Peoples Ltd. Announces First Quarter Results

News provided by

Apr 28, 2022, 14:11 ET

WYALUSING, Pa., April 28, 2022 /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 2022.

Consolidated net income year-to-date was $1,541,000 or $2.09 earnings per share versus net income for the first quarter 2021 of $1,617,000 or $2.20 per share. Net income for the first quarter of 2022 decreased 4.70% from the first quarter of 2021, primarily driven by a 72.79% decrease in gross mortgage sales and servicing rights income from $746,000 for first quarter 2021 to $203,000 for first quarter 2022. Reduced mortgage revenue was attributable to the sharp rise in mortgage interest rates in the first quarter, experienced throughout the banking industry. The mortgage revenue decrease was partially offset by improved net interest income levels in the first quarter of 2022 and a reduction of $150,000 in loan loss provision expense as a result of the continued strong credit quality of our loan portfolio.

Year-to-date return on assets was 1.26% as of March 31, 2022, compared to 1.43% for the same period in 2021. Year-to-date return on equity was 13.40% as of March 31, 2022, compared to the prior year-to-date of 14.76%.

Total assets increased 4.35% to $498,043,000 from $477,295,000 as of December 31, 2021. Deposits increased 6.28% to $446,411,000 compared to $420,024,000 as of December 31, 2021. Loans increased 2.48% from $280,587,000 year-end 2021 to $287,533,000 as of March 31, 2022. Loan growth in the first quarter was primarily attributable to increased demand for commercial loans which is anticipated to continue and facilitate further loan growth in 2022.

"We are pleased with our first-quarter performance and are excited as we near the $500 million in total assets milestone due to strong balance sheet growth. The reduction of net income in the first quarter was primarily due to lower mortgage loan sales levels and was anticipated, given our unprecedented mortgage loan performance in 2021 and 2020, as well as our overall historic bank performance. Our ROA and ROAE, although reduced in the first quarter, remain well above our comparable levels experienced pre-pandemic. Our bank is positioned to benefit from a sustained rising rate environment and we've continued to diligently prepare our company's infrastructure for continued growth. We look forward to the completion of our Business Center in South Abington Township in the third quarter and believe that it will be a vital component in the continued success and growth of PS 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 in 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.