Peoples Ltd. Announces Fourth Quarter and Annual 2024 Financial Results

WYALUSING, Pa., Feb. 3, 2025 /PRNewswire/ -- Peoples Ltd. (OTC: PPLL), holding company for PS Bank, has announced unaudited financial results for the fourth quarter 2024 and annual 2024 financial results for the year ending December 31, 2024.

For the quarter ended December 31, 2024, net income totaled $1,923,000 which compares to $1,760,000 for the fourth quarter 2023. This represents an increase of 9.3% or $163,000. Earnings per share of $2.23 compares to fourth quarter 2023 of $2.04 per share. Net income of $7,214,000 for the year ending 2024, or $8.37 earnings per share, reflects a 1.2% decrease in net income from the year ending December 31, 2023 of $7,301,000, or $8.50 per share.

Return on assets was 1.32% as of December 31, 2024 compared to 1.39% in 2023. Return on equity was 14.14% as of December 31, 2024 compared to year-end 2023 of 16.66%.

As of December 31, 2024, total assets were $581,946,000 representing an increase of $49,643,000 or 9.3% over year-end 2023. Total deposits increased 10.4% or $47,909,000 to $510,640,000. Net loans increased 7.5% or $26,347,000 to $379,388,000 as of December 31, 2024.

"Our bank had a successful fourth quarter and a strong overall performance for the 2024 year, despite the ongoing challenges in the banking sector over the past few years. Net income in the fourth quarter of 2024 rose by 9.3%, while net income for the full 2024 year was lower by just $85,000, or 1.2%, slightly under our record setting 2023 levels.  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. The bank also experienced solid growth in 2024, with total assets increasing by 9.3% over prior year.

We look forward to the opening of our new branch located on Keyser Avenue in Scranton, and are excited about the opportunities that this new location offers. We have received all necessary approvals and anticipate opening this new facility in late first quarter of this year. This new location will make the exceptional service of PS Bank more accessible to both current and new customers in Lackawanna County and its surrounding markets. 

We are ranked as the #36 highest bank on American Banker's 2024 list of the Top 100 Community Banks under $2 billion in the United States.  We are proud of the hard work being done by our PS Bankers and their dedication to the communities we serve. The 2024 ranking marks the twelfth consecutive year that our bank was included on this prestigious list and we are the highest rank bank on this list in the communities we serve.

Overall, 2024 was another positive year for our institution, and we continue to position the bank for growth and success in the future," stated Anthony J. Gabello, President and CEO.

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. Stock of Peoples Ltd. is traded in the Over-the-Counter market under the symbol PPLL. Learn more about PS Bank at www.PSBanking.com. 

SOURCE Peoples Ltd.