WYALUSING, Pa., May 16, 2017 /PRNewswire/ -- Anthony J. Gabello, President and Chief Executive Officer of Peoples LTD, holding company for PS Bank, has announced results for the first quarter 2017. Consolidated net income year-to-date was $728,000, or $1.26 earnings per share, compared to first quarter 2016 net income in the amount of $743,000 or $1.29 per share as adjusted for the 5% stock dividend at year-end 2016.
Year-to-date return on assets was 0.89% as of March 31, 2017 compared to 0.96% for the same period in 2016. Year-to-date return on equity was 10.34% as of March 31, 2017 compared to the prior year-to-date of 10.85%.
Total assets increased to $335,736,000 from $322,187,000 as of December 31, 2016. Deposits increased to $280,624,000 compared to $272,567,000 as of December 31, 2016. Loans decreased from $205,891,000 year-end 2016 to $204,001,000 as of March 31, 2017.
"Asset and deposit growth were strong in the first quarter, but loan growth was impacted by a slow winter season locally, in addition to several large payoffs / paydowns during the quarter. As a result, net income was down marginally in the first quarter. As the spring season is upon us, we are experiencing increased business and are optimistic for the remainder of the year," stated 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, Wyoming, and Lackawanna counties. Stock of Peoples LTD has a book value as of $49.37 as of March 31, 2017. 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