WYALUSING, Pa., Nov. 10, 2014 /PRNewswire/ -- Anthony J. Gabello, President and Chief Executive Officer of Peoples LTD (OTC: PPLL), holding company for PS Bank, has released third quarter results.
For the quarter ended September 30, 2014, net income totaled $675,000 which compares to $619,000 for the third quarter 2013. This represents an increase of 9% or $56,000. Earnings per share of $1.36 compares to third quarter 2013 of $1.24 per share as adjusted for the 2013 year-end 5% stock dividend.
For the nine months ended September 30, 2014, net income totaled $2,168,000 which compares to $1,850,000 for the same period 2013, representing an increase of $318,000 or 17%. Earnings per share for the nine month period ending September 30, 2014 of $4.35 compares to $3.71 for the same period 2013.
Annualized return on equity of 12.57% as of September 30, 2014 compares to 11.87% for the same period 2013. Return on assets of 1.01% as of September 30, 2014 compares to 0.98% for the same period in 2013.
Total assets increased to $300,203,000 or 10.58% from December 31, 2013 of $271,477,000. Deposits increased 11.65% to $258,602,000 compared to $231,621,000 as of December 31, 2013. Net loans increased 2.80% to $176,925,000 from $172,112,000 as of December 31, 2013.
"Our bank has experienced strong deposit growth over the last several quarters, primarily due to capitalizing on opportunities in the Marcellus shale market. Although loan growth has been slower this year to date, we have continued to improve performance and processes throughout our organization which has helped to increase net income," 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 and Wyoming Counties. Stock of Peoples LTD has a book value of $48.13 as of September 30, 2014. 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.
SOURCE Peoples LTD