Peoples Ltd. Announces Fourth Quarter and Annual 2023 Financial Results
- Record net income for 2023 despite challenges
- Strong loan growth and effective balance sheet management
- PS Bank ranked #42 on American Banker's list of the Top 200 Community Banks for 2023
- Decrease in net income for Q4 2023 compared to Q4 2022
- Decrease in total assets and deposits
For the quarter ended December 31, 2023, net income totaled
Return on assets was
As of December 31, 2023, total assets were
"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
PS Bank was ranked as the #42 highest bank on American Banker's list of the Top 200 Community Banks under
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 1914, with locations throughout
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SOURCE Peoples Ltd.
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