WYALUSING, Pa., Jan. 30, 2015 /PRNewswire/ -- Peoples LTD, holding company for PS Bank, has announced unaudited earnings for the year ending December 31, 2014. Financial results for the year mark the third consecutive year of record earnings for Peoples LTD.
Net income of $2,942,000 for 2014, or $5.62 earnings per share, reflects a 16.29% increase in net income over the year ending December 31, 2013 of $2,530,000, or $4.83 per share adjusted for a 5% fourth quarter stock dividend. Return on assets was 1.03% for 2014 compared to 0.97% for 2013. Return on equity was 12.58% for 2014 compared to 11.58% for 2013.
As of December 31, 2014, total assets were $299,284,000 representing an increase of $27,807,000 or 10.24% over year-end 2013. Total deposits increased 11.18% or $25,903,000 to $257,554,000. Net loans increased 5.16% or $9,025,000 to $174,855,000 as of December 31, 2014.
Anthony J. Gabello, President and Chief Executive Officer commented, "We are pleased with our overall performance in 2014. Despite the numerous challenges facing the banking industry, we were again able to improve our financial performance in 2014. Balance sheet growth was strong, notwithstanding our highly competitive lending environment and softened loan demand. Our employees and directors remain committed to providing superior service to the customers and communities we serve, while maximizing shareholder value."
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 is traded in the Over-the-Counter market under the symbol PPLL. Learn more about PS Bank at PSBanking.com.
SOURCE Peoples LTD