Wyalusing, PA - Anthony J. Gabello, President and Chief Executive Officer of Peoples LTD, holding company for Peoples State Bank of Wyalusing, has announced third quarter results. Net income for the third quarter 2012 of $772,000, or $1.71 earnings per share compared to third quarter of 2011 in the amount of $139,000 or $.31 per share.

Year to date income of $2,018,000, or $4.46 earnings per share, reflects a 145 percent increase over the same period 2011 of $825,000 or $1.82 earnings per share.

Return on assets was 1.31 percent for the quarter ending Sept. 30, 2012 compared to 0.23 percent for the same period 2011. Year to date return on assets was 1.13 percent as of Sept. 30, 2012 compared to 0.46 percent for the same period in 2011. Return on equity was 14.44 percent quarter ending Sept. 30, 2012 compared to 2.93 percent as of September 30, 2011. Year to date return on equity was 13.11 percent as of Sept. 30, 2012 compared to the prior year of 5.94 percent.

Income for 2012 includes a $150,000 return to income from the loan loss reserve in the third quarter, made possible due to improving loan quality. Income for 2011 includes estimated flood expenses of $483,000 related to tropical storm Lee, taken in the third quarter.

Total assets increased to $239,280,000 or 1.28 percent from Dec. 31, 2011 of $236,247,000. Deposits increased 0.47 percent to $207,374,000 compared to $206,403,000 as of Dec. 31, 2011. Loans increased 7.45 percent to $156,025,000 from $145,201,000 year ending 2011.

"Overall, the bank's trends continue to be positive through the first three quarters of 2012. Our continued earnings growth has resulted from improved asset quality, a strong net interest margin, and effective expense management. Asset quality improvement also allowed the bank to recoup a portion of prior loan loss provisions in the third quarter." stated Gabello. In September, the Board of Directors of Peoples State Bank announced a re-branding initiative along with a name change to PS Bank, effective in mid November. This strategic decision will provide a marketing advantage in existing markets and brand recognition in new markets. The bank will celebrate its 100 year anniversary in 2014.