WYALUSING, Pa., Feb. 9, 2016 /PRNewswire/ -- Peoples LTD (OTC: PPLL), holding company for PS Bank, has announced unaudited earnings for the year ending December 31, 2015. Financial results mark the fourth consecutive year of record earnings for Peoples LTD.
Net income of $3,029,000 for 2015, or $5.51 earnings per share, reflects a 2.94% increase in net income over the year ending December 31, 2014 of $2,942,000, or $5.35 per share adjusted for a 5% fourth quarter stock dividend. Earnings for 2014 included a reduction in the bank's allowance with a net tax effect of $284,000. Excluding this, 2015 net income increased by 14% over 2014. Return on assets was 1.01% for 2015 compared to 1.03% for 2014. Return on equity was 11.66% for 2015 compared to 12.59% for 2014.
As of December 31, 2015, total assets were $306,765,000 representing an increase of $7,507,000 or 2.51% over year-end 2014. Total deposits increased 0.93% or $2,394,000 to $259,929,000. Net loans increased 6.15% or $11,166,000 to $192,819,000 as of December 31, 2015.
President and CEO, Anthony J. Gabello, commented, "The Company's strong performance in 2015 can be directly attributed to the commitment and hard work of the bank's employees, officers, and directors. Despite the significant slowdown in the natural gas industry, which impacted growth in 2015, we were able to achieve a fourth consecutive year of record earnings. During 2015 we worked to increase our efficiency and position ourselves for future growth."
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 and Wyoming counties. Stock of Peoples LTD has a book value of $48.83 as of December 31, 2015. Stock of Peoples LTD is traded in the Over-the-Counter market under the symbol PPLL. Learn more about PS Bank at PSBanking.com.
SOURCE Peoples LTD