Business
Peoples Ltd. Announces Fourth Quarter and Annual 2022 Financial Results
Peoples Ltd. Announces Fourth Quarter and Annual 2022 Financial Results.
About this update from Peoples, Ltd.
[{"type":"text","content":"\n\n\n\nPeoples Ltd. Announces Fourth Quarter and Annual 2022 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 2022 Financial Results\nPR Newswire\nWYALUSING, Pa., Jan. 31, 2023\n\n\n\nWYALUSING, 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.\nFor 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.\nReturn 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%.\nAs 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.\n\"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.\n\"Our record earnings were achiev...