WYALUSING, Pa., Jan. 30, 2015 /PRNewswire/ -- Peoples LTD,
holding company for PS Bank, has announced unaudited earnings for
the year ending December 31,
2014. Financial results for the year mark the third
consecutive year of record earnings for Peoples LTD.
Net income of $2,942,000 for 2014,
or $5.62 earnings per share, reflects
a 16.29% increase in net income over the year ending December 31, 2013 of $2,530,000, or $4.83 per share adjusted for a 5% fourth quarter
stock dividend. Return on assets was 1.03% for 2014 compared
to 0.97% for 2013. Return on equity was 12.58% for 2014
compared to 11.58% for 2013.
As of December 31, 2014, total
assets were $299,284,000 representing
an increase of $27,807,000 or 10.24%
over year-end 2013. Total deposits increased 11.18% or
$25,903,000 to $257,554,000. Net loans increased 5.16% or
$9,025,000 to $174,855,000 as of December 31, 2014.
Anthony J. Gabello, President and
Chief Executive Officer commented, "We are pleased with our overall
performance in 2014. Despite the numerous challenges facing
the banking industry, we were again able to improve our financial
performance in 2014. Balance sheet growth was strong,
notwithstanding our highly competitive lending environment and
softened loan demand. Our employees and directors remain
committed to providing superior service to the customers and
communities we serve, while maximizing shareholder value."
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 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 PS Bank at PSBanking.com.
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SOURCE Peoples LTD
