People's Bank of Commerce sees ninth consecutive profitable quarter

People's Bank of Commerce has strung together nine straight profitable quarters since mid-2009.

The Medford-based bank's earnings decreased 4 percent in third-quarter to $155,000, compared to $162,000 for the same period in 2010. But through the first nine months of year, People's Bank of Commerce earnings improved 25 percent to $315,000, over the $253,000 earned during the same period in 2010.

The bank's per-share earnings for the three-month period ending Sept. 30 were 14 cents compared to 18 cents per share in 2010, while its per-share earnings through Sept. 30 both years was 28 cents.

While People's Bank's loan loss provisions climbed to $163,000 from $66,000 a year earlier in the third quarter, money set aside for loan losses has declined 11 percent to $258,000.

The bank said non-interest income was down 2 percent during the first three quarters of 2011, compared to last year, primarily due to a 39 percent reduction in mortgage lending income, as residential real estate lending remained slow.

Through September, the People's Bank had increased loans 14 percent, spurred by 22 percent growth in commercial loans and a 24 percent rise in consumer loans. People's Bank non-current loans to total loans fell to 0.27 percent, down from 3.03 percent a year ago.

People's Bank total assets increased 13 percent year-over-year to $118.2 million.

—Greg Stiles

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