Earnings Release

2023 Q1 Earnings

For Release
April 27, 2023

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

Peoples Ltd. Announces First 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 first quarter 2023.

Consolidated net income year-to-date was $1,973,000 or $2.54 earnings per share versus net income for the first quarter 2022 of $1,541,000 or $1.99 per share.  Net income for the first quarter of 2023 increased 28.03% from the first quarter of 2022, due primarily to solid loan growth and increased net interest income. Management contributed $154,000 to reserve provisions in the first quarter of 2023 compared to no contributions for the first quarter of 2022.    

Year-to-date return on assets was 1.50% as of March 31, 2023 compared to 1.26% for the same period in 2022. Year-to-date return on equity was 18.77% as of March 31, 2023 compared to the prior year-to-date of 13.40%.

Total assets decreased 3.82% to $525,552,000 from $546,416,000 as of December 31, 2022.  Deposits decreased 4.92% to $470,632,000 compared to $494,968,000 as of December 31, 2022.  Loans increased 3.52% from $316,360,000 year-end 2022 to $327,483,000 as of March 31, 2023.  Loan growth in the first quarter was primarily attributable to increased commercial lending.  Deposits decreased in the first quarter, as the bank faced increased competitive pressure for deposits.  Despite this, the bank’s loans-to-deposits ratio was 70%.

“Our bank had a strong first quarter in a challenging time for the banking world, and we are proud of the efforts of our PS Bankers. We anticipate that deposit pressures being experienced throughout the industry will continue to be a challenge for us throughout the remainder of 2023. Despite the economic uncertainty existing today, we are a well-capitalized community bank with a solid foundation. We are proud to continue to be ranked one of the top community banks in the country according to American Banker, and we are rated 5 stars by BauerFinancial. As a community bank we strive to continue to do what we do best – banking for our communities. We are confident that we are a bank that customers can trust in times like these.” 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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