WYALUSING, Pa., Nov. 8, 2013 /PRNewswire/ -- Anthony J. Gabello, President and Chief Executive Officer of Peoples LTD (PPLL), holding company for PS Bank, has released third quarter results.
For the quarter ended September 30, 2013, net income totaled $619,000 which compares to $772,000 for the third quarter 2012. This represents a decrease of 19.8% or $153,000. Earnings in the third quarter of 2012 reflect an allowance reduction of $150,000. Earnings per share of $1.30 compares to third quarter 2012 of $1.62 per share as adjusted for the 2012 5% stock dividend.
For the nine months ended September 30, 2013, net income totaled $1,850,000 which compares to $2,018,000 for the same period 2012, representing a decrease of $168,000 or 8.3%. Income for the nine months ended September 30, 2013 includes a higher tax accrual than the nine months ended September 30, 2012, which was adjusted at year end 2012. Earnings per share for the nine month period ending September 30, 2013 of $3.89 compares to $4.25 for the same period 2012.
Annualized return on equity of 11.87% as of September 30, 2013 compares to 12.98% for the same period 2012. Return on assets of 0.98% as of September 30, 2013 compares to 1.03% for the same period in 2012.
Total assets increased to $269,147,000 or 7.9% from December 31, 2012 of $249,500,000. Deposits increased 9.5% to $229,878,000 compared to $210,040,000 as of December 31, 2012. Loans increased 7.8% to $166,154,000 from $154,156,000 as of December 31, 2012.
"The bank continues to deliver solid financial performance despite the challenges facing the banking industry today. We continue to work hard to manage our interest rate margins while remaining competitive in our marketplace. Asset growth in 2013 has been strong, despite the fiercely competitive lending environment. We continue to see positive results in commercial lending and deposit growth," commented 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 and Wyoming Counties. Stock of Peoples LTD has a book value of $45.84 as of September 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