Peoples Ltd Announces First Quarter Results.

WYALUSING, Pa: Anthony J. Gabello, President and Chief Executive Officer of Peoples Ltd., holding company for PS Bank, has announced results for the first quarter 2023.

Consolidated net income year-to-date was $1,973,000 or $2.54 earnings per share versus net income for the first quarter 2022 of $1,541,000 or $1.99 per share. Net income for the first quarter of 2023 increased 28.03% from the first quarter of 2022, due primarily to solid loan growth and increased net interest income. Management contributed $154,000 to reserve provisions in the first quarter of 2023 compared to no contributions for the first quarter of 2022.

Year-to-date return on assets was 1.50% as of March 31, 2023 compared to 1.26% for the same period in 2022. Year-to-date return on equity was 18.77% as of March 31, 2023 compared to the prior year-to-date of 13.40%.

Total assets decreased 3.82% to $525,552,000 from $546,416,000 as of December 31, 2022. Deposits decreased 4.92% to $470,632,000 compared to $494,968,000 as of December 31, 2022. Loans increased 3.52% from $316,360,000 year-end 2022 to $327,483,000 as of March 31, 2023. Loan growth in the first quarter was primarily attributable to...