WYALUSING, Pa., Jan. 31, 2023 /PRNewswire/ -- Peoples Ltd. (OTC: PPLL), holding company for PS Bank, has announced unaudited financial results for the fourth quarter 2022 and annual 2022 financial results for the year ending December 31, 2022.
For the quarter ended December 31, 2022, net income totaled $1,879,000 which compares to $1,722,000 for the fourth quarter 2021. This represents an increase of 9.1% or $157,000. Earnings per share of $2.42 compares to fourth quarter 2021 of $2.22 per share. Net income of $6,955,000 for the year ending 2022, or $8.97 earnings per share, reflects a 1.9% increase in net income from the year ending December 31, 2021 of $6,827,000, or $8.81 per share.
Return on assets was 1.37% as of December 31, 2022 compared to 1.45% in 2021. Return on equity was 16.42% as of December 31, 2022 compared to year-end 2021 of 15.25%.
As of December 31, 2022, total assets were $546,404,000 representing an increase of $69,109,000 or 14.5% over year-end 2021. Total deposits increased 17.8% or $74,943,000 to $494,966,000. Net loans increased 12.7% or $35,773,000 to $316,360,000 as of December 31, 2022.
"In 2022, our PS Bankers continued their hard work and dedication to meeting the needs of the communities that we serve. As a result of these efforts, our bank recorded record earnings again in 2022. As we navigated economic uncertainty, inflation, and interest rate increases on the back side of the pandemic, our PS Bankers remained committed to fulfilling our customers' financial needs. Our financial results continue to show strong growth and increased opportunities throughout our markets. PS Bank proudly achieved the milestone of $500 million in total assets in 2022, and we have already begun building our infrastructure for greater growth beyond this level.
"Our record earnings were achieved as a result of strong balance sheet growth in both loans and deposits, resulting in increased net interest income, and effective cost management strategies, despite the significant decline in mortgage sales revenues due to rising rates, and the conclusion of the Payment Protection Program in early 2022. We recognize that deposit pricing pressures will continue to increase in upcoming periods, and our strong liquidity position will allow us to effectively manage these pressures.
"We completed construction on the PS Bank Business Center in South Abington Township in 2022, a state-of-the-art facility that houses PS Mortgage as well as other regional bank administration and staff. The Business Center has strategically positioned our bank for more opportunities for growth and brand recognition both in our existing communities and beyond.
"PS Bank received Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA) in late 2022. Achieving PLP status is another milestone for PS Bank and our lending team as our portfolio continues to expand throughout Northeastern and North Central Pennsylvania. PS Bank was nominated for the designation by the Philadelphia SBA field office because of our experience and expertise with SBA lending.
"We have positioned our bank for continued growth in future years and remain dedicated to meeting the needs of our customers and communities while providing continued returns to our shareholders," stated Anthony J. Gabello, President and Chief Executive Officer.
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.
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