Earnings Release

2023 Q2 Earnings

For Release
July 27, 2023

Marguerite Donato, CFO
(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 2023.  Net income for the second quarter of 2023 was $1,818,000 or $2.33 per share.  Net income for the second quarter of 2023 represents an increase of 9.19% from the second quarter 2022 net income of $1,665,000.

Consolidated net income year-to-date was $3,791,000 or $4.88 earnings per share, an increase of 18.25% from consolidated year-to-date income of $3,206,000 or $4.12 earnings per share for the first six months of 2022. 

Year-to-date return on assets was 1.45% as of June 30, 2023 compared to 1.30% for the same period in 2022. Year-to-date return on average equity was 17.52% as of June 30, 2023 compared to the prior year-to-date of 14.55%.

Total assets decreased 3.69% to $526,233,000 from $546,416,000 as of December 31, 2022. Deposits decreased 6.82% to $461,193,000 compared to $494,968,000 as of December 31, 2022. Loans increased 6.04% from $316,360,000 year-end 2022 to $335,462,000 as of June 30, 2023.

“We continued to perform well through the first half of a challenging 2023. While interest expense continues to rise due to the rapid interest rate hikes in recent periods, we continued to benefit from a strong core deposit base, solid commercial loan growth, and increased residential mortgage activity.

While PS Bank saw a decrease in assets and deposits in the second quarter, our bank’s strong lending portfolio continued to grow. We continued lending to borrowers of all sizes, making significant gains in commercial loans as well as in an improving mortgage market for our PS Mortgage team.

As felt throughout the industry, deposit pressures persisted through the first half of the year and are expected through the rest of 2023. Our historically conservative loan-to-deposit ratio, our strong core levels, and our loyal customer base have greatly benefitted us as we navigate through current economic conditions.

In the second quarter of 2023, 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,” said 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.  


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

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