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2016 Q2 Earnings

For Release Contact 

August 4, 2016 Philip O Farr, CFO 

(570) 746-8733 

Peoples LTD Announces Second Quarter Results 

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Wyalusing, PA – Anthony J. Gabello, President and Chief Executive Officer of Peoples LTD, holding company for PS Bank, has announced 2016 second quarter results. 

For the three months ended June 30, 2016, net income totaled $703,000 compared to $774,000 for the second quarter of 2015, a decrease of $71,000 or 9.2%. Earnings per share for the quarter of $1.28 compares to second quarter 2015 of $1.41 per share as adjusted for the 2015 year-end 5% stock dividend. The decrease from 2015 to 2016 is primarily attributable to additional costs beginning in the second quarter associated with the opening of the Clarks Summit Office and the PS Mortgage Office. 

Net income for the six months ended June 30, 2016 totaled $1,447,000 with earnings per share of $2.63 compared to 2015 results for the same period of $1,494,000 and $2.72, respectively, or a decrease of 3.2%. 

Annualized return on equity of 10.40% as of June 30, 2016 compares to 11.80% for the same period 2015. Return on assets of 0.92% as of June 30, 2016 compares to 1.00% for the same period in 2015. 

Total assets increased by $13,522,000 or 4.4% to $320,143,000 compared to $306,621,000 as of December 31, 2015. Deposits increased $11,663,000 or 4.5% to $271,593,000 compared to $259,930,000 as of December 31, 2015. Net loans increased by $5,376,000 or 2.8% to $198,195,000 from $192,819,000 year ending 2015. 

“We are pleased to have opened both our Clarks Summit Office and our PS Mortgage Office in early second quarter 2016, and we anticipated a short term impact on our bank’s earnings. This expansion has enabled us to diversify outside of the challenges that our traditional markets have faced in recent periods. These strategic initiatives will have significant long term benefits for our organization, and we are excited about our progress since opening both ventures,” stated 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, established 1914, with branch locations throughout Bradford, Sullivan, Wyoming and Lackawanna Counties. Stock of Peoples LTD has a book value of $52.40 as of June 30, 2016. 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

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