Peoples Ltd. Announces First Quarter Earnings

Rhea-AI Summary

Peoples Ltd. (OTC:PPLL) reported a strong first quarter of 2021, with consolidated net income reaching $1,617,000, or $2.31 earnings per share, marking a 57% increase from $1,030,000 in Q1 2020. Year-to-date return on assets improved to 1.43% from 1.01%, and return on equity rose to 14.76% from 11.24%. Total assets grew by 2.50% to $454,556,000, while deposits and loans increased by 2.77% and 5.95%, respectively. Management attributes these results to strong mortgage sales and reduced loan loss provisions.

Positive

• Net income increased 57% YoY to $1,617,000.
• Earnings per share rose to $2.31, a significant increase.
• Return on assets increased to 1.43%, up from 1.01% YoY.
• Return on equity improved to 14.76% from 11.24% YoY.
• Total assets grew by 2.50% to $454,556,000.
• Deposits increased by 2.77% to $386,859,000.
• Loans rose by 5.95% to $279,574,000.

Negative

• None.

WYALUSING, Pa., April 30, 2021 /PRNewswire/ -- Peoples 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 2021. Consolidated net income year-to-date was $1,617,000 or $2.31 earnings per share. Net income for the first quarter 2020 was $1,030,000 or $1.47 per share as adjusted for the 5% stock dividend at year-end 2020. Net income for the first quarter of 2021 represents an increase of 57% over the first quarter of 2020.

Year-to-date return on assets was 1.43% as of March 31, 2021 compared to 1.01% for the same period in 2020. Year-to-date return on equity was 14.76% as of March 31, 2021 compared to the prior year-to-date of 11.24%.

Total assets increased 2.50% to $454,556,000 from $443,455,000 as of December 31, 2020.  Deposits increased 2.77% to $386,859,000 compared to $376,431,000 as of December 31, 2020.  Loans increased 5.95% from $263,862,000 year-end 2020 to $279,574,000 as of March 31, 2021.

PS Bank experienced a solid first quarter, resulting in an increase of net income of 57% over the same period 2020. These results were driven by strong mortgage sales, increased net interest income, fees recognized from PPP loans, and reduced loan loss provisions. In the first quarter of 2021, provisions were $150,000, a reduction from $355,000, taken at the onset of the pandemic in the first quarter of 2020. Loan deferrals approximate 2.5%, and are comprised of a small number of borrowers in the highest impacted industries. Management expects positive resolution during 2021. Loan growth in the first quarter was primarily attributable to increased PPP loans from the latest round of the SBA program, and increased demand for commercial loans is anticipated to support further loan growth in 2021.

"As economic conditions continue to improve both locally and nationally, our bank was able to continue to improve its performance in the first quarter of 2021. We are extremely pleased with the results of the first quarter, which are a direct result of the hard work and diligent efforts of our banking team and the loyalty of our customers and our communities," 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 1914, with locations throughout Bradford, Sullivan, Wyoming, Lackawanna, and Susquehanna counties.  Peoples Ltd. is traded in the Over-the-Counter market under the symbol PPLL. Learn more about PS Bank at PSBanking.com.

View original content to download multimedia:http://www.prnewswire.com/news-releases/peoples-ltd-announces-first-quarter-earnings-301281445.html

SOURCE Peoples Ltd.

FAQ

What were Peoples Ltd.'s Q1 2021 earnings?

Peoples Ltd. reported a net income of $1,617,000 in Q1 2021, translating to earnings per share of $2.31.

How much did Peoples Ltd.'s net income grow in Q1 2021 compared to Q1 2020?

Net income in Q1 2021 grew by 57% compared to Q1 2020.

What is the stock symbol for Peoples Ltd.?

Peoples Ltd. trades under the stock symbol PPLL.

What is the return on assets for Peoples Ltd. as of Q1 2021?

The return on assets was 1.43% for the first quarter of 2021.

When was the press release announcing Peoples Ltd.'s Q1 2021 earnings issued?

The press release was issued on April 30, 2021.