WYALUSING, Pa., Oct. 24, 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 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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