News Column

Peoples LTD Announces Second Quarter Earnings

September 6, 2014



By a News Reporter-Staff News Editor at Investment Weekly News -- Anthony J. Gabello, President and Chief Executive Officer of Peoples LTD, holding company for PS Bank, has announced second quarter results.

For the three months ended June 30, 2014, net income totaled $840,000 which compares to $682,000 for the second quarter of 2013. This represents an increase of 23% or $158,000. Earnings per share for the quarter of $1.68 compares to second quarter 2013 of $1.37 per share as adjusted for the 2013 year-end 5% stock dividend. Continued asset quality improvement and the positive resolution of a significant problem credit during the quarter facilitated a $400,000 reduction in the bank's allowance. For comparison purposes, an allowance reduction of $200,000 was taken in the second quarter of 2013.

For the six months ended June 30, 2014, net income totaled $1,494,000 which compares to $1,231,000 for the same period 2013, representing an increase of 21%. Earnings per share for the six month period ending June 30, 2014 of $2.99 compares to $2.47 for the same period 2013.

Annualized return on equity of 13.09% as of June 30, 2014 compares to 11.93% for the same period 2013. Return on assets of 1.06% as of June 30, 2014 compares to 0.99% for the same period in 2013.

Total assets increased $21,456,000 to $292,933,000 or 7.9% from December 31, 2013 of $271,477,000. Deposits increased 8.7% to $251,812,000 compared to $231,621,000 as of December 31, 2013. Net loans increased 2.9% to $177,072,000 from $172,112,000 year ending 2013.

"Our bank continues to perform well despite the highly competitive banking environment. Although we face economic, competitive, and regulatory challenges, we have successfully maintained core earnings. Additionally, in the second quarter we were able to enhance quarterly income through the positive resolution of a legacy problem credit. The bank's asset growth in 2014 has largely been driven by strong deposit growth. Recently, we launched our mobile app to the public and are excited by customers' initial reaction to it," President and CEO, Anthony J. Gabello, commented.

Keywords for this news article include: Finance, Peoples Ltd.

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Source: Investment Weekly News


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