2017 Q2 Earnings
July 27, 2017
Philip O Farr, CFO
Peoples LTD Announces Second Quarter Earnings
Wyalusing, PA – Anthony J. Gabello, President and Chief Executive Officer of Peoples LTD, holding company for PS Bank, has announced 2017 second quarter results.
For the three months ended June 30, 2017, net income totaled $840,000 compared to $703,000 for the second quarter of 2016, an increase of $137,000 or 19.5%. Earnings per share for the quarter of $1.46 compares to second quarter 2016 of $1.22 per share as adjusted for the 2016 year-end 5% stock dividend.
Net income for the six months ended June 30, 2017 totaled $1,569,000 with earnings per share of $2.72 compared to 2016 results for the same period of $1,447,000 and $2.51, respectively, or an increase of 8.5%.
Annualized return on equity of 10.96% as of June 30, 2017 compares to 10.40% for the same period 2016. Return on assets of 0.94% as of June 30, 2017 compares to 0.92% for the same period in 2016.
Total assets increased by $22,676,000 or 7.0% to $344,863,000 compared to $320,143,000 as of December 31, 2016. Deposits increased $16,493,000 or 6.0% to $289,060,000 compared to $272,567,000 as of December 31, 2016. Net loans increased by $3,293,000 or 1.6% to $209,184,000 from $205,891,000 year ending 2016.
“Earnings in the second quarter of 2017 benefited from the continued improved performance of the bank’s Clarks Summit office and the bank’s mortgage division, PS Mortgage. The bank experienced solid deposit growth over several of our markets. Loan growth also improved in the second quarter. We are pleased with our overall performance year-to-date and are working to position ourselves for future success,” 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 as of $49.37 as of March 31, 2017. Peoples LTD is traded in the Over-the-Counter market under the symbol PPLL. Learn more about PS Bank at PSBanking.com.