2017 Q3 Earnings
October 27, 2017
Philip O Farr, CFO
Peoples LTD Announces Third Quarter Results
Wyalusing, PA – Anthony J. Gabello, President and Chief Executive Officer of Peoples LTD (OTC:PPLL), holding company for PS Bank, has released third quarter results.
For the quarter ended September 30, 2017, net income totaled $843,000 which compares to $818,000 for the third quarter 2016. This represents an increase of 2.89% or $25,000. Earnings per share of $1.46 compares to third quarter 2016 of $1.42 per share as adjusted for the 2016 year-end 5% stock dividend.
For the nine months ended September 30, 2017, net income totaled $2,412,000 which compares to $2,264,000 for the same period 2016, representing an increase of $148,000 or 6.53%. Earnings per share for the nine month period ending September 30, 2017 of $4.18 compares to $3.92 for the same period 2016.
Annualized return on equity of 11.12% as of September 30, 2017 compares to 10.80% for the same period 2016. Return on assets of 0.97% as of September 30, 2017 compares to 0.95% for the same period in 2016.
Total assets increased to $344,215,000 or 6.84% from December 31, 2016 of $322,187,000. Deposits increased 6.19% to $289,437,000 compared to $272,567,000 as of December 31, 2016. Net loans increased 2.73% to $211,520,000 from $205,891,000 as of December 31, 2016.
“We are pleased with our performance through the first nine months of the year, and work to position ourselves to continue our positive trends going forward,” stated Gabello.
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 $51.95 as of September 30, 2017. Stock of Peoples LTD is traded in the Over-the-Counter market under the symbol PPLL. Learn more about PS Bank at PSBanking.com.