WYALUSING, Pa., May 22, 2012 /PRNewswire/ -- Anthony J. Gabello, President and Chief Executive Officer of Peoples LTD, holding company for Peoples State Bank of Wyalusing, has announced first quarter earnings. Net income for the first quarter 2012 of $608,000, or $1.34 earnings per share, reflects a 94.86% increase in net income compared to first quarter of 2011 in the amount of $312,000 or $.69 per share.
Return on assets was 1.01% for the quarter ending March 31, 2012 compared to .52% for the same period 2011. Return on equity was 12.17% quarter ending March 31, 2012 compared to 6.60% as of March 31, 2011.
"Our positive earnings trend has resulted from continued improvement in loan quality, increased loan demand, and stability of our net interest margin," stated Gabello.
Total assets increased to $247,178,000 or 4.63% from December 31, 2011 of $236,121,000. Deposits increased 5.10% to $216,925,000 compared to $206,447,000 as of December 31, 2011. Loans increased 4.93% to $152,355,000 from $145,201,000 year ending 2011.
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 Peoples State Bank of Wyalusing. Peoples State Bank is an independent community bank, established in 1914, 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 Peoples State Bank at www.peoplesbankpa.com.
SOURCE Peoples LTD
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