2018 Q2 Earnings
August 7, 2018
Philip O Farr, CFO
Peoples LTD Announces Second Quarter Results
Wyalusing, PA – Peoples LTD (PPLL). Anthony J. Gabello, President and Chief Executive Officer of Peoples LTD, holding company for PS Bank, has announced 2018 second quarter results.
For the three months ended June 30, 2018, net income totaled $1,050,000 compared to $840,000 for the second quarter of 2017, an increase of $210,000 or 24.97%. Earnings per share for the quarter of $1.73 compares to second quarter 2017 of $1.39 per share as adjusted for the 2017 year-end 5% stock dividend.
Net income for the six months ended June 30, 2018 totaled $2,738,000 with earnings per share of $4.52 compared to 2017 results for the same period of $1,569,000 and $2.59, respectively, or an increase of 74.50%. In the first quarter 2018, there were several one-time events including gains realized from bank owned life insurance policies, 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. Excluding the effect of these items, net income of $1,871,000 was an increase of $302,000 or 19.2% over prior year-to-date.
Annualized return on equity of 18.05% as of June 30, 2018 compares to 10.96% for the same period 2017. Return on assets of 1.53% as of June 30, 2018 compares to 0.94% for the same period in 2017.
Total assets increased by $21,360,000 or 6.14% to $369,228,000 compared to $347,868,000 as of December 31, 2017. Deposits increased $20,678,000 or 7.05% to $313,813,000 compared to $293,135,000 as of December 31, 2017. Net loans increased by $7,020,000 or 3.27% to $221,982,000 from $214,962,000 year ending 2017.
“During the first half of the year, bank performance continued to improve and, in addition, the Bank has benefited from lower tax rates. Deposit growth has been strong throughout the first six months, and loan growth has tracked with budgeted levels. Overall, we are very pleased with our first half performance,” Gabello commented.
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 is traded in the Over-the-Counter market under the symbol PPLL. Learn more about PS Bank at www.PSBanking.com.