NEW BEDFORD, MASS. — People’s Bancshares, Inc., which has 12 banking locations in Southeastern Massachusetts, saw its second quarter earnings drop by more than half.
The company posted earnings of $1.14 million, or 35 cents per share, during the most recently completed quarter. During the year-ago period, the company earned $2.4 million, or 73 cents per diluted share.
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In a statement accompanying its earnings release, the company noted its sold some $192 million in securities during the first quarter of this year, posting a pre-tax loss of $1.02 million. During the second quarter, it sold some $92 million of securities, posting a pre-tax loss of $1.14 million.
The bank said net interest income for the second quarter of this year was $6.45 million, compared to $7.36 million in the year-ago period. Non-interest income was $3.36 million for the second quarter of this year, compared to $2.52 million during the year-ago period.
Total assets as of June 30, 2001 were $926 million, down from $1 billion at the end of last year.
