WYALUSING, Pa., Aug. 21, 2014 /PRNewswire/ -- Anthony J.
Gabello, President and Chief Executive Officer of Peoples LTD,
holding company for PS Bank, has announced second quarter results.
For the three months ended June 30,
2014, net income totaled $840,000 which compares to $682,000 for the second quarter of 2013.
This represents an increase of 23% or $158,000. Earnings per share for the
quarter of $1.68 compares to second
quarter 2013 of $1.37 per share as
adjusted for the 2013 year-end 5% stock dividend. Continued
asset quality improvement and the positive resolution of a
significant problem credit during the quarter facilitated a
$400,000 reduction in the bank's
allowance. For comparison purposes, an allowance reduction of
$200,000 was taken in the second
quarter of 2013.
For the six months ended June 30,
2014, net income totaled $1,494,000 which compares to $1,231,000 for the same period 2013, representing
an increase of 21%. Earnings per share for the six month period
ending June 30, 2014 of $2.99 compares to $2.47 for the same period 2013.
Annualized return on equity of 13.09% as of June 30, 2014 compares to 11.93% for the same
period 2013. Return on assets of 1.06% as of June 30, 2014 compares to 0.99% for the same
period in 2013.
Total assets increased $21,456,000
to $292,933,000 or 7.9% from
December 31, 2013 of $271,477,000. Deposits increased 8.7% to
$251,812,000 compared to $231,621,000 as of December 31, 2013. Net loans increased 2.9%
to $177,072,000 from $172,112,000 year ending 2013.
"Our bank continues to perform well despite the highly
competitive banking environment. Although we face economic,
competitive, and regulatory challenges, we have successfully
maintained core earnings. Additionally, in the second quarter
we were able to enhance quarterly income through the positive
resolution of a legacy problem credit. The bank's asset
growth in 2014 has largely been driven by strong deposit
growth. Recently, we launched our mobile app to the public
and are excited by customers' initial reaction to it," President
and CEO, Anthony J. Gabello,
commented.
Note: This press release may contain forward looking
statements as defined in the Private Securities Litigation Reform
Act of 1995. Actual results and trends could differ
materially from those set forth in such statements due to various
factors. These factors include operating, legal and
regulatory risks; changing economic and competitive conditions and
other risks and uncertainties.
Peoples LTD is the holding company for PS Bank. PS Bank
is an independent community bank, established 1914, with branch
locations throughout Bradford,
Sullivan and Wyoming
Counties. Stock of Peoples LTD has a book value of
$47.40 as of June 30, 2014. Stock of Peoples LTD is
traded in the Over-the-Counter market under the symbol PPLL.
Learn more about PS Bank at www.PSBanking.com.
SOURCE Peoples LTD
