People First Bancshares Inc. Reports 8th Consecutive Year of Record Income

People First Bancshares, Inc. held its annual meeting of shareholders on March 25, 2015 at Peoples Bank & Trust in Pana, IL. During the meeting, Michael E. Beyers, John Gardner and Michael M. Trexler were reelected to three year terms as directors of the Bank and Holding Company. Other directors of the Bank and Holding company are James D. Randolph, David Fines, Larry D. Beaty, George Hiler, David Slater, and David Dorn, Jr.

During the report of operations, John Gardner, President and CEO, explained that 2014 was a busy year for Peoples Bank & Trust and recognized the Board, Management and Employees for their contributions to bank’s success.

Gardner reported that the bank generated record earnings and maintained and improved its fundamental strengths in a challenging environment. Gardner explained, “Despite the challenging interest rate environment and the costs of regulatory change, credit quality improved, customer satisfaction levels were maintained, and new technology and processes were implemented.”

Gardner also reported that during 2014, net income increased from $5.475 million to $5.547 million. Net income per average share also increased from $16.80 to $17.14, resulting in an increase in book value per share from $77.23 to $95.01.

Gardner concluded, “We’re very pleased with these results and hope to continue to improve on them in 2015 as we continue to improve our efficiencies, gain additional customers and offer new and improved products.”

Peoples Bank & Trust is a locally owned and managed, independent community bank with ten offices located in Charleston, Altamont, Tower Hill, Pana, Taylorville, Morrisonville, Springfield, Waverly, Palmyra and White Hall. Peoples Bank & Trust is a full service bank offering outstanding customer service to consumers, small business, and farmers in Central Illinois. People First Bancshares, Inc., with corporate offices in Pana, Illinois, is the holding company for Peoples Bank & Trust.