Peoples LTD Announces 2013 Earnings
Peoples LTD, holding company for PS Bank, has announced unaudited earnings for the year ending December 31, 2013. Financial results for the year mark the second consecutive year of record earnings for Peoples LTD.
Net income of $2,530,000 for 2013, or $5.07 earnings per share, reflects a 2.6% increase in net income over the year ending December 31, 2012 of $2,467,000, or $4.95 per share adjusted for a 5% fourth quarter stock dividend. Return on assets was 0.97% for 2013 compared to 1.02% for 2012. Return on equity was 11.58% for 2013 compared to 11.94% for 2012.
As of December 31, 2013, total assets were $272,175,000 representing an increase of $22,675,000 or 9% over year-end 2012. Total deposits increased 10% or $21,590,000 to $231,630,000. Net loans increased 12% or $17,956,000 to $172,112,000 as of December 31, 2013.
“We are pleased with the overall growth of the Bank in 2013. Strong loan growth helped to offset the effects of margin compression and enabled us to achieve a second consecutive year of record earnings. We remain diligent in our efforts to maximize shareholder value,” commented President and CEO, Anthony J. Gabello.
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 with branch locations throughout Bradford, Sullivan and Wyoming counties. Stock of Peoples LTD is traded in the Over-the-Counter market under the symbol PPLL.