Earnings slide at Peoples
HALLSTEAD - Earnings at Peoples Financial Services Corp., parent company of Peoples Neighborhood Bank, slipped 5.8 percent in first quarter 2013 to $1.2 million.
That equates to 74 cents per share, down 4 cents from the year-ago quarter.
Partly responsible for the decline was the impact in the first quarter of 2012 of nonrecurring revenue of $373,000 from an insurance payment related to 2010 flood damage. Ongoing revenue gains came from mortgage lending, whose revenue tripled year over year. Wealth management division revenue increased 37 percent.
The quarter also marked the opening of a bank branch in Binghamton and plans to open a loan office in downtown Scranton.