2017 Q4 Earnings
February 14, 2018
Contact: Philip O. Farr, CFO
Peoples LTD Announces 2017 Earnings
WYALUSING, PA.— Peoples LTD (PPLL), holding company for PS Bank, has announced unaudited earnings for the year ending December 31, 2017.
Net income of $3,027,000 for 2017, or $5.00 earnings per share, reflects a 2.8% decrease in net income from the year ending December 31, 2016 of $3,114,000, or $5.14 per share adjusted for a 5% fourth quarter stock dividend. During the 4th quarter of 2017, the Bank recognized an additional $358,000 of income tax expense, resulting from the revaluation of deferred tax assets on its books, due to the passage of the Tax Cuts and Jobs Act on December 22, 2017.
As of December 31, 2017, total assets were $347,868,000 representing an increase of $25,681,000 or 8.0% over year-end 2016. Total deposits increased 7.5% or $20,568,000 to $293,135,000. Net loans increased 4.4% or $9,071,000 to $214,962,000 as of December 31, 2017.
”We are pleased with our results for the 2017 year, during which we experienced growth and continued to increase our presence in the Lackawanna County market through our Clarks Summit Branch and PS Mortgage. Although we incurred a one-time increase in income tax expense of $358,000 in the fourth quarter of 2017, we believe that the passage of tax reform will benefit the bank going forward" stated Anthony J. Gabello, President and CEO.
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, Wyoming, and Lackawanna.