EASLEY, S.C., Nov. 21, 2011 /PRNewswire/ -- Peoples Bancorporation, Inc. (PBCE.OB), the parent company for The Peoples National Bank, Easley, South Carolina, Bank of Anderson, N.A., Anderson, South Carolina, and Seneca National Bank, Seneca, South Carolina, reported pre-tax  consolidated earnings of $605,000 and $1,844,000, respectively, for the quarter and nine-month periods ended September 30, 2011, compared to consolidated pre-tax earnings of $185,000 and a pre-tax loss of $563,000, respectively, for the quarter and nine-month periods ended September 30, 2010.  On an after-tax basis, net income was $619,000 and $1,741,000, respectively, for the quarter and nine-month periods ended September 30, 2011, compared to net income of $276,000 and $60,000, respectively, for the quarter and nine-month periods ended September 30, 2010.  After the payment of dividends on preferred stock issued to the U.S. Treasury Department in connection with the TARP, net income available to common shareholders was $413,000 and $1,123,000 for the quarter and year-to-date periods ended September 30, 2011 compared to $71,000 and a net loss of $556,000 for the quarter and year-to-date periods ended September 30, 2010.  The results for the third quarter of 2011 represent the sixth consecutive profitable quarter of operations for the Company.  

Total assets at September 30, 2011 were $545,856,000 compared to $545,290,000 at September 30, 2010.  At September 30, 2011 total gross loans and deposits were $304,570,000 and $472,331,000 compared to $351,897,000 and $473,997,000 at September 30, 2010, respectively.

Commenting on the Company's performance, Company President and CEO, Andy Westbrook stated, "We continue to be most optimistic about the future of our Company.  We continue to produce positive earnings although improving our asset quality remains a primary focus.  We are working through our non-performing assets and other real estate owned in a reasonable and rational manner.  Capital levels remain well above regulatory minimums and we continue to maintain the allowance for loan losses at levels we believe are sufficient to absorb losses inherent in our current loan portfolio."

Westbrook continued, "Our top priorities continue to be improving credit quality, maintaining satisfactory capital and liquidity levels and controlling expenses.  Our net interest margin remains strong at 4.00% for the third quarter of 2011, an increase of 7 basis points over the previous quarter and 22 basis points over the prior year's third quarter.  Our strong net interest margin (which ranks in the upper quartile of banks in our region) combined with our continued focus on expense control has provided us with the ability to diligently and aggressively address our present level of problem assets."

Currently, The Peoples National Bank, which celebrated its 25th anniversary earlier this year,  maintains five locations: two in Easley, one in Pickens, one in Powdersville, and one in Greenville, South Carolina; Bank of Anderson, N.A. maintains two locations in Anderson, South Carolina; and Seneca National Bank maintains one location in Seneca, South Carolina.  

To the extent that the foregoing information refers to matters that may occur in the future, please be aware that such forward-looking statements may differ materially from actual results.  Additional information concerning some of the factors that could cause materially different results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2010, and Form 10-Q for the quarters ended March 31, 2011, June 30, 2011 and September 30, 2011, which are or will be available from the Securities and Exchange Commission's public reference facilities or from the Company's shareholders' relations department.

SOURCE Peoples Bancorporation, Inc.