WYALUSING, Pa., April 26, 2024 /PRNewswire/ -- Anthony J. Gabello, President and Chief Executive Officer of Peoples Ltd. (OTC: PPLL), holding company for PS Bank, has announced results for the first quarter 2024.
Consolidated net income year-to-date was $1,649,000 or $2.01 earnings per share versus net income for the first quarter 2023 of $1,973,000 or $2.41 per share. Net income for the first quarter of 2024 decreased 16.42% from the first quarter of 2023, due primarily to increased interest expense and salaries / personnel expenses, partially offset by increased interest income levels and lower loan provisions due to continued strong credit quality. Increased interest expense levels are attributable to the elevated interest rate environment and related competitive pressures.
Year-to-date return on assets was 1.25% as of March 31, 2024 compared to 1.50% for the same period in 2023. Year-to-date return on equity was 13.56% as of March 31, 2024 compared to the prior year-to-date of 18.77%.
Total assets increased 2.07% to $543,334,000 from $532,303,000 as of December 31, 2023. Deposits increased 1.82% to $471,173,000 compared to $462,731,000 as of December 31, 2023. Loans increased 1.50% from $356,891,000 year-end 2023 to $362,257,000 as of March 31, 2024.
"Our bank had a solid first quarter despite continued deposit pressures across the financial landscape, and our return on assets and return on average equity, although down from prior year, continue to compare favorably both to our historical levels and our peer comparisons. In the first quarter of 2024 we launched an indirect lending function and hired a seasoned indirect lending team to build out the department and lead us in this area going forward. The indirect lending process commenced in late April and we look forward to the benefits that this area offers our bank.
Our strategic planning in the face of challenges emphasizes our commitment to stability and growth for our customers and shareholders. We remain committed to improving our institution and fostering sustainable progress. We anticipate that deposit pressures will continue to be a challenge for the foreseeable future. However, we remain a well-capitalized community bank with a solid foundation and a commitment to exemplary service. We are proud to continue to be ranked one of the top community banks in the country according to American Banker, and we are rated 5 stars by BauerFinancial. As a community bank we strive to continue to do what we do best - banking for 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. 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.
