WYALUSING, Pa., Oct. 25, 2019 /PRNewswire/ -- Anthony J. Gabello, President and Chief Executive Officer of Peoples Ltd. (PPLL), holding company for PS Bank, has released third quarter results.
For the quarter ended September 30, 2019, net income totaled $1,232,000 which compares to $1,063,000 for the third quarter 2018. This represents an increase of 15.95% or $169,000. Earnings per share of $1.94 compares to third quarter 2018 of $1.67 per share as adjusted for the 2018 year-end 5% stock dividend. Net income for the nine months ended September 30, 2019 totaled $3,420,000 which compares to $3,800,000 for the same period 2018. Earnings per share for the nine months ending September 30, 2019 of $5.38 compares to $5.98 for the same period 2018. 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, year to date net income of $3,420,000 was an increase of $487,000 or 16.58% over prior year-to-date adjusted net income of $2,933,000.
Annualized return on equity of 12.95% as of September 30, 2019 compares to 16.65% for the same period 2018 and 12.86% net of one-time events. Return on assets of 1.17% as of September 30, 2019 compares to 1.40% for the same period in 2018, and 1.08% net of one-time events.
Total assets increased to $405,796 or 9.32% from December 31, 2018 of $371,198. Deposits increased 9.97% to $349,235 compared to $317,576 as of December 31, 2018. Net loans increased 3.59% to $240,119 from $231,793 as of December 31, 2018.
"Our Bank continued its positive trends in the third quarter. Our dedicated PS Banking team remains committed to superior customer service, strong financial performance, and maximizing shareholder value. We are also extremely pleased to announce that in the third quarter we opened our Montrose Loan Production Office representing our initial entry in the Susquehanna County market. We look forward to the many opportunities this market will provide to our Bank and are excited to serve this community," stated Gabello.
Peoples Ltd. is the holding company for PS Bank. PS Bank is an independent community bank, established 1914, 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. Additional unaudited financial information for the third quarter 2019 can be found on our website. Learn more about PS Bank at PSBanking.com.