WYALUSING, Pa., Aug. 23, 2013 /PRNewswire/ -- Anthony J. Gabello, President and Chief Executive Officer of Peoples LTD, holding company for PS Bank, has announced second quarter results.
For the quarter ended June 30, 2013, net income totaled $682,000 which compares to $638,000 for the second quarter of 2012. This represents an increase of 6.9% or $44,000. Earnings per share of $1.44 compares to second quarter 2012 of $1.34 per share as adjusted for the 2012 year-end 5% stock dividend.
For the six months ended June 30, 2013, net income totaled $1,231,000 which compares to $1,246,000 for the same period 2012, representing a decrease of $15,000 or 1.2%. Earnings per share for the six month period ending June 30, 2013 of 2.59% compares to $2.62 for the same period 2012.
Annualized return on equity of 11.44% as of June 30, 2013 compares to 12.40% for the same period 2012. Return on assets of 0.96% as of June 30, 2013 compares to 1.04% for the same period in 2012.
"The sustained low interest rate environment continues to challenge our financial performance as lower yields negatively impact net interest margins. Asset quality however, continues to improve, allowing the Bank to offset these lower yields through allowance reduction," President and CEO Anthony Gabello, commented.
Total assets increased to $263,249,000 or 5.51% from December 31, 2012 of $249,500,000. Deposits increased 6.84% to $224,412,000 compared to $210,040,000 as of December 31, 2012. Loans increased 4.28% to $160,754,000 from $154,156,000 year ending 2012.
"We are pleased with the Bank's continued growth. Deposits have been strong to date, and, while we are in a highly competitive lending environment, we are experiencing steady loan growth without compromising asset quality," added Mr. Gabello.
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 and Wyoming Counties. Stock of Peoples LTD has a book value of $45.28 as of June 30, 2013. Stock of Peoples LTD is traded in the Over-the-Counter market under the symbol PPLL. Learn more about PS Bank at www.PeoplesBankPa.com.
SOURCE Peoples LTD