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

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