WYALUSING, Pa., Feb. 28, 2017 /PRNewswire/ -- Peoples LTD (OTC: PPLL), holding company for PS Bank, has announced unaudited earnings for the year ending December 31, 2016. Financial results mark the fifth consecutive year of record earnings for Peoples LTD.
Net income of $3,114,000 for 2016, or $5.40 earnings per share, reflects a 2.8% increase in net income over the year ending December 31, 2015 of $3,029,000, or $5.25 per share adjusted for a 5% fourth quarter stock dividend. Return on assets was 0.97% for 2016 compared to 1.00% for 2015. Return on equity was 10.97% for 2016 compared to 11.66% for 2015.
As of December 31, 2016, total assets were $322,445,000 representing an increase of $15,824,000 or 5.2% over year-end 2015. Total deposits increased 4.9% or $12,637,000 to $272,567,000. Net loans increased 6.8% or $13,072,000 to $205,891,000 as of December 31, 2016.
"We are pleased with our results for the 2016 year, during which we opened our Clarks Summit office and formed and opened our PS Mortgage Division. These endeavors helped to mitigate much of the economic slowdown experienced in our traditional markets over recent periods. We are optimistic that our strategic initiatives will continue to have a positive impact on the bank going forward," stated Anthony J. Gabello, President and CEO.
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, Wyoming, and Lackawanna counties. Stock of Peoples LTD has a book value of $48.30 as of December 31, 2016. Stock of Peoples LTD is traded in the Over-the-Counter market under the symbol PPLL. Learn more about PS Bank at PSBanking.com.
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SOURCE Peoples LTD