2015 Q3 Earnings


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, 2015, net income totaled $814,000 which compares to $674,000 for the third quarter 2014. This represents an increase of 21% or $140,000. Earnings per share of $1.56 compares to third quarter 2014 of $1.29 per share as adjusted for the 2014 year-end 5% stock dividend.

For the nine months ended September 30, 2015, net income totaled $2,308,000 which compares to $2,168,000 for the same period 2014, representing an increase of $140,000 or 6.5%. Net income in 2014 included a reduction in the bank’s allowance of $400,000 in the second quarter, with a net tax effect of $284,000. Excluding this reduction, net income increased by $424,000 over the prior year period to date. Earnings per share for the nine month period ending September 30, 2015 of $4.41 compares to $4.14 for the same period 2014.

Annualized return on equity of 11.93% as of September 30, 2015 compares to 12.57% for the same period 2014. Return on assets of 1.03% as of September 30, 2015 compares to 1.01% for the same period in 2014.

Total assets decreased to $297,061,000 or 0.74% from December 31, 2014 of $299,258,000. Deposits decreased 1.63% to $253,336,000 compared to $257,536,000 as of December 31, 2014. Net loans increased 5.18% to $191,059,000 from $181,652,000 as of December 31, 2014.

Mr. Gabello stated, “Net income for the 2015 year to date has continued to be strong, improving over the same period 2014, despite the challenges posed by the recent slowdown in the natural gas industry and continued low interest rate environment. Management has been diligent in identifying income opportunities while recognizing areas to improve operating efficiencies and reduce expense”.

Peoples LTD is the holding company for PS Bank. PS Bank is an independent community bank, established 1914, with branch locations throughout Bradford, Sullivan and Wyoming Counties. Stock of Peoples LTD has a book value of $50.33 as of September 30, 2015. Stock of Peoples LTD is traded in the Over-the-Counter market under the symbol PPLL.


PS Bank is a full-service financial institution with branches throughout Northeastern and North Central Pennsylvania.

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