People's Bank reports continued profits

People's Bank of Commerce reported 2012 earnings of $875,000, or 74 cents per share, compared with earnings of $528,000, or 45 cents per share during 2011.

The Medford-based community bank said its fourth-quarter net earnings declined to $199,000, or 17 cents per share, compared with $213,000, or 18 cents per share, for the similar period 2011.

"Fourth quarter earnings were impacted by one-time expenses associated with our new branch headquarters, including costs related with moving the administrative offices to the Barnett Road location," President and Chief Executive Officer Ken Trautman said.

It was the 14th-straight profitable quarter for the company.

People's Bank of Commerce said its fourth-quarter net interest income grew 11 percent, year-over-year thanks to more loan activity.

Net interest income hit $5.5 million, up 14 percent from $4.8 million in 2011. Year-over-year, the bank also reported a 20 percent increase in loans to $112.1 million, a 14 percent increase in total assets to $144.5 million, and a 14 percent increase in deposits to $125.7 million.

— Greg Stiles


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