Business
Peoples Ltd. Announces Fourth Quarter and Annual 2024 Financial Results
Peoples Ltd. Announces Fourth Quarter and Annual 2024 Financial Results.
About this update from Peoples, Ltd.
[{"type":"text","content":"\n\n\n\nPeoples Ltd. Announces Fourth Quarter and Annual 2024 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 2024 Financial Results\nPR Newswire\nWYALUSING, Pa., Feb. 3, 2025\n\n\n\nWYALUSING, Pa., Feb. 3, 2025 /PRNewswire/ -- Peoples Ltd. (OTC: PPLL), holding company for PS Bank, has announced unaudited financial results for the fourth quarter 2024 and annual 2024 financial results for the year ending December 31, 2024.\n\n \n \n \n \n \n \n\n \nFor the quarter ended December 31, 2024, net income totaled $1,923,000 which compares to $1,760,000 for the fourth quarter 2023. This represents an increase of 9.3% or $163,000. Earnings per share of $2.23 compares to fourth quarter 2023 of $2.04 per share. Net income of $7,214,000 for the year ending 2024, or $8.37 earnings per share, reflects a 1.2% decrease in net income from the year ending December 31, 2023 of $7,301,000, or $8.50 per share.\nReturn on assets was 1.32% as of December 31, 2024 compared to 1.39% in 2023. Return on equity was 14.14% as of December 31, 2024 compared to year-end 2023 of 16.66%.\nAs of December 31, 2024, total assets were $581,946,000 representing an increase of $49,643,000 or 9.3% over year-end 2023. Total deposits increased 10.4% or $47,909,000 to $510,640,000. Net loans increased 7.5% or $26,347,000 to $379,388,000 as of December 31, 2024.\n\"Our bank had a successful fourth quarter and a strong overall performance for the 2024 year, despite the ongoing challenges in the banking sector over the past few years. Net income in the fourth quarter of 2024 rose by 9.3%, while net income for the full 2024 year was lower by just $85,000, or 1.2%, slightly under our record setting 2023 levels.  Our strong net income is primarily due to loan growth, higher yields on loans and investments, higher mortgage sales income, lower provisions, and expense management which offset increased interest and personnel expenses. The bank also experienced solid growth in 2024, with total assets increasing by 9.3% over prior year.\nWe look forward t...