Peoples Ltd. Announces Third Quarter Results

Rhea-AI Summary

Peoples (OTC: PPLL) reported mixed financial results for Q3 2024. Net income reached $1,853,000 ($2.26 per share), up 5.88% from Q3 2023. However, year-to-date net income decreased 4.54% to $5,289,000 ($6.45 per share). Total assets grew 7.31% to $571.27M, deposits increased 5.44% to $487.91M, and loans rose 6.12% to $378.76M compared to December 2023. Return on assets was 1.31%, down from 1.41% in 2023, while return on equity decreased to 14.14% from 16.92%. The company received approval for a new branch in Scranton, planned to open in Q1 2025.

Positive

• Q3 2024 net income increased 5.88% to $1,853,000
• Total assets grew 7.31% to $571.27M
• Deposits increased 5.44% to $487.91M
• Loan portfolio expanded 6.12% to $378.76M
• Regulatory approval received for new branch expansion

Negative

• Year-to-date net income declined 4.54% to $5,289,000
• Return on assets decreased to 1.31% from 1.41%
• Return on equity dropped to 14.14% from 16.92%

WYALUSING, Pa., Oct. 24, 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 third quarter 2024. Net income for the third quarter of 2024 was $1,853,000 or $2.26 per share. Net income for the third quarter of 2024 represents an increase of 5.88% from the third quarter 2023 net income of $1,750,000.

Consolidated net income year-to-date was $5,289,000 or $6.45 earnings per share, a decrease of 4.54% from consolidated year-to-date income of $5,541,000 or $6.76 earnings per share for the nine months ended September 30, 2023.

Year-to-date return on assets was 1.31% as of September 30, 2024 compared to 1.41% for the same period in 2023. Year-to-date return on average equity was 14.14% as of September 30, 2024 compared to the prior year-to-date of 16.92%.

Total assets increased 7.31% to $571,266,000 from $532,303,000 as of December 31, 2023. Deposits increased 5.44% to $487,908,000 compared to $462,731,000 as of December 31, 2023. Loans increased 6.12% from $356,891,000 year-end 2023 to $378,756,000 as of September 30, 2024.

"Our bank maintained its solid performance in the third quarter, with net income rising 5.88% compared to the same period last year. Our strong net income is primarily due to loan growth, higher yields on loans and investments, higher mortgage sales income, lower provisions, and expense management which offset increased interest and personnel expenses. Additionally, balance sheet growth remained positive in the third quarter, as both loans and deposits increased during the first nine months of 2024.

"We recently received regulatory approval for the opening of a new PS Bank branch on Keyser Avenue in Scranton with an anticipated opening in the first quarter of 2025. Expanding our market reach is an important step in our continued growth, to make PS Bank more accessible to current and new customers of Lackawanna and surrounding counties," 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.

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SOURCE Peoples Ltd.

FAQ

What was Peoples (PPLL) Q3 2024 net income?

Peoples reported a net income of $1,853,000 or $2.26 per share for Q3 2024.

How much did Peoples (PPLL) total assets grow in 2024?

Total assets increased 7.31% to $571,266,000 from $532,303,000 as of December 31, 2023.

When will Peoples (PPLL) open its new Scranton branch?

The new PS Bank branch on Keyser Avenue in Scranton is anticipated to open in the first quarter of 2025.

What was Peoples (PPLL) year-to-date return on equity as of September 30, 2024?

The year-to-date return on average equity was 14.14% as of September 30, 2024.