Earnings Release

2023 Q3 Earnings

For Release
October 26, 2023

Marguerite Donato, CFO
(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 2023. 

Net income for the third quarter of 2023 was $1,750,000 or $2.25 per share.  Net income for the third quarter of 2023 represents a decrease of 6.42% from the third quarter 2022 net income of $1,870,000.  Consolidated net income year-to-date 2023 was $5,541,000 or $7.12 earnings per share, an increase of 9.16% from consolidated year-to-date income of $5,076,000 or $6.52 earnings per share for the nine months ended September 30, 2022.    

Year-to-date return on assets was 1.41% as of September 30, 2023 compared to 1.35% for the same period in 2022. Year-to-date return on average equity was 16.92% as of September 30, 2023 compared to the prior year-to-date of 15.59%.

Total assets increased from second quarter 2023 by $11,728,000, or 2.23% to $537,961,000.  Total assets decreased 1.55% from year-end December 31, 2022.  Deposits increased from second quarter by $12,399,000, or 2.69%, to $473,592,000.  Deposits year-to-date 2023 decreased 4.32% from December 31, 2022.  Loans increased over second quarter by $7,460,000, or 2.2% to $342,922,000.  Loans increased by 8.40% from year-end 2022.

“Overall, our bank continued to perform well in the third quarter of 2023.  As experienced throughout the banking industry, deposit pricing pressures continued, resulting in a quarterly net income decline of 6.42% from prior year’s third quarter.  Despite this, year-to-date net income remains 9.16% above prior year-to-date net income.  Deposit pressures were partially offset by strong loan growth, at 8.40% for the year.  Even through these pressures, we experienced solid deposit growth in the third quarter after reduced deposit levels in the prior two quarters of 2023.  We expect interest expense challenges to persist for the foreseeable future, and continue to work to build a strong balance sheet to combat these pressures going forward.  Provision for loan loss expenses increased by $230,000 over prior year to date, primarily the result of our strong loan growth.  Salaries and benefits expense increased by approximately $350,000 over prior year to date, as a result of strengthening our team, as well as competitive pressures. 


Our strong core levels of deposits and our loyal customer base have been an asset for us during the current economic conditions, which combined with our historically conservative loans-to-deposits ratio, have helped us navigate the current environment. 


PS Bank has been 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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