Business
Peoples Ltd. Announces Fourth Quarter and Annual 2021 Financial Results
Peoples Ltd. Announces Fourth Quarter and Annual 2021 Financial Results.
About this update from Peoples, Ltd.
[{"type":"text","content":"\n\n\n\nPeoples Ltd. Announces Fourth Quarter and Annual 2021 Financial Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nPeoples Ltd. Announces Fourth Quarter and Annual 2021 Financial Results\nPR Newswire\nWYALUSING, Pa., Feb. 2, 2022\n\n\n\nWYALUSING, Pa., Feb. 2, 2022 /PRNewswire/ -- Peoples Ltd. (OTC: PPLL), holding company for PS Bank, has announced unaudited financial results for the fourth quarter 2021 and annual 2021 financial results for the year ending December 31, 2021.\nFor the quarter ended December 31, 2021, net income totaled $1,722,000 which compares to $1,567,000 for the fourth quarter 2020. This represents an increase of 9.9% or $155,000. Earnings per share of $2.34 compares to fourth quarter 2020 of $2.13 per share as adjusted for the 2021 year-end 5% stock dividend. Net income of $6,827,000 for the year ending 2021, or $9.28 earnings per share, reflects a 31.3% increase in net income from the year ending December 31, 2020 of $5,200,000, or $7.07 per share adjusted for a 5% fourth quarter stock dividend.\nReturn on assets was 1.45% as of December 31, 2021 compared to 1.19% in 2020. Return on equity was 15.25% as of December 31, 2021 compared to year-end 2020 of 12.69%.\nAs of December 31, 2021, total assets were $477,323,000 representing an increase of $33,868,000 or 7.6% over year-end 2020. Total deposits increased 11.6% or $43,593,000 to $420,024,000. Net loans increased 2.1% or $5,834,000 to $280,587,000 as of December 31, 2021.\n\"PS Bank had a banner year in 2021. Our PS Bankers continued their hard work and dedication to meeting the needs of the communities that we serve. Our financial results were achieved through the efforts of our team of PS Bankers, despite continuing to navigate through the ongoing pandemic and related economic uncertainty. Fees and income related to Paycheck Protection Program (PPP) loans were approximately $1,546,000 in 2021, $1,221,000, net of tax effect and $746,000 in 2020, $589,000 net of tax effect. Provisions for loan loss expense were $150,000 in 2021, versus $1,255,000 in 2020. Strong ass...