People's Bank reports profit

The end of the mortgage refinancing boom put a dent in earnings, but People's Bank of Commerce still scored its 15th straight profitable quarter.

The Medford-based bank reported net earnings of $103,000, or 8 cents per share, during the first three months of the year, down from $227,000, or 19 cents per share, a year earlier.

People's Bank increased loans by 20 percent and deposits by 23 percent year-over-year, resulting in total loans of $116.5 million and deposits of $139.1 million. The company's assets grew 22 percent to $156.1 million at the end of March.

— Greg Stiles

Reader Reaction
We reserve the right to remove any content at any time from this Community, including without limitation if it violates the Community Rules. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or fill out this form. New comments are only accepted for two weeks from the date of publication.