2021 Q4 Earnings

2021 Q4 Earnings

For Release
February 2, 2022

Marguerite Donato, CAO
(570) 746-8786

Peoples Ltd. Announces Fourth Quarter Results

WYALUSING, PA - Peoples Ltd. (OTC: PPLL), holding company for PS Bank, has announced unaudited financial results for the fourth quarter 2021 and annual 2021 financial results for the year ending December 31, 2021.

For the quarter ended December 31, 2021, net income totaled $1,722,000 which compares to $1,567,000 for the fourth quarter 2020. This represents an increase of 9.9% or $155,000. Earnings per share of $2.34 compares to fourth quarter 2020 of $2.13 per share as adjusted for the 2021 year-end 5% stock dividend. Net income of $6,827,000 for the year ending 2021, or $9.28 earnings per share, reflects a 31.3% increase in net income from the year ending December 31, 2020 of $5,200,000, or $7.07 per share adjusted for a 5% fourth quarter stock dividend.

Return on assets was 1.45% as of December 31, 2021 compared to 1.19% in 2020. Return on equity was 15.25% as of December 31, 2021 compared to year-end 2020 of 12.69%.

As of December 31, 2021, total assets were $477,323,000 representing an increase of $33,868,000 or 7.6% over year-end 2020. Total deposits increased 11.6% or $43,593,000 to $420,024,000. Net loans increased 2.1% or $5,834,000 to $280,587,000 as of December 31, 2021.

“PS Bank had a banner year in 2021.  Our PS Bankers continued their hard work and dedication to meeting the needs of the communities that we serve.  Our financial results were achieved through the efforts of our team of PS Bankers, despite continuing to navigate through the ongoing pandemic and related economic uncertainty.  Fees and income related to Paycheck Protection Program (PPP) loans were approximately $1,546,000 in 2021, $1,221,000, net of tax effect and $746,000 in 2020, $589,000 net of tax effect.  Provisions for loan loss expense were $150,000 in 2021, versus $1,255,000 in 2020.  Strong asset quality throughout 2021, in addition to higher provisions in 2020 due to the potential impact of the pandemic, were the primary reasons for the significant decrease in provisions in 2021.  During both 2020 and 2021 the bank benefited from strong mortgage sales due to historically low interest rates as well as the strength of the PS Mortgage team and their ability to capture market share. 

Loan growth in 2021 was largely offset by paydowns of PPP loans during 2021.  At year end, approximately $5,000,000 of PPP loans remain, and are anticipated to be forgiven in early 2022.  Deposits in 2021 continued to be strong, growing by 11.6% in 2021, despite the bank allowing higher priced deposits to run off.  In December 2021, the bank elected to prepay borrowings outstanding to the Federal Home Loan Bank in the amount of $10 million, which decreased the bank’s total assets by that same amount.  This decision was made to better position the bank’s balance sheet going forward, due to the higher interest rates on the borrowings combined with the liquid position of the bank.  The prepayment fee for these borrowings was $114,000. 

As we enter 2022, we are positioned to continue to grow the PS Bank brand.  We are well underway with construction of our business center in South Abington Township.  This state-of-the-art facility will house PS Mortgage as well as certain other members of our PS Bank team.  We anticipate opening this center in third quarter 2022. 

While we recognize that certain events such as PPP fees and the historic levels of mortgage loan refinancings will not substantially continue in 2022, we remain dedicated to maximizing value to our shareholders while continuing to grow the reach of our brand.  As our bank approaches the milestone of $500 million total assets, we have already begun building our infrastructure for greater growth beyond this level.  We remain committed to serving the needs of our customers and communities, while providing continued returns to our shareholders” stated Anthony J. Gabello, President and Chief Executive Officer.


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.


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