WYALUSING, Pa., July 25, 2024 -- 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.
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