2022 Q3 Earnings

2022 Q3 Earnings

For Release
October 27, 2022

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

Peoples Ltd. Announces Third 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 third quarter 2022.  Net income for the third quarter of 2022 was $1,870,000 or $2.53 per share.  Net income for the third quarter of 2022 represents an increase of 9.03% from the third quarter 2021 net income of $1,715,000.

Consolidated net income year-to-date was $5,076,000 or $6.88 earnings per share, a decrease of 0.57% from consolidated year-to-date income of $5,105,000 or $6.92 earnings per share for the nine months ended September 30, 2021.  Year to date bank results were achieved despite an 80.61% decrease in gross mortgage sales and servicing rights income from $1,795,000 for first nine months of 2021 to $348,000 for first nine months of 2022, due to the sharp rise in mortgage interest rates throughout 2022.  Additionally, the bank recognized approximately $695,000 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. These income reductions were offset through increased net interest income levels and strong balance sheet growth.   

Year-to-date return on assets was 1.35% as of September 30, 2022 compared to 1.46% for the same period in 2021. Year-to-date return on average equity was 15.59% as of September 30, 2022 compared to the prior year-to-date of 15.39%.

Total assets increased 9.60% to $523,097,000 from $477,295,000 as of December 31, 2021. Deposits increased 12.85% to $473,984,000 compared to $420,024,000 as of December 31, 2021. Loans increased 8.25% from $280,587,000 year-end 2021 to $303,735,000 as of September 30, 2022.

“Our bank continued its positive performance in the third quarter, with net income ending 9.03% higher than prior year’s third quarter, despite the dramatic decrease in mortgage sales and servicing rights income and the elimination of PPP fees.  Improved third quarter net income is primarily attributable to loan growth, increased loan and investments yields, and controlled interest and other expenses.  Balance sheet growth continued to be strong in the third quarter, with both loans and deposits continuing their growth trends in the first nine months of 2022.


During the third quarter we completed work on our PS Bank Business Center in South Abington Township and officially opened for business in August.  The positive reaction from the community, our customers, and our employees has been overwhelmingly positive and we look forward to the continued opportunities for success it will provide in the future,” 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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