HED: Peoples announces third quarter results
By John Cummins
The Peoples Holding Co., parent company of The Peoples Bank, said net income for the third quarter of this year was $2.5 million, or 65 cents per common share.
That compares to net income of $2.2 million for the same time period last year, or 58 cents per common share. The Peoples Holding Co. was assessed $240,000 in the third quarter 1996 by the Federal Deposit Insurance Corporation, however, which affects the comparison.
Earnings for the nine months ending Sept. 30 were $7.7 million, or $1.99 per common share. The earnings are a 13.6 percent increase over last year's year-to-date earnings of $6.8 million. Those profits earned $1.75 per common share last year.
The company also announced its current assets were $946 million, up from $877 million one year ago. Capital, as a percentage of assets, was 10.14 percent compared to 10.05 percent in 1996.
Return on average assets was 1.13 percent this year, compared to 1.06 percent in 1996.
Company officials noted The Peoples Holding Co. started trading Aug. 18 on the American Stock Exchange. The move from the NASDAQ to Amex helped reduce Peoples' stock spread from $2.25 per share to under 50 cents.