Peoples Federal Savings Bank reports 69% increase in earnings
BRIGHTON, MASSACHUSETTS, May 11, 2009 … Brighton-based Peoples Federal Savings Bank has reported earnings of $1,999,000 for the six-month period ended March 31, 2009. This represents an increase of $819,000 (69.4%) when compared with earnings of $1,180,000 for the same period last year.
Total assets at March 31, 2009 were $447,775,000 and the Bank’s return on average assets was .90%. The Bank’s core capital was $49,656,000, an increase of $2,000,000 from September 30, 2008.
“We are pleased to report improved earnings during the period,” said Thomas J. Leetch, president and CEO.
“Peoples Federal Savings Bank remains a safe, sound and secure institution, with strong earnings, ample liquidity and a well-performing loan portfolio. Our long-standing practice of prudent investing has served us well, and we have neither asked for nor received any assistance from the government. Our core capital now stands at twice the amount necessary to be considered well-capitalized by banking regulators,” Leetch added.
“We have the strength we need to continue doing business as we have in the past, lending to qualified borrowers as they, and we, manage our way through today’s unprecedented economy. The Bank opened $35,000,000 in new loans during the six-month period,” said Leetch.
For the 50th consecutive quarter, Peoples Federal Savings Bank earned the 5-Star Superior rating for financial strength from BauerFinancial, Inc., a national, independent bank research firm. The rating places People Federal Savings Bank in an elite group of banks considered “Exceptional Performance Banks” by the research firm.
Peoples Federal Savings Bank is a mutual savings bank operating full-service offices in Allston, Brighton, Brookline, Jamaica Plain, Norwood, and West Roxbury. Established in 1888, the Bank is a member of the Federal Deposit Insurance Corporation (FDIC).
For more information, please contact us if you have any questions about our products or services. You can use our information request form, or give us a call at (617) 254-0707.