2021 Q3 Earnings
October 28, 2021
Philip O Farr, CFO
Peoples Ltd. Announces Third Quarter Results
Wyalusing, PA – Peoples Ltd. (OTC:PPLL). Anthony J. Gabello, President and Chief Executive Officer of Peoples Ltd., holding company for PS Bank, has announced 2021 third quarter results.
For the three months ended September 30, 2021, net income totaled $1,715,000 compared to $1,395,000 for the third quarter of 2020, an increase of $320,000 or 22.94%. Earnings per share for the quarter of $2.45 compares to third quarter 2020 of $1.99 per share as adjusted for the 2020 year-end 5% stock dividend. Net income for the nine months ended September 30, 2021 totaled $5,105,000 with earnings per share of $7.29 compared to 2020 results for the same period of $3,633,000 or $5.19 earnings per share. Year-to-date 2021 income is 40.52% higher than prior year to date.
Annualized return on equity of 15.39% as of September 30, 2021 compares to 12.89% for the same period 2020. Return on assets of 1.46% as of September 30, 2021 compares to 1.15% for the same period in 2020.
Total assets at September 30, 2021 increased by $32,668,000 or 7.37% to $476,123,000 compared to $443,455,000 as of December 31, 2020. Deposits increased $30,047,000 or 7.98% to $406,478,000 compared to $376,431,000 as of December 31, 2020. Net loans increased by $5,777,000 or 2.10% to $280,530,000 from $274,753,000 year-end 2020.
PS Bank continued its strong performance in 2021, with a strong third quarter that resulted in increased earnings of 22.94% over comparable third quarter 2020. Year-to-date 2021 net income is 40.52% higher than 2020 year-to-date net income. Results in 2021 continue to be positively impacted by strong mortgage sales, fees recognized from Paycheck Protection Program (PPP) loans, and reduced loan loss provisions. The bank did not take a provision expense in the third quarter, and provisions for year-to-date 2021 are $150,000, compared to $1,005,000 in year-to-date 2020. As of the end of the third quarter, the bank has returned its final COVID deferral loan to normal payments and has no loans remaining on COVID deferral. Loan growth continues to be offset by reductions in PPP loans as they are forgiven. As of September 30, 2021, the bank has approximately $12 million remaining in PPP loans versus approximately $17.5 million as of June 30, 2021.
“We continue to be pleased with the efforts of our PS bankers which have led to our strong performance in 2021. We have benefited in 2021 by our lenders’ dedication to helping local businesses, which resulted in solid PPP income. Our growing residential mortgage presence has led to another solid year of production, as the dedicated efforts of our mortgage team are realized. The strength of our loan portfolio has led to reduced provisions for loan loss expense in 2021 year-to-date. While we anticipate PPP fee income to come to a conclusion in the near future, we continue to work to position the bank for continued success in 2022 and beyond. We are confident in the abilities of our team to continue to provide exceptional service while producing solid financial results,” stated Gabello.
Note: This press release may contain forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. These factors include operating, legal and regulatory risks; changing economic and competitive conditions and other risks and uncertainties.
Peoples Ltd. is the holding company for PS Bank. PS Bank is an independent community bank, established 1914, with locations throughout Bradford, Sullivan, Wyoming, Lackawanna, and Susquehanna counties. Stock of Peoples Ltd. is traded in the Over-the-Counter market under the symbol PPLL. Learn more about PS Bank at www.PSBanking.com.
PS Bank is a full-service financial institution with branches throughout Northeastern and North Central Pennsylvania.
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