For the nine months ended September 30, 2016, net income totaled $2,264,000 which compares to $2,308,000 for the same period 2015, representing a decrease of $44,000 or 1.9%. Earnings per share for the nine month period ending September 30, 2016 of $4.12 compares to $4.20 for the same period 2015.
Annualized return on equity of 10.80% as of September 30, 2016 compares to 11.93% for the same period 2015. Return on assets of 0.95% as of September 30, 2016 compares to 1.03% for the same period in 2015.
Total assets increased to $328,249,000 or 7.0% from December 31, 2015 of $306,621,000. Deposits increased 7.4% to $279,221,000 compared to $259,930,000 as of December 31, 2015. Net loans increased 5.2% to $202,773,000 from $192,819,000 as of December 31, 2015.
"We have performed well in our recently opened Clarks Summit Office as well as our newly formed PS Mortgage. Despite the startup costs related to both of these efforts, and despite the slowdown experienced in the local economy, we have kept net income basically level with prior year, and have been able to continue to grow. We are pleased with the performance and direction of our bank," 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 has a book value of $52.91 as of September 30, 2016. Stock of Peoples LTD is traded in the Over-the-Counter market under the symbol PPLL. Learn more about PS Bank at www.PSBanking.com.
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SOURCE Peoples LTD