2022 Q2 Earnings

2022 Q2 Earnings

For Release
July 28, 2022

Marguerite Donato, CAO
(570) 746-8786
[email protected]

Peoples Ltd. Announces Second Quarter Results

Wyalusing, PAPeoples Ltd. (OTC: PPLL) Anthony J. Gabello, President and Chief Executive Officer of Peoples Ltd., holding company for PS Bank, has announced results for the second quarter 2022. Net income for the second quarter of 2022 was $1,665,000 or $2.26 per share. Net income for the second quarter of 2022 represents a decrease of 6.09% from the second quarter 2021 net income of $1,773,000, primarily driven by an 89.92% decrease in gross mortgage sales and servicing rights income from $605,000 for second quarter 2021 to $61,000 for second quarter 2022, which was partially offset by improved net interest income levels.

Consolidated net income year-to-date was $3,206,000 or $4.35 earnings per share, a decrease of 5.43% from consolidated year-to-date income of $3,390,000 or $4.60 earnings per share for the first six months of 2021. This was primarily driven by an 80.46% decrease in gross mortgage sales and servicing rights income from $1,351,000 for first six months of 2021 to $264,000 for first six months of 2022. Reduced mortgage revenue was attributable to the sharp rise in mortgage interest rates in the first six months of 2022, experienced throughout the banking industry. Additionally, the bank recognized approximately $304,000 less in Paycheck Protection Program (PPP) fees year-to-date in 2022 versus same year-to-date 2021, and has substantially concluded its PPP program at this time.
Year-to-date return on assets was 1.30% as of June 30, 2022 compared to 1.47% for the same period in 2021. Year-to-date return on average equity was 14.55% as of June 30, 2022 compared to the prior year-to-date of 15.64%.

Total assets increased 6.19% to $506,820,000 from $477,295,000 as of December 31, 2021. Deposits increased 8.37% to $455,193,000 compared to $420,024,000 as of December 31, 2021. Loans increased 4.85% from $280,587,000 year-end 2021 to $294,197,000 as of June 30, 2022.

“During the second quarter of 2022, we were pleased to cross the threshold of $500 million in total assets for the first time, as we continued to grow both loans and deposits, experiencing solid balance sheet growth throughout the quarter.

We continued to perform well through the first six months of 2022, realizing significant core earnings growth due to the rising interest rate environment. Decreased net income for year-to-date 2022 is primarily attributable to our reduced mortgage sales and servicing rights of $1,087,000 and decrease in PPP fees recognized. The reduction in mortgage sales income and PPP fee income was anticipated, given the slowdown in the mortgage loan environment and our bank’s historic mortgage loan performance in the prior two years, as well as the conclusion of the PPP program. Despite these reductions, growth in net interest income and cost control offset a large portion of these decreases. Our ROA and ROAE, although lower in 2022, remain above historic levels pre-pandemic. Our bank remains well-positioned to benefit from a period of rising interest rates.

We are nearing completion of our PS Bank Business Center in South Abington Township in the third quarter and look forward to the opportunities for further growth and success it will provide for us moving forward”, 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 in 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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