People’s Bank of Commerce reported lower earnings for the first quarter, compared with the same quarter of last year.
Medford-based People’s (OTCBB: PBCO) for the quarter ending March 31, had earnings of $32,000, or 3 cents per share, compared with Q1 2009 earnings of $52,000, or 6 cents per share.
In the first quarter of 2010, portfolio loans increased $3.1 million, or 4.1 percent over 2009, and deposits increased $7.2 million, or 8.1 percent during the same period.
“These increases in loans and deposits demonstrate People’s Bank’s commitment to providing needed loans to local businesses,” said Ken Trautman, president and CEO of People’s Bank, in a news release. “People’s Bank is dedicated to supporting the local economy by continuing to exclusively serve the businesses and individuals in our market.
People’s stock traded Friday unchanged from Thursday, at $9.50 per share. The stock has a 52-week range of $5.10 to $10.
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Tags: Commerce, People’s Bank