 Provision for income taxes 1,213 565 Net income $ 2,492 $ 1,435 Earnings per share Basic net income per share $ 0.42 $ 0.26 Diluted net income per share $ 0.42 $ 0.26 Dividends per share $ 0.12 $ 0.11 Basic weighted average number of shares outstanding 5,898,286 5,585,158 Diluted weighted average number of shares outstanding 5,933,391 5,616,830 THE PEOPLES BANCTRUST COMPANY, INC. SELECTED FINANCIAL RATIOS As of and for the quarter ended March 31, 2006 2005 (unaudited) Loans to deposits 78.44% 67.37% Allowance for loan losses to loans 1.16% 1.90% Net (recoveries) / charge offs to average loans -0.08% 0.36% Nonperforming assets to total assets 0.26% 0.39% Allowance for loan losses to nonaccrual loans 1249% 779% Yield on loans 7.49% 6.65% Net interest margin 3.76% 3.58% Noninterest income to average assets 1.21% 1.06% Noninterest expense to average assets 3.08% 3.51% Efficiency ratio 65.94% 80.16% DATASOURCE: The Peoples BancTrust Co., Inc. CONTACT: Andrew C. Bearden, Jr., Executive Vice President, Chief Financial Officer of The Peoples BancTrust Co., Inc., +1-334-875-1000 Web site: http://peoplesbt.com/

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