Peoples LTD announces first quarter earnings
WYALUSING - Anthony J. Gabello, president and CEO of Peoples LTD, holding company for PS Bank, has announced results for the first quarter 2013.
Consolidated net income year-to-date of $549,000, or $1.15 earnings per share, compared to first quarter 2012 in the amount of $608,000 or $1.28 per share.
Year-to-date return on assets was 0.88 percent as of March 31, 2013 compared to 1.01% for the same period in 2012. Year-to-date return on equity was 10.30 percent as of March 31, 2013 compared to the prior year of 12.45 percent.
Total assets increased to $260,587,000 or 4.44 percent from Dec. 31, 2012 of $249,500,000. Deposits increased 5.56 percent to $221,727,000 compared to $210,040,000 as of Dec. 31, 2012. Loans increased 4.56 percent to $161,192,000 from $154,156,000 year ending 2012.
Earnings in the first quarter were affected by increased costs associated with the opening of the bank's ninth branch office in Tunkhannock, increased income tax provisions, and interest rate margin compression resulting from the continued low interest rate environment.
"Growth in our Tunkhannock market has been strong and we have rededicated ourselves to growth in our existing markets also. Although we have experienced a temporary strain on earnings from our new branch, we are confident that we will greatly benefit from the many financial opportunities in this market. Competitive pressures remain due to an extended period of low interest rates, resulting in tighter interest margins. We are very pleased with our 2013 growth to date and are looking forward to the Bank's centennial celebration in 2014", commented Gabello.