WYALUSING, Pa., Feb. 7, 2020 /PRNewswire/ -- Peoples Ltd. (OTC: PPLL), holding company for PS Bank, has announced unaudited financial results for the fourth quarter 2019 and the year ending December 31, 2019.
For the quarter ended December 31, 2019, net income totaled $1,224,000 which compares to $1,041,000 for the fourth quarter 2018. This represents an increase of 17.6% or $183,000. Earnings per share of $1.83 compares to fourth quarter 2018 of $1.56 per share as adjusted for the 2018 year-end 5% stock dividend. Net income of $4,643,000 for the year ending 2019, or $6.96 earnings per share, reflects a 4.1% decrease in net income from the year ending December 31, 2018 of $4,841,000, or $7.26 per share adjusted for a 5% fourth quarter stock dividend. In the first quarter 2018 there were several one-time events including gains realized from bank owned life insurance policies, partially offset by expenses related to additional provisions for one legacy credit and a deposit account loss. The net effect of these events on income was an increase of $867,000. Excluding the effect of these items, 2019 net income of $4,643,000 was an increase of $669,000 or 16.8% over December 31, 2018.
Return on assets was 1.20% as of December 31, 2019 compared to 1.35% and 1.11% net of one-time events December 31, 2018. Return on equity was 13.05% as of December 31, 2019 compared to year-end 2018 of 15.45% and 12.69% net of one-time events.
As of December 31, 2019, total assets were $401,552,000 representing an increase of $30,354,000 or 8.2% over year-end 2018. Total deposits increased 8.5% or $26,917,000 to $344,493,000. Net loans increased 7.2% or $16,691,000 to $248,484,000 as of December 31, 2019.
"Our PS Bank team worked diligently to deliver favorable financial results in 2019 while continuing to maintain bank growth. Our Board of Directors, officers, and employees remain committed to achieving strong financial performance while delivering exceptional community banking service throughout 2020 and beyond," stated Anthony J. Gabello, President and Chief Executive Officer.
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 locations throughout Bradford, Sullivan, Wyoming, Lackawanna, and Susquehanna 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.
SOURCE Peoples Ltd.