April 30, 2018
Philip O Farr, CFO
Peoples LTD Announces First Quarter Earnings
Wyalusing, PA – Anthony J. Gabello, President and Chief Executive Officer of Peoples LTD, holding company for PS Bank, has announced results for the first quarter 2018. Consolidated net income year-to-date was $1,687,000, or $2.79 earnings per share, compared to first quarter 2017 net income in the amount of $728,000 or $1.20 per share as adjusted for the 5% stock dividend at year-end 2017. First quarter information includes several one-time events, including gains realized from bank owned life insurance policies, which were partially offset by expenses related to additional provisions for one legacy credit and a deposit account loss. The net effect of these events on income was an increase of $867,000.
Year-to-date return on assets was 1.92% as of March 31, 2018 compared to 0.89% for the same period in 2017. Year-to-date return on equity was 22.45% as of March 31, 2018 compared to the prior year-to-date of 10.34%.
Total assets increased to $356,782,000 from $347,868,000 as of December 31, 2017. Deposits increased to $301,924,000 compared to $293,135,000 as of December 31, 2017. Loans increased from $214,962,000 year-end 2017 to $216,351,000 as of March 31, 2018.
“We are pleased with our first quarter performance and experienced an increase in activity in the late first quarter which we anticipate will continue into the second quarter,” 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. Peoples LTD is traded in the Over-the-Counter market under the symbol PPLL. Learn more about PS Bank at PSBanking.com.