WYALUSING, Pa., April 24, 2025 /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 2025.
Consolidated net income year-to-date was $2,068,000 or $2.40 earnings per share versus net income for the first quarter 2024 of $1,649,000 or $1.91 per share. Net income for the first quarter of 2025 increased 25.46% from the first quarter of 2024. Increased net interest income levels due to solid loan growth, loan repricings, and controlled interest expense accounted for the improvement in performance, more than offsetting increases in salaries, occupancy, and other operating expenses. The bank contributed $100,000 to reserve provisions in the first quarter of 2025 compared to $35,000 for the first quarter of 2024.
Year-to-date return on assets was 1.43% as of March 31, 2025 compared to 1.25% for the same period in 2024. Year-to-date return on equity was 14.90% as of March 31, 2025 compared to the prior year-to-date of 13.56%.
Total assets increased 2.89% to $598,767,000 from $581,946,000 as of December 31, 2024. Deposits increased 2.89% to $525,393,000 compared to $510,640,000 as of December 31, 2024. Net loans increased 5.38% from $379,388,000 year-end 2024 to $399,815,000 as of March 31, 2025. Loan growth in the first quarter was primarily attributable to increased commercial lending. The bank's loans-to-deposits ratio was 77.15%.
"Our bank had another strong quarter of performance to start 2025, with net income up over 25% and continued growth in both loans and deposits. These results reflect the strength of our balance sheet and our consistent focus on relationship-based banking. With the opening of our new Scranton branch at the end of first quarter, our banking services are more accessible to the Lackawanna County market and beyond. We anticipate success in this new branch and look forward to sharing that success with our shareholders. We remain a well-capitalized community bank with a solid foundation. As always, we are committed to doing what we do best-banking for our communities. Our focus remains on our shareholders, our customers, and 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.
