For Release: October 25, 2018
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, 2018, net income totaled $1,062,000 which compares to $843,000 for the third quarter 2017. This represents an increase of 26% or $219,000. Earnings per share of $1.75 compares to third quarter 2017 of $1.39 per share as adjusted for the 2017 year-end 5% stock dividend. For the nine months ended September 30, 2018, net income totaled $3,800,000 which compares to $2,412,000 for the same period 2017, representing an increase of $1,388,000 or 58%. Earnings per share for the nine month period ending September 30, 2018 of $6.28 compares to $3.98 for the same period 2017.
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 $2,933,000 was an increase of $521,000 or 21.6% over prior year-to-date.
Annualized return on equity of 16.66%% as of September 30, 2018 compares to 11.12% for the same period 2017. Return on assets of 1.40% as of September 30, 2018 compares to 0.97% for the same period in 2017. Total assets increased to $377,318,000 or 8.47% from December 31, 2017 of $347,868,000. Deposits increased 9.73% to $321,656,000 compared to $293,135,000 as of December 31, 2017. Net loans increased 4.58% to $224,804,000 from $214,962,000 as of December 31, 2017.
“Our third quarter results reflect continued strong performance in 2018, and are the result of the dedication and exceptional performance of our PS Bank team,” 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 is traded in the Over-the-Counter market under the symbol PPLL. Learn more about PS Bank at PSBanking.com.