Peoples Ltd. Announces Second Quarter Results

Rhea-AI Summary

Peoples (OTC: PPLL), holding company for PS Bank, announced its second quarter 2024 results. Key highlights include:

- Net income: $1,787,000 ($2.18 per share), down 1.70% from Q2 2023
- Year-to-date net income: $3,436,000 ($4.19 per share), down 9.34% from H1 2023
- Total assets: $554,707,000, up 4.21% from December 31, 2023
- Deposits: $481,366,000, up 4.03% from December 31, 2023
- Loans: $363,247,000, up 1.78% from year-end 2023

Despite ongoing interest rate margin challenges, the bank's performance remained strong. PS Bank was ranked #36 on American Banker's list of Top 100 Community Banks under $2 billion in the US, improving from #42 in the previous year.

Positive

• Total assets increased by 4.21% to $554,707,000
• Deposits grew by 4.03% to $481,366,000
• Loans increased by 1.78% to $363,247,000
• Improved ranking from #42 to #36 on American Banker's Top 100 Community Banks list

Negative

• Net income for Q2 2024 decreased by 1.70% compared to Q2 2023
• Year-to-date net income decreased by 9.34% compared to H1 2023
• Return on assets declined to 1.29% from 1.45% in the same period last year
• Return on average equity decreased to 14.09% from 17.52% in the prior year

WYALUSING, Pa., July 25, 2024 /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 second quarter 2024. Net income for the second quarter of 2024 was $1,787,000 or $2.18 per share. Net income for the second quarter of 2024 represents a decrease of 1.70% from the second quarter 2023 net income of $1,818,000.

Consolidated net income year-to-date was $3,436,000 or $4.19 earnings per share, a decrease of 9.34% from consolidated year-to-date income of $3,790,000 or $4.63 earnings per share for the first six months of 2023. 

Year-to-date return on assets was 1.29% as of June 30, 2024 compared to 1.45% for the same period in 2023. Year-to-date return on average equity was 14.09% as of June 30, 2024 compared to the prior year-to-date of 17.52%.

Total assets increased 4.21% to $554,707,000 from $532,303,000 as of December 31, 2023. Deposits increased 4.03% to $481,366,000 compared to $462,731,000 as of December 31, 2023. Loans increased 1.78% from $356,891,000 year-end 2023 to $363,247,000 as of June 30, 2024.

"Our bank performed well in the second quarter, despite the ongoing interest rate margin challenges that institutions have continued to face over the past year. While our second quarter and year-to-date net income saw a modest decrease compared to the previous year, our overall performance remained strong. Our return on assets and return on average equity, although lower than prior year, continue to compare very favorably to peer and above our historical levels. Additionally, our solid balance sheet and strong capitalization underscores our ability to navigate challenges effectively.

We are proud to announce that we were recently ranked as the #36 highest bank on American Banker's list of the Top 100 Community Banks under $2 billion in the United States in the June 2024 issue of its magazine. We are proud of the hard work being done by our PS Bankers throughout the communities we serve. Being able to improve our ranking from #42 in the prior year to #36 in a turbulent year for banking is a testament to the dedicated service we provide to our customers and to our strength as a community bank," 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 and view additional financial information at PSBanking.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/peoples-ltd-announces-second-quarter-results-302206971.html

SOURCE Peoples Ltd.

FAQ

What was Peoples 's (PPLL) net income for Q2 2024?

Peoples 's net income for Q2 2024 was $1,787,000 or $2.18 per share.

How did Peoples 's (PPLL) Q2 2024 results compare to Q2 2023?

Peoples 's Q2 2024 net income of $1,787,000 represents a decrease of 1.70% from Q2 2023 net income of $1,818,000.

What was Peoples 's (PPLL) year-to-date return on assets as of June 30, 2024?

Peoples 's year-to-date return on assets was 1.29% as of June 30, 2024.

How did Peoples 's (PPLL) total assets change in the first half of 2024?

Peoples 's total assets increased 4.21% to $554,707,000 from $532,303,000 as of December 31, 2023.