WYALUSING, Pa., April 23, 2026 /PRNewswire/ -- 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 first quarter 2026.
Consolidated net income year-to-date was $3,149,000 or $1.73 earnings per share versus net income for the first quarter 2025 of $2,068,000 or $1.14 per share. Net income for the first quarter of 2026 increased 52.27% from the first quarter of 2025.
Year-to-date return on assets was 1.95% as of March 31, 2026 compared to 1.43% for the same period in 2025. Year-to-date return on equity was 18.68% as of March 31, 2026 compared to the prior year-to-date of 14.90%.
Total assets increased 3.38% to $663,599,000 from $641,890,000 as of December 31, 2025. Deposits increased 3.40% to $578,857,000 compared to $559,785,000 as of December 31, 2025. Total loans increased 1.24% from $425,085,000 year-end 2025 to $430,363,000 as of March 31, 2026. Loan growth in the first quarter was impacted by several large loan payoffs associated with business sales in late first quarter. The bank's loans-to-deposits ratio was 74.35%.
"We continued to build on the successes of 2025 in the first quarter of 2026, with continued balance sheet growth and growth in net income. The bank continues to benefit from loan growth, loan repricings, investment portfolio repricings, growth of noninterest bearing deposits and controlled interest expense levels, which have more than offset increases in personnel and other expenses necessary due to our continued growth.
During the first quarter the bank utilized an investment security redemption gain of $346,000 to offset the sale and reinvestment of several underperforming securities, resulting in a net gain of $60,000 after disposition. This repositioning will result in enhanced investment earnings going forward.
Our Scranton office celebrated its first anniversary in March and has exceeded our initial projections, resulting in a positive impact on our financial performance. Additionally, our indirect lending program has experienced prudent growth and increased profitability as it nears completion of its second year at the bank.
We have seen quarterly improvement from the fourth quarter of 2025, with quarterly net income increasing by 12.6%, Return on Average Assets increasing from 1.67% to 1.95%, and Return on Average Equity increasing from 16.94% to 18.68%.
We continue to position the bank for continued success while we build the infrastructure necessary for sustained growth in 2026 and beyond. As a community bank, we diligently work to do what we do best - banking for our communities. We remain focused on our customers, our communities, and our shareholders," 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.
