Earnings Release

2023 Q4 Earnings

For Release
February 1, 2024

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

Peoples Ltd. Declares Fourth Quarter Earnings and Annual 2023 Financial Results

Wyalusing, PAPeoples Ltd. (OTC: PPLL) holding company for PS Bank, has announced unaudited financial results for the fourth quarter 2023 and annual 2023 financial results for the year ending December 31, 2023.

For the quarter ended December 31, 2023, net income totaled $1,760,000 which compares to $1,879,000 for the fourth quarter 2022. This represents a decrease of 6.3% or $119,000. Earnings per share of $2.15 compares to fourth quarter 2022 of $2.30 per share. Net income of $7,301,000 for the year ending 2023, or $8.93 earnings per share, reflects a 4.9% increase in net income from the year ending December 31, 2022 of $6,955,000, or $8.54 per share.

Return on assets was 1.39% as of December 31, 2023 compared to 1.37% in 2022. Return on equity was 16.66% as of December 31, 2023 compared to year-end 2022 of 16.42%.

As of December 31, 2023, total assets were $532,303,000 representing a decrease of $14,101,000 or 2.5% over year-end 2022. Total deposits decreased 6.5% or $32,235,000 to $462,731,000. Net loans increased 11.6% or $36,681,000 to $353,041,000 as of December 31, 2023.

“In 2023 PS Bank recognized a record year for net income, despite the numerous challenges faced throughout the year, including rapidly rising interest rates, competitive pressures for deposits, and fallout from the banking crisis that hit the industry early in the year.  

Our results were achieved through effective balance sheet management and strong loan growth, which offset rising interest expense.  Our strong core deposit levels helped us to manage rising rate pressures.  Loans to deposits ratios increased from 64.61% at year-end 2022 to 77.14% at year-end 2023, allowing us to better leverage our deposits for income growth.  During 2023, we experienced increasing deposit pressures throughout the year and expect this to continue into the future.  As a result of deposit pricing pressures, net income for the fourth quarter of 2023 experienced a 6.3% decrease over prior year fourth quarter.  Despite this, year-end 2023 net income exceeded 2022 net income by 4.9%.

PS Bank was ranked as the #42 highest bank on American Banker’s list of the Top 200 Community Banks under $2 billion in the United States as published in its June 2023 edition of the magazine. The 2023 ranking marks the eleventh consecutive year that our bank was included among institutions that are ranked based on three-year average Return on Equity (ROAE). For the fourth time in five years, we were the highest-ranked Pennsylvania-based institution on this list. With a three-year average ROAE of 14.84%, PS Bank continues to be a strong bank proudly serving customers throughout northeastern and central Pennsylvania.

We recognize that 2024 will continue to provide challenges to the banking industry and to our bank.  We continue to position our bank to meet the challenges of future periods and remain dedicated to meeting 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 in 1914 with locations throughout Bradford, Sullivan, Wyoming, Lackawanna, and Susquehanna counties.  

PS Bank is a full-service financial institution with branches throughout Northeastern and North Central Pennsylvania.

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